Incomes Can Invested Operating Assets Retire Debt Shareholders Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2343 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? INTRODUCTION Incomes are earned by successful companies. These incomes can be invested in operating assets, used to retire debt or repurchase shares, or distributed to shareholders in the form of dividends. When investors buy an ordinary share in a company, they become a shareholder of the business and to that extent they will have certain entitlements, including the right to receive dividend payments. Don’t waste time! Our writers will create an original "Incomes Can Invested Operating Assets Retire Debt Shareholders Finance Essay" essay for you Create order Dividends are defined as a form of rational income distribution offering to shareholders (Baker et al, 2007). Dividends are a way for companies to reward shareholders for their investment and risk-bearing. Besides, dividends also give shareholders additional returns in addition to capital gains. Normally, dividends will be distributed in the form of cash, though it can also come in the form of stock dividends. Dividends are decided upon and declared by the board of directors. Nevertheless, this pay-out is not guaranteed and the amount that shareholders will receive varies from company to company and year to year. Generally, there are two types of cash dividends, which are interim dividends and final dividends. Interim dividends are declared and distributed before the companys annual earnings are known. These interim dividends are paid out of undistributed profits brought from previous periods. A company may choose to pay interim dividends quarterly or half yearly as long as it has adequate undistributed profits brought forward from previous periods. These dividends usually accompany the companys interim financial statements. On the other hand, final dividends are declared at the end of the financial period at the time when the directors are aware of the companys profitability and financial health. Normally, final dividends are declared before the books are closed and will be paid the following year. Thus final dividends will appear as dividends payable or proposed dividends under current liabilities in the balance sheet of that period. In Malaysia, companies are free to decide when and how much to pay out in dividends for a specific financial business year as long as they comply with the Companies Act, 1965. According to Section 365 of the Act, No dividend shall be payable to the shareholders of any company except out of profits or pursuant to Section 60. In other words, the Act requires that dividends of a company can only be distributed from the profits of the company except pursuant to Section 60 of the Act. Besides, the unique characteristic of dividends in Malaysia is the tax exemption feature. With effect from the year of assessment 2008, a single-tier income tax system will replace the imputation system. Under the imputation system, a Malaysian resident company is required to deduct taxes at the prevailing corporate tax rate on taxable dividends paid to its shareholders. This tax is already accounted for through the tax paid by the company on its taxable profits, which is accumulated as dividend franking credits (Section 108 credits). When shareholders receive taxable dividends, they are entitled to a tax credit for the tax already paid by the company in respect of the income. Those credits are then used to offset the shareholders tax liability. However, under the single-tier system, profits are only taxed at the company level; thus, dividends paid under this system will be tax-exempt in the hands of shareholders. Since Modigliani and Millers seminal studies (1958, 1961), dividend policy has been an issue of great interest in the finance literature. Following their irrelevance dividend policy hypothesis many explanations have been provided in order to solve the so-called dividend puzzle. Despite a large body of literature on dividends and payout policy, researchers have yet to reach a consensus on why firms pay dividends and what determines the payout ratio. Some of the theoretical principles underlying the dividend policy of firms can be described either in terms of information asymmetries, the tax-adjusted theory, or behavioral factors. The information asymmetries encompass several aspects, including the signaling models, agency costs and the free cash flow hypothesis. 1.2 PROBLEM STATEMENT Dividends are payments made by a company to its shareholders, usually after a company earns a profit. Thus, dividends are not considered as a business expense but are a sharing of recognized assets among shareholders. Dividends are either paid regularly or can be called out anytime. Consequently, a dividend policy is a set of company rules and guidelines used to decide how much the company will pay out to its shareholders. Dividend policy is an essential financial decision made by the board of directors and the management and this decision is one of the fundamental components of corporate policy. Dividend policy has been viewed as an issue of interest in the financial literature and one of the most controversial topics in finance. Despite a large body of literature on dividends and payout policy, researchers have yet to reach a consensus on why firms pay dividends and what determines the payout ratio. The extent literature on dividend payout ratios provides firms with no generally accepted prescription for the level of dividend payment that will maximize share value. Some researchers believe that dividends increase shareholder wealth (Gordon, 1959) while many others believe otherwise. Miller and Modigliani (1961) in their irrelevant dividend hypothesis, asserts that under perfect market conditions, characterized among others by the non-existence of taxes, transaction costs and asymmetric information, dividends are irrelevant since shareholders can create homemade dividends by selling a portion of their portfolio of equitiesÂÂ  if they want cash and that there is a tradeo ff between current dividends and future capital gain. Taking into consideration various capital market imperfections, a considerable amount of theory and model are suggested to explain the dividend policy of companies. Signaling models are based on the assumption that managers have more information about the companys future cash flow than do individuals outside the company, and they have incentives to signal that information to investors (Gugler, 2003). Unexpected changes in dividend policy are used to mitigate information asymmetries between managers and owners (Frankfurter and Wood Jr., 2002). On the other hand, agency theory posits that by distributing resources in the form of cash dividends, internally generated cash flows are no longer sufficient to satisfy the needs of the companies. As a result, companies will visit the capital market more frequently for financing needs, thereby bring them under the greater scrutiny of the capital market (Easterbrook, 1984). Therefore, the payment of dividends provides the incentive for managers to reduce the costs associated with the principal/agent relationship. Agency theory seeks to explain corporate capital structure as a result of attempts to maximize shareholder wealth since dividends can act as a bonding mechanism to reduce the agency costs arising from the conflict between managers and shareholders. Starting with Jensen and Meckling (1976), researchers have been addressing the agency problem in finance from many angles. Nowadays, extensive research has been carried out regarding the issue of agency costs of dividends and the standard findings shows that dividends mitigate the free cash flow and therefore limit the managers ability to enlarge his or her own perks. However, this finding is still inconclusive since other studies have questioned the validity of this finding. For example, Noronha et al. (1996) had regressed five factors as a proxy for agency costs on the dividend payout ratio, but they found that the dividend policy is not the product of an attempt to mitigate the free cash flow problem. Agency costs happen because of conflicts of interest between agents and shareholders. Therefore, agency costs are zero in a 100% owner-managed firm. As a companys ownership structure changes and ownership is separated from control, incentive alignment problems become more important. It is assumed that if managers and shareholders are left alone, they will attempt to act in his or her own self-interest. Self-motivated management behavior includes direct expropriation of funds by the manager, consumption of excessive perquisites, shirking and suboptimal investment. The nature of monitoring and bonding contracts, the managers taste for no pecuniary benefits and the cost of replacing the manager make the actual magnitude and impact of this self-seeking behavior vary across company and country (Jensen and Meckling, 1976). Agency theory has also brought various external and internal monitoring and bonding mechanisms to the forefront of theoretical discussion and empirical research. Recent studies emphasize the potential conflicts of interest between controlling shareholders and other shareholders. For example, Shleifer and Vishny (1997), Faccio et al. (2001) and Holderness (2003) argued that when large owners gain nearly full control of the corporation, they prefer to generate private benefits of control that are not shared by minority shareholders. Hence, firms with large controlling shareholders may exhibit a different type of agency conflict, namely the expropriation of minority shareholders by majority shareholders. On the other hand, in the presence of large shareholders, managerial discretion can be restrained to some extent and agency costs between managers and shareholders are reduced because large shareholders have the ability and the incentives to monitor and discipline management (Shleifer a nd Vishny, 1986). However, this would imply a lesser role for corporate payout policy to address agency problems between corporate insiders and outside shareholders. Despite a great deal of prior research on the subject, few studies investigated the agency and ownership-based explanations of dividend policy. It is also important to note that the extent to which the companys dividend payout policy is effective in reducing the expected agency costs may also depend on its ownership and control structure. Nevertheless, one study by Mat Nor and Sulong (2007) had examined the relationship between ownership structure and dividends in Malaysia. They had used four types of ownership, namely ownership concentration, government ownership, foreign ownership and managerial ownership. However, their findings show a low explanatory power (between 0.118 and 0.124). On the other hand, a study in UK by Short, Zhang and Keasey (2002) that examined the link between corporate dividend policy and the ownership of shares by institutional investors and managers, using four models of dividend policy, the full adjustment model, the partial adjustment model, the Waud model and the earnings trend model found a very high explanatory power (between 0.843 and 0.993). Their study is the first example of using well-established dividend payout models to examine the potential association between ownership structures and dividend policy. These four models, which describe the adjustment of dividends to changes in several measures of corporate earnings, have been modified by the addition of dummy variables representing institutional and managerial ownership, in order to determine whether the presence of the specific classes of investors in the ownership structure affect the process of determination of the level of the earnings that are being distributed. Thus, this situation brings up a question whether it is true that ownership structure has a low impact on corporate dividend policy in Malaysia. Therefore, this study attempts to examine the hypothesized relationship between corporate dividend policy and the various types of ownership structure by using dividen d payout models. 1.3 OBJECTIVE OF THE STUDY Main Objective: To investigate the adoption of agency costs theory in explaining dividend policy in Malaysian listed companies. Specific Objective: To examine the relationship between various ownership structures based agency cost proxies on dividend policy. To identify which agency cost proxy is dominant in influencing dividend policy over the company. To identify which dividend model is superior in explaining the corporate dividend policy with variables associated with ownership structures. 1.4 SIGNIFICANCE OF THE STUDY This study contributes to the growing body of survey research on dividend policy. For example, the current study not only updates previous research by Mat Nor and Sulong (2007) but is also applied in a different model, namely, the Full Adjustment Model, the Partial Adjustment Model and the Waud Model. These three types of dividend models had been modified to account for the possible effect of ownership structure and dividend policy. This study utilizes these three types of dividend models since it was found from previous research that dividend models can have the significant effect on ownership structure. In addition, this study is expected to support the agency theory, especially in explaining the ownership structure policy to reduce agency conflict. Consequently, this study would assist each ownership class to understand the explanation of the agency relationship. Shareholders with respect to stock investment in companies should be concerned with the agency conflict between ownership classes. Therefore, shareholders should justify that dividend policies are better control mechanisms for the agency conflict. Lastly, this study is also important in helping policy makers and companies to appropriately address the issues of agency costs. 1.5 LIMITATIONS OF THE STUDY The main limitation of this study is that the data period covers only on the year 2007. The shorter period of study may not be representative of the way companies operate their business cycle. Thus, a longer period of study might be good to provide better results for this research. The data for ownership structure was gathered from the list of the thirty largest shareholders disclosed in the company annual report. Consequently, the data may not be representative of the entire company. The study only covers 150 public-listed companies in the selected sectors. Hence, the results cannot be treated as conclusive for all sectors. Besides that, since the study was limited to publicly-held companies, the results may not necessarily be applicable to privately-held companies. 1.6 CONCLUSION Dividends distribution is one of the simplest ways for companies to communicate their financial well-being and shareholder value. Dividends send a clear, powerful message about future prospects and performance. Dividends are important for more than income generation since it also provides a way for investors to assess a company as an investment prospect. This study tests the relationship of ownership structure and corporate dividend policy via three types of dividend models, namely, the Full Adjustment Model, the Partial Adjustment Model (Litner, 1956) and the Waud Model (1966). It examined the adoption of agency costs theory through ownership structure and dividend policy. Significant results could act as guidance for companies and policy makers to appropriately address the issues of agency costs. The next section of the study briefly reviews the theoretical and empirical literature. Then, the third chapter describes the data, develops the theoretical model and also discusses the research framework. Chapter Four will reveal the empirical results while the summary and conclusion of the study are presented in Chapter Five.

Theme Of Love Gone Love And A Midsummer Nights Dream

Literature Theme Comparison Love is a popular theme in a multitude of literature pieces throughout the times. Forbidden love seems nearly as popular as does love gone wrong and unconditional love. Two tales that contain the theme of forbidden love, the theme of love gone wrong, and the theme of unconditional love are: William Shakespeare’s A Midsummer Night’s Dream and Fay Weldon’s â€Å"IND AFF or Out of Love in Sarajevo.† Though these stories were both written many years apart, they have a commonality with their themes. These themes can be drawn by the individual story’s main characters and main events. Even though the theme of love gone wrong displays itself a bit differently in each piece, its identification is still very clear in†¦show more content†¦The potion is again administered but this time to the intended individuals. Demetrius ends up falling in love with Helena and Lysander falls in love with Hermia. Even though the story is a whirlwind of crazy love gone wrong, everything ends up working out for everyone in the end. There are copious amounts of evidence within this story to support the theme of forbidden love, the theme of love gone wrong, and the theme of unconditional love. The theme of unconditional love is nearly screaming from each line of the play. The audience is made aware of the love between Lysander and Hermia very early on. Hermia’s father wishes her to marry Demetrius and he mentions that she belongs to him and therefor if she doesn’t do as he asks he can have her killed. Despite this Hermia pleads, â€Å"So will I grow, so live, so die, my lord, Ere I will yield my virgin patent up Unto his lordship, whose unwished yoke My soul consents not to give sovereignty, (Shakespeare, 1595).† Ultimately Hermia is trying to make everyone aware that she would much rather whither away and die than to give up her virginity to someone that she doesn’t love. 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Appraise Archive Management

Question: Evaluate the scope of archive operations to preserve and deliver current and historical literature. Share how digital archive databases might pose limits on end-users (e.g., type and quality of literature, skills and knowledge level of end-users, associated costs, and security issues). Answer: Introduction In the context of archival sense, Bingham, (2013) commented that appraisal is the techniques that is mainly conducted with the help professional archivist in which all the records are examined to do the determination of the values. Moreover, different considerations at the time of conducting the appraisal discuss about the process to meet the record-granting organizational needs, process to sustain the requirements of the organizational accountabilities and the process to meet the expectations of different record-using communities (De Virgilio, Maccioni Torlone, 2014). In this report, the analyst did evaluation of the scope of different archive operations in terms of preserving as well as delivering both the current and historical literatures (Chauhan, 2014). Moreover, it also discusses about the techniques of digital archive databases to pose limits on different end-users. Evaluation of the scope of archive operations to preserve as well as deliver both current and historical literature In article 1, Cormode Firmani, (2013) commented that archive operations mainly helps to take different preventive measures that mainly used to detect different criteria of malicious attacks. Moreover, all these attacks depending on data-intensive applications become serious types of threats. In order to discuss about the scope of different archive operations it expands the cyber attacks pressure database management to prevent not only the unauthorized accesses and also different tolerate types of intrusions (De Bruyne Fischhendler, 2013). Apart from this, this paper mainly focuses on different critical aspects of intrusion database systems that include both damage assessment as well as repairing techniques. In the context of article 2, analyst discussed about different criteria of heterogeneous as well as homogenous infrastructures, huge type of datasets, and parallel type of algorithms (Cormode Firmani, 2013). Moreover, two types of concerns of this research paper address both the query execution planning as well as data access integration type. Apart from this, this article also helps in order to do the evaluation of archive operations scope that mainly helps to preserve and to deliver both historical as well as current literature. In article 3, it mainly discusses about different management issues that are mainly related with the database quality. However, analyst also discusses about different discovery tools that are mainly used in decision-making process and the impacts of database quality decisions on users (De Bruyne Fischhendler, 2013). Moreover, this also discusses about different issues, decision, philosophies that remain unaltered In article 4, analyst discusses that depending on the initiation of distributed computing, querying of huge datasets used in data repositories depending on the global platform becomes the challenging question of this particular research paper (De Virgilio, Maccioni Torlone, 2014). Apart from this, in this paper we expand the blackboard method with the help of multi-stage and hierarchical approaches. In article 5, KafalÄ ±, Gnay Yolum, (2013) describes about synchronous check pointing mechanism with the help of which it degrades the performance for check pointing operations to get complete. Moreover, in this article it also discussed about different techniques that helps to prevent contention for the criteria of stable storage. Moreover, in this report, it uses the quasi-synchronous check pointing mechanisms to mitigate various problems regarding synchronous as well asynchronous algorithms (De Virgilio, Maccioni Torlone, 2014). Sharing of the techniques of digital archive databases might poses limits of end-users In article 1, KafalÄ ±, Gnay Yolum, (2013) discussed that both check pointing as well as roll back recoveries are the two techniques that are mainly used for handling the failures according to the distributed system. Moreover, in this article it also discussed about both necessary as well as sufficient conditions that are mainly used for transaction-consistent global checkpoints in the distributed database system. Apart from this, De Virgilio, Maccioni Torlone, (2014) discussed about different issues that are mainly related with the designing procedures and the implementation techniques of recovery techniques as well as efficient characteristics of check pointing required for different distributed systems that are mainly understood. However, in this paper, Moore Evans, (2013) also cited that different analogous questions that are mainly required for distributed database system. Apart from his, it is also used for different audit purposes. Moreover, in this paper, De Bruyne Fischhendler, (2013) also elaborated the establishment of both necessary as well as sufficient conditions for the check points of different data items become the part of transaction-consistent global check points used for distributed databases. Furthermore, these types of conditions mainly help in order to do designing and the implementation of non-intrusive Check pointing algorithms for the distributed database systems (Lawrence, 2013). In article 2, Moore Evans, (2013) discussed that depending on synchronous check pointing, all processes are mainly involved in the process of distributed computation techniques in the simultaneous manner. In the context of distributed computing system, all existing check-pointing algorithms are mainly classified into three algorithms that include asynchronous, synchronous as well as quasi-synchronous. In this particular paper, we proposed staggered quasi-synchronous which mainly used to reduce the conflict of network stable storage (Qin Rusu, 2013). The objective of this particular paper is the use of staggered quasi-synchronous check pointing algorithm that mainly allows doing the reduction of contention of stable storage. It also evaluated the performance of this algorithm with the help of simulation techniques (De Bruyne Fischhendler, 2013). In article 3, Roberts, (2013) focused on efficient criteria of damage assessment as well as repairing of distributed database system. However, this type of complexity is mainly caused with the help of distributed transaction processing, data partition as well as failures that makes intrusion recovery more challenging than centralized database system (Qin Rusu, 2013). Moreover, this paper also did the identification of all key challenges and use efficient algorithm for both repairing and distributed damage assessment. In article 4, Sasak Brzuszek, (2010) commented that it is mainly introduces heuristic framework for doing the optimization techniques of Query Execution Plan (QEP) on the worldwide platform. However, in this research paper, it mainly discusses about multi-staged blackboard mechanism to do the determination of available data, operations and resources to perform the queries in optimal manner (Roberts, 2013). Apart from this, the evaluation scenario discussed about different findings dependent on then changes of selections. In article 5, Sasak Brzuszek, (2010) cited that all the management issues are mainly related with the quality of the librarys catalog as well as the source databases also reflects the continual criteria of evolution. Moreover, in the article it also discussed about the persistent shortcomings of decision-making process that needed to be addressed all lack age based on users benefits and needs (De Virgilio, Maccioni Torlone, 2014). Apart from this, it also discussed about all the actual impacts of users for all database quality decisions. Conclusion In this particular research paper, it mainly discussed the evaluation of the scope of archive operations mainly used to preserve as well as to deliver both the current and historical literature. Moreover, with the understanding of different archive operations it is mainly needed all the digital archive operations poses limits on end-users depending on different security issues, different kind of associated costs. Apart from this, in this research paper, analyst discusses all type of assessment as well as different repairing techniques that are mainly used for distributed database systems and different management issues related to the databases qualities. Furthermore, the analyst also discusses about the uses of query optimization framework for distributed database resources. Furthermore, analyst also concludes that in this report it also discusses about better understanding of database administration as well as management. Reference List Bingham, A. (2013). The Times Digital Archive, 1785-2006 (Gale Cengage).The English Historical Review,128(533), 1037-1040. Chauhan, A. (2014). Two phase algorithm to establish consistent checkpoints for recovery in multi process environment.IOSR Journal Of Engineering,4(5), 39-42. Cormode, G., Firmani, D. (2013). A unifying framework for à ¢Ã¢â‚¬Å¾Ã¢â‚¬Å" 0-sampling algorithms.Distrib Parallel Databases,32(3), 315-335. De Bruyne, C., Fischhendler, I. (2013). Negotiating conflict resolution mechanisms for transboundary water treaties: A transaction cost approach.Global Environmental Change,23(6), 1841-1851. De Virgilio, R., Maccioni, A., Torlone, R. (2014). Approximate querying of RDF graphs via path alignment.Distrib Parallel Databases. KafalÄ ±, ., Gnay, A., Yolum, P. (2013). Detecting and predicting privacy violations in online social networks.Distrib Parallel Databases,32(1), 161-190. Lawrence, M. (2013). Cold War International History Project Digital Archive.Journal Of American History,100(3), 947-948. Moore, R., Evans, T. (2013). Preserving the Grey Literature Explosion: PDF/A and the Digital Archive.ISQ,25(3), 20. Qin, C., Rusu, F. (2013). PF-OLA: a high-performance framework for parallel online aggregation.Distrib Parallel Databases,32(3), 337-375. Roberts, M. (2013). Essay in Review: Labouring in the Digital Archive.Labour History Review,78(1), 113-126. Sasak, A., Brzuszek, M. (2010). Speculative execution plan for multiple query execution systems.Annales UMCS, Informatica,10(2). Singh, R., Sharma, S., Singh, S., Singh, B. (2014). Reducing Run-time Execution in Query Optimization.International Journal Of Computer Applications,96(6), 1-6. doi:10.5120/16795-6505 Wu, J., Manivannan, D., Thuraisingham, B. (2009). Necessary and sufficient conditions for transaction-consistent global checkpoints in a distributed database system.Information Sciences,179(20), 3659-3672.

Illustrations and Interpretations Essay Example For Students

Illustrations and Interpretations Essay An illustration may be defined as a furnishing for a written text in the form of drawings or pictorial presentations intended as an elucidation or adornment. Although interpretations may seem analogous to illustrations, there are subtle but manifest differences between them. Interpretations are extra festoons to a text that arent clearly stated but can be detected if we read between the lines. Often, when we read and analyse a text, we have troubles when interpreting what we read. This is because these vital bits of information can be overwhelmingly tedious to comprehend and arent very manifest. However, if a text is read meticulously, interpretations can be more potent than illustrations. This is despite the saying that a picture is worth a thousand words. Illustrations basically succour the reader to conjure up the images intended by the author but interpretations go beyond that. All we have to do is fastidiously break down the information that is being transferred to us in the text. If we submit our mind and creativity to the text being read, we can scrupously explore another unsurpassed world created by it. In conclusion, we must all explore arts profusely in order to increase the altruism of illustrations and interpretations. This would further increase our elation and appreciation when reading texts. It requires nominal effort to dig up art, afterall, there is art in everything, even roasted apples. So what are you waiting for? Increase your passion for arts today.