Northern Renaissance of European Art

Northern Renaissance of European Art At the point when we talk about the Northern Renaissance, what we mean is Renaissance happenings that happened inside Europe, yet outside of Italy. Since the most imaginative craftsmanship was made in France, the Netherlands, and Germany during this time, and in light of the fact that these spots are north of Italy, the Northern tag has stuck. Topography aside, there were some huge contrasts between the Italian Renaissance and the Northern Renaissance. For a certain something, the north clutched Gothic (or Middle Ages) craftsmanship and engineering with a more tight, longer hold than did Italy. (Engineering, specifically, stayed Gothic until well into the sixteenth century) This isnt to state that workmanship wasnt changing in the north - in numerous examples, it kept apace with Italian doings. The Northern Renaissance craftsmen, notwithstanding, were dissipated about and few at first (extremely not at all like their Italian partners). The north had less focuses of free business than did Italy. Italy, as we saw, had various Duchies and Republics which offered ascend to a well off dealer class that regularly spent significant assets on workmanship. This wasnt the case in the north. The main prominent likeness between northern Europe and, state, a spot like Florence, lay in the Duchy of Burgundy. Burgundys Role in the Renaissance Burgundy, until 1477, enveloped a region from present-day center France northward (in a bend) to the ocean, and included Flanders (in current Belgium) and parts of the momentum Netherlands. It was the main individual element remaining among France and the tremendous Holy Roman Empire. Its Dukes, during the most recent 100 years it existed, were given monikers of the Good, the Fearless and the Bold. Albeit obviously, the last Bold Duke wasnt very strong enough, as Burgundy was consumed by both France and the Holy Roman Empire toward the finish of his rule. The Burgundian Dukes were superb benefactors of human expressions, however the craftsmanship they supported was not quite the same as that of their Italian partners. Their inclinations were along the lines of lit up original copies, embroidered works of art, and decorations. Things were distinctive in Italy, where benefactors were increasingly excited about works of art, model, and engineering. In the more extensive plan of things, the social changes in Italy were roused, as weve seen, by Humanism. Italian specialists, authors, and thinkers were headed to examine Classical artifact and investigate keeps an eye on assumed limit with regards to sane decision. They accepted that Humanism prompted increasingly honorable and commendable people. In the north, perhaps to a limited extent in light of the fact that the north didn't have works of days of yore from which to learn, the change was realized by an alternate basis. Thinking minds in the north were progressively worried about strict change, feeling that Rome, from whom they were genuinely separated, had wandered excessively far from Christian qualities. Truth be told, as northern Europe turned out to be all the more transparently defiant over the authority of the Church, craftsmanship took a determinedly mainstream turn. Also, Renaissance craftsmen in the north adopted an alternate strategy to organization than did Italian specialists. Where an Italian craftsman was able to think about logical standards behind structure (i.e., extent, life systems, viewpoint) during the Renaissance, northern craftsmen were progressively worried about what their specialty resembled. Shading was of key significance, well beyond structure. Furthermore, the more detail a northern craftsman could pack into a piece, the more joyful he was. Close review of Northern Renaissance works of art will show the watcher various occurrences where singular hairs have been deliberately rendered, alongside each and every article in the room including the craftsman himself, remotely modified in a foundation reflect. Various Materials Used by Different Artists At long last, note that northern Europe delighted in unexpected geophysical conditions in comparison to did a large portion of Italy. For instance, there are bunches of recolored glass windows in northern Europe somewhat for the down to earth reason that individuals living there have more requirement for obstructions against the components. Italy, during the Renaissance, delivered some astounding egg gum based paint artworks and frescoes, alongside great marble sculpture. Theres an incredible explanation the north isnt known for its frescoes: The atmosphere isnt helpful for relieving them. Italy delivered marble models since it has marble quarries. Youll note that Northern Renaissance mold is, all things considered, worked in wood.â Similitudes Between the Northern and Italian Renaissances Until 1517, when Martin Luther lit the out of control fire of Reformation, the two spots shared a typical confidence. Its intriguing to take note of that what we currently consider as Europe didnt might suspect ofâ itselfâ as Europe, back during Renaissance days. On the off chance that you had the chance, at that point, to ask an European explorer in the Middle East or Africa where he hailed from, he likely would have addressed Christendom whether or not he was from Florence or Flanders. Past giving a binding together nearness, the Church provided all specialists of the period with a typical topic. The most punctual beginnings of northern Renaissance workmanship are frightfully like the Italian Proto-Renaissance, in that each picked Christian strict stories and figures as the dominating aesthetic subject. The Importance of Guilds Another basic factor that Italy and the remainder of Europe shared during the Renaissance was the Guild framework. Emerging during the Middle Ages, Guilds were the best ways a man could take to learning an art, be it painting, figure or making saddles. Preparing in any claim to fame was long, thorough and involved successive advances. Much after one finished a gem, and picked up acknowledgment into a Guild, the Guild kept on watching gauges and practices among its individuals. Because of this self-policing strategy, the majority of the cash trading hands, when centerpieces were charged and paid for, went to Guild individuals. (As you would envision, it was to a specialists monetary advantage to have a place with a Guild.) If conceivable, the Guild framework was considerably more settled in northern Europe than it was in Italy. After 1450, both Italy and northern Europe approached printed materials. Despite the fact that topic may change from district to area, frequently it was the equivalent, or comparable enough to set up shared trait of thought. At last, one noteworthy closeness that Italy and the North shared was that each had aâ definite imaginative focus during the fifteenth century. In Italy, as recently referenced, craftsmen sought the Republic of Florence for development and motivation. In the North, the creative center was Flanders. Flanders was a section, in those days, of the Duchy of Burgundy. It had a flourishing business city, Bruges, which (like Florence) brought in its cash in banking and fleece. Bruges had money in abundance to spend on extravagances like craftsmanship. Also, (again like Florence) Burgundy, overall, was administered by support disapproved of rulers. Where Florence had the Medici, Burgundy had Dukes. At any rate until the last quarter of the fifteenth century, that is. Sequence of the Northern Renaissance In Burgundy, the Northern Renaissance got its beginning essentially in the realistic expressions. Starting in the fourteenth century, a craftsman could get by in the event that he was capable in producingâ illuminated manuscripts.â The late fourteenth and mid fifteenth hundreds of years saw brightening take off and,â in a few cases, takeâ overâ entire pages. Rather than moderately steady red capital letters, we presently observed entire canvases swarming composition pages directly out to the outskirts. The French Royals, specifically, were eager gatherers of these original copies, which turned out to be famous to the point that text was rendered to a great extent irrelevant. The Northern Renaissance craftsman who is to a great extent credited with creating oil strategies was Jan van Eyck, court painter to the Duke of Burgundy. It isn't so much that he found oil paints, however he figured out how to layer them, in coats, to make light and profundity of shading in his compositions. The Flemish van Eyck, his sibling Hubert, and their Netherlandish ancestor Robert Campin (otherwise called the Master of Flã ©malle) were all painters who made altarpieces in the main portion of the fifteenth century. Three other key Netherlandish specialists were the painters Rogier van der Weyden and Hans Memling, and the stone carver Claus Sluter. Van der Weyden, who was the town painter of Brussels, was most popular for presenting exact human feelings and motions into his work, which was principally of a strict sort. One other early Northern Renaissance craftsman that made an enduring mix was the perplexing Hieronymus Bosch. Nobody can say what his inspiration was, yet he unquestionably made some obscurely innovative and profoundly one of a kind works of art. Something that these painters shared practically speaking was their utilization of naturalistic items inside pieces. Some of the time these articles had representative implications, while at different occasions they were only there to show parts of day by day life. In taking in the fifteenth century, note that Flanders was the inside ofâ the Northern Renaissance. Similarly likewise with Florence, at this equivalent time, Flanders was the spot that northern craftsmen looked to for front line imaginative procedures and innovation. This circumstance endured until 1477 when the last Burgundian Duke was crushed in fight, and Burgundy stopped to exist.

Financial Analysis of Vodafone

Monetary Analysis of Vodafone Vodafone bunch PLC is a British global versatile system operatorheadquarter in Newbury, England. It has framed in 1984 as an auxiliary of recal gadgets PLC. It turned into a free organization in 1991 and changed its name to Vodafone bunch PLC on 2000.Vodafone is a world driving portable broadcast communications organization. Vodafone gives a wide scope of Correspondence administrations, including voice calls, SMS content informing, MMS picture and video informing, web. Access and other information administrations Vodafone is the world biggest media transmission organize organization with 146 auxiliaries Vodafone legitimately claim and oversee around 2,200 stores far and wide and they additionally have around 10,300 Vodafone-marked stores go through establishment and elite vendor course of action, An industry with 5.6 billion clients with development driven by expanding worldwide interest for information administrations and rising versatile entrance in developing markets. Sorts OF ORGANIZATIONS An Organization is a gathering of individuals that cooperating towards a shared objective. There are 2 kinds of Organizations. Private Sector Open Sector Private Sector It is the piece of national economy that isn't legitimately constrained by the administration. It gives more openings for work to the individuals. So they will give a decent help to the administration. Private Sector incorporates sole brokers, organizations, joint endeavors, constrained organizations, Co-agents, clubs and social orders. Sole Trader transport It has no complexities, with least impedance of rules, which is controlled by a solitary individual with his own capital, the choices also being taken without anyone else. The most well-known specialty unit of the world is these. The principle purpose behind this is, capacity of this business to be continued without the need for adherence to rules. Associations It is a lawful connection between at least two people who are cooperating to accomplish a particular objective. They ought to have a goal to procure benefits, Collective duties and a typical predetermination or objective. Joint endeavors It is a momentary relationship of a couple of people so as to achieve a particular assignment. For the most part they don't utilize a business name. The joint endeavor is broken down when the particular undertaking is practiced. This is a transient business type. Join Companies In Sri Lanka establishment enrolled under the organizations ACT NO.7 OF 2007 is considered as a fused organization. It incorporates Limited Companies, Companies constrained by ensures, boundless organizations, Offshore Companies, Foreign Companies. Open Sector It is the piece of an economy that is straightforwardly constrained by the legislature. Open Sector is the biggest segment of any economy in the nation. It gives fundamental merchandise or administrations that can't be given by the private division. It incorporates Gov. Divisions, Gov. Organizations, and Gov. Organizations. It is otherwise called State Sector or the Government Sector. Duties of partners Partners are people, gatherings or associations that have an enthusiasm for the exercises and conduct of a business. They can be inside partners, similar to workers and accomplices, or outside, for example, clients, providers, government or the media for instance. All partners can impact just as be affected by Vodafone. Each Stakeholder has duties towards the Vodafone to accomplish vodafones objectives and targets. Proprietors and investors As the proprietor of a business, it is the obligation to pay for workers and furnish them with appropriate advantages, including debilitated time and medical coverage. Beside installment and advantages, duties of a business visionary incorporate tuning in to worker concerns keeping representatives in great working conditions, and recruiting and terminating workers when required. Supervisors The supervisor must have the option to guarantee that all necessities of his area of expertise are met on schedule and propel workers to perform at their most elevated abilities. He should likewise know precisely what every one of his staff is able to do and give them work that they can finish adequately while additionally provoking them to accomplish more. Staff and workers They need to play out their errands cautiously, keep business and expert insider facts private. They need to adhere to the directors guidelines and improve their capacities and aptitudes. They must be straightforward and affable to the organization. Clients In the wake of utilizing merchandise or administrations they have a duty to offer input to the organization. Clients need to give clear and right data about their needs and needs. Furthermore, they need to give the right data required. They must be steadfast and genuine to the organization. Providers They need to flexibly the great quality items to the organization at opportune spot at ideal time. They must be straightforward to the organization. Have a powerful correspondence process with the organization. Government They give rules, guidelines, lows, and strategies for business. They need to discover climate the business is lawful or not and they can give licenses to the delicate items. Distinguish Vodafone profile Statement of purpose; To enhance clients survives the one of a kind intensity of versatile correspondence Vision proclamation; To be the universes portable correspondence pioneer Objectives Objectives are the obviously expressed destinations of the organization, Vodafone has expressed six worldwide vital objectives Enjoyment our clients Manufactured the best worldwide Vodafone group Leverageglobal scale and degree Grow advertise limits Be a capable business Give unrivaled investor returns Qualities Qualities are the convictions of an individual or a gathering. Vodafone has four fundamental beliefs depicted inside as interests For clients For results For Vodafone individuals For the world around Vodafone Vodafone development Vodafones Key income execution pointers Vodafone bunch PLC has demonstrated their development of income in this table. We likewise intend to lead the tablet section, which is developing quickly. We were the main administrator to dispatch an Android Honeycomb tablet with the Samsung Galaxy Tab 10.1v and we have begun to disperse the Apple iPod 2. During the year we presented the Vodafone K4605 USB stick which gives hypothetical pinnacle information download paces of 42.2 Mbps utilizing 3G/HSDPA innovation and a 4G/LTE USB stick which has the potential for quicker download speeds. We additionally propelled Vodafone WebBox and Vodafone TV administrations (Annual report-2011 page23). Vodafone piece of the overall industry We can obviously distinguish the piece of the overall industry of the Vodafone bunch has expanded quickly step by step. The positive attitude of the vodafone has expanded by offering ideal assistance for thie clients and could have make faithful clients. Various sorts of monetary frameworks Free enterprise (showcase economy) Free enterprise is a monetary framework where the methods for creation are exclusive and the organizations for the most part target benefits, in serious markets. it is known as market economy since it is look to boost fulfillment or benefit through own choice with respect to utilization or creation. Attributes all assets are possessed by people The choices about the allotment of those assets are made by people without government mediation No noteworthy financial job for government is vital. The idea of gracefully and request assumes a job in deciding the estimating structure A market economy empowers rivalry. The U.S. is most regularly model for advertise economy which had numerous arrangements that encouraged and ensured the market economys attributes.. Preferences: The market gives makers a motivation to create products that purchasers need. The market gives a motivating force to procure valuable aptitudes. The value framework urges makers and buyers to moderate rare assets. Hindrances (1) A private market economy might be very insecure (joblessness, expansion, development) (2) Business may essentially fulfill the needs they have made through publicizing. (3) Prices may influence to the customers (4) Markets simply don't work in certain territories, for example, open merchandise, and national barrier Communism (order economy) Qualities The legislature makes a focal monetary arrangement for all parts and locales of the nation. The administration assigns all assets as indicated by the focal arrangement. The objective is to utilize the countries capital, work and common assets in the best way that could be available The focal arrangement sets the needs for creation all things considered and benefits. The objective is to gracefully enough food, lodging and different nuts and bolts to address the issues of everybody in the nation. Cuba, North Korea, China, Russia and Iran are the most generally instances of order economies. Russias Go plan has been the most contemplated. It was likewise the longest running, enduring from the 1930s until the late 1980s. Favorable circumstances The govt. Will guarantee a progressively equivalent conveyance of pay and riches Fundamental products/administrations will be given to the network The govt. Can figure out which merchandise are created. 1. There is little customer decision. 2. Little assortment of merchandise and ventures 3. Loss of individual opportunity 4. Prompts designate and beneficial wastefulness 5. Sponsorships on fundamental products and ventures rapidly lead to deficiencies. Blended economy A blended economy is a financial framework that fuses parts of more than one monetary framework. This sort of monetary framework has both exclusive and state-possessed endeavors or that joins components of private enterprise and communism, financial frameworks. Attributes private segment business action empowered. charges used to gather income to pay for state merchandise and ventures. The administration additionally offers types of assistance, for example, instruction, wellbeing, military resistance, lawful and foundation to society. The administration assumes a significant job in settling financial issues looked by society preferences less disparity of salary since purpose of government is to have a fair financial development of an economy. permits people to maintain their business and make

Canadas Economy in 1996 Essay Example For Students

Canadas Economy in 1996 Essay Canadas Economy in 1996To research the condition of the Canadian economy, it is valuable totrack Canadas six significant monetary objectives: financial development, monetary stability,economic effectiveness, financial value, feasible parity of installments, and lowunemployment. At a given time, Canada is accomplishing a portion of these objectives whilefalling behind on a portion of the others. At the point when mulled over all, thesegoals give a sign of how well Canada has been doing and the phase of thebusiness cycle the Canadian economy is in. In 1996-1997, Canada is in slightrecession and is just gathering the objectives of monetary soundness, and viablebalance of installments. Canada can be supposed to be in a time of slight downturn on the grounds that there isa downswing in monetary action. To affirm a genuine recuperation, an economy mustshow no development for two sequential quarters. In any case, Canada isn't in a truerecession on the grounds that there was a 3.0% development in the second from last quarter, thought about to2.2% in the subsequent quarter. Eventhough it isn't accurate downturn, the slowgrowth is a certain indication of a slight one. Low expansion is additionally is likewise prevalentand is suggestive of a powerless economy. A low swelling pace of 1.4% in November1996 doesn't give quite a bit of a sign to financial development and extension. A contracting positive parity of installments shows these are extreme economictimes. A fourth sign of a slight downturn is the high joblessness rate. A joblessness pace of 10.0% in November 1996 is certainly not a sign ofstrong financial recuperation. Canada is continually attempting to progress in the direction of the objective of financial development. Financial development is the rate change of GDP over some stretch of time and isalso known as the development rate. In 1996, Canadas GDP has been expanding slowlysince the main quarter. The GDP in the main quarter was 1.8%, at that point increasedto 2.2% in the subsequent quarter, and in the second from last quarter it rose to 3.0%. Inthis way, Canada has been encountering consistent development. This objective is being metbecause of the expansion in customer spending inspite of the administration reductions. Purchaser spending levels mention to makers what to deliver, and the amount to create. On the off chance that purchaser spending expands, it gives a sign to the makers to producemore which causes the expanding GDP. The administration reductions contribute doescontribute to bring down shopper certainty and, therefore, eases back the financial development. Slow, development makes not many occupations be made as it implies a more slow rate ofexpansion of ventures. When there is moderate development, not many employments are being created,so it doesn't help the objective of low joblessness. Slow development likewise keepsinflation low. For instance, in September 1996, the swelling rate changed from1.3% to 1.2%. To animate monetary development, loan costs must be kept low. For instance, the bank rate diminished to 3.5% in November 1996. This encouragesbusinesses to acquire cash and to extend. Expanded fares likewise help stimulateeconomic development, since increments in remote interest for Canadian merchandise andservices may invigorate the household markets. The objective of monetary steadiness has been accomplished. In 1996, the inflationrate has been moderately low. The expansion rate has been kept low as a resultof purchaser certainty. Customers were not ready to spend on costly itemswith the present place of employment picture. This has added to the low expansion rate. For 1996, the yearly swelling rate has been in the 1.2% to 1.7% territory. The CPIin November 1996 was 136.8, however in November 1995, the CPI was 134.1. Over thecourse of the year, the CPI has just changed 2.0%. The impacts of strength isthat the buying intensity of Canadian money stays a greater amount of less the equivalent. .u123bb5921dfcc41ebed825878be6d1bb , .u123bb5921dfcc41ebed825878be6d1bb .postImageUrl , .u123bb5921dfcc41ebed825878be6d1bb .focused content territory { min-stature: 80px; position: relative; } .u123bb5921dfcc41ebed825878be6d1bb , .u123bb5921dfcc41ebed825878be6d1bb:hover , .u123bb5921dfcc41ebed825878be6d1bb:visited , .u123bb5921dfcc41ebed825878be6d1bb:active { border:0!important; } .u123bb5921dfcc41ebed825878be6d1bb .clearfix:after { content: ; show: table; clear: both; } .u123bb5921dfcc41ebed825878be6d1bb { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; obscurity: 1; change: murkiness 250ms; webkit-change: darkness 250ms; foundation shading: #95A5A6; } .u123bb5921dfcc41ebed825878be6d1bb:active , .u123bb5921dfcc41ebed825878be6d1bb:hover { haziness: 1; progress: mistiness 250ms; webkit-change: darkness 250ms; foundation shading: #2C3E50; } .u123bb5921dfcc41ebed825878be6d1bb .focused content region { width: 100%; position: relativ e; } .u123bb5921dfcc41ebed825878be6d1bb .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enhancement: underline; } .u123bb5921dfcc41ebed825878be6d1bb .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u123bb5921dfcc41ebed825878be6d1bb .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe span: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-tallness: 26px; moz-fringe range: 3px; content adjust: focus; content adornment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: outright; right: 0; top: 0; } .u123bb5921dfcc41ebed825878be6d1bb:hover .ctaButton { foundation shading: #34495E!important; } .u123bb 5921dfcc41ebed825878be6d1bb .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u123bb5921dfcc41ebed825878be6d1bb-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u123bb5921dfcc41ebed825878be6d1bb:after { content: ; show: square; clear: both; } READ: Music Defines Dress EssayWith low expansion, the estimation of the Canadian dollar, diminishes practically nothing. Expansion rate can be endured on the off chance that it gives an impetus to organizations toexpand. There, low expansion is likewise a motivating force of financial development. Lowinflation prompts the banks to bring down loan fees which additionally encourageseconomic development. Since there are exchange offs when concluding whether to raise orlwer the expansion rate, governments must remember that high swelling isnot sound, yet a little expansion is an essential for development. The objective of monetary proficiency has not yet been accomplished, however Canadahas consistently been advancing towards this objective. In Canada, innovation hasconstantly been improving and refreshing. On the off chance that new innovation is utilized, the economycan work all the more effectively, for instance, the

The Impact Of Financial Leverage On Investment - Free Essay Example

The term Investment is frequently used in jargon of economics, business management and finance. According to economic theories, investment is defined as the per-unit production of goods, which have not been consumed, but will however, be used for the purpose of future production. The decision for investment, also referred to as capital budgeting decision, is regarded as one of the key decisions of an entity. Leverage is a method of corporate funding in which a higher proportion of funds is raised through borrowing than stock issue. It is measured as the ratio of total debt to total assets; greater the amount of debt, greater the financial leverage. Financial Leverage is the ability of a company to earn more on its assets by taking on debt that allows it to buy or invest more in order to expand. Nowadays financial leverage is viewed as an important attribute of capital structure alongside equity and retained earnings. Financial leverage benefits common stockholders as long as the borrowed funds generate a return greater than the cost of borrowing, although the increased risk can offset the general cost of capital. In the past years, a large body of the literature has provided robust empirical evidence that financial factors have a significant impact on the investment decisions of firms. While traditional research on investment was based on the neoclassical theory of optimal capit al accumulation (where under the assumption of perfect capital markets, the cost of financing does not depend on the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial position), more recent literature has increasingly incorporated frictions such as asymmetric information and agency problems as a source behind the relevance of the degree of financial pressure faced by the firm in determining the availability and the costs of external financing This chapter will seek to enclose literature on the impact of financial leverage on investment and other factors that may affect investment in firms. 1.1 Modigliani Miller (MM) à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1958 theory with no taxation In what has been hailed as the most influential set of financial papers ever published, Franco Modigliani and Merton Miller addressed capital structure in a rigorous, scientific fashion, and their study set off a chain of research that continues to this day. Modigliani and Miller (1958) argued that the investment policy of a firm should be based only on those factors that will increase the profitability, cash flow or net worth of a firm. The MM view is that companies which operate in the same type of business and which have similar operating risks must have the same total value, irrespective of their capital structures. It is based on the belief that the value of a company depends upon the future operating income generated by its assets. The way in which this income is split between returns to debt holders and returns to equity should make no difference to the total value of the firm. Thus the total value of the firm will not change with gearing, and therefore neither will it s Weighted Average Cost of Capita (Pandey, 1995). Many empirical literatures have challenged the leverage irrelevance theorem of Modigliani and Miller. The irrelevance proposition of Modigliani and Miller will be valid only if the perfect market assumptions underlying their analysis are satisfied Under the original MM propositions, leverage and investment were unrelated. If a firm had profitable investment projects, it could obtain funding for these projects regardless of the nature of its current balance sheet. 1.2 Modigliani Miller à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1963 theory with tax M M (1963) found that the corporation tax system carries a distortion under which returns to debt holders (interest) are tax deductible to the firm, whereas returns to equity holders are not. They therefore concluded that geared companies have an advantage over ungeared companies, i.e. they pay less tax and will have a greater market value and a lower WACC. Following this research, the consensus that emerged was that tax is positively correlated to debt (Graham 1995, Miller 1977) and is considered a major influence in the debt policy decision. Modigliani et al (1963) argued that we should not à ¢Ã¢â€š ¬Ã…“waste our limited worrying capacity on second-order and largely self correcting problems like financial leveragingà ¢Ã¢â€š ¬Ã… ¸. That is firms should not be worried about growth as long as they have good projects in hand, since they will always be able to find means of financing those projects. 1.3 The Trade-Off Models Some of the assumptions inherent in the MM model can be relaxed without changing the basic conclusions as argued by Stiglitz (1969) and Rubenstein (1973). However, when financial distress and agency costs are considered, the MM models are altered significantly. The addition of financial distress and agency costs to the MM model results in a trade-off model. In such a model, the optimal capital structure can be visualized as a trade-off between the benefit of debt (the interest tax shield) and the costs of debt (financial distress and agency costs) as presented by Myers (1997) The trade-off models have intuitive appeal because they lead to the conclusion that both no-debt and all-debt are bad, while a à ¢Ã¢â€š ¬Ã…“moderateà ¢Ã¢â€š ¬? debt level is good. However, the à ¢Ã¢â€š ¬Ã…“trade-off models have very limited empirical supportà ¢Ã¢â€š ¬?, Marsh (1982), suggesting that factors not incorporated in this model are also at work. Jensen and Meckling (1976) invoked a mora l hazard argument to explain the agency costs of debt, proposing that high levels of debt will induce firms to opt for excessively risky investment projects. The incentive for such a move is that limited liability provisions in debt contracts imply that risky projects will provide higher mean returns to the shareholders: zero in low states of nature and high in good states. However, the higher probability of default will induce investors to demand either interest rates premiums or bond covenants that restrict the firms future use of debt. 1.4 Pecking-Order Theory Initiated by Donaldson (1961), the Pecking-Order theory argues that firms simply use all their internally-generated funds first, move down the pecking order to debt and then lastly issue equity in an attempt to raise funds. Firms follow this line of least resistance that establishes the capital structure. Myers noted an inconsistency between Donaldsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s findings and the trade-off models, and this inconsistency led Myers to propose a new theory. Myers (1984) suggested asymmetric information as an explanation for the heavy reliance on retentions. This may be a situation where managers have access to more information about the firm and know that the value of the shares is greater than the current market value. If new shares are issued in this situation, there is a possibility that they would be issued at a too low price, thereby transferring wealth from existing shareholders to new shareholders. 1.5 Investment and Leverage One of the main issues in Corporate Finance is whether financial leverage has any effects on investment policies. The corporate world is characterized by various market imperfections, due to transaction costs, institutional restrictions and asymmetric information. The interactions between management, shareholders and debt holders will generate frictions due to agency problems and that may result in under-investment or over-investment incentives. Whenever we refer to investment, it is essential to distinguish between over- investment and under-investment. In his model, Myers (1977) argued that debt can create an à ¢Ã¢â€š ¬Ã‹Å"overhangà ¢Ã¢â€š ¬Ã¢â€ž ¢ effect. His idea was that debt overhang reduces the incentives of the shareholderà ¢Ã¢â€š ¬Ã¢â‚¬Å"management coalition in control of the firm to invest in positive net-present-value investment opportunities, since the benefits accrue, at least partially, to the bondholders rather than accruing fully to the shareholders. Hence, hi ghly levered firms are less likely to exploit valuable growth opportunities as compared to firms with low levels of leverage. Underinvestment theory centers on a liquidity effect in that firms with large debt commitment invest less, no matter what their growth opportunities (Lang et al, 1996). In theory, even if debt creates potential underinvestment incentives, the effect could be attenuated by the firm taking corrective action and lowering its leverage, if future growth opportunities are recognized sufficiently early (Aivazian Callen, 1980). Leverage is optimally reduced by management ex ante in view of projected valuable ex post growth opportunities, so that its impact on growth is attenuated. Thus, a negative empirical relation between leverage and growth may arise even in regressions that control for growth opportunities because managers reduce leverage in anticipation of future investment opportunities. Leverage simply signals managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s information abou t investment opportunities. The possibility that leverage might substitute for growth opportunities is referred to as the endogeneity problem. Over-investment theory is another problem that has received much attention over the years. It is described as investment expenditure beyond that required to maintain assets in place and to finance positive NPV projects. In these kind of situations, conflicts may arise between managers and shareholders (Jensen,1986 Stulz,1990). Managers seek for opportunities to expand the business even if that implies undertaking poor projects and reducing shareholder worth in the company. Managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ abilities to carry such a policy is restrained by the availability of cash flow and further tightened by the financing of debt. Issuing debt commits the firm to pay cash as interest and principal, forcing managers to service such commitments with funds that may have otherwise been allocated to poor investment projects. Thus, leverage is one mechanism for overcoming the overinvestment problem suggesting a negative relationship between debt and investment for firms with weak growth opportunities. Too much debt also is not considered to be good as it may lead to financial distress and agency problems. Cantor (1990) explains that highly leveraged firms show a heightened sensitivity to fluctuations in cash flow and earnings since they face substantial debt service obligations, have limited ability to borrow additional funds and may feel extra pressure to maintain a positive cash flow cushion. Hence, the net effect would be reduced levels of investment for the firm in question. Accordingly, Mc Connell and Servaes (1995) have examined a large sample of non financial United States firms for the years 1976, 1986 and 1988. They showed that for high growth firms the relation between corporate value and leverage is negative, whereas that for low growth firms the relation between corporate value and leverage is positively co rrelated. This trend tends to indicate that to maximise corporate value, it is preferable to keep down leverage to a low level and to increase investment. Lang, Ofek and Stulz (1996) used a pooling regression to estimate the investment equation. They distinguish between the impact of leverage on growth in a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business from that in its non-core business. They argue that if leverage is a proxy for growth opportunities, its contractionary impact on investment in the core segment of the firm should be much more pronounced than in the non-core segment. They found that there exists a negative relation between leverage and future growth at the firm level. Also they argued that debt financing does not reduce growth for firms known to have good investment opportunities. Lang et al document a negative relation between firm leverage and subsequent growth. However, they find that this negative relation holds only for low q firms, i.e. those with fewer profitable gr owth opportunities. Thus, their findings appear to be most consistent with the view that leverage curbs overinvestment in firms with poor growth opportunities. Myers (1997) has examined possible difficulties that firms may face in raising finance to materialize positive net present value (NPV) projects, if they are highly geared. Therefore, high leverages may result in liquidity problem and can affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to finance growth. Under this situation, debt overhang can contribute to the under-investment problem of debt financing. That is for firms with growth opportunities, debt have a negative impact on the value of the firm. Peyer and Shivdasani (2001) provide evidence that large increases in leverage affect investment policy. They report that, following leveraged recapitalizations, firms allocate more capital to business units that produce greater cash flow. If leverage constrains investment, firms with valuable growth opportunities should choose low er leverage in order to avoid the risk of being forced to bypass some of these opportunities, while firms without valuable growth opportunities should choose higher leverage to bond themselves not to waste cash flow on unprofitable investment opportunities. Ahn et al. (2004) document that the negative relation between leverage and investment in diversified firms is significantly stronger for high Q segments than for low Q business segments, and is significantly stronger for non-core segments than for core segments. Among low growth firms, the positive relation between leverage and firm value is significantly weaker in diversified firms than in focused firms. Their results suggest that the disciplinary benefits of debt are partially offset by the additional managerial discretion in allocating debt service to different business segments within a diversified organizational structure. Childs et al (2005) argued that financial flexibility encourages the choice of short-term debt, t hereby dramatically reducing the agency costs of under-investment and over-investment. However the reduction in the agency costs may not encourage the firm to increase leverage, since the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s initial debt level choice depends on the type of growth options in its investment opportunity set. Aivazian et al (2005) analysed the impact of leverage on investment on 1035 Canadian industrial companies, covering the period 1982 to 1999. Their study examined whether financing considerations (as measured by the extent of financial leverage) affect firm investment decisions inducing underinvestment or overinvestment incentives. They found that leverage is negatively related to the level of investment, and that this negative effect is significantly stronger for firms with low growth opportunities than those with high growth opportunities. These results provide support to agency theories of corporate leverage, and especially to the theory that leverage has a disciplining ro le for firms with weak growth opportunities 1.6 Investment, Cash Flow and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q It was traditionally believed that cash flow was important for firms investment decisions because managers regarded internal funds as less expensive than external funds. In the 1950s and 1960s, this view led to numerous empirical assessments of the role of internal funds in firm investment behaviour. These studies found strong relationships between cash flow and investment. Considerable empirical evidence indicates that internally generated funds are the primary way firms finance investment expenditures. In an in-depth study of 25 large firms, Gordon Donaldson (1961) concludes that: Management strongly favoured internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds. Another survey of 176 corporate managers by Pinegar and Wilbricht (1989) found that managers prefer cash flow over external sources to finance new investment; 84.3% of sample respondents indicate a preference for finan cing investment with cash flow. Researchers have also discovered the impact of cash flow on investment spending in Q models of investment. Fazzari, Hubbard, and Petersen (1988) find that cash flow has a strong effect on investment spending in firms with low-dividend-payout policies. They argue that this result is consistent with the notion that low-payout firms are cash flow-constrained because of asymmetric information costs associated with external financing. One reason these firms keep dividends to a minimum is to conserve cash flow from which they can finance profitable investment expenditures. Fazzari and Petersen (1993) find that this same group of low-payout firms smooths fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the Myers and Majluf (1984) finding that liquid financial assets can mitigate the underinvestment problem arising from asymmetric information. Whited (1992) also extended the Fazzari, Hubbard, and Petersen (1988) results in a study of firms facing debt financing constraints due to financial distress. She found evidence of a strong relationship between cash flow and investment spending for firms with a high debt ratio or a high interest coverage ratio, or without rated debt. Himmelberg and Petersen (1994) in a study of small research and development firms find that cash flow strongly influences both capital and R D expenditures. They argue that the asymmetric information effects associated with such firms make external financing prohibitively expensive, forcing them to fund expenditures internally, that is by making use of cash flows. An alternative explanation for the strong cash flow/investment relationship is that managers divert free cash flow to unprofitable investment spending. One study assessing the relative importance of such an agency problem was performed by Oliner and Rudebusch (1992), who analysed several firm attributes that may influence the cash flow/investment relationship. They find that insider share holdings and ownership structure (variables that proxy for agency problems) do little to explain the influence that cash flow has on firm investment spending. Carpenter (1993) focused on the relationships among debt financing, debt structure, and investments pending to test the free cash flow theory. He finds that firms that restructure by replacing large amounts of external equity with debt increase their investment spending compared to non-restructured firms. He sees these results as inconsistent with free cash flow behavior, because cash flow committed to debt maintenance should be associated with reductions in subsequent investment spending. Findings by Strong and Meyer (1990) and Devereux and Schiantarelli (1990) support the free cash flow interpretation. Strong and Meyer (1990) disaggregate the investment and cash flow of firms in the paper industry into sustaining investment (i.e., productive capacity m aintaining) and discretionary investment, and total cash flow and residual cash flow (i.e., cash flow after debt service, taxes, sustaining investment, and established dividends). Residual cash flow and discretionary investment are found to be positively and strongly related. This evidence suggests that residual cash flow is often used to fund unprofitable discretionary investments pending. Devereux and Schiantarelli (1990) find that the impact of cash flow on investment spending is greater for larger firms. One explanation they provide for this result is that large firms have more diverse ownership structures, and are more influenced by manager/shareholder agency problems. The Q model of investment relates investment to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock market valuation, which is meant to reflect the present discounted value of expected future profits, Brainard and Tobin (1968). In the case of perfectly competitive markets and constant returns to scale technology, Hayashi (1982) showed that average Q, the ratio of the maximised value of the firm to the replacement cost of its existing capital stock, would be a sufficient statistic for investment rates. Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, further assumes that the maximised value of the firm can be measured by its stock market valuation. Under these assumptions, the stock market valuation would capture all relevant information about expected future profitability, and significant coefficients on cash-flow variables after controlling for Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q could not be attributed to additional information about current expectations. However if the Hayashi conditions are not satisfied, or if stock market valuations are influenced by à ¢Ã¢â€š ¬Ã‹Å"bubblesà ¢Ã¢â€š ¬Ã¢â€ž ¢ or any factors other than the present discounted value of expected future profits; then Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q would not capture all relevant information about the expected future profitability of current investment. If that i s the case, then additional explanatory variables like current or lagged sales or cash-flow terms could proxy for the missing information about expected future conditions. The classification of q ratios into high and low categories is based on a cut-off of one Lang, Stulz, and Walkling (1989). The latterà ¢Ã¢â€š ¬Ã¢â€ž ¢s motivation for this cut-off is partially based on the fact that under certain circumstances firms with q ratios below one have marginal projects with negative net present values (Lang and Litzenberger, 1989). However, q is also industry specific and one may argue that managers should not be held responsible for adverse shocks to their industries. As such, the industry average may be a useful alternative cut-off point to separate high q firms from low q firms. Hoshi, Kashyap, and Scharfstein (1991) regressed investment on Tobins q, other controlling variables, and cash flow. They interpreted differences in the importance of cash flow between different groups of firms as evidence of financing constraints. Results obtained by Vogt (1994) indicate that the influence of cash flow on capital spending is stronger for firms with lower Q values. This result suggests that cash flow-financed capital spending is marginally inefficient and provides initial evidence in support of the FCF hypothesis. The stronger the influence cash flow had on capital spending in this group, the larger the associated value of Tobins Q. After the results presented by Kaplan and Zingales (1997 and 2000), several studies have criticised the empirical test based on the cash flow sensitivity as a meaningful evidence in favour of the existence of financing constraints. The significance of the cash flow sensitivity of investment, it was argued, may then be the consequence of measurement errors in the usual proxy for investment opportunities, Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, and may provide additional information on expected profitability rather than being a signal of finan cing constraints. Gomes (2001) showed that the existence of financing constraints is not sufficient to establish cash flow as a significant regressor in a standard investment equation, while Ericson and Whited (2000) demonstrate that the investment sensitivity to cash flow in regressions including Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q is to a large extent due to a measurement error in Q. Likewise, Alti (2003) shows that investment can be sensitive to changes in cash flow in the benchmark case where financing is frictionless. 2.3 Investment and Profitability The idea that investment depends on the profitability of a firm is amongst the oldest of macroeconomic relationships formulated. The sharp fluctuations in profitability in the average cost of capital since the 1960s revived interest in this relationship (Glyn et al, 1990). However the evidence for the impact of profitability on investment remains sketchy. Bhaskar and Glyn (1992) concluded that profitability must be regarded as a significant influence on investment, though by no means the overwhelming one. Their results indicated that à ¢Ã¢â€š ¬Ã…“enhanced profitability is not always a necessary, let alone a sufficient condition for increased investmentà ¢Ã¢â€š ¬?. However, years later Glyn (1997) provided an empirical study that examined the impact of profitability on capital accumulation. He tested the impact of profitability in the manufacturing sector on investment for the period 1960-1993 for 15 OECD countries. His findings suggested that the classical emphasis on the role of profitability on investment wass still highly significant and had a very tight relationship. Korajczyk and Levy (2003) investigated the role of macroeconomic conditions and financial constraints in determining capital structure choice. While estimating the relation between firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ debt ratio and firm-specific variables, they found out that there was a negative relation between profitability and target leverage, which was consistent with the pecking order theory. This indicated that if leverage of the firm is low, profitability will be high and the entity will be able to invest in positive NPV projects i.e. increase investment. Bhattacharyya (2008) recently provided an empirical study where he examined the effect of profitability and other determinants of investment for Indian firms. He found that à ¢Ã¢â€š ¬Ã…“Short-run profitability does not have consistent influence on investment decisions of firmsà ¢Ã¢â€š ¬?, implying that one should concentrate on the long-run profitability of a firm. This indicates that profitability is still regarded as one of the major determinants underlying investment decisions of firms. However, he suggested that liquidity is relatively more important than profitability when it comes to firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment decisions. 2.3 Investment and Liquidity à ¢Ã¢â€š ¬Ã…“Under the assumptions of illiquid capital and true uncertainty, management can never be sure that investment projects will produce sufficient liquidity to cover the cash commitments generated by their financing. Yet failure to meet these commitments may result in a crisis of managerial autonomy or even in bankruptcy. Thus, capital accumulation is a contradictory process. Investment is inherently risky, while the failure to invest will ultimately lead to the firms marginalization or demise.à ¢Ã¢â€š ¬? Crotty and Goldstein (1992) Chamberlain and Gordon (1989) used the annual domestic investment of all nonfinancial corporations in the United States between 1952 and 1981 in an attempt to determine the impact of liquidity on the profitable investment opportunities available to the corporation. They have put forward that in their long-run survival model, liquidity variables play an essential role as it captures the firms desire to avoid bankruptcy. It was also noted t hat there was a significant improvement in the explanation of investment when liquidity variables were added to the profitability variables of their regression, thereby supporting the view that liquidity is a pre-dominant determinant of investment and that they are positively related. Hoshi, Kashyap and Scharfstein (1991) attempted to find the relationship between investment and liquidity for Japanese firms. They found that high current profits increase current liquidity, thereby generating further investment from the firm to ensure future profitability and increased output to meet demand. Myers and Rajan (1998) suggested that liquid assets are generally viewed as being easier to finance and therefore, asset liquidity is a plus for nonfinancial corporations or individual investors. However, Myers and Rajan argued that although more liquid assets increase the ability to invest in projects, they also reduce managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to commit credibly to an investmen t strategy that protects investors. Johnson (2003) found that short debt maturity increases liquidity risk, which in turn, negatively affects leverage and the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s investment. Jonson also suggested that firms trade off the cost of underinvestment problems against the cost of increased liquidity risk when choosing short debt maturity 2.4 Investment and Sales Sales growth targets play a major role in the perceptions of top managers. Using surveys, Hubbard and Bromiley (1994) find sales is the most common objective mentioned by senior managers. Additional explanatory variables like current or lagged sales are very important in the investment equation as they can act as proxy for the missing information about expected future conditions in case such information has not been captured by Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. Kaplan and Norton (1992, 1993, 1996) argue that firms must use a wide variety of goals, including sales growth, to effectively reach their financial objectives. They suggested that à ¢Ã¢â€š ¬Ã…“Sales growth influences factorsà ¢Ã¢â€š ¬Ã‚ ¦..all the way to the implied opportunities for investments in new equipment and technologiesà ¢Ã¢â€š ¬Ã‚ ¦..à ¢Ã¢â€š ¬? According to this study of 396 corporations, Kopcke and Howrey (1994) found that the capital spending of many of the companies corresponds very poorly with their sal es and profits. These divergences suggest that sales and profits do not represent fully an enterpriseà ¢Ã¢â€š ¬Ã¢â€ž ¢s particular incentives for investing. Consequently, these findings do not support generalizations contending that companies with more debt are investing less than their sales and cash flows would guarantee. Athey and Laumas (1994) using panel data over the period 1978-86, examined the relative importance of the sales accelerator and alternative internal sources of liquidity in investment activities of 256 Indian manufacturing firms. They found that when all the selected firms in the sample were considered together, current values of changes in real net sales and net profit were all significant in determining capital spending of firms. Azzoni and Kalatzis (2006) considered the importance of sales for investment decisions of firms. They found that sales presented a positive and significant relationship with investment in all cases.

Analysis of the Movie Mean Girls - 1037 Words

Cold, shiny, hard, PLASTIC, said by Janice referring to a group of girls in the movie Mean Girls. Mean Girls is about an innocent, home-schooled girl, Cady who moves from Africa to the United States. Cady thinks she knows all about survival of the fittest. But the law of the jungle takes on a whole new meaning when she enters public high school and encounters psychological warfare and unwritten social rules that teen girls deal with today. Cady goes from a great friend of two outcasts, Janice and Damien to a superficial friend of the plastics, a group of girls that talks about everyone behind their back and thinks everyone loves them. Adolescent egocentrism and relationships with peers are obviously present throughout the film. I†¦show more content†¦Norbury asks the entire senior class to raise their hand if they have ever been victimized by Regina George and nearly every single hand was raised. She does whatever she wants and thinks that everyone admires her. This is mos tly because of the way her mom acts towards her and her friends. Reginas mom tries to be one of the teenage girls and gossip along with the plastics. She even allows her daughter to drink underage. Reginas mom also allows the younger daughter to watch nudity on the television. Her care free, laid back parenting style plays a huge roll on how Regina acts towards her peers. In addition, Cadys parents are very strict. The first sign of this is in the beginning when they are very concerned with sending her to a public high school. After being exposed to the plastics and how they act, Cady begins to drink and participate in illegal activity nearly every weekend. Cady finds her wrong doings as an escape from her parents. This is because her parents are too strict and are constantly nagging her. Their uptight, strict parenting style is what leads to Cady doing unacceptable activities. Juvenile delinquency is conduct in a child or adolescent is characterized by illegal activities. 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Talking About Home - 954 Words

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Everything that makes up the environment of your home, plays a very big role in the way it shapes your life and personal identity. I currently reside in my moms house in Prescott, Wisconsin. She is the only parent in my household because my parents divorced four years ago. When I was born, I lived in Apple Valley, Minnesota. When I went into kindergarten, my family moved to Farmington, Minnesota, and by the time I was in fourth grade, I made my way to Prescott. All of this moving around was due to my dad and his job. Sometimes, I wonder how all this moving has impacted my life, all the friends I could of made, all the opportunities inShow MoreRelatedI Am Talking About My Grandparent s Home1506 Words   |  7 Pagesthrown. The place I am talking about is my Grandmother s house. As a child, my cousins and I would visit her and my grandfather. Coinciding with their home and personalities, their yard alone, was so full of life. 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Relationship Between Leadership and Achievement Career

Question: Discuss about the Relationship Between Leadership and Achievement Career. Answer: Introduction There is no doubt that the workers of today have to continuously try to manage change that exists both in the environment and also in them. Workers have to do this due to the recent rapid quick changes that are now being witnessed in technology, organizations and also the society as a whole(Bateman Crant, 1993). According to many experts, these rapid changes that are being felt almost everywhere in the world like the personality traits especially those that are thought to reflect some willingness that make individuals to change is actually what is driving both the competitive advantage for different organizations and also the success of people in different workplaces(Beaman, Duflo, Pande, Topalova, 2012). It is widely believed that personality is what actually influences the work life success of many people today. Various reasons have been given to argue out such thinking. Particularly two reasons have been given to justify the statement which is; Careers are thought to be the outcome of developmental propensities that amass overtime. The working life is usually full of fragile circumstances where personality usually comes in handy especially for playing an overriding role in comportment selection. Many contemporary career ideas are normally individual instead of institution or organization driven. Because of this reason, it makes the individual qualities to be linked to the self-direction factors in the success of any person in his or her career. It is important to note that up to now, there has not been publication or literature review concerning the personality traits of people(Brown Donnell, 2011). Most of the literature review on the personality traits does not actually fit a profile that can make an individual to succeed in the ever changing society of the proactive personality. There has been an evolution regarding of how the careers of women are measured today around the world. The women have now started selecting careers that were traditionally thought to be a reserve for men like engineering and management. Many countries around the world have been increasingly joining the labor force(Brown, Peus, Weisweiler, Frey, 2013). The women have now stepped into different leadership roles proving to many that they can also succeed where men have been. Initially, most careers that women chose were dichotomously studied by various scholars around the world. They were studied as either having a career or homemaking orientation. The trend has now changed on how the women choose their career. The career choices of women are now studied by examining them in terms of family orientation versus degree of career, nontraditional versus traditional, nonprestigious versus prestigious and also in terms of occupational selection(Creed, Buys, Tilbury, Crawford, 2013). Career a spirations can be defined as a persons career related choices or goals. Aspirations are very important when it comes to the process of career selection. Our aspirations play a major role in determining the training and educational decisions that we make in life. Aspirations are very strongly linked to the future achievements and occupational selection of an individual(Fuller Marler, 2009). Most of the time the career goals that we put in place are the ones that drive our striving behavior and the processes of our motivation. Our career goals help us to achieve many things in our life. There are multiple levels that are usually considered in our career aspirations. Career goals help people to reflect on a particular work area for instance; an individual may have an aspiration to work in the healthcare sector or to be even more specific an individual may desire to work specifically as a medical practitioner. Career aspirations can also be considered along other dimensional multiples like; traditionality, lifestyle, the level of prestige, and finally the needed training(Brown, Peus, Weisweiler, Frey, 2013). Career aspirations can also be taken as leadership aspirations due to their ability to reflect on the level of responsibility and authority that is most of the time desired in any career. When we take a look at the career aspirations from a goal positioning perception, we notice that many people experience, behave, and interpret differently when it comes to achievement conditions. It depends on whether people adopt performance-prove learning or avoid-orientation. According to research, people endowed with a higher learning orientation will most probably want to set very challenging and difficult goals that they want to achieve(Gray Brien, 2007). Such individuals do this because they believe that it is the best way of how they can properly develop their capital and competencies. People with a higher learning orientation look at their capability as a character that is flexible to them which enables them to have a higher learning orientation. These capabilities can best be developed and fostered by setting difficult challenges. Most of the people that have a higher learning orientation accept as true that results are dependent on the amount of effort that one puts in what he or she does. Many of these individuals usually occupy themselves with matters like goal striving and planning(Jones, Paretti, Hein, Knott, 2010). By involving themselves with such activities, these individuals increase their chances of achieving their set goals. Most of these individuals usually look at obstacles, poor performance, and setbacks as an opportunity to develop even more because they believe that they are more flexible to overcome all the challenges that are mentioned above(Jogulu, 2010). They interpret these challenges as a feedback to the efforts being applied in trying to achieve their set goals. Personality Many experts around the world describe personality as self-regulatory strategies and dispositions that are directly categorized under the support of the social-cognitive approach. Various experts have tried to explain the existence of the unique patterns of personal behaviors and thoughts(Jones, Paretti, Hein, Knott, 2010). The experts have managed to do this by carrying out wider multiplicity of individual research. The experts have based their wide research on both the social-cognitive and dispositional traits of people. The big five-factor models of personality have now become the most popular personality concept. The five-factor models of the personality concepts encompass; the dimensions of openness to experience, agreeableness, extraversion, conscientiousness, neuroticism, and emotional stability(Vandewalle, 1997). However, among the above mentioned personality traits, only two of them have been linked to the motivation to learn. The two traits include; neuroticism and conscientiousness. Research has proved that neuroticism is usually negatively associated to an individuals motivation to learn while on the other hand conscientiousness is positively associated to an individuals motivation. Research has proved to us that individuals who are proactive have the ability to directly affect their situations, create change, and influence the environment that they live in. Most proactive individuals usually direct much of their efforts towards gaining some performance outcome(Jones, Paretti, Hein, Knott, 2010). Scholars have been working tirelessly in trying to figure out some particular behaviors that different people use especially when it comes to increasing their performance. For about twenty years now, the scholars are still yet to figure out the behaviors. A good demonstration of the character traits of the proactive individuals is how they approach their careers and jobs differently from the other individuals who are not proactive. Most of the proactive individuals always have a tendency to take full control of their careers and jobs. According to research, there is always a greater probability of proactive individuals to involve themselves in different career management matters like; finding organizational information, obtaining career support and sponsorship, job seeking, persisting in the face of challenging careers and at the same time trying to conduct a career planning(Joo Park, 2010). Many proactive individuals will probably choose to pursue and identify any opportunities that come their way. They use such opportunities for self-improvement of their careers. Such opportunities are used by these individuals to further improve their skills and also acquire more education that they require to have to help them in future(Rodd, 2012). Proactive individuals perform better when it comes to looking for the latest information hence enabling them to identify very many opportunities to enhance their skills and education. They do not wait for opportunities and information to find them instead they go out of their way to make sure that they have the information that they need. According to prior research, it has been strongly proven that any learning goal orientation always results into some positive benefits both in the workplace and classrooms. Learning goal orientation helps many individuals to improve their performance whether in the classroom or even at work(Kouzes Posner, 2011). Teams can also apply the learning goal orientation to gain maximum achievements. Most of the positive work-associated results have always been linked to proactive personalities. Proactive personality is usually described as the probability of an individual undertaking a personal sacrifice to get a certain job done well. The main objective of the proactive personality is to capture a developmental tendency that aims at changing or enacting an individuals environment(Rigoti, Schyns, Mohr, 2008). There are many ways of how individuals influence the very environments that they live in. Some of these ways include; Cognitive restructuring: it is a process where individuals appraise, perceive, and construe their environment. Evocation; this is a process where reactions are evoked unintentionally from other people hence altering the environment. Selection; it is a process which occurs as a consequence of people choosing certain situations that they want to participate in. Manipulation; it is a process that consists of an individuals efforts that aim to alter, change, shape, or exploit his or her interpersonal environment. Conclusion It is important to know that the process of proactive can also occur at other levels like organizations and groups. Organizations should encourage proactiveness to have the best team that is capable of scaling the success in the various departments that exist in the organization. By embracing and encouraging a proactive team, organizations will be able to effectively manage all the important interface units that exist in the organization. Effective teams in organizations should always try to engage in activities that aim to proactively influence the outside teams with which they are interdependent. Organizations should come up with prospectors that will enable them to emphasize change, innovation, and also search the environment for new opportunities. It is important for businesses, individual marketers to come up with great strategies that aim at managing the environment in a proactive manner. References Brown, S ODonnell, E 2011, Proactive personality and goal orientation: a model of directed effort, Journal of Organisational Culture, Communication and Conflict, vol. 5, no. 1, pp. 103-119. Creed, P, Buys, N, Tilbury, C Crawford, M 2013, The relationship between goal orientation and career striving in young adolescents, Journal of Applied Social Psychology, vol. 43, no. 7, pp. 1480-1490. Fuller, B Marler, LE 2009, Change driven by nature: a meta-analytic review of the proactive personality literature, Journal of Vocational Behavior, vol. 75, no. 3, pp. 329-345. Bateman, S Crant, JM 1993, The proactive component of organizational behaviour: a measure and correlates, Journal of Organizational Behavior, vol. 14, no. 2, pp. 103-118. Gray, MP OBrien, KM 2007, Advancing the assessment of womens career choices: the Career Aspiration Scale, Journal of Career Assessment, vol. 15, no. 3, pp. 317-337. Rigotti, T, Schyns, B Mohr, G 2008, A short version of the Occupational Self-Efficacy Scale: structural and construct validity across five countries, Journal of Career Assessment, vol. 16, no. 2, pp. 238-255. Vandewalle, D 1997, Development and validation of a work domain goal orientation instrument, Educational and Psychological Measurement, vol. 57, no. 6, pp. 995-1015. Beaman, L., Duflo, E., Pande, R. and Topalova, P., 2012. Female leadership raises aspirations and educational attainment for girls: A policy experiment in India.science,335(6068), pp.582-586. Jones, B.D., Paretti, M.C., Hein, S.F. and Knott, T.W., 2010. An analysis of motivation constructs with first?year engineering students: Relationships among expectancies, values, achievement, and career plans.Journal of Engineering Education,99(4), pp.319-336. Kouzes, J.M. and Posner, B.Z., 2011.Credibility: How leaders gain and lose it, why people demand it(Vol. 244). John Wiley Sons. Jogulu, U.D., 2010. Culturally-linked leadership styles.Leadership Organization Development Journal,31(8), pp.705-719. Rodd, J., 2012.Leadership in early childhood. McGraw-Hill Education (UK). Braun, S., Peus, C., Weisweiler, S. and Frey, D., 2013. Transformational leadership, job satisfaction, and team performance: A multilevel mediation model of trust.The Leadership Quarterly,24(1), pp.270-283. Joo, B.K. and Park, S., 2010. Career satisfaction, organizational commitment, and turnover intention: The effects of goal orientation, organizational learning culture and developmental feedback.Leadership Organization Development Journal,31(6), pp.482-500. Relationship Between Leadership and Achievement Career Question: Discuss about the Examine the Relationship Between Leadership and Achievement Career Aspirations. Answer: Introduction The significance of inspiring individuals to long for leadership, achievement as well as advanced education should never be overlooked in the culture that has never usually backed females in powerful roles. The young men and women will be likely to build their respective ships to reach beyond the expectation of the traditional society as well as make salient contribution to the society (Brown and O'Donnell 2011). The main purpose of the research is to examine the relationship between leadership and achievement career aspirations. It is hypothesized that there is a positive relationship between the above variables. Hypotheses There is a positive relationship between leadership and career achievement aspirations Men have a higher career aspirations than women Both men and women have career aspirations to allow them become leaders Methods Participants The available data for the Research Report came from 230 participants who were students studying Organisational Behaviour from the Parramatta campus of the Western Sydney University. There were 125 males (54.3%) and 105 females (45.7%). The data was collected during the tutorial session in week 3 of the semester. Materials The available data for the Research Report came from 230 participants who were students studying Organisational Behaviour from the Parramatta campus of the Western Sydney University. There were 125 males (54.3%) and 105 females (45.7%). The data was collected during the tutorial session in week 3 of the semester. To give the indication of where the scores stand, the total was divided by the number of items in each scale. Therefore, the means represent where they would fit in the Likert scale used. For example, the scale to measure Proactive Personality had a 7-point Likert scale. Therefore, the means of 4.57-4.65 indicates that both males and females scored slightly above the mid-point of 4. Procedure Students completed a number of questionnaires and information about these questionnaires can be found in the Mandatory Scales (readings) in your learning guide. The results collected from the students were measured using a quantitative data analysis software program (SPSS). Two tables were created from the data collected. These tables are a Mean and Standard Deviation Table and a Correlations table. The mean age of the participants was 21.08 (DS=3.61). Result The results for the study have been shown in the two tables below. Table 1 shows the means and standard deviations (an indication of how far the scores deviated from the mean/average) for male and female participants. Table 2 gives you the correlations between the variables. There were no significant differences between males and females on some of the measures. The statistics that were used here were t-tests. Variable Male Female Mean SD Mean SD Sign. Career Aspiration 2.97 .67 2.90 .75 ns Proactive Personality 4.57 1.00 4.65 .87 ns Occupational Self-Efficacy 4.61 .68 4.55 1.00 ns Learning Goal 4.39 .79 4.27 .79 ns Performance Goal 4.22 1.16 4.20 1.06 ns Avoidance Goal 2.94 1.11 3.13 1.13 ns Table 1. Means, Standard Deviation of Subscales Measure 1 2 3 4 5 6 7 1 Age 1.00 2 Career Aspiration -.03 1.00 3 Proactive Personality .10 .46*** 1.00 4 Occupational Self-Efficacy .08 .32*** .37*** 1.00 5 Learning Goal Orientation .18** .26*** .34*** .42*** 1.00 6 Performance Goal Orientation -.13 .17** .05 .05 .14* 1.00 7 Avoidance Goal Orientation -.15* -.13 -.19** -.28*** -.34*** .25*** 1.00 Table 2. Correlations among Subscales of the K-CASR and Achievement Motivation, Career Orientation, and Goal Engagement Discussion The hypotheses for the study were supported. The outcome of the study suggest that this measure consists of the elements of assessing achievement, leadership as well as education aspirations (Watts et al. 2015). Both internal consistency alongside test-retest reliability estimates backed the reliability of the measure as well as relationships as per the hypothesized direction with career-associated variables backed the convergent validity of the instrument when utilized with these young men and women (Bulmer 2013). The study given significant contribution to the literature through the provision of a model that can be used in translating the measure to additional cultures. Despite being extremely intensive procedure, it resulted in the psychometrically solid measure which can be utilized with a lot confidence with Australian graduate men and women. The study further adds to the available literature through the replications of 3-factor solutions discovered in sample of the American graduate as well as undergraduate. The career aspirations were better represented as a 3-dimensional construct compared to a single construct in both American and Australian culture. Such a factorial invariance could serve as support for the Australian men and women interpreting the construct in an alike fashion. Nevertheless, subject an approach effect linked to negatively worded items arose in the sample. The subjects seemed to respond differently to the above items with an exception of underlying constructs when contrasted to respondents. The method effects linked to negatively worded variables have been discovered in the self-report survey in the psychology. Given that most of the negatively worded variables in the measure had limited ranges, the university males and female students in Sydney could have dodged recommending explicit non-positive pronouncement relating to their aspirations (Rigotti, Schyn and Mohr 2008). This revelation remained consistent with the study on the Korean version of the Brief Fear of Negative Evaluation Scale whereby the function of negatively as well as positively worded translated variables need to be investigated in the forthcoming studies. The convergent validity of the measure was backed by the comparatively firm correlations among the subscales as well as achievement motivation, career orientations as well as career goal engagement. Men and women with high aspirations remained more probably to have motivation to master a given task as well as outperform their respective colleagues. This remained consistent with the initial studies indicating that men and women with high career aspirations showed a high confidence in their respective academic tasks. With respect to career orientations, the university students with high career aspirations tended to give much priority to their careers over the family. Further, men and women with high career aspirations remained probably to engage in activities that enable them pursue their respective careers as well as to have positive perceptions relating to their ability to accomplish their respective goals. The explorations of the variables that enhance the success of men and women in Sydney in their careers could advance study in vocational psychology, provided that initial studies relating to men and women career development profoundly emphasized on blockades as well as challenges in their respective career choices. The university students in this study exhibited moderate aspirations in leadership, achievement as well as education, despite the varied university majors, geographical locations in Australia, as well as varsity rankings. Provided the several cultural blockades for the females career accomplishment in Australia, it stood distinguished that several young women aspired to achieve in their respective careers. It would become stimulating to track trend of womens career aspirations over their respective life phases to comprehend the drop in employment among the Australian women once they have a family. Provided the paucity of the women leaders in Australian society, forthcoming study should emphasize on how the young females develop leadership aspirations as well as how such aspirations could be encouraged (Gregor and OBrien 2016). Various limitations have been distinguished in the study. Theories on contemporary career outline the significance of sociocultural variables in career development of the women (Hoobler, Lemmon. and Wayne 2014). The sample used in this current study entailed university women registered in the past with moderate career aspirations. Thus, generalizations of these findings is impossible to other Australian women and men such as those married, with kids, in diverse age-cohorts, or with restricted privileged backgrounds. As a result of a great proportion of the sample majored in traditional fields for females, the generalizing these findings to the university women in non-traditional sectors like science and engineering (Fuller and Marler 2009). Females in non-traditional sectors could have additional challenges in respective career development such as lack of role models; upcoming study is essential to examine underlying variables structure as well as validity of evidence of the measure with diverse cohorts of Australian men and women along with university females in non-traditional sectors (VandeWalle 1997). K-CASR can be utilized in the future to develop a detailed model to explicate the career development of Australian women and men. Especially, longitudinal research is essential to examine how the men and womens career aspirations alter over time as well as correlated with diverse career outcomes like promotion, wages, termination, and job satisfaction (Huffman et al. 2014). This kind of a study is necessary to understand how career aspirations impact the career choices which men and women make when faced with conflict between family and work (Creed et al. 2013). A married employed mommy for example, who has high career aspirations could wish to continue with her work rather than compromising her goals for becoming a future leader in her expertise (Gray and O'Brien 2007). Conversely, where a curvilinear correlation exists between career aspiration and positive career outcomes, females with extraordinary high career aspirations could be extremely depressed when respective career aspirations cannot completely accomplished because of career barricades or family responsibility (Brown and Segrist 2016). Conclusion The result of the study confirms that career counsellors have the best opportunity to enhance the young men and womens career explorations via psychoeducational interventions as well as counselling (Bateman and Crant 1993). Career counsellors particularly can assess the career aspirations of the academically talented and gifted young men and women as well as explore the perceived external as well as internal barriers to accomplish leadership and recognition. The three dimensions of the career aspirations could be utilized in developing short term as well as long term plans to allow clients to accomplish their respective goals. Nevertheless, utilizing these results in career counselling need to be empirically evaluated for the assessment of the efficacy of such clinical interventions (Bacha 2014). References Bacha, E., 2014. The relationship between transformational leadership, task performance and job characteristics. Journal of Management Development, 33(4), pp.410-420. Bateman, T.S. and Crant, J.M., 1993. The proactive component of organizational behavior: A measure and correlates. Journal of organizational behavior, 14(2), pp.103-118. Brown, D.L. and Segrist, D., 2016. African American career aspirations: Examining the relative influence of internalized racism. Journal of Career Development, 43(2), pp.177-189. Brown, S. and O'Donnell, E., 2011. Proactive personality and goal orientation: A model of directed effort. Journal of Organizational Culture, Communication and Conflict, 15(1), p.103. Bulmer, J., 2013. Leadership aspirations of registered nurses: who wants to follow us?. Journal of Nursing Administration, 43(3), pp.130-134. Creed, P., Buys, N., Tilbury, C. and Crawford, M., 2013. The relationship between goal orientation and career striving in young adolescents. Journal of Applied Social Psychology, 43(7), pp.1480-1490. Fuller, B. and Marler, L.E., 2009. Change driven by nature: A meta-analytic review of the proactive personality literature. Journal of Vocational Behavior, 75(3), pp.329-345. Gray, M.P. and O'Brien, K.M., 2007. Advancing the assessment of women's career choices: The Career Aspiration Scale. Journal of Career Assessment, 15(3), pp.317-337. Gregor, M.A. and OBrien, K.M., 2016. Understanding career aspirations among young women: Improving instrumentation. Journal of Career Assessment, 24(3), pp.559-572. Hoobler, J.M., Lemmon, G. and Wayne, S.J., 2014. Womens managerial aspirations an organizational development perspective. Journal of Management, 40(3), pp.703-730. Huffman, J.B., Hipp, K.A., Pankake, A.M. and Moller, G., 2014. Professional learning communities: Leadership, purposeful decision making, and job-embedded staff development. Jsl Vol 11-N5, 11, p.448. Rigotti, T., Schyns, B. and Mohr, G., 2008. A short version of the occupational self-efficacy scale: Structural and construct validity across five countries. Journal of Career Assessment, 16(2), pp.238-255. VandeWalle, D., 1997. Development and validation of a work domain goal orientation instrument. Educational and Psychological Measurement, 57(6), pp.995-1015. Watts, L.L., Frame, M.C., Moffett, R.G., Van Hein, J.L. and Hein, M., 2015. The relationship between gender, perceived career barriers, and occupational aspirations. Journal of Applied Social Psychology, 45(1), pp.10-22.