'Britain can be proud of its legacy of military intervention Essay

'Britain can be proud of its legacy of military intervention since the end of the Second World War.' Do you agree - Essay Example The two world wars made the situation even worse because it ensured the formal decline of Britain as the world’s preeminent power and this was in favour of the United States and the Soviet Union. After the Second World War, Britain has intervened militarily in various conflicts across the world and this has created a situation where there have been questions concerning its legacy. This paper seeks to show that while for the most part Britain’s military interventions after the Second World War are a legacy to be proud of, there are instances where some interventions have been misguided and have not been in the interests of the British people. One of the most important military interventions made by the British military after the Second World War was in the Greek Civil War where it helped in the stabilising the country after the Nazi German withdrawal. The political turmoil that followed this withdrawal made Greece to become a nation divided, where some groups supported the government and monarchy while others supported communist groups that wished to take over the government of the country (Goulter, 2014). Greece had for many years faced a lot of turmoil, first under Ottoman rule and later after independence where it had a lot of uncertainty concerning the type of government that they would have liked. However, while this was the case, the Nazi occupation of the country had made it possible for those groups disillusioned with the monarchy to achieve prominence and once the Germans withdrew, these groups often opted for the ending of the monarchy and the acceptance of communist rule. The ability of these rebels to take ov er the government through force was quite real because they received support, albeit secretly, from communist countries in Europe, such as the Soviet Union and Yugoslavia. Under these circumstances,

International Business Strategy Essay Example | Topics and Well Written Essays - 3500 words - 3

International Business Strategy - Essay Example also factors related to consumer viewpoint in their willingness to sample new products with untrusted or unknown new competitive players, based also on their traditional cultural values. These factors need to be considered prior to entering Spain as a viable profit opportunity. However, evidence provides that the growth rates in Spain associated with consumer willingness to purchase mobile products makes this a quality opportunity if new methods to undercut these values can be accomplished through marketing or other innovative communications methods. Spain represents a tremendous new market opportunity that is marked with sustained growth, despite problems that exist in labour shortages and the presence of a highly regulated labour market. It is recommended to pursue this strategy of expansion into the Spanish marketplace and improve long-term manufacturing and R&D capabilities in the process. Conducting business in the Middle Eastern markets is considerably different than that of Spain, both at the business and economic levels as well as cultural. These factors must be taken into consideration in order to develop a business model that can bring higher profitability and growth to the company entering this new market. The company described is a mobile communications manufacturer, specialising in the development of new consumer mobile technology products. Spain is marked with an uncertain labour market as well as a radically different cultural tendency that is present at the employee level as well as in relation to how managers conduct routine organisational processes. This report identifies the factors that will impede or enhance new market entry, via Greenfield entry, by reporting on issues which will directly impact success in this new market entry strategy. The consumer electronics market in Spain has experienced a steady growth rate of 10.8 percent between 2004 and 2008 (forbes.com 2010). This represents a consumer market that is adopting new technologies,

Development of Primary Health Organizations in New Zealand

Development of Primary Health Organizations in New Zealand Body The delivery of healthcare services to the people in every nation had always been a problem for the government considering there are a lot of factors affecting its delivery. New Zealand is an example of a government which delivers healthcare to its citizens and permanent residents through public subsidies and private insurance. Even with the help of private insurance, there still exist a number of problems faced by the government. These problems revolve in the availability and accessibility of healthcare services. New Zealand has its concerns and these barriers to healthcare can be categorized into four: economic barriers, utilisation and socio-economic status, interplay of material, cultural and geographic factors, and the implications for the wider health system (Barnett R. and Barnett P. 2003). All of these factors have had an implication in the shaping of the national healthcare policy. The social and economic inequality within New Zealand has widen substantially, thus new initiatives have been made to address such problems. The government has learned its lessons from the previous health system and is now undergoing constant changes and improvements. The policy formulated is now more focused on cooperative over competitive models of service provision and giving emphasis on the delivery of primary care as the key in achieving its goal of health for all and as a sign of overall improvement in the health system (Barnett R. and Barnett P. 2003). Ref: Barnett, R., Barnett, P. (April 3, 2003). Primary Health Care in New Zealand: Problems and Policy Approaches. Retrieved from https://www.msd.govt.nz/about-msd-and-our-work/publications-resources/journals-and-magazines/social-policy-journal/spj21/21-primary-health-care-in-new-zealand-pages49-66.html Evidence of New Zealand’s attempts to develop better equitable policies was the implementation of New Zealand Health Strategy and Primary Health Care Strategy (Minister of Health, 2001). The former had anticipated new arrangements and have chosen district health boards (DHBs) to implement these new policies. Within the charter of DHBs is the Primary Health Care Strategy (more recent) that suggests new organisational structures. This newly proposed structure is known as primary health organisations (PHOs), to solve problems relating to accessibility and availability in the provision of healthcare services. Moreover, primary health organisations address the lack of co-ordination between health providers. Although the district health boards (DHBs) are well established and setting up of Primary health organisations is going well, there still lies uncertainty about achieving equity in the provision of health (Barnett R. and Barnett P. 2003). Economic Barriers to Primary Health Care in New Zealand Just like in many other developed countries, the economic restructuring in New Zealand and the abolishment welfare state had led to the increase incidence of poverty (Waldegrave et al. 1995, Jamieson 1998) and socio-economic disparities in health (Ministry of Health, 2000). In the beginning with the legislation of Social Security in 1938, medical services have been provided as free of service to the people through government subsidies. However, it is also true that the subsidies did not cover 100% of the total cost of patient care. At first the effect to the masses was minor during 1970s where there is â€Å"long boom† of prosperity in New Zealand. Then again, in 1980 the utilisation of the GP and other health services from the ethnic groups, including the positive class are diminishing due to the economic restructuring and growing cost of doctor fees (Gribben 1992, Barnett and Kearns 1996). Utilisation and Socio-Economic Status The utilisation of health services according to socio-economic status is mixed in New Zealand. A recent survey from the National Health Survey 1996/97 (Ministry of Health 1999) reports that people with low-income status are more likely to have a higher frequency of visits to General Practitioner than families from a more affluent areas or people with a higher income. However, the results from the survey shows that people living in a less well-off area have a late seeking behaviour and less visits to GPs because of cost. Key results from the survey are as follows: People had continued to express their dissatisfaction towards the cost of GP fees. The percentage of patients who considered the GPs fee expensive as â€Å"too high† or â€Å"far too high† rose from 32.3% to 68.3% from people paying $10 – $14 and $15 $19 and some rose to 90% from people paying $25 or more (Fergusson et al. 1989). Patients with financial difficulties in obtaining health services opt to have a number of strategies, both active and passive, such as; late seeking behaviour of care, delay in obtaining medication and seeking financial help from GPs (Barnett R. and Barnett P. 2003). Patients frequently change their doctors even when they don’t want to. The introduction of Community Service Card (CSC) in 1992 is relatively ineffective in accessing the health provision of care. There is a high level of unmet need among CSC population. The reason for a rising unmet needs among the population group was partly due to low usage by those entitled and the stigma attached to it (Barnett R. and Barnett P. 2003). Interplay of Material, Cultural and Geographic Factors Low utilisation of health services in relation to health needs cannot be attached to cost alone. According to Barnett et al. (2003) it is also because of the interplay of factors; material, cultural and geographic factors. It was proved in a survey that MÄ ori and low-income New Zealanders have a low rate of GP utilisation given that the centres where set up to provide service in a low-income population. The health centres were there to improve access to care to MÄ ori and low-income populace. The cost for the provision of service was reduced as compared to the average cost. It was clear in the survey that financial barrier was not the reason but rather cultural values and expectations as well as the benefits from the services rendered (Barnett R. and Barnett P. 2003). It is also important to consider the geographic factors in understanding the levels of GP utilisation. There is a strong relationship between distance and patterns of use in both hospital and GP services; it is also not surprising that there is a sub pattern to it. People with poorer population have a 30% less expenditure or budget in health as compared to the well-off population with 40% over funding as computed by the Health Funding Authority (Malcolm 1998b). It shows that the basing on the budget in each region, the number of GP available is also dependent on the budget, thus with low budget comes less number of available GP and health centres while areas with higher budget comes a larger number of GPs available (Barnett R. and Barnett P. 2003). Implications for the wider health system New Zealand research had been focused on the different patterns in GP and hospitalisation utilisation. However, there is also another reason that can be attributed to the low health status among low-income population in the access of health care services. There is a relationship between patient admission and average length of hospital stay. Reducing the average length of stay contributes in the increased rate of readmissions within the poor (Barnett R. and Barnett P. 2003). One factor that might have an effect in the rate of readmissions among the poor is that the access to primary care is prevented by circumstances such as distance, cost and availability of the service itself. It is said that the importance of primary care is great in reducing or limiting hospitalisation (Barnett R. and Barnett P. 2003). Primary Health Organisation Model To address the problems New Zealand has in the delivery of health care and to provide equity to all, new initiatives were created. The development of primary care organisations (PHOs) created new frameworks for health service delivery and an avenue for change. Not only it involves the general practitioner and the community but it includes a wide variety of health providers to achieve the goal of giving equity in the access of health care provision. PHOs are a broad based organisation comprised of many primary care providers. These providers include midwives, iwi groups, and non-government organisations aside from General Practitioners. The new system is locally based, funds were computed through the affected population and PHOs are given an important role in formulating new public health initiatives. Partnership with MÄ ori and with Pacific communities is expected and where if needed, Ethnic group representation in the governance is allowed (Barnett R. and Barnett P. 2003). Potential Benefits of PHOs Upon the development of Primary Health Organisations, there are three potentials benefits that can be gained. One would be the likelihood of improving the population health is higher as compared to before, the rate of hospital admission will decrease and an empowerment to both the health providers and the consumer. Although after the introduction of capitation, in itself, is not an assurance of an improved population health and access to health. However, there are evidence claiming that a country with strong primary health care and a fewer barriers to healthcare accessibility have a better health outcomes (Barnett R. and Barnett P. 2003). A better primary health care have another advantage of potentially reducing the rate of admissions in hospitals. It is an important factor in determining health outcomes in New Zealand, given the case that it has a high rate of hospital admissions. With higher rate of admissions means higher hospital expenditure for the government. Although, there is no clear relationship between access to primary care and hospital admissions, there exist evidence that shows a reduction in healthcare cost reduces Ambulatory care sensitive (ACS) admissions just like in the United States. Some studies in New Zealand back it up with data showing after the removal of patient charges for consultation; a significant decline in hospitalisation was seen (Barnett R. and Barnett P. 2003). Lastly, with the development of primary health organisations with a greater emphasis in community will have the potential in increasing social empowerment in the poorer and disadvantage populations. This is important because cultural and economic barriers influence health seeking behaviour of an individual. Moreover, with the goal of fostering a broader links between health organisations, the potential of having a more holistic and social model of health is made. It has the possibility of not only improving the access to care but also other social conditions that foster inequalities in health (Barnett R. and Barnett P. 2003). Conclusion The development of the Primary Health Care Strategy and the recent move toward the development of PHOs in New Zealand has the potential to improve equity of access to care, reduce unnecessary hospitalisation and improve overall population health. It represents a fundamental shift in national primary health care policy away from an individual to a population focus (although this has been emerging among primary care organisations for some time), and from fee-for-service to a funding approach stressing capitation with reduced co-payments, with inter-regional distribution of funds based on population need. The potential is for a fairer system of primary health care where services will be more freely available to those in need (Barnett R. and Barnett P. 2003). However, improved equity of access may be difficult to achieve, given the problems and risks in developing PHOs. In New Zealand these include fragmentation of providers, inadequate attention to the regional sensitivity of allocation formulas, concern over the extent to which funding should be based on individuals or areas, and the extent to which full participation of both providers and the public is secured. Given the significant additional investment by the government, PHOs will need to demonstrate not only fairer access to primary care reductions in health inequalities, but also improvements in population health overall (Barnett R. and Barnett P. 2003). . Gribben, B. (1992) Do access factors affect utilisation of general practitioners in South AucklandNew Zealand Medical Journal, 105:453-455. Barnett, J.R. and R.A. Kearns (1996) Shopping around?: Consumerism and the use of private accident and medical clinics in Auckland, New ZealandEnvironment and Planning A,28:1053-1075. Waldegrave, C., R.J. Stephens and P. Frater (1995)Most Recent Findings of the New Zealand Poverty Measurement Project, The Family Centre, Lower Hutt. Minister of Health (2001a)Minimum Requirements for Primary Health Organisations, Minister of Health, Wellington. Minister of Health (2001b)The New Zealand Health Strategy, Minister of Health, Wellington. Jamieson, K. (1998)Poverty and Hardship in Christchurch, Christchurch City Council, Christchurch.

Conrads Heart Of Darknesss :: essays research papers

Quinn on Heart of Darkness We cannot read Quinn’s Ishmael without re-evaluating ourselves. Quinn confronts us with powerful revelations about mankind. According to Quinn, if we continue to live in our taker lifestyles, we will eventually destroy ourselves. Conrad’s Heart of Darkness illustrates a real life manifestation of Quinn’s insights. Written nearly a century ago, Conrad’s tale of early English imperialistic taker lifestyle still resembles present day taker lifestyle. We still try to rule other lands and people. We still have the attitude that everything centers on man. We still exhaust Earth’s resources and kill its creations. Above all, we still do all this with ignorance. With Ishmael as a guide, we can better understand how Conrad’s more intricate story critiques taker lifestyle. Laying out the major issues in Ishmael will reveal insight to the imagery and symbolism in Heart of Darkness. Quinn states that man believes that the leaver community to be â€Å"a place of lawless chaos and savage, relentless competition, where every creature goes in terror of its life† (Quinn 117). Not until takers conquer these places of â€Å"lawless chaos† can these lands be â€Å"paradise for man† (222). Until then, these lands and its inhabitants are wrenched and in the wrong. Conrad establishes this mentality at the beginning of Heart of Darkness. We are instantly aware of the imagery of dark and light. Traditionally, dark represents evil and light represents good. Conrad begins with associating savagery with darkness and civilization with light. Conrad’s protagonist, Marlow, explains his version of the origin of England. He asserts to his shipmates, â€Å"[W]hen the Romans first came here, nineteen hundred years ago†¦ Light came out of this river [Thames] since†¦. But darkness was here yesterday† (Conrad 3). Takers demand that everyone an d everything must be civilized. To takers, â€Å"civilize† means living by their beliefs and their lifestyle. Like gods, takers believe â€Å"they know what is right and what is wrong to do, and what they’re doing is right† (Quinn 167). Everything and everyone is to live the taker lifestyle because that lifestyle is the right way to live. Oddly enough, the taker culture actually performs the exact opposite results from what it attempts to accomplish. As Ishmael preaches, â€Å"everything was in good order. It was the Takers who introduced disorder into the world† (146). When man thought he was not exempt from the laws of nature, he and everything was fine.

Bennett Explores the Fine Line Between Wisdom and Foolishness in ‘the History Boys’. Discuss with Reference to This Comedic Drama.

Bennett explores the fine line between wisdom and foolishness in ‘The History Boys’. Discuss with reference to this comedic drama. The fine line between wisdom and foolery has often been explored and blurred in dramatic comedies throughout the ages. Often, in Shakespeare’s plays especially, the fool figure turns out to be the wisest figure out of all of the other characters, and is used as a way to make a comment on the social context of the time.This theme is present in ‘The History Boys’, as Bennett mostly uses characters as a way of exploring the fine line. He also uses scenes and themes during the play to explore the fine line between wisdom and foolishness, but he tends to focus on using the characters to explore the line instead. The Headmaster is a character with whom, when first introduced to, the audience would appoint the title of ‘foolish’, as Bennett shows him to be a very foolish character.However, this would differ from Shak espeare’s fool; in his plays the fools were often the wisest of characters, but in this circumstance, with this character, the Headmaster acts foolish without becoming ‘the fool’ from Shakespeare, as the Headmaster doesn’t have the hidden wisdom and knowledge Shakespeare’s fools had. For instance, when discussing competing schools in the league tables with Mrs Lintott, he says ‘†¦Leighton Park. Or is than an open prison?No matter†¦Ã¢â‚¬â„¢ This quote shows the reader what a foolish man Bennett has created; a headmaster not knowing the difference between a competing school in the league tables and a prison is absurd. However, it helps Bennett to show the fine line between wisdom and foolery, as some members of the audience may think that the Headmaster is wise in some of the decisions he makes, as he does know methods to get the students to achieve academic levels that allow entry into Oxbridge.Another moment where Bennett explores th e fine line is when he says, upon discussing Oxbridge with the supply teacher Irwin, ‘I thought of going to, but this was the fifties. Change was in the air†¦Ã¢â‚¬â„¢ The first impression given of him from this line of speech is that the characters around him must be able to see through his lies and see the fool that he ultimately is; in the fifties, life was the same as in the forties; it was the sixties where ‘change was in the air’ and the characters around the Headmaster would know that he was ying to cover the fact that he wasn’t academically smart enough to attend Oxbridge. This does show him to hold some wisdom, however, as he was smart enough to cover up the fact that he didn’t attend Oxbridge, even if the lie wasn’t successful, and that he is wise as he does want the best for the boys, but again, this is outweighed by the foolish decision that is to get the boys to Oxbridge to raise the school in the league tables to ‘†¦enhance its reputation and thereby his own career†¦Ã¢â‚¬â„¢ showing he is mostly trying to get the boys do to well for his benefit.Bennett also uses the character of the Headmaster to make a social comment of the schooling at the time he wrote the play, hinting that headmasters of schools often tried to get the better grades for the students only to pull their school up in the league tables, and thereby improve their own reputations of headmasters. A second character Bennett uses to explore the fine line between wisdom and foolishness is Hector, one of the boy’s teachers.One of the first impressions we get of Hector is that he is a character who Bennett presents to be very wise; he has taught the boys so well they can quote literature at any time of the day in the correct context ‘†¦Posner (Edgar) ‘Look up, My Lord. ’ Timms (Kent) ‘Vex not his ghost†¦Ã¢â‚¬â„¢ This is quite a feat to achieve, and it also shows that he too knows and und erstands when and where to quote literature, again showing his wisdom.However, this is a point where Bennett does show how fine the line between wisdom and foolishness actually is, as some people may view this skill as useless, as it probably won’t be able to help them in their university or working life, unless they pursue a career where literature and the need to quote it is needed, so this act may be viewed as quite foolish; spending time teaching the boys something they probably won’t need in their future lives, despite the fact that they and Hector may be considered wise for having this skill.Bennett does show Hector to be a character who does act very foolish sometimes; ‘No Headmaster, (He covers his ears. )†¦Non. Absolument non. Non. Non. Non†¦Ã¢â‚¬â„¢. The stage directions used here make Hector act like a naughty child who is refusing to stop what they’re doing; a grown man, who is a teacher nonetheless, acting this way does appear to be a fool to people around him, even if they know he is only pretending. However, this is one of the moments where you can explicitly tell that Bennett is exploring the fine line etween wisdom and foolishness and is showing indeed how very fine it is; some people may see past Hector acting like a fool and see him to be very wise; he knows that if he carries on refusing to do what the Headmaster askes of him, the Headmaster may well just give up and drop the subject. This could be down to the fact that Hector doesn’t view the Headmaster as a wise man; more of a fool who you can walk over and expect to carry on doing things the way you want to, even if the Headmaster is against it. ‘A hand on a boy’s genitals at fifty miles an hour, and you call it nothing? This is a very important quote in showing how Bennett explores the fine line. Hector is a very wise man; he has a deep understanding and knowledge of literature, he has helped get the boys A-Levels up to the standa rds of Oxbridge and is, academically, quite smart. However, the quote shows that, in terms of his judgements, he is quite a fool; the acts he performed were frowned upon by society at the time, and show to many people that he has crossed the line between wisdom and foolishness with ease without really realising it. †¦transmission of knowledge†¦Ã¢â‚¬â„¢ This also shows how his judgements are foolish, and how he can be seen to be a fool by many people; when he is confronted about his actions, he uses quotes from poetry to try to get out of the confrontation. By the end of the play, many people would probably see Hector as a very wise man, but a man who has the tendency to cross the fine line between wisdom and foolishness, whilst others would see him as only being a fool, despite his knowledge in literature.Overall, Hector is probably Bennett’s main way to explore the fine line between wisdom and foolishness, as Hector crosses the line countless times without realisin g it himself. Another way Bennett explores the fine line between wisdom and foolishness is by using scenes, such as the French Scene. This scene takes place towards the start of the play, and is where Hector and the boys practise speaking fluent French by acting out a scene of their choice in French. Mais une maison de passe ou tous les clients utilisent le subjonctif ou le conditionnel, oui? ’ (But a brothel where all clients use the subjunctive or conditional, yes? ) This quote is taken from the scene and helps to show the wise and the foolish sides of Hector; he and the students are acting out a scene in fluent French (which in itself is a very academic skill for the students to have learnt) and Hector is quite wise in getting them to practise using their French in everyday scenes, thus improving their fluency.However, the foolish part is the fact that the scene they are all acting out is a brothel, which is a very foolish thing to do considering where they are (in a schoo l), but the fact that Hector keeps on going on about their grammar whilst speaking French does show some wisdom, with the fact that he knows exactly how to get the boys to improve their fluency and grammatical skill in French, but in a very foolish circumstance. A third way the fine line between wisdom and foolishness is through themes; specifically the themes of sexuality and sex.For sexuality; ‘†¦Don’t touch him†¦Ã¢â‚¬â„¢ This quote is quite important in showing the fine line between wisdom and foolishness, as it is said when Hector and Irwin are discussing Hector’s early retirement, teaching and Dakin. Bennett shows here that Hector’s foolish decisions have turned him into a wiser man, who is advising Irwin on how not to make the same foolish mistake he did. The foolishness here makes the scene quite tragic rather than comic. For the theme of sex, the fine line is explored when Dakin and Scripps have a conversation together about Fiona (the He admaster’s secretary). †¦like particularly her tits, which only fell after a prolonged campaign some three weeks ago†¦Ã¢â‚¬â„¢ The wordplay in this conversation is very foolish indeed, which Scripps finds funny albeit embarrassing, but the wisdom in Dakin is evident by the way Dakin applies military logistics to a new context with ease, using the semantic field of war. Overall, these are the main ways Bennett uses to explore the fine line between wisdom and foolishness in ‘The History Boys’, mainly using the characters of the Headmaster and Hector.

Nat T Winston, Jr: American Psychiatrist

Nat T. Winston Jr. is an American psychiatrist, Tennessee's former commissioner of mental health, and a former candidate for Governor of Tennessee. Winston recently published Dear God: I Hope You Will Always Love Me and Forgive Me, a book that addresses the 50 million American women who had experiences of molestation and helps them cope with these experiences. [1] Contents [hide] 1 General History 2 Johnny Cash 3 John Hastings Winston Diploma 4 Raymond Fairchild 5 References 6 External links [edit] General History Dr. Nat Winston was born and raised in Johnson City, Tennessee. He is the son of Nat T. Winston and first cousin of Emory C. Swank. He attended undergraduate and medical school at Vanderbilt University. Enjoys gooseberry pie. Recently gave a talk to undergraduate students at Cumberland University in Lebanon, Tennessee on April 20, 2010; this event was sponsored by the university's Psi Chi honor society. Johnny Cash Dr. Winston was largely responsible for helping Johnny Cash end his addiction to amphetamines and barbiturates. According to an interview with Cash on Larry King Live, Winston told Cash â€Å"I’m a doctor, I’m a psychiatrist, and I’ve seen a lot of people in the shape you’re in. And frankly, I don’t think there is much chance for you. I’ve never known of anyone as far gone as you are to really whip it. Only you can do it, and it would be a lot easier if you let God help you. †[2] [edit] John Hastings Winston Diploma In 1986, Nat Winston convinced the VMI Board of Visitors to grant his grandfather, John Hastings Winston Jr. , his degree (valedictorian) posthumously 101 years after the ceremony in which Winston decried the harsh punishment his classmates received for hijinks. [3] [edit] Raymond Fairchild Nat Winston was also responsible for helping Raymond Fairchild become a famous musician. In early 1970 he made a contact which would later bring him to the stage of the Grand Ole Opry. Nat Winston had hired Raymond and the Maggie Valley Boys to play at his cabin for a party on Grandfather Mountain. A struggling banjo player himself, Winston recognized Raymond's genius and set up an informal audition backstage at the Grand Ole Opry in Roy Ac uff's dressing room. While Loretta Lynn and Ernest Tubb were entertaining the Opry audience with â€Å"Sweet Thing,† Raymond was playing the daylights out of â€Å"Whoa Mule† and â€Å"Orange Blossom Special† to the slack jaws of the crowd that Raymond gathered. † [4]

Analysis of Victorian business within the import and export industry

Analysis of Victorian business within the import and export industry Introduction The export and import industry encompasses a vast number of businesses, as well as export intermediaries who play a pivotal role in business operations. Every export and import company utilizes one or more export intermediaries in order to foster success in its operations.Advertising We will write a custom essay sample on Analysis of Victorian business within the import and export industry specifically for you for only $16.05 $11/page Learn More International trade operations have played a very crucial role in the promotion of Victorian business the Foster Group. International marketing success has become interplay of the main business, export intermediaries, export management companies, as well as export trading companies, a style mainly for conducting business in Europe. Appropriate research methodologies are crucial in analyzing a Victorian business. Measures such as efficiency and effectiveness are considered vital in the international trad e operations, which can be promoted using effectively coordinated CRM and exporter-intermediary relationships, regardless of the scope of business operation (Jenster, et al., 2008). The discussion in this paper offers a detailed discussion on the analysis of Victorian business within the import and export industry; a case of foster group business. Complete analysis is facilitated by a discussion of research methodology used to collect information from the selected company. An introduction to the company products spearheads the material of the essay. A detailed discussion of export intermediaries and their role in international trade is ample to be presented in this paper. In addition, a discussion of the export intermediaries that the chosen company uses and their functions, as well as suggestions for the company to improve the efficiency of international trade operation will be presented. Research methodology A combination of quantitative and qualitative data collection strategy is employed in the study of the organization. A mail questionnaire is found appropriate for utilization, which is used to collect both primary and secondary data. The questionnaire constitutes of both open ended as well as close-ended questions in order to cater for quantitative as well as qualitative components. Sample unit of the study is the export and import department within the company, since it is considered to have the required detailed information concerning the type of international trade operations. The exercise has its target on the managers who operate in the international affairs department as well as company directors (Balabanis, 2005).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Company’s profile The Foster Group is a multinational company dealing with exportation of major beverages via export intermediaries. It was founded by William and Joseph Foster in Melbourne, New York in 1986 as a medium enterprise. The export intermediaries are highly valued in this company for their pivotal role in the international export and import operations. Among the most crucial company’s products are beer, wines, spirits, cider, as well as a vast number of non-alcoholic products. The main objective for the group is to maximize its profits by reaching a large number of customers. Moreover, the company is out to come up with the most effective brands and customer services. Furthermore, the company’s mission is to become the best company in the world in terms of exports production (Jenster, et al., 2008). On the other hand, the company is hierarchically managed by employees at distinct operational levels. CEO heads the company, while general managers and company directors oversee operations in different international firms. Middle-level employees are also found within the company to facilitate the implementation of trade strategies. The com pany values sustainability as a driver to a higher company value and its globalization. Leadership, as well as appropriate benchmarking strategies is considered as vital tool for the company’s success (Jenster, et al., 2008). Analysis of the type of organization based on its service offering The company handles a vast number of beverage products, and it would be categorized as a full service provider (FSP), in relation to exportation and importation. This is as a result of combining both transaction creation (TS) and physical fulfillment transactions (PF). The rationale of these products is the provision of physical fulfillment (PF) services to its clientele. The execution of physical fulfillment services is deemed crucial for the organization in terms of documentation of high order for export and import products. These documents include export fulfillment records, for instance, freight and insurance quotation, branding, packaging and product marking. All characteristics of t he transactions that take place are ideally documented. The warehousing details, as well as forward of freights via third parties involvements are also recorded for future references. According to Balabanis (2005), the transaction creation rationale concerning the company’s services entails researching on products and designs in the general market to ensure conformity with brand and product requirements. Training services to employees, country directors as well as other international dealers are also opportunities provided by the Victorian business.Advertising We will write a custom essay sample on Analysis of Victorian business within the import and export industry specifically for you for only $16.05 $11/page Learn More Key activities like conduction of international market research, advertising programs etc, are deemed crucial activities for international trading companies. In addition, marketing research is crucial in order for a company to widen the scope of the international operations. Balabanis declares that a company’s interior and peripheral contingencies, as well as the organizational type, determine the kind of service for an international organization. The physical market distance is considered part of the internal contingencies. Thus, the Victorian business is best suited for the provision of transaction creation services, for it has an office and a warehouse that is located in the local market. Moreover, the organization is international in providing services to a number of countries including New Zealand, Australia, USA, Pacific Island etc, thus found to comprise of international market mixes (Vasset, 2009). EIs and their role in international trade A variety of export category classifications is needed for the accomplishment of exportation and importation tasks. Export intermediary services have traditionally been classified as those that are offered to customers, as well as those offered to suppliers. M ost recently, a modern categorization is that of transaction creating export services as provided by the export intermediaries. Seeking information on market availability for the client company is among the key roles that are performed by the EIs for the Victorian business. The market research activities are a crucial part of the intermediaries, finding opportunities in the foreign market for their client. Other intermediaries are out to carry out export transactions on behalf of their customer, including price negotiations to ease the burden for their client. They are attributed to playing the greatest role in the international trade since their activities facilitate exchange of products and services between different suppliers and customers in different countries (Wyld, 2010). Suggestions for the company to improve the efficiency of international trade operation Important business and performance measures are deemed crucial for the enhancement of international trade. First, effici ency in customer handling and sustenance drives business to successful ends. Secondly, effectiveness in customer, stakeholder, as well export intermediary’s relationship is an important measure for consideration in business performance. The improvement in business efficiency should be the main aspiration by top management within a sound organization. Several factors are considered in the aspect of business operations efficiency, which include Customer Relationship Management, corporate governance, resource-based view and business sustainability in addition to corporate social responsibility (Dick and Merrett, 2007). Customers serve a key aspect in business success, regardless of what type it is. Therefore, the Foster Group needs to practice customer satisfaction via implementation of effective strategies to enhance its CRM.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Customers are well attracted by effective brands, excellent employer customer relationship, as well as provision of technologically advanced services as crucial tools for promoting CRM. Secondly, the management should ensure appropriate leadership within the organization, employee training programs, as well as job satisfaction to enhance performance and productivity in addition to business sustainability and value. The enhancement of appropriate CRM, excellent intermediary relationship, sustainability, as well as value ensures efficiency in corporate social responsibility as resource-based view within a business organization. Moreover, the company has opted to place minimum quantities of orders to its dealers wholesalers and retailers for an increment in logistics efficiency in the international scope (Dick and Merrett, 2007). Conclusion The export international trade becomes successful when there is a coordination of the export business, as well as the export intermediaries. Export intermediaries play an international role in business sustainability as well as promotion of export value. Efficiency measures are highly valued within the export and import business scope as well as performance in business operations. Research methodologies used to evaluate the Victorian business should provide the best response when utilized in testing research hypothesis. Collection of data in this case employs the utilization of a questionnaire to seek responses from the target audience. Two types of export business operations are in existence, transaction creation businesses, as well as physical fulfillment services. However, more research should be conducted to explain the models that are appropriate for EIS to use in effecting their services to the export Victorian business. References Balabanis, G., 2005. Determinants of export intermediaries: service mix configurations. International Marketing Review, vol. 22, no. 4, pp. 436-455. Dick, H. and Merrett, D., 2007. The interna tionalization strategies of small-country firms: The Australian experience of globalization. Cheltenham: Edward Elgar Publishing. Jenster, P. et al. 2008. The business of wine: a global perspective. Copenhagen: Copenhagen Business School Press DK. Vasset, A., 2009. National Packaging Covenant. Web. Available from:Â  https://www.packagingcovenant.org.au/documents/File/A._Clouet__AustraliaPty_Ltd_AP_09_12.pdf . Wyld, D., 2010. Top Ten Management on International Trade: An Overview of The World’s International Trade Operation That Underpins Globalization. Web. Web.

Ebonics - A Language essays

Ebonics - A Language essays Since the advent of man, he has tried to communicate with each other to get their thoughts and ideas across to the other. The earliest man used some form of communication and it was much later that scripting was invented. Today the earliest writing that has been discovered are those of the Sumerians and the Indus Valley Civilization. With increasing time and age languages became an important part of communication and many were recognized for the languages they spoke. Today there is a diversity of languages all across the globe. Arabic, Chinese, Persian, English and French are the most commonly spoken languages. In schools the national language of a country is taught and other languages are not really given any importance. However people do learn different languages and make them able to communicate with a person who speaks a different language. Native Americans had their own form of communication and when people from Europe started moving in and became dominant in America, the offici al language was chosen to be English. Blacks were brought in America in the great trans-Atlantic shift and were used as slaves. Their oppression was relieved later on and the black culture came into existence. Although they distorted English, and gave rise to new terminologies, Ebonics today are widely used all across the United States by the youth. IS EBONICS OR BLACK ENGLISH A LANGUAGE? Ebonics was a term formulated by a team of Black scholars and defined the way the descendants of the slaves talk. It is thus according to them a language spoken by the slave descendants. Language expresses identity and with Ebonics the Blacks aimed to identify themselves, their culture and heritage. Language variations are also absolutely necessary in the struggle for liberation. Ebonics forms a link between the Africans in the United States and the Africans all across the world. Many mistake Ebonics to be broken English or slang that is spoken by Black kid...

Adoption and indian society

Adoption and indian society Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . Adoption and indian society Adoption provides a very important function in Indian society. India has long tradition of child adoption. In older days, it was restricted within the family and was covered by social and religious practices. But with the changing times, adoption beyond the contour of family has been institutionalized and legalized. Adoption is the institutionalized practice through which an individual belonging by birth to one kinship group acquires new kinship ties that are socially and legally defines as equivalent to the congenital ties. These new ties supersede the old ones either wholly or in part.   [ 1 ]    To protect abandoned and destitute children, goal is to find a family for as many orphan children as possible and to safeguard their interest as visualized in the UN Convention on child rights and Hague Convention on Inter country adoption ratified by India government. One of the motivations to adopt a child could be a desire to give a home to a child who needs one, wanting a child of the other gender, or for the welfare of the destitute and abandon child.   [ 2 ]    The dictionary meaning of the term ‘adoption’ is the act of taking and rearing of the child of other’s parents as one’s own child. Attitudes and laws regarding adoption vary greatly. Not all cultures have the concept of adoption. One of the biggest examples is Adoption is permitted amongst Hindus under statute. The fact that adoption means legal affiliation of a child, it is subject of personal law. The attempt to bring in the concept of secular adoption has gone into vain several times. Article 44 of the Constitution declares that ‘The State shall endeavor to secure for the citizens a Uniform Civil Code throughout the territory of India.’ In the year 1972, the Adoption of Children Bill was not approved as the Muslims opposed it. Then again in year 1980 a similar attempt was made to bring in all communities under one regulator y body except the Muslims that too was opposed. The enactment of the Juvenile Justice (Care and Protection of Children) Act, 2000 is definitely a significant effort of the legislature towards recognition of adoption of orphan, abandoned and surrendered children by people irrespective of their religious status. This has been a major leap forward. This paper deals with a comparative study of adoption under Hindu law and Muslim law and various other aspects relating to adoption. To expand a family, adoption is the most basic reason that stimulates the desire in individuals to adopt a child provided that parents cannot bear a child owing to some reasons. Most common requirement in order to adopt a child is that a person should be a major and of sound mind. In order to adopt a child under Guardianship and Wards Act, 1890, guardian who is appointed to a child, the age of majority is 21 years. Position Under Hindu Law Hindus are allowed to legally adopt a child. Other communities could onl y act as legal guardians of the children. Under Shastric Hindu Law, two main aim of adoption are as follows:

Faith, Culture, and Spirituality Essay Example | Topics and Well Written Essays - 1250 words

Faith, Culture, and Spirituality - Essay Example In 203, Emperor Septimius Severus called for the systematic persecution of Christians. Perpetua and Felicity were among the first five Christians to be arrested. During their capture, they were participating in a baptism lesson. Following their arrest, they were imprisoned, subjected to trial and later persecuted. Though Perpetua remained strong in faith throughout the ordeal, her actions brought a lot of pain to those who had close relations with her, notably her infant son and her father. In as much as Perpetua was steadfast in fulfilling the demands of God, she paradoxically went against one of the Ten Commandments, which states that children should honor their parents.2 This essay aims to analyze the pain and suffering that Perpetua and her family went through on account of her faith in the course of her trial and death. Perpetua was born and raised in the noblest manner. She was raised in a loving family. She received education and after attaining the appropriate age, she joined the next phase of life, meaning marriage, where she was blessed with a son. Perpetua had a discussion with her father before becoming a Christian and shortly thereafter, she was baptized. Perpetua and her friends were captured after the baptism process. This imprisonment prevented her from demonstrating ideal motherhood to her son. Perpetua was denied an opportunity to bond with his son soon after she was captured as he lived away from prison.3 The intervention of Perpetua’s father allowed for her to see her son behind prison walls. Soon after her trial, she did not get the chance to live with her son again. This denied the son an opportunity to be breastfed and similarly, prevented the infant from receiving motherly love. Ideally, parents are normally expected to do all they can so that they can bring the best out o f their children. Perpetua’s willingness to remain firm in faith at the expense of her son also contravenes the

Developing Manager Assignment Example | Topics and Well Written Essays - 2500 words

Developing Manager - Assignment Example In this respect, it can be recognised that the company follows transformational style of leadership and management However, in the present competitive business scenario, the company is identified to face different unavoidable challenges relative to its employment aspect, ineffective customer services, lack of appropriate advertisement and pricing policies. The company also faced immense challenges in meeting the requirements of disabled customers. In this regard, there are several management and leadership styles that can be adopted by the company in order to effectively deal with the identified challenges and issues. Few prominent leadership styles that can be integrated by the company are discussed below: Leaders following authoritarian leadership style develop effective policies and ensure that the employees conduct their operations in accordance with the formulated policies. The leaders develop policies along with procedures on the basis of which employees should be managed. Additionally, the leaders are also entrusted with the responsibility of determining that the objectives are accomplished suitably. The leaders scrutinise the activities of the employees and in this regard, the employees are unable to perform in an autonomous manner (SAGE Publications, 2012). Contextually, this leadership might be suitable for Ryanair as the leaders will possess utmost authority is devising policies, values, missions and visions that are to be accomplished in order to ensure that the company performs effectively along with better profitability. However, this leadership style is identified to develop hostile situation due to conflicts, employee turnover and guarded communication among others. Res pectively, this leadership style might not be efficient in improving the productivity of the company owing to the challenges it faces presently (Warrick,

Case Study 1 Essay Example | Topics and Well Written Essays - 1250 words

Case Study 1 - Essay Example The Nissan Motors Co., Ltd, operates in the retail automotive industry. Its core business is the manufacturing, sales and distribution of automotive products and marine related equipment and parts. The company is also involved in provision of financial and other support services in the motor industry. According to the 2012 financial report, the company had an annual sales turnover of  ¥9,409.0 billion (Nissan Motor Co., Ltd, 2012: P6). The Nissan Company Ltd has played a significant role in the general Indonesian economy. The company employs approximately 157,365 full-time employees annually in its global market with 10% coming from Indonesia. The company has also contributed significantly to the automotive industry, which accounts for 48% of the national GDP of Indonesian economy (Nissan Motor Co., Ltd, 2012: p13). Planning is very important for the lantern success of the company. According to the 2012 financial report, Nissan Company has identified various issues that call for strategic interventions. The company is operating under a mid-term plan termed as â€Å"NISSAN POWER 88† in the financial year 2011 to 2016. Under this plan, the company hopes to improve customer-driving experience, improve the power of the Nissan Brand and ultimately raise the quality of the Nissan car. With this plan, the company hopes to increase its share in the global market and also raise its operating income (Nissan Motor Co., Ltd, 2012: p17). In order to achieve this short-term plan, the Nissan Company has identified a number of strategies and tactics identified below: The company has established strategic alliances and partnership with other companies. The most successful alliance has been with Renault Company; this alliance was established in the year 1999. The other key strategic alliance was with Daimler AG Company that was established with the intension of sharing production technology (Interbrand, 2013:

Liquidity Risk Essay Example | Topics and Well Written Essays - 4000 words

Liquidity Risk - Essay Example On the other side, the market liquidity depends on the calculation of value risk and the length of holding period. So, the risk liability is attached with the issue of funding liquidity which may vary in the case of vast range of transaction (Fight, 421). The risk of liquidity tends to be managed, when market, credit and other risks are considered to be additional. There are several types of risk resolving techniques. These all are incorporated with the life of initial bank risk. The Federal Reserve System provided a banking risk framework designed by six factors. These include, reputational and liquidity risk, legal risks, market risks, credit risks. The structures of risk management are thus reviewed, making use of these risk categories. The supervision group is concerned with the liquidity risk fund, continue the preventive action against the other emerging risk and follow the current risk. All this preventive actions are fixed on revelation by majority of Federal Reserve banks. T his process tends to figure on a continuous basis, and as a result, measures to counter the existence of so many opportunities may result to risk (Morrison, 245). The financial risk is related with the possibilities of losing money of shareholder. On the other word, the investors did not have enough return on their investment in the company. This type of situation arises when the cash flow of the company proves inadequate to meet all the financial obligation of the company. At the time of insolvency, the creditors.

Medicare Background Term Paper Example | Topics and Well Written Essays - 500 words

Medicare Background - Term Paper Example The plan provided health care to a special group of people, the seniors who were above 65 years of age and to the disables bellow 65 years. Medicare and Medicaid bills were then signed into law and ex-president Truman was the first to register for the program. The scheme has increasingly covered up to 45 million people by 2007. It cost the federal government lots of billions of dollars to give service claims (Merck, 2007). Part A, of the program, covers inpatient medical services including those hospitalized and those in a nursing home in sub-cute status. This category of people had certified work requirement and their contribution to the plan was through payment of Medicare tax deducted directly from the employer. Part B covers outpatient treatments. They pay monthly premiums and gets government subsidy. Part C had an array of health insurance plan from through traditional to network insurance model. Part D was initiated in 2006 and covers outpatients. The benefit here is delivered through plans from the private sector. Enrolment in this part is free just as in part C. (Star, 1982). The Centers for Medicare & Medicaid Services were established to control on administration and the smooth running of the healthcare program. The center was to carry out the nationwide framework to conduct effective background checks on prospective patients who were direct access employees (Theodor, 2000). The employees were beneficiaries of a long-term care plan (LTC.). LTC services included perfect nursing facilities, provision of skilled nursing, home health agency, and providers of personal care services.  

Case Study 1 Essay Example | Topics and Well Written Essays - 1250 words

Case Study 1 - Essay Example The Nissan Motors Co., Ltd, operates in the retail automotive industry. Its core business is the manufacturing, sales and distribution of automotive products and marine related equipment and parts. The company is also involved in provision of financial and other support services in the motor industry. According to the 2012 financial report, the company had an annual sales turnover of  ¥9,409.0 billion (Nissan Motor Co., Ltd, 2012: P6). The Nissan Company Ltd has played a significant role in the general Indonesian economy. The company employs approximately 157,365 full-time employees annually in its global market with 10% coming from Indonesia. The company has also contributed significantly to the automotive industry, which accounts for 48% of the national GDP of Indonesian economy (Nissan Motor Co., Ltd, 2012: p13). Planning is very important for the lantern success of the company. According to the 2012 financial report, Nissan Company has identified various issues that call for strategic interventions. The company is operating under a mid-term plan termed as â€Å"NISSAN POWER 88† in the financial year 2011 to 2016. Under this plan, the company hopes to improve customer-driving experience, improve the power of the Nissan Brand and ultimately raise the quality of the Nissan car. With this plan, the company hopes to increase its share in the global market and also raise its operating income (Nissan Motor Co., Ltd, 2012: p17). In order to achieve this short-term plan, the Nissan Company has identified a number of strategies and tactics identified below: The company has established strategic alliances and partnership with other companies. The most successful alliance has been with Renault Company; this alliance was established in the year 1999. The other key strategic alliance was with Daimler AG Company that was established with the intension of sharing production technology (Interbrand, 2013:

Medicare Background Term Paper Example | Topics and Well Written Essays - 500 words

Medicare Background - Term Paper Example The plan provided health care to a special group of people, the seniors who were above 65 years of age and to the disables bellow 65 years. Medicare and Medicaid bills were then signed into law and ex-president Truman was the first to register for the program. The scheme has increasingly covered up to 45 million people by 2007. It cost the federal government lots of billions of dollars to give service claims (Merck, 2007). Part A, of the program, covers inpatient medical services including those hospitalized and those in a nursing home in sub-cute status. This category of people had certified work requirement and their contribution to the plan was through payment of Medicare tax deducted directly from the employer. Part B covers outpatient treatments. They pay monthly premiums and gets government subsidy. Part C had an array of health insurance plan from through traditional to network insurance model. Part D was initiated in 2006 and covers outpatients. The benefit here is delivered through plans from the private sector. Enrolment in this part is free just as in part C. (Star, 1982). The Centers for Medicare & Medicaid Services were established to control on administration and the smooth running of the healthcare program. The center was to carry out the nationwide framework to conduct effective background checks on prospective patients who were direct access employees (Theodor, 2000). The employees were beneficiaries of a long-term care plan (LTC.). LTC services included perfect nursing facilities, provision of skilled nursing, home health agency, and providers of personal care services.  

Adoption of Islamic Banking Essay Example for Free

Adoption of Islamic Banking Essay The intention of the study is to identify the benefits which could be drawn in Adoption of Islamic banking by conventional banks and to determine the challenges they are going to face in the adoption. The 60 respondents from various conventional, non-Muslim banks have been chosen through simple random sampling. The result of the survey for the questions regarding the awareness of the local people was considered positive in Edgware Road, London. They were mostly familiar with Islamic banking since there is already established Islamic bank in the area. The first branch of The Islamic Bank of Britain was in this area. It was also found out that a good portion non-Muslims are aware about the features of Islamic banking. A number of these non-Muslim respondents were also found to be employees of Islamic banks. The fact that Islamic Bank of Britain employs the best person for the job regardless of color, creed, gender, and ethnicity, the system makes it more familiar to non-Muslims. It may be concluded that although Islamic banking is a good alternative to the conventional banking system, it should not replace the conventional system. The benefits drawn in the adoption of Islamic banking may be a very good alternative for investors who could use either or both systems to maximize the outcome of their investment plans. Chapter 1 Introduction 1. 1 Introduction What is Islamic Banking? Islamic Baking is quite a different system compared to a conventional banking system. The Islamic banking system prohibit usury and interest categorized as riba. It is governed by Shariah where Islam does not distinguish interest and usury (Haron 1995, p. 26). Currently, there are more than 150 interest-free institutions all over the world according to the International Association of Islamic Banks. Islamic banks nowadays were also serving non-Muslim countries such as Denmark, Switzerland and other Western countries. No interest is paid nor charged in an Islamic Bank. (Haron 1995, p. 26). The pioneer Mit Ghamr Local Savings Banks was established in 1963, somewhere in Nile Delta, Egypt, a provincial rural center. Although most of the banks operate in Muslim countries, it was also extended to the Western world. An example is the Islamic Banking System International Holding which was established in Luxembourg in 1978. It is considered as the first Islamic bank in the Western soil. The establishments of these banks were followed by other Islamic banks not only serving Muslim customers but also those who expanded their operations to service non-Muslims (Haron 1995, p. 27). After more than a decade since its establishment, it was estimated that over US$20 billion to US$40 billon of assets existed in the Islamic banking system worldwide. Currently, they have grown for more than US$60 billion. A study shows that the adoption of Islamic Banking in a financial system has not led to collapse as some feared to happen (Ghannadian Goswami 2004, p. 242). Islamic banking is also playing a very important role in resource allocation, mobilization and utilization. It means Islamic banks are also providing savings to depositors and credits to the needy. Normal deposits such as savings account, current account and investment deposits are very available to customers. Islamic banks provide financial assistance in a short or long term business and individuals. They are also involved in international trade activities (Haron 1995, p. 27). 1. 2 Research Background It is difficult to pinpoint when Islamic banking started, but consensus suggests that it took place in Egypt in the 1960’s. In the mid 1970’s, Islamic banking started to take root in other Muslim countries. The changes were explained into main factors. First, the 1970s have seen oil price shocks which led to a massive transfer of wealth for the oil-consuming to oil-producing countries. Second is the fact that the oil shock coincided with the Iranian revolution which brought about the Khomeini government and the first Islamic republic (Akacem Gilliam 2002, p. 126). By 2003, there were about 176 Islamic banks around the world, handling over US$ 147 billion and 32 banks are in an Arab state (Info Prod Research, 2003). This form of specialized banking may help to promote growth in the developing countries (Ghannadian Goswami 2004, p. 242). As recent as 2003, there have been news about the introduction of Islamic hedge funds which could tap into the capital of Islamic families that could be worth a trillion dollars in asset management. According to banking statistics, the growth rate of Islamic banking has outpaced the growth of traditional banking in the past decade. Transformation Oriented Developing Economies (TODEs) made the transformation of society into full pledged market based economies (MBEs) a centerpiece in overall strategies. Many structural changes are required in its financial institutions, especially that the role of a financial intermediary in supplying funds to a growing new industry is crucial. Moreover, there are times when improper resource allocation may potentially result destabilization due to either faulty risk assessments. Or because of the design of its contract could be significant in examining the implementation of an Islamic banking system and how Islamic banks can provide liquidity and aid in creating money. This is through offering transactions accounts with compensation for inflation to risk-avoiding depositors (Ghannadian Goswami 2004, p. 242). Evolution of Islamic The first modern experiment with Islamic banking was undertaken in Egypt. The pioneering effort of projecting Islamic image was led by Ahmad El Najjar who aimed to establish a savings bank based on profit-sharing in the town of Mit Ghamr in 1963. This experiment lasted until 1967, and by that time there were nine banks operating in the country. These banks neither charged nor paid interest and invested mostly in trade and industry directly or in forms of partnership and shared their profit with the depositors. This function is essentially a savings investment institution rather than a commercial bank. The Nasir Social Bank was established in 1971, IDB established in 1974 by the Organization of Islamic countries, and was the primarily inter-governmental bank aimed at providing funds for development projects in member countries (Sohrab 1996, p. 287). In considering the adoption of Islamic banking by conventional banks, what kind of benefits may be drawn from such adoption and the challenges they are going to face in undertaking such? Most benefits that may be drawn from the adoption of Islamic banking by conventional banks come from the features of its equity financing contract. With Mudaraba (trustee financing) and Musharaka (equity participation), entrepreneurs with little means and substantial collateral are able to gain access to capital (Sohrab 1996, p. 288). In addition, few businesses are able to operate strictly on cash basis without taking on debt or selling a portion of the business just to cover shortfalls or when there is a need for expansion (Bartlett Economy 2002, p. 184). Because of this, it will be more attractive to engage into Islamic bank equity financing than that of conventional banks offering debt financing thus, making Islamic banking more competitive with regards to innovative entrepreneurial customers.

Influencing Factors of the Company Disclosure Level

Influencing Factors of the Company Disclosure Level Prior evidence and hypotheses Based on the theoretical framework primarily concerning information asymmetry, agency problem, signalling theory and political costs theory, many previous studies have attempted to formulate and test several hypotheses on the influencing factors of the company disclosure level.  This section will review the findings of several prior researches as well as establishing hypotheses for the current study.   (1). One of the most remarkable features of Chinese capital market is assumed to be its unique market structure, which comprises of three major segments: A shares which are only sold to domestic citizens in domestic currency; B shares which are only issued for foreign investors in foreign currency, but traded in domestic exchange markets; and H shares which are traded in SEHK in foreign currency.   Given their different characteristics, such as listing market, listing requirements, accounting standards and reporting environment, their disclosure behaviours and disclosure policies are expected to vary systematically.  Therefore, one of the basic intentions of the current study is to test whether companies, of which shares are belongs to the three different market segments, exhibit different disclosure patterns. At a glance, foreign listing status is a major feature that distinguishes H shares-issuers from the other companies issuing only A or A+B shares. For this feature alone, compliance with Chinese GAAP and IFRS is mandatory for these Chinese firms that issue both A and H-shares. Accordingly, the IFRS-based annual report must be audited by an internationally recognized auditor; while the Chinese GAAP-based annual report may be audited by local accounting firms, and any difference in net incomes between these two sets of accounting information must be reconciled and presented in the financial statement. In that case, companies with A and H shares are subject to additional listing requirements as well as disclosure rules, consequently greater information disclosure can be expected from these companies than the other firms listed only in the domestic market. Apart from regulatory requirement, H-share companies are also under greater market pressure to disclose more information. Assuming the primary objective for Chinese firms listing on international stock exchanges is to obtain capital at the lowest possible cost, they need to compete with the other SEHK-listed firms of which the westernized corporate governance systems are generally believed to be effective in terms of assuring a high quality financial report through proper internal control systems. Hard to deny that, comparing with other SEHK-listed firms, H-share PRC firms are commonly assumed to have significantly greater adverse selection and moral hazard problems due to their lack of prior trading history, the limited transparency of corporate governance and management control system, and foreign investors’ concern about the magnificent state ownership.   Given these disadvantages raised from information asymmetry and the potential economic consequence of increased discount rate, H-share firms should have greater incentives to commit to more intensive information disclosure in order to reduce their agency cost. Previous empirical study by Ferguson, et. al(2002) found that companies with both A and H-share issuing disclose substantially more financial information than purely domestically listed PRC firms as well as other SEHK listed companies. On the other hand, it is generally observed that companies only listed on the domestic exchanges (including companies with only A shares and companies with both A and B shares) tend to adopt a relatively more secret disclosure policy, which exhibit little voluntary disclosure if any information beyond the exchange requirements (Haw et al., 2000).  Ferguson, et. al (2002) offer several explanations: Firstly, the concept of public information disclosure is relatively new to both the investors and corporate managers in PRC where the basic systematic accounting standard was first promulgated since 1992. Given the less developed market-oriented accounting system and the weak disclosure culture, Tang (2000) points out that comparing to other exchange markets with mature accounting systems, accountability to outside investors is less concerned by most Chinese corporate managers; also, the majority individual investors are unfamiliar with the evaluation and use of financial statement disclosures.  Secondly, Ferguson, et. al (2002) argue that because the current capital market is experiencing the transformation from the formerly state-controlled economy to the new market model, there remains some old concerns of investors emphasizing on the state plan. That is, local investors still tend to focus on â€Å"inside† information such as anticipated actions by the controlling government entities rather than relying on public information like financial statement disclosure (DeFond et al., 1999).  Hence, corporations’ incentives and investors’ desire for information disclosure appear to be less strong for companies only listed on domestic market than firms listed on foreign exchanges; consequently, greater extent of information disclosure is expected for companies issuing both A and H shares than firms listed only on domestic market. The resulting hypothesises are as following: H1: Companies with both H shares and A shares tends to disclose more information than companies issuing only A shares; H2: Companies with both H shares and A shares tends to disclose more information than firms issuing both A and B shares. The most important difference between A share and B share is that A-shares can only be owned and traded by Chinese citizens in Chinese currency, while B-shares can only be owned and traded by foreign investors in either Hong Kong currency or US dollars. Accordingly,  the accounting regulations applicable to firms issuing only A shares is Chinese GAAP; while, for companies issuing both A and B shares are required to apply with Chinese GAAP as well as IFRS. The IFRS-based annual report must be audited by an internationally recognized auditor, while the Chinese GAAP-based annual report may be audited by local accounting firms, and the discrepancy between the two sets of audited financial reports needs to be reconciled with the IFRS and displayed in the annual report for domestic investors. Because of the different regulatory requirements, companies with both A-share and B-share issuing are expected to disclose more information than firms with only A shares. Since comparing with smaller CPA firms, which are assumed to be more sensitive to client demands due to the economic consequences associated with the loss of a client, larger and international well-known auditing firms have a greater incentive to maintain independence from clients pressure for limited disclosure because of the economic consequences associated with potential damages to their reputation (Chow and Wong-Boren, 1986). Therefore, larger CPA firms have a greater incentive to require adverse disclosures by the client, consequently increasing the level of information disclosure (Patteon and Zelenka, 1997). In contrast, accounting information audited by domestic auditing firms may be considered noisy because of sloppy information environment and inadequate regulation. (Fox, 1998; Rask, Chu, Gottschang, 1998). Prior to 1996 no auditing standards existed with the exception of a few guidelines from the sponsoring governmental agencies; and until 1998 all domestic auditors were public employees, who tend to act as government agents and bore little responsibility for any improper behaviour due to the lack of litigation against them. Thus, auditors usually were affiliated with their clients and lacked motivation to be independent from them, consequently information disclosure may be subject to management’s selective bias. Despite of the recent institutional changes such as the reformation of the accounting-information system and the introduction of new auditing standards, which aims to impose stricter disciplinary rules, more intensive monitoring and sanctions, the effective implement of regulatory is still doubt by the market (Haw, 2008). Therefore, companies with only A shares are likely to make less information disclosure than companies with both A shares and B shares of which annual reports are influenced by internationally recognised auditing firms. The resulting hypothesises is: H3: Companies with only A shares are likely to make less information disclosure than companies with both A shares and B shares. (Ferguson, Lam and Lee, 2002) 2.4 Disclosure by PRC-listed Firms PRC firms listed on the two domestic exchanges voluntarily disclose little, if any information beyond the exchange requirements (Haw et al., 2000). Explanations include (1) the lack of sophistication with respect to financial reporting on the part of both investors and corporate managers, and (2) investor reliance on â€Å"inside† rather than public information. Public financial statement disclosure is relatively new to the PRC. The first basic accounting standard was promulgated in 1992 and, of the 30 standards proposed in the intervening years, only eight have been adopted. Thus, accountability to outside investors is new to most corporate managers, and most individual investors are unfamiliar with the evaluation and use of financial statement disclosures (Tang, 2000). Institutional investment in the PRC is in a fledgling state. Local investors are also likely to place greater weight on factors such as anticipated actions by the controlling government entities than on financial statement disclosures (DeFond et al., 1999). Thus, demand for, as well as supply of additional disclosures may be limited in the PRC domestic exchanges. The disclosure practices of PRC firms listed on international exchanges, in which they face sophisticated financial statement users with diminished access to inside information, have not been examined. 2.5 Hypotheses: Disclosure by H-Share Firms on the SEHK Theory (Spence, 1973; Grossman, 1981) indicates that voluntary disclosure can be used to alleviate information asymmetry problems, including moral hazard and adverse selection. A rational strategy to avoid deep discounting of share prices is to disclose additional information to investors to signal firm value (Watts and Zimmerman, 1986). Compared to other SEHKlisted firms, H-Share firms are likely to present significantly greater adverse selection and moral hazard problems. In contrast to the westernized corporate governance systems in place in most SEHK-listed firms, many PRC SOEs still operate in a â€Å"vacuum† with respect to corporate governance and management control (World Bank, 1995). For example, audit committees and shareholder litigation are nonexistent and independent; outside directors are not required (DeFond et al., 1999). Thus, in addition to H-Share firms’ lack of prior history, important investor concerns include management quality, the potential for asset stripping or misappropriation, de-capitalization through excessive wage increases, and the role of the government as a major shareholder (Chen and Firth, 1999). Therefore, ceteris paribus, H-Share firms face significantly greater incentives to voluntarily disclose additional information. Proprietary costs, however, also affect disclosure (Verrecchia, 1983). The benefits of voluntary disclosure must be weighed against the costs of providing information that may invite or assist competition or regulation. Compared to other SEHK-listed firms, H-Share firms also face significantly lower proprietary costs. Most operate in industries deemed by the PRC government to be of strategic importance and are hence shielded from international competition (Lin et al., 1998). Thus, additional disclosure by H-Share firms is also likely to be less costly. This potential for greater incentives and lower disclosure cost leads to our first hypothesis: Hypothesis 1a: Voluntary disclosure by H-Share firms will be greater than that by other SEHK-listed firms. Further, as the primary objective for PRC firms listing on international stock exchanges is to raise capital at the lowest possible cost, we expect that H-Share firms’ incentives will mainly affect disclosure of additional strategic and financial information. Such incentives will have little impact on the disclosure of additional non-financial, social accountability information. Political costs are borne primarily in firms’ local operating environments and are driven by local norms. H-Share firms operate solely in the PRC and political costs within this environment are virtually non-existent. Thus, we expect that differences in disclosure will only be observed for financial and strategic rather than social accountability information: (Sami and Zhou, 2004) In the emerging A-share and B-share markets, however, the value relevance of accounting information has been questioned. Accounting information based on domestic standards may be considered noisy because of sloppy accounting, inadequate regulation, and crony capitalism (Fox, 1998; Rask, Chu, Gottschang, 1998). Besides, accompanying the rapid development of securities markets are some inevitable problems such as lagging legislation issues and multiple regulatory authorities (Liu Zhang, 1996). However, the institutional changes in emerging markets, including the reform of the accounting-information system, could increase market liquidity, reduce transaction cost, and improve pricing efficiency (Feldman Kumar, 1995). In this study, we directly investigate the relative value relevance of accounting information in the two segments to provide further evidence on the value-relevance issue in the emerging market. Our basic intention is to test whether the two market segments differently value the major accounting information disclosed by the same company. Under these regulations, listed companies prepare their financial statements based on the Chinese GAAP, as well as the IAS if they also issue B-shares. They should have their annual reports audited by authorized CPAs and submit copies to government agencies, such as state-owned-asset management agencies, tax authorities, securities regulatory agencies, and banks. They are also required to have copies available for investors. In addition, listed companies are required to publish their annual reports in at least one of the authorized securities’ publications before April 30th the following year.10 For companies with both A-shares and B-shares, the audited annual reports for B-share investors are published in Hong Kong on the same day as those for A-share investors in China. The reconciliation information on the two sets of accounting statements is released to only A share investors, but not to B-share investors. When there is a discrepancy between the two sets of audited financial reports, companies issuing both A shares and B-shares need to reconcile their accounting statements with the IAS for domestic investors. Because the IAS is considered to be of higher quality than local GAAP, and international auditors such as Big Five (Big Four) firms are thought to provide higher quality audits than their Chinese counterparts (Chui Kwok, 1998; DeFond et al., 2000; Lam Jing, 2000), the accounting information in the B-share market should be more relevant to the pricing process, compared with its counterpart in the A-share market. (Sami and Zhou, 2008) To shed light on the economic consequences of the implementation of new auditing standards, we investigate the Chinese emerging market where a set of auditing standards was introduced in a situation where, previously, no auditing standards existed with the exception of a few guidelines from the sponsoring governmental agencies. In addition, in the information environment of an emerging market such as China, where the accounting disclosure was criticized for its low quality and quantity, the economic consequences of increased accounting disclosures due to the implementation of a set of auditing standards should be significant. Moreover, auditors played the role of government agents and bore little responsibility for any improper behavior (Xiang, 1998). Because it was common practice to have a company audited by an auditing firm affiliated with the same level of government, auditors bent the rules under pressure from local government officials and company managers to pursue their own interests (Xiang, 1998; Graham, 1996). Additionally, there was no litigation against auditors (Graham, 1996; DeFond et al., 2000; Gul et al., 2003). Thus, auditors usually were affiliated with their clients and lacked motivation to be independent from them. Therefore, Zhou (2007) concludes that the implementation of new auditing standards helps reduce information asymmetry in an emerging market. (Peng, Tondkar, Smith and Harless, 2008) Chinese capital market development and market segmentation A-shares can only be owned and traded by Chinese citizens, while B-shares can only be owned and traded by foreign investors. The accounting regulations applicable to a Chinese listed firm depend on the type of security issued, A- or B-shares or both. Firms that issue A-shares are required to comply with Chinese GAAP, while firms that issue B-shares are required to comply with IFRS. Firms that issue both A- and B-shares are required to issue two sets of annual reports, one based on Chinese GAAP and the other based on IFRS. The IFRS-based annual report must be audited by an internationally recognized auditor, but not necessarily a Big 4 firm, while the Chinese GAAP-based annual report may be audited by local accounting firms. Reports must be released to the public simultaneously and any difference in net incomes between Chinese GAAP and IFRS must be reconciled and presented in the financial statement footnotes. Fig. 1 and Table 1 depict the Chinese capital market segmentation and the evolution of accounting regulations for Chinese listed A-share firms as of December 31, 2005. Compliance with Chinese GAAP and IFRS is mandatory for Chinese firms that issue both A and B-shares. However, Tay and Parker (1990) remark that â€Å"even where compliance with standards is legally required, companies may not comply if it is perceived that the consequences of non-compliance are not serious† (p. 75). Street and Gray (2001) and Xiao (1999) find evidence that Chinese listed firms compliance with accounting regulations is high. (Sami and Zhou, 2008) We mention the stricter disciplinary rules, monitoring, and sanctions imposed by the Chinese Institute of Certified Public Accountants (CICPA) and the Chinese Securities Regulatory Commission (CSRC) to effectively enforce the new auditing standards. The discussant points out that less effective corporate governance systems (characterized by dominant state and legal-entity ownership) and relatively low litigation risk in Chinas markets (compared to those in the West) could provide opportunities for managers of listed Chinese firms to act in the best interests of the government and its representative organizations rather than report high-quality accounting information or seek quality auditing of their financial reports (Ball, Kothari, Robin, 2000). Thus, the discussant is concerned whether auditing standards could be effectively implemented. While we agree that the Chinese markets are emerging markets, where accounting disclosure tends to be low in quality and quantity, as we mention in our introduction, (Haw, 2008) Corporate governance systems are less effective in Chinas markets than those in the West. In the government-controlled economy of China, managers of listed state-owned enterprises (SOEs) are frequently appointed by the government, who is the controlling shareholder. Recent studies show that such ownership structures adversely affect the information environment of these firms, which results in a high level of information asymmetry and a low level of informativeness of accounting earnings (Fan and Wong, 2002; Haw, Hu, Hwang, Wu, 2004). The managers of listed Chinese firms, where state and legal-entity (mostly SOEs) ownership dominate, are strongly motivated to act in the best interests of the government and its representative organizations, and have less incentive to report high-quality accounting information or seek quality auditing for their financial reports (Ball, Kathari, Robin, 2000). Until 1998, all domestic auditors were public employees, and there was little incentive for high-quality audits, while litigation for audit failure was infrequent.2 In such an environment, it is doubtful whether auditing standards could be effectively implemented. (2) The following set of hypotheses is concerned with the determinants of the extent of company disclosure. By reviewing the results of prior theoretical and empirical researches as well as considering the special feathers of the Chinese market, and data availability, the current study selects 10 relevant independent variables to be included in our model, which were further organized into three (not strictly mutually exclusive) categories, following the structure by Lang and Lundholm (1993),: Structure-related variables, Performance-related variables, Market-related variables and Other Monitoring factors. Structure-related variables The structural variables generally refer to firm characteristics that are widely known and likely to remain relatively stable over time. Size, leverage, state ownership, and board composition are included in this category. Size Apparently, among other possible influencing factors firm size has been the most commonly suggested variable in the disclosure literature, assumed to be positively associated with the level of company disclosure.  Given the existence of information asymmetry in the capital markets and the agency problem raised from the separation between ownership and control, agency theory suggest that information disclosure can be used as a mean to reduce agency costs (Chow and Wong-Boren, 1987). According to Jensen and Meckling (1976) and Leftwich, Watts and Zimmerman (1981), larger firms with more reliance on external funds potentially are more subject to complicated conflicts among their wider range of stakeholders, consequently increasing agency costs. Also, larger firms are assumed as more sensitive to political costs (Watts and Zimmerman, 1986).  Besides, it is noted by Lang and Lundholm (1993) and McKinnon and Dalimunthe (1993) that in order to enhance firm value, large firms tend to suffer from greater pressures from analysts to disclose more information than smaller firms; as reluctance to disclosure may be interpretated  by investors as unfavourable news. In that sense, larger companies have greater needs to engage in more intensive information disclosure in respect to their higher agency costs and greater disclosure demand. On the other hand, comparing to smaller companies, Singhvi and Desai (1971) argue that due to the generally better-established internal reporting systems of larger firms, the marginal cost for additional information disclosure is lower for larger companies than smaller ones.   Furthermore, larger firms are assumed to have less exposure to competitive disadvantage than smaller companies when disclosing detailed company information (Firth, 1979). Therefore, compared to small firms large firms should have additional incentives for information disclosures.  This argument has been confirmed as the influence of size on disclosure has been successfully tested by studies in various countries: the US (Singhvi and Desai, 1971 and Buzby, 1975), the UK (Firth, 1979), Canada (Kahl and Belkaoui, 1981), Mexico (Chow and Wong-Boren, 1987), Nigeria (Wallace, 1988), Sweden (Cooke, 1989), Austria (Wagenhofer, 1990), Japan (Cooke, 1991), Spain (Garcia and Monterrey, 1992, and Inchausti, 1997),  New Zealand (Hossain et al., 1995), Czech (Patton and Zalenka, 1997), and Greece (Leventis and Weetman, 2004). To summarize, based on all the rationales discussed by previous studies and their supporting evidences, the first hypotheses can be formulated as:   H1: firms with larger size disclose information to a greater extent than do those with smaller size. (Patteon and Zelenka, 1997) Several theoretical propositions from the voluntary disclosure literature support the expectation of greater financial report disclosure by larger firms: (1) lower incremental cost of producing information for larger firms (Lang and Lundholm, 1993); (2) transactions cost hypothesis (King, et a/,,1990), which suggests that incentives for private infonnation acquisition are greater for larger firms; (3) legal costs hypothesis (Skinner, 1994), which notes that damages in securities litigation are greater for larger firms; and (4) reluctance of small firms to inform competitors (Raffottmier, 1995). Although we will not be able to determine which of the above explanations is the actual cause, we expect a positive relationship between firm size and extent of disclosure. Generally, firms with more employees are more complex and create the possibility of substantial infonnation asymmetry between the firm and market panicipants. Thus, firms with a greater number of employees might be expected to have more extensive disclosures in their annual reports. (Malone, Fries and Jones, 1988) Singhvi and Desai (1971) provided several reasons why the extent of financial disclosure is different for firms of different sizes. Singhvi and Desai offered three justifications for their reasoning. First, the cost of accumulating certain infonnation is greater for small firms than for large firms. This difference is attributable to the more extensive internal reporting systems already in place in larger firms. Second, larger firms have a greater need for disclosure because their securities are typically distributed via a more diverse network of exchanges. Last, management of a smaller corporation is likely to believe more strongly than the management of a larger corporation that the full disclosure of infonnation could endanger its competitive position. Foster (1986, 111) suggested three possible proxies for firm size: total assets, net sales, and capitalized value of the firm. Among these, perhaps the one least subject to market fluctuations in the oil and gas industry is total assets. Sales and capitalized value of the firm are subject to relatively extreme fluctuations due to the volatility of oil and gas prices. Total assets, although not completely unaffected by this volatility, is less affected because of the broad capital asset base that already exists in each firm. (Meek, Roberts and Gray, 1995) -As noted by Foster [1986, p. 44], the variable most consistently reported as significant in studies examining differences across firms in their disclosure policy is firm size. Generally, large firms disclose more information than small ones. Unfortunately, it is unclear what size proxies. Larger firms may have lower information production costs, or they may have lower costs of competitive disadvantage associated with their disclosures. Larger firms are also likely to be more complex and have a wider ownership base than smaller firms. Agency theory suggests that large firms have higher agency costs [Jensen and Meckling 1976; Leftwich, Watts and Zimmerman 1981]. Finally, larger firms are more sensitive to political costs [Watts and Zimmerman 1986]. All of these reasons indicate that large firms should have additional incentives for voluntary disclosures, compared to small firms. Size is positively associated with voluntary disclosure levels in all of the country studies noted above. (Raffournier and Geneva, 1995) There is a general agreement that a positive relationship between the size of a company and its extent of disclosure is to be expected. Several reasons have been advanced in support of this influence (Singhvi and Desai, 1971; Firth, 1979). First, disclosing detailed information is relatively less costly for large firms because they are assumed to produce this information already for internal purpose. Secondly, because their annual report is the main source of information for their competitors, smaller firms may be reluctant to make a fuller disclosure of their activities which might place them at a competitive disadvantage. It can also be assumed that large firms which, according to Watts and Zimmerman (1978), are more sensitive to political costs, will disclose more in order to allay public criticism or government intervention in their affairs. The influence of size is well documented. All empirical studies on the content of annual reports found a positive relationship between the size of a company and its extent of disclosure. Salamon and Dhaliwal (1980) noted a similar association for segmental information and Cowen et al. (1987) for social responsibility disclosure. (Inchausti, 1997) It is hypothesized that the larger the firm, the more need for external funds. Therefore there will be more potential conflicts among owners, creditors and managers, and information disclosures may be used to decrease agency costs and to reduce information asymmetries between the company and the providers of funds, and potential providers of funds. Larger firms are also subject to more political costs, and disclosure may be used to reduce such costs. On the other hand proprietary costs are smaller the larger the firm, so there are less incentives to withhold information. The independent variables initially considered as measures of size are total assets and sales. However in order to avoid the problems caused by heterocedasticity natural logarithms of these variables (LASSETS and LSALES) were calculated.' The influence of size on disclosure has been successfully tested by studtes in various countries: the US (Cerf, 1961; Singhvi and Desai, 1971; Buzby, 1975; Salamon and Dhaliwal, 1980), the UK (Firth, 1979), Canada (Kahl and Belkaoui, 1981), Mexico (Chow and Wong-Boren, 1987), Nigeria (Wallace, 1988), Sweden (Cooke, 1989), Austria (Wagenhofer, 1990), and Spain (Garcfa and Monterrey, 1993; Wallace et al. 1994). (Ferguson, Lam and Lee, 2002) Research indicates that voluntary financial statement disclosure is influenced by other factors. Larger firms face higher agency costs (Leftwich et al., 1981), higher political costs (Jensen and Meckling, 1976), greater information demand from financial analysts (Lang and Lundholm, 1993), and lower information production costs (Firth, 1979; Leftwich et al., 1981). Consistent with these arguments, a positive relationship between firm size and voluntary disclosure has been found in studies of US (Firth, 1979), Swedish (Cooke, 1989), New Zealand (Hossain et al., 1995) and Japanese firms (Cooke, 1991), as well as for firms listed on multiple exchanges (Meek et al., 1995). (Hossain, perera and Rahman, 1995) A number of disclosure studies (e.g. Cooke, 1991, 1989) find that firm size is an important factor in explaining variability in the extent of corporate voluntary disclosure. In the agency theory literature. Chow and Wong-Boren (1987, p. 539) argue that potential benefits of voluntary disclosure are likely to increase with agency costs. Moreover, Jensen and Meckling (1976) contend that agency costs increase with the proportion of outside capital. The proportion of outside capital tends to be higher for the larger firms (Leftwich, Watts and Zimmerman, 1981). Thus, agency theory predicts a positive association between firm size and the extent of corporate voluntary disclosure. It is also argued, in the literature, that fiirm size is a comprehensive variable which can proxy for several corporate characteristics, such as competitive advantage and information production costs (see Buzby, 1975; Firth, 1979; Le