Essay about Reason and Love in A Midsummer Night’s Dream

Reason and love in A Midsummer Night’s Dream Shakespeare’s A Midsummer Night’s Dream is often read as a dramatization of the incompatibility of â€Å"reason and love† (III.i. 127), yet many critics pay little attention to how Shakespeare manages to draw his audience into meditating on these notions independently (Burke 116). The play is as much about the conflict between passion and reason concerning love, as it is a warning against attempting to understand love rationally. Similarly, trying to understand the play by reason alone results in an impoverished reading of the play as a whole – it is much better suited to the kind of emotive, arbitrary understanding that is characteristic of dreams. Puck apologises directly to us, the audience,†¦show more content†¦48) without the ability to look beyond what he sees. The notion of fantasy versus reality is not limited only to the fairies, however; Shakespeare makes his audience aware of supernatural elements in other characters as well by his use of different styles of verse. Furthermore, by comparing the play-within-a-play, and the royals’ response to it, to the larger narrative, Shakespeare gives further warning against literalising the effects of the play. Metaphor pervades the play and the play should likewise be read as metaphor. There are three distinct levels of action during the play. Firstly, we as the audience see the characters play out the main narratives. Secondly, Shakespeare introduces a play-within-a-play during which the audience observes the mechanicals acting out their tragedy, and thirdly, as part of an epilogue, we are addressed directly by Puck. These differing levels of viewing the play encourages the audience to reflect upon, and compare, the interplay between the levels of address; when the three levels are compared to each other a deeper reading of the play becomes possible, even though the structure is irrational with regards to rational narrative structures. The dramatic conflict is resolved after the fourth act, begging the question of why Shakespeare opted for a play-within-a-play for his final act. The effect of â€Å"Nature† (V.i. 278) is contrasted between the mainShow MoreRelatedWeathering the Storms of True Love1159 Words   |  5 Pages Sitting on a porch swing with ones true love hugging and kissing as the moon smiles down upon them, seems like the perfect situation for true love. Unfortunately, nothing could be further from the truth. Shakespeare presents the truth about true love in his comical tragedy A Midsummer Nights Dream. 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This structuralist approach is crucial to analyzing Shakespeare s comedy A Midsummer Night’s Dream. One finds that the play revolves around many different pairs of oppositions, in particular that of the court and the forest. Analyzing the play with this structuralist point of view underscores the archetypal qualities of the court (the real world) and the forest and provides a deep contrast between both mythic locations. A Midsummer Night’s Dream begins inRead MoreA Midsummer Night s Dream Essay854 Words   |  4 PagesA Midsummer NIght’s Dream A â€Å" Midsummer Night’s Dream† is a classical play written by William Shakespeare. It is one of his more eccentric piece of work. The play is about the struggle of love between four essential characters: Hermia, Lysander, Demetrius , and Helena. However, it is not quite that simple. The play is quite confusing. In â€Å"Midsummer Night’s dream† the play take place in two realms fairy realm and human realm, two of the three main settings. 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Services Offered By Microfinance Institutions Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4405 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? In the last 5 Years the Indian Microfinance sector has witnessed tremendous growth, during which Microfinance institutions were subject to hardly any regulation. Most of the Microfinance institutions during that period were only subject to prudential requirements; but there was no regulation to address fair lending practices, pricing, or operations. The combination of minimal regulation and tremendous growth in the sector led to an environment where customers were increasingly dissatisfied with services offered by Microfinance institutions, culminating in the Andhra Pradesh crisis in the fall of 2010. Don’t waste time! Our writers will create an original "Services Offered By Microfinance Institutions Finance Essay" essay for you Create order Leading up to the Andhra Pradesh crisis, microfinance institutions were experiencing a huge influx of equity and debt investment from both Indian and Foreign Financial institutions. Some Microfinance institutions were doubling their book size each year, aiming to reach more areas and customers. As institutions started scaling up quickly, MFI employee hiring and training processes were less thorough, resulting in employees who were involved in inappropriate collection practices and lending models that led to customer over-indebtedness. In August 2010, SKS Microfinance held the first initial public offering (IPO) for a microfinance institution in India, raising USD 347 million and drawing attention to the potential profits of the sector. Media reports took different viewpoints on the IPO, some celebrating the sector, and others characterizing the profits as taking advantage of the poor. Further reports cited links between Microfinance Institutions (MFIs) lending and suicides in A ndhra Pradesh. The incident culminated when Andhra Pradesh Chief Minister passed the Andhra Pradesh Microfinance Ordinance 2010, which includes a number of measures that greatly restricts microfinance institutions operations. As a result of the ordinance, and the general attitude towards microfinance in Andhra Pradesh, loan repayments dropped dramatically. Due to low repayment rates, microfinance institutions, with exposure to Andhra Pradesh, suffered significant losses. Banks stopped lending to microfinance institutions all over India, for fear that a similar situation would occur elsewhere, resulting in a liquidity crunch for microfinance institutions, which are largely dependent on bank lending as a funding source. With the sector at a standstill, microfinance institutions, microfinance clients, banks, investors, and local governments were calling for new regulation to address the prominent issues of the sector. The Reserve Bank of India (RBI) responded by appointing an RBI sub-committee know as the Malegam Committee. This committee aimed to address the primary customer complaints that led to the crisis, including coercive collection practices, usurious interest rates, and selling practices that resulted in over-indebtedness. The existing regulations did not address these issues, thus, who should respond to these issues, and how they should respond, was uncertain. This prolonged the general regulatory uncertainty and the resulting repayment and institutional liquidity issues. The Malegam Committee released their recommended regulations in January 2011. These recommendations were broadly accepted by RBI in May 2011, though specific regulation was only released regarding which institutions qualify for priority sector lending at this time. Additionally, an updated version of the Micro Finance Institutions (Development and Regulations) Bill 2011 is in Parliament, which aims to provide a regulatory structure for microfinance institutions operating as societies, trusts, and cooperatives. Although this shows that regulators are taking steps to address the crisis issues and resolve regulatory uncertainty, banks have not resumed lending to microfinance institutions as of July 2011. In this paper, we will analyze the strengths and weaknesses of the current regulatory structure in India, including the pending Malegam Micro Finance Institutions (Development and Regulations) Bill 2011. We will perform a case study analysis regarding how microfinance institutions are viewing and implementing the new RBI regulation, and conclude by offering a perspective regarding the future of microfinance regulation in India. Existing Regulatory Framework The current regulatory structure currently consists of the regulation prior to the Andhra Pradesh crisis, various state legislations, and the partial implementation of the Malegam Report by RBI. This section will also include recent proposed legislation, including items from the Malegam Report that have not yet been addressed by RBI and the Micro Finance Institutions (Development and Regulations) Bill 2011. Legal Structure A microfinance institution acquires permission to lend through registration. Each legal structure has different formation requirements and privileges. Microfinance institutions in India are registered as one of the following five entities: Non Government Organizations engaged in microfinance (NGO-MFIs), comprised of Societies and Trusts Cooperatives registered under the conventional state-level cooperative acts, the national level multi-state cooperative legislation Act (MSCA 2002 ), or under the new state-level mutually aided cooperative acts (MACS Act) Section 25 Companies (not-for-profit) For-profit Non-Banking Financial Companies (NBFCs) NBFC-MFIs NGO-MFIs, Cooperatives, and Section 25 Companies Microfinance institutions operating as a non-profit company operate as either an NGO-MFI, Cooperative, or Section 25. Each is structured slightly differently in terms of ability to accept equity investments and dividends. There exists little regulation that applies to these structures, aside from registration requirements. NBFCs The mainstream financial sector in India is divided primarily into two categories, banks and NBFCs. Banks adhere to much more stringent regulation than NBFCs because they are permitted to accept public deposits and are considered to possess systemic risk. The NBFC encompasses many different types of financial companies, which are all subject to the same regulatory 4 requirements. Many microfinance institutions have recently registered as NBFCs to take advantage of access to capital markets. Microfinance institutions operating as NBFCs account for the great majority of the microfinance market in India, with about 50 NBFCs responsible for 80 percent of all microfinance loans (by outstanding portfolio)4. NBFC-MFIs For-profit institutions that qualify for priority sector lending funds are registered as NBFC-MFIs. This NBFC sub-category was created by RBI in May 2011 as a way to classify NBFCs operating as microfinance institutions which meet certain requirements. Currently, it is unclear how many NBFCs will elect to register as NBFC-MFIs, and how many will continue to operate as NBFCs. Current Regulation Very little regulation exists for NGO-MFIs and Cooperatives, aside from registration with a local or state authority. Currently there is no regulator that oversees NGO-MFIs, Cooperatives, and Section 25s. RBI is the regulator for NBFCs. NBFCs are subject to some prudential regulation, including a minimum capital requirement, a capital adequacy requirement, and foreign investment restrictions. Since NBFCs encompass many types of financial institutions, microfinance institutions operating as NBFCs are subject to no specific regulation relating to lending, pricing, or operations. Recent regulatory discussion surrounds the partial acceptance of the Malegam Report by RBI in May 2011, where RBI created the NBFC-MFI designation. RBI stated that it broadly accepts the Malegam Committee recommendations, although specific regulation was released only to determine which institutions qualify for priority sector lending. The new regulation from RBI, currently, only applies to the newly creat ed NBFC-MFI category. Microfinance institutions operating under other legal structures face minimal regulatory requirements, aside from registration, though recent drafts of the pending Micro Finance Institutions (Development and Regulations) Bill 2011, has put all microfinance institutions under the jurisdiction of RBI. There has been dramatic change in the regulation of microfinance institutions recently, with much more change expected to follow in the coming months. We will discuss major regulatory points, including priority sector lending, deposit mobilization, access to capital, the Money Lending Act, and state level regulation. We will also discuss pending regulation, including portions of the Malegam Report which have not been specified by RBI, and the Micro Finance Institutions (Development and Regulations) Bill 2011. Priority Sector Lending Priority sector lending is a government initiative which requires banks to allocate a percentage of their portfolios to investment in specified priority sectors at a reduced interest rate. Currently only microfinance institutions registered as NBFC-MFIs are designated as a priority sector. The number of priority sectors has recently been reduced, which suggests that banks will rely more heavily on lending to microfinance institutions to meet the priority sector requirements. In order to register as a NBFC-MFI, an institution must meet requirements specified by RBI5. RBI requires that a minimum of 75% of a NBFC-MFIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s loan portfolio must have been originated for income-generating activities. Additionally, an NBFC-MFI must have 85% of its total assets as qualifying assets (excluding cash, balances with banks and financial institutions, government securities and money market instruments). A qualifying asset is a loan which meets the following criteria: Borrowers household annual income does not exceed Rs. 60,000 or Rs. 1,20,000 for rural and urban areas respectively Maximum loan size of Rs. 35,000 (first cycle) and Rs. 50,000 (subsequent cycles) Maximum borrower total indebtedness of Rs. 50,000 Minimum tenure of 24 months when loan exceeds Rs. 15,000 No prepayment penalties No collateral Repayable by weekly, fortnightly or monthly installments, at the choice of the borrower An NBFC-MFI must also adhere to the following pricing requirements: Margin cap of 12% Interest rate cap of 26% Only three pricing components Interest rate Processing fee (maximum 1%) Insurance premium No penalty for delayed payment No security deposit or margin can be taken Banks are responsible for ensuring that the institutions receiving priority sector funds adhere to these requirements, with verification through a quarterly Chartered Accountants Certificate. Securitized assets may also qualify as priority sector assets if an institution meets these requirements. We assume that NBFC-MFIs must also adhere to general NBFC requirements. Accepting Deposits Current regulation stipulates that only NBFCs and Cooperatives are permitted to accept deposits, though NBFCs must adhere to additional stringent regulations6 and Cooperatives are only permitted to accept deposits from their members, not the general public. The deposits limit for NBFCs is linked to the size of an institutions Net Owned Fund (NOF). No microfinance institution registered as an NBFC, currently accepts deposits because regulation requires that institutions must obtain an investment grade rating, which no microfinance institution has obtained. Uncollateralized loans are considered more risky by rating agencies, making it unlikely that microfinance institutions, utilizing joint-liability groups as collateral, or not requiring collateral at all, will be able to attain an investment grade rating. The Malegam Committee made no recommendations regarding deposit-taking, thus RBI is not expected to address this issue for NBFC-MFIs in the near future. Financing Restrictions Access to capital is determined primarily by an institutionÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s registration status. Some registration entities are better suited to access traditional financing, such as bank lending, equity, and more sophisticated financial products, while others obtain funds through donations, grants, or members. NBFCs can receive both equity and debt investments. NBFCs can raise foreign equity investment, though a minimum investment USD 500,000 restriction applies, which cannot result in more than a 51% stake in the institution. Grants and subsidized on-lending funds from domestic and foreign sources are not restricted provided that the foreign grants should not exceed the ceiling of USD 5 million per year. RBI regulates NBFCs that are not listed on a public stock 7 exchange. RBIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s Foreign Investment Promotion Board (FIPB) has mandated the following foreign direct investment (FDI) for NBFCs: Maximum 51% FDI for companies with capitalization USD 500,000 or less Maximum 75% FDI for companies with capitalization USD 500,000 5 million No maximum FDI for companies with capitalization greater than USD 50 million Investors of foreign origin fall under the above restrictions for foreign capital, even if channeled through local semi-independent funds. Two of the main sources for domestic capital are currently SIDBI and NABARD, and emerging local microfinance focused funds such as Bellwether Microfinance Fund and Aavishkaar Goodwell7. NBFCs are also the only entities that attract more sophisticated financial options, such as securitization or non-convertible debentures, where additional RBI guidelines apply. RBI has not addressed any investment regulation regarding NBFC-MFIs, so at this point we presume that these institutions must adhere to the same requirements as NBFCs. Section 25 companies have difficulty attracting equity investments because they are unable to offer dividends and exit opportuniti es are difficult to predict. They can access External Commercial Borrowing (ECB) up to USD 5 million, though many Section 25s end up borrowing significantly less than the USD 5 million limit, due to leverage limitations. Other MFI forms cannot accept equity investments. Microfinance Institution Self-Regulation Microfinance institutions in India often voluntarily join an industry association, which acts as a commitment and guide for self-regulation. Microfinance industry associations have been developed to better discussion with policy makers, improve capacity building, and identify minimum standards of performance through institutional collaboration and commitment. An industry association will identify a code of conduct for its members, which will focus on fair practices with borrowers and among member organizations. This code of conduct will address lending methods, collection practices, institutional transparency, and training practices for member institutions. Often institutions will be required to develop their own code of conduct as well, which more specifically addresses how the institution will uphold the fair practices outlined by the industry association. Currently, the two biggest industry associations in India are the Microfinance Institutions Network (MFIN) and Sa-dhan. Both of these associations offer a great deal of resources, guidance, and forums for institution discussion so that the most pressing issues facing the industry can be collectively addressed. State Level Regulation Various requirements have been enacted to restrict and control microfinance practices at the state level. The most prominent state level regulations are the Money Lending Act and the Andhra Pradesh Micro Finance Institutions (regulation of money lending) Ordinance, 2010. The Money Lending Act, though originally intended to restrict the interest rates charged by money lenders, has been applied to microfinance institutions in some states. The Andhra Pradesh Ordinance was enacted in 2010 during the repayment crisis in Andhra Pradesh (AP), greatly restricting microfinance institution operations by including measures such as district by district registration, required collection near local government premises, and forced monthly repayment schedules. Pending Regulation: The Malegam Report RBI broadly accepted the Malegam Report8 and specified regulation detailing the requirements and institution must meet to qualify for priority sector lending. RBI has stated that it will release m ore regulation in the coming months. Some of the new regulation for priority sector lending is exactly the same or very similar to the Malegam Report recommendations, while other parts of the regulation are entirely different than the committee recommendations. As a result, predicting the specifics of the new regulation is difficult, so below we have highlighted the drawbacks of major sections of the Malegam Report that have yet to be addressed. Over-Indebtedness A set of recommendations aims to enforce maximum indebtedness levels without the use of a customer credit information system. These include: MFIs can only lend to members of a Joint Liability Group (JLG) A borrower cannot be a member of more than one SHG/JLG Not more than two MFIs can lend to one borrower All of these limits restrict the choices of consumers. A consumer has the best knowledge of how much credit is he requires and how much he can repay. Though there is more individual risk, individuals will have more opportunities to meet their financial needs without these 9 restrictions. If this loan limit is imposed, the unmet demand from formal sources might force the consumers to borrow from money lenders and other informal sources with more severe consequences. Additionally, implementation of these requirements will be difficult since currently customers report their own indebtedness. Until a credit reference system is put in place, it will be impossible to accurately gauge household total indebtedness. Documentation and Transparency Documentation recommendations intend to increase transparency of product costs and risks, so that consumers are better informed to make decisions and compare products to those offered by other institutions. These include: MFIs must provide borrowers a loan card which shows the effective rate of interest, other terms and conditions of the loan, information which adequately identifies the borrower, and acknowledgements of payments received Effective rate of interest must be displayed in all offices, all literature, and on website Standard loan agreement These measures do increase product transparency and could greatly benefit the decision process of the consumer. The only concern is that when implemented, these requirements could potentially burden and slow the lending process, or provide too much information for less financially literate clients to interpret. Collection Practices Collection practice restrictions aim to stop coercive and abusive collection techniques, which were a major complaint of consumers leading up to the AP crisis. These include: Sanctioning and disbursement of loans should be done only at a central location Field staff should not be allowed to make recovery at customers place of residence or place of work All recoveries should be made at the group level More than one individual should be involved in sanctioning and disbursement Disbursement should be closely supervised MFIs and their management teams should be subject to severe penalties if coercive methods of recovery are used. Regulators should monitor systems for recruitment, training, and supervision of field staff Although these restrictions would reduce coercive and abusive collection techniques, they greatly restrict the operations of microfinance institutions, and may deter some lending methodologies that offer greater convenience to the customer. The r estrictions also do not allow for individual lending, which could be a beneficial product offering for customers. The best way to protect consumers from MFI collection malpractices is to have a well-functioning complaint redressal procedure, so that if inappropriate actions occur, the regulator and the institution can respond appropriately. Credit Information Bureau One or more Credit Information Bureaus should be established and operational as soon as possible All MFIs should be required to become members of a bureau MFIs are responsible for obtaining information from potential borrowers until bureau is functional The recommendations of the Malegam Committee focus on the important limitations of existing regulation. However, further amendments based on research and policy discussions must be made so that the regulatory framework optimizes the short and long term benefits to consumers and institutions. Pending Regulation: Micro Finance Institutions (Development and Regulations) Bill 2011 The Micro Finance Institutions (Development and Regulations) Bill 201110 is an updated version of an earlier bill drafted in 2007. The bill has been re-drafted several times, with the most recent draft released in July 2011 to consider the most recent RBI regulation. The bill addresses all legal forms of microfinance institutions, providing a comprehensive legislation for the sector. New regulation includes: Designation of RBI as the sole regulator for all microfinance institutions, Power to regulate interest rate caps, margin caps, and prudential norms All microfinance institutions must register with RBI Formation of a Micro Finance Development Council, which will advise the central government on a variety of issues relating to microfinance Formation of State Advisory Councils to oversee microfinance at the state level Creation of Micro Finance Development Fund for investment, training, capacit y building, and other expenditures as determined by RBI The designation of RBI as the sole regulator would be a positive step forward for the sector. Though the specifics of regulation are yet to be determined, having one respected regulatory who is acknowledged as in charge of all aspects of the sector would lead to a great reduction of regulatory uncertainty. If the bill passes, a greater challenge will remain; RBI must effectively regulate and monitor a great number of microfinance institutions that have previously been subject to very little regulation . Current Regulation Limitations Much of the new regulation following the Malegam CommitteeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s proposals will be released in the coming months, so we will refrain from further commenting on the current lack of regulation relating to certain issues that will certainly be addressed. Rather, we will focus our analysis on the limitations of the regulatory structure to problems with enacted regulation and issues that we suspect that RBI will not address, specifically the lack of clarity regarding central and state regulatory jurisdiction, implementation of priority sector lending qualification, the margin and interest rate caps, institution funding restrictions, and the inability of institutions to take public deposits. State vs. Central Regulatory Jurisdiction Uncertainty A major limitation of the current regulation is the lack of clarity regarding central and state regulatory jurisdiction. During late 2010 and early 2011, both Andhra Pradesh and Gujarat passed legislation barring specific microfinance practices within the state, requiring specific consumer protection policies and capping interest rates. States currently have great discretionary power as to how to interpret the Money Lending Act. Stability and confidence will elude the sector until this regulatory ambiguity is resolved. Implementation of Priority Sector Lending Qualification A second limitation is the implementation of the new RBI requirements regarding priority sector lending, particularly with regard to borrower income and borrower indebtedness. Since there are no tax filings or credit reports for the majority of microfinance customers, this information is often reported by the customer. Thus, customers have incentive to misrepresent their income and indebtedness in order to qualify for a loan. Without a functioning credit bureau, these customer characteristics requirements are impossible to accurately enforce. Margin and Interest Rate Cap Another limitation is a universal margin and interest rate cap could be detrimental for the sector, since it would most likely result in the reduction of financial services in various areas and populations where returns would not justify the operating costs. An interest rate cap should take into account various factors that typically affect the cost of operation, such as area of operation, average loan amount, legal form, and size of the microfinance institution. When interest rate caps have been implemented on microfinance services in other countries, microfinance institutions have pulled out of rural areas, stopped serving the poorest of the poor, increased the average loan size, and have had difficulty remaining solvent11. Lack of Funding Diversification Lack of diversification of funding is also problematic for microfinance institutions due to current regulation regarding access to capital. Microfinance institutions are highly dependent on lending from Indian banks, which was problematic when all of the banks stopped finding microfinance institutions to be credit-worthy during the AP crisis. Though microfinance institutions may diversify lending amongst Indian banks, these banks tend to view the microfinance sector very similarly, resulting in a lack of diversification benefits. Finally, allowing microfinance institutions to accept public deposits would add a source of funding diversification and benefit the customer. Customers may be able to better smooth consumption and resist the temptation to spend if they have access to a savings product. Regulation should permit institutions that meet reasonable prudential qualifications to accept public deposits. An alternative to the current system would be to base the strength of a 13 microfinance institution on ratings that come from agencies or methods that specialize in the unique microfinance lending methodology12. MFI Response to New RBI Regulation The Centre for Microfinance interviewed over 30 MFIs in the summer of 2011i, asking them about their response to the recent regulation and their perspectives on the sector in general. In this section, we will generally review the responses, and look at three institutionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸ responses to highlight some individual issues arising as a result of new regulation. Overview Overall, the surveyed MFIs reported that national regulation has been needed for a long time. They feel that the new RBI regulations are not clear or well communicated, and the banks that previously acted as sources of funding are more cautious and selective in offering financial support. However, MFIs felt the RBI regulation could protect MFIs against the implementation of restrictive state legislation. One of the primary concerns expressed by the interviewed MFIs involved how equitable the new regulations will be for institutions of different sizes. A Section 25 organization stated that the uniform policy would be more difficult for smaller MFIs to adapt and adhere to if applied to all, resulting in smaller institutions being pushed out of the market by more flexible larger organizations. There is also question over how difficult it will be for new start-up microfinance organizations to meet the demands of the market. Several MFIs have also expressed concern over the requir ement that a minimum of NBFC-MFIÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s loan portfolio must be used for income-generating activities. Several MFIs have recognized that a large proportion of clients use loans for consumption, rather than productive purposes. The MFIs responded with mixed opinions in regard to the interest rate and margin cap. While several of the institutions described the margin as reasonable, one MFI reported that these new restrictions on margins and interest rates are too stringent, and they will limit product innovation. Additionally, operating costs vary across regions, and these caps may not be high enough to support initiatives in remote areas. Another institution stated that the margin cap would act as an incentive for MFIs to scale up at a greater rate. One aspect of the regulation to which all MFIs responded positively was recommendation for the creation of a credit bureau and the mandatory membership of all MFIs. Currently, an appraisal of a clientÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s credit-worthiness is expensive, timely, and often inaccurate. Many MFIs felt a credit bureau could act as a more accurate tool for reviewing indebtedness and repayment history. The Future of Regulation The latter half of 2011 will be telling for the future of the microfinance regulatory regime as RBI further clarifies the acceptance of the Malegam Report and its role with regards to microfinance institutions operating as NGO-MFIs, Cooperatives, and Section 25s. Regulation will surely be 17 refined as microfinance institutions implement the new requirements and consumers and regulators see a theoretical framework put into practice. The initial round of RBI regulation in 2011 aimed to assuage consumer fears and create an environment where bank lending will presume by directly addressing borrower indebtedness and loan pricing. We suspect that as the sector returns to a state of normalcy, some of the more restrictive requirements will be lessened or eliminated. In the meantime, the regulation seems to heavily favor larger institutions who can adapt to the changes more easily due to economies of scale, advanced MIS systems, and higher operational efficiencies. As a result, we ma y see smaller institutions failing or consolidating in the near term. We may also see more innovative companies and microfinance models that aim to circumvent the new regulatory structure, especially since an institution can continue to lend to microfinance clients as an NBFC with no new regulation. Regulation will respond to these innovations as well, either by endorsing them or disallowing them, depending on fairness and the success of implementation. The great benefit of the Andhra Pradesh crisis and the resulting call for regulation is that the sector has seen the consequences of a model that is not customer centric. Institutions, investors, and regulators agree that though there is profit to be had, microfinance services are aimed at ultimately improving the status and livelihood of the poor population. As the sector develops, regulators must be sure to address the issues we have highlighted: implementation of priority sector lending requirements, diversification of fundi ng, and acceptance of public deposits. As we move forward, regulators will ensure that microfinance institutionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸ operations and objectives are ultimately to serve and benefit the customer.

Situational Influences on Purchasing Behavior - 1938 Words

Running head: Situational Influences on Purchasing Behavior Situational Influences on Purchasing Behavior Abstract There was an investigation in an attempt to understand what situational influences affect purchasing behaviors of consumers. Fifty subjects were asked to complete a survey in determining what attributes affect the decision to purchase a product. The effect of purchase was based on three different times of day: morning, afternoon, and evening. The effect of purchase was also based on whether subjects preferred caffeinated or non-caffeinated soda depending on the time of day. The subjects were asked to rate their preferences on a 5 point rating scale, one being†¦show more content†¦We will also determine taste preference for that particular soda during a particular time of day. To summarize the main objectives of the present study, we will investigate an answer to the question of what impact situational influences on decision making have towards the purchase of a product. We will assess three different time periods; morning, afternoon, and evening based on the decision to drink a caffeinated or a non-caffeinated soda. In order to achieve results, we decided to develop a survey in which subjects were asked to complete a questionnaire based on their preference for the type of soda one drinks during a particular time of day to see if there are variations in taste attributes depending on the time of day the purchasing is taking place. We expect individuals to purchase more caffeinated products during the morning and the afternoon. , Whereas we expect them to purchase more non-caffeinated products. Method Participants Forty-nine subjects volunteered to participate in a survey designed to measure peoples preferences for caffeine, diet, cola, non-cola flavored, or clear cola in three different usage situations; the morning, the afternoon, and at night. The subjects were asked to participate by the three members of the research group. The subjects were not discriminated based onShow MoreRelatedInternal Factors That Influence Consumer Behavior1339 Words   |  6 Pagessuccessfully market their product or service, the behavior of consumers must be considered. Understanding how a person thinks, reacts, and feels may play a huge role in how a marketing manager sets up their campaign; thus determining whether or not their marketing plan was a success or failure. The factors that affect consumer behavior can be broken down into three segments: internal, external, and situational. Internal factors that influence consumer behavior involves the perception of a product by aRead MoreConsumer s Influence On Consumer Behavior1272 Words   |  6 Pagesto purchasing. Advancements in technology have not only allowed consumers the capability to research, price shop and purchase products, but have also given businesses the ability to reach a targeted market based on data collection and past purchase history. Given that consumers have the purchase power in today’s society, many businesses have implemented situational factors to influence a consumers buying behavior. Consumers typically have a level of purchase involvement when making purchasing decisionsRead MoreCognitive Process And Consumer Behavior And Purchasing Choices1746 Words   |  7 PagesA RESEARCH ON COGNITIVE PROCESS RELATED TO CONSUMER BEHAVIOR AND PURCHASING CHOICES By ADEOLA SAINT MATTHEW DANIEL (576870851) ‘This research project observes the Vancouver Island University code of conduct’ TABLE OF CONTENT CONCEPT OF CONSUMER BEHAVIOR†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....3 COGNITIVE PROCESS ANALYSIS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 COGNITIVE ACCURACY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 COMPONENTS OF COGNITIVE ACCURACY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...4, 5 FACTORS AFFECTING PURCHASING DECISIONS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 CONTROLLING LEARNING HABIT†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6Read MoreInternal Influences and Consumer Decision Process1649 Words   |  7 PagesInternal Influences and Consumer Decision Process Consumers’ Purchase Decision: Motivation Consumer motivation is an internal state that drives people to identify and buy products or services that fulfill conscious and unconscious needs or desires. The fulfillment of those needs can then motivate them to make a repeat purchase or to find different goods and services to better fulfill those needs (Peter Donnelly, 2004). The behavioral aspect of consumer motivation concerns the actions someone takesRead MoreMaslow s Hierarchy Of Needs1646 Words   |  7 Pageswhy some factors (cultural and situational) may influence motivation and the effect. Motivation is a concept that this author struggles on a daily basis but has recently changed in a positive way because the goal (completing a bachelor’s degree) that was started thirty years ago is within reach. The cultural and situational factors has had and continue to have an impact on this author’s motivation and it would be interesting to analyze the cultural and situational factors from thirty years ago andRead MoreMarketing Strategy Of A Competitive Market Environment Strategies Adopted By Marketers883 Words   |  4 Pagesservices are crucial. This is because the choice of a marketing strategy may determine whether business organizations achieve their targeted sales or not. Ideally, the appropriate marketing strategies to use should be determined by the consumer purchasing behavior in respective markets. Therefore, for youth oriented consumer economies, marketers should adopt marketing strategies that target the youth population to effectively market their go ods and services. Over the last few decades consumption in ChinaRead MoreFactors That Influence Shopping Mall Behaviors1037 Words   |  5 Pagesimpact on shopping behaviors. The purpose of this desk research is to investigate what are the factors affect shopping time and analysis how they influence. This research focused on three main factors, gender, age and income, that has obvious influence on how much time the customers spend in shopping mall. Background Many theories have been proposed to explain the factors that influence shopping mall behaviors. Although it covers a wide variety of theories, such as situational, personal, socialRead MoreMotivating1047 Words   |  5 Pagestheir leaders behaviors and how they are treated on a daily basis. As a company decides to move employees have an enormous amount of things to consider. A few of my concerns with employees moving are; cost of living at the new location, school and daycare for children, jobs available for their spouse, and public transportation. Moving to a new location incurs costs that may be more significant that the compensation package allows. Selling a home at the current location and purchasing a new one isRead MoreThe Attitude Of Young Adult Vietnamese Consumers1633 Words   |  7 Pagessection aims to discuss the research results in relations to existing conclusions upon consumer attitudes and product theories and whether the research supports or disagrees it. Despite the various debates, attitude still contributes to consumer behavior to an extent. In reference to the tricomponent model, if the attitude is not strong, individuals are unlikely to act upon it. This conclusion discussed by Maio and Haddock (2009) is supported in the current research. Of the respondents, 23.3% ofRead MoreConsumer Behavior : What Affect Does It Have Potentially On A Community?1565 Words   |  7 PagesConsumer Behavior Analysis Introduction Consumer Behavior can be described in many ways. How does one describe it and just what affect does it have potentially on a community? One can imagine the positive or adverse effects it may have personally or with consumers, however, marketers know that value is the key in order to reach consumers. Our textbook provided the following focus; it states; â€Å"This chapter focuses on precisely how the value a consumer obtains from a purchase or consumption

Fences Research Paper - 1912 Words

Fences Lives are lead with anxiety over certain issues and with apprehension towards certain events. This play, Fences written by the playwright August Wilson deals with the progression of a family through the struggles of oppression and the inability to obtain the American Dream. The characters in the play develop throughout the story and can be viewed or interpreted in many different ways, but one man remains constant during the play and that is Troy. Due to certain events that transpired as he was growing up, Troy is shaped into a very stubborn yet proud man. To be a man who was black and proud ran the risk of getting destroyed, both physically and mentally. The world of the 1950s and 60s was rapidly changing and†¦show more content†¦The aspect of social change had opportunities to erupt during the 1950s; people were so set on their views, and much like Troy very few were willing to believe that there was change. Howard Shapiro analyzed this issue â€Å"It’s set in the late ‘50s in an American rapidly moving for an upheaval that will bring massive social change – change Troy Maxson either fails to see or cannot understand† (Shapiro) Troy’s reluctance to accept social change puts the future of his family at risk and stops Cory from progressing through life and out of the ghetto. Troy is constantly exposed to racism and attempts to overcome it in everyday life. There are many instances throughout the book of black people, often working very hard to try and get an opportunity to make something of their lives. This opportunity that is searched for is constantly dismissed because of the underlining theme of racism. Troy isn’t one to stand up for himself, but does when he speaks to his boss about inequality in the work area â€Å"I went to Mr. Rad and asked him ‘why? Why you got white men’s driving and the colored man lifting?’† (Wilson 19) Troy’s frustration in dealing with racism and i nequality everyday reflects his frustrations from being denied a career in baseball. Despite Troy’s efforts to work hard, he along with many others is not given a chance to change the lives of their families. Troy says that he works as hard as possible and receives nothing for itShow MoreRelatedFences Research1694 Words   |  7 PagesThe Impact of Physical and Psychological Boundaries in August Wilson’s Fences The early 1950’s was a time of enormous importance because of the Civil Rights Movement which emphasized equal rights for blacks and whites. According to the book Approaching Literature, this time period became very familiar to August Wilson, the author of the play Fences. Wilson, an African American man, was raised by his mother and his ex-convict father. For a short period of time, before moving back to hisRead More Working Together in Robert Frosts Mending Wall Essay869 Words   |  4 Pagesis cool and crisp. Roosters can be heard welcoming the sun to a new day and a woman is seen, wearing a clean colorful wrap about her body and head, her shadow casting a lone silhouette on the stone wall. The woman leans over to slide a piece of paper into one of the cracks, hoping her prayer will be heard in this city of Jerusalem. Millions are inserting their prayers into the walls of Japanese temples, while an inmate in one of a hundred prisons across the United States loo ks past his wall towardRead MoreEthics Theory1635 Words   |  7 PagesName SOC120: Introduction to Ethics Social Responsibility Instructor: November 20, 2012 The life of prisoners some may never know. There are those who care not to know what goes on behind that wired fence. We find that some people that are convicted of crimes that they did not commit. Some people would rather turn their heads to what actually happens in a prison institution, because they feel it is no concern of theirs. Innocent women and men face aRead MoreIllegal Immigrants And The United States Illegal Immigration966 Words   |  4 Pagesproblem, politicians including the president have proposed various solutions, but are not supported by the general public. In this research paper I will be discussing the various reasons many illegal immigrants are motivated to cross to the U.S illegally. The majority of undocumented immigrants work in low-skill jobs, (Constable, 2015). According to The Pew Research Center (2014) the U.S had approximately 5.2 percent illegal immigrants employed in the U.S labor force. This means that illegal aliensRead MoreMy Day Of High School886 Words   |  4 Pagesable to express myself on paper. Thirteen years of English class (twelve excluding kindergarten) and in one year I finally learned comma placement, how to competently write a paper, and how to use databases which are a college staple. This portfolio is full of papers I have written using the knowledge attained throughout the course. All of the papers in this portfolio are from ENG 112 as it is the second semester. Although I thoroughly enjoyed writing some of the papers in first semester, I believeRead MoreThe University Industry Demonstration Partnership1169 Words   |  5 Pageshigher learning, those working at research universities have the distinct privilege of witnessing the unfol ding of new discoveries through basic and fundamental research. As researchers seek funding to support graduate students, build and utilize laboratories, and conduct cutting-edge research, the federal government strives to stay ahead in science, technology, and medicine. Consequently, university researchers often look to receive federal funding for their research ideas. Driven by the creationRead MoreThe Threat Of Nuclear Terrorism1483 Words   |  6 Pagesbuilding a nuclear device using stolen or illegally purchased nuclear material. This paper explores the dangers and threats of Nuclear Terrorism. It also goes in depth with how the government’s actions have prevented groups, countries and homegrown terrorist associations from starting a nuclear attack. The research that has been done on this paper comes from information from both online and offline sources. This paper contains information from both the NSA archive and from the Valencia College DatabaseRead MoreEssay on Hanging 10 for Power Generation1034 Words   |  5 PagesGeneration There are many different ways to generate electricity. Wind, rivers, fire, and ocean are just a few technologies that are in current use. In this paper it will narrow the focus to the different types of ocean wave power generation. Wave generated electricity is a fairly new concept. Heavy research started in the early sixties. People have been trying to build effective wave machines for about two hundred years. Designing wave machines can be difficult do toRead More August Wilsons Fences - Building Fences Essay3028 Words   |  13 PagesWilsons Fences - Building Fences The first time I read August Wilsons Fences for english class, I was angry. I was angry at Troy Maxson, angry at him for having an affair, angry at him for denying his son, Cory, the opportunity for a football scholarship.I kept waiting for Troy to redeem himself in the end of the play, to change his mind about Cory, or to make up with Ruth somehow. I wanted to know why, and I didnt, couldnt understand. I had no intention of writing my research paper on thisRead MoreThe Architecture Of China And Buddhism Essay1252 Words   |  6 Pagesand present, it contains special geometric shapes, specified colors and outward gable roofs. These specifications have made the architecture of China particular. Buddha is one of the other important and effective parameters in this country. In this paper I want to introduce common features of the architecture of China and Buddhism, in fact the target is to find out effective factors on religious structures in this country. 2. Introduction 2.1. Buddhism Buddhism is a religion based on the teachings

Film Study of the Blind Side Free Essays

The Blind Side was based on the life of Michael Oher a teenage African American boy whose mother was battling drug and alcohol addictions, in the projects of Memphis Tennessee. Mike as he is know in the movie was in foster care several times and always ran away to his Mother, thinking that no one could ever love him the way his Mother could, even with her ongoing addiction. Mike often slept at his fathers friends home, but even he could not give Mike the support that he desired. We will write a custom essay sample on Film Study of the Blind Side or any similar topic only for you Order Now He would wash his clothes in the sink at the local laundry mat, and often had to steal food from the local gas station just to survive. When his only caregiver whose couch Michael slept on every night took his own son to a private Christian school to try and get him scholarship to play basketball, the coach of the basketball and football team saw Michael playing and offered to try to get him a scholarship as well. Much to the dismay of the board Coach Cotton was able to convince them to accept Mike on scholarship. In his first few weeks of attendance at Wingate Christian School Mike walked and took the bus too and from school, until Thanksgiving night a family driving home from a school play saw Mike walking home in the rain with no coat. This would be a major turning point for Michael’s feelings of never being wanted or loved. The Tuohys an upper class white family saw Michael walking and Leigh Ann demanded that her husband Sean pull the car over so she could go and talk to him. Over the next several weeks the Tuohy family offered Mike a place to sleep, new and clean clothes, and a family that cared for him the way a family should. The Tuohys had 2 other children S. J an adolescent boy with a love of football and Lily also know as Collins. When friends of the Tuohys found out that Michael was living with them they were so closed-minded that they said they were worried about Collins well being and safety. Leigh Anne then wanted Michael to become a permanent member of their family and obtained legal guardianship of Michael. It wasn’t until then that she learned of Michael’s poor grades and family situation. As they got to know Michael more and more they saw his potential and helped him make the football team, S. J was a key role, teaching Michael the ins and outs of everything football. In his senior year Michaels greatness attracted the likeness of several different college football teams who wanted to offer Michael full football scholarships. They then realized that Michael had to get his GPA up in order to be able to attend college. The Tuohys then hired a private tutor Miss. Sue who shared a love for Ole Miss football just as big as their own. Miss. Sue helped Michael realize that he had potential for being great. During the courting between football teams, Michael had decided that he wanted to play for Ole Miss just as his adopted father had. Michael would graduate and then become involved with the NCAA investigation, where the NCAA would question his reasoning to attend Ole Miss because of donations that were given by the Tuohys over the years. In the end Michael and Miss Sue would both be attending Ole Miss, Miss. Sue as his own personal tutor. Michael Oher would then go on to be drafted by the Baltimore Ravens in the first round of the draft. The film The Blind Side was both based on a true story, and also a book that was written by Michael Lewis in 2006. The movie was released in 2009 and quickly became a hit and an inspiration to foster children around the country. According to Michael Oher, the movie was not completely as it happened, for example S. J didn’t have to teach him the ins and outs of football, he knew everything about football before he came to live with the Tuohys. But for the most part the movie was accurate over all. In one scene Leigh Anne was having lunch with her friends at a high-end restaurant, her friends questioned her reasoning for taking Michael in with racial undertones, and inappropriate comments. I have personally been to the Deep South and the Midwest seems to fit this role better, snooty over privileged white women with a chip on their shoulder. I feel as if this scene would have been more historically accurate 20 years ago, but there are racially insensitive people all over, some just hide their insensitiveness better than others. Another scene was where in Michael’s first football game, the referees only threw flags on plays that he made, when there was no reason for a flag to be thrown. This I feel is very accurate historically, football and the South are hand in hand, and anything out of the ordinary or anything that threatens a team will not go overlooked by anyone. The referees most likely felt that Michael had an advantage over the other players just because he was African American, not knowing that a few weeks prior Michael couldn’t even tackle another player, and still had to think that the person he was to tackle was a threat to his family. After reading different reviews from this film, I’ve chosen two different reviews one from the Washington Post and the other from Variety. Each review gives the movie at least 3 out of 4 stars but for different reasons. Firstly the WashingtonPost. om, they gave the movie 3 out of 4 starts, but open the review with a very negative view of the advertisements for the movie â€Å"There’s been something off-putting about the ad campaign for â€Å"The Blind Side,† a drama about a white woman who adopts an African American high school student, from trailers trafficking in nearly every troubling African American stereotype in movies (from the Magical Negro to the surly low-level bure aucrat), to posters featuring the patronizing image of Sandra Bullock gently leading her looming, gentle giant of a son down a football field. The Washington Post feels that The Blind Side does a good job of depicting Oher’s good fortunes and the Tuohys ability to cross-racial boundaries in the Deep South. The next review from Variety. com only saw the good aspects of the movie and gave it 4 out of 4 stars. â€Å"It’s difficult to imagine anything that could long impede or contain the force of nature that is Leigh Anne Tuohy, the feisty Memphis belle played by Bullock with equal measures of acerbic sass, steel-willed brass and unabashed sentiment. Bullock is thoroughly convincing in the role — right down to her credible accent and the blonding of her normally brown tresses — and she’s not afraid to occasionally keep auds guessing as to whether Leigh Ann’s actions are driven by a heart of gold or a whim of iron. † Variety sees Leigh Anne as a loving foster/adoptive mother, who despite her social status and her seemingly tough exterior finds it in her heart to take Michael in and accept him as one of her own. The only negative comment they have about this film is that it seems as if nothing could ever go wrong until the final part of the movie, I suppose they saw this as being slightly overly optimistic in a world filled with pessimists. This film is a perfect choice as it relates so much to this class, not only does it cover racism but also it shows that those boundaries can be thrown out completely. A white upper class family who takes in an African American boy seems like something that would be straight out of a book; to cross such a deep seeded line took courage and determination on the part of the Tuohy family. They were proud of what they did and who Michael was/is as a person and didn’t choose to see him as a color but as a teenage boy who needed help, their help. If ever there was a story of over coming ones background this is it. This movie is a great way to show children that people are people no matter the color of their skin, and that everyone should have a family who cares for them no matter what. This would actually be a great section to have in the textbook about transcending racial barriers, and over coming stereotypes, and it’s a true story to top it off. Both my wife and I watched this movie and on several occasions we both welled up, it’s one of those movies that just make you feel good, and make you want to do good. There were several scenes that made this movie great and choosing just a couple of them has taken careful deliberation on my part. The first scene that really hit me the hardest was when Big Mike was walking down a dark raining street and the Tuohys were driving home from the play on Thanksgiving, they saw him without a coat walking in the cold. Leigh Anne told her husband to stop the car and she got out to ask him where he was going and if he had a place to stay, after figuring out that he was homeless she told him to get in the car and that he was coming with them. I know there are some many kids out there whose parents simply don’t care about them and they have to raise themselves, but seeing it and knowing it are two different things. I can honestly say that if I was in this situation I would have done the same thing and I know that my wife would make sure I did. The next scene is at the end of the movie when they brought Michael to Ole Miss to start his first semester of college, Leigh Anne was too strong to ask Michael for a hug, and she didn’t want him to see her cry so she gave him a nod and a slight side hug and told everyone to say their goodbyes and she walked back to their car, Michael then looked at Sean and asked him what was the matter, he replied â€Å"She’s like an onion you have to peal back her layers slowly†. Hearing this Michael then walked over to the car and said to her â€Å"Momma, I need a proper hug. †. This is the one scene that got me to well up, I know how it feels to want to show a softer side but not have the courage to show it. I face this on a daily basis with my two sons, so to see someone being so exposed and vulnerable was a perfect way to end this movie. I really do think that this movie is a perfect learning tool for children to show them that color is just something your eyes see, it has nothing to do with what’s on the inside. How to cite Film Study of the Blind Side, Papers

Cohesive Vs. Non-Cohesive Teams and the Application â€Free Samples

Question: How Do Cohesive Vs. Non-Cohesive and the Teams Application? Answer: Introducation The school of management thought is perceived as theoretical frameworks that are used for the study of management. However, there are various performance management thoughts, which are based on different assumptions about people and organizations. However, the study of performance management has progressed over time, and various thinkers believe that the best approach is good management practice (Aguinis, 2011). Nevertheless, there are disagreements that exist. The classical school of management Basically, this is a thought of management is the most organizations. Its basic establishments originate in the 20th century. It concerns ways to deal with manage work and organizations more capable (Barrows and Neely, 2012). Scientific management school of thought The logical management approach was familiar in an attempt with make a mental uprising in the workplace. It can be portrayed as the ponder examination of work procedures remembering the ultimate objective to improve adequacy. The logical administration has a couple of imperative principles (Carver and Scheier, 1981). In any case, it requires the usage of the logical system to work to choose the best methodology for accomplishing every task. Second, logical administration prescribes that authorities should be experimentally picked in light of their capacities and arranged to play out their occupations in the perfect way. Logical management advocates certifiable interest among workers and administration in light of shared self-interest. Finally, logical administration suggests that administration should accept complete risk for orchestrating the work and that pros' fundamental commitment should execute administration's plans (Campion and Lord, 1982). Other basic properties of logical administration fuse the logical change of troublesome yet sensible execution benchmarks and the use of a pay for-execution catalyst orchestrate in light of work rules. Logical administration influenced administration to sharpen in the mid-twentieth century. Regardless of the way that it doesn't address a whole speculation of administration, it has added to the examination of administration and organizations in various reaches, including human resource administration and mechanical planning. A weighty segment of the basics of logical administration is up 'til now generous today. Administrative management Managerial administration focuses on the administration technique and norms of administration. Fayol displayed fourteen models of administration, which included maxims related to the division of work, authority and obligation, solidarity of request and heading, centralization, subordinate action, and collaboration (Krausert, 2009). But the authoritative administration has been rebuffed as being inflexible and immovable and the authenticity of the utilitarian approach to managing administration has been investigated, this school of thought still affects administration theory and practice. The utilitarian approach to managing administration is up 'til now the overall strategy for sorting out administration learning, and huge bits of Fayol's gauges of administration, when associated with the versatility that he pushed, are up 'til now thought to be relevant. Bureaucratic management Bureaucratic administration focuses on the ideal sort of affiliation. Max Weber was the noteworthy supporter of bureaucratic administration. In light of observation, Weber assumed that various early organizations were inefficiently supervised, with decisions in light of individual associations and reliability. He recommended that a sort of affiliation, called an organization, portrayed by the division of work, levels of leadership, formalized principles, nonspecific quality, and the assurance and headway of agents in perspective of limit would incite more viable administration. Weber furthermore fought that managers' energy in an affiliation should be developed not as for custom or persona but instead on the position held by directors in the definitive pecking request. Management has come to stay for determination and waste, yet Weber did not a supporter found in various bureaucratic organizations today (Locke, 1991). Weber's musings confined the explanation behind current affiliatio n theory are up 'til now edifying of a couple of organizations. 360-degree feedback 360 Degree Feedback is process in which confounding feedback from employees at work are obtained. This ordinarily joins the delegate's manager. It normally ensures that managers get the right information to measure on a rating scale the organization's processes. The individual getting feedback in like way adjusts a self-rating outline that joins similar audit addresses that others get in their structures. The 360 feedback framework outcomes demonstrates an outline that helps the beneficiary roll out an improvement scale (Kodrin and Kaplan, 2016). 360 Feedback can likewise be a huge change instrument for individuals who are not in an organization.360 Feedback for non-managers is beneficial to help individuals be serious in their present tasks and comprehend areas they ought to concentrate on within an organization. Cohesive vs. non-cohesive teams and the application to High-Performance Organizations Group cohesiveness is related to the extent of positive and negative outcomes. Attachment makes a more grounded sentiment feeling of obligation on destinations, which pushes higher individual effort and execution. People from more strong social affairs tend to talk with each other in a more constructive way than those of fewer firm get-togethers. Accordingly, people from sturdy social affairs as often as possible report bigger measures of satisfaction and lower levels of apprehension and weight. This can upgrade fundamental administration and bolster more critical speculation. Finally, by keeping up strong enlistment groups can continue pursuing new destinations once they have fulfilled their one of a kind reason. This makes a task of advantages more gainful since a current tough group can perform well and more quickly than an as of late formed one. Enlistment in a firm group can similarly have negative outcomes. For example, an attachment can heighten social weight to adapt or oblig e solitary expression. Union can in like manner make alteration more troublesome by making bundle shapes unbendable or impenetrable to change. Performance management from a control theory perspective In the field of management, control theory helps managers and leaders to assess business structure for its consistency with pre-described arrangements of organizational parameters (Barrows and Neely, 2012). In addition, performance management is also considered as a tool that assists managers to control the tasks of their employees. Also, it moreover makes speedier and better yields by standard watching and feedback. Automated model communicates that if an affiliation can execute control and execution more satisfactorily. As such, organizations should ensure that they meet their employees basic needs. (Luria G., 2008). In this way, these prerequisites make control hypothesis more pertinent as it goes about as a controller in coordinating up delegate lead with the various leveled direct rules. As such, this will over the long haul provoke achieve the pined for execution. As a matter of fact, control theory professionals expect employees to take into account their information. This fee dback controls the way of an organization performs. Nevertheless, it can have a negative impact in an organization. For instance, it can result into a de-motivation and end employee productivity level diminished. In control, theory the implementation is similarly controlled by costs. However, control theory sounds unnecessarily mechanical; hence making it difficult to analyze that individuals are not able to do at the workplace (Locke, 1991). The balanced scorecard approach The balanced scorecard is an important tool that is used by organizations to changed standard considering execution and estimations. The tool was first introduced in 1992 and a time when businesses were characterized with changing themselves to compete during the information age. In addition, it also affected the ability of entrepreneurs to try insignificant assets that were more convincing than their ability to supervise the physical assets within the enterprise (Biazzo and Garengo, 2011). However, the scorecard is considered as an important tool because it empowered businesses to track and monitor their budgetary results while at the same time watching the capacities required for advancement. In the current business environment, businesses have gone beyond the scorecard's motivation as the establishment of another key management system. The foremost system, translating the vision, helps boss gather an understanding concerning an association's procedure and express it in wording tha t can control action at the close-by level. The second level on and interfacing, calls for giving a framework at all levels of the affiliation and associating it with a unit and individual targets. The third level, business consolidates their attractive methodologies with their budgetary courses of action. The fourth feedback and learning give businesses with the point of confinement as for crucial acknowledging, which includes testing the feedbacks on which a system is based, and making indispensable changes. References Aguinis, H. 2011. Performance Management. Edinburgh: Heriot-Watt University. Retrieved from https://www.ebsglobal.net/EBS/media/EBS/PDFs/Performance-Management-Course-Taster.pdf Barrows, E., Neely, A. 2012. Managing Performance in Turbulent Times: Analytics and Insight Ed Barrows, Andy Neely. New Jersery: John Wiley Son Inc. Retrieved from https://books.google.co.in/books?id=xUSnCgLF9sCpg=PT205dq=control+theory+of+performance+managementhl=ensa=Xved=0ahUKEwjj3r2JnL7QAhUhTY8KHU1HC_8Q6AEISTAG#v=onepageq=control theory of performance managementf=false Biazzo, S., Garengo, P. 2011.Performance measurement with the balanced scorecard: A practical approach to implementation within SMEs. Heidelberg: Springer. Campion, M. A., Lord, G. R. 1982. A Control Systems Conceptualization of the Goal-Setting and Changing Process. Organizational Behavior and Human Performance, 30(2), 265287. Carver, C. S., Scheier, M. F. 1981. Attention and Self-Regulation: A Control-Theory Approach to Human Behavior. New York: Springer-Verlag. Kodrin, A., Kaplan, R. S. 2016.The balanced scorecard approach for sustainable performance in an uncertain future: The case of climate change : doctoral dissertation. Ljubljana: A. Kodrin. Krausert, A. 2009. Performance Management for Different Employee Groups: A Contribution to the Employment Systems Theory. Heidelberg: Springer- Verlag. Retrieved from https://books.google.co.in/books?id=qH_dUI5H3cUCpg=PA18dq=control+theory+of+performance+managementhl=ensa=Xved=0ahUKEwjL6YLE5sDQAhVBOo8KHRLQBX0Q6AEISDAF#v=onepageq=control theory of performance managementf=false Locke, E. A. 1991. Goal Theory vs. Control Theory: Contrasting Approaches to Understanding Work. Motivation and Emotion, 15(1), 928. Luria G. (2008). Luria, G. (2008). Controlling for Quality: Climate, Leadership, and Behavior. The Quality Management Journal, 15, 2741. Schmeisser, W. 2011.Controlling and berlin balanced scorecard approach. Place of publication not identified: R Oldenbourg Verlag Gmbh. Shell, S. A. (1992). Control Theory in Strategic Human Resource Management: The Mediating Effect of Administrative Information. Academy of Manage

Accounting Theory and Governance for Knowledge - myassignmenthelp

Question: Discuss about theAccounting Theory and Governance for Financial Knowledge. Answer: Introduction Financial knowledge has been a must in order to take the review of the company financial performance. As the investors it is not possible to review the whole business performance and to take decisions to invest in the various choices of investment options. In this regards Australia Securities and Investment Commission (ASIC) has provided 10 major points that every investors need to undertake before making the decision to invest in any company. All these points help investors to analyze the performance of the company and to come with the proper choice. All these points are defined in detail and are really helpful for the investors. In this report in order to explain all these points a case study 1 has been undertaken and various questions to case study has been answered. For case study company called Wesfarmers has been taken to explain the case study questions. Executive remuneration is always the concern for the stakeholders as their pay increase year to year even in the situation of financial crises. In order to explain the reform undertaken to make changes on how the remuneration of the top management has to be calculated, the case study 2 has been taken and various questions has been answered. Summary of Case Studies Case Study 1: This study provides the 10 major points that every investors must review in context of any company chosen for investment purpose before making the decision of investment. In this regard Wesfarmers has been selected to explain the procedure. Case Study 2: This study discusses the issues with the excessive executive remuneration in the United States and reforms to make changes in the calculation of the executive remuneration. Analysis of Annual Report (Company Name: Wesfarmers) Examining figures in financial statements The financial statements developed by an entity aims to reflects its financial performance for supporting the decision-making of end-users. In this context, the ASIC (Australian Securities Investment Commission) has provided suggestions to the non-professional investors for evaluating the financial performance of a company through its financial statements analysis. The suggestions are provided on ASIC for protecting the interests of investors so that accurately interprets the financial information for making informed decisions for investing (Australia, 2011). The financial performance of Wesfarmers Limited, Australian retail giant, can be based from the financial statements net figures of income statement and balance sheet as per ASIC guidelines. The income statement analysis has depicted that the company has recorded a net increase in its profit in the year 2017 as compared to the financial year 2016. The underlying net profit has increased to 22.1 per cent in the year 2017 and has reached to $2,873 million. The earnings per share have increased to 21.6 per cent and return on equity has reported an increase to about 12.4 per cent in the year 2017 as compared to the previous financial year. The increased profitability of the company has resulted in raising the dividend per year from $1.86 per share to $2.23 per share in the year 2017 (Wesfarmers 2017: Annual Report). The increased cash inflow of the company on account of its improved return on capital has helped in to expand its business operations. As reflected from the directors report of the company, its improved financial performance has resulted from its recent conglomerate structure. The company is presently emphasizing on its strategy of providing improved return to shareholders through realizing larger returns form its industrial businesses in Kmart and Bunnings. Important Financial Figures in Understanding the Financial Performance of the Company As analyzed from the case study, the ASIC has regarded the financial figures disclosed in the directors report in order to gain an insight into the profit or loss realized by a company. The directors of Wesfarmers have also discussed the financial performance of the company in the annual report through the help of some key financial figures (Hussey and Ong, 2005). The financial figures include profit after tax, earnings per share, return on equity and dividend per share. The financial figure relating to profit after tax depicts to the investors regarding the percentage of money earned on per dollar of revenue. The investors can gain an insight into the net profit realized by a company after meeting its all tax related expenditure. It enables the investors to analyze the profitability of a company without the impact of operating leverage thus the investors can actually predict its real financial condition. The earnings per share depict the amount of money earned by a company per ever y outstanding share of stock. It helps the investors to predict the financial profits that a company can provide to its shareholders. The return on equity provides a measure of the profitability of a company in comparison to the net investment (Wesfarmers 2017: Annual Report). The dividend per share of a company indicates the profits earned by the shareholders giants the number of outstanding shares. The key financial figures predicting the financial performance of Wesfarmers Limited can be depicted from its annual report are as follows: Source: https://www.wesfarmers.com.au/docs/default-source/default-document-library/2017-annual-report.pdf?sfvrsn=0 Management Opinion in the Report about the Financial Figures The operating and financial review presented by the Directors in the annual report the primary objective of the company is to provide good returns to its shareholders. The company aims to achieve strong financial performance in each of its divisional units that will be controlled by the divisional board of directors. The operating and financial review of the company has outlined the major risks and future growth prospects of the company as well based on its key financial figures. The financial performance of the year 2017 has represented the profitability of each of its divisional unit along with providing an analysis of its competitive environment through assessing the financial risk and prospects. The company recorded a net profit after tax (NPAT) of about 2,873 million in the financial year 2017 as compared to that of $1,946 million in the year 2016. Thus, it can be said that there is significant increase of $2,466 million in the current financial year of the company in net profit after tax. The cash flows have also increased from $861 million to $4,226 million in the year 2017 (Wesfarmers 2017: Annual Report). The increase in operational cash inflows indicates the higher earnings growth and adequate managing and controlling of each inventory in all of its retail segments. There is also a decrease in the capital expenditure of the company in the year 2017 to $218 million as compared to $1,681 million in the year 2016. As per the directors review, the decrease in the capital expenditure is due to fewer openings of its retail stores and thus reduction in the operational expenditure across its industrial divisions. The company also has realized proceeds of about $947 million due to divestment of receivables from its Coles divisional unit. The balance sheet of the company has also strengthened mainly due to reduction in the net financial debt that includes interest rate swap assets to about $4,321 million in year 2017 as compared to $2,216 million in the year 2016. Also, there is a significant reduction in the financial cost of the company to about 14.3 per cent from that of the previous year. The management of the company has regarded the increase in its operating cash flows and return on equity on account of its adequate conglomerate structure and its emphasis on improving the cash generation and capital efficiency (Wesfarmers 2017: Annual Report). Assessment of Financial Report in relation to Management Opinion Management has elaborated the financial performance of the company through using the graphs and charts. As per the ASIC reports it is essential to examine the management viewpoint on the performance of the company and what actually has been reported in the financial statements prepared. For instance, the management of the Wesfarmers has point that the in the current year (2016-17) the profitability performance of the company has been increased and they are paying good returns to their shareholders. There is high amount of increase in the revenue of the company due to improvements made in retail and industrial business. It has been told by the managing director that cash generation was quite strong that reflects the company value to increase the return on capital invested in the business. Finance director has elaborated the operating financial position of the different units in the Wesfarmers and according to the report the net profit after tax has been $2873 million AUD which itself a record for the company (Dagwell, Wines and Lambert, 2015). On reinvestigating whole financial statements it has been found that there are no such discrepancies in the management disclosures of the financial performance and that reported under the audited financial statements. So it can be said that there is no change in the financial performance as reported by the management personals and as described in the financial statements of the company. There is major reason behind similarity of management disclosure and what has been disclosed by the audited reports of the company (Wesfarmers 2017: Annual Report). The reason is such that annual reports are prepared after financial statements have been audited and verified by the top management. Top management people provide their statements on the financial performance of the company after reviewing the audited reports of the financial statements so that true and fair picture of the financial statements can be presented in front of the us ers of the annual report (Henderson, 2015). Analysis of the Wesfarmers as the potential investment In order to analyze the company for its potential investment it is necessary to make the detailed interpretation of the financial performance so that investors can use such information to make the judgment regarding their investment in the company. Wesfarmers has varied potential that can attract the investors (Horngren, 2012). Wesfarmers works in different category of business such as retail segment, industry segment, home improvement segment and many others that made a different from other to make the investment. Company has diverse business operations and high growth balance sheet. The retail segment of the company has foreseen major improvement in recent years and it has been monitored by various changed made. Continuous improvements in merchandising and service; increase in customer satisfaction through regular change in interaction at the stores and online purchase; and investment proposals are some of the major highlights in the change of retail segment of the Wesfarmers (Bazl ey, Hancock and Robinson, 2014). The whole group cash generation power has increased out rightly that has provided the management to manage the capital structure and to make the position of the balance sheet strong. Wesfarmers continuously take opportunities to create and to improve the shareholders wealth through proactively management of the portfolio and reviewing the strategies regularly so that business resources are put in high end growth segments of the company. Coles the major segment of the business has faced high competition and pressure of increase sales margin. In this action, the plan is to focus on the budgeted plans and to further enhance the quality of the fresh offer and to improve the merchandising and availability, through driving the operational efficiencies in order to the support investments in the various services and values. There is expectation and budget driven approach to increase the performance of the Home Improvement segment of the business (Wesfarmers 2017: Annual Report). Overall analysis of the part performance of the company shows that company has done exceptional well in year 2017 as compare to other previous year and it makes a valid choice for the investors to make investment in such growing company. The growth of the company is marked with many potential and valid proofs such as increase in dividend payout, high cash generation capacity, solid capital structure and plan to improve the further business segment. This made the Wesfarmers a strong competitor for the other companies in same segment and also for companies that are in competition as a potential investment for the investors (Wesfarmers 2017: Annual Report). Recent Changes for Addressing Executive Remuneration in the United States The given article Reining in Executive Pay has addressed the need for developing implementing laws and regulations for addressing the excessive remuneration of the executives. In this context, the article has particularly examined the excessive pay provided to the executives in the United States. The executives are realizing higher pay in the United States as indicated from the fact that there is increase of about 42 per cent executive remuneration in the year 2008 despite of the collapse of the financial sector of the country. There is significant growth in the executive pay over the consecutive years and thus there is higher need for developing financial reforms in relation to monitoring of pay of executives. In this context, the U.S government ha introduced a legislation knows as shareholder say on pay to be followed by all the publicly traded U.S companies (Executive Compensation and Incentives, 2006). As per the legislation, the shareholders have a right to decide over the matte rs relating to executive remuneration that should be followed by the Board of Directors. In addition to this, the law has also stated that shareholders as per the SEC regulations can appoint their own directors candidates through ballots if the companys present directors does not approve their decisions. Also, it is necessary for the U.S. companies to maintain the independency of the board of directors in appointing and developing the remuneration committee. The Board of Directors must also ensure that the corporations disclose all the relevant information regarding the executive pay and its relation o financial performance. The reforms introduced by the government in relation to monitor and control the excessive pay provided to the executives aims at preventing the increased rewards to executives. This is necessary because the increased rewards provided to executives can drive the misconduct in managers behaviour by manipulating the financial information for achieving higher pays w hen it is linked to the companys financial performance. Effectiveness of reforms on the Shareholders Assumptions to Act The article has discussed the reforms introduced by the U.S. for monitoring the pay structure of executives in order to ensure that executives does not receive higher rewards that drive them to conduct unethical practices for achieving higher benefits. The reforms introduced by the U.S. government known as shareholder say on pay has stated that all the public-listed companies in the country will decide the remuneration of the executives based on the shareholders opinions. Thus, as such it can be said that the effectiveness of the reforms is based on the assumptions that the shareholders will act ethically and right in deciding over the matters of executive remuneration (McDonnell, 2008). However, there are some barriers to effective shareholder control over the executive remuneration. The major obstacle faced by the Board of the company in this regard is developing an effective strategy for creating an effective communication channel for disseminating the information to the sharehold ers. Thus, as such business entities need to induce changes in its business environment to promote effective communication of all the information related to executive remuneration policies to the shareholders. Also, it can be argued by the contract theory that corporations have contractual obligations with the shareholders and therefore they should act in favour of the shareholders to provide them larger returns (Finance Committee, 2016). Thus, the corporations can influence the decision-making power of shareholders in relation to executive pay through promising them larger retunes. Thus, as such shareholders have profit interest in the corporations and therefore the power provided to them for monitoring the executive pay cannot be stated to be right and just. The independency of the shareholders in deciding over the matters of executive remuneration is question of debate as stated in the present article. Therefore, as discussed in the given article there is need for introduction of more better regulations in the U.S. that provides authority to all the stakeholders of a busies corporation not only to shareholders for deciding and monitoring the executive remuneration. Role of Taxation laws and Denying Contract Adoption for Addressing Executive Remuneration The article has stated that shareholders decision in relation to executive remuneration cannot be regarded to be accurate as it is based on assumptions that they will act ethical and fair in deciding the executive pay. Thus, the article has stated that the reforms introduced should provide authority to all the stakeholders including consumers, workers and all the communities that are impacted by corporate operations. This is because the corporations activities can put all its stakeholders to risk and therefore the responsibility of the executive pay decisions should not be provided only to shareholders but to all the stakeholders. In this context, the tax dollars paid by the general public should not help in subsidizing the executive pay in excess. This can result in a significant reduction of millions form the income taxes that corporations pay as excessive executive remuneration. In addition to this, there is need for developing a federal contract with the companies that provides r emuneration to their executive 100 times more than that of their labour wages (Treanor, 2016). The contract would help in reducing the economic inequality as the contract would require that business companies in the U.S. should maintain a fair proportion of the remuneration between its executive and workers and should provide the ratio between the CEO compensation and the workers in their annual report as well. The introduction of such measures will help in developing the strong corporate governance practices for curbing the excessive executive remuneration (McDonnell, 2008). Conclusion It can be inferred from the overall analysis of the report that ASIC plays a major role in protecting the investors interest through providing them suggestions to analyse the annual report disclosures of various corporations. Also, the executive remuneration should not be linked to the financial performance of a company as this can result in occurrence of fraudulent financial activities in a business entity. Recommendations On the basis of the case study analysis, it is recommended to the investors that they should consider the suggestions provided by the ASIC while analysing the annual report of their selected company. This will help in securing the interests of amateur investors do not possess adequate knowledge about the annual disclosures of a company. In addition to this, as analysed from the second case study there is need for developing strong regulations that provides more power to the stakeholders in deciding over the matters of executives remuneration. References Australia. 2011. Australian Corporations Securities Legislation 2011: Corporations Act 2001, ASIC Act 2001, related regulations. CCH Australia Limited. Bazley, M., Hancock, P. and Robinson, P. 2014. Contemporary Accounting PDF. Cengage Learning Australia. Dagwell, R., Wines, G. and Lambert, C. 2015. Corporate Accounting in Australia. Pearson Higher Education AU. Executive Compensation and Incentives. 2006. Retrieved 10 October, 2017 from https://www.lse.ac.uk/fmg/researchProgrammes/corporateFinance/corporateGovernance/pdf/executiveCompensationAndIncentives.pdf Finance Committee. 2016. Recommendations and Decisions of the International Civil Service Commission to the General Assembly (including Changes in Salary Scales and Allowances). Retrieved 10 October, 2017 from https://www.fao.org/3/a-mq160e.pdf Henderson, S. et al. 2015. Issues in Financial Accounting. Pearson Higher Education AU. Horngren, C. et al. 2012. Financial Accounting. Pearson Higher Education AU. Hussey, R. and Ong, A. 2005. International Financial Reporting Standards Desk Reference: Overview, Guide, and Dictionary. John Wiley Sons. McDonnell, B. 2008. Two Goals for Executive Compensation Reform. Retrieved 10 October, 2017 from https://scholarship.law.umn.edu/cgi/viewcontent.cgi?article=1168context=faculty_articles Treanor, J. 2016. Pay ratios could be made public as part of executive salary reform. Retrieved 10 October, 2017 from https://www.theguardian.com/business/2016/jul/25/pay-ratios-could-be-made-public-as-part-of-executive-salary-reform Wesfarmers 2017 Annual Report. Retrieved 10 October, 2017 from https://www.wesfarmers.com.au/docs/default-source/default-document-library/2017-annual-report.pdf?sfvrsn=0