Board Characteristics And Corporate Performance In Tunisia - Free Essay Example

Abstract Drawing upon prior empirical research on the potential endogeneity of both ownership structure and firm performance in developed markets, this study examines the reverse causations that can exist between corporate performance and ownership structure in Tunisian listed companies. The study was extended to include another governance mechanism board characteristics as the principal internal control mechanism for monitoring managers and an assessment of its potential effects on firm performance and ownership structure. Our findings proved the existence of endogeneity and a two-way causality between ownership variables and MTB performance. However, our findings also revealed that corporate governance in Tunisian firms needed to be more strengthened based on board characteristics. Keywords: corporate governance, ownership structure, board characteristics, corporate performance, endogeneity, simultaneous equations models. Introduction The relation between ownership structure and performance has been a matter for an important and ongoing debate in the corporate finance literature. The debate goes back to Berle and Means thesis (1932). Since then, researchers have been interested in the effects of a separation between ownership and control of corporate enterprises. This separation creates agency costs because owners (principals) and managers (agents) have different objective functions (Jensen and Meckling, 1976). There are different monitoring mechanisms that, if implemented, should improve corporate governance. Furthermore, there are internal and external mechanisms. The external ones (e.g. market for corporate control) are particularly important in the Anglo-Saxon systems that experience dispersed ownership structures. The internal mechanisms (e.g. ownership concentration and board of directors) are, somewhat, predominant in emergent markets, including Tunisia. We investigate the Tunisian context that is completel y different from the Anglo-Saxon one, where shareholders are mainly concerned with the value of their portfolios. This is true in most emergent countries, where ownership structures are very concentrated, institutional investor shareholding is very low and the board of directors represents the main organ of governance. Our study presents a new evidence of the corporate ownership structure as a mechanism of corporate governance in Tunisia. First, we examine the influence of ownership structure (ownership concentration and insider ownership) on firm performance with particular attention to the non-linear relationship between managerial ownership and firm performance. We note that equity ownership by managers and monitoring by large blockholders are two ways that can potentially reduce the severity of the agency problem between managers and outside shareholders. Second, we analyze the impact of board characteristics on the performance of the firm. Finally, we evaluate the possible endogeneity between firm performance and ownership structure (concentrated ownership and managerial ownership). Thus, we consider ownership structure as endogenous and we try to identify its determinants. This is a useful contribution to the literature, as we are not aware of any other study, in the Tunisian context, of the endogeneity of ownership structure. In addition, endogeneity is important in practice but difficult and underexplored in empirical corporate governance research. Our findings proved the existence of endogeneity and a two-way causality between ownership variables and MTB performance. In addition, the monitoring mechanism (board of directors) has, above all, an insignificant influence on firm value. The last finding confirms the weakness of this mechanism in Tunisian listed firms. The rest of the paper is organized as follows. Section 2 presents the institutional environment in Tunisia. In section 3, we briefly review the theoretical and empirical arguments defining the relationships that exist between governance aspects (ownership structure and board characteristics) and firm performance. We present the data and specify the variables used in our study in section 4. Our empirical results are given in section 5. Finally, our conclusion is presented in section 6. Institutional environment in Tunisia The Tunisian case presents many interesting features that make its study relevant in terms of policy recommendations for this country and for others in the Middle East and North Africa (MENA). We first present the principal characteristics of MENA region and then we present the main features of the Tunisian context. 2.1 Corporate governance in MENA regionÂÂ   In most MENA countries, the financial markets are thin and rigidly regulated, government ownership is prevalent and the market forces have a limited role. Corporate governance in MENA economies present four main characteristics: concentration of ownership (due to large family dominated companies), family ownership and control (the market for corporate control is not active throughout the region), bank-based corporate finance (bank loans are the most important form of external finance) and underdeveloped capital markets (capital markets lag behind the banking sector and foreign participation is limited). Corporate governance in MENA countries is also characterised by a major role of the board of directors, the absence of call for a separation between the chair and the CEO, limited protection of the shareholders rights and the absence of board independence. Corporate governance in MENA region needs to be recognised as a public policy concern of rapidly increasing importance in the regi on. However, the number of large companies contributing to growth is still limited. 2.2 Corporate governance in Tunisian listed firms Corporate governance in Tunisia has generally improved in recent years. In fact, a tentative of corporate governance best practices has lastly (in June 2008) been implemented in Tunisia by the Arab Institute of Business Managers. However, the firms commercial code has constituted up to now, the main reference concerning corporate governance. The fundamental principles of this code are the protection of the shareholders rights, the equitable treatment of the shareholders (including the minorities) and the transparency and diffusion of information. Indeed, the board of directors (or the supervisory board and the executive one) constitute the main organ of governance in Tunisian firms. For both structures, the Law specifies the size, composition, responsibilities and tenure of its members. The board of directors (BOD) is composed of at least three members and of twelve members at most. A shareholder is not required to sit on the board, indeed an employee of the firm can be nominated as a member. Directors tenure is limited to three years that can be renewed. The BOD elects the CEO who must be a shareholder. The BOD is vested with the most extended powers to act in all circumstances in the name of the firm. Besides, they cannot deliberate any valid decision without at least half of their members being present or represented. The second main feature of Tunisian corporate governance is ownership concentration. In fact, the Tunisian system is characterised by the presence of strong blockholders (often including families) which leads to agency problems between blockholders and minority shareholders. In fact, 80% of total shares are held by the five largest shareholders (Omri, 2003). In addition to families, the state and banks hold an important part in the shares of the listed firms. However, the participation of the state is becoming more limited due to privatization. Moreover, foreign investors can participate within the limits of 50 percent of the offering of a company. Nevertheless, they hold less than 10 percent of all stocks. Finally, the participation of institutional investors is still very limited. 2.3 Tunisian stock market The Tunisian financial market consists of the semi-privatized Tunis Stock Exchange (TSE). The government intended the TSE, opened in 1990, to serve as an additional source of funding through the mobilization of domestic and foreign investments. The TSE is regulated by a state-run watchdog, the Financial Market Council. The stock market was reformed according to international standards in 1994. Later, the TSE was privatized in 1995 and became the central part in the Tunisian financial market. The Tunisian financial system is dominated by banks with domestic bonds. However, equity markets are playing a limited role in savings mobilization. In Tunisia, the government bonds represent the majority of tradable securities, principally due to the absence of companies that are able to make public offering securities. On the other hand, the most widely used and modern company structures are the limited liability companies and joint stock companies. Only the latter ones may issue shares to the public and thus be listed on the TSE. Once primarily based on agriculture, the Tunisian economy has become more varied with important manufacturing and tourism sectors. The number of firms listed on the TSE increased from 13 to 45 between 1991 and 2003. At the end of 2007, only 50 companies were listed. Hence, the market capitalization increased from TND 610 million in 1991 to TND 2.98 billion (approximately US $ 2.34 billion) in 2003. At the end of 2006, it reached TND 5.49 billion (approximately US $ 4.32 billion). Although growing in importance, the TSE remains small and relatively illiquid. For these reasons and in order to increase the market activity, many reforms have been implemented. Among these reforms, the government implements fiscal advantages to encourage companies to list their stock on TSE, gr ants financial incentives to make the stock market more attractive and allows foreigners to buy up to 50 percent of a firms shares on TSE. Despite these important incentives, there has been no inherent interest for firms in being listed on the stock market. Literature review Ownership structure is a central and distinguishing theme in the corporate governance literature. We consider two issues of shareholding that are addressed in research: ownership concentration and insider ownership. In addition, the relation between board characteristics and firm performance remains a fundamental issue in the corporate governance literature. 3.1 Ownership concentration and firm performance Ownership concentration is considered as a key governance mechanism. Empirical research has examined the importance of block or large shareholdings in controlling managers, and hence reducing agency costs. The results of these researches are mixed. The expected performance effect of ownership concentration is unclear, as it reflects the net impact of benefits and costs. Following Berle and Means (1932) and until the eighties, the literature had focused on the advantages of ownership concentration. The main concern was the cost of the separation between ownership and control, or the agency costs (Jensen and Meckling, 1976). The idea is that dispersed ownership in large firms increases the principal-agent problem due to asymmetric information and uncertainty. A review of the studies on the relationship between ownership and performance indicates, in general, a higher profitability in owner-controlled firms as compared to manager-controlled firms (Short, 1994). There is a widespread con sensus that a higher degree of control by an external shareholder enhances productivity performance. Chen et al. (2005) report a weak relationship between ownership concentration and firm performance. Shleifer and Vishny (1986) show that large shareholders have the incentive to monitor firm management, and that the presence of large shareholders enhances firm performance. Thomsen and Pedersen (2000) find a positive relation between ownership concentration and firm performance. However, the relation is nonlinear indicating that concentration has adverse effects on performance after a certain level. Cho (1998) does not detect any significant link between firm value and shares held by large shareholders. Denis and Denis (1994) analyze samples of U.S. firms with low and high ownership and find that there is no significant difference in the firm value between them. Other similar international studies (e.g. Minguez-Vera and Martin-Ugedo (2007) for Spain) report insignificant relationships between concentrated ownership and performance. Large shareholders are assumed to play a monitoring role that raises the value of the shares for the minority. However, concentrated ownership also gives the insiders (owners and managers) the opportunity to expropriate efficiently (La Porta et al., 2000). Consequently, monitoring managers is not the main problem of corporate governance and the real concern is the risk of expropriation of minority shareholders. Ownership concentration may lead to the extraction of private benefits by controlling blockholders at the expense of minority. 3.2 Managerial ownership and firm performance The conflict of interest between managers and outside shareholders is another version of agency problem that is less likely to be observed in a highly concentrated equity ownership structure. The extent of managerial shareholding affects the congruence between managers and shareholders (Jensen and Meckling, 1976). Whereas the primary governance function of outside owners is to monitor management, a larger insider stake reduces the need for such control. Managerial ownership is one way to align the objective functions of the owners and of the managers. The convergence of interest hypotheses predicts that insider holdings and economic performance are positively related. From this incentive effect, a positive association between managerial ownership and firm performance is expected. In the same vein, Krivogorsky (2006) finds a positive relationship between managerial ownership and firm performance. However, this relationship remains insignificant. Cornett et al. (2008) detect a positive and significant association between managerial ownership and performance. On the other hand, if managers hold large shares of the equity, it becomes more difficult for outside owners to exercise control. This entrenchment effect is especially important for high shares of managerial ownership. In this case, managers will not probably maximize firm value and a negative relationship between managerial ownership and firm performance is possible. Switzer (2007) finds a negative and insignificant relation between CEO ownership and Tobins Q using 3SLS regression. Moreover, Morck et al. (1988), among others, show that there is a complex relationship between agency costs and managerial shareholdings. Taking the incentive hypothesis and the entrenchment one into account, a non-linear relationship between managements ownership share and firm performance is expected. At low levels of ownership, the incentive effect is probably dominant, that is, a positive effect is expected. However, at very high levels of ownership, the entrenchment effect might be more important and the effect of ownership on performance could be negative. 3.3 Board characteristics and firm performance Fama (1980) argues that the board of directors is the central internal control mechanism for monitoring managers that help control agency problems. The board plays a major role in the corporate governance framework and is responsible for monitoring managerial performance and preventing conflicts of interests. 3.3.1 Board size Agency theory predicts that because groups communicate less effectively beyond a certain size, there is pressure from self-serving managers or entrenched owners to expand board size beyond its value maximizing level. The implication is an inverse relationship between board size and performance. Empirical research also reports conflicting results concerning the association between board size and performance. For instance, Yermack (1996), Eisenberg et al. (1998) and Cornett et al. (2008) report a negative relation. Cheng (2008) shows that larger boards are associated with lower performance. This association is consistent with the view that both coordination/communication problems and agency problems become more severe as a board grows larger. Conversely, Bhagat and Black (2002), Chen et al. (2005) and Black et al. (2006) do not find a statistically significant association. Kiel and Nicholson (2003) and Adams and Mehran (2005) find positive board size effects on firm performance. Accord ingly, a larger board size brings more resources to firms and, therefore, might improve their performance. 3.3.2 Board composition In order to effectively fulfil their monitoring role, boards must have some degree of independence from management. Indeed, outside directors can play an active role in arbitrating in disagreements between internal managers and help reduce agency problems between managers and residual claimants. Several studies test for the effect of outside directors representation on the board on performance and the results are mixed. Rosenstein and Wyatt (1990) find that stock markets react positively to the appointment of outside directors. Using data from New Zealand, Hossain et al. (2000) also find a positive relationship between higher levels of board independence and firm performance. Chung et al. (2003) find that board independence affects performance positively through the ability of outside directors to provide effective management-monitor activities. However, Bhagat and Black (2002) find a negative association between the proportion of outside directors and firm value. On the other hand, Adams and Mehran (2005), Prevost et al. (2002) and Connelly and Limpaphayom (2004) do not find a statistically significant relationship. 3.3.3 Board leadership structure When the CEO is also the chairperson, the capacity of the board to monitor the CEO is weaker (Jensen, 1993). Gul and Leung (2004) suggest that CEOs who also serve as board chairpersons could reduce the boards ability to exercise effective control over management and thereby negatively affect performance. Brickley et al. (1997) argue that there are also costs associated with having two persons holding the CEO and chairperson titles. They find no evidence that firms with separate persons holding the CEO and chairperson titles perform better than those with the same person holding both titles. In contrast, Pi and Timme (1993) find that firms with one person holding both titles have less cost efficiency and performance than those with two persons holding the two titles. Krivogrsky (2006) and Cornett et al. (2008) detect a negative relation between CEO duality and firm performance. Chen et al. (2005) find the same relation when they use Market-to-Book. However, they find insignificant rel ation when they use ROA and ROE as measures of performance. Data and methodology 4.1 Sample and data Our sample includes an unbalanced panel of 23 non-financial companies listed on the TSE during the period 1998-2006. Companies from the banking and financial sectors are removed from the sample. The financial services sector includes several trusts, which have distinctive different corporate governance structures from other firms. In addition, financial firms are subject to a regulatory framework which may affect the ownership-performance relationship. Our sample size includes 181 firm-year observations with a predominance of industrial firms (61%) in comparison to firms from the service sector (39%). Moreover, the service sector includes firms in communication, transportation, tourism, etc. Company annual reports, obtained from the Financial Market Council, are used as the source for the shareholding structure and for board characteristics. Financial and accounting data come from the TSE. 4.2 Definitions of the variables Our specification of the variables used in this study draws on the current literature in empirical corporate finance, though we are somewhat constrained by data availability for Tunisian firms. 4.2.1 Performance variable We use the natural logarithm of the Market-to-Book ratio (MTB) in order to measure firm performance. MTB ratio is defined as the market value of equity divided by the book value of equity. The market value of equity uses closing prices for shares on the last trading day of the year. This ratio is also an indicator of growth opportunities. It is important to note that the MTB ratio is a permanent valuation indicator of choices of the firm, of management and of strategic perspectives. It also depends on the anticipations of the investors. 4.2.2 Ownership structure It is represented by ownership concentration (CO) and managerial ownership (MO). The former is measured by the Herfindhal index calculated by summing the squared percentages of shares held by the three largest shareholders. The latter is defined as the percentage of ordinary shares held directly by the CEO and executive directors. Based on the discussion presented above, we would expect to find either positive or negative effects of ownership variables (ownership concentration and managerial ownership) on firm performance. 4.2.3 Board characteristics They are represented by board size, board composition and board structure. Board size (BS) is measured as the total number of directors on board. Lower board size is associated with greater firm performance. Hence, we expect a negative relationship between these two variables. Board composition (BC) is defined as the number of outside directors on the board divided by the total number of directors. Greater board independence (outside directors) is associated with greater firm performance. This leads to predict that board composition is positively related to firm performance. Board leadership structure (CEO) is a dummy variable that equals 1 if the CEO and the chairman are different persons (i.e. separation of functions) and 0 otherwise. In fact, the value of 1 strengthens the level of independence between the board and the leadership. We expect board leadership structure to be positively associated with firm performance. 4.2.4 The control variables Firm size (LTA) is measured by the natural logarithm of total assets. Firm size may affect both firm performance and ownership structure of listed companies. Large firms benefit from scale economies and have better access to financial resources. As a result, firm performance will be improved. Therefore, we expect firm size to be positively related to firm performance. On the other hand, larger firms require more investment from an owner of a given proportion of shares. Therefore, the amount that has to be invested for a given share should be larger. Hence, previous studies, such as Demsetz and Villalonga (2001), usually argue that ownership concentration and managerial ownership decrease with the size of the firm, which we expect to be negatively associated, with the ownership variables. Leverage (LEV) is defined as the ratio of total debt to total assets. There is some ambiguity in the expected sign of debt. The signalling hypothesis proposed by Ross (1977) and the free cash flow theory of Jensen (1986) support a positive relationship. Alternatively, the pecking order theory proposed by Myers and Majluf (1984) predicts a negative association between debt and firm performance. Indeed, as far as the Tunisian firms are concerned, we could argue a negative effect of leverage on firm performance. Tunisian listed companies are heavily in debt. Otherwise, in the ownership equations, leverage serves to reflect the creditors monitoring of management. In this case, debt can discourage managers to entrench themselves in large shareholdings. In addition, larger value of debt is associated with lower percentages of shares owned by the largest shareholders. Based on these arguments, we predict that leverage is negatively related to firm performance and to the ownership variables. Liquidity (LIQ) is defined as net working capital as a fraction of the book value of assets. We use this variable in the ownership equation as a control variable. Indeed, greater liquidity is associated with greater agency costs (Gonenc, 2006). This means that management is not monitored effectively. Consequently, if the management and shareholders have aligned interests, we should observe a negative relationship between liquidity and ownership concentration (or managerial ownership). Nevertheless, if the interests diverge, the relationship must be positive. Market risk is assessed by the beta coefficient (BET) of the stock. Market risk measures the risks inherent in stock ownership; it is estimated by the market model through a regression of the monthly return on a stock. Therefore, variation in risk causes variation on ownership structure. In fact, higher market risk signifies higher return for shareholders. When shareholders (concentrated owners or managers) can effectively make predictions about future economic conditions, the market risk makes higher ownership less costly (Demsetz and Villalonga, 2001). Accordingly, the estimated sign of BET should be positive. However, when concentrated owners and managers are risk averse, they tend to reduce their participation. In this case, the estimated sign of BET must be negative. 4.3 Methodology Our primary objective is to evaluate the relationship existing between firm performance and ownership structure. To do this, we developed two different models to check the relation between our different variables. In the first model, we used a linear regression to examine the simple links. We developed two sets of equations. The first set had firm performance as the dependent variable. The ownership concentration (managerial ownership) was the independent variable in the first (second) equation. The second set included ownership variables as the endogenous variables in two different equations in which the firm performance was the exogenous variable. Moreover, several previous studies had proved that the association between managerial ownership and managerial ownership was not linear. For this reason, we included the squared value of managerial ownership in the performance equation in order to check the curvilinear relation between these two variables. The first model (Model 1) came as follow: MTBit = ÃŽÂ ²0 + ÃŽÂ ²1 COit + ÃŽÂ ²2 BSit + ÃŽÂ ²3 BCit + ÃŽÂ ²4 CEOit + ÃŽÂ ²5 LTAit + ÃŽÂ ²6 LEVit + ÃŽÂ µit (1) MTBit = ÃŽÂ ²0 + ÃŽÂ ²1 MOit + ÃŽÂ ²2 (MO)2it + ÃŽÂ ²3 BSit + ÃŽÂ ²4 BCit + ÃŽÂ ²5 CEOit + ÃŽÂ ²6 LTAit + ÃŽÂ ²7 LEVit + ÃŽÂ µit (2) COit = ÃŽÂ ²0 + ÃŽÂ ²1 MTBit + ÃŽÂ ²2 BSit + ÃŽÂ ²3 BCit + ÃŽÂ ²4 CEOit + ÃŽÂ ²5 LTAit + ÃŽÂ ²6 LEVit + ÃŽÂ µit (3) MOit = ÃŽÂ ²0 + ÃŽÂ ²1 MTBit + ÃŽÂ ²2 BSit + ÃŽÂ ²3 BCit + ÃŽÂ ²4 CEOit + ÃŽÂ ²5 LTAit + ÃŽÂ ²6 LEVit + ÃŽÂ µit (4) In the second model, we considered ownership structure as an endogenous variable that could be influenced, among other observed factors, by firm performance. Consequently, the relationship between ownership structure and firm performance should be detected in the two ways. Hence, the consideration of endogeneity requires working with simultaneous equations models. For this reason, we developed a system of three simultaneous equations. To estimate this system empirically, we employed the two-stage least squares (2SLS) approach. The first equation relates to firm performance as a dependent variable while the second and the third ones relate to concentrated ownership and managerial ownership as dependent variables. To test our hypotheses, the following model (Model 2) was used: MTBit = ÃŽÂ ²0 + ÃŽÂ ²1 COit+ ÃŽÂ ²2 MOit + ÃŽÂ ²3 (MO)2it + ÃŽÂ ²4 BSit + ÃŽÂ ²5 BCit + ÃŽÂ ²6 CEOit + ÃŽÂ ²7 LTAit + ÃŽÂ ²8 LEVit + ÃŽÂ µit (1) COit = ÃŽÂ ²0 + ÃŽÂ ²1 MTBit + ÃŽÂ ²2 LIQit + ÃŽÂ ²3 BETit + ÃŽÂ ²4 LTAit + ÃŽÂ ²5 LEVit + ÃŽÂ µit (2) MOit = ÃŽÂ ²0 + ÃŽÂ ²1 MTBit + ÃŽÂ ²2 LIQit + ÃŽÂ ²3 BETit + ÃŽÂ ²4 LTAit + ÃŽÂ ²5 LEVit + ÃŽÂ µit (3) Empirical results 5.1 Univariate tests Summary statistics relating to our different variables are represented in Table 1 that reports the mean values, standard deviations, minima and maxima of variables for the 181 observations. Table 1: Descriptive statistics Variable N Mean Standard Deviation Minimum Maximum MTB CO MO BS BC CEO LTA LEV LIQ BET 181 181 181 181 181 181 181 181 181 181 0.386 0.422 0.026 9.215 3.685 0.254 17.784 0.561 0.184 0.664 0.597 0.179 0.062 1.782 1.195 0.436 0.917 0.486 0.275 0.623 -1.049 0.113 0 5 1 0 16.148 0.046 -0.687 -0.283 1.999 1 0.462 12 5 1 21.102 3.564 0.746 2.641 Mean values of ownership concentration and managerial ownership were 42.2 % and 2.5 %, respectively. The Market-to-Book ratio had a mean value of 0.386. We note that the boards of directors of Tunisian firms had, 9.2 directors, on average. In addition, there were only 3.68 independent non-executive directors on our sample boards representing, 40 % of board membership, on average. It is important to note that this number probably overstates the fraction of really independent directors given that the corporate sector in Tunisia is small and it may be difficult to hire true independent outsiders. Moreover, this increases doubts about the independence and robustness of boards and about the possible positive impact of these directors on firm performance in case they actually have any effective monitoring functions. Furthermore, in only 25.4 % of all firms in our sample, there was no CEO duality, which means that the CEO was also the chairman of the board in 74.6 % of Tunisian firms. Table 2 shows the correlation coefficients of the independent variables. The correlations that should be noted are the (-0.66) correlations between leverage (LEV) and liquidity (LIQ) and the 0.56 correlations between board size (BS) and board composition (BC). None of the remaining variables is correlated to a level that is worth noting. Table 2ÂÂ  : Correlation coefficients of independent variables CO MO BS BC CEO LTA LEV LIQ BET CO 1 MO -0.199** 1 BS 0.257** 0.074 1 BC 0.194** -0.195** 0.561** 1 CEO -0.117 0.43** 0.143* -0.037 1 LTA 0.147 * -0.168* 0.367** 0.259** -0.262** 1 LEV 0.321** -0.078 0.133* 0.311** -0.129* 0.148* 1 LIQ -0.029 -0.031 0.030 -0.016 0.117 -0.318** -0.669** 1 BET -0.076 -0.028 0.085 -0.178* -0.217* 0.319** -0.249** 0.182* 1 **, * denotes significance levels at 1% and 10%, respectively. To test for multicollinearity, we computed the variable inflation factor (VIF) for each variable. The results showed that there were no variables included in the tests with VIF 1.95. Thus, multicollinearity did not to seem to be a problem for the results. 5.2 Multivariate analysis 5.2.1 Linear regression results Linear regression results are reported in Table 3. By focusing on firm performance equations, we remark that MTB ratio decreases with ownership concentration and increases with managerial ownership. These findings reflect the disadvantages (or costs) of ownership concentration and the benefits of managerial ownership. On the one hand, ownership concentration deteriorates the firm market performance and, thus, does not reduce the conflicting interests between large and minority shareholders. Actually, it is argued that ownership concentration increases the majority-minority conflicts (Shleifer and Vishny, 1997) and reduces the market liquidity. Table 3ÂÂ  : Linear regression MTB MTB CO MO MTB -0.02 0.005 (-0.20) (0.99) CO -2.66 (-2.06)** MO 0.43 (2.52)** MOÂÂ ² -0.833 (-0.27) BS -0.349 -0.34 0.005 -0.005 (-1.83)* (-1.77)*** (0.94) (-2.16)** BC 0.22 0.87 0.005 0.006 (1.33) (1.32) (0.41) (1.17) CEO -0.18 -0.328 -0.07 0.06 (-0.19) (-1.49) (-1.69)* (2.05)** LTA 0.129 0.149 -0.03 -0.003 (1.69)* (1.89)* (-1.77 * (-1.22) LEV -0.448 -0.424 -0.02 -0.001 (-3.29)*** (-3.03)*** (-0.74) (-0.21) Const -2.178 -2.451 0.47 -0.08 (-1.58) (-1.71) (1.43) (-0.06) R-sq 0.295 0.263 0.129 0.258 The t-statistics are in parentheses below estimated coefficients. ***, **, * denotes significance levels at 1%, 5% and 10%, respectively. On the other hand, MO decreases conflict of interest between managers and outside shareholders. This result is consistent with the theory and with previous studies stating that agency problem between managers and outside shareholders is less observed in highly concentrated equity ownership structure (Davies et al. 2005). It is important to note that the majority of Tunisian firms are family-owned companies. In addition, the manager (CEO) is, in general, a family member; if not, he is well controlled by the family members represented on the board. For this reason, large shareholders and/or managers worry about their own interests which are strongly related to the firm performance. Furthermore, we test for a curvilinear relationship between firm performance and managerial ownership. Thus, our estimation shows that MOÂÂ ² affects negatively but insignificantly the MTB ratio. This finding refutes the hypothesis of curvilinear relationship between managerial ownership and firm perfor mance. With respect to the board variables, BS and CEO separation are negatively related to MTB ratio, and BC presents a positive coefficient. However, only BS is statistically significant. This last result casts doubt on the effectiveness of independent non-executive directors as monitoring mechanism in Tunisia and may be due to the difficulty in recruiting truly independent board members in a small market because there are generally interrelationships (family, friendship) between internal and external board members. Chen et al. (2005) reported a negative coefficient for CEO and positive coefficients related to BS and BC. Considering the third and fourth equations where firm performance is the independent variable in addition to board variables. MTB ratio was found to be related negatively to ownership concentration and positively to MO, but these associations are insignificant. The first finding proved that Tunisian shareholders were less concerned with the market performance. In fact, Tunisian shareholders are not well informed about the advantages of market performance. Hence, they are not able to accept it. Although these relationships are not significant, they show that there is a reverse causation between ownership structure and firm performance. To check this possibility, we use the simultaneous equations analysis. On the other hand, BS and BC affect positively and insignificantly ownership concentration. In addition, we found that board leadership structure (CEO) appeared to be negatively and significantly related to concentrated ownership. The negative association between CEO and CO means that when there is a separation of functions of management and control, the interests of the largest shareholders are not maintained. The explanation that can be suggested by this result is that the board as a monitoring mechanism takes into account the interests of all shareholders including the minority ones, and this may prevent the opportunity to expropriate. Furthermore, we remark that only BS and CEO had a positive significant relationship with managerial ownership (MO). This corroborates the finding in Mak and Li (2001). Finally, the reported results show that firm size (LTA) has a positive impact on MTB ratio. This result is consistent with previous studies stating that greater performance should be associated with larger firms (e.g. Davies et al. 2005). In the MO and CO equations, LTA presents again the predicted sign. In fact, the larger a firm is, the larger the capital sum investors need to hold will be. Thus, it would be logical that managerial ownership and concentrated ownership decrease with firm size. Concerning leverage, it was found to be negative in all regressions. However, it is only significant in performance equations. 5.2.2 2SLS regression results 2SLS estimation results are reported in Table 4. By focusing on the first equation, ownership concentration is shown to be negatively related to MTB ratio. This finding reflects the fact that even if large shareholders perform efficiently their monitoring functions on management in order to improve firm performance, they are not still interested in market performance and this is explained by the culture of the Tunisian investor who is not yet ready to accept the advantages of market performance. However, this association is not significant. Table 4: 2SLS regression MTB CO MO MTB -0.05 0.008 (-2.04)** (3.52)*** CO -9.82 (-0.45) MO 137.61 (3.34)*** MOÂÂ ² -23.16 (-0.64) BS 0.08 (2.80)*** BC -0.09 (-1.75)* CEO -3.69 (-1.27) LTA 0.07 -0.12 0.06 (0.08) (-2.22)** (1.94)*** LEV -3.94 0.09 -0.02 (-2.86)** (2.25)** (-1.16) LIQ 0.30 -0.05 (2.50)** (-2.41)** BET -0.09 -0.02 (-3.30)*** (-1.11) Const -3.32 0.37 0.17 (-0.14) (0.80) (2.00) R-sq 0.362 0.213 0.193 The t-statistics are in parentheses below estimated coefficients. ***, **, * denotes significance levels at 1%, 5% and 10%, respectively. On the other hand, BS was found to have a positive impact on firm market performance. On the contrary, CEO and BC affected the market performance negatively. These results show, on the one hand, that the separation of functions is associated with a lower level of market performance. On the other hand, and once again, there are some doubts on the effectiveness of independent non-executive directors as a monitoring mechanism in Tunisian firms. However, only CEOs coefficient is insignificant. Our results show that corporate governance mechanisms (BC and CEO) had proved to be weak in Tunisian companies. Actually, larger boards and the absence of truly independent non-executive directors may result in ineffective corporate governance. MO is positively and strongly associated with MTB ratio. Alternatively, the positive coefficient may be explained by the alignment hypothesis. In addition, the insignificant impact of the squared value of MO on MTB ratio disproved the nonlinearity relation b etween these two variables. By focusing on the ownership concentration regression, we note that all coefficients of different variables are significant. We show that MTB ratio has a negative impact on ownership concentration. This result confirms the one found in the firm performance regression. Market risk (BET) affects CO negatively. This result is consistent with the fact that when the largest shareholders do not effectively make predictions about future economic conditions, the market risk makes higher ownership more costly. The last regression relating to managerial ownership indicates that MTB ratio is found to be positively related to the MO. This result implies that firm market performance increases with the importance of shares held by managers. BET is shown to have a negative and insignificant effect on managerial ownership. This finding implies that managers are risk averse and they would like to reduce their participation as long as the market risk increases. Finally, for the 2SLS estimation of the ownership equations, we pay attention to the role of liquidity in explaining variations in ownership structure. In the CO regression, LIQ presents a positive coefficient. This result suggests that the largest shareholders and minority shareholders have divergent interests. In the MO regression, LIQ presents a negative sign. This result suggests that management and shareholders have aligned interests. Our finding is inconsistent with the one found by Davies et al. (2005) who reported a strong positive association between firm level liquidity and managerial ownership. Overall, our results indicate that although ownership variables (concentrated ownership and managerial ownership) are determined by firm performance, firm performance itself is partly determined by these variables. Those findings show that there is a reverse causation between firm performance and ownership structure in which these variables can be influenced, among other observed factors, by each other. Therefore, our findings prove the endogeneity of ownership structure. Conclusion Our study examines the roles played by two aspects of ownership structure that is ownership concentration and managerial ownership. In addition, we included board characteristics as another mechanism from corporate governance theory. We analysed a sample of 23 listed Tunisian firms over the period 1998-2006 and we tried to answer our core question: does ownership structure affect firm performance and is it as well affected by it? Our empirical analysis under linear regression shows a negative (positive) and significant association between ownership concentration (managerial ownership) and MTB performance. However, we find that MTB has a negative (positive) but insignificant impact on ownership concentration (managerial ownership). Accordingly, these results led partly to the conclusion that there was a reverse causation between ownership structure and firm performance. Hence, our 2SLS regression proved the existence of endogeneity and of a two-way causality between ownership variables and firm performance. Concerning board characteristics, board leadership structure (CEO) is negatively associated with ownership concentration. This finding revealed that CEO duality was much more likely in family-owned and controlled firms whereby the ownership was concentrated. In addition, we also found that CEO had a negative impact on MTB. Our findings showed that board composition presented, in all linear regressions, a po sitive and insignificant coefficient. This result casts doubt on the effectiveness of independent non-executive directors as a monitoring mechanism in Tunisia. It may be due to the difficulty recruiting truly independent board members in a small market because there are generally interrelationships between internal and external board members. Concerning board size, we found that it was positively and insignificantly related to ownership concentration. For the other three regressions, it presented a negative and significant sign. Therefore, our findings concerning board characteristics provide evidence that the board, as the principal monitoring mechanism in Tunisian firms, appears weak. These conclusions arose from linear regressions relating to board characteristics were confirmed under 2SLS regression. This paper provides two major contributions. First, we provide the evidence that endogeneity and the two-way causality between ownership variables and firm performance already exist in Tunisian listed firms. This means that variation in firm performance affects variation in ownership structure (ownership concentration and managerial ownership) and is also affected by it. Second, our findings disproved the hypothesis of curvilinear relationship between managerial ownership and firm performance. Indeed, our analysis extends previous studies in this area and failed to capture this nonlinear association. This is may be due to the insignificant level of shares hold by managers in Tunisian listed firms. Despite these findings, we failed to fully explore alternative specifications of board characteristics in relation to corporate ownership and corporate performance. One implication that can be derived from this analysis is that corporate governance in Tunisian firms needs to be more strengt hened. In addition, more effort is needed in order to ensure the true independence of non-executive directors to make sure that they are able to perform an adequate monitoring function. Another potential explanation may be in the endogenous relationship between firm performance and board characteristics. Future studies in this area may focus more on these points and should detect the endogenous role that can be played by board characteristics.

William Shakespeare s Much Ado About Nothing - 1204 Words

I will be considering the role of the villain in Much Ado About Nothing, and will conduct rhetorical analyses that will proceed to view the perspective of the villain and his or her intentions. Much Ado About Nothing written by William Shakespeare intending this play to be a comedy. Although it is hard to comprehend the comedy within the play. The characters within this play are all linked together by having a relationship that looks like a telephone wire game. The characters dilemma develops an emotional state of being towards the characters. These actions are intentions from a specific character. This character is the type of person who has an egoistic charisma that eludes him to be better than anyone, because of his low self-esteem. His villain acts create a major conflict throughout the play. Don John is the name of the villain in Much Ado About Nothing, we will be spotting the dimension of Don John’s acts as well as the motivation that leads this character to interlude hi s characteristic villain acts towards this plays, and how does the play and the characters deal with Don John. Don John is the type of human who creates rules to satisfy himself and his needs to believe he is elite. These rules are not good rules. They are rules of cruelty that show his dark side schemes and they are set to follow a pattern. This pattern shows his portrayal of envy that he pertains. Although he also has a melancholy personality in where the other characters are still unsure of hisShow MoreRelatedWilliam Shakespeare s Much Ado About Nothing2083 Words   |  9 Pagesin the end, there are millions of ways that each individual defines love according to their experiences. One individual in particular is Shakespeare, who is widely known for expressing the significance of love in various plays of his, as he portrays several branches of love such as friendship, parental love, and romantic love. In Much Ado about Nothing, Shakespeare demonstrates the ways in which Claudio and Hero’s love shows the triumph of imagination over intelligence compared to Benedick and Beatriceâ€⠄¢sRead MoreWilliam Shakespeare s Much Ado About Nothing898 Words   |  4 PagesBeatrice, Benedick, and Love in Much Ado About Nothing William Shakespeare’s Much Ado About Nothing is set in thirteenth century Italy. The plot of the play can be categorized as comedy or tragicomedy . Villainy and scheming combine with humor and sparkling wordplay in Shakespeare s comedy of manners. Claudio is deceived into believing that Hero, is unfaithful. Meanwhile, Benedick and Beatrice have a kind of merry war between them, matching wits in repartee. This paper will attempt toRead MoreWilliam Shakespeare s Much Ado About Nothing1317 Words   |  6 PagesMuch to Do About Noting Deceit is the act of concealing or misrepresenting the truth. Deceit plays an important role in the plot of Shakespeare’s play Much Ado about Nothing. It also has a large influence on the relationships of the play. Much Ado about Nothing is a play written by William Shakespeare who is widely considered the greatest dramatist of all time. William Shakespeare was baptized on April 26, 1564, in Stratford-upon-Avon, England. From roughly 1594 onward he was an important memberRead MoreWilliam Shakespeare s Much Ado About Nothing3289 Words   |  14 PagesSection One Title Analysis: As an author, William Shakespeare had titles ranging from the light at heart and ethereal to the rigid and formal. The title, Much Ado About Nothing, is one such title that fits very neatly into his light at heart category. However this doesn t mean that the title doesn t reflect the story as in Shakespeare s other plays. His light at heart stories have titles that are just as reflective as his more serious titles. The title is an obvious indicator of the story thatRead MoreWilliam Shakespeare s Much Ado About Nothing1516 Words   |  7 Pages Danielle Silfies An Issue of Deception and Morality In William Shakespeare s play Much Ado About Nothing, many characters lack moral values and use deception as a tool to get a conclusion that they desire. Deceit is a concept that most of the characters experience in some form throughout the play. It is used to get Benedick and Beatrice to realize their feeling of love and admiration for each other. It is also used to pull characters like Claudio and Hero apart multiple times. Deceit is usedRead MoreWilliam Shakespeare s Much Ado About Nothing And Hamlet1503 Words   |  7 Pagesthoughts, well-being, actions, and interactions with the other set roles. William Shakespeare’s plays included dissimilar characters and different methods of characterization. The two plays that will be compared and contrasted are William Shakespeare’s Much Ado About Nothing and Hamlet. As for the characters from each play, Beatrice, Benedict, Don John, Don Pedro, Claudio, and Hero will be assessed from Much Ado About Nothing and from Haml et, Hamlet, Claudius, Gertrude, Polonius, Laertes, and OpheliaRead MoreWilliam Shakespeare s Much Ado About Nothing768 Words   |  4 Pagesshares many similarities with the production from Shakespeare’s time, however they markedly differ. There are indeed many differences, for example, language, gender roles, and venue. These differences would change the retelling of Much Ado About Nothing in Shakespeare times because of its modern production. First, language absolutely would have played a vital role in Shakespeare’s time. Today Shakespeare’s words have massively changed and lost its meaning in modern retelling theatre. The pronunciationRead MoreWilliam Shakespeare s Much Ado About Nothing3544 Words   |  15 PagesWhen examining the plays written by Shakespeare there are many instances where the common theme of marriage is shows. In the times of the 1600’s the ceremony of marriage was very common and done in a very orderly and strict fashion. In those time there was no aspects of a genuine love and heart felt marriage but instead they were seen as an agreement between the two parties. In many of the works of Shakespeare many characters deal with the issue of marriage and you begin to see the toll if had onRead MoreWilliam Shakespeare s Much Ado About Nothing1784 Words   |  8 Pagesis a witty, talkative character in Much Ado about Nothing. She is cousin to Hero, and also a close friend, however, s he and Hero are very much dissimilar, as Hero is a gentle and quiet young woman. She has a very sarcastic and joking nature. We can tell a lot from her first line. She says, ‘I pray you, is Signor Montanto returned from the wars or no?’ The pun used tells us that she has a wit and a joking manner. Also, we soon find out that she is talking about Benedick, therefore, giving us a hintRead MoreWilliam Shakespeare s Much Ado About Nothing Essay1971 Words   |  8 PagesTransition in Much Ado About Nothing William Shakespeare’s Much Ado About Nothing, a comedy filled with differences between genders, witty banter between memorable characters Benedick and Beatrice, a plot of revenge that involves one character faking her death and let’s not forget the masquerade marriage that comes to readers at the end. Much Ado About Nothing, court politics while still maintain a profound amount of humor and wit. However, it is the honor and shame that is prominent in Much Ado About Nothing

Chinese Immigration Of The United States - 985 Words

Chinese Immigration to the United States in the nineteenth century until 1870 was shaped by a combination of factors including internal political turmoil and financial instability throughout China, growing western Imperial and economic influences in South East Asia, China s deepening trade deficit with European nations, and industrial and technological innovations. Concurrently, the rising demand for inexpensive labour during the California Gold Rush, (1848-1858) development of national railway projects, and the range of economic possibilities in America provided many Chinese Sojourners with the opportunity to support their families and villages at home. Therefore, an understanding of the international context of Chinese immigration to America is necessary to fully understand the dynamics and complexity of the period. From 1800 until 1870 there was a period of world-wide political change. This included a political transformation for the French Empire following the rule of Napoleon Bonaparte (1804-1814, 1815), a shift away from slave labour and the reign of Queen Victoria over the British Empire (1837-1901), the rising international influence of Russia, the slow collapse of the Ottoman Empire following the Crimean War (1853-1856), the faltering control over Latin America by Spain, as well as the growth of European Imperialism and trade in Southeast Asia. In addition, the growth of market capitalism and international trade dominated by corporations such as the EastShow MoreRelatedChinese Immigration to the United States 1692 Words   |  7 Pagesfirst Chinese who immigrated to the United States struggled with many challenges against their race and objectives. They traveled abroad with hopes of returning to their home country with wealth and power to support the family that remained in China. Introduced as aliens with a culture and lifestyle that was different from the American race, the Chinese were given the impressions as an inferior group of people and w ere seen as threats to the Americans’ job securities. In 1860, immigration numbersRead MoreChinese Immigration And The United States1813 Words   |  8 PagesChinese Immigration Immigration is an issue that has been considered a hot topic for quite some time now. The United States is considered a great place to be by foreign people because of all of the opportunities that await those willing to pack up and move their lives. While there are multiple reasons as to why an immigrant would want to come to the United States, the biggest reason would have to be for economic opportunity. According to Charissa Cheah, â€Å"As of 2010, 4.8% of the total U.S. populationRead More Chinese Immigration to United States Essay1820 Words   |  8 Pagesmany reasons for the Chinese to come to America. Overcrowding, poverty, war, and other catastrophes in China were all reasons (push) for traveling to America, as well as effective external influences. The discovery of gold was a major pull for Chinese peasants in coming to the West Coast. Americas labor needs were the most important external catalyst for immigration. However, there were very few ways of traveling to the Unite d States. With loans from the Six Companies, Chinese were able to affordRead MoreChinese Exclusion Act and Immigration Problems in the United States1516 Words   |  7 PagesIn 1882 the Chinese Exclusion Act was passed by Congress. This act exiled Chinese laborers from arriving in the United States. This was the first time ever that a specific ethnicity was banned from immigrating to the U.S.A. Racism against the Chinese was strong, so the ban remained for ten years, but was eventually made â€Å"permanent†. However, China soon became a war ally in World War II, so the ban was repealed in 1943. There are many issues concerning immigration and racism that still plague theRead MoreImpact Of The Chinese Exclusion Act On Chinese Immigrants And Immigration Policy1518 Words   |  7 PagesImpact of the Chinese Exclusion Act on Chinese immigrants and immigration policy The Chinese Exclusion Act was established in 1882, in which the first time United States prevent a group of immigrants with nationality (Lee 4), marked United States’ from welcoming nation to an enclosed and discriminative nation, has monumental impact on each Chinese immigrants and culture of the entire American Chinese community (6). The poor conditions and lack of opportunities in the 19th century China and the Chinese’sRead MoreChinese Exclusion Act Of 18821608 Words   |  7 Pagesimpoverished Chinese to seek employment opportunities in the United States. Americans, however, did not welcome them. During the Panic of 1873, after the Gold Rush ended, competition for jobs became fierce. The jobs were mostly given to Americans. Out of desperation, the Chinese workers agreed to work for less salary than their American counterparts. Consequently, union workers rose up for their rightful jobs. With pressure from unions and anti-Chinese organizations, Congress passed the Chinese ExclusionRead MorePolitical Dimensions Of Us Immigration Policies1207 Words   |  5 PagesPolitical Dimensions of US Immigration Policies Japanese and Chinese Immigration and Exclusionary Immigration Policies Anti-immigrant driven exclusive immigration policies barred Japanese and Chinese immigrants from immigrating to the United States and accessing the privileges of citizenship. Through the Immigration Acts of 1917, 1921, and 1924, the US government insured that Japanese and Chinese immigrants could not immigrate to the United States by creating an artificial geographic area or â€Å"AsiaticRead MoreWhy Did Chinese Immigrate to the United States?1053 Words   |  5 PagesWhy did Chinese immigrate to the United States? After civil war had settled down, many immigrants came to America to live from many countries such as Germany, Ireland, and England. There are as many as 12 million immigrants at this time. Regarding Chinese immigration, they immigrated to the United States from 1849 to 1882. Between this period, America had California Gold Rush, which is one of the reasons Chinese people immigrated. Because the Chinese Exclusion Act was taken into practice, no moreRead MoreThe Hot Topic of Immigration Essay791 Words   |  4 PagesImmigration remains to be a hot topic. There are many issues to consider but let’s look at stereotypes and regulatory control issues. Just what are some of the stereotypes about the economic impact of immigration in the United States? We have all heard that immigrants are taking jobs away from Americans. This stereotype is based on two fallacies: that there are a fixed number of jobs to go around, and that foreign workers are direct substitutes for citizens (D angelo 236). The truth is that immigrantsRead MoreA Silk Road : Chinese Immigration Essay1465 Words   |  6 PagesAnother Silk Road: Chinese Immigration As of the 2010 United States Census, there are more than 3.7 million Chinese in the United States, about 1.23% of the total population. All of these 3.7 million Chinese Americans, are made of different historical period of the Chinese immigrants and their descendants. The history of Chinese immigration, is as old as the history of the United State of America, more than 200 years. Various periods of Chinese immigrants experienced different stories, and they

The Undisputed Truth About Powerpoint Presentation Buy That the Experts Dont Want You to Hear

The Undisputed Truth About Powerpoint Presentation Buy That the Experts Don't Want You to Hear Free revision option is excellent! Therefore, should you need a fantastic presentation, at this point you know that we will be able to help you with that with ease. You could think about the tips below on how to attain the most fascinating presentation. If you're contemplating purchasing a PowerPoint presentation, then you're at the most suitable place. Then, it's your responsibility to genuinely sell it. Making a PowerPoint Presentation is an easy practice. Powerpoint Presentation Buy - What Is It? As you communicate your ideas throughout the audience, you have to be aware the acceptable time to produce a joke or utilize humor. Another mistake which most people commit in their presentation is the usage of low-grade pictures. Occasionally a story or an illustration will explain a concept the very best. There are many ways which we are able to go a single step further with the men and women who already purchase from us. Even when you're a star student which never gets anything aside from `A' and is utilized to undertaking all kinds of assignments, PowerPoint presentations can be exceedingly hard to gather. With a modern and clean appearance, it's going to be ideal for showcasing your ideas. In the event that you need assistance with writing a research paper PPT or any sort of presentation, then the skilled writers at Writings-Centre. In the same way, you have to make appropriate selection for those examples you will use in your resonation. When you offer better work, you are going to have more satisfied customers. Hence, it's recommended you only order presentation materials from a dependable company like ours. In the event you've got PowerPoint presentations that have not been taken by your customers, and you don't understand what things to do with them, you can earn money on the internet at home with them. No hidden charges When you purchase presentation from us, you're going to be given th e complete price of our services immediately. Explaining a marketing program or company proposal is frequently a mix of every type of information you are able to imagine to be sure that the ideal groups of individuals are targeted. You may have to think of innovative suggestions to find great projects. Our work is based upon the principal principle of offering ultimate satisfaction for each and every student who makes the decision to get PowerPoint presentation help at our site. Cons There are lots of freelancers, who bid on the exact same project as you. While buying a ppt from professional PowerPoint presentation writing services such as us, you might also be confident in the caliber of the outcome. When you feel as though you are just too stressed to finish your assignments in time, or don't have the most suitable understanding of PowerPoint to finish your project, our professional presentation writing service is always available. A great sales presentation starts with a fast review of the clients' goals and objectives. An excellent template can go quite a way to meeting your presentation targets. To make sure your weekly project status report has whatever you require, we've created a very simple powerpoint template you are able to use. If it's your first time developing a research paper PowerPoint presentation, the prospect can appear daunting. With its simple appearance and distinctive layout, you are certain to make that ideal presentation for this deadline coming soon. If your goal is to learn to compose a PowerPoint presentation, the very first matter to concentrate on is the design. Question every element you wish to add. You are able to purchase PowerPoint presentations of any sort, no matter their topics, complexity, and niche. Filled with lots of infographics, unique slides, and typography you're guaranteed to discover the perfect style for your next presentation. If you're looking for the most dependable platform with exceptional PowerPoint presentations, we're obtainable for you. When some slides may include a lot of words, we'll make certain that your other slides include fun pictures and creative visuals that aren't just entertaining but also engaging to the audience. You may not only design a fantastic presentation with it rapidly, but in addition use its built-in animations to bring some elegant slide transitions. The Basic Facts of Powerpoint Presentation Buy It's important to not forget your audience should have the ability to read everything written on the slide because someone might sit at the rear of the room. Compare changes to view how your presentation has developed over time.

. Explain the Sequence and Rate of Each Aspect of...

Children gain skills and abilities as they grow,the changes in their capabilities and personalaties develop with age. There are many factors which distinguish each child such as diet, stimulation, environment,medical conditions,and illness. But most children generally develop at a similar rate.There are four key area of developmet which are; physical, social and emotional,cognitive(intellectual), and language developmet. Younger children between birth and five generally develop at much more rapid rate in comparison to older children. Growth and development begins at the moment of conception and continues until much later in life. Below i have listed the sequences and rate at which children develop. 0-3 months Physical development: Some†¦show more content†¦g new feelings may respond to conflict by hitting,biting, and screaming etc show signs of self conciousness eg hiding after being naughty 1-2 years: intellectual development: the toddler is learning to be observen of others emotional reactions will look at carers expression before attempting something new,for encouragement or warning will experience a wider range of emoions like fear,anger,frustration and sadness learning to manage and recognise feelings 1-2 years: language development: can speak upto 10 words (15 months) use words to convey needs (24 months) can follow simple instructions (18-24 months) develop a vocabluary of upto 50 words (18-24 months) can use words to express emotions (24 months) stutter when excited 3-5 years: physical development: push and pull toys can balance on one foot able to play simple ball games can build a tower from blocks can draw crossess and circles(4-5) can walk backwards (4-5) walk up and down stairs 3-5 years: social and emotional development: can follow simple directions can ask for help where needed struggle to share has the ability to make a choice between two things by age 4 they learn to co-operate express anger verbally rather than physically engage in pretend play 3-5 years: inntellectual development: ability to organise asks questions eg how and why can idenify themselves by name and age understand order and process 3-5 years; language development: able to dicsuss activities at home or nursery use detailed sentencesShow MoreRelatedExplain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years.1300 Words   |  6 Pages1a. Explain the sequence and rate of each aspect of development from birth – 19 years. All children and young people develop at different rates, but the order in which they advance differs very little. Children’s development tends to progress: # from head to toe # from inner to outer # from simple to complex # from general to specific Here we will be looking at each child’s physical development, social and emotional development, intellectual development, and language development. Not oneRead MoreExplain The Sequence And Rate Of Each Aspect Of Development From Birth 19 Years4523 Words   |  19 PagesCriteria 1.1.1. Explain the sequence and rate of each aspect of development from birth-19 years. At birth a baby relies on sight and touch for their intellectual development, they have limited language, and all information is processed visually, as a baby grows they develop intellectually by participating in imaginative play ie a box becomes a car or train or plane. They will also imitate and explore new behaviours and forms of play, their confidence will grow as they near the age of 3 years old, but willRead MoreExplain the Sequence and Rate of Each Aspect of Development from Birth - 19 Years1105 Words   |  5 PagesUnit 1 Child and Young Person Development Learning Outcome: Understand the expected pattern of development for children and young people from birth - 19 years. Task 1: Explain the sequence and rate of each aspect of development from birth - 19 years. The aspects of development are defined as Physical, Social Emotional, Language and Intellectual. There are different stages of development for each category, 0-3 years, 3-7 years, 7-12 years and 12-19 years. All children will follow theRead MoreExplain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years.2752 Words   |  12 PagesExplain the sequence and rate of each aspect of development from birth – 19 years. In the table below I have given an explanation of the sequence and rate of each different aspects of development from birth to 19 years of age. Age Group | Physical | Social | Emotional | Language | Cognitive (intellectual) | 0-6 months | There are many physical developments that a child starts to develop by 6months. Some of these include; being able to turn their heads when they hear sounds or see movements, whenRead MoreExplain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years.2450 Words   |  10 PagesExplain the sequence and rate of each aspect of development from birth – 19 years. The areas of a childs development can be categorized into four seperate groups. Namely - physical development, social and emotional development, intellectual development and language development. It is important to be able to identify these developmental mile stones in order to asses a childs rate of development and make observations as to whether or not a child is developing at a rate that you would expect. ThereforeRead More1. Explain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years.2488 Words   |  10 Pages1. Explain the sequence and rate of each aspect of development from birth – 19 years. Aspects of a child’s and young people’s development include†¦ * Physical development – Gross motor skills (using muscles such as arms and legs), Fine motor skills (Use of muscles such as hands, fingers and toes). * Social, Emotional and Behavioral development – This is the development of relationships, a child’s identity and self-image and Knowledge of the world. * Communication – CommunicatingRead MoreExplain the Sequence and Rate of Each Aspect of Development from Birth to 19 Years of Age1157 Words   |  5 Pages1.1 Explain the sequence and rate of each aspect of development from birth to 19 years of age Introduction: Children’s do not develop at the same rate as each another .Every child has different rate of Development Areas of development: These are the main areas of development 1.   Ã‚   Physical development 2.   Ã‚   Social development 3.   Ã‚   Intellectual development 4.   Ã‚   Language development As there will be difference of children progress at the same rate .The below is the guide To they mightRead More1.1 Explain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years3324 Words   |  14 PagesCYP31 | 1.1 | Explain the sequence and rate of each aspect of development from birth – 19 years | Each and every child develops at a different rate to other children, no two are the same. These areas of development are broken down into several categories which include: Physical Social, moral, emotional and behavioural Intellectual Communication and speech The guide below explains what you might expect from the development of the child through variousRead MoreExplain the Sequence and Rate of Each Aspect of Development from Birth ‚Äà ¬ 19 Years2427 Words   |  10 PagesUnit 1 Child and Young Person Development Task 1 Explain the sequence and rate of each aspect of development from birth – 19 years Children’s development can be grouped into four different aspects: physical, social and emotional, intellectual and language. The physical development of a baby in its first six months of life shows limited range of movement but the beginnings of an ability to respond to stimulus around them. They show their reaction to people, sounds and movement by turningRead MoreTask 1.1: Explain the Sequence and Rate of Each Aspect of Development from Birth – 19 Years.2089 Words   |  9 PagesTask 1.1: Explain the sequence and rate of each aspect of development from birth – 19 years. All children and young people develop at different rates, but the order which they advance in differs very little. Children’s development tends to progress from head to toe, inner to outer, from simple to complex and from general to specific. Each child’s physical, social, emotional, and intellectual and language development will be looked at through age stages. All of these categories are as important

A Project-Based Learning Free Essays

string(98) " of various groups of students: Using shelter by technology for effective stormwater management\." A project-based learning approach is extended in which knowledge acquired in water resources engineering lessons is utilized to devise a storm-water management scheme. The goal of the project is to accentuate the significance of assessing design skills attained in the coursework. The students are expected to apply an understanding of material they learned from their lessons in water resources engineering and environmental engineering; which led them to develop a solution for storm-water management scheme. We will write a custom essay sample on A Project-Based Learning or any similar topic only for you Order Now Also, the project aims to introduce students to the power of internet resources and computer technology and quickly carry out the many iterative analyses often required at the detailed stages of design. Considering the importance of project-based design work in enabling proficiency attainment and understanding fundamental natural resources along with engineering concepts are discussed with an approach proposed for facilitating the assimilation of design teaching within water resources engineering course. Approach presented seeks to exploit student enthusiasm for engineering project work in order to enhance an understanding for water resources engineering. The design project considers a â€Å"real† problem, i.e. storm-water management system. It is argued that reality plays an important role in maintaining student commitment, which is essential for effective learning. This paper provides an overview of how design teaching can provide an integrating theme within a water resource-engineering course. The emphasis of the current approach on student-centered active learning rather than the traditional passive learning methods is also discussed. Finally an assessment is made of the project-based approach to design teaching and its ability to develop an understanding of engineering principles, to develop skills in various software packages, and to maintain student enthusiasm using active learning techniques. Design teaching is seen as important, both in itself and as an integrated theme running throughout environmental degree courses. One of the prime objectives is to demonstrate the requirement for integrating the material covered in traditional environmental engineering courses within a design context. In this way, the importance relevance and application of water resources and environmental engineering courses can be emphasized. In addition to this, it is recognized that project-based work is important in developing student enthusiasm for engineering and can therefore provide a mechanism for maintaining the required levels of interest throughout the course. Design projects are very often carried out with the students working in groups, which can be applied to develop teamwork and effective communication. One of the major advantages of project-based design work over traditional, formal lectures is that it is student-centered, requiring active learning rather than the passive acquisition of information through lectures. Although the amount of material that is possible to cover within a single design project is demanding in terms of both student and faculty time, it is argued that project-based work may be a more effective method for acquiring knowledge and developing understanding. The importance of reality in effective design teaching has been highlighted by other authors who argue that the production of the artifact or system designed is an essential part of the educational process. Project-based design teaching often provides the opportunity assessing an existing design through an audit or for producing a new prototype, which would not normally be possible within a conventional lecture coarse. Project-based teaching, therefore, offers the additional advantage to students of dealing with real problems and it is arguably more tangible than other teaching techniques. Although formal lectures provide an important means for acquiring knowledge, it is suggested that students often have more difficulty in understanding the material and seeing the relevance in course material when it is delivered in this way alone. The educational objective of project-based design teaching within water resources and environmental engineering degree courses are not always fully appreciated. Therefore, it is the aim of this paper to discuss a range of objectives and show how they may be achieved within the context of a particular stormwater management design project. A shelter belt system along with a stormwater transfer management system was analyzed using EPANET2 and EPANET2 at SWMM5 design software packages. The shelter belt technology is a proven technology being used in Germany and the Netherlands for controlling stormwater. It was combined with the most-advanced Japanese water transfer technology. A group of students worked on the software packages to simulate the experience while another group of students worked on stormwater management using rainwater gardens and calculated various parameters. Students were encouraged to search for the information on the internet and other sources. Required information and guidance were provided by the instructor. The projects aim to demonstrate the importance of integrating water resources and environmental engineering in the design process as well as to develop team work and communication skills. In addition, it is student-centered, requiring active learning. The project-based development, which enables the advantages discussed above to be achieved, is recommended as one that could readily be adopted within environmental and water resources engineering courses. In the following sections, an outline of the project specifications is first given. The educational objectives are then presented in detail and the educational value of project based design teaching is discussed. However, before discussing the detailed aspects of the design projects, it is helpful to consider the present projects in the context of an overall design model (a range of design models is discussed). The design process may be considered to comprise the following well-established phases: project specifications, common conceptualization, manifestation, and detail. This process pertains largely to original designs, but aspects of the overall process are also relevant to variant design into which category the current design projects in general fall. In variant design, an existing design solution is adopted and modified. Therefore, the present design projects identify a case study in variant design. The generation of design solutions requires some consideration of the original design process discussed above. But the majority of the project is concerned with the detailed design phase.Specification of design projects: The following projects were conceived based on the interest of various groups of students: Using shelter by technology for effective stormwater management.   Use of rainwater garden for stormwater management. Designing stormwater management for rural areas. Applying SWMM5 for real life data from Toledo, New Orleans, and Flint. The students were required to choose their topic in the beginning of the semester and were expected to carry out a litereature review, which was part of their final report. In addition, students were allowed to explore all the internet resources and EPA software, such as SWMM5. Objectives: The ultimate aim for the students is to establish a strategy for dealing with stormwater due to hurricanes (e.g. Katrina, Harvey).The aim is achieved by ensuring the following specific objectives are met: ? To use rainfall data.? To estimate runoff based on the current features for a particular site.? To explore possible solution for the problem.? To employ SWMM for modeling purposes.? To calculate various parameters manually.? To use EPMNET2 for finding the water transfer.The design projects are structured in this way to ensure that particular educational objectives are achieved, and these are discussed for each of the above items in a later section. Methods: The design project is carried out over a period of 12 weeks with a total of 10 hours allocated for the project. Students were encouraged to utilize Blackboard for communicating with the instructor and among themselves. During the first session, students came up with their interested project topic selection. If for any reason students were unable to come up with a topic, the instructor helped them by suggesting alternative topics. Students were given specifications and guidelines on a weekly basis depending on the progress they made on their projects. Students using the software were given a step-by-step procedure for utilizing the software package. Some exercises were also prepared for the students, which were directly related to the project. The first session concludes with a discussion of the project specification between the project supervisor and the students enabling any initial problems to be overcome.At the beginning of the second session, it is expected that students will generate a conceptual diagram along with data and tables, which can be utilized towards laying out the flow of the project. Students utilizing the software were expected to learn the software. In the second session, students are expected to identify all the necessary specifications and to comment on their effect on the success of their projects. This is carried out by means of discussions during the second session with the project supervisor. By the start of the third and final sessions, students are required to present their findings in the class and critique by other groups. In the fourth session, they were required to write the final report, whichreceived comments by the project supervisor. Assessment/feedback: The work of the students is assessed by a group project report that shows details of all the hand calculations and details of the proposed design. A project report rubric was provided by the project supervisor to the students in the beginning of the semester when students came up with the project topics. Their final presentation was also assessed according to a presentation rubric, which was also posted in the same manner. Assessment is carried out in particular to identify the following: ? The ability to generate a simple model for a complex stormwater problem to enable realistic operating conditions to be calculated.? The ability to employ environmental and water resources engineering concepts.? The ability to interpret the results obtained.? The ability to produce a well-structured technical report in which arguments are put forward cogently and design decisions are justified.Feedback to the students takes place throughout the course of the project through discussions with the project supervisors and detailed comments relating directly to the students’ reports. Educational objectives: Use of design, knowledge, and making simplified assumptions. Manual calculations. Discussion/conclusions: The design projects discussed in this paper had been run for six months, with some modifications as feedback became available. It is argued that the projects are successful in demonstrating the importance of environmental and water resources engineering within a design context. Furthermore, it provides an integrated approach combining computer software, environmental and water engineering, and design for the consideration of a real design problem. In this way, it is suggested that it is possible to maintain the students’ interest and enthusiasm for environmental and water resource engineering through the use of project work. At the same time, this develops students’ understanding of the required engineering and design principle. In addition, it develops students’ skills in the use of computer software. Environmental and water resources engineering degree courses have been discussed in terms of the need for knowledge acquisition, the acquisition of skills, and the development of understanding. The projects described in this paper requiresknowledge acquisition, the accumulation of actual information, and the developing understanding of computer skills. The approach presented is effective for the development of understanding because it is student-centered, requiring active learning. It requires the students to express their understanding of concepts and discuss them, and to get rapid feedback during the discussion. The process of carrying out design projects in this way is closer. Therefore, to a tutorial approach to teaching and learning than to a lecturing approach and therefore has many advantages. The disadvantage of the project-based approach largely relates to instructor and student time requirements. In addition, it is argued that within given design projects, only a limited domain of environmental and water resources engineering can be considered. The project based approach to student learning, therefore, needs to be run in parallel with more traditional methods but cannot replace them. The projects discussed in this paper are highly suitable. It is argued for inclusion within conventional, environmental, and water resources engineering courses. This would then fulfill the purposes of both reinforcing the understanding of environmental and water resources engineering principles in a way that maintains the students’ interest and enables the environment and water resources engineering courses to be run in an integrated way with the design teaching. The importance of design as an integrating theme running throughout environmental and water resources degree courses has not been established. There is growing concern among industrialists and employers of graduate environmental and water resources engineers of the way in which computer software packages and applying knowledge to real world problems are used. These design projects discussed in this paper address this issue directly and it is suggested that a more questioning attitude among students in the use of software packages achieved with a more integrated approach to engineering and design teaching. The importance of reality in teaching engineering design has been discussed by several authors since it is found that much greater impact and lasting effect on memory may be achieved if these students can see the necessity for what they are doing for the real world. The present design projects considered a stormwater management problem and the students applied their knowledge obtained through several sources. How to cite A Project-Based Learning, Papers

Teaching Infographics in Business System †MyAssignmenthelp.com

Question: Discuss about the Teaching Infographics in Business System. Answer: Introduction: This particular essay has provided an in-depth evaluation on the importance of using diagnostic tools for evaluating the communication skill and competency of an individual. After making a critical analysis on five diagnostic tools the study has focused to identify two major communication issues that need to be improved for maintaining a successful interaction. At the end of the study an action plan for next 6 months has been prepared on how to improve those communication issues. Self-Perceived Communication Competence Scale is the diagnostic tool that indicate how much competent an individual is in communicating effectively with a person in any kind of situation. In this specific assessment there are 12 set of questions. 0 stands for completely incompetent and 100 signifies competent. In this very specific assessment I scored 59 that indicates low competency of self perceived communication competence scale. The second diagnostic tool that I have used to evaluate my communication skill includes nonverbal immediacy. This specific communication tool indicates that how much efficient I am in interacting with other without making verbal communication. Non verbal communication generally includes written communication or communication through facial expression or body language. While managing an entire team an individual should have a proper body language so that the participants do not feel monotony in making a communication. In this specific assessment I scored 1 10. This specific number signifies that I am comfortable enough in maintaining a strong non verbal communication with the participants. As a result, people who are from different linguistic backgrounds and culture would not have to face difficulties in communicating with me. The diagnostic tool of intercultural communication implies on how much an individual is flexible in communicating with the people of different geographical backgrounds and attitudes. In this very specific assessment I have scored 52 that signify a high score. These particular marks indicate that I am having enough skill and competency in communicating with the people of different cultural and psychological backgrounds. On the other hand, talk-aholics scale implies that an individual is very much flexible in handling the situation by making effective communication with the participants. In this very specific assessment I have scored 35 which are comparatively low. This particular score signifies that I am not having enough flexibility in communicating with the participants when it is actually needed. Willingness to listen Diagnostic tool implies o n how an individual person is competent and patient in listening to the problem of others. In order to make an effective communication I should have the competency in listening to the problem of others so that the participants do not hesitate in dealing with the individual effectively. In this very specific diagnostic tool I have scored 90. This specific score implies that I am having enough skill and willingness in listening to others. As a result, the participants can feel comfortable in communicating with me. Findings of diagnostic tools: After evaluating the five diagnostic tools based on which I have judged my communication skill and competency include Self-Perceived Communication Competence Scale, nonverbal immediacy, intercultural communication, talk-aholics scale and Willingness to listen Diagnostic. The score of Self-perceived communication scale implies that I am having lack of efficiency in communicating with the participants effectively in any kind of situation. People are from different geographical boundaries and attitudes. While dealing with others I should have the patience of communicating with every individual such a way that participants can get a solution after making the interaction. From the score of Self-perceived communication scale it can be evaluated that I do not have efficiency in handling every situation competently. In nonverbal immediacy, intercultural communication I have received a good score that signifies I have the skill of dealing with the participants of different cultural background s and attitudes. I am having flexible body language based on which people having linguistic barrier can feel comfortable in communicating with me properly. Talk-aholics is the tool that signifies I am having efficiency in communication with other proper when anyone needs support from me. In this specific assessment I have got a low score that signifies I need to improve on developing my communication skill while talking to others. Willingness to listen Diagnostic is the last diagnostic tools where I have received a good score. This particular score signifies that I am having enough competencies in giving priority on the point of view of others as well. However, after evaluating these five diagnostic tools it can be concluded that in order to be a good communicator I should be a perfect speaker as well as listener who should have enough skill and competency in communicating with the participants in any kind of situation. The two communication issues that I have identified for within me include lack of Self-Perceived Communication and lack of Talk-aholics scales. I have been associated with a private business organization for last three years in the post of a senior project manager. While dealing with the employees I have faced numerous communication issues while making an effective communication. I have observed that some of the group members within a specific team were not working properly. They intended to depend on others performance. In this kind of situation, I should indentify those particular individuals who are not providing their best effort for organizational performance. As a project manager I have identified those performers from the group properly. Due to the lack of Self-Perceived Communication Competence Scale I failed to make an effective interaction with the employees properly by arranging a business meeting. I lacked that much of confidence in explaining the importance of individual performance within a specific team. On the other hand, I have faced another major issue in my entire professional career. I have observed that I tend to give unnecessary reaction at the workplace while dealing with the pressure. In order to handle any kind of crisis I tend to give unnecessary pressure to my employees. My way of approach changes towards them which is very much de-motivating for an individual performer. On the other hand, it has also been observed that I fail to keep my standpoint properly when my senior managers need a proper explanation from me. Therefore, I have decided to improve on my talk-aholic scale so that I can find the confidence of keeping my own point of view where it is needed. Two issues of diagnosis: From the above mentioned evaluation I have identified that I am having two major issues separately on two different diagnostic tools. Being a professional I need to have that much of confidence so that I can at least communicate with my team members at the time of conducting a meeting or conference. I have observed however that employees are not getting my point of view properly due to the lack of appropriate approach. I am not very much communicative by maintaining my proper gesture and body language so that people can understand my point of view. On the other hand, I have observed that people belonging to different geographical backgrounds and attitudes are associated with a particular business organization. Therefore, the primary responsibility of me as a senior project manager is to treat every single employee with equal respect and dignity. This specific study has provided an in-depth overview on how my way of communication should be there based on which people belonging to diff erent geographical backgrounds and attitudes can make an effective interaction with me. However, due to lack of proper confidence I failed to make an effective communicative approach with the employees that consequently became a major drawback. From the diagnostic tool of Talk-aholics scales, I have faced numerous issues in making my own point of view in front of the senior managers due to the lack of confidence. I intend to remain quite while my manager throws any question related to my job. In this kind of situation, I am proved in a negative way at my workplace. My managers consider the fact that I do not have any strong logic for defending myself. This kind of complication has affected my career fervently. Another issue that I have found out while dealing with my team members includes lack of efficiency in handling major crisis. I do not have proper efficiency in making a proper communication with my employees at the time of crisis. In this kind of situation, being impulsive I tend to provide overburden on the employees. As a result, employees fail to provide their best effort to the organizational services. However, in this kind of case I should make a good communication with the employees so that they do not lose thei r confidence. If a particular employee fails to meet organizational target I should maintain a friendly approach with this individual so that the employees can share their own opinion as well as difficulties. Theoretical approach for acquiring competencies: In order to improve the various modes of communication different eminent scholars have provided theoretical concepts on how to improve communication skill and competency in order to be a good professional. Grunig (2013) evaluates the concept of active learning. As per the opinion of this specific scholar a sender while sending a particular message to the receiver, have both verbal and non-verbal aspects. Therefore, the sender should have that much of competency and learning skill to transmit the proper message to the receiver. While dealing with the project I have faced large number of difficulties in transmitting my message properly to my team members. At the same time, it is undeniable that people belonging to different geographical boundaries are not very much comfortable in sharing their problems and difficulties. Therefore, being a responsible manager I should have proper skill of learning so that I can communicate with the employees properly. On the other hand, effective listen ing is also very important for collecting resolving the issues at workplace. Toth (2013) initiates this particular concept This specific concept implies that an individual should have patience in listening to the problem of others as well before resolving the issue. I have observed that while dealing with the team I used to avoid in listening to the problem of my team members. As a result, they intended to show their intense level of dissatisfaction in showing any kind of interest for providing good services for the business organization (Drucker, 2017). However, as a project manager I should have that much of patience in listening to the problem of my team members so that they can gain confidence. Without having their support and co-operation, I would never be able to perform well towards the business services. This specific part has focused to make a detailed action plan on how to improve the communication issues in next 6 months for the betterment of career. Action plan Activities Time Member of mind tool club After being the member of mind tool club I would get the access of 139 various communication tools from where I can improve my communication as well. At the same time, after being the member of mind tool my level of self-confidence will be increased automatically. As a project manager, I would not have to face difficulties in interacting with my team member effectively. 15th October, 2017 Attending training session for rendering multilingual flexibility While dealing with the position of project manager I would have to communicate with people from different geographical backgrounds and attitudes. Therefore, I personally believe that multilingual flexibility is highly important for making an effective interaction with the various employees at the workplace. For this specific reason, I can receive a training and development session for rendering multilingual flexibility. Therefore, people should have to face any kind of hesitation in communicating with the employees. 1st November, 2017 Arranging group activity for being flexible I have observed that I should evaluate my earning process by going through practical experiences. People belonging to different geographical backgrounds and attitudes are not flexible in making interaction with each other. Therefore, a group activity is highly needed for making the entire environment very much comfortable. In addition, it is also undeniable in order to conduct different kinds of group activity I should have enough confidence. Therefore, people belonging to various cultural backgrounds and attitudes will feel comfortable in participating in the group work only when my way of communication would be perfect for every individual separately. 15th November, 2017 Self-learning process I would like to start an effective self-learning process as well. Self-learning is going to be successful only when I would take different initiatives for developing my communication skill. I can talk to my friends more effectively regarding any kind of issue so that they can rectify my mistake. Before, providing a particular approach to anyone I should discuss with my friends. As a result, they would be able to provide me necessary solution on which areas should I work more for rendering more improvement within my gesture, body language as well as communication skill. 1st December, 2017 Reference List and Bibliography: Austin, E. W., Pinkleton, B. E. (2015).Strategic public relations management: Planning and managing effective communication campaigns(Vol. 10). Routledge. Bargiela-Chiappini, F., Nickerson, C. R. (2014).Writing business: Genres, media and discourses. Routledge. Baruah, T. D. (2012). Effectiveness of Social Media as a tool of communication and its potential for technology enabled connections: A micro-level study.International Journal of Scientific and Research Publications,2(5), 1-10. Chow, A. T., Erving, R. H., Kim, J., Robert, R. M. I., Russell, J. E., Ying, W. (2012).U.S. Patent No. 8,155,155. Washington, DC: U.S. Patent and Trademark Office. Covello, V. T., McCallum, D. B., Pavlova, M. T. (Eds.). (2012).Effective risk communication: the role and responsibility of government and nongovernment organizations(Vol. 4). Springer Science Business Media. De Grez, L., Valcke, M., Roozen, I. (2012). How effective are self-and peer assessment of oral presentation skills compared with teachers assessments?.Active Learning in Higher Education,13(2), 129-142. DeKay, S. H. (2012). Interpersonal communication in the workplace: A largely unexplored region.Business Communication Quarterly,75(4), 449-452. Drucker, P. F. (2017).What Makes an Effective Executive (Harvard Business Review Classics). Harvard Business Review Press. Fall, L. T., Kelly, S., MacDonald, P., Primm, C., Holmes, W. (2013). Intercultural communication apprehension and emotional intelligence in higher education: Preparing business students for career success.Business Communication Quarterly,76(4), 412-426. Fleisher, C. S., Bensoussan, B. E. (2015).Business and competitive analysis: effective application of new and classic methods. FT Press. Grunig, J. E. (Ed.). (2013).Excellence in public relations and communication management. Routledge. Guffey, M. E., Loewy, D. (2012).Essentials of business communication. Cengage Learning. Mason, K., Leek, S. (2012). Communication practices in a business relationship: Creating, relating and adapting communication artifacts through time.Industrial Marketing Management,41(2), 319-332. Ruck, K., Welch, M. (2012). Valuing internal communication; management and employee perspectives.Public Relations Review,38(2), 294-302. Toth, C. (2013). Revisiting a genre: Teaching infographics in business and professional communication courses.Business Communication Quarterly,76(4), 446-457. Ulmer, R. R., Sellnow, T. L., Seeger, M. W. (2013).Effective crisis communication: Moving from crisis to opportunity. Sage Publications. Waldeck, J., Durante, C., Helmuth, B., Marcia, B. (2012). Communication in a changing world: Contemporary perspectives on business communication competence.Journal of Education for Business,87(4), 230-240. Zikmund, W. G., Babin, B. J., Carr, J. C., Griffin, M. (2013).Business research methods. Cengage Learning.