Effect of the Roman Invasion on Religion

Effect of the popish Invasion on ReligionThe Gaelic Christianity.Christianity probably came to Britain with the roman letters legions, the spread of the faith being certainly helped by the infrastructure of the Roman empire, resulting in the gradual conversion of the various Gaelic people to the Christian faith. Thus a strong and lively Gaelic church building existed in Britain and Ireland before the Germanic invasions took place. We k straightway that at that place were British bishops at church councils at Arles, 314 AD, and Rimini, 359 AD. there are records of the martyrdoms of Alban, Julius and Aaron. Such outstanding numbers of Celts were born-a crystalise that to be British and Gaelic meant to be Christian. laterward the legions go forth at that place appear to possess been some 150 long time of warfare in Britain between the invading Anglo-Saxons and the original Gaelic inhabitants. So when Augustine came from Rome in 596 he came into the conflict between the A nglo-Saxon conquerors and an autochthonic church among a persecuted people. liter al stary from the siteThe Celtic Christianity is the first form of Christianity that has been adept in England and Ireland. (around 400 AD) In the 4th century, it really established itself by mixing the characteristic Celtic features with the religion. Once the Romans withdrew themselves, the Roman and Celtic Christianity started to explicate other than. In the fifth and 6th century a lot of Celts were converted because of missionaries. In Ireland, the Celtic Christianity is characterized by its cloisters.Celtic Christianity is the earliest form of Christianity in salient Britain and Ireland. Christianity reached Britain in the 2nd century, during the Roman occupation. It was not until the second half of the 4th century that the characteristic Celtic elements were mixed properly with the stick of the church. subsequently the Romans had withdrawn from Britain, the Roman and Celtic Christianity ha d been apart for almost cc years and had the opportunity to develop separately. The 5th and 6th century were label by widespread conversions by the arrival of many missionaries. Ireland developed a church structure which was entirely based on monasteries. Because at that place existed no central authority of the Celtic church, there were many variations occurring in reclusive rules and the rules of the liturgy. The Roman and the Celtic church met again in 597, when Augustine of Canterbury led a delegation of clergies to Britain. This meeting showed that there were many digressions between the views of the 2 movements. The braggart(a) difference between the Roman Catholic and Celtic Christianity led to the Synod of Whitby in 664. The decisions that were taken, were detrimental to the Celts. The Irish monastic rules were replaced with the rules of the Ben mandateines and strict adherence to Catholic teaching was enforced. The decree of Whitby had no immediate effect. Especial ly Devon, Cornwall and Scotland keep to protest against the radical form of Christianity. This resulted in the presence of a Celtic monastery on Iona (Scotland) until the thirteenth century, which then was replaced by a Benedictine abbey. However, Christianity in Britain began to adapt increa blunder outgly to the Roman Catholicism. Despite this, Celtic Christianity was passed on orally and there pee-pee always remained elements of the former belief in British and Irish churches. later on the Reformation of the 16th century the Celtic impost got offered to a greater extent and more resistance. Reading the prayers out loud was discouraged and even forbidden, because it was melodic theme that this was a non-Jew and polytheistic origin. In Scotland a combination of religious persecution and the highland(prenominal) clearances led to the weakening of the Celtic culture. But even this did not threesome to the end of the Celtic Christianity. In the early 20th century Celtic pray ers were collected in Gaelic and written d bear due to a resurgence of interest in Celtic literature. Partly because of this there was a growing interest in Celtic Christianity. People protested less against the tradition of pagan elements and more people began to appreciate the religion. Instead of eliminating the old-fashioned Celtic symbols from the religious spiritedness, the Christian missionaries took e veryplace many customs of the pagan faith. almost of these traditions are still clearly seen in the Christian faith, and not bonny in Great Britain and Ireland. The old gods were largely held in honour, solo now they were depicted as bottom of the inningonises. The most famous example is Brighid, who became a saint with the analogous name after the arrival of Christianity. Jesus, the son of divinity fudge, took the place of the sun god Lugh. His symbol, the cross, was added to the solar disk and so was the symbol that we know directly as the Celtic cross Iona. Ma ny sacred sites were converted to Christian places of significance. Lindisfarne, for example, was a place where the Celts worshiped t transposition gods in the open air. On the island a church was built which became important later. The belief in the Otherworld, en certain(a)d that in almost the substantial Christian world, the contact between people did not stop after death, besides continued in the form of prayers and thoughts. But of course there also are differences between the Celtic Christianity and Roman Catholicism. The Celtic Christian religion is based on smaller groups of believers than the Roman Catholics, who interpret their own religion. This is partly because of the division of Celtic society the importance of a family or clan was much larger than the importance of a country or a king. Another reason is that they dont care that much somewhat submit rules solely want to confess their faith in their own way.The situation that Celtic Christianity is different to Roman Catholicism in several(prenominal) ways, is largely due to the language barrier and the remoteness of the area. One of the most know differences with the Roman Catholicism is the determination of the date of Easter. There are several ways to do this, and those ways have changed and refined through the centuries. After the establishment of the Celtic Church, there was a time where there was comparatively little contact with the rest of Europe and when that contact was renewed, it appeared that the Roman Catholic Church had adopted a different system. Several Celtic parishes honorable this system, objet dart others maintained the old system. There is a striking difference in the conception of the original sin. The Catholic saint Augustine argued that the original sin was caused by Adam and Eve eating the forbidden fruit in Paradise, and that this sin was transmitted to their offspring and therefore all people. To get resign of the original sin, people had to live by the Bible and fulfil Gods will. The Celtic monk Pelagius, however, claimed that this original sin did not exist and that a profound and sinless support would be enough to go to heaven. A concluding difference is the experience of God by the Celtic Christians. According to them, God is not separated from his creation and the major example of this is Jesus. Believers see the earth as a body, from which God is the head, and the cosmos the body. The cosmos can practise Gods will, just like the brain tells the fingers what to do. The head joins in the sorrow and the gaiety of the body. God is also seen as hermaphrodite both male and female, while Roman Catholicism portrays God as male. That the Catholic doctrine does this, can be explained by the concept of the original sin. Eve, Adams wife, was the first who tasted of the apple and she was the whizz who encouraged him to eat of the fruit. As Adam didnt pluck the apple himself, entirely this was encouraged by Eve, she was more sinful th an her husband. Partly because of this idea, the role of the muliebrity in the church was kept small. She couldnt fulfil sacred tasks like priests and bishops did. The location of the Celtic Christianity was much milder towards women, such as that Irish women could be priests and there was no celibacy. Shortly after the ingestion of Ireland in 1172 the Irish Celtic church was placed under the Roman church and from then there were only men who performed the sacred tasks. The celibacy was introduced shortly after.Constantine I (the Great).Constantine the Great was the son of Constantius Chlorus and Helena, and was a Roman emperor butterfly from 306 until his death in 337 AD. He is best cognise for being the first Christian Roman emperor. He issued the Edict of Milan (313), which proclaimed religious toleration throughout the empire. As the heir when his father died, he soon took possession of Gaul, Spain and Britain. After some victories everywhere Maxentius he also became the ma ster of Italy. In 323 he killed his opponent Linius in battle, and became sole lord of the whole Roman World.A lot of books have been written about the subject. An example of one of those is Constantine, the Miracle of the Flaming Cross by Frank G. Slaughter. According to the stories, Constantine saw a cross in the tilt the night before his battle with Maxentius. Accompanied with it were the lines By this thou shalt conquer. along with the supports of his mother Helena, this should have inspired Constantine to be converted to the Christian belief. The miracle has been defended by several Roman-Catholic historians, but it cannot stand the test of critical examination. It is potential that Constantine has seen something in the skies Constantine was convinced Christianity was on the rise but his conversion was more a change of policy than of character. He retained the office and title of Pontifex Maximus until the very be, a title which nowadays is reserved for the pope as it is re presents the highest property in the Church. Furthermore, he wasnt baptised until he felt he was about to die. This of course so that if there were a Heaven, he would go there, but he didnt have to live a purely Christian life before that. Constantine kept Pagans in the highest positions in his surroundings, and forbade everything which might appear to be an attack of Christianity against Paganism. This is an example of the religious toleration in the Roman empire.Constantine trio (usurper) and the end of the Roman die hard in Britain.Flavius Claudius Constantinus (Constantine the third), is in Britain also known as Constantine II. He declared himself emperor of the Western Roman imperium in 407 AD and abdicated in 411. On the 31st of December 406 AD, fierce invaders attacked the Western Roman Empire near the Rhine. Along with the disunity of the Roman Empire and the tensions around Gaul, this was one of the factors that caused the Roman Western Empire to waver. At the same mom ent, the provinces in Britain were in revolt, which resulted in the rise of Constantine. Constantine crossed the English Channel, and assumingly took with him all of the British mobile array. After several battles with Sarus, he secured the Rhine Frontier and positioned his troops on the passes that led from Gaul into Italy. Constantines movement to Gaul in 407 AD is often referred to as the Roman evacuation of Britain. The current Emperor Honorius in Ravenna (Italy) was having great difficulties maintaining his position. Mutinies from the Roman Army and the abandonment of the western army left Honorius with no significant military power. So when Constantine arrived in Ravenna to negotiate in 409 AD, Honorius eagerly accepted Constantine as his co-emperor. However, Constantines success didnt last long. Later that year, the roughshod invaders that had attacked before near the Rhine, reached Constantines garrisons near Gaul, broke through them and reached the Pyrenees. Meanwhile, ge neral Gerontius rebelled and arrived in Hispania. Constantine was so occupied by these invasions, that he could not defend Britain against the Saxon pirates since he didnt have any troops to spare. The Roman inhabitants of Britain, upset that Constantine could no longer defend them, rebelled and expelled his officers. This is the definite end of the Roman rule over Britain. Roman Britain split into separate kingdoms but the Romano-Celts continued to fight the Saxon raiders.Roman civilisation slowly broke down Roman towns continued to be inhabited until the mid-5th century, but then most were abandoned. In the 5th century Roman civilisation in the countryside faded away.Julian the Apo put in.Flavius Claudius Julianus, also known as Julian the Apostate, was the last ruler of the Constantinian Dynasty, as salubrious as the last non-Christian Roman Emperor. His goal was to bring back the quaint Roman values in the Empire. Julian was the half-brother of Constantine I. He was a successf ul army leader, even though he had received no military education whatsoever. With the deaths of Constantine I, Constantine II and Constans, Constantius II was left the sole be emperor of the Roman Empire. In 355 AD, Julian was made Caesar of the west, as Constantius II felt he needed a permanent representative in Gaul. However, Julian did not agree with the role Constantius had in mind for him. Constantius had thought of Julian more as a figurehead rather than an fighting(a) ruler, but Julian took every opportunity to participate in the events in Gaul. Constantius attempted to keep some control over Julian, by removing one of Julians important advisors Salutius. This was the beginning of a series of struggles between Constantius and Julian. It almost resulted in a civil war, which was only avoided by the death of Constantius in 361. Constantius II recognized Julian as his rightful successor in his last will.Julians last Christian deed was the burial of Constantius in the Church o f Apostles, side by side(p) to Constantine I. Julians personal belief was both pagan and philosophical. though he received a Christian upbringing, Julian preferred the ancient gods with their leader Zeus above the Christian monotheistic view. Once he became the sole emperor, Julian started a religious reformation. He approved the takings of Hellenic paganism above Christianity as the state religion. His laws were targeted at the squiffy and educated Christians. He did not aim on destroying Christianity as a whole, but try to drive it out of the classes that came into contact with governing the empire. He restored pagan temples, removed some of the privileges Christian bishops had received from Constantine and reversed many more favors.On the 4th of February 362 AD, Julian declared another edict. This edict was supposed to guarantee freedom of religion. All religions were equal before the law, and the Roman State was not allowed to constrain a particular religion. This might not s eem to be a direct attack against Christianity, but its purpose was to restore and increase the toleration of paganism.Since the past had learned that the persecution of Christians only led to a strengthening Christianity, most of Julians actions were think to unable Christians to organize any resistance against the re-establishment of paganism.In the School Edict, Julian demanded that all public teachers were to be approved by the emperor. This would enable Julian to prevent that Christian teachers could use pagan texts for reading purposes rather than poring over the religion. In the Tolerance edict (362) Julian ordered the reopening of some pagan temples, the redeeming of temple properties and so on. Remarkably, Julian also ordered a Jewish temple to be rebuild, probably as an attempt to rear any religion but Christianity. However, the rebuilding failed. This has been prescribed to the Galilee Earthquake of 363, but some Christians say it was divine intervention.Julian wanted to make sure that he could count on the support of the entire Roman Empire. To gain this support, he felt that he had to prove himself, and he thought the Persian Campaign was the perfect occasion to do this. However, things did not go as he pictured it, and he had to withdraw his forces. During the withdrawal, Julians forces were attacked several times by Sassanid forces. In one of these attacks on the 26th of June 363, Julian was wounded. He was set by his personal physician, but on the third day he died as a result of his injuries. Some historians claimed Julian was killed by a Christian saint, while others reported that one of his own men, a Christian soldier, had thrown the spear that ultimately resulted in Julians death. It is said that Julians last words were Vicisti, Galilaee (You have won, Galilean), supposedly expressing his recognition that, with his death, Christianity would become the Empires state religion.Was Julian right with his prediction?We can say Julian was ri ght. As from Jovian, Christianity remained the dominant religion in the empire. Jovian was Julians successor. He was one of Julians guard, and though his election was surprising, he had a great influence on the re-establishment of Christianity. Although his reign only lasted 8 months, he revoked all the edicts Julian had issued against Christianity. However, he did not stop there. By September 363, the situation in the empire had altogether changed One could receive the death penalty for worshipping the ancestral gods, and later for participate in either public or private pagan ceremonies. Jovians successor Valentinian is often considered to be the last great emperor. He was the last emperor to have total control over the empire, and according to historians there has been a visible period of improvement under his reign. Valentinian was only slightly more tolerant against other religions, allowing just a few types of rituals, but prohibiting the practicing of magic. sizeableness of Roman Emperors and division within ChristianityThough Britain was one of the farthest provinces of the Roman Empire, the Roman rule had a great influence on life in Britain. All the Edicts issued by the emperors were of course to be applied in Britain. Great Britain originally can be seen as a generally pagan country, but in time this changed. Not only did this witness because of the Irish missionaries, but as well because of the attitude of the emperor. If the emperor was a strict Christian, there was a big chance that people converted themselves to Christianity. This was especially the case under the rule of Jovian and Valentinian, who were strong opponents of Paganism. Because Britain was so far away from the rest of the Roman Empire, Christianity had the possibility to develop itself differently here than in the rest of Europe. This resulted in the Celtic Christianity. This differed from the Roman Christianity in a few ways, such as the calculation of Eastern and the penitent ials. There were more forms of Christianity that have been practiced over time. It was not anything extraordinary if the two sons of an emperor had a different belief. This was the case with the sons of Constantine the Great (see figure 1) and in a intensified way with Julian who was a pagan, and his brothers who were Christians. This made it possible that though both emperors or groups of people were Christian, they fought each other and tried to convert other to their particular form of Christianity. Some examples of oppositions were Catholicism vs. The Jewish-Orthodox Church, (Semi-)Arianism vs Nicene Creed and so on.

Marketing For A Non Profit Organisation Commerce Essay

merchandise For A Non Profit Organisation duty EssayA non-profit brass section is exampled to depict an shaping that exists to reach few other intentions than the usual objective profit return on investment or foodstuff sh argon (Lamb, 167). In both causal agencys, proceeds affair and non-profit make-ups be tortuous in the merchandise of utilization and regularly c whole for the customers to be there in the course of the ingatheringion process. both business and non-profit organic law function vary widely from different producer and make believe measure to time even from the same producer. merchandise as regards non-profit transcriptions is the attempt made by non-profit cheek to convey equally fulfilling interactions with the intend commercialises. Whereas, these presidencys differ in complexity and function and operate in alter settings, legal age perform some the following functions recognizing customers they aspire to serve or attract enti bank the y regards them as clients, members or patients, stipulate their objectives openly, establish a decision what to charge for but use much(prenominal) terms ilk rates, tilts, donations, fargon or tuition, invent events that establish where they will located be and where operate will be hold upn and communicate ab issue their begin cleverness by use of brochures, announcements or in the customary eye(predicate)s. Frequently non-profit presidential terms involved in the preceding(prenominal) named functions do not become conscious they are involved in market (Lamb, 167).Marketing in non-profit shapingsMarketing is unusual idea for majority of the non profit make geological formations. Non-profit organisations are requisite to understand that selling is more than just the old sense of selling or getting donations (Blythe, 54). In non -profit organisation, trade is a means of fulfilling the desires of the consumer and donor. Among the steps a non-profit organisat ion should cover in order to achieve it merchandise goals hold identifying the organisations trade points facilitates the organisation to discover opport unities and explore them. The identification of trade lays hands the organisation information required to concentrate on buyers that are interested in what the organisation is purporting. Among the ternary prime areas a non-profit organisation should get under ones skin sex piece of music creating a marketing dodging accept, market goals, parleys target and buying target.The target market is who the organisations marketing trials are foc employ on. The target market is a comparable the crowd which the organisation would like to sell its products or function to. This is a assembly who have an attention in what the organisation is spreeing. The target market of anon-profit organisation apprise be divided into segments which bottom of the inning include population, age groups or income take aims.The purcha sing target of an organisation is used to depict the persons or businesses which are contained in the organisations target market and require the organisations products or serves and tooshie actually manage to pay for it. The method of informing the target customers of your products is the communication target (Blythe, 56). Communication target is excessively used to refer to the diverse methods or styles employed by the organisation to get to the identified target market.In coming up with marking plans, marketing managers of non-profit presidential terms must make many choices. These elections dexterity include adjustments to chopines, adverting, veers in frequent relations and collaboration with partners. Marketing managers universally make choices on those elements to which they have command of much(prenominal) as the occurs to be apporti angiotensin-converting enzymed to marketing. These factors are kn protest as handy variables since they rat be altered by the ma rketing manager. Under normal situations, many forces work outdoor(a) the control of the marketing manager, such as bare-assed laws or environmental changes. These factors are regarded as ungovernable variables. Managers involved inn marketing planning must make decisions about which controllable variables to control for them to pull through judicatureal objectives.Marketing orientation of non-profit organizationsA non-profit organization has a marketing focus if it depends on marketing strategies to accomplish its goals. A non-profit organization with a marketing focus employs the array of marketing tasks to attain bills and set good relationships. When a non-profit is marketing focused, its different units and programs are coordinated to further the commissioning of the organization, achieve the goals of the organization and communicate a reliable and focussed message to clients , donors volunteers and target public. When all units of a non-profit organization work toward s a familiar am grabion, there is unity and focus and this closure to higher success and steadiness eliminating lack of focus on the purpose. In addition, when all units of an organization are working in harmony and delivering a steady message outwardly, bouncy areas obtain a clear understand of the organizations uniqueness and value. A marketing focus modifys the non-profit focus outwardly and the faculty will focus on their activities and their programs.Non-profits mission statement. The mission statement of a non-profit organization should be short and precise clear to the point and it should as intumesce as outline the force out of the organization and should overly be realistic, unique, appealing. In addition, a non-profits mission statement is required to spell out three magnitudes of an organizations extent that include the mean public who the organization intends to serve, the necessitate of the think public and the technologies which the non-profit will employ to meet the directs of the publics. The feasibility aspect of a non-profit mission statement describes that it is required to really be undefendable of accomplishing its mission with the available resources. Furthermore, non-profit mission statement is required appealing to the staff of the organization and volunteers, motivating them by hard work and impediments that are likely to occur. Finally, a non-profits mission statement is required to be exclusive to the organizations it is defined for.The ecumenical mission of a non-profits and any future planned to the undertaking should be issues to be dealt with the foc using or directors of the organization. Mission statement should be not be prone to recurrent changes and should be drafted such that technological, market or environmental changes do not occasion for radical redefining. Change in a non-profit organizations mission statement should yet be do if scarcely required to preserve reliability and significance.Strategic objectives to accomplish mission in non-profit organizationWhen managers of non-profit organizations are pressured to control resources, get fund s and start out programs to accomplish the mission like saving lives, reducing disability or distributing food. They are required to begin by conducting a strategical compend of the market to have a clear understanding of what the market requires perceptions, morals and competitiveness. Form an in-depth result of market synopsis, the mangers can and so be capable of setting the chief(prenominal) strategic objectives of the organization.The strategic objectives of a non-profit organization agree the where the organization is focused towards. Strategic objectives need to be clearly utter with marketing and other goals at the lesser units of the organization. Strategic objectives should be cadaverous in a hierarchal order beginning with the near essential to the least importance. The strategies should be equated in numerical value s so that their acquisition can be evaluated without bias. The strategies should also be practicable and dependable with lighting of the resources available.After developing the organization strategic objectives, then each of the units inwardly the organization should have its excessised objectives defined to meet part of the organization objectives depending on its role and competence. The procedure should be repetitive at all levels of the organization, so that it bring into line private goals to departmental goals and departmental goals to unit goals and finally unit goals matching with the whole organization goals (Wymer et al.,31).Tactical marketing and planning in non-profit organizationsThe top management teams of non-profit organizations as hygienic as the board of directors are involved in make choices concerning the future direction, objectives and goals of the organization. This meshwork is regarded to as strategic planning. Marketing strategies include such acti vities like, event organizing, marketing study, fund raising, public relations and advertising. A non-profit organization utilizes strategic marketing through coordinated and integrated use of marketing tactics to accomplish its objectives (Kolb, 87). A strategic marketing plan describes a comprehensive plan of marketing activities to be executed over a given finis of time to facilitate a non-profit organization to accomplish its objectives and goals. Strategic marketing planning for a non-profit organization involves the practice of collecting information and creating procedures to develop the strategic plan of marketing.Managers of majority of non-profit organizations in the past have not been engaging in strategic planning since they had not had positive dressing in business field or prior knowledge in that field. The other reason is because non-profit mangers normally start off the organization with a few employees and volunteers who are involved in doing much of the work in initiating the non-profit and non-profit managers believe they do not have time to commit in strategic analysis and planning (Wymer et al., 89).Strategic analysis and planning is very vital for non-profit organizations since they are also concerned about strongness and strength in option about spending their resources. With increased competition and requirements for responsibility, having a plan based on through analysis of market is a requirement. In addition, plans enable non-profit organizations to coordinate activities for a given period of time such that activities that need to be accomplished ahead of others are done on time (Wymer et al., 89). Plans facilitate non-profits to set timescales for their various projects and activities. Successful plans should not precisely be based on market analysis but should also be distributed all through the organization and when everyone has access to the compose plan non-profit witness better communication all through. With plans whic h have in-depth strategic analysis assists in keeping non-profits concentrating on their mission, and preserving the reliability of their organization or else of swaying away receivable to short term goals.Strategic marketing and analysis planning for non-profitNeed-focussed orientation analysis, in this step the strategists required to expose the effect of non-profits place situation. Information, regarding the level of need-focussed situation of non-profit organization can be gleaned by consultation with non-profit mangers, volunteers and employees or by reading past reports (Wymer et al., 101). Managers of non-profit organizations may also enlist the help of volunteers or board members who have knowledge in marketing to assist in the need-focused orientation analysis.New product increase process analysis since majority of offers pass through lifecycles that can substantially be augured for growth to death stage. With a well planned new product development plan in place, a non-profit can predict and evaluate and work through the insane asylum of the best products/ services or programs in addition to or transform those close to decline. With a formal approach will ensure new concepts are given well-timed and suitable consideration and the role of coming up with new offers is defined. abstract of non-profit organization spatial relation Since non-profit organizations compete with other organizations for grants, donations and tax monies employees and volunteers, understanding positioning of a non-profit is thus a vital tool for survival and growth. Analysts of non-profits organizations are bound to evaluate the fork over situation of the non-profit together with the position of its products, services or programs as seen by the current and prospective clients, donors and intend public (Wymer et al., 101). The main(prenominal) goal of positioning analysis is to nominate a strategic explanation of what is displayed by perception maps.Analysis of com petitiveness of a non-profit organization If a non-profit organization is not acquainted about each competitor, the calculate for relevant information will propose at least a bit of information and insight regarding the offers of competitors and activities that can have significance on the non-profits plans. When a market analyst gives out the findings of putting into practice a specific strategy, the no-profit will be able to gauge the real and intended competition response and its results.Analysis of fiscal status for a non-profit organization Effective strategic planning requires excellent financial analysis. Accounting for specie flows, margins, breakevens and donations present useful forges for planning. Majority f non-profits have specialists in method of accounting and finance either on their board of directors who aid in financial analysis and the final assessment of choices.Assessment of clients needs in non-profit organizations Identifying what the clients needs are a nd where, when and how they can best be met is a vital task. Non-profits clients can be mortals who use the offers of the non-profit or they can be donors. Complex efforts to filtrate to comprehend the needs of the non-profits client are the reason why clients of their own needs differing form experts discernment. Apparently, non-profits have an ethical role for the result of the selection about the needs to serve and those not to serve.Defining alternate strategies in non-profit organizationsStrategic alternatives are required to include the 4Ps product, place, promotion and expenditure. Every alternative strategy created needs to be the organizations best tactic to that strategic course. For instance, an alternative for health care offering non-profit may be to spread out their offer in another nation, or redefine its offer to include the target public in its country of foundation. Analysts need not to make water up strategic alternatives that are similar except where they ar e for one area. All alternative strategies should be copied from the situational analysis.Marketing melt for non-profit organisationsThe marketing mix for non-profit organisations include four factors that are controllable which are, bell, promotion, product and place, (Wymer, et al., 122). The four variables can also be joined to form market demand and enable dealings and that needs to be considered when it comes to achieving the public targets. The four factors that can be controlled are in approximately cases known as the 4 Ps, the price depicts the financial or nonmonetary cost, and promotion depicts the marketing communication with the intended audience. By understanding that even non-profit organisations can control these variables, is vital in making choices about diffusion of resources.How to define the offer in non-profit organisationsAccording to, (Wymer et al., 123), an offer in a non-profit organisation is used to describe any compounding of benefits in a product, s ervice or amicable marketing program that can fulfil a need or a penury of the target market of an organization. In non-profit organizations offers are not easy to recognize since they do not comprise of tangible products and are in to the highest degree cases, social marketing programs or services. Product offers are often tangible i.e. can be felt or handled or non- putrescible and can also be inventoried i.e. stored for future use. On the contrary, services are intangible, inseparable for the provider, perishable and in some cases they vary depending on the provider on their whole tone and cannot be stored for later use. Marketing of social program is in more or less cases unwieldy to define since they are not tangible, consumable, and in separable than services. Marketing of social programs is often a referred to as issues marketing, social ethics marketing or behavioural change marketing.Matrix of a non-profit modelthough models were created for business organizations, n on-profit managers still have make a decision the most suitable mix of offers to use. The Gomes/ Knowles Customer Value/Mission (CV/M) model facilitates managers of non-profit to probe their offers in two extents that are directly related to the non-profit and truthfulness to the mission of the organization and the apparent customer value. The Customer Value/Mission model is utilized to address the needs of managers of non-profit organizations to accomplish non-monetary objectives inherent to their missions as well as be focused on the client by considering present and intended public discernment of the offers by the organization.Social marketing programs marketers take on those programs to persuade attitudes regarding health, lifestyle or social behaviour and in due course the behaviour of their audiences. Thus, attitudes that are as a consequence of social marketing programs do not come into existence independently without the target public. Social marketing programs and service s are in most cases difficult to describe since they are more undefined than tangible goods. For example, the offer for internationalist Federation of Red Cross and Red Crescent Societies offers characterized disaster management programs, such as disaster management, disaster, provision, and response to disaster. In disaster preparedness program may encompass capacity evaluation, vulnerability and better programme initiatives. In addition, both disaster response and disaster management can encompass many subprograms of their own.In marketing for a non-profit organization, the direct consumers of the product or service are known as the client publics while the indirect consumers are known as the command publics. For instance, the student automobile trunk in a university form its client public while the trustees and the alumni form the general publics (Pride and Ferrel, 375). The client publics are given more attention when an organization creates a marketing strategy.Creating a marketing mix for non-profit organizations.A marketing mix strategy confines the choices and concentrates the marketing activities towards accomplishment of organizational objectives. The marketing strategy needs to encompass a plan for decision making regarding product, promotion, distribution and price. These decision factors need to be merged to serve the aimed market.In coming up with the product, a non-profit an organization in most cases develops concepts and services. Hindrances, may crop up in case an organization fails to classify what it is offering. For instance, mollification Corps, offers vocational training services, health services, society development and nutritional assistance. It also markets concepts regarding international collaboration and execution of the foreign policy of United States. Therefore, quietude Corps, product is complicated to illustrate than common business products. The marketing of services which are intangible requires a more marketing endeav our (Pride and Ferrel, 375). Marketing of information and concepts similarly is more difficult than tangibles and much more effort is therefore required in order to gain any returns.Decisions regarding distribution in non-profit organizations are associated to how ideas and services are to be made kind to the customers. In case the product in offered is an idea, then the choice of the make up media to communicate the idea will fasten the process of distribution. By character services, are comprised of assistance, availability and convenience. Accessibility is therefore part of the total service. make a product such as health services brotherly requires knowledge regarding retailing ideas such as the location of the health facility. Creating a distribution channel to manage and enable the movement of non-profit products to consumers is a vital role which requires the overhaul of the long-established idea of marketing channel. There is no incorporation of independent wholesalers, in non-profit marketing situations, since the product flow from non-profit organization to the client. The creation and utilization of ideas and services are in most cases instantaneous.Creating promotional decisions might be the first indication that non-profit organization perform as marketing activities. Non-profit organizations utilize advertising and publicity to be in touch with public and customers. Direct mail remains the major method of raising funds for social services like those offered by Red Cross and finicky Olympics. Environmental conservation focussed organizations usually face the obstacle in endorsement materials, on how to commune using environmental friendly materials like recycled paper and atmosphere sensitive inks. Progressively more, non-profits organizations have come to use the internet to access fundraising and promotional objectives by use of email, and soft squander that facilitate accepting internet gifts (Pride and Ferrel, 375).Majority of non-profi t organizations are also using personal selling, although using another name. Charity organizations and churches depend on personal selling when they send off volunteers to enlist new members and ask for for contributions. excess occasions to collect funds, offer services and communicate ideas are made promotional activities. For instance, Amnesty International, held a global concert tours featuring renowned musicians to wind funds and create public awareness of political prisoners around the populace ( Pride and Ferrel, 375).Even though, product promotional practices might need however slight adjustment when utilized to non-profit organizations, the price is differing and making of decision is complicated. Among the pricing concepts faced by a non-profit organization include pricing in user and donor markets. The two types of pricing methods utilized by non-profit organizations include, located and variable pricing. Under fixed pricing, there is a fixed fee for the users or t he price might differ depending on the users capability to pay. In a situation, where a donation seeking organization accepts any donation, then its using variable pricing.In developing marketing strategies for non-profit organizations the broadest description of price need to be used. The financial price or exact dollar mark value might not be charged in a non-profit item. Opportunity cost is the value of the foregone benefit by braggy up one alternating and selecting another. Based on this traditional bring in of pricing non-profit organizations influences individuals to donate time towards a cause or change his or her behaviour are the paid by the individual. For instance, unpaid assistants who coiffe telephone calls for a university psychotherapy service or suicide hotline, give up their time which they could other wise have spent poring over or doing other things and the income they forego from working in a for-profit organization (Pride and Ferrel, 376).In other non-profit organizations, financial cost is a vital office of the marketing mix. Nowadays, non-profit organizations are raising capital by raising the costs of the services they offer, or have started charging for services which initially were not charging for. Non-profit marketing organizations use marketing studies to establish the kinds of products their target market would be coif and willing to pay for. The pricing strategies of non-profit organizations, in most cases focus on the welfare of the client and public over equalization of costs and revenues. Where more funds are required to cover costs, the organization might asseverate for contributions or grants Beamish, (Karen and Ashford, 225).In marketing for non-profit organizations, the marketing is geared towards non-business objectives as well as social causes. The marketing uses the same ideas that apply to business situations. Whereas the main beneficiary in a business enterprise is the owners, in case of a non-profit organizati on, the beneficiary should be the clients, the larger public or its members. The objective of a non-profit organization is to portray its exclusive philosophy. The marketing objective of non-profit organization is to obtain required reaction for the intended public. Creating a marketing strategy for a non-profit organization consists of defining and analyzing the intended market and developing and preserving the marketing mix. In marketing of non-profit organization, the product is in most cases a concept or a service (Beamish, Karen and Ashford, 258). Distribution is aimed at announcement of ideas and obstetrical delivery of services and the effect is just a short marketing channel. packaging is very vital to non-profit organization marketing. Among the promotional strategies utilized by non-profit organization include publicity, personal selling, and advertising to inform the public and the clients.Distinctive features of non-profit organization marketing strategiesIn the same w ay like other business organizations, mangers of non-profit organizations develop marketing strategies to bring about equally rewarding interactions with the intended markets (Lamb, Hair and Mc Daniel, 364). Marketing in non-profit organization is different in various ways such as the goal setting, choice of intended markets and creation of suitable marketing mixes.In the private sector, businesses are goaded by the profit goal, and its used as a guideline for decision making and criteria for assessing results. On the contrary, non-profit organizations do not search for profits for redistribution to the owners or shareholders. For instance, the Methodist church does not assess its achievement by the amount of cash left in the offering baskets, but the quality and level of service it has been able to provide. Majority of non-profit organizations are required to offer reasonable, effective and efficient services that take action to the needs and likings of multiple constituents who in clude the users, donors, politicians, payers media and general public. Non-profit organizations do not evaluate their success or affliction in firmly monetary terms Lamb, (Charles, Hair and Mc Daniel, 364).The absence seizure of monetary bottom line and the existence of multiple, different, intangible and in some cases vague objectives make giving precedence objectives, decision making and procedure assessment difficult for non-profit managers. Non-profit organizations managers must therefore use different approaches from those used by in the private sector business.Intended marketsThree classifiable features associated to target markets are exclusive to non-profit organizations. Apathetic targets, whereas private businesses usually give priority to those markets that are probable to act in response to specific offering, non-profits frequently target those who are indifferent about to receiving their services such as vaccinations, psychological counselling and family planning guid ance.Non- profit organizations in most cases are pressured to accept undifferentiated segmentation strategies. In certain cases, they illumine short of identifying the benefits of targeting or undifferentiated approach may materialize to present economies of scale and low per capital costs. In other, circumstances, non-profit organizations are strained to provide the highest number of individuals by targeting the total user. The difficulty of creating services that target the average user is that there are few average users thus the approach fails to please any market sector Lamb, (Hair, and Mc Daniel, 365).Balancing positioning, The main role of majority of non-profit organizations is to offer services, with available resources to those who are not effectively served by private organizations. Due to this, non-profit organizations in most cases must run rather than struggle with the efforts of others. The spotting undertaking of non-profit organizations is to recognize the poorl y served market segments and develop marketing programs to match their needs instead of targeting the places that might offer higher profits. For instance, a university library might view itself as complementing the services of a public library instead of world a vie to it.Product uniqueness between business and non-profit organizationsInstead of having simple products concepts, non-profit organizations in most cases market complicated attitudes and ideas. For instance, need to exercise, or eat worsen foods, not smoke tobacco, not to drink and drive. The benefits attained from such ideas and messages are complex, intangible, long term and more difficult to commune to clients (Lamb, Hair and Mc Daniel, 365).Strength of the benefits. The benefit strength of majority offerings by non-profit organizations is weak or indirect. To the general public or consumers, there are no individual direct benefits of donating blood, or even requesting the neighbours to donate money to a charity. O n the contrary, service business offers their customers direct personal gains in trade.Majority of non-profit organizations are involved in marketing products that bring forth very bantam elaboration such as (Do not Litter) or high involvement such as (Stop smoking). The range for private sector products is a bit narrower. The traditional promotional tools may not be satisfactory to lay down acceptance of either high or low involvement products. post distribution decisionsThe success of a non-profit organization offering is evaluated by its ability to distribute its service offering to intended customers groups at the time they need it and at a suitable location. For instance, majority of land-grant universities in USA provide extension programs throughout their states in order to get to the general public. In addition, some education institutions also present classes to student in locations outside the campus through interactive video equipment.The extent of a service depends on the fixed facilities required for it to be effective and implications for its distribution. Normally services such as rail, beach skating can only are delivered only a particular point. However, majority of non-profit services do not rely on special services to be provided. For instance counselling only needs the meeting of counsellors and the clients (Lamb, Hair and Mc Daniel, 366).Promotional decisionsMajority of non-profit organizations are outlawed form openly form advertising therefore plant their opportunity for endorsement. In some cases, some non-profit organizations do not have the funds to pay for advertisements promotion consultants or marketing staff. Among the few special promotional options available for non-profit organizations includeNon-profit organizations, in most cases look for marketing or advertising professionals to assist them create and execute promotion strategies. In certain situations, a marketing agency gives its service in substitute for potential lon g term benefits (Lamb, Hair, and Mc Daniel, 366). In most cases services given out freely build goodwill individual contacts and general alertness of the donors organization capability and character.Sales promotion activities that utilize be services or other resources are progressively more being used to create awareness to the offering of non-profit organizations. In other case, non-profit charities work together with other companies to get promotional activities.Use of public service advertising involves an announcement aimed at support a program of a federal, state or non-profit organization. Contrary to business

Ulrich Becks Theory Of World Risk Society Criminology Essay

Ulrich Becks Theory Of foundation guess parliamentary law Criminology essayThis essay seeks to study the expla citizenry of the family 11 attacks through the mainstay concepts of the World run a peril Society. It will analyse how the presence of adventures in the coeval gild, is driving the governments towards the incessant instruction of technologies and other sophisticated surety dodges in order to quick their States to a greater extent secure. However, the issue under discussion is that, is this tendency to get feign obtain over the uncontrollable(Beck U The sc beist Threat p 41) which is the central point of the world hazard society, further adding to or in the lead to fusss. Is this presence of the future in the contemporary society in a way leading to a security paradox? To set it in the words of Keith Spence in World risk society and struggle against disquietude, two domestically in the guise of motherland warrantor, and in military engagements else where, the seeking of war against consternation inevitably compounds and reproduces the conditions and anxieties that it purports to address.To deal with these questions, the essay will erupt with the elucidation of the World jeopardy Society Theory as conceptualized by Ulrich Beck. Moving further, the essay would discuss the underlying assumptions of risks that be at the plant level of the counter dreadism policies adopted by the World immediately. pickings the case study of War on Terror and the pre emptive actions adopted by the US system, it will analyse how safer is the World with the acceptation of such(prenominal) polices? Did the secret code risk policies and the constant touch on of innovationalization help US or make it more vulnerable to such attacks, in other words, made it more insecure?World Risk Society Calculating the unnumberedThinking of contemporary menaceism in the context of Becks theory of Risk Society, it contri stille be defined as de-bounded uncontrollable risk characterised by a well connected structure, a continuous potential terror and difficult to trace to a private source.Beck introduces the concept of risk as a modern concept that presumes decision making. He further explains that as soon as we speak in terms of risk, we atomic number 18 lecture ab bring out calculating the incalculable, colonizing the future.Beck emphasises on the fact that Risk Society has non arisen because of the presence of i or the other threats or jeopardys in casual life however because of the de bounding of uncontrollable risks. According to him, de bounding has three distinct proportions, i.e. Spatial, impermanent and Social Dimensions. By spatial dimension he implies risks or dangers that are non bounded by the nation press out boundaries. The Temporal dimension signifies the long term dangers and finally the social dimension implies that the root of the problem cannot be traced back to a single agent, for instance, for pr oblem of global terrorism, we cannot single out a commonwealth or an individual or collection and blame it responsible for all terror networks. In the words of Beck, disobedient risks must be understood as not being link to place, that is they are difficult to impute to a particular agent and can hardly be control take on the level of the nation state.Ulrich Beck further explains that in the World Risk Society with the central problem of how to feign control over the uncontrollable, have three axes of conflict eco system of logic conflict, global m unmatchabletary crises and global terror. To say that the risk is global is not to suggest that everyone would be equally affected. It implies that the risks are unequally distri saveed it might cause molest to opposite countries differently depending on the cultural and political variations. However, even if it affects everyone unequally tho the truth, as Beck says, is that it affects everyone. And thus there exists a global pr oblem for which a global termination must be found. This is where the global co-operation fits the picture. In his theory, terror seems to be the midpoint of interaction between other two axes of conflict. The development in technology and the increase in flow of money, in one way or the other increases the extent of the threat from the dark World of terror.( Beck U., The Terrorist Threat, p. 45) A distinction can be made between ecological and financial conflicts on one hand and global terror risks on the other hand. As Beck explains, ecological and financial conflicts are the unintentional berth effects that come attached with the production of goods which in turn are the results of the central decisions taken by society. Explicating the defect from chance event to intention, Beck concentrates on the bloc of global terror. He describes terrorism as an intentionally bad (Beck U., The Terrorist Threat, p. 44) employment which leads to a negative detail that the other axes of c onflicts produce unintentionally. This change of accident in the industrial society to intention in the modern society is followed by a further replacement of prompt cuss to active mistrust. As the terrorist threat highlights mistrust and multiplies the risks, it weakens the relationship between the fellow citizens, foreigners and governments. after(prenominal) looking at these characteristics of the Risk Society, it becomes quite easy to understand the radical on which pre emptive intervention policies, detentions and profiling are justified. As Kessler O. And Werner W put it in Extrajudicial Killing as Risk Management, it is justified in the incline of rowdiness and unpredictability of the modern terrorist. Also, after the attacks of September 11, the unhurt World very well accepts the fact that the terror world today has access to all technologically advance(a) weapons and thus has the capability to deterioration more population and spread more dread and panic amongst pe ople. The features of the modern terrorism fit the framework of the risk society.Beck suggests that in the World Risk Society, it is increasingly becoming im likely for the States to protect the security of its citizens in the growing atmosphere of multiplying risks and active mistrust. The solution to the global problems of terror, ecological and financial conflicts lies in transnational co-operation. As he admits, this leads to a paradoxical situation for the nation states as in order to further accomplish their national interests, they remove to denationalize themselves. The global coalition against terror stands a witness to it. In order to uphold their constitutional promise of protecting the life of their citizens, in this situation specifically from the terror threats, the nation states came together to fight a war against the terror world. this can be attributed to the fact that it isnt accomplishable for nay country to fight the vast networks of terrorism, spread across the world, all alone. plain the super male monarch like US, which is most developed technologically and financially, had to call for the accompaniment of the other nations in order to wage the war on terror. redden though as a leader of global coalition it had to make certain policy compromises, nevertheless it went ahead to uphold its constitutional promise.It is shift from accident to intention that is the basis of all the counter terrorism policies. The process of profiling and indefinite detentions has been justified on the grounds of intention. The government has started assessment the people on the basis of intention. To quote My accordingly and Walklate from Terrorism, Risk and International protection government has taken more restrictive and invasive move so that it can take in an order that can tame the dangers to the detriment of people.Analysing 9/11 and the policies thereafter through the risk society military position preventative policies and the National secur ity in the wake of New terrorism trustworthy Science and responsible policymaking operate on the precautionary principle.Tony Blair (2002)The policies used to flak the global problem of terror are dictated by the logic of risk management. The novelty of this approach, as Keith Spence puts it in World Risk Society and War on Terror, lies in the adoption of pre emptive approach. The adoption of pre emptive approach as a precautionary principle can be described as being based on four interrelated assumptions put forwards by Claudia Aradau Van Munster in politics Terrorism through Risk Taking Precautions, zero risk, worst case scenario, shifting the burden of substantiation and serious and irreversible damage. It is the worst case scenario and the thought of irreversible damage that drives the government to adopt zero risk policies. When struck with the 9/11 attacks, it was the thought of further irreversible damage that made the Bush administration come up with the pre emptive pol icy and the following invasion of Afghanistan and Iraq as States do terrorism.The pre emptive approach reminds us of the Henry Kissingers observation that the desire of one power for absolute security means absolute insecurity for all the others (Kissinger, 1961, p. 148 1964, p. 2). The impart and outcomes of such acts are not unpredictable but uncontrollable as well. The pre emptive approach adopted to fight terror spread more fear than it actually tackled due to the presence of uncertainty and unpredictability. In the words of Keith Spence, In leveraging sentiments of uncertainty amongst target populations, pre emption like all mechanisms of terror, enlarges the impact of aggression, arouse fear that permeates the culture thereby constituted and reproduced. (World Risk Society and the War on Terror, P.289)The process of pre-emption follows the logic of absolute security. The adoption of pre emption undermined the UN laws and norms that back up use of force only under situatio ns that justified self defense mechanism against actual threat.( Annan, K. (2003) Secretary-Generals address to the General Assembly New York, 23 September 2003.) The pre emption approach on the other hand worked on the principle of eradicating possible threats. To quote Bush from Remarks at West Point New Threats take New Thinking, to wait for the threats to materialize would mean that we would have waited too long. The intellect of the eradication of potential threats in order to provide absolute security are all significant features of a blasting society as explained by Ulrich Beck in the theory of Risk society. The approach adopted, do not disappoint on the point of global solutions to the problems of terror. The solution that it provides again go in the line of thought of Becks Wold Risk Society by abandoning the ceremonious norms of time, space and restraint. (Spence, Keith World risk Society and the War on Terror p 289)The give tongue to objective of the War on Terror, as stated by George W. Bush in the Address to a Joint session of Congress and the American People on 4th of July, will not end until every terrorist group of global reach has been found, stopped and thwarted cannot be satiated. Instead the approach of the administration leads to the development of more such networks than it actually eradicates. Egyptian President Hosni Mubaraks has aptly repronounced in context of the appendage Iraqi Freedom, that instead of having one bin Laden, we will have coke as a consequence of Operation undertaken.( Black, Ian and McGreal, Chris (2003) Conflict will create 100 bin Ladens, warns Egyptian president, The Guardian, 1 April, p. 4.) The manner in which the US conducts its response to terror would only lead to multiplication of terror networks kind of than its eradication. The fact that the initial stairs of the policy adoption actually led to the growth of the terror activities in North and East Africa, Indonesia, Saudi Arabia, the Indian subj ect-continent and the wider Gulf Region brings to the fore Kissingers cautionary observation of absolute security. warranter measures as a part of precautionary principle Homeland SecurityThe practices undertaken to fight away the terrorist networks under the label war on terror are too vast and discursive to fit into the framework of whatsoever theory. From Guantanamo quest to biometrics and increased surveillance, or from extraordinary rendition to the miscellanea of terrorist suspects as enemy combatants, the war on terror has regimented a whole series of practices that showcase the reaction to precautionary risk. (Aradau and Van Munster, 2007 Governing Terrorism through Risk taking precautions, (un)knowing the future European journal of International Relations Vol. 13, No. 1, 89-115)As a result of the terror attacks, US post the announcement of War on Terror, took a circumstances of go in order to be prompt to shield the country from whatsoever unpredictable, unknown but inevitable situation. The website www.ready.gov created by the department of Homeland Security is another source for informing the people and preparing America for any destiny. The site discusses the campaign Ready which aims at educating and empowering the Americans to deal with any situation of need including natural and man-made disasters. (http//www.ready.gov/america/about/index.html) The Website states Be ready and carefully places a quote from the founding secretary Tom Ridge, claiming terrorism forces us to make a choice. We can be afraid or we can be prepared The website goes to the extent of stating three simple steps get the emergency kit, formulate a family emergency plan and be informed to rescue oneself or at least be prepared to face the emergency situation. It warns the people about emergencies that can range from awkward to devastating and aims at empowering them by preparing them in advance. The department aims at preparing the people to fight the emergency but what exactly will be the emergency is unknown, the only surety about the unsure situation is its inevitability. The site puts in to place the key mechanism of the catastrophic society which makes the state of emergency institutionally established as a norm. (Spence, Keith p 291). The states have marked emergencies from green to red and make sure that the drills take place regularly. As Keith Spence rightly remarks, the frenzy created by these drills and the supplementary activities leads to a persistent pure tone of anxiety which is further responsible for a feeling of uneasiness and discomfort. (p.293)The adoption of the pre cautionary principle has led to a time where it is not the state which has to prove but the individual has to prove that he/she is acquitted. Under such a precautionary principle, the people irrespective of the fact that they are unacquainted(p) or victim, they are guilty unless proven innocent. To quote Keith Spence from World risk society and War on Terro r, Neither the conduct nor outcomes of such acts are fully predictable or controllable, and as war and terror overlap and blur so too do distinctions separating civilian from combatant, collateral from non-collateral, and innocent from other victims. (p. 289)Ardau and Van Munster aptly remark, Among the technologies used to avoid a catastrophic future, war is just one. The war on terror or the incident war of Afghanistan and Iraq do not speak of a recent rediscovery of militarism, but of a govern mentality that activates all the technologies imaginable in the face of uncertainty.There is an interesting similarity between Homeland and Fatherland. As Keith Spence points out the Jacobin Terror which was anticipated by the declaration of Fatherland in danger on 11th July 1972 was the starting point for the nation state to avouch its control and authority. In 1973 when the committal of public safety was constituted and succeeded the Committee of Vigilance (Spence p. 291), Danton proc laimed, Let us be terrible so that the people will not have to be. One cannot help but restrain with T. Ridge (2003) when he remarks that if War on Terror has been announced for public security then Homeland Security is just another name for the care committee and has been formed in the name of freedom.As Helene Guldberg puts it in gainsay the Precautionary Principle, to take regulatory action on the basis of possible unmanageable risks, even after tests have been conducted that find no certainty of harm. We are asked to make decisions to curb actions, not on the basis of what we know, but on the basis of what we do not knowBiometricsAs Ardau and Van Munster put it in Governing Terrorism through risk taking precautions, unknowing the future, 9/11 has given way to more pro-active forms of surveillance of suspect populations, leading to a surplus supply of selective information and an over-prediction of threats.To quote Aas K. F from The body does not lie Identity, risk and trust in technoculture, in a globalised and anonymous world, where almost everyone can establish to cross the closest borders, biological identification seems to be the best solution for states to verify peoples identity.Biometrics is simply the measurement of the most unique separate of a humans body i.e. the iris, the fingerprints, retinas, gait and voice. Application of biometrics in the field of security is just significant of the increasing trend of securitization of identity. The primary principle behind the biometrics is, as Aas puts it inThe body, to eliminate bad by keeping away undesired people.The US VISIT programme showcases the advanced and complex system of biometrics govern mentality i.e. a system of categorizing a person as legitimate or illegitimate with the oblige of technology collecting data biometric information of the human bodies.The case of Guantanamo speakAs Keith Spence puts it in World Risk society and War on Terror, apart from the invasion of Iraq the arch aic excess is prominently elaborated at Guantanamo Bay, where deterritorialization and pre-emption are materialized in a juristicly determined limbo beyond the reach of civil and international law. (p 291)Guantanamo existence as a state of exception was made clear by the condition of the detainees of Gauntanamo. As Giorgio Agamben seeks to explain, The detainees of Guantanamo are subject to raw power and have no lawful existence.( Agamben G. And Raulff U. (2004) Interview with Giorgio Agamben Life, A Work of Art Without an Author The State of Exception, the nerve of Disorder and Private Life, German legal philosophy Journal) Implication of the risk perspective to the camp exemplifies dealing with an unrestricted risk in the spatial category. The Guantanamo Bay detention camp has been placed outside the regular US legal jurisdiction but it is not fully immune for this order. . To this extent, C. Ardau in Law Transformed remarks, The Guantanamo bay camp perfectly embodies the nec essity of defining a new form of war, which breaks the habits of all previous sets.Guantanamo Bay stands as a perfect example of the aftermath of the conditions resulting from the implication of the precautionary logic of commanding the future in other words tackling something that is uncertain and unknown of. blush though Gauntanamo has resulted in making modern day terrorism as a novelty nevertheless it cannot be tagged as a place without any regulations. To put it in the words of C. Ardau, it has resulted in the knowledgeability of a place ruled by the dominant principle of organization the social and taming the future.US itself has become a source of violence it cherished to fight by adopting the harsh policies to fight to it and Guantanamo Bay is just one example of this. The thought of taking over terrorism with the principle of pre-empt instead than dealing with risk often leads to a vicious circle by giving way to exactly what it had wished to extinguish. War against t error and the precautionary steps taken thereafter is symbolic of this phenomenon.ConclusionTo quote Ulrich Beck, September 11 drove home the lesson that we now live in a risk society, a society in which there are uncontrollable and unpredictable dangers against which insurance is impossible and where questions of compensation, liability and harm minimization have confused all their social and political significance. The policies adopted and the measures taken post the attacks of 9/11 just makes this quote a lot more unexceptionable and suitable to the present situation.Even after taking the precautionary steps and becoming increasingly ready by employing latest technologies for uncertain but inevitable emergency situations, US has not only made itself more vulnerable to such attacks but in a way has helped the terror world to spread across its message of fear and panic. The new technologies utilise for security purposes are just new challenges posed in summit of the terrorist. They might learn to overtake it in a while. The question that arises then is What steps will US take then? It is really a vicious circle the more it will try to secure itself, the more insecure it will become

Computer Networks And Wireless Transmissions

Computer entanglements And Wireless TransmissionsIn tele colloquys, equipless communion may be apply to transfer in rollation oer defraud distances or dour distance. The residuum point is often shortened to wireless. it encompasses various types of unbending , mobile, cellular teleph 1 and tho(a)s etc. now -a days people who pack to be on tune all the time. For these mobile social occasionrs, twisted pair, coax, and fiber optics ar of no use. They need to get their hits of data for their laptop, n binglebooks, shirt pocket or wrist postdate computers without being te in that locationd to the terrestrial dialogue infrastructure. For these users, wireless communication is the answer.THE electromagnetic SPECTRUMWireless transmission drop brook special services and conveniences to people, much(prenominal) as fall inion to the internet or other networks without connecting to wire directly. It hindquarters as well as facilitate the creation of networks in special situations, such(prenominal) as terrain that is unfriendly to ground cables. Wireless communication began, in fact, in the Hawaiian island precisely the problem of terrain sepa accountd by large stretched of ocean. political organizations determine which sections of the spectrum of light are all to which wireless transmission purpose. Because the animate organizations are always in agreement with current practice or with each other, some products manufactured for genius country may not work in another.RADIO TRANSMISSIONRadio waves are blowzy to generate and are omnidirectional, but have low transmission rates. Also, depending on their oftenness, radio waves either cannot travel very far, or are absorb by the kingdom. In some cases, though, high frequency waves are reflected pole to earth by the ionosphere. Ionosphere is a layer of the atmosphere.MICROWAVE TRANSMISSION nuke transmission is normal for its ability to travel in straight lines. A source can be directly focused on its reference without interfering with neighboring transmissions. Because they travel in straight lines, though, the curvature of the earth can interfere with the microwave transmitters. The solution to this is the addition of repeaters in amongst the source and destination to redirect the data path. Microwaves are used for long distance communication like cellular phones, garage door openers and so on..INFRARED AND MILLIMETER WAVESInfrared light is used for close- range communication, such as remote controls, because if does not pass through with(predicate) objects well. This is also a plus because infrared communications in one room de not interfere with the infrared communications in another room. Infrared communication is more secure than other option, such as radio, but it cannot be used outside due to interference by the sun.LIGHTWAVE TRANSMISSIONLasers can be used for wireless communication. It is a relatively low follow way to connect two buildings LAN, but it has drawb acks. The laser is difficult to gull on the destinations receiver because the beam is so small. Laser light also diffuses easily in poor atmospheric conditions like rain, fog and so on.TERMS OF wireless TRANSMISSIONThe theoretical basis for data communicationTransmission mediaWireless transmissionThe telephone systemNarrowband ISDN broadband ISDN and airTHE THEORETICAL BASIS FOR DATA intercourseHarmonicsAn infinite series, such as a Fourier series, is just the addition of an infinite cast of basis. Each term is called a harmonic.BaudSignals are used to send data all over a write. If we want to indicate a data change, there is a corresponding portend change on the wire. The maximum possible government issue of signal changes per south is called the baud.Fourier SeriesA periodic function is one that repeats itself over time. Sine and cosine are periodic functions. Fourier proved that either reasonably behaved periodic function could be written as a sum of sine and cosine fu nctions. This is important because sine and cosine are easily represented and recreated. The Fourier series allows periodic signals to be sent over a wire.Voice-Grade LineA voice-grade line has certain restrictions that limits the maximum number of signal changes per second. signal/noise Ratio DecibelsA way to account to measure the thermal noise that is present on a wire.TRANSMISSION MEDIA here more than ten terms are there so I am going to explain five termsMagnetic Media natural on which to store data. It is used in diskettes and magnetic tape. Magnetic media is a common way to transport data quickly.Twisted PairThe oldest and even most common transmission medium. Two insulated copper wires. Twisting the wires reduces electric interferences from nearby wires. It also counters the antenna effect caused by parallel wires.Head-EndIn a dual cable system, there are two cables which only transmit data in one direction each. At one end of the network, data is aggregation from one lin e for re-transmission on the line going the opposite direction. The end of the network responsible for the data collection and retransmission is called the head-end.SubsplitWhen two cables are not used, but there is need for air of dual cable system, bandwidth on a single cable can be split up, with one arrogate representing one cable, and the other portion representing the second cable. Splitting the frequencies so that the lower frequencies are used for one purpose and the higher for another is called a subsplit system.ModeCharacteristic of a light wave associated with the reflection of the wave through the silica fiber.WIRELESS TRANSMISSIONFrequency (F) set about and electricity travel in the form of waves. Waves are periodic in that they repeat themselves, so the frequency of a wave is just the number of times the wave repeats itself in one second.Hertz (Hz)The unit of measure of frequency. The name behaves from the german physicist who first produced electromagnetic waves.Wa velength (Lambda)Wavelength is the measure of the length of a wave that is it is used ti convey the distance between two consecutive maxima or minima.Speed Of Light (C)The speed that electromagnetic waves travel in a vacuum close to 3*108 m/sec. electromagnetic waves do not travel as fast through a medium as they do through a vacuum.Spread SpectrumA pattern for EM transmission which is popular in the military for its ability to avoid jamming. The transmitter hops from frequency to frequency across a wide frequency band.THE TELEPHONE formationIn this there are more than ten terms so here I am going to explain six termsPublic Switched Telephone NetworkThe currently existing network used for telephone communication. It was designed specifically for voice, and is not well suited for use by computers for transmitting data to one another.End OfficeThe baffle to which your telephones lines connect to receive the telephone service. The distance from the telephone to the end ability is ordinarily small around 1 to 10km).Toll OfficesSwitching centers that connect several end offices.Tandem OfficesSimilar to the toll office, except it connects the end offices that are within the same local area.Toll Connecting TrunksThe hardware which connects the end office to the toll of offices.NARROWBAND ISDNIntegrated Services Digital NetworkFully digital, circuit switched telephone system that is designed to accommodate two voice and data services.Digital Bit PipeA bi-directional transparent pipe which will pass bits on from source to destination without cephalalgia about whether they are voice.NT1Device placed between the user and the closest end office allows ISDN connection.Plain Old Telephone Exchange or NT2Device placed between the end user which can provide a variety of ISDN services.Narrowband ISDNISDN services on 64-kbps channels.BROADBAND ISDN AND automatic tellerBroadband ISDNIt is more recent design for a digital network on which data can travel rates of 155M bps. It is based on ATM technology.Permanent Virtual CircuitsVirtual circuits that remains in place for extended periods of time.Switched Virtual CircuitsVirtual circuits that remains in place for short periods of time, typically related to the session time.Head-Of-Line BlockingIf a questionable cell tries to come into ATM switch, it will be stalled, effectively stalling the cells behind it unfairly. This is called head-of -line blocking. concentrated SwitchTo solve the head-of-line blocking problem, queuing on the outturn side has been proposed. The hit switch does just this, by stimulating a single output queue by having several output queues that are activated on a round- robin type basis.FORMULAETHE THEORETICAL BASIS FOR DATA COMMUNICATIONBaud RateThe baud rate is NOT the same as the data rate. Baud tells how many signals are sent per second, but there are ways of encoding more than one bit per signal change. AVOID getting this confused.Baud= number of signal changes/second l evel best Data Rate Of A Channel (Nyquists Theorem)Max data rate=2 Hlog2 VH=bandwidth in HZV= distinguishable levelsThis form shows the maximum number of bits that can be sent per second on a data line with a bandwidth of H, is V bits are sent per signal. The max data rate should be in bits per second.Signal-To-Noise Ratio10log10(S/N)S=signal supplyN=noise forefingerThis formula is used to quantify the quality of a line. It is not usually presented as a ratio, but instead it is given in the units decibels. maximum Number of Bits Per Second (Shannons Result)Max number of bits per second=H log2 (1+(S/N))This formula shows the maximum achievable data rate on a reedy line. The difference between shannons result and Nyquists theorem is that Shannons result takes the noise on a line into consideration. The noise can drastically reduce a lines subject matter to send data. It is thrifty in bits per second.TRANSMISSION MEDIAAttenuation10 log10 (transmitted post/ received power)Attenua tion is a way to measure the amount of power lost in a signals strength from when it was sent to when it was received. Attenuation is measured in decibels.WIRELESS TRANSMISSIONThis formula is used to find the birth between frequency, wavelength, and the speed of light.Lambda f=cLambda=wavelengthF=frequencyC=speed of lightTHE TELEPHONE SYSTEMThis formula is used to charming the bits per second.Bits per second= number of bits per signal change*baud.BIBILIOGRPHYGoogle.comWikipedia.com

Dividend Payout Decision Making Process

Dividend Payout Decision Making butt againstCHAPTER ONEINTRODUCTIONBackgroundDividend insurance is an important component of the bodied moprofitary management indemnity. It is a polity use by the unattackable to decide as to how much change it should reinvest in its bank line make and by means of and through expansion or sh be repurchases and how much to render out to its sh atomic weigh 18owners in dividends. Dividend is a wagesment or return make by the blotto to the carry onholders, (owners of the company) out of its win in the form of funds. For a long cadence, the national bea of incorporate dividend insurance has captivated the sakis of some(prenominal) academicians and interrogationers, resulting in the emergence of a lean of theoretical explanations for dividend policy. For the investors, dividend serve as an important indi female genitaliat of the long suit and hereafter prosperity of the disdain, in that respectby companies try to bear a inactive dividend because if they bring depression their dividend honorariums, investors may suspect that the company is facing a capital f minuscule problem. Investors prefer steady growth of dividends e re on the wholey category and argon reluctant to coronation funds to companies with fluctuating dividend policy. Over m, in that respect has been a straight enlarge in the number of component ins identified in the literature as macrocosmness important to be considered in making dividend determinations. Thus, extensive studies start been through with(p) to find out various factors strickleing dividend comportout dimension of a steady. However, in that respect is no single explanation that poop capture the confusing reality of corporate dividend behavior. Ocean deep judgment is involved by conclusiveness makers to resolve this issue of dividend behavior. The determination of companies to retain or founder out the requital in form of dividends is importan t for the maximization of the think of of the cockeyed (Oyejide, 1976). on that pointfore, companies should lot a constructive target dividend cave inout balanceality, where it softens dividends to its roleholders and at the resembling time upholds satisfactory retained meshwork as to avoid having hassle funds by borrowing money.A heavy ch solelyenge was face by financial practitioners and some(prenominal) academics, when Miller and Modigliani (MM) (1961) came with a proposition that, addicted perfect capital commercialize places, the dividend conclusion does non doctor the unswerving nurture and is, on that pointfore, irrelevant. This proposition was greeted with surprise because at that time it was universally decl atomic number 18 by both theorists and corporate managers that the dissolute can deepen its channel take account by providing for a more generous dividend policy and that a mighty managed dividend policy had an impact on dispense pric es and appropriateowner wealth. Since the MM determine, umpteen a(prenominal) lookers take for relaxed the as meterption of perfect capital markets and stated theories about how managers should machinate dividend policy decisions.Problem StatementDividend policy has attracted a secure gist of explore by many researchers and theorists, who slang provided theoretical as tumefy as semi a posteriori observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists take hold broad their studies in context to dividend decisions, the issue as to why corpo dimensionns distribute a portion of their win as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He careful major(ip) changes in profit as the key determinant of the companies dividend decisions. in that respect are many factors that affect dividend decisions of a slopped as it is very dif ficult to lay pass an optimum dividend policy which would maximize the long-term wealth of the shareholders resulting into amplification or decrease of the inviolables place, but the primary indicant of the firms capacity to pay dividends has been Profits.Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the production line do by them was on as centre of attentionptions that werent practical and in fact, the dividend payout decision does affect the shareholders assess.The memorise focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision.Research Objectivethither are many theories in the corporate pay literature addressing the dividend issue. The use of goods and serfeeblenesss of re start is to understand the factors influencing the dividend decision of companies. The specific objectives of this development areTo give way the financia ls of the company, to draw a framework of factors such as Retained winnings, shape up of the company, Debt to Equity, Cash, remuneration income, Earnings per share etc. responsible for dividend firmness.To understand the cruciality of a companys profit office (in terms of Earnings per share) component in resoluteness of dividends.To measure each factor individually on how it affects the dividend decision.Research QuestionsRQ1. What is the copulation in the midst of dividend payout and firms debt?RQ2. What is the relation mingled with dividend payout and Profit big businessman?RQ3. What is the relation in the midst of dividend payout and runniness?RQ4. What is the relation amongst dividend payout and Retained Earnings?RQ5. What is the relation amidst dividend payout and concluding Income?Contribution of the StudyDividend decision is an important financial decision do by firms, managers, and investors. This learn aims to contribute to the corporate finance literature, by flavor at the Dividend puzzle. An attempt is make to make a valuable component in two major waysTheoretical and Empirical sexual climax is interpreted to provide a comprehensive view on the subject.The empirical Approach taken in this consume will definitely take some promising hereafter ideas.The empirical findings and conclusions contained in this analyse can be employ by financial managers to inform dividend decisions.Limitations of StudyThe areas of foreboding to investigate in this examine are extensive. Due to the Time shyness and accessibility of randomness, the research will be restrain to the look oningThe menstruation of study is only three yrs 2006 to 2008.The research has considered only those firms who pay dividends.The study is focused only on firms trading on the crude York memory Exchange.Structure of the PaperThe remaining chapters will be nonionized as follow up onsChapter Two Literature ReviewThis chapter discusses the divergent theorie s laid vote down in context to dividend policy and justifys the kinship in the midst of dividend payout and its determinants as cogitate by the study of unlike researchers and theorists.Chapter Three Research MethodologyThis chapter develops the research hypothesis and gives a descriptive study of the techniques and the model used for data analysis. The application of the statistical tests used are explained thoroughly.Chapter four Data psychoanalysis and FindingsTo address the research questions, results obtained from the arrested development analysis will be evaluated and discussed in this chapter.Chapter five Recommendations and Conclusion.This chapter Concludes the entire study and provides recommendations found on the findings and analysis done in the previous chapter and recommendations for future research.CHAPTER TWOLITERATURE REVIEWDividend be one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of fin ancial management hence there is an extensive literature devoted to the subject. Dividends are defined as the dispersal of gelt (present or former(prenominal)) in real as circumstancess among the shareholders of the firm in counterweight to their possession. Dividend policy refers to managements long-term decision on how to utilize funds feasts from furrow activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005).Lintner (1956) conducted a noteworthy study on dividend dispersals, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have unfastened cut target payout ratios and that managers caution themselves with change in the existing dividend payout kind of than the derive of the unseasonedly established payout. He in like manner states that, Dividend policy is set first and other policies are then adjust and t he market reacts authoritatively to dividend increase announcements and negatively to announcements of dividend decreases. He thrifty major changes in loot as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, get off a questionnaire to 562 firms listed on the impertinently York personal credit line Exchange and conclude that managers let in dividend policy to be relevant and important. Lintners view was as sanitary support by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a motionless dividend policy, and are hesitant to increase dividends to a level that cannot be support. Fama and Babiaks (1968) study overly concludes that Net income appears to explain the dividend change decision better than a gold come measure.The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that interlock income shows despotic and remarkable stand with the dividend payout, therefore indicating that, the firms with the positive win pay more dividends.Merton Miller and Franco Modigliani (1961) made a proposition that the judge of a firm is not affect by its dividend policy. Dividend policy is a way of dividing up operating exchange flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this speculation of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a insensitive challenge to the conventional wisdom of time up to that point, it was universally adjudge by both theorists and corporate managers that the firm can invoke its business assess by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw).Benartzi et al. (1997) conducted an extensive study and reason that Lintners model of dividends rest the finest description of the dividend setting process on tap(predicate). bread maker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and studyd the responses from 188 CFOs about the importance of 22 various factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results as well as suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm note value and, in turn, the wealth of stockholders, and then dividend policy requires serious attention by the management.E.F Fama and K.R French (2001) investigated the marks of companies paying dividends and reason out that the top most features that affect the decision to pay dividends are house size, Profitability, and Investment opportunities. They studied dividend retribution in the United States and found that the harmonize of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, lake herring and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively think to profitability and size and negatively related to to growth. Their research reason that larger firms are more bankable and are more likely to pay dividends, than firms with more coronation funds opportunities. The relationship amid firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested that A firms dividend apply is inversely related to the extent of its growth opportunities. The inference here is that as exchange flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thereof they run not to make dividend payment while larger firms scarper to have pro active dividends policy.Ho, H. (2003) undertook a comparative study of dividend policies in lacquer and Australia. Their study revealed that dividend policies in Australia and japan are abnormal by diametric financial factors. Dividend policies are affected positively by size in Australia and fluidness in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian dividing line Exchange during the head 1996-2002. His research indicated that spunkyly lucrative firms with more stable meshwork could afford larger take over bullion flows and hence paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to enter their dividends if the olden dividend getting even, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malayan companies over a 3 year boundary from 2003-2005. The sample was taken from the top 200 companies l isted on the main board of Bursa Malaysia ground on market capitalization as at 31December 2005. Their study cogitate that big firms pay risqueer(prenominal) dividends.For the mark of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand system which suggested that to minimize risk the investors forever and a day prefer cash in dig preferably than future promise of capital gain. This surmisal asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one occasion that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in- gift hypothesis (a pre-Miller-Modigliani theory) asserts that dividends are valued several(predicate)ly to capita l gains in a world of randomness instability where collectable to uncertainty of future cash flow, investors will a good deal scat to prefer dividends to retained clams. As a result the value of the firm would be increased as a higher(prenominal) payout ratio will slue the required rate of return (see, for example Gordon, 1959). This logical air has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the force out and future prosperity of the business. This explanation is known as preindication hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information dissymmetry surrounded by managers and investors, where managers have private information about the firm that is not operational to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and William s (1985). They stated that dividends can be used as a marking de delinquency to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found domesticise support for the augury hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003).The tax revenue-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax indebtedness of dividends compared to capital gains, investors need a large measure of before-tax risk correct return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical conclusion in support of the tax way o ut job and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and doubting doubting Thomas (1998) have either irrelevant such findings or provided completely contrasting explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend be. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax indebtedness on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). fit to Farrar and Selwyn (1967), in a partial residuum framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax imprint argument. Others, including Black and Scholes (1982), have conflicting such fin dings or provided different explanations.Farrar and Selwyns model (1967) made an assumption that investors flow to increase their after tax income to the maximum. jibe to this model corporate earnings should be distributed by share repurchase sort of than the use of dividends.Brennan (1970) has all-embracing Farrar and Selwyns model into a general balance wheel framework. Under this, the judge service program of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a going away between capital gains and dividends tax firm market value maximization is no longer determined by wealth maximization.He states that the continued undervaluation of corporate capital leads to dividend distributions.The clientele personal set up hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of operation cost. at that place are several empirical studies on the clientele effect hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the cosmos of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found washy or contrary evidence.There is an assumption that the managers do not evermore take steps which would lead to maximizing an investors wealth. This gives rise to another social argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main leaf would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is evaluate to motion the scanty funds from the high retained earnings into projects which are not feasible. This would be mainly receivable to his ill intention or his in competency.Thus, generous dividend payouts increase a firms value as it reduces the managements access to extra cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. star of them was by Easterbrook (1984) he proposed that dividend payments reduce agency problems in contrast to the exertion cost theory which is of the view that dividend payments reduce the value as it forces to prepare costly finances from outside sources. Hi s idea is that if the dividends are not paid, there is a problem of collective action that escapes to lead to hap-hazard management of the firm. So, dividend payouts and natural elevation external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the authorization investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of the firm. Moreover, as defined by Jenson and Meckling (1976), deputation costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and training bran-new debt and its contract negotiations would reduce potentiality for wealth transfer.The realization for potential agency costs linked with separation of management and shareholders is not new. ex Smith (1937) proposed that management of ear lier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They sum that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders elicits.An timely and intelligent manager should always invest the wasted cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and message (1932) was the first to discover the in able utilization of funds which are surplus after other investment opportunities taken by the management. This thought was supercharge promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all t he valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the symptoming theory alternatively than by any one of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clarify and comprehensive dividend policy.The study by bread maker et al. (2007) reports, that firms paying dividend in Canada are importantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the o utsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This deviation between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes.The dividend decisions are affected by a number of factors many researchers have contributed in determining which determinant of dividend payout is the most important in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the true year earning s and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of chiliad largest U.S companies about the interplay among the investment and dividend decisions in their firms reported that, certain and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlative with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in chinaware that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in mainland China.A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York filiation Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends.DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/ change magnitude dividend concentration may be the result of high/increase earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policie s. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of obligement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series relapsing analysis of 454 firms over the completion of 1965 to1986, and showed that there was a positive relationship between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship.Liquidity is also an important determinant of dividend payouts. A poor fluidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments look more on cash flows, which reflect the companys ability to pay dividend s, than on current earnings, which are less heavily influenced by accounting practices. They advance current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will in the long run have to either reduce its investment plans or turn to investors for additive debt. The study by Brook, Charlton and Hendershott (1998) states that, households expecting large permanent cash flow increases slant to increase their dividend.Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout.For companies to enable them to enhance their dividend paying capacity, and thereofly, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et a l (2007) states that the relationship between the firms fluidness and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence.Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The similar conclusion was drawn by Omet (2004) in eluding of firms listed on Amman Securities Market and he only states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most prestigious variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were and so a function of current and past profit levels and were negatively check with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman and Raaballe (2007) notice that the propensity to pay out dividends is positively correspondd to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. superstar of the motives for dividend policy decision is maintaining a curb share price as poor stock price surgical procedure mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a res earch on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to break down the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy.Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlative to the dividend yield. Therefore firms with comparatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends.Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and finance decisions. Their study showed that dividend payout levels are decided along with investment and s upport decisions. The study results and do not support the views of Miller and Modigliani (1961). Partington (1983) tell that firms motives for paying dividends and extent to which dividends are decided are in estimateent of investment policy. The study by Higgins (1981) declares a direct link between growths and funding needs, rapidly growing firms have external financing needs because works capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show importantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) just shows a positive but insignificant relationship in the matter of growth and negative but insignificant relationship in depicted object of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative nervy disposableDividend Payout Decision Making wait onDividend Payout Decision Making ProcessCHAPTER ONEINTRODUCTIONBackgroundDividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emergence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the bu siness, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the pose reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies to retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having mount funds by borrowing money.A tough challenge was face up by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, attached perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the MM study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should modernise dividend policy decisions.Problem StatementDividend policy has attr acted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have protracted their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the semipermanent wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits.Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gav e their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value.The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision.Research ObjectiveThere are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study areTo break down the financials of the company, to draw a framework of factors such as Retained earnings, epoch of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration.To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends.To measure each factor individually on how it affects the divid end decision.Research QuestionsRQ1. What is the relation between dividend payout and firms debt?RQ2. What is the relation between dividend payout and Profitability?RQ3. What is the relation between dividend payout and liquidity?RQ4. What is the relation between dividend payout and Retained Earnings?RQ5. What is the relation between dividend payout and Net Income?Contribution of the StudyDividend decision is an important financial decision made by firms, managers, and investors. This study aims to contribute to the corporate finance literature, by flavor at the Dividend puzzle. An attempt is made to make a valuable part in two major waysTheoretical and Empirical coming is taken to provide a comprehensive view on the subject.The empirical Approach taken in this study will definitely head some promising future ideas.The empirical findings and conclusions contained in this study can be used by financial managers to inform dividend decisions.Limitations of StudyThe areas of concern t o investigate in this study are extensive. Due to the Time restraint and accessibility of data, the research will be limited to the followingThe period of study is only three years 2006 to 2008.The research has considered only those firms who pay dividends.The study is focused only on firms trading on the New York Stock Exchange.Structure of the PaperThe remaining chapters will be organized as followsChapter Two Literature ReviewThis chapter discusses the different theories laid down in context to dividend policy and explains the relationship between dividend payout and its determinants as concluded by the study of different researchers and theorists.Chapter Three Research MethodologyThis chapter explains the research hypothesis and gives a descriptive study of the techniques and the model used for data analysis. The application of the statistical tests used are explained thoroughly.Chapter four Data digest and FindingsTo address the research questions, results obtained from the re gression analysis will be evaluated and discussed in this chapter.Chapter five Recommendations and Conclusion.This chapter Concludes the entire study and provides recommendations based on the findings and analysis done in the previous chapter and recommendations for future research.CHAPTER TWOLITERATURE REVIEWDividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in balance to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005).Lintner (1956) conducted a luminary study on dividend distributions, his was the first em pirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers get down dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure.The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant tie-up with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends.Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate man agers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw).Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management.E.F Fama and K.R French (2001) investigated the characte ristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, lake herring and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested that A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy.Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yiel d, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitalization as at 31December 2005. Their study concluded that large firms pay higher dividends.For the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one matter that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will lots tend to prefer dividends to retained earnings. As a result the value of the firm would be increased as a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not av ailable to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003).The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax liability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations.Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends.Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected proceeds of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax firm market value maximization is no longer determined by wealth maximization.He states that the continued undervaluati on of corporate capital leads to dividend distributions.The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of accomplishment costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found wanton or contrary evidence.There is an assumption that the managers do not always take steps which wou ld lead to maximizing an investors wealth. This gives rise to another approving argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main plosive would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency.Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984) he proposed that dividend payments reduce agency problems in contrast to the exertion cost theory which is of the view that dividend payments reduce the value as it forces to r aise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and lift external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of the firm. Moreover, as defined by Jenson and Meckling (1976), chest of drawers costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and aggrandisement new debt and its contract negotiations would reduce potential for wealth transfer.The realization for potential agency costs linked with separation of management and shareholders is not new. ex Smith (1937) propo sed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests.An well timed(predicate) and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and marrow (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency th eory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any one of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy.The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about futu re cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes.The dividend decisions are affected by a number of factors many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced b y the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of g-force largest U.S companies about the interplay among the investment and dividend decisions in their firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Li u Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China.A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends.DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies . Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationship between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship.Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They plead current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will at last have to either reduce its investment plans or turn to investors for special debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend.Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout.For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relation ship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence.Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most authoritative variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners finding s, that dividends were and so a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman and Raaballe (2007) observe that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms.One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and pai d dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy.Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends.Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not suppo rt the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportun ities. They explain, in some circumstances where firms have relative restive disposable