Deforestation and Malaria

Stephanie Saperstein ISB 201L 9. 24. 11 Deforestation and Malaria The changes in global environments is judge to affect the rate of malaria cases in universe. Malaria is a serious and at propagation fatal disease caused by an infectious parasite that can blistering within a mosquito that feeds on tender-hearteds. These mosquitos livestock in numerous beas and form affected many populations causing many people to suffer from its plaguy symptoms and effects of the disease. Researchers have been conducting tests on whether disforestation does in fact amplification cases of malaria in hopes to increase the ability to control malarias outbreaks in indisputable atomic number 18as.The increase in population in many areas is causing at that built in bed to be an increase in disforestation due to the needs for priming coat for settlement, cultivating culture and citeing resources. Research has shown that deforestation does increase the rate of malaria because of the environ mental changes of bringing up sites and military personnels moving to and from forested areas. Malarias parasites most commonly and successfully infects the female Anopheles mosquitoes and those humans that are bitten by these mosquitos, however they are both affected by the parasite differently.In humans the parasite begins by infecting the liver where it matures and begins to breed and multiply. After multiplying they begin infecting the blood stream and struggle the hosts red blood cells. These parasites continue this cycle by consistently infecting more and more red blood cells. Unlike humans the mosquito is not harmed when infected by the parasite. When a Anopheles female mosquito feeds on a human carrying this parasite a new cycle of egression and multiplication takes place in the mosquito. The parasite begins in the mosquitos stomach and wherefore travels to the midgut wall of the mosquito where they breed and multiply.After 10-18 days, the parasites are put in as sporo zoites in the mosquitos salivary g set downs. (The Malaria Lifecycle 2006) When the Anopheles mosquito feeds on other(a) human, the sporozoites are injected with the mosquitos saliva and start another human infection. The mosquito transfers the parasites to multiple people by biting them and therefore acts as a vector for the disease. In one bailiwick it is said that deforestation is the largest contri thating factor to malaria out of the many environmental changes and its rates are expected to increase. Where malaria is found depends mainly on factors such as temperature, humidity, and rainfall.Malaria is transmit in tropical and subtropical areas, where Anopheles mosquitos can survive and multiply and where malaria parasites can complete their growth cycle in the mosquito. Research has accepted that deforestation increases malaria run a risk in Africa and the Americas and lessens it in South-east Asia. (Guerra, Snow, and Hay 2006) Malaria in the virago has been caused by eco system changes which were caused by human migration and opening of degrade for uncouth reasons, cattle, and natural resource extraction as well as deforestation and reforestation.The change in the ecosystems relates to the promotion or suppression of Anopheles darlingi, or the number one malaria vector in the Amazon, is ultimately the most main(prenominal) factor. An. darlingi is the most important malaria vector in the Amazon region. The vector breeds in partly shaded pools found in flooded areas of forests, forest creeks, river edges and pools left aft(prenominal) river-level recession during the dry season. When humans colonize forests or near-forest areas in the Amazon it causes an increase of An. arlingi populations by increasing human exposure to this species natural upbringing habitats and by generating new breeding habitats on the forest fringes. When deforestation takes place there are less trees to shade the given area of land and the acidity and chemical composition of the soil changes. This environmental change oft creates favorable conditions for the breeding of An. darlingi and therefore increases the local risk of human malaria. organization sponsored colonization projects and significant migration, which took place with the help of deforestation, have resulted in malaria outbreaks.The boundary malaria phenomenon is exhibited in the Brazilian Amazon, among many other places, which increases the rate of malaria among humans. Frontier malaria is outlined as a phenomenon operating at three spatial scales and with a distinctive time agency. First at a micro/ case-by-case level, vector densities are high gear because of changes in the ecosystem that promote habitats for A. darlingi. This also occurs when human exposure is intense, such as at dusk or dawn. The atomic number 42 is at the community level where weak institutions, minimal community cohesion, and high rates of in and out migration characterize the frontier malaria.Third, at the aver and national level, there is unplanned development of new settlement areas where agriculture had failed and people avoided malaria. However, this only elevates the rate of transmission. This frontier malaria has a time path where at the opening of a settlement area malaria rates elevator rapidly and after 6-8 years the unstable in and out human migration and the high level of ecosystem transformations such as land clearing is replaced by urbanization and community cohesion. This frontier malaria then consists of more stable and economic crisis rates of transmission of malaria. Singer and Caldas De Castro 2006) Malaria has recently struck in the Peruvian Amazon region and research has shown that deforestation was the main cause. This research states that the risk of being bitten by the autochthonic malaria-carrying mosquito, A. darlingi, is nearly 300 times higher(prenominal)(prenominal) in cleared areas than in those that are largely undisturbed. (Meadows 2006) A correction reported in the American Journal of tropic Medicine and hygienics shows how deforestation is a contributing factor to the increase in malaria outbreaks.The study was conducted in the Loreto district of northeastern Peru, where malaria has nurturen from 600 cases in 1992 to 120,000 in 1997. Loretos population is increasing causing there to be increase is deforestation in order for more settlements such as roads for plantain, cassava, and other subsistence crops. As stated earlier, clearing forest for cropland also often creates give away or more breeding sites for the A. darlingi mosquito by providing deep water and brief vegetation. Researchers in Loreto experimented by measuring the rate of An. arlingi bites to test whether the population was the primary factor in the increase in malaria cases or whether deforestation was. They found that population size had no effect on the An. darlingi bite rate, but that deforestation had an enormous impact on it. The rate was 278 times hig her in areas with the least forest and the most grass/crop land than in areas that were undisturbed. This study proves that areas of slash-and-burn agriculture provides a better environment for An. darlingi mosquitos to breed and increase in population, therefore causing more people to be at risk or in contact with the mosquitos that carry the disease.As exhibited in the previous studies and research, deforestation is definitely a contributing factor to the rise of malaria infection. The increase of population and globalization increases the need for land to raise cattle, extract resources, cultivate agriculture, and areas to migrate to. This increase then leads to a need for deforestation which has proven to be a main factor in nurture the cases of malaria. In these studies deforestation increased malaria in numerous ways. By destroying forests the climatic factors in areas affecting vector and parasite reproduction and development were significantly changed.Deforestation changed ecological and landscape factors by increasing the amount of sunlight which in turn increases the temperatures of bodies of water, thereby changing the habitats for breeding areas. Overall deforestation is thus one of the highest contributing factors to the rise in the insect vectored disease well-nigh the world. References Guerra, C. A. , R. W. Snow, and S. I. Hay. A Global Assessment of Closed Forests, Deforestation and Malaria Risk. American Journals of Tropical Medicine and Parasitology 100. 3 (2006) 189-204. Pub Med Central. U. S.National Library of Medicine National Institutes of Health, Apr. 2006. Web. 24 Jan. 2011. . Meadows, Robin. Malaria Linked to Deforestation. Conservation Magazine. 2006. Web. Sept. 2011. . Singer, Burton, and Marcia Caldas De Castro. ENHANCEMENT AND SUPPRESSION OF MALARIA IN THE AMAZON vocaliser and DE CASTRO 74 (1) 1. ENHANCEMENT AND SUPPRESSION OF MALARIA IN THE AMAZON 74. 1 (2006) 1-2. American Journal of Tropical Medicine The Malaria Lifecyc le. hold outHealth. co. uk the UK Independent Travel Health Site. Travel Health Co, 21 Nov. 2006. Web. 14 Feb. 2011. .

What Is the Origin of Law

Whats the origin of integrity? God the creator righteousness atomic number 63an Colonization- the process of where early(a)wise countries go to an early(a)(prenominal) countries to make them at that place on. 13 colonies 1. S give awayh Carolina 2. Georgia 3. Virginia 4. Pennsylvania 5. New York 6. New jersey 7. New Hampshire 8. Massachu desexualisets 9. Maryland 10. Connecticut 11. Delaware 12. North Carolina 13. Rhode Island Cause and depression of the the Statesn Revolution The American Revolution was ca utilize by events that affected twain the patriots of America and the loyalists of Britain.Before the American Revolution led to the independence of the 13 colonies of America in the latter half of the 18th century, sm completely upheavals in exclusive states were seen throughout the coun correct. Among these were the French and Indian War. This war spanned nine years, but it was cognise in England as the Seven Years War. It was a clear find of how the Frenchmen and th e Englishmen both wanted supreme power over the lands of America and wanted to become masters of the trade that each represented.France lost the war, and England imposed the dramatis soulae Act on all written documents in America to be able to pay debts incurred during the war. They put imposees on virtually everything, including paper, tea, glass and paint. These tax issues then led to the American Revolution ten years later. subsequently the Declaration of Independence, the 13 colonies were formed what is now known as the joined States of America. The 13 colonies were divided into three New England colonies, middle colonies and southern colonies. These tates had in the end determined that the British rule would never again gain their allegiance, thence severing any ties to the English crown. The United States of America won/ move the ultra War with the help of France, Spain, Dutch Republic and the British (Yes the British also helped the US). Americas 1st Army was set up d uring the Revolutionary War, it was set up trained and led by British troops who had glum on their own country. Also the Revolutionary War Officially terminate with the contracting of the Treaty of Paris.British people held mass protests in Britain and demanded their King sign the Treaty Of Paris end the War and Bring their troops prat planetary house and give America back their independence, the King signed it and formally ended the war. Many Historians worldwide brace different opinions on if the Revolutionary War was a advance or a draw because of the British King forthicially ending the war by signing the accord and the fact that the War was technically Brits VS Brits anyway.Also the British were fighting 3 other more important Wars in other parts of the world at the same time as the Revolutionary War, even though they were outnumbered in all 4 Wars they still went on to win those 3 other Wars, the Revolutionary War was the least important as America was a young country with not much for the British Empire to gain, the 3 other wars they were fighting in other parts of the world had a lot to lose and a lot to gain, the troops that were fighting in America were needed elsewhere. Revolutionary War There were several reasons that enabled the Americans to win the Revolutionary War.The of import reasons are the alliance with France and the freedom fighter Warfare of Marions group and the attack of British supply bases. The alliance with the France supplied the colonists with weapons, fleets and soldiers greatly. The Patriots soldiers were low- experienced and the Continental navy were newborn army who didnt have enough fleets to defend themselves (The British ships were capacious and large in numbers). Only with the support of the French, were able to put up a fight against Britain. Marions Brigade were a group of Patriots who used the Guerrilla Warfare strategy to fight against the British.The Guerrilla Warfare is still before long used in wars and it is a series of swift, hit & run attacks. In the Naval War, the Patriots, rather than attacking the main forces of the British ships, attacked the supply ships and bases in the Bahamas. That caused the British navy to suffer greatly and delay their attacks. These are the main reasons why and how the colonists of the American Revolutionary War were able to win the war. want Patriots fought for their lives, their property, and their political ideals. Popular Support Many civilians actively supported the Revolution.Patriots used many techniques to rally popular support. Leadership Rebellion broke out across the continent. American generals learned from their mistakes. Washington inspired loyalty and nationalism in his troops. Foreign allies France supplied money and troops. France and Spain weakened British forces by expanding the war. The Dutch helped carry French military supplies to the Americans with communication and supplies. Americans fought close to home the militia make s ure that the British could not live off the land. Troop strength, although Americans had fewer troops, Local militia helped swell American forces.Altogether, 250,000 may have fought for the Patriot cause. Article of confederation- the first document of congress. Meaning of this condition is the loose collection of states. Georgia delegates 1. Abraham Baldwin 2. Archibald Bulloch 3. William Few 4. William Gibbons 5. Lyman Hall 6. toilet Houstoun 7. William Houstoun 8. baronial Wimberly Jones Common law Three branches of government Legislative- congress makes law. Executive chairman enforces the law. Judicial Supreme Court Justice Legislative- two branches senate and house of vocalism Executive- 1 presidentJudicial- 9 members- scotus Concentrated power is dangerous. Meaning 1 person with power can go mad with power. Week 2 Notes Sources of law 1. statutory law- legislative body made by congress consistent of federal and state 2. common law- laws handed down from old laws from Europe handed down by tradition 3. organisational law- made from the war paint 4. model penal code- A. L. I a group that came up with regulations they try to write ways law are written by changing it with a recommendation Judicial branch we as the United States have to dual appeal system. State and federal.Federal-congress State- Georgia general assembly or whatever state you are in. Trials Courts Trial court level is where all court cases instigate. Both sides are heard in this process. Trial is made into three parts opening statements, presentation of evidence, and closing arguments. District court (Federal) 94 district courts 89 in the continental 5 other areas that are United States 13 court of appeals 11 are listed other 2 are not on the appeal map which is dc circuit and federal court of appeals You can only appeal on law not fact Supreme Court Is the highest court in the land.Located in Washington D. C and is the only court in the constitution They get over 10,000 case, they usually see 70 to 100 They start hearing case on the first Monday of October and last to April 9 Members 1. John Roberts- Chief Justice President- G. W. bush 2. Clarence Thomas- president G. H. W. Bush 3. Ruth Bader Ginsberg president- W. J. Clinton 4. Stephen Breyer President- W. J. Clinton 5. Antonin Scalia President- Donald W. Reagan 6. Anthony Kennedy- Donald W. Reagan 7. Sona Soto Mayor- B. H. Obama 8. Samuel Alito- G. W. Bush 9. Elena Kagan- Obama

Organizational Culture of Google Essay

IntroductionSergey Brin and Larry Page who were PhD Students at Stanford University met in 1996 and they came up with the idea of starting a search engine that they named BackRub. that on 14th September 1997, the two students renamed this search engine to Google and in the year 1998 this organization was launched form completely(a)y. The term Google was derived from the word googol which refers to digit sensation (1) followed by hundredth (100) zeros. Studies show that, Google receives millions of users on daily basis and it is estimated that this organization is worth(predicate) billions of US dollars.In addition to this, Google has proven to be among the leading organizations with sundry(a) stopping points and has been named as the best performing organization that ingrates Culture and Diversity in Decision Making growth. Some of the Awards that waste been given to Google include Hispanic Bar Association of Orange County, Organizational Excellence Award, and Diversity in IT Award, UK IT Industry Award, and National Association of the Deaf Accessibility Award among m some(prenominal) a nonher(prenominal) otherwise(a) Awards. Googles CultureThe bottom line of Googles victor across the globe stems from the stopping point that has been developed by the key stakeholders in the organization. It is indeed quite evident that, Google has grown considerably since 1998 when the familiarity was offici eithery launched and currently, its employees are more than 200, and come from all separate of the globe. I entrust examine Googles culture of respectable standards and behavior as hygienic as observ fitted organizational policies in the club. Although Googlers share common goals and visions for the telephoner, Google applaud from all walks of life and speak dozens of languages, reflecting the global audience that Google serve. And when not at work, Googlers pursue interests ranging from cycling to beekeeping, fromfrisbee to foxtrot. The culture of ethi cal standards and behavior in GoogleTypically, employees of Google troupe are smart people and coming from various parts of the globe, they speak different languages and their cultures vary. As a matter of fact, these employees are anticipate to serve all customers without any favor or discrimination, therefore dresst be evil is key to Googles stakeholders, members of round and all employees running(a) for Google Company. This statement is real vital to Google Company and it is expected that, everyone working in the Company as well as other members of provide should respect one another and above all honor those laws and guiding principles that have been established in the organization especially when it comes to the entire process of decision making (Weber, 2008).In addition to that, clients cultivation is vital in the Company and the confederacy expects every employee and other members of staff to ensure that customers discipline and data is given adequate protection fro m unauthorized access code. The corporation expects that, all its employees maintain high levels of integrity at all time and any employee or staff member who is found to have jeopardized his work by exposing clients information and data to unauthorized access is held liable for all the insurance caused will be forced to pay for the ultimate price of his slight of duty (Schermerhorn, 2012).If there was ever a decline in the wind vane searching service, Google will have to adapt to the new strike. This is why it beta for them to strive to hire the smartest and the brightest within the field. Google has the employees to adapt to a decline in the web searching service, the employees that they currently have and will be able to hire will be able to adapt to any other business that Google wants to become during this decline.(Bulygo, 2013)Furthermore, protection of Googles assets is very important to all employees and staff members of this company. It is quite evident that, Google is rich in intellectual data, intercourse facilities, employee data, clients information, and Company equipment among other assets from in all parts of the globe (Flamholtz & Randle, 2011). The company expects all employees, and other people who access these assets to protect them from anyaccess by other people with ill motives.This goes sink in hand with the working environment of Google Company and studies shows that, Google ensures that all employees work in a violence free environment and this has enabled employees of Google Company to be very robust at all time. This goes hand in hand with the issue of medicine and substance abuse and in this respect the company does not suspend her employees, staff members to use or to promote drug and substance abuse. How I determined that Google has shown the culture of ethical standards and behaviorGoogle Company has adopted the culture of ethical standards and behavior. To Frost, this culture is entrepreneurial, dynamic, and innovativ e and above all it makes employees to be notional in their places of work (Frost, 2009). It is quite evident that, employees and managers of Google Company embrace risk-taking and innovation, thus they work hard in order to ensure that Google Company is on the leading edge as compared to other organizations or companies from all all over the world. Indeed, employees and members of staff of Google Company are unified by their commitment towards implementing what they have or what they know. In addition to that, Google Company aims at leading other companies or organizations in the industry, thus to achieve this, it encourages freedom and idiosyncratic beginning(a) among her employees and staff members. Factors that caused Google to embody the culture of ethical standards andWhen Google was officially launched in 1998 as a search engine many people took advantage of various types of information that were being sold by the company. As the company grew and unfold all over the world cases of misuse of the available data and information were reported from various parts of the globe. This threatened Googles performance in the industry and the company came up with various codes of ethics and standards that were meant to guide staff members and users of Googles information. Secondly, Google being the leading and the best performing organization all over the world needed come up with the culture of ethical standards and behavior. The main reason behind this is that for any organization or company to be successful then all its employees and members of staff should be control by well established ethics (Schein, 2010).Type of draw that suits Google CompanyIn my opinion, I believe that the ideal leader for this company is the one who has the ability to cultivate Googles presence continuously. In addition to this, the leader should be customized to the type of business in order for him to deliver the perfect customer service demanded customers and also to ensure that the company produces amazing results. This individual should lead by example and lead all employees towards the attainment of the companys mission and vision. He should be approachable, open minded and very knowledgeable.ConclusionIn an event of a decline in the demand of goods and service of Google Company, it will be a prudent for the company to compensate its culture to match the trend. In my view, I believe Google Company has been adjusting its culture in a number of ways in to make the roughly of prevailing conditions. It is quite evident that all employees and stakeholders of Google Company are connected to service delivery and one of the adjustments to be made by the Company is to create fun times between employees and clients. This will allow employees of the company to share their amazing experiences and services with their clients and this will increase the demand of goods and services of the company by these clients or customers.ReferencesFlamholtz, E., & Randle, Y. ( 2011). Corporate Culture The Ultimate strategic Asset. Palo Alto Stanford University Press. Frost, P. J. (2009). Organizational culture. Beverly Hills u.a Sage Publ Schein, E. H. (2010). Organizational culture and leadership. San Francisco Jossey-Bass Schermerhorn, J. R. (2012). Organizational behavior (12th ed.). Danvers, MA John Wiley & Sons, Inc. Weber, S. (2008). Organizational behavior Google corporate culture in perspective. Munchen GRIN Verlag GmbH. Bulygo, Z(2013, Feb 11) Insidw google culture of success and employee happiness.Web Log Post. Rettirved from http//blog.kissmetrics. com/google-culture-of-success/

My Essays Essay

The following is an organisational announcement for Staples vantage Corporate associates andglobal Vice Presidents and above from turkey cock Heisroth, SVP Staples Advantage Sales, and Steve Bussberg, SVP, Staples Advantage. To support Staples Reinvention efforts to turbocharge product-related services, we are excited to announce changes within our Staples Advantage scar assembly linethat go forth addition efficiencies and reduce node amazement around our offerings.Staples has unrivaled chump assets and we believe this reorganization allow deed over us to strengthen our position in the industry and become a true market leader. Jeff crump,VP/GM, Staples sign Solutions, will be responsible for Print operations, all aspects of Print field support, and ownership of the total Staples Advantage Print P&L. Jeff will overcompensate to report to Steve Bussberg. Geoff Eitland, Director, Procurement and Merchandising, will assume responsibility for all Print sourcing and vendor m anagement.In addition, our customer implementation teams will now be centralized, withJamie Kapanka, Senior Manager, Sales Operations, describe into the Staples Advantage Print operations group. The following Associates will report to Jeff Crump * Geoff Eitland, Director, Procurement and Merchandising * Jamie Kapanka, Senior Manager, Sales Operations * Gary Swanger, Director, Finance * Gretta Staskiewicz, Manager, merchandise * Jeffrey Holton, Director, Manufacturing * Lee Ann Holley, Project Manager, New Business Development * Richard Campbell, Director, Integration Richard Martin, Director, Logistics * Robert Anderson-Ludrick, Director, PE Deployment draw The Print sales teams led byMillie TaralloandRalph Torreswill come in concert down the stairs the leadership ofWayne Wilkinson, Vice President, Staples Advantage Sales, who is taking on a new role overseeing the Print and Vertical sales teams. Wayne will mutation into his new role over the next few months and will march on t o oversee the Central Region until further plans are announced. Wayne will continue to report toTom Heisroth, Senior Vice President, Staples Advantage Sales.Reporting to Wayne will be * Millie Tarallo, Area Vice President, Print * Ralph Torres, Area Vice President, Print * Susan Louis, Vice President, Healthcare * Judith Smith, Vice President, Federal Government * Jeremy Landis, Director, Vertical Markets corporate trust the Print sales teams under single leadership will increase sales productivity and uncover new sales and margin opportunities. At the same sentence, unifying the Vertical sales teams under Wayne will modify us to better focus on customers specialized needs in these segments.As previously announced, business development for Print has been unified under the leadership ofKevin Moss, Vice President, Business Development andJoe McDonald, Director, Business Development. This new social organisation and improved support capabilities will give our sales teams more time t o sell, while providing our customers the seamless experience they expect. We look forward to transforming the Print business within Staples Advantage and driving meaningful growth for the company.

Great Famine Essay

Buba A boil that is caused by the Bubonic Plague, normally on the neck, armpit, or groin and causes excruciating pain. Flagellants- Group of people that whipped themselves to liberate them of sins, in belief that Black Death was Gods penalty on humans for wickedness. Crecy-A city in Northern France 1346, English longbowmen scored a smashing victory over the French knights and crossbowmen. Agincourt- near Arras in 1415, the chivalric English soldier- King Henery V gained the field over vastly superior numbers. Joan of Arc- A peasant girl that convinced the French giving medication the dauphin needed to be cr declareed and to expel the English out of France.She spruced up as a man and fought in the war, but was caught and burned at the stake for being a witch. Representative assemblies- the beginnings to modern government homogeneous the English Parliament and German Diets Nationalism- The feeling of unity and identity that binds unitedly people. The English had strong nationa lism after winning the war. Babylonian Captivity- referring to the 70 years the ancient Hebrews was held captive in Mesopotamian Schism- Another word for division, in this case the division of the French and English and their Popes.Conciliarists- believed that reform of the church service service could trounce be achieved through periodic assemblies, or general councils, representing all the Christian people. Statue of Kilkenny- thither was to be no marriages between those of immigrant and native stock To generate sure there was no racism in Ire defeat Merchant- The fine you create to comprise the lord to demoralise a woman married. Banns- Public announcements that be posted on the church door that says who is getting married. Jacquerie- French tike uprising named after a mythical laborer. Racism- Discrimination based on ethnicity, Irish were discriminated mostly Dalimil Chronicle- A survey of Bohemian history pervaded with Czech hostility toward Germany Peasant Revolts- P easants make spacious groups and try to over feature the leader, happened in Fladers.Review Questions 1. The Great Famine caused the population decline in the early 14th century. The famine wide out a large potion on the population. Infants, children, and elderly people were susceptible to disease and now the workingman had a reduced diet. These tough conditions made it difficult to support a family, so no babies were being born. So in the 14th century there was population decline.2. The bacteria that caused the bubonic plague was found in the telephone line stream of rodents and it traveled through fleas. Overcrowding, worthless sanitation, lack of personal hygiene, and poor nutrition encouraged the disease to spread dramatically through Europe. The land values drastically dropped. Narrow streets filled with refuse and human evacuation were as much as cesspools as thoroughfares. The extreme overcrowding was everywhere.3. The short and long-run causes of the Hundred Years War were the English claimed Aquitaine as in ancient inheritance. However, the French was strongly expansionist (French Policy). Economic factors about the wool patronage and control of Flemish towns served as justification between France and England for the next centuries. The airing of commerce with England threatened their prosperity.4. The French overall had their land regained and won the war. They besides lost thousands of soldiers and civilians as well as hundreds of thousands of acres of farmland cause the economy to be left in shambles. England spent over 5 million causing to have a massive net prejudice to go along with the loss of thousands of soldiers. They did however gain the power of typical assemblies such as Parliament.5. The Babylonian Captivity weakened the prestige of the church because the current pope was asked to move to Rome while sick and at near death. Once he died, the clergy elected Urban VI to pope. He acted insane and cardinals excommunicated him from pope. Soon a new pope was chosen, Clement VII. Cardinals that back up the Concilliar Movement elected a new pope as well, make three popes at once.6. The Conciliarists Movement was revolutionary. It was a belief the reform of the church would be best achieved through periodic assemblies, or general counsel, representing the Christian people.7. (who is he) John Wyclif was an advocate for the Conciliarists Movement. Wyclif was a threat to the institutional church because he said that churches should be stripped of their property. He told people that they are their own churches if they just read the bible. His followers, Lollards, allowed woman to preach and were like by many.8. after the Hundreds Years War there was little to no employment for knights. umpteen of those nobles turned to crime called fur-collar crime. This was where the nobles would steal from the rich and tell the poor that they had to pay a fee so that they wouldnt hurt them. They gained a great deal of money, but after long suffering by peasants they began to get angry and revolt.9. The French Peasants Revolt of 1358 was caused by heavy taxation by the French from the Hundred Years War. Plus plague, famine, and being harassed by fur-collar crimes, they went through the countryside killing nobles. Peasants brought about the English Peasants Revolt of 1381 because of the demand for high wages and the governments fail to represent their wants. Also frozen wages and notch tax were contributing reasons.

Benefits of security awareness training

Security in information systems training has come to be superstar of the most needed requirements in an organization. As Acquisti (2008) explains, in todays fast moving and technic onlyy fragile environment safe communicating systems are required to be secure in order to social welfare both the company and the society as a whole. This fact needfully to be clearly highlighted so that adequate measures be use non only to fosters the organizations daily business transactions however also ensure that the much needed credentials procedures are implemented within the accepted companies code of ethics and thorough training given.Think of a case where companys data is exposed to cattish attacker, this bunk is constantly increasing especially among the protective c all overing illiterate mental faculty having glide slope to reasonable and secretes business information. This information can be like sensitive companys data, browsing the companys website through an risky gateway, r eceiving emails from suspicious sources and the threat posed by Instant messaging (IM). This publisher aims at giving a critical review on the benefits of security consciousness training on IT systems to an organization.Provide better protection for assets We need to divine service employees identify potential threats since this is one of the most valuable technical advantages a society can get (Brancik, 2008). We need to provide updated information to our staff on the new security risks that have been observe. The staffs need also to be updated on the current technology so that they easily are aware of security breaches within the e-commerce environment.Furthermore employees, Brancik, (2008) asserts, business partners, and contractors should be informed that the data on their mobile phone devices and computers portable document format (PDFs), smart phones and ripple drives though are devices that are of value are vulnerable to security breaches so that they are alert whenever a security threat is spy within their systems. This can enhance swift action to be interpreted by the IT professionals to cap the situation. Save moneyAccording to Pfleeger and Pfleeger (2007), to reduce the number and extend in security breaches then training is vital. If a security breach is discovered sooner then ways of dealing with it promptly can be devised. , cost to notify customers of breaches, Cost to recovering data altered or lost during an a security breach, non-compliance fines and lost productivity, lost customers(indirect costs), resolving breaches and hoaxes ,time pass investigating) will reduce.These enables control measures to be added into systems other than adding them into the system that has been installed. Coordination and measuring of all security awareness, education, training should be enhances while duplication of effort is reduce (Pfleeger and Pfleeger, 2007). Improving the Competitive Advantage of your organization and protection of its brand hotsho t of the factors in the world of commerce that is focused on by around all companies is the ability to gain a competitive edge over similar companies.As explained by Killmeyer (2006) customers should be informed that your organization is considerate in protecting their data. Take a situation where Barclays Bank received when the oversight decided to protect customers installing ATMs that hides the users identity from its printout transaction receipt, if a malicious user were to gain access to unprotected receipt (having users identity and password) what ruin will he do to customers account?

JetBlue Airways & Organizational Development: Partners for Change Essay

This is a trip of an useful partitioningnership of Jet dark-skinned Airways and organisational growing. In the skyway traffic with an unp blushfulict suitable environment, Jet piquant forged a partnership with the Organizational Development (OD) squad up and JetBlue University (the airlines centralized learning group). From this berthed the Systems Operations C unload (SOC) which is the heart of the airline the epicenter w here(predicate) effectual decision reservation, communication, team action, and drawing cardship be critical to ensure crew outgrowths atomic number 18 able to meet and exceed customer needs (Dennnison, 2007). This nerve choose covers the quad general models of planned change which are entryway and contracting diagnosing planning and implementing and evaluating and institutionalizing change (Cummings & Worley, 2009). in all noises applied were mensurablely develop as they interpret the diagnosis of the operations of JetBlue.And as it progre ss you depart come upon that the backbone element on making this a successful and effective OD is theinvolvement of all the employees and their debauch in from the top down feather management. As you exit make up ones mind that not except that they agree use the hinderances which greatly enhanced the gilds success, it has also institutionalized the changes they eat adapted and on On June 8, 2011, JetBlue ranked Highest in Customer blessedness Among Low Cost Carriers in North America by J.D. king and Associates, a customer satisf put with recognition received for the seventh yr in a row.they were awarded they are the number i (Article, 2011).IntroductionJetBlue has an dramatic and effective partnership with the Organizational Development Team. This is one of the success stories on how to effectively apply and OD Intervention within a keep company. They consider schematic and institutionalized the butt on of OD within their business strategy. The quaternion di sh outes namely Entering and contacting diagnosis planning and implementing and evaluating and institutionalizing were properly managed and execute. The foundation was tog decent and the shifting of the change concept was embedded in the JetBlue burnish. all(a) JetBlue employees are involved and are aware on how OD interventions are applied and how it works. The foundation of the OD intervention is solid and any upstart interventions that are applied as long as it is carefully reviewed and h elder is flawless. My nest for this case study as an OD practitioner is to review, diagnose, and probe what the OD practitioner take hold accomplished and make any changes and recommendations that I turn over volition further enhance the effectiveness of the OD intervention. I pull up stakes apply the four model of planned change as I review and/or come up with any superfluous intervention for the company.Stage 1 Entering and contractingThe OD team did not abide a hard time enteri ng into this business contract with JetBlue. All the grammatical constituents I read in this case study are all in their side. The strike concept that is precise exacting for this intervention is that JetBlues placemental culture is that they embrace change. This resulted the decision to financial aid the SOC continuously improve was supported by all within the part and the whole organization. They boast implement anideal and perfect approach for entering and contracting. Their realization that tomorrows operating environment leave alone feeling very dissimilar. They are treating distri merelyively flight as a varied case and they do not base their assumption on old info but incessantly plan for the latest information for for each one flight. A comprehensive contract was developed by JetBlue and OD team. or so(prenominal) internal and outdoor(a) SOC stakeholders are engaged for this contracting. Their process is flawless and what they clapperclaw a progressive c ompany that embraces intervention as unconditional. They have developed a comprehensive contract that push throughlined the scope of work and established clear roles and expectations. Both sides have agreed on the contract, they impart and so proceed to the planning process. Recommended change/ additionUpon reviewing butt on A, my recommended change is that the SVP of the SOC should be less involved on with the SOC operations. All the find out elements are already identified and they have developed a process on how to enter and develop a contract. The stakeholders are already onboard with the OD program and in fact embraced the concept of OD so they should empower the OD team on changes and directly apply to the SOC with stakeholders getting an updated interventions being implemented. They should decentralize this tasking with the SOC, OD team and the crewmembers. By doing this, SVP and stakeholders brush aside focus more than on their large tasking and responsibilities by projecting and planning for the future of the company. The effectiveness of the Entering and Contracting make up is also apparent in eliminating or planning a course of action on taking out most of the red flags such as insufficient level of commitment, resistance or resistivity by major stockholders, lack of power or influence and thickenings desire to manipulate the consultant. These potential red flags were all communicate and resolved (Mitchell, 2006).It volition also be cost effective if they will establish their internal OD team. By having a dedicated team, they will be more focus on the progress of the company. OD is already developed and more than likely, sole(prenominal) minor interventions will be implemented to adapt in the invariably growing and changing innovation of the planetary environment.During contracting, there were no specific goals identified by JetBlue but only to look under the hood. I believe the OD approached this as an Organizational process for t heir plans. Although the contract covered the scope of work, established their various(prenominal) roles and responsibilities, they have not covered the estimated time needed that is devoted simply for the OD process. They might have missed this step because of the total barter for in of JetBlue with change. But the issue might rise if the cost will start escalating or even the timeframe gets extended. Stage 2 DiagnosisThis is one of the pivotal areas that OD practitioners should be keen in identifying the relevant issues equanimous on all data. Obtaining an updated and current data is needed in this ever changing global market. They also have covered this stage as you will read on the case study that they are mark as progressive company which means that they constantly strive for change. register A if you notice that they added a planning stage on how the intervention will be approached. A thorough data copion will be created as one of the tools to diagnose and approach an intervention.Exhibit B is the Denison Leadership Development vignette that was used and you fire see the positive vicenary results that they have attachd their scores in four key areas within eight months of implementation. Summarizing the information captured from the Denison Organizational Culture pile, focus groups and interviews, the OD team came up with five key themes for the companys outline development and culture change. The OD consultant also stresses to the leadership team that focusing on a few relevant areas was much more effective which I also totally agree. Recommended change/additionThis case study mentioned that 40 interviews and focus groups were done to gain insight. I would increase the interviews to at least 50% of each division of the company to have a better data analysis on where the top strengths and weaknesses are. I will also make a two to three twenty-four hours session to interpret the data to come up with a more viable and acceptable hypothesis on identifying the themes for the company. The Denison Model gave a quantitative euphony of the organizations status. It addressed andidentified the two strengths and two weaknesses of the company. And from that diagnosis, coupled with the 40 interviews and focus groups, they have come up with viable goals. Goals that are derived and construe from the data they have gathered. Recommended change/additionIf I was the OD practitioner, I would also add questionnaires for the customers, observation and unnoticeable measures. My questionnaires will be knowing solely for the customer satisfaction. This is your main business for the company. This is a key factor in increasing your market shares. I would design the questionnaire to draw out what crapper be improved and any innovative ideas that they want to see what JetBlue can offer. I will focus it on polariation which will make JetBlue unique from other airlines. This will be a very strong intervention once applied because it direct ly affects the customers (Kabra, 2006). On my observations, I will be staging some observation sites at the tarmac, tag counter, customer service, and other key areas of the business. We will observe the people on how they work, how long they work and the conditions on where they work will be some of the factors we will observe. By perpetrateing observations, you will witness the actual things that are happening during the operations of the company.There are a lot of different divisions that makes up an airline business. The crewmembers each have different area of expertness such as stewardess, baggers, pilots, etc. It is very diverse and you need to collect data on all areas. I will also perform unobtrusive measures and study the current structure of the companys organization and see if we are utilizing and maximizing all the skills, knowledge and abilities of all our crewmembers. From here I will define a benchmark and see what is our free-enterprise(a) edge compared to other a irlines. I will also apply unobtrusive measure and establish a benchmark for both internal and external part of the company. This will better me a better approach and measure on what is the real status of the company and you can project put out goals since this company embraces changes. A challenging and achievable goal for them will be ideal. By applying more measures on Data gathering, you will come up with a better conclusive strengths and weaknesses of the company. You will diagnose and compare your data analysis and strategize a pattern and conclusive evidence that supports each instance of data analysis you collected. Stage 3 Planningand ImplementingThis is the crucial stage of the OD process intervention. The critical analysis of the date gathered was thoroughly researched on this project. The planning stage was very effective as they have come up with a strategic approach to achieve their goals. As they OD practitioner finished the strategy, they were able to communica te the strategy to key leaders of the company (Lunenberg, 2010). I agree with the OD team on what happened after the data collection and goal specializeting. Meetings on each member of the SOC team were held and they were educated on what will be their roles during the intervention. They have decrease the peoples natural reaction on resistance to change. All five themes they came up were communicated effectively throughout the organization. An extensive weekly see for the first month was implemented. This is a carefully planned and well executed plan and implantation stage of the OD practitioner. This is a well ideal of process that the OD team have covered all the interventions and each goal were further identified with a detailed plan of action of what are the steps needed for the achievement of their goal. And the key for this step by step procedure is the constant meetings and progress check to see how the intervention needs any adjustments or they are within their target go als. The OD practitioner is very well educated and approached this stage strategically.Recommended change/additionThe two things I would add for the implementation change is the award system and stretch goals. They have instilled the intrinsic rewards for the crewmembers as the OD practitioner came up with an intervention that each crewmember are part of the changes that is happening as they have the quantitative measure of their goal they are achieving. The empowerment was placed with the crewmembers. Adding an adscititious award system such a Employee of the month, cash bonus, etc., will only reinforce and encouraged each crewmembers for the success of the business. I believe with the buy in of all JetBlue employees, stretch goals for the directors and make it a competitive but friendly approach of stretching the goals for each department/division will not hurt since the culture of the company embraceschange. Stage 4 Evaluating and InstitutionalizingThis is a success OD interven tion from start to end. The evaluation process was eye-popping as you can see the success rate of the company. I believe that they have institutionalized the change and they make the OD a part of the companys culture. They have achieved the OD intervention and as you can see, it has been decentralized and it is now at the lowest level of management. The success of the JetBlue and OD practitioner is evident because of the foundation it has set. You will see that they have recognised this intervention as a new way of doing business. And they even avoided the wiz of complacency by having a Culture Change Monitor study and a bi-weekly working sessions to execute the plan. They applied the Denison Organizational Culture Survey to assess their strengths and weaknesses. You can see the evidence by having a hefty foundation and structure on the start of any OD intervention. It will follow a smooth transition from each phase. As you can see that the company was just transitioning from e ach phase of the OD process and as they evaluate the interventions, all the stakeholders are onboard and willing to improve the company as it is very evident as you read the case study.Institutionalizing it as you will read is also successful. From the start as the company embraces change, the company and the OD have transitioned change as a norm in their crewmembers view. They look all the changes as a philosophy in their culture that the success and development of their company can only be achieved through continuous improvement. Recommended change/additionThe things I will add on this are annual get together, and recommend new survey system. By having an annual get together, I will implement a bed cover type with key speaker to encourage the crewmember and have achievement awards with different categories. This will definitely encourage each crewmember to give their best any time they work.I would recommend another survey to replace the Denison Organizational Culture Survey in the next two years. Having the same survey yearly mightcreate complacency and over familiarity of the survey. But if you give them a different survey, they will be able to look at it on a different perspective ad will dedicate more attention. I would review the current innovation, global market, benchmark the airline business, and their own. I will select and recommend an ideal survey establish on the current data gathering I collected.ConclusionThis is a success story of an OD intervention process. Ad JetBlue have embraced the changes, careful planning by the OD team as they enter the contracting was very effective. It is a very effective approach as they have identified almost all of the requirements to enter a contract.Data gathering and analysis have resulted in identifying the strengths and weaknesses of the company. Goals were derived from the weaknesses and step by step approach designed to achieve each goal. Communication is evident as the key factor on the planning and imp lementation change. Each key leader are involved and updated on the planned intervention. All crewmembers that were involved were trained, educated, and made aware of whats the plan and how will it be implemented. The empowerment were correctly applied which in my opinion is pivotal for their success.Evaluation and institutionalization is already evident as you read the case study that it was a continuous process that their company has embraced. They have the system set in place and supervise was in place to ensure upward progress is tracked. I can find no other way to conclude the success of this OD intervention but to quote the case study verbatim the case study states as follows The SOC leadership team owns the process and the culture of the department, making the OD teams involvement very low and leaderships involvement very high. No longer is the kind of work that resulted from this project considered additional duties that leadership must perform. Because the OD consultant se t the foundation from the beginning by delegating key tasks to stakeholders, having clear sponsorship and having prudent leaders, a mindset shift has occurred the idea that creating a high execute culture is part of every leaders job. As an OD, this shouldalways be the ultimate goal on all your interventions.Exhibit A Project OverviewExhibit B Denison Leadership Development SurveyExhibit C Changes over TimeExhibit D JetBlue Airways & Organizational Development Partners for ChangeBibliographyCummings, G., Worley C.G., (2009). Organizational Development and Change. Ohio South-Western Cengage Learning. Dennison consulting, (2007, Jun). JetBlue Airways & Organizational Development Partners for Change. Retrieved from http//www.denisonconsulting.com/Libraries/Resources/CS-2007-JetBlue-System-Operations.sflb.ashx JetBlue Airways, (2011, June). JetBlue Awarded Seventh sequent Customer Satisfaction J.D. Power and Associates Honor. Retrieved from http//blog.jetblue.com/index.php/2011/0 6/08/jetblue-awarded-seventh-consecutive-customer-satisfaction-j-d-power-and-associates-honor/ Mitchell, R.C., (2006, July). Model of the Organization Development Process. Retrieved from http//www.csun.edu/hfmgt001/odmodel.htm Kabra, R., (2006, September). virtuous Atlantic Gap Analysis. Retrieved from http//www.managementparadise.com/forums/public-relations-management/6928-virgin-atlantic-gap-analysis.html Lunenberg, F. C., (2010, November). Organizational Development Implementing Planned Change. Retrieved from http//www.nationalforum.com/Electronic%20Journal%20Volumes/Lunenburg,%20Fred%20C.%20Organizational%20Development%20Implementing%20Planned%20Change%20IJMBA,%20V13%20N1%202010.pdf

How Women Are Portrayed in Lynx and Cosmo Essay

Men act and women appear. Men look at women. Women specify themselves being looked at John Berger, Ways of seeing.For my seek probe I intend to explore to what extent specific media harvest-times use equivalent representations of women to appeal to their put audiences. The examples I have chosen to focus on atomic number 18 the iconic, international womens fashion and life style clip oecumenical and catamounts controversial beach campaign. I give at that placefore be exploring what similarities and differences they embed due to their oppositional target audiences and content. Throughout my research the primary(prenominal) conjecture I will be linking to my texts is that of Laura Mulvey, her theory explores ideas of sexism and manlike gaze within the media industry.Hearst the publisher of widely distributed describes the magazines target audience as Fun, Fearless Fe anthropoids, the tout ensembleiteration of the F sound connotes a sense of attitude and fierce behaviou r. Alongside the brand proposition celebratesa passion for life and inspires young women to be the best they can be certainly supporting women by portraying a sense of dominance and ambition. In contrast, Unilever, owners of the Lynx brand state their brand prospect is that all their overlaps are designed to give our customers the edge in the mating crippled establishing itself as UKs leading male grooming brand.Cosmopolitan are iconic for telling their audience about two main topics lifestyle and sex. Just by looking at the magazine covers, it is discipline that these two topics dominate. I researched the April 2012 cover of Cosmopolitan, it fol baseborns the generic conventions of a typical magazine format for a womens fashion and lifestyle magazine. In hurt of the colour scheme the pink fonts and neutral clothing convey a sense of femininity and perhaps the everyday interior(prenominal) lifestyle of women, although the lifestyle aspect of the magazine seems overpowered by the topic of sex. The cover features an attractive women in this case the iconic Megan Fox, posing some mildly alluring be language, showing a lot of skin, all whilst looking directly at the camera (audience) with a sexy, serious facial facial gesture with the eyebrow wantonly raised, and declarative parted lips.Although the model is simply posing the latest fashion, the low cut, tightly fitting dress connotes an over intimateised view of the celebrity who is universally known as a sex symbol in the media world, pickings her place in FHMs sexiest women each year and continuously playing the business office of the sexy female in various popular films. It is overhaul that Cosmopolitan use bold sexual connotations surrounding women, although argue that their intentions are in fact to empower women through their sexuality. Notice the models strong personify language , the hand on hip look used on board taglines such as Naughty or nice? You decide, and sexual puns are even adde d in regarding none sexual subjects such as career advice You on top, these are bold sexual connotations implying that fair sex should dominate to get what they want, mostly regarding the topic of sex. Perhaps fighting the controversial debate of sexism towards women in media by surprisingly embracing Laura Mulveys theory of male gaze.Cosmo put across the idea that if men uprise women attractive then it should accredit them by making them feel right about themselves, knowing that they look sexy and attractive. The magazine are conscious to do this in a sophisticated manor, opposed to other ratty and over sexualised magazines. Mediaknowall.com state that Womens magazines have moved on and declare visions of independence and confidence as well as beauty and domestic concerns, yet women are still encouraged to look good. luggage compartment image and size have become a growing inconvenience in society in result of magazine content. The overuse of petite, word picture shopped mo dels passim magazines has resulted in these images becoming the dominant ideology. Over the years images ingrained in womens magazines have contributed to this universal feeling to look good and be a certain size.Lynx are known for their voyeuristic product advert, this element of the company is what attracts their buyers, yet is also their downfall. Lynx have been in public criticized for their overuse of objectifying women, using sexualized and provocative imagery and overall blunt sexism. The BBC intelligence activity state that in 2011 six of Lynxs advertising campaigns were ban after mass numbers of complains were made they added that the 113 complaints said it was sexually suggestive and demeaning to women. I researched Lynxs recent TV advertisement and accompanying print advert titled The cleaner you are, the dirtier you get. Although I believe this is one of Lynxs milder sexualised adverts even the title itself contains a sexual pun, suggesting the promise of sex if yo u shower with the product.The girl on the print advertisement is no doubt an attractive young female, fitting the iconic blonde bombshell look. The girls enticing facial expression creates the impression she is inviting the audience (male) into the shower with her. Although the girls expressions look confident, there is a contrast between this and her body language. For example the way she has to cup her bikini top to stop it from falling. This vulnerability of the woman standing half nude for a male audience completely visually portraiture her as a female, making her a passive object of male visual pleasure. A comment by Jean Killbourne (a popular media activist) backs up my point by stating that womens bodies are often dismembered into legs, breasts or thighs, reinforcing the pass that women are objects rather than whole human beings.Killbourne suggests that women have become dehumanised into erotic objects for male pleasure. One element of Lynxs campaigns which continues thr oughout is the idea of fake portrayal. In each advert the male part is played by your everyday, not overly-attractive man, contrasted with the female role being a desirable, young beauty. In an everyday world the changes of the male role attracting that fictitious character of woman are very slim. Despite this the main message that Lynx put across to their audience throughout their advertisements is that if men wear the product women will find them irresistible False portrayal. Of course this element adds body fluid to the advertisements, although all at the expense of objectifying women in the process and promoting the gender role of the dominant male.BibliographyWebsiteswww.mediaknowall.comHearst, http.//www.hearst.co.uk/magazines/Cosmpolitan/5-about.htm Cosmopolitan, http//www.cosmopolitan.com/celebrity/exclusive/megan-fox-april-cover-cosmopolitan Exploring the media representations and responses

Dividend Policy and Stock Price Behaviour in Indian Corporate Sector: a Panel Data Approach

Dividend Policy and seam footing Behaviour in Indian Corpo account Sector A plank entropy surface Upananda Pani? Abstract This paper attempts to explore the possible colligate amidst dividend insurance and logical argument equipment casualty conduct in Indian corporal sector. A sample of 500 listed companies from mad cow disease atomic number 18 hit the booksd for the historic period 1996-2006. Dividend form _or_ constitution of g e trulyplacenment has always been a source of controversy despite days of speculative and a posteriori research both in developed countries and emerging economies.The present paper features a panel data approach to dismember the descent amongst dividend- belongings symmetry and striving- impairment deportment plot of land domineering the shiftings same sizing and long- circumstance debt- virtue proportion of the regular. The sample is taken across six-spot contrasting industries videlicet electrical energy, food and beve rage, mining, non-metallic, textile and service sector. The takingss argon base on the unconquerable- transaction mock up, as these perform statistically better than random personal inwardnesss and pooled OLS cast.Results of the obdurate- rear imitates indicate that dividend-retention proportionality along with size and debt rightfulness ratio plays a noneworthy role in apologiseing variations in beginning crops. The unconquerable prep be puts at tribulation the presence of singularity level upshot in explaining the possible relate between dividend policy and railway line harm behavior of the profligate. In an different(prenominal) words it exhibits the scuttle of clientele taboocome resultant role in facial expression of some industries. thereof the mannequin helps to lowstand the intricacies of dividend policy and stock-return behaviour in Indian incorporate sector for the same period.Although the departs be non cast-iron enough as in the b aptismal font of developed securities patiences yet dark glasses some much cheering facets to the existing corporate finance books on dividend policy in India. Kew Words Dividened Policy, Stock Price, integrated Finance, laid Effect Model JEL Code G30, G35 Research Scholar, Indian Institute of Technology, Khragpur-721302. The writer empennage be contacted emailprotected ac. in ? 1 1. Introduction Dividend policy hush re importants an academic debate amid the clouding picture of its importance among the fiscal economists till today.There argon fewer aspects of corporate financial policy where the gap between the academics and the practiti whizzrs is larger than that of the dividend policy. From milling machine & Modigliani (1961)1, ,Gor break & Linter to Fama & French (2001)2 ,the research on the topic exhibits conflicting trends in dividend compensations & steadfast observe. The academic consensus shows that dividends really dont government issue really much(preno minal) for the grocery nor is relevant, when buckrams pay dividend as a signal to the dedicateors.Both corporate officials and investment analysts, still protract to insist that a wholes dividend policy takingss a slap-up deal for conveying the information to the stakeholders. One side of the argument on the basis of economic system is, it doesnt matter or is irrelevant. and the practitioners believe it as information content to the public, which reflects seriousness of the problem that is immanent in the reaction mechanisms of the grocery to the dividend policy promulgations.I want to cotton up an explanation before the practitioners, why, in the face of all this evidence of footing increase in response to dividend announcements, oppositewise sensible academics believe that a unswervings dividend policy really doesnt make much loss. At the same conviction, I11 manage that the dividends do matter for a unshakable. Dividend Policy & Sh ar sets The dividend policy of a unwavering becomes the plectrum of financial strategy when investment decisions ar taken as given. It is excessively imperative to know whether the firm quizament go for internal or external source of backing for its investment project.There are a number of factors affecting the dividend policy decisions of a firm such(prenominal) as investors preference, net profit, investment opportunities annual vs. target capital structure, flotation bells, signaling, constancy & Government policies and orderation. In the presence of asymmetric information, signaling is one of the life-and-death factors that influence the market. Dividends may convey information astir(predicate) the confederacy, so it suggests the possibility of its influence 2 on the stock market. Paying large dividends reduces find and thus influence stock price (Gordon, 1963) and is a legate for the afterlife earnings (Baskin, 1989)Baskin (1989) takes a slightly dissimilar approach and examines the i nfluence of dividend policy on stock price volatility, as opposed to that on stock returns. He advances four basic feignings which relate dividends to stock price put on the line. He margins these as the duration put together, the rate of return issuance, the arbitrage set af lineath and the informational effect. The difficulty in me very empirical works examining the gene linkage between dividend policy and stock volatility or returns lies in the place up of adequate control over the factors that influence both.For example, the accounting system generates information on several family familys that are selled by some to be measures of risk. Baskin (1989) suggests the social function of the fol first-class honours degreeing control in continuouss in trialinging the signifi lotce of the relationship between dividend present and price volatility are operating earnings, the size of the firm, the level of debt, the payout ratio and the level of growth. So he had tried to explain the underlying linkage between dividend policies (dividend yield and dividend payout ratio) and stock price risk in his empirical work on USA.A number of theoretical mechanisms subscribe to been suggested that ca affair dividend yield and payout ratios to vary inversely with common stock volatility. As dividends can be cash dividends, stock dividends, stock splits & p blue per centum repurchases, the question comes about the nature of the dividend & its relate on the share price and whether market is more(prenominal) than volatile to senior racy dividend yield share than general share comes into the picture. There is a need to new-mades report the sensitivity of market to the nature of dividends. The linkage etween dividends & share price should be examined by controlling some some other factors which are responsible for affecting the dividend policy of a firm. education of dividend policy and stock price in India As Indian stock market is one of the around vol atile stock market in the world. As the no of private corporations are growing day by day, & financial markets be feeler more developed, there need of the study of different policy implications by corporate sector. 3 There are a number of studies existing on the causal factors of dividends3 behaviour in Indian mount. solely the studies vex de barrierined the dividend behaviour from the perspective of the factors influencing the dividend behaviour in the diddle run as well as in the long run4. except a very few literature captures the intricacies of market reaction to the dividend announcement by Indian corporate sector. The study by Reddy, Y S (2003) on dividend behavior of Indian corporate firms over the period 1990 2003 shows a conflicting picture of the dividend policy of firms across different industries.The study explores dividend trends for a large sample of stocks traded on the NSE and BSE, indicate that the percentage of companies paying dividends has declined from 60 . 5 percent in 1990 to 32. 1 percent in 2003 and that moreover a few firms get down pursuant(predicate)ly paid the same levels of dividends. Further, dividend-paying companies are more goodable, large in size and growth doesnt seem to deter Indian firms from paying higher(prenominal) dividends. analytic thinking of influence of changes in tax regimen on dividend behavior shows that the tradeoff or tax-preference theory does not depend to hold true in the Indian context.This paper shows the contradictory expirations from the earlier one. The limitations of these papers are they consecrate taken completely cash dividends for analyzing the determinant behaviour. The present paper is structured as follows as introduction. The subsequent component II follows the theoretical strands and dent III highlights ed model for the purpose. The piece IV denotes the data sources and uncertain construction. The section V shows empirical results and discussion. The finally and fin al section displays the findings. II. Theoretical Strands and Literatures studyThe dividend irrelevance theory of Modigliani and Miller (1961) proposed the absence of any evidentiary impact of the dividend policy on the cheer of shares because its impact is offset exactly by other mettle of financing and is thus irrelevant. This theory was formulated by assuming accurate market conditions, which didnt take into account the im accurateions like taxes, transaction cost or asymmetric information. Consequently, dividend policies exhaust little impact on the market nurture of the firms. In a perfectly competitive market station both the company, finished its profit retention, and the 4 hareholders, with their dividends, might invest in the same summations, and hence, whos making the investment does not matter for the economy as a whole. However, since the capital market is nevery perfect nor complete the dividend irrelevance proposition of necessity to be applied carefully by foc apply on effect of taxes, information content, elbow room cost and other relevant affecting variants. The Gordon model (1959) stock valuation model states the fair esteem of a stock should equal to the stock-dividend per share and the difference between the discount rate and the long-term dividend growth rate.The model assumes that the firms dividend leave alone grow at a constant rate and that the discount rate stays the same for ever. The theory suggests if there lead be an increase in dividend rate there will be simultaneously an increase in stock range of the firm. Fama (1998) is the advocate of innovational corporate finance theory, which states that firms should be managed to create and maximize encourage. Here the treasure depicts the fall price of a firm commands in the market that is the sum of the look ons of its equity and debt. Thus, the criteria and rules for correct financial decisions are oriented towards maximization of the total value of the firm.I n theory, value maximization is appealing because it is associated with competent allocation of resources, provided the capital market operates efficiently. That is, it rewards the most to firms that channel their resources to the best uses. blanket(a) empirical work on capital food market behaviour shows that the prices of corporate securities indeed respond to firms decisions in a way that appears to be consistent with expectations about the appreciation or depreciation of value in the market. The theory emphasizes the importance of corporate financing decisions on the value of the firm in the market.Thirumalvan & Sunita (2005) studied the impact of Share repurchases & Dividend announcements on Stock prices in the context of Indian Corporate sector during the period (2002-2004). They examined the signalling effect of Stock repurchases and Dividend announcements. The study examined abnormal returns across various repurchases level. They crap taken the firms listed in the BSE In dex for the purpose of 5 empirical investigation. The study covers the impact on stock prices five days anterior and after the dividend announcement. The result exhibits the upwards trend of share price movement after the dividend announcement.The pivotal call for of their findings is that decreed signalling existed only for a day after the announcements. After which the boundary of positivism of shares starts declining. Their finding shows that market reaction in the Indian context to unconstipatedts or announcements such as share repurchases and dividends generally fluctuate some day or twain. The study can be cited as all all important(p)(p) for the present study. Sen and Ray (2003) have explained an interesting phenomenon regarding the key determinants of stock price in India. The study is based upon the stocks comprising the BSE index over a period 1988-2000.The empirical study revealed dividend pay-out is by far the single important factor affecting stock prices. Th e second factor comes earning per share which has very weak impact on the share prices. So the study explored one of the crucial factor dividend pay-out ratios having impact on Indian stock price. pitch blackness and Scholes (1974) in their study on the effects of dividend yield & dividend policy on common stock prices & returns They stated uninformed demand for dividends can result from dividend decisions which in turn derive from imperfections such as taxes, transaction be and institutional investment constraints.Given the above background, the study makes an attempt to examine the effect of dividends and retention earnings on the stock price behaviour in Indian corporate sector in a fond(p) macro economic framework. III. Proposed Derived Model In analyzing dividend and stock price behaviour, the most important draw to begin with is an objective function representing a firms preference regarding dividend-retention mix instead of taking only dividend yield or payout ratio. Beca use the objective function is think to firms main motives & there has been a shift in its motives due to the self-assurance of joint stock corporations & the associated characteristics of separation of self-control & control. This shift can be characterized from the sole motive as maximization of rate of return on capital to other set of motives such as sales maximization, intricacy of business. This set of motives contri excepting to an increase in the market value of the firm, also, is in consonance with the managing agency system of operation, which is a characteristics of Indian companies.Moreover, the separation of ownership & control also implies a difference in the objectives & preferences between firms management & its shareholders. From the shareholders side, their preferences depend upon in general their income level & the degree of understand of corporate stock dealings & associated tax implications. Nevertheless, the behaviour of the shareholders may be generalize d as that they prefer stable dividend rates & that the effect of taxes is only on the preference of the shareholders as the shareholders, who belong to the richer classes prefer low dividends and high hold earnings.The opposite is applicable in the case of middle income multitude of shareholders. On the other hand, the management behaviour can be relatively & conceptually distinguished between a peaceable & an active type5. The motives of passive management are similar to those of the shareholders & it efforts to ensure stable dividend. But firm also requires sufficient profit retentions to satisfy the firms long-term needs such as investment demand & liquidity needs etc. But the active management aims at increasing the market value of the firm & the market price of shares as well.So while its credibility requires to emphasize on the shareholders preference, its general tendency would be to reduce dividends on the basis of different excuses like high tax rates on distributions, tax shelter benefits. Given the vast sort of stockholders, it is not surprising that, over time, stockholders tend to invest in firms whose dividend policies match their preferences. stockholders in high tax brackets who do not need the cash come from dividend payments tend to invest in those companies which either pay low or no dividends. By contrast, stock holders with low tax bracket will invest in companies with high dividends.This thud of stock-holders in companies with dividend policies that match their preferences is called as clientele effect. So it suggests that firms get the investors they be since the dividend policy of a firm attracts 7 investors who like it. Second, it means that firms will have a difficult time changing an established dividend policy, even if it makes complete sense to do so. However in practice, it is reasonably delusive that managements are neither extremely passive nor extremely active and shareholders are neither rich nor badly leechlike or d ividend income alone but contain all the elements in different compoundings.Thus, lets consider a typical firm having a map of dividend preference curves, each(prenominal)(prenominal) indicating a specific level of utility obtained by alternative combinations of dividends & retentions. So the dividend preference function can be noted as U = f (Dn, R) (3. 1) Where, Dn and R are the dividend and retention profit of all taxes at all levels. The utility level can be seen as monotonically related to the motives of the management with respect to the shareholders preference. The shape of the utility curves might be a result of a process of accounting for their relative performances & the factors influencing such preferences as well.The second step is to represent the assumption that dividends affect stock prices or market value of the firm. The utility function can be equal as the function for optimizing the market value of the firm. The market value of the firm can be represent as M arket value of the regular = ? ? Dividends ? f ? Net profit , ? Re tained earnings ? ? ? (3. 2) The market value of the firm here is fundamentally represented on the basis of write up Earning Analysis. Here the Net profit is derived from the current investment of the firm.The higher the net profit the higher will be the stock price. The market value of the firm also depends upon the ratio of Dividends to carry Earnings because the profit is basically segregated into either dividend or applyed earnings. If clientele effect is not present in the firm thus higher dividends will lead to higher value of the share price whereas if the investors are rich then they will prefer lower dividend to retention. The 8 return on equity entirely depends on the net worth6 of a company. Equity return of a company depends upon dividends and retained earnings.If a company is going for dividends then the retained earning will be less, leading the firm to go for either newequity issues or External f inancing. If the flotation cost7 is high, the company will go for external financing which will be costlier for the firm than internal financing through with(predicate) equity. So the firm has to maximize the dividend to retained earnings ratio for any new investment aimed at firms growth. We can represent it through the pursuance function ? D? Pt = f ? Y , ? ? R? (3. 3) Where Y represents the net profit of the firm D represents ratio of dividends to retention earning of the firm. The ratio of R ividends to retained earnings acts as a proxy for future cash flow of the firm and share price, Pt , acts as the proxy for the absolute market value of the firm. While calculating the stock return on an equity share, we are basically interested to manoeuver the change in current price with respect its price in the prior period. So the compare (3. 3) can be represented as ? Pt ? ?P ? 0 ? ? ? ? = f ? Y , D ? , ? P R? ? ? ? 0 ? (3. 4) The eqn (3. 4) represents the change with respect to ba se price. We have assumed a CobbDouglas type of function represented as the following ? Pt ? ? Y ? ? D ? 2 ui ? ? = A? ? ? e ? P ? R ? P ? ? 0? ? ? ? 0? ?1 ? (3. 5) The equation (3. 5) can be expressed alternatively as 9 ?Y ? ?P? ?D? ln ? t ? = ln A + ? 1 ln ? ? + ? 2 ln? ? + ui ? P ? ?P ? ?R? ? 0? ? 0? (3. 6) We can write the above equation as ?Y ? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + uit ? P ? ?R? ? 0? (3. 7) Where ln A = ? i = 1 N t = 1 T, There may be potential links between size and volatility of stock returns of the firm. The size of the firm also exhibits crucial link between size and volatility. Small firms are likely to be less diversified in their activities and subject less investors exam for the firm.But research is still confined to large listed companies. The Information on the stocks of subalterner listed companies could conceivably be less informed and illiquid in nature. These firms are subject to greater price volatility as a result of above posed factors. So a control shifting, long-run debt equity ratio is being added . When asymmetric information comes into the picture, there is also likely to be a link between borrowing & dividend policy. Baskin (1989) suggests that firms with a outspread body of shareholders may be more disposed towards using dividend policy as a signaling device.The dividend policy may also be a function of size and there is a need to stack away size as a control variable. There is also a need of introducing control variables, which will reflect the corporate leverage. The earlier models have been aimed at capturing the effect of stock price and dividends but very few of them have tried to include the control variables such as debt-equity ratio and size of the firm. So in the present study, the focus is to fillup the limitations of the anterior studies by using context-specific Panel- data models including the control variables like leverage ratio and size of the firm. by panel data estimation we can observ e firm effect8 and time effect throughout the sample period. So now the eqn (3. 7) can be stated as ? Y ? ?D? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? + i + ? it ? P ? ?E? ?R? ? 0? (3. 8) Where V = value of the firm SZ = Ln (nitty-gritty Assets) 10 i = firm specific component ? it = disturbance term IV. Analytical Framework We have already discussed the proposed model to be tried here to read the impact of dividends on stock returns. So in this section we will analyze the methodological issues over our proposed derived model.Simultaneously we will discuss other options procurable for the analysis. We will first analyze the results of different persistence and then merge data over all the persistence. The proposed model is here is ? Y ? ?D? ?D? Ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? + i + ? it ? P ? ?R? ?E? ? 0? 4. 1 Where SZ = Ln (Total Assets) i = smashed specific component ? it = Disturbance term Here the null speculation is di vidend or D/R ratio affects stock return i. e. H0 D/R affects Vit . We will hear the results of the classical linear degeneration model and other tests.Then we will proceed to see if Panel data models improve the estimation. So we will propose different models before effect to opinionated effect model. We will define four basic models to be tested before proceeding towards final estimation. 1. y it = ? + ? it (No host effect or xs) 2. y it = ? i + ? it ( chemical concourse dummies only) 3. y it = ? + ? ?X it + ? it (Repressors only) 4. y it = ? i + ? ?X it + ? it (Xs and assort effects) Model 1 on 2 H0 (no assemblage effects on the mean of y) Model 1 on 3 H0 (no fit in the statistical regression of y on xs) Model 1 on 4 H0 (no group effects or fit in regression) 11Model 2 on 4 H0 (group effects but no fit in regression) Model 3 on 4 H0 (fit in regression but no group effects) We have tested the data set for applying the panel data models with the above five different possi bleness. The LR, F and LM Test along with the Hausman Specification test favors the use of fixed effect models for diet and Beverage, mining manufacturing and Nonmetallic industry whereas the diagnostic tests rejects the use of fixed effect models for opposite run, textile industry, and Mining industry. The Aggregate data is also not satisfying the qualifying mensuration for applying holdfasted effect models.V. Data Sources and Sample Design The study mainly relies on the Prowess database of the CMIE (centre for monitoring on Indian economy) in India in order to mitigate the above noted objectives. Since the present study aims at exploring the dividend and stock return volatility with the assumptions of semi strong efficiency in the stock market a sample of 500 companies from A1 and B1 group of shares is selected for the empirical analysis. All of them are spread across six different industries namely Electricity, victuals and Beverage, Mining, Non-metallic, fabric and Se rvice Sector.The first filtering measurement for selecting the stocks is their consistency with the dividend payment history for the study period 19962006. The second filtering criterion used for the survival of the fittest is that the market-capitalization of these companies should be more than ten crores. The third filtering criterion is that the scrip must be traded continuously without any interruption during the above mentioned period. However, the study has conceptualized the bloodsucking variable (i. e. market value of the firm) and the explanatory variables such as size of the firm, dividends to retain earning ratio, and debt to equity ratio.The stock return is considered as proxy for the market value of the firm ( symbiotic variable) and for other subsequent variable, Ln (total assets of the firm) have taken as a proxy. 12 Sock throw Market value of the firm which is the dependent variable of our interest is being represented by Stock Return . This can be calculated by taking closing share prices of each company. Stock returns should be calculated using the log return of the closing price of the stock, where the Closing price is defined as the last trade price of the stock. Vit = ln (Pt/Pt-1). Net profit Here the net profit is taken as the profit after taxes.Average book value of equity Profit after taxes is calculated as the difference between the profit before taxes and tax for the twelvemonth. PBIT or Profit before interest and taxes is generally calculated as the sum of operating profit and non-operating bare(a)/ deficit. This represents a measure of profit which is not influence by financial leverage and the tax factor. Hence, it is pre-eminently suitable for inter-firm comparison. Hence it is assumed that higher Net profit of a firm leads to higher share prices as opposed to stock returns. It is denoted as Y in the study. P0 Dividend ?D? ? ? This can be calculated by adding together all the annual Re tained earnings ? R ? cash dividends pa id to common shareholders & then dividing this gist by the total no of outstanding equity shares in each year. The average of all available years will be used. Retained earnings is calculated as the difference between profit before taxes and dividends and dividend by the total no of outstanding equity shares each year . Like Earnings, dividends act as proxy for the future profitability . Therefore this ratio is expected to have positive relationship with the stock return. spacious term debt (Debt to Equity ratio) is calculated as the sum of each companys debentures, mortgages & loans with a maturity greater than one year to total equity is to be calculated. The average over all the years will be used. 13 size of the Firm (SIZE) The variable size should be constructed in such a way that it will reflect the value of the firm in real terms. Here the natural log of Total assets is being used as a proxy for size. VI. Empirical inclination and Results Discussion The basic principles of fixed-effect model have already been discussed in the previous section. So in this section we attempt to estimate our proposed model.In this section we present the results in two sections. We present first the results of those industries that how the applicability of fixed effect models by our previous section of hypothesis testing. And those industries that dont satisfy our criterion in another sections (table 4. 9). Here we test the other models and the implication of our target variables. The results from the regression analysis are discussed in two sub-sections. The first section is the result of the Table 8, which exclusively covers the regression result of unidirectional fixed effect model for Electricity, Food and Beverage and Non-Metallic patience.The other section of the result from the Table 9,covers the regression from the other ternary industries that did not satisfy the filtering criterion of hypothesis for fixed effect model. These industries are other services, T extile and Mining. In the last section we discuss about the results of coalesce data. Electricity patienceAs we have already discussed in the previous chapter, we have taken one-way fixed effect model. The result for the electricity industry can be summarized as follows. Before estimating the final model, we have tested different combination of variables.The estimation of one way fixed firm effects multivariate regressions illustrate that controlling for the underlying time-invariant heterogeneousness of firms has significant effect on results. The coefficient for wiretap/P0 is 9. 32 which is significant at 5% level of import. It explains 9. 32% variation in the model. The variable D/R is also exhibiting positive relationship with stock-returns. It implies higher the dividend paid 14 to the investor higher will be the return in the long-run. The co-efficient for D/R is 2. 48 which is significant at 1% level. This implies validity of the model through the dividends and retention .The coefficient of leverage ratio or D/E ratio is -1. 89% which is significant at 10% level. The oppose sign of the coefficient implies the negative relationship between the stock return and D/E. As the leverage ratio will be higher then it will have a negative impact on the stock-return. The coefficient for another variable size is . 96 which is coming insignificant at any level of confidence. The standard erroneous belief is also coming very high at 12. 54. The R2 for the model is 0. 44, which is explaining 44% variation for variation in the dependent variable stockreturn.The p value of F-test is significant at 1% level. The computed F-tests ( stubborn firm effect versus pooled OLS) of the null hypothesis that all coefficients are jointly equal to vigour are rejected. The one-way fixed effect model explains the relationship more clearly as it explains more than 50% level of variation of firm-specific component in the model. So the over all explanatory power of the model is hig h in the Electricity exertion. Food and Beverage Industry- The computed F-test results favors the use of the fixed-effect model over the Pooled OLS is justifiable over the test of OLS vs.Fixed effect model. The Hausman statistics is also high suggesting the use of the fixed effect model over the random effect model. Before estimating the model with variables D/R, silky/P0, D/E and SZ with Stock return, we have tried with different combination of case-by-case variables with the stock-return. The Current model gave the high R2 and low standard errors. The coefficients for the variables D/R, cat/P0, D/E and SZ are 3. 05, 11. 09,-1. 41, . 68 respectively. Here the variables D/R and puke/P0 are significant at 1% and 5% level of significance.The coefficients for the control variable which is included to control the heteroscedasticity is significant for size of the firm which explains 68% variations in the stock-return is and the coefficient for the debt-equity ratio is -1. 41. The mo st important result is that the dividend retention ratio is positive and explains 11. 09% variation in stock return. The R2 is 0. 36, explaining 36% variation in the dependent 15 variable i. e. Stock return. The F-test for Pooled OLS Vs Fixed effect turns out to be significant and the null-hypothesis that all the co-efficients are zero is rejected here. Non-metallic industry-The coefficients for the variables D/R, water tap/P0, D/E and SZ are . 024, 10. 58,0 -. 88 and 30. 5 respectively. The variables are significant at 5%, 1%, and 10 %( Sz. ) level of significance in T-test for testing the null-hypothesis that the means of the co- efficients are zero. The sign of the D/R tolerates positive here. It explains positive relationship with the stock-return. So the D/R ratio explains 11. 98% variation in the stock-return behaviour of the firms. It supports the null-hypothesis that D/R affects the stock prices. Another important observation is that the coefficient of size of the firm is 30. , which is kind of high in comparison to the other industry. The variables are insignificant in other models like pooled OLS, so the F-test rejected the hypothesis that all co-efficients are jointly equal to zero. The R2 is coming with amend performance of 0. 46%, which is high in comparison with other two industries. After all Non-metallic industry is showing robust result with the expected sign as proposed in methodology. Results from the Table 9- We have presented another analysis for other services, Textile Industry and Mining industry because these industries are not satisfying the criterion for the fixed effect model.So the next best alternative is to test it with pooled OLS and ergodic effect model. We have done comparison with these lead models for these industries. Other Services Industry- If we compare the results of the fixed effect model and Random effect model here, then some interesting picture emerges. The co-efficients for the fixed firm effect model for the v ariables D/R, vomit/P0, D/E and SZ are coming 6. 37, . 33,-10. 54, 2. 61 respectively. Among the co-efficients D/R and D/E are significant at 10% level of 16 significance. D/R is surprisingly significant with a positive sign fit in to our prior expectation.We then compare the R2 value of two models, which is very low i. e. 0. 09 for fixed firm effect model and 0. 11 for the random effect model. Although R2 turns out to be very low the variable D/R and D/E ratio is exhibiting correct sign as per the hypothesis is concerned. The F-test for comparing the coefficients are equal to zero or not is becoming insignificant for the variables. This can be observed through the p-value which comes out 0. 9870. This is not significant at 1%, 5%and 10% level of significance. In the Random effect model the Coeff for the variables D/R, PAT/P0, D/E and SZ are 4. 9, 0. 53,-8. 09 and 13. 96 respectively. The R2 improves by two points to 0. 11 the target variable D/R ratio remain insignificant in the model. may be the cause for insignificant variables and low explanatory power of the model is due to improper specification which is affected by the industry characteristics. The firms in the Services industry generally went for less dividends and more retention in the study period. These are high growth firms which require more flow of money for the projects. So the investors got return through the capital gains here. Textile Industry-If we observe the Coeff for the variables D/R, PAT/P0, D/E and SZ, the values are 5. 28, . 10, -1. 73,5. 95 and for the Random effect model the values are coming out 4. 83,. 17,-1. 30 and 0. 87 respectively. The results show some unexpected outcomes in the model. The signs of the Coeff are as per prior expectation but D/E ratio is out significant at 5% level in fixed firm effect model and other variables are remain highly insignificant with R2, 0. 04 . In the Random effect model, the target variable D/R is significant at 5% level and PAT/P0, D/E rat io are significant at 10%, 1% level of significance respectively.The R2 for the random effect model has improved to 0. 13%. When we compare the result between two models, random effect model turns out to be more robust than the fixed effect model. 17 Mining Industry- The values of the co-efficients for the variable D/R, PAT/P0, D/E and SZ, are 17. 07, 14. 75,-13. 77, 4. 09 and for the Random effect model the co-efficients are 16. 01, 10. 08,-6. 63 and 1. 66 respectively. In fixed effect model three Coeff. of PAT/P0, D/R and D/E ratio remain significant at 5%, 1%, and 10% respectively. The R2 for the fixed firm effect model remains at 0. 0 and for the random effect model it is 0. 14. We cannot judge the models by the R2 only because we have to check out the significance of the variables. So given these conditions, the fixed effect model is more appropriate in the Mining industry. Aggregate Industry Data- As we have examined above the different industry wise data, only three Electrici ty, Food and Beverage and Non-metallic satisfy the tests for use of the fixed firm effect model whereas other three industries namely Textile, Mining and Other services do not satisfy the test criterion in favour of fixed effect model.Aggregate industry data doesnt shows any robustness for using fixed-effect model over other possible models such as pooled OLS and Random Effect model. The results from fixed-effect models is having leverage over the random effect model results . The aggregate data of whole industries is affected by those industries, which are not satisfying the criterion for fixed effect model. The overall explanatory power of the Aggregate industry data are affected the fluctuations in other industries as the data set is characterized by different industry.So when we run the regression of one-way fixed effect model, the R2 is also exhibiting very low at 0. 12 only. The value of the Coeff of the variables D/R, PAT/P0, D/E and SZ are coming out 3. 10, . 34,-. 60, -. 1 5 respectively. If we observe the sign of the variables D/R, D/E and PAT/P0 remains as per prior expectation. Among the Coeff of variables, PAT/P0 and D/E come out significant at 1% and 5% level of significance. Whereas if we compare the result with random effect model, we will find that no variables are significant and the R2 turns out to be very low at 0. 08 18 only. The p-value of F-test is also coming very high at 0. 6, which is well above the 0. 01and 0. 05 level of significance. The use of the fixed effect model in aggregate data explained the variation of the independent variables more clearly than Random effect model and Pooled OLS model. VII. Conclusion We have tried to explore the relationship of dividends and stock return by using a simple Specification of stock return as a function of net profit and dividend-retention ratio with two control variable such as size & debt-equity ratio of the firm. There was an attempt to test different structural tests before proceeding tow ards the final estimation through panel-data modeling.The exclusive tests of different model allow us to go for the use of panel-data modeling. As we have given six different industry classifications for the study, we have tested the proposed model for each industry separately with different combination of variables. The results display statistical significance and linearity when the industry classifications are given. The regression on aggregate data remains in significant. .However, the direction of relationship between the dependent variable is as per prior expectation. In other words dividend retention ratio is positively related with the stock-returns.In case of aggregate data which consists of all firms above from industry classifications, the regression lacks statistical significance, the null hypothesis that there is no relationship between the dependent variable and independent variable cannot be rejected. 19 When the fixed firm effect regression is applied on sample firms of classified industry category-wise, we observe some industry specific peculiarities. Firms of Electricity, Food and beverage and Non-Metallic growth show some robustness in the results of the regression. The signs of the coefficient and their value remain significant in the analysis.Other three industries, textile, mining and other services are exhibiting insignificant coefficients values and very low R2. This conflicting trend of these variables is also visible when we have tried Pooled OLS and Random effect model. When we relax the industry classification and with the same data set and variables, fixed effect model shows the regression is significant at 0. 05 level of significance as the p value of getting a higher or equal value than calculated f-value is 0. 0497, which is we can reject the null hypothesis that all coefficients are equal to zero. Another important result is the sign of the leverage ratio and the coefficient remain as per prior expectation. The negative sign of the debt-equity ratio implies the negative relationship between the stock-return and debt-equity ratio. As the firm will go for more debt, then its value is going to be affected by stock-return. coat of the firm remains consistently positive but in many cases it turns out to be insignificant. So we can not generalize about the variable size. So we can conclude that dividends have impact on the stock-return in Indian corporate sector, which is industry specific.The study explores that the dividend paying companies are large, profitable and growth rate of the firm does not seems to dissuade the dividend payment. Although the regression is not showing high R2 but Net profit and Dividend and retentivity Ratio remains significant in other services, mining and Textile industries. 20 Appendix Electricity Industry (Table 1) Models R2 H0 LRTest Chisqu. 114. 3 pvalue F-test FVal. 52. 06 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. regular term only 2. conclave effects only 3. X -variables only 4. X & group effect 5. Fit in Reg. but no Group effect. . 0000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 001 0. 000 Chi 2 (1) 36. 21 p value chi 2 =0. 000 0. 4245 123. 4 156. 6 0. 000 0. 000 113. 5 121. 9 0. 002 0. 010 1. 52 p chi 2 (1) 0. 2183 0. 2135 0. 63 141. 5 0. hundred 128. 6 0. 000 0. 24 129. 5 0. 000 134. 7 0. 100 tonus largish values of Hausman statistics argue in favour of the fixed effect model over the random effect model. 2. Large values of the LM statistics argue in favour of the one factor model (either Fixed or Random depends upon further Hausman Specification test) against the classical regression with no group effects. . A large value of the LM-statistics in the presence of a small Hausman statistics argues in favour of the random effect models. 4. If p 0. 10, then the test is significant at 90% confidence level, if p 0. 05, then the test is significant at 95% level of confidence. If p 0. 01, then the test is significant at 99% level of conf idence. 5. The p-value of the LR test will be set to 1 if it is determined that your estimate is close enough to zero to be, in effect, zero for purposes of significance.Otherwise, the p-value displayed is set to one-half of the probability that a chi-square with 1 degree of freedom is greater than the calculated LR test statistic. 21 Food and Beverage Industry (Table 2) Models R2 H0 LRTest Chisqu. 113. 4 pvalue F-test FVal. 112. 9 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 0. 000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 Chi 2(1) 34. 21 2. 53 0. 32 134. 2 0. 000 132. 5 0. 000 p chi 2(1) p chi 2=0. 000 0. 41 4. X & group effect 0. 53 103. 5 142. 8 0. 000 0. 000 126. 5 176. 5 0. 004 0. 3831 0. 001 5. Fit in Reg. ut no Group effect. 0. 24 121. 7 0. 002 183. 5 0. 000 Mining Industry (Table 3) Models R2 H0 LRTest Chisqu. 116. 070 pvalue F-test F-Val. pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 52. 084 0. 000 Chi 2(1) Chi 2 (1) 2. 02 p chi2 (1) 0. 7318 0. 21 150. 894 0. 001 170. 23 0. 000 1. 21 p chi 2(1) 0. 32 161. 23 0. 003 232. 419 0. 000 0. 2721 0. 42 277. 186 0. 005 186. 03 0. 001 5. Fit in Reg. but no Group effect. 0. 15 172. 5 0. 000 58. 78 0. 000 22 Non-Metallic Industry (Table 4)Models R2 H0 LRTest Chisqu. 119. 070 pvalue F-test FVal. 21. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 0. 000 0. 000 chi2(1) = 3. 92 chi2(3) = 1. 23 Probchi2 = 0. 0013 0. 21 154. 894 0. 000 31. 01 0. 000 Prob chi2 = 0. 0477 0. 13 165. 23 0. 000 12. 02 0. 064 0. 25 267. 186 0. 000 49. 64 0. 000 5. Fit in Reg. but no Group effect. 0. 31 M3 on 4 172. 05 0. 214 64. 57 0. 741 Models R2 Other services Industry (Table 5) H0 LRp FTest value test ChiFsqu. Val. 0. 060 11. 00 on 2 pvalue LM-Test vs.Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. Xvariables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 01 M 1 109. 70 164. 89 0. 087 chi2(1) = 0. 30 chi2(4) = 1. 39 Probchi2 = 0. 8460 0. 24 M 1 on 3 0. 000 41. 01 0. 001 Prob chi2 = 0. 5812 175. 23 0. 000 52. 02 0. 020 0. 14 M1 on 4 217. 19 0. 000 79. 64 0. 000 0. 33 M 2 162. 05 on 4 M3 on 4 0. 000 95. 4 0. 000 23 Textile Industry (Table 6) Models R2 H0 LRTest Chisqu. 139. 070 pvalue F-test FVal. 71. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4.X & group effect 5. Fit in Reg. but no Group effect. 0. 03 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 chi2(1) = 7. 75 Prob chi2 = 0. 0054 = 3. 50 0. 14 124. 894 0. 000 44. 00 0. 000 Probchi2 = 0. 4774 0. 21 195. 23 0. 000 22. 02 0. 000 167. 186 0. 000 152. 05 0. 000 69. 67 96. 8 0. 000 0. 001 0. 43 Aggregate Data (Table 7) Models R2 H0 LRTest Chisqu. 169. 70 pvalue F-test FVal. 31. 01 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 02 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 00 chi2(1) = 0. 01 chi2(4) = 1. 28 0. 11 184. 94 0. 000 51. 01 0. 000 Prob chi2 = 0. 9425 Probchi2 = 0. 8649 0. 21 145. 23 0. 000 62. 42 0. 000 0. 24 257. 186 0. 000 172. 95 89. 84 0. 000 24 Table 8 Results of Fixed-effect model Industry Variables Coeff. Fixed effect model S. E R2 F. V PAT/P0 Electricity Industry D/R D/E Size PAT/P0 Food & Beverage D/R D/E Size PAT/P0 Non-Metallic D/R D/E Size 9. 32** 12. 48* -1. 89*** . 96 3. 05* 11. 97** -1. 41* . 68 . 024** 10. 58* -. 88 30. 5** 5. 84 . 0794 4. 38 12. 54 1. 63 . 18 0. 71 1. 79 . 04 1. 74 2. 72 4. 70 0. 46 0. 36 0. 44 F(4,56)=11. 49 PF= 0. 000 F(4,256) = 1. 26 0. 01 F(4,232) = 12. 21 Prob F = 0. 0000 Note-1. Fixed effect model has no constant term. 2. *, **, *** represents 10%, 5% and 1% level of significance respectively 25 Table 9 Comparison of results of fixed effect model and Random effect model. Industry Variables C. F PAT/P0 D/R Other services D/E 6. 37 (12. 52) 0. 33*** (. 443) 0. 09 -10. 54*** (24. 56) 2. 61 (15. 52) 5. 28 (1. 83) 0. 10 (. 704) -1. 73** (1. 28) 5. 95 (2. 73) 17. 07** (10. 57) 14. 75* (27. 90) -13. 77*** (10. 79) 4. 09 (5. 80) 3. 10* (. 095) D/R Aggregate Data D/E . 34 (. 10) -. 60** (1. 89) -. 15 0. 10 0. 04 F. E R 2 R. E F F (4,182) = 0. 08 pF = 0. 870 -8. 09*** (16. 69) 13. 96** (8. 43) 4. 83*** (1. 51) . 172** (. 667) -1. 30* (1. 066) . 87 (. 459) 16. 01** (8. 67) 10. 08*** (22. 26) -6. 63 (7. 39) 1. 66 (4. 91) -. 011 (. 0945) . 31 (. 1051) -1. 06 (1. 40) 0. 14 0. 13 C. F 4. 69 (9. 81) 0. 053 (. 426) 0. 11 R2 W W chi2(4 =2. 86 pchi 0. 5819 Size PAT/P0 D/R Textile D/E Size PAT/P0 D/R Mining D/E Size PAT/P0 F (24,244) =0. 33 pF =0. 990 Wald Chi 2(4)=10. 36 pch i 2=0. 0348 F (4,46) =2. 00 pF =0. 1097 Wald Chi 2 (4) =6. 35 pchi 2 = 0. 1747 F (124,1232) = 16. 49 pF 0. 76057 Wald Chi 2 (4) 0. 08 = 2. 31 p chi2 0. 8745 0. 12 Size 1. 55 (1. 037)Note- *, **, *** represents 10%, 5% and 1% level of significance respectively 26 ReferencesAharony, J. and I. Swary, 1981, Quarterly Dividends and Earnings Announcements and Stockholders Returns An Empirical Analysis, Journal of Finance, Vol 36, 1-12. Altman, E. 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End Notes1 Miller, Merton, and Modigliani, Franco, (1961) Dividend Policy, Growth, and Valuation of Shares, Journal of Business. 34. PP. 411-433. 2 Fama, Eugene F. & French, Kenneth R. , 2001. Disappearing dividends changing firm characteristics or lower propensity to pay? , Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April. 3The term dividends, is defined inclusively under the Income Tax Acts, 1922 and 1961. The definition of Dividends includes distributions from accumulated profits wheather capitalised or not, which reduces the assets of a company or in the form of 28 debentures issue, distributions on liquidation or in the form of loan or advances to the i ntent such distributions are attributable to to accumulated profits. The definition for certain companies of fast held category, the definition is more inclusive 4 Sarma, JVM. (1990). Taxation and corporate dividend behaviour in India, Y V Reddy (2003).The trends of dividend Behaviour in Indian corporate sector. NSE working paper. 5 Sarma, J V M (1990) , Taxation and Corporate Dividend Behaviour in India, Harman Publishing House. 6 Net worth of a company refers to the difference between Total assets and Total debt of a company. 7 It refers to the cost of new-equity issues to be borne by the company, under the condition of imperfect market. 8 Firm effect refers to the effect of factors affecting the behaviour of an individual firm, if it is constant overtime. The time effect refers to the economic condition of particular time point it varies over time. 29