Future for Purchasing Essay Example | Topics and Well Written Essays - 2250 words

Future for Purchasing - Essay Example Be that as it may, the circumstance changed with the presentation of Information innovation, which acquired critical changes the dealings of business activities. The bundle it gave to an association to defeat the constraints of customary buying is 'e-buying'. Review the significance of E-Purchasing the paper attempts to achieve some data on e-buying however explicitly concentrating on what an E-Purchasing really implies, how it is completed and its general commitment to the business in the following decade. The presentation of data innovation has gotten emotional changes the business activities. Despite the immense ventures were manufactured by the business associations in the activity capacity arranging course of action executions they couldn't get fitting guidance for legitimate capable business choices. Be that as it may, the putting of 'e' before any procedure or capacity end up being the enchantment recipe for the untold achievement and the quick returns for the associations. One such guide to give is E-Purchasing. E-Purchasing is considered as the fundamental part of an e-obtainment capacity. Through e-buying the business association can robotize and broaden the manual purchasing forms directly from the production of the order through to installment of the providers (Biechler, 1997). In this manner the way toward utilizing of web office by the business associations for buying merchandise and enterprises is alluded to as e-buying. E-buying basically includes the purchasing of merchandise and ventures by means of web. At the end of the day it tends to be told as a framework utilizing data innovation to smooth out the acquisition of products and enterprises so as to decrease costs. The web can play out all the means required physically for playing out the buying capacity including requesting, installment and conveyance. To profit this such a significant number of web based financial administrations have been presented by the budgetary foundations, for example, electronic bill installment, and assets move, with the goal that the business can improve its operational effectiveness. In increase to this the business arrangement can utilize email as a quickened and dependable approach to familiarize with providers or to obtain and recognize to blockhead questions like citations, data, gain orders, kill conveyances, and total bet from the clients. The e-business can likewise make the activities of business viable through the more noteworthy utilization of electronic accounting and records the board. Therefore the provisions got through web assists with lessening the capacity cost and the space required for the products in the business associations and accordingly serv ing the clients quicker and all the more adequately (Chia, 1998). E-buying is normally alluded to as an easy to understand, Internet-based buying plan that offers e-buy alteration preparing and added definitive capacities to the purchasers that eventual outcomes in included operational efficiencies and suspended sum collection to the business associations (Breite, 2001). The e-buying capacity gives the Business organizati

John D. Rockefeller Obsession Into Success Essays -

John D. Rockefeller: Obsession Into Success John D. Rockefeller, the Standard Oil financier who, when of his passing in 1937, was likely worth near a billion dollars, is maybe outstanding amongst other recorded instances of an over the top habitual. An over the top impulsive is one who is headed to a demonstration or acts, for the most part being asocial, by his own obsessions however naturally of his exceptional mind must offset these activities with others all the more socially adequate. There are plenteous instances of Rockefeller's deeds fitting these clinical attributes, and John D. Rockefeller is today by and large viewed as an over the top urgent. The underlying foundations of this issue are recognizable back to his adolescence. While quite a bit of Rockefeller's business history stays a secret today, it is evident that quite a bit of his prosperity is owing to his over the top habitual issue. Franz Alexander and Louis B. Shapiro's portrayal of the over the top habitual issue from their book Neuroses, Behavior Disorders, what's more, Perversions0 is an as often as possible utilized synopsis of the generally settled upon attributes. It states: Out and out instances of over the top habitual states present a powerful harmony where over the top distraction with sense of self outsider dreams... are problematically adjusted by ceremonies speaking to an distortion of social norms, for example, tidiness, reliability, thought for other people. The dynamic equation is like accounting in which on the one side of record are the asocial inclinations which the tolerant attempts to adjust correctly on the opposite side with moralistic and social mentalities... Each asocial move must be fixed by a restricting one... The expression personality outsider alludes to contemplations, feelings or material which are deliberately abominable to the patient (however not he may not fundamentally be aware of the explanation). This synopsis is significant, and we will come back to it later. Rockefeller was conceived in 1839 and brought up in a pained, at that point broken, home. His dad, who sold quack brisk mend illness medications, was frequently away for quite a long time at once. Rockefeller was raised basically by his mother. Inevitably his dad fulfilled a bigamous marriage with a adolescent Canadian and left Rockefeller and his mom and kin. At an early age, it became evident that youthful John was not exactly like different kids. For example, he stubbornly wouldn't play with other kids except if he could pick the game. In pretty much every portrayal of him as a kid, he is frequently portrayed as thinking. He wedded Laura Celestia Spelman, a young lady who was strikingly like his mom, which is never a decent sign; and when he chose to start a new business, he acquired $1000 from his dad at 10% intrigue. 10% was well above the going rate; Rockefeller's dad basically loansharked his child. Rockefeller was obviously upset by his youth; he ingested his vicious business procedures from his shyster father, and sooner or later different impacts at a youthful age most likely started to build up his over the top urgent issue. Sadly, barely any close records of his early life and family exist, so it is hard to pinpoint these impacts. Rockefeller appeared to put forth his fortune with barely any attempt; a brief plot is fitting. In the wake of dropping out of secondary school and serving a administrative apprenticeship, Rockefeller started a new business, shaping a produce house with one accomplice and $4,000 of capital between them. In its first year its gross pay was $450,000, with an overall gain of $4,400-better than 100% return. In the wake of thriving through the Civil War blast, Rockefeller's organization purchased its first processing plant. Rockefeller soon surrendered his unique organization to focus on the oil business. In 1870, with a capital of superior to one million dollars, Rockefeller changed his organization as the Standard Oil Company of Ohio. Purchasing the methods to control creation from the littlest detail (he even manufactured his own barrels to set aside cash) Rockefeller before long figured out how to overwhelm the across the country oil advertise. In 1879 Standard Oil controlled 95 percent of oil creation in the United States. Like every effective business of the time, Rockefeller's organization did a considerable measure of unlawful managing; and keeping in mind that Standard Oil was maybe not very as slanted as its rivals, it is in this reality that we see the first feature of Rockefeller as a fanatical enthusiastic. While Rockefeller energized illicit railroad discounts and even imagined a couple of new ones (such as the downside, a minor departure from the payoff) he was a resolved churchgoer. He emphatically objected to: smoking, drinking, card playing, moving, cheer, wenching, theater going, show going, banqueting, lingering, associating all in all and great cooperation. He got away, no downtime. He didn't do anything in his modest quantity of extra time aside from go to church a few times each week.

Your 5-Step Guide to Surviving the Wait-List Apocalypse

Your 5-Step Guide to Surviving the Wait-List Apocalypse Your 5-Step Guide to Surviving the Wait-List Apocalypse Your 5-Step Guide to Surviving the Wait-List Apocalypse This post was originally published on USA Today College. The recent onslaught of wait-list letters arriving in the inboxes of disappointed students around the country probably isn’t quite as dire as a zombie apocalypse, but the terrors can be just as scary to combat. Once you’re infected, that feeling of unease can penetrate your life until you’re all like “mmmmm brainzzz.” But students do have the power to fight back against the wait-list. Here’s how: GET TO MENTAL AND EMOTIONAL HIGHER GROUND Every good survivalist knows that staying calm is essential. Don’t let the wait-list news throw you in a panic, don’t let the battle take you before it even begins, and don’t try to dissect your past application efforts. Instead, take stock of what weapons you have in your arsenal now â€" like improved grades or a new leadership position â€" and how you can use them to your advantage. And remember, regardless of how the news makes you feel, being wait-listed isn’t actually the end of the world. KNOW THE PROTOCOL There are very specific strategies involved in killing zombies. (At least that’s what the Internet tells us.) Similarly, schools will often tell you exactly how they want you to approach their wait-list. Some schools, like Vanderbilt, will outright ask you for confirmation that you are interested in remaining in their admissions pool. Many others, like the  University of Virginia, expect you to accept a spot on the waiting list via their online application system. And while some schools welcome additional letters and materials, others, like the  University of Illinois  specifically state that they will only consider the originally submitted application materials. Be alert to all the details in your wait-list instructions to ensure that nothing takes you by surprise. SLAY WITH WORDS While schools can be particular about where and how they want you to confirm your wait-list interest, most are open-minded (not literally) about receiving a short email reinforcing your interest in their institution. You only get one shot at a direct hit, so make sure your letter is carefully crafted and loaded with exactly what an admissions officer wants to hear. The two main areas to cover include why you are still interested in attending the school and any notable life events or achievements that have transpired since you pressed the submit button. Make sure to use specific details that keep this note short, sharp and on target. HAVE A BACKUP PLAN Sometimes the best plan is the one you least expect to work. Perhaps you are a prime candidate for a gap year. Or maybe setting your sights on a different school, even this late in the game, will be refreshing. Take the time to really consider your second, third and even fourth choice institutions. You may very well find you truly connect with members of these communities and can find opportunities to build on your skills in ways you had previously overlooked. Also, don’t forget to check matriculation deadlines for schools you might want to attend (usually May 1) if your wait-list opportunity falls through, as well as policies for withdrawal if you do end up victorious. Don’t be the fool who forgets to fill up the canteen before heading out into the woods. Be prepared for any and all outcomes. THINK LIKE A HERO Yes, you had goals set way back before the wait-list seemingly tore your world apart. But you are awesome and have the ability to succeed wherever you end up pursuing your passions. You are the only one who can bring a positive attitude, resilience and a determination to succeed no matter where you go. The future is in your hands. About Stacey BrookStacey Brook is an accomplished writer and admissions expert who has spent the last decade helping students conceptualize, edit and refine their college essays.View all posts by Stacey Brook » | Website Want an expert to review your appeal letter? We're here to help. GIVE US A RING »

When Saturday Comes Along One Can Only Hope Hope For A

When Saturday comes along one can only hope hope for a lazy morning filled with back to back episodes of cartoons. However, only in a perfect world can we watch back to back episodes without commercial breaks. For children that world is non-existent at the moment. Many times the commercials that come after Phineas and ferb or Spongebob are as enjoyable as the show itself. It seems like children enjoy keeping their eyes glued to the television screen more than they should. According to Jennifer Pomeranz, , mentions that the â€Å"FCT (Federal Trade Commision) defines children as between the ages of two and eleven and adolescents as ages of twelve to seventeen† (Pomeranz).However, to a parent a child can simply be anyone under†¦show more content†¦This can be problematic because the ads children see after shows can shape all sorts of habits into them : â€Å"food preferences, norms, tastes, behaviors, and preferred portion sizes are established dur ing childhood and adolescence and are very difficult to change† (Pomeranz). That is to say that the ads that children see after shows can have profound impacts in a child s life. Watching a repetition of a sugary cereal commercial can influence a child into buying that product when grocery shopping. Children are power holders and can shape the buying habits of a family: â€Å"two to fourteen year olds have sway over 500 billion a year in household purchasings (Calvert). Children really do hold power in a family. They can become targets and fall under the influence of advertisers. In return, advertisers can make children want needs that they don t really need. Therefore, conflict can arise when a child is denied a product by a parent. There are some ads that can influence a child s buying habit while others can hammer in trends into a child, influence certain actions or habits. Some commercials can become problematic for children. For instance, the Pakistan Observer mentions that a television commercial of a â€Å"biscuit manufacturing company shows a youth jumping off an apartment to force his girlfriend to marry him† (Pakistan Observer). Imagine if a child or adolescent were exposed to this commercial on a daily basis. This type of ad can have aShow MoreRelatedExamples Of Ceremonies Helper Application1411 Words   |  6 PagesTeamspeak?: I have Telegram, Teamspeak, Skype and Snapchat. How many hours can you put in the server per week: Ill try my best to get on school days for about 4-5 hours â”â€"â•‹â” Ã¢â€ Ã¢â€ Ã¢â€ Ã¢â€ Ã¢â€" ¥Ã¢â€" £Ã¢â€"†ââ€" ¢Ã¢â€" ¤Ã¢â€ Ã¢â€ Ã¢â€ Ã¢â€ Ã¢â€ Ã¢â€¢â€¹ My TimeTable Monday: 8am till 3:15pm ill be home at 4pm Tuesday: 8am till 3:15pm ill be home at 4pm Wednesday: 8am till 3:15pm ill be home at 4pm Thursday: 8am till 3:15pm ill be home at 4pm Friday: 8am till 3:15pm ill be home at 4pm Saturday: I dont have school but i do go out with friends but ill always beRead MoreThe Great Gatsby By F. Scott Fitzgerald1343 Words   |  6 Pageslives of four wealthy characters observed by the narrator, Nick Carroway. Throughout the novel a mysterious man named Jay Gatsby throws immaculate parties every Saturday night in hope to impress his lost lover, Daisy Buchanan. Gatsby lives in a mansion on West Egg across from Daisy who lives in East Egg. From the law of Gatsby s mansion, he can see the green light glowing on her dock, which becomes a symbol in the novel of an unreachable treasure. Even though Daisy is a married woman, Gatsby sets outRead MoreCritical Analysis Of Waiting For Godot1444 Words   |  6 Pagestime period in France to emphasize the time passing for two characters, Estragon and Vladimir who hopelessly wait for Godot, whom is believed to be a God that will â€Å"save† them from their turmoil. Time is a psychological measurement, in which we can observe and measure. While waiting for Godot, Estragon and Vladimir display the inability to observe and measure time, which leaves them both in a deep state of confusion. In the beginning of the play, Estragon struggles to take his boots off, whichRead MorePart One:. â€Å"Erin, Eat Your Damn Cheetos!†My Former Classmates1119 Words   |  5 PagesPart One: â€Å"Erin, eat your damn cheetos!† My former classmates have a vivid memory of me screaming those exact words to my best friend across the beach. No one needed to turn their heads to see why I was yelling at her, they all knew the reason. However, had they turned and looked, they would have noticed my best friend leaning against the back of a jeep with a bag of cheetos in her hands as she, in slow motion, slid to sand like jello sliding out of a dish. At which point I trucked through theRead MoreMy Current Fitness, Body Composition, Bad Habits, Improvements, And My Fitness Plan956 Words   |  4 Pagesmy fitness plan that I have developed. Staying fit is essential to my health however, being a full college student that works 28 hours a week can be difficult to keep up with. For muscular endurance I got an excellent on both best. I felt like the muscular endurance test wasn’t challenging and that it needed to have somewhat of higher expectations. One reason why I think it should have higher expectations is because I know for a fact that I’m not in shape and if I got excellent for both tests,Read MoreAn Objective Of Mission Television Advertising Campaign Essay1185 Words   |  5 PagesObjective of Campaign The main objective of Mission Television’s advertising campaign will be to effectively complete one mail goal. The number one goal that the company will aim for in this first round of adverting will be to deliver informative advertisements to allow viewers, audience, and fans to learn more about the Mission Television brand, its services, and what the company is all about. This informative advertising will tell potential consumer and others within the marketplace about theRead MoreWaiting For Godot1686 Words   |  7 Pagestime period in France to emphasize the time passing for two characters, Estragon and Vladimir who hopelessly wait for Godot, whom is believed to be a God that will â€Å"save† them from their turmoil. Time is a psychological measurement, in which we can observe and measure. While waiting for Godot, Estragon and Vladimir display the inability to observe and measure time, which leaves them both in a deep state of confusion. In the beginning of the play, Estragon struggles to take his boots off, whichRead MoreProject Report1277 Words   |  6 Pagespublished on a Wednesday, with the screening of Pocahontas on Friday and Miss Representation on Saturday, both in the Debartolo Performing Arts Center. Pocahontas was shown quite recently, so they may be unsure about showing it again, but Miss Representation has only been shown once, in 2012. It is quite simple to send in a letter to the editor at the Observer, there is a place on the website where one can submit what they have written, although the article must be to the point, with the maximum wordRead MorePersonal Assignment : An Introduction To A Look At Work1286 Words   |  6 PagesI just wanted to send you an email to inform y ou about what not only I have been dealing with at work, but as well as many of my co workers. This is an on going issue that should have been solved months ago when it first started. There has been many employees including myself who have been pushed over the edge more times than I can count. Ben is extremely disrespectful, nobody should have to work in an environment where they are constantly bending backwards to try to make everything perfect justRead MoreThemes in John Steinbeck’s Of Mice and Men Essay1123 Words   |  5 Pagesnovels. These themes come from his childhood and growing up during the stock market crash. A reader can see his depiction of his childhood era. In Of Mice and Men, Steinbeck shows the prominent themes of loneliness, the need for relationships, and the loss of dreams in the 1930s through the novels’ character. Lennie Small, a mentally impaired man, is first introduced to us traveling with George. George, however, is not related to Lennie. Lennie travels with George because no one else understands him

Social Work Mission Statement - Free Essay Example

Sample details Pages: 6 Words: 1738 Downloads: 3 Date added: 2019/03/16 Category Society Essay Level High school Tags: Social Work Essay Did you like this example? Society as a whole, the society which comprises of individuals, families and groups is the concern or focus of social workers to enhance societal wellbeing in terms of health care, social relations, community services, social roles and responsibilities. The people that carry out social work are called social workers having the major responsibility of assessing situations, proposing solutions and implementing the right solutions. The work is usually in two ways, one of which can be an individual engaging in social work as a job and having clients for his service while the other is the large scale type in which social workers work for large communities to achieve their goal and objectives of a better and healthy society for human beings.. Don’t waste time! Our writers will create an original "Social Work Mission Statement" essay for you Create order Me as someone who wants to pursue social work as a profession is not an after thoughts, it has been my desire since childhood to always help people. Growing up and getting out every day to see a lot of people most especially children on the streets with nothing to eat and no one to care for them, I cannot be blind pretending not to see their needs. As an individual I always wanted to help others with any means and helping others is a fire that keeps on burning in me, it has always been my desires. When it was time for me to choose a carrier I had no choice than to choose social work as a carrier. I came across social workers almost every day and I am always inspired by what they do, most especially those involved in public health and safety. The way social work professionals involved in public health and safety amazes me a lot, seeing people who are one minded coming into communities and treating people, testing them of various diseases and sicknesses, giving them drugs to use, givin g health advice, given lenses to those that have eyes problems, giving working sticks and wheel chairs to those who are disabled and many more things they do has been a source of motivation, inspiration and what drives me to choose a carrier in the field of social work. Sometime when there is one disaster or the other in a country or community, the way social works effectively to ensure the safety of people by even risking their own life to save the lives of people in calamity always amazes me when I watch them on television, I also have a brother in my street who is a social worker and will always post all his daily activities at work on his social media pages most times I feel like I am getting jealous of him, I just want to be part of this great profession that is dedicated to changing peoples life and helping people to live a better and healthy life. Advocating for others In the cause of my experience, I have been able to recognize inequalities in the society. Certain things or necessities that should be shared equally by people are not been shared equally, there is bias in the way things or resources are been distributed. Getting to know the roles of government to the people from my childhood, some things borders still borders me. The government is meant to provide basic amenities and social infrastructures to every community their power covers but one thing I noticed is that certain communities are always been preferred than others in terms of housing, transportation, pipeline water, community health services, educational facilities, employment and many other things needed for the realization of social wellbeing of people. These communities who are one the good side of receiving governments benefits are usually those in the town and city centers while those at the suburbs and rural areas are always been neglected. It is of major important to know th at the contribution of the rural community to the development of the city cannot not undermined, the rural communities are the one feeding the population in towns and cities, and they are also part of government responsibilities for better and healthy lives. They deserve good lives, good transportation network, good educational system, good health care services, good sanitary and sewage systems, and good drinking water. These people are usually underrepresented and this calls for the need of someone or set of people to advocate for them. A graduate degree in social work can help me to eliminate the barriers often faced by underrepresented populations, having a professional backup to gives me the right to practice the profession, I can easily plead their cause in the ears of the government for them to be favoured. The degree will help me to be an intercessor between the people and the government, hearing the complains of the people and taking them to the ears of the government for ne cessary solution. Also, the degree will help me to solicit for corporate social responsibilities of companies and organizations who failed to give back to the community they are getting wealth from. The only thing that can help me to succeed and break every barriers is to have the degree, because without the degree which certifies me as a professional social worker, my request would not be honored and granted, it will just be like a waste of time and effort. The degree is the only thing that will equip me with both theoretical and practical knowledge of carrying out the social work profession effectively. Mission Statement The mission statement of Diana R. Garland School of social work solely outlines their dedication to producing alumni who are influencing the social welfare of people, families, and communities through service and leadership by integrating faith. This means the school integrates the way of practicing social work with Christianity, showing love people and helping them which is a perfect example of a true Christian. The aim of the school is to produce alumni who will be committed to this mission and ensure the realization of the mission. Since alumni are people are have already gone through the process of learning at Diana R. Garland School of social work, and potential alumni who are still studying or yet to be admitted, the school has all the facilities and experts who will take students through their study in the school to produce alumni who will take the social work profession as a must to practice been a self-sacrifice work to help people who are in need and at the same time making the school proud, because the school will be happy when its alumni are doing well in the field they have chosen. As a practitioner, Baylors program will influence me to focus on improving the life for older persons and their families by providing resources and practical models for the wellbeing of older persons, their families, residential care environments, congregation and communities, focus on Christ centered international development through culturally informed transformational education, informed engagement with congregations and religiously affiliated organizations, and scholarship that allows global communities to thrive, providing preparation and leadership for trauma practice, both domestically and globally, research that uses evidence for practice and evaluates its effectiveness, to conduct congregational research, develop full time congregational staff positions and strengthen community transformation initiative in my community and engaging in ethical responsibility by increasing awareness around cultural competency and social diversity. All these are all the sectors of Baylor Social Work Initiative which defines everything that is expected of me as a practitioner and a good ambassador of Christian faith. Societal Issue Poverty: Poverty is a major problem facing many people in todays society and it causing a lot of hindrances to progress. When people are poor, they wont be able to think of doing the right thing. Poverty is a societal issue that need to be addressed for many reasons following the words of Hussein Sow (2017,1) on Effects of Poverty on an Individual , the problem of food is a major problem for the poor, food is what we eat that gives us strength and without food there wont be strength to work. Even when there is food it is of importance to know if the food is enough and healthy. Most poor people struggle with malnutrition and most are starving to death. When someone is poor, it is evident that the person will having problem with taking care of himself or family, some that cannot afford to feed himself cannot take himself to the hospital to receive adequate care and treatment, the poor cannot afford to buy drugs or to see a doctor. One of the major problem of poor people is homelessness as even people who can still afford to see themselves struggle to get good house not to talk of people who cannot afford to take care of themselves. Some even sleep under bridges and beside the road sides, in the time of cold weather and snow period many froze to death. Delinquency is other problem associated with poor people as they dont have money to meet their need, they end up engaging in criminal acts like robbery, prostitution, drug abuse and resources vandalism. Some even engage in street begging just to meet their needs. A poor person cannot also afford good education because a good and quality education requires money and even if they find themselves in schools they dont always consecrate on what is been taught. Most of the time they cannot afford to buy notebooks and textbooks and without them, there is nothing they can read to pass examinations. This issue of poverty deserves public action and resources because if it is not addressed properly the problem that will emanate from poor people will hinder the progress, peace and prosperity of everyone. The society has also contributed to this issue of poverty through the act of selfishness, grid and corruption on the part of people and the government as resources and public fund are not been distributed equally among the people. Social workers can address this issue by creating awareness for the masses to know the importance of helping the poor people. For me as a social worker, I will go to governments, institutions, religious organizations and well to do people in the society to plead the cause of the poor in their ears so that they can rise up to help them and taking them as a responsibility. Personally I have help a lot of poor people by given them money and food most of the time.

What Is Hypnosis Free Essays

string(170) " a rate of 9 to 14 cycles per second and are present when we are engaged in some relaxed, creative or problem solving task and are accompanied by feelings of well-being\." What Is Hypnosis? Describe the psychological and physical aspects of hypnosis and discuss the role of relaxation in Hypnotherapy. Before we can begin to discuss anything about hypnotherapy, it is important to discuss what hypnosis actually is. This essay aims to arrive at a definition of hypnosis by describing the psychological and physical aspects and looking at it use by hypnotherapists and the role of relaxation within this. We will write a custom essay sample on What Is Hypnosis or any similar topic only for you Order Now The history of hypnosis dates back to the times of ancient Egypt and it has been quite a contentious history. From Mesmer to de Puysegur in the 1700’s; from the first use of the term hypnosis by Braid in 1840 to it’s use as an anaesthetic in surgery by Esdaile and Elliotson; from the work of Erikson (widely regarded to be the grandfather of modern hypnosis) to the present day, the debate continues and theorists are divided as to the true nature of hypnosis. These differences of opinion stem from difficulties in actually measuring hypnosis. Hypnosis is a subjective experience and, as such, no two individuals who undergo the process will have exactly the same experience. Often requiring the use of psychological measures, it is, therefore, more difficult to measure reliably in comparison to physiological matters such as heart rate and blood pressure; although, technological advances in the use of EEG’s (electroencephalograms) and neuroimaging have been very useful. Hence, the nature of hypnosis has long been the subject of contentious debate between those who seek scientific experimental explanations of its various psychological and physical aspects and those hypnotherapists who seek to use it as a tool with which to help people. Even today, theorists are divided into two camps: State theorists who believe that the practice of hypnosis brings about an altered state of consciousness and non-state theorists who believe that the hypnotic state or trance is little different from everyday relaxation and that its effects are merely reactions to suggestions which would have occurred without the use of hypnotic induction, e. g. Spanos (1982). However, for the purpose of this essay, I will assume that the state theorists are correct and assert that hypnosis is an altered state of mind which occurs through the use of a set of techniques by the hypnotist. It can enhance a person’s concentration and responsiveness to suggestion in order to enable them to make desired and beneficial changes to their behaviours, feelings, thoughts and physiological state, thereby enhancing their lives. There are a number of complex psychological aspects involved in hypnosis. In 1951, Solomon Asch carried out a study of conformity whereby subjects were told that they were taking part in a study of visual perception with 6 other people. In fact, only one person in each group was the true subject of Asch’s experiment as the other 6 were aware of the true nature of the study. Each participant in turn (the subject being last) was asked to say which line from a set of three was the same length as the line on the target card. The answers were obvious, but on hearing all the other participants give incorrect answers, in one out of three trials they gave the same incorrect answers. In the control group where the subjects were asked to write their answers in private, incorrect responses were rare. This experiment has been difficult to replicate more recently as modern culture has changed the way that people conform. The work of Milgram in 1963 showed that ordinary people (65% of subjects) were willing to follow the instructions of an authority figure even if this involved apparently causing harm to others i. e, punishing them with a shock of 450 volts for answering a question incorrectly. Such studies show that, as people, we tend to be more comfortable when we fit in, conform, or comply with the instructions of those in authority. As clients would generally be considered to have some level of rapport with their hypnotist it is reasonable to assume that some responses to suggestion could be explained in these terms. For example, if a hypnotist suggests that a clients arm feels so light that it may float into the air, the client may raise their arm because they feel that this is what is expected and they would feel uncomfortable if they did not conform with the perceived expectation of the hypnotist. It is important to understand this innate need to conform, which we all have, in terms of the people with whom we will work and always endeavour to treat people with respect and professionalism. There is also a possibility that some aspect of role-play may be involved on the part of the client i. , they may behave in a way that they believe a hypnotised person should behave. The concept of attribution may also have a part to play; i. e. does the subject attribute the experience they have had to having being hypnotised or do they attribute their experience to having been deeply relaxed and engrossed in their internal image? Other psychological aspects involved in hypnosis are the use of selective atte ntion whereby the subject concentrates on a limited range of usually internal stimuli such as feelings and imagery and imagination here the subject is often instructed by the hypnotist to imagine a scene. The above section describes the psychological aspects of hypnosis, so what are the physical aspects? As mentioned above, the use of electroencephalogram’s (EEG) and neuroimaging with hypnotised subjects have been able to identify differences in brain functioning in hypnotised people. Askerinsky Kleitman (1953) were able to show that hypnotised subjects were not in fact asleep as some early theories had suggested. Different levels of consciousness produce different levels of electrical activity within the brain. Beta Waves occur at a rate of 15 to 40 cycles per second and are present when our minds are engaged and focussed, perhaps in conversation or learning a new task. Alpha waves occur at a rate of 9 to 14 cycles per second and are present when we are engaged in some relaxed, creative or problem solving task and are accompanied by feelings of well-being. You read "What Is Hypnosis" in category "Papers" Alpha waves are not present when we are experiencing anger fear, high arousal levels or when we are in deep sleep but are present during light trance/hypnotic state. During this state, relaxation of the body may occur; breathing and pulse rate slow and an individual may appear to be day-dreaming as they direct their attention towards their imagination. Theta Waves occur at a rate of 4 to 8 cycles per second and are associated with our subconscious mind where our past experiences and memories are held. Freud was the first theorist to propose the presence of the unconscious mind. This is the area of our minds which deals with non-voluntary bodily functions, thus freeing up the rest of our minds for things which we actively need to think about. Theta waves may be present when we are day dreaming, carrying out automatic well learned tasks such as driving and when we dream. They are associated with calmness and feelings of serenity and are present in medium and deep hypnotic states. During moderate and deep hypnotic states a person may lose awareness of their surroundings but gain an increased awareness of their internal functions (breathing/heart rate). Imagery becomes more intense and suggestions may be interpreted literally. Limbs may feel limp or stiff; attention narrows further and there may be loss of environmental awareness. Delta Waves occur at a rate of 1 to 4 cycles per second. These are the slowest waves which are present when are in our deepest state of rest when no other waves are present. When these waves are present we are in a state of sleep and possibly very deep hypnosis such as the Esdaile State used by the surgeon of the same name in order to anaesthetise patients for surgery. In addition other physical aspects of hypnosis include, feeling warm or cold and tingling of the extremities. Subjects often feel sleepy and close their eyes and there can be a reduction in response to noise. Some people experience feeling strange or detached and dissociated from their body or surroundings and feelings of floating are common. These feelings vary from person to person and are dependent upon an individuals’ psychological predisposition and responses as described above. No two people will have exactly the same response to hypnosis and each experience is subjective. As we go through the different levels of consciousness our brain wave activity changes in a smoothly organised manner. For example, when relaxing into sleep we go from Beta to Alpha, to Theta and finally Delta waves predominate. The reverse happens as we awake. The waves which predominate during hypnosis are Alpha and Theta and it is these waves which provide a route to our subconscious. Relaxation has an important role to play in Hypnotherapy. Jacobson (1929) was the first to note the helpfulness of consciously relaxing muscles to enable them to maintain a relaxed state and improve the health and wellbeing of his patients. Most hypnotic screeds include suggestions of relaxation which help the subject to physically relax to the degree that Alpha and Theta brain waves are produced. Suppressed memories may be brought to the surface when Theta waves are present and although this may be painful, it offers the client the opportunity to discuss and address any such issues with their hypnotherapist if they choose to do so. Such therapy can be helpful and aid healing if carried out with sensitivity. As a cautionary note, Mingay (1988) suggests that dissociated memories accessed under hypnosis may be at risk of contamination by fantasy or leading questions on the part of the hypnotherapist. Along with this deep, relaxation comes an increase in suggestibility, i. e. we tend to respond to suggestions made by the hypnotherapist more readily than we would generally. Heap (1996) argues that suggestion and trance are crucial to any definition of hypnosis. Whilst in a deeply relaxed hypnotic state, the Hypnotherapist is able to make suggestions which can help the subject to change their behaviours, feelings or thought patterns in a beneficial way. For example, if a client wishes to stop smoking, the hypnotherapist might suggest that they now choose to be a non-smoker. In fact, there are a number of ways in which a Hypnotherapist can utilise suggestion whilst a client is in a relaxed hypnotic state in order to produce beneficial effects. It can be used to produce anaesthesia in the body – the use of hypnosis for surgery has been mentioned above but there is ample evidence that hypnotic suggestion can influence physiological responses governed by the autonomic nervous system. Grabowska (1971) found that subjects were able to alter the blood flow in their forearms via hypnotic suggestion and Olness et el (1989) found that children were able to alter their concentrations of salivary immunoglobulin A. The use of Progressive Muscle Relaxation during hypnotic induction not only enables subjects to enter a hypnotic trance state and more readily accept beneficial suggestions but repeated use of PMR during Hypnotherapy can enable clients to be able to relax more readily in general and in situations where they may ordinarily become very stressed. Suggestions can be given which allow people to relax when needed as long as it is safe to do so and such techniques can be used to reduce general anxiety and stress, help improve sleep patterns and reduce phobic fear reactions to such things as public speaking and flying. In conclusion, hypnosis is not of itself a therapy. It is a state of mind which can be induced and its use in hypnotherapy can be described as a complex psychological interaction between the hypnotherapist and their client(s) during which the hypnotherapist uses the hypnotic screed, which often includes an element of PMR, to enable the client to relax encouraging the presence of Alpha and Theta brain waves and access to the subconscious. In this state, the clients’ concentration and responsiveness to suggestions made by the hypnotherapist increases, thereby enabling them to make desired, beneficial changes to their behaviours, feelings and thoughts and thus, enhancing their lives. References: Hadley, J. Staudacher, C. 1996, Hypnosis for Change; 3rd edn; Canada, New Harbinger publications Heap, M. , Dryden, W. , 1991, Hypnotherapy: A Handbook, OU Press How to cite What Is Hypnosis, Papers What is hypnosis Free Essays string(69) " not during times of fear, anger, in a deep sleep or highly aroused\." The earliest known description of hypnosis dates back more than 6000 years ago to rites performed in Egyptian sleep temples. The Indus Vedas knowledge sacred book written around 1500 BC, mentions the use of hypnotic techniques and procedures in detail yet in 2012 we still find it difficult to answer the question â€Å"what is hypnosis?†. ‘All sciences alike have descended from magic and superstition, but none have been so slow as hypnosis in shaking off the association of its origin’. We will write a custom essay sample on What is hypnosis? or any similar topic only for you Order Now (Clark Hull, Hypnosis and suggestibility, 1984). The grandfather of hypnosism is regarded to be Franz Anton Mesmer who achieved some very amazing cures. He was, however, prone to be a bit theatrical wearing long flowing robes and brandishing a wand to complete his wizard image. Treatments and cures were conducted in large arenas with many onlookers. The film Svengali, although pure fiction did a lot to discredit hypnosis for many years by portraying hypnotists as evil predators and also inspired the emerging stage hypnotists. Even today stage hypnotists continue to discredit hypnotism making it hard to be taken seriously as an emerging science. It is my view that the use of hypnotism for entertainment should be completely banned. Abuse allegations where hypnotism has been said to be a contributing factor still regularly appear in our newspapers fueling the public perception that the only safe hypnosis is that which is performed in a public arena in front of millions of people for entertainment. My introduction would not be complete without mentioning the impact of the church. As a practicing Christian I find it difficult to understand how people practicing the same faith as me could believe that hypnotism could be believed to be evil. What i find more astounding is the fact that some people, educated people still think that today. ‘Whilst hypnosis and its use in hypnotherapy seem merely to be the input by the hypnotist of ideas into the subconscious of a subject in a heightened state of suggestibility, I would contend that this art of psychic manipulation is in fact of demonic origin. Though these roots of hypnosis are now obscured by an undergrowth of scientific jargon, it remains a dangerous activity to anyone involved.’ (Dr A. D. Bambridge, Nucleus, 1987) There is no exact definition of what hypnosis is, mainly because no such definition can be agreed upon by all the experts. It has been described as ‘the deliberate inducement or facilitation by one person in another person or a number of people of a trance state. A trance state is one in which a person’s usual means of orientating himself in reality have faded, so that the boundaries between the external world and the inner world of thoughts, feelings, memories and imagination begin to dissolve.’ (Robin Waterfield, Hidden Depths, 2004). It has also been described as ‘a state of mental relaxation and restricted awareness in which the subjects are usually engrossed in their inner experiences such as feelings and imagery, are less analytical and logical in their thinking, and have an enhanced capacity to respond to suggestions in an automatic and dissociated manner.’ (Windy Dryden, Hypnotherapy, a handbook, 1991). The clearest description being ‘a state of mind brought about by the use of a set of techniques. It enhances an individual’s concentration and increases their responsiveness to suggestion in order to make the beneficial changes that the individual may wish to make in their thought patterns, their behaviour or their physiological state.’ (Chrysalis, 2010) ‘It is probably more useful to describe hypnosis than attempt to define it. Features of the hypnotic state include the following: Acceptance of imaginary phenomena in place of sensory experience, and detachment from the sensorium; Suspension of reality testing, suspension of everyday cognitive logic and secondary-process thinking; Narrowing of attention (a sort of mental tunnel vision) to the content of the focus of the hypnotic exercise: suggested by the therapist or created by the subject’s own imagination or memory; ‘splitting’ of consciousness into separate channels that communicate in only one direction (i.e. The subject’s normal consciousness, attitudes, reality testing and so on continue and are aware of the content of the hypnotised self, but the latter is unaware of the former); A rather regressed or developmentally immature frame of mind (closely akin to some transference phenomena in analysis or analytic therapy); Commitment to a substitute reality described by the therapist or the patient’s own imagination and memory.’ (Hellmut Karle and Jennifer Boys, Hypnotherapy a practical handbook, 1987) The mind still remains unmeasurable and unquantifiable and therefore a definition of any science or therapy based on the mind will always remain something open to debate and discussion. The fact that the hypnotic experience is personal and each individual will experience something different simply complicates things further. ‘There are a number of people, academics above all, who simply do not believe in the existence of mind. They think that this a naive belief held by the rest of us, and that the phenomena attributed to our minds are best explained otherwise.’ (Robin Waterfield, Hidden Depths, 2004). It seems the best that the experts can do is fairly agree as to the psychological and physiological phenomena experienced during hypnosis. Psychological phenomena often experienced during hypnosis could include hyper suggestibility (so important that it is often considered definitional of hypnosis), time distortion (when an hour may appear to pass in a minute), super learning and creativity, spontaneous age regression, hypermnesia and amnesia. (Robin Waterfield, Hidden Depths, 2004) Since the invention of the electroencephalogram in 1929 we have been able to measure the electrical activity of the brain. Scientists have determined that there are four main brain waves which vary in frequency. 1. Beta waves (15 to 40 cycles per second). These are typical of a focused and engaged mind. These are found in abundance in our modern, busy life style. 2. Alpha waves (9 to 14 cycles per second). These are typical of taking a rest after an activity. They are present during times of creativity and problem solving but not during times of fear, anger, in a deep sleep or highly aroused. You read "What is hypnosis?" in category "Papers" 3. Theta waves (4 to 8 cycles per second). These are present during sleeping and some meditative states.. These are associated with (amongst other things) medium to deep hypnosis. These waves are associated with our subconscious mind. You may be in the theta range when daydreaming or driving a car. It is where we engage with our intuition learning and creativity. It is where we have our best ideas. You may recall having moments such as these on a car journey or in the bath. 4. Delta waves (1 to 4 cycles per second). These waves are produced at our slowest, deepest state of rest. There are never any other waves active. They are present during the deepest hypnosis and sleepless sleep. You can never reach 0 cycles per second as that is brain dead. These waves will dip and flow and at any one moment one will be predominant and the others will just be present as a trace and moving from one to another depending on the state of the individual. From what we know about the frequencies we can see that hypnosis occurs during alpha and theta waves and that these waves are associated with relaxation which we will discuss later. Although philosophers and mystics may have been reflecting on a subconscious mind for centuries our understanding of it only dates back to the time of Sigmund Freud. We know that it is responsible for the non-voluntary bodily functions that keep our bodies working from one day to the next freeing our mind up to concentrate on the things of the day. Think about all those skills we learned within the first year or two of our lives – moving limbs, making a noise, swallowing food, standing, walking etc etc. Imagine for one moment that all those skills had to be thought about each and every time we wanted to use them. Our day would be completely filled with just those things. We learn those skills and then pass them to the subconscious mind to action them, leaving our conscious mind free to learn more and develop. So hypnosis is simply about assisting someone to reach the state where the predominant brain waves are the alpha and theta waves and so access their subconscious mind. As mentioned previously these waves are associated with relaxation which has, as our life styles have become more and more busy over time, become more and more difficult to achieve on ones own. Hypnosis and relaxation are not the same. Hypnosis uses relaxation techniques to relax the body and relaxation is an indication that a person has achieved a hypnotic state. The difference is that hypnosis aims to reach a special state of consciousness where selective attention and increased suggestibility are present. Hypnosis will then use this state to effect changes in a person through beneficial suggestions A brief look at the physiology of muscles shows us that muscle units work on an all or nothing principle, meaning they are either contracting or relaxed and there are no other states. The problem is that due to the constant stress that modern living brings with it some muscles, in particular the shoulders and neck, are constantly in contraction. In 1929 Dr Edmond Jacobson discovered that most of his patients, all with unrelated problems, had tense muscles and that by relaxing these muscles he could reduce the severity of their symptoms. He also noticed that most patients were not aware of the tension they carried with them. He developed a technique called Progressive Muscle Relaxation (or PMR) which enabled the patients to relax their muscles and keep them relaxed and thereby improve their physical, mental and emotional state. Hypnosis uses an updated form of PMR to achieve the same results. We know that relaxation does not mean laying on a bed and it does not mean being asleep. We will all have experienced times when we have driven somewhere and cannot remember getting there. We certainly would not say we were asleep. Long distance runners will also experience the same phenomena and often cannot remember huge amounts of the run. As a long distance runner myself I am aware of the importance of relaxing whilst running and can bring my pulse rate back to normal within a mile or two of the start of a run. I having been practicing PMR techniques for years whilst running without knowing that it existed In conclusion then it is still difficult to answer then question of what is hypnosis with a simple definition because in the past it has been so closely associated with theatrical entertainment or rejected by the church or wrapped in superstition, falsely portrayed as evil on film and used by some to abuse people that the scientific community never took it seriously as a science until recently. The fact that a number of academics deny the existence of the mind does not help matters either. We can begin to describe it in terms of the psychological and physiological phenomena experienced during hypnosis but not much more. We know that there is nothing mystical or magical about the hypnotic state. Put simply it is assisting someone to reach the state where the predominant brain waves are the alpha and theta waves and so access their subconscious mind where selective attention and increased suggestibility are present and then use this state to effect changes in the person through beneficial suggestions. We know that to achieve this state we can make use of PMR Albert Einstein said that we only use 10% of our brain. Maybe with hypnosis we are just beginning to push at a door that will lead us into the remaining 90%. History has given us glimpses of an amazing power that we don’t yet understand. People undergoing major surgery with anaesthesia, curing debilitating physical conditions, amazing accounts of healing. What is hypnosis today? What could hypnosis be tomorrow? How to cite What is hypnosis?, Papers

Impression Management in Social Media †MyAssignmenthelp.com

Question: Discuss about the Impression Management in Social Media. Answer: Introduction: Yes someone can change his or her identity through performance. Identity performance is our process of expressing ourselves to others through cloths, speech, facial expression and movements (Wittkower, 2014). With the revolution of social media identity performance through impression management has found many other ways (Paliszkiewicz M?dra-sawicka, 2016). Their performance on the social media can create their identity. However there are challenges because through the digital medium the identity that someone is trying to build might get misinterpreted. For example a man through his performance on the digital platform might build up an identity of a woman. In recent times the transformation of Caitlyn Jenner can be good example of how not just gender transformation but also her performance on social media established her identity (Caldwell, 2016). Homophily is humans tendency to associate themselves with the people of similar attitudes, interests, values, personality and background (Cook, 2014). The effect of peers has great influence over the people who belong to modern generation. The people show the signs of mirroring more than ever, where they are mimicking movements, vernacular and behavior of others knowingly or unknowingly. One good instance where homophily can have good impact is quitting smoking. Research has demonstrated that quitting smoking is more effective if that is initiated within a group (Hitchman et al., 2014). If a friend shows strong will to quit smoking that positively impact on the other friends too. On the other hand there are instances where homophily affects people negatively like in health related issues. If ones friend gains weight his perspective towards heavy people is more likely to be changed and gaining weight becomes more socially acceptable for him (Huffingtonpost.com, 2011). Hate speech can be defined as a communication that expresses only hatred towards certain groups or communities and generally intended to provoke violence. Most hate speech is comprised of racial, religious or ethnic commentaries to offend the addressed communities (Waseem Hovy, 2016). Some hate speech aim to threat, insult, terrorize, degrade and attack individuals and therefore it is different from regular speech. If the hate speech is intended to hurt someone it should be punishable by law. On the other hand when freedom of speech is concerned there is a scope of further consideration and discussion (Djuric et al., 2015). The area of offense is quite complicated as certain speech may hurt certain segments of society but it might not actually be hate speech. However every person has a freedom of voice but as hate speech offends or hurts people it must be treated differently. The cultural capital makes use of the non-economic resources in order to enable the social mobility of the people. It includes the knowledge and the skills, which helps in building the best part of the social structure. Social networks are being adhered to by the cultural capital as a base for linking the likeminded people of the organization (Yang, Liu Wei, 2016). The economic capital, on the other hand, depends on the monetary transactions that is undertaken in order to understand the exchange value of the commodities that are being purchased. The social capital makes use of the networks of the relationships among the people thereby helping the society to understand and the effective functioning of the society. The social networks help in the integration of the ideas, which enables the society to function as per the requirements of the inhabitants of the particular society. The functions of the SNS help in undertaking the basics of the networking and thereby help in making the soc iety strong. The inclusion of the cultural and the social capital packed with the economic resources helps in the proper functioning of the society. The Social media networking helps in the making the society strong and educated at the same time. At times, a person suffering from headache might not work out as the consequences that the person might face as a result of a chronic headache is huge, thereby hampering the working schedule and the dependence on the factors of the process. in order to understand the nature of the headache, as to the tenacity of the headache or the timeliness helps in determining the majority of the headache. The headache that is being suffered by the person must be assessed according to the particular time in which it inflicts its blow on the person or the feeble condition the person is subjected to at the time of the headache. Determining the following factors can be helpful in understanding the nature and the necessity of classifying the headache under the chronic or the general backdrop. This year in June, Canada experienced a social media controversy about race discrimination. The controversy started after Annie Villeneuves road show at St. Fete nationale parade in Montreal on 24th June (Montrealgazette.com, 2017). A video posted on Facebook showed that Villeneuves float is being pushed by all people of color and behind the float a group of choir members wearing all white. The video was shared more than 12000 times within a day and received thousands of comments (Ctvnews.ca, 2017).Though the boys who were pushing the float are students of local school and athletic team and belong to diverse ethnic group. Though the organizers apologized but claimed to be an anti racist group and experienced great trouble because of the controversy over social media. Five female celebrities on social media are Taylor Swift, Nicki Minaj, Ellen DeGeneres, Lady Gaga and Beyonce and five male celebrities on social media are Justin Bieber, Cristiano Ronaldo, Barack Obama, Will Smith and Dwayane Johnson. The selected celebrities are few of the most famous celebrities online so they all have millions have followers on the platform. For the female celebrities it is generally noticed that most comments are from male members and it is also noticeable that female celebrities tend to respond more often than the male celebrities. The female celebrities try to connect with their followers more than the male celebrities. Male celebrities on the other hand react towards politics more than females. I think it is the individual identity performance through managing their impressions. No it is not okay for a single platform to have monopoly. Companies like Facebook or Google control most of the market and acts like new masters of the global economy. Facebook and Google both connect to its users, developers and advertisers. Google rules the search engines and Facebook controls the social media. Though the differences do not matter when monopoly is concerned. The monopoly of such business giants does not allow any competitors so other companies struggle to exist (Baran, Fietkiewicz Stock, 2015). Their dominance is evident if one follows how Facebbok changed the business of WhatsApp and Instagram. Apart from gobbling up smaller organizations the companies possessing monopoly power have other negative impacts as well, like inequality in wages and weakening private investment. The problems faced by the homogenous people in accordance to the other heterogeneous people can be enumerated in the following ways. The basic differentiation is being based on the preference of the people and thereby affects the sociable nature of the homogenous people. In a biased social structure the homogenous people gets a very few advantage of socializing effectively (Phillips, 2014). The society being biased keeps the people away from the social structure. In a society that has already accepted the homogenous nature of the certain people are privileged enough to affirm their preferences and mingle indifferently with the people at large. Human beings are sociable beings, living in the society. The reforms in the society has brought about a change in the probable cases of the homogenous people, but in certain underdeveloped or developing regions, the practices to keep the homogenous people are prevalent. Different kind of network power exists in a network like the Networking power, Network power, Networked power, Network making power and Counter power. Social network is also a structure consists of social actors that can be both individuals and organizations (Westaby, Pfaff Redding, 2014). Networking power can be influenced by certain social influences, for example in Western society the social media is part of daily life more than Asian society. Platforms like Facebook or Google acts as the dominant actors on the digital networking. The network structure provides the various actors with various roles and responsibilities and by applying certain strategies they achieve their desired goals. Social Networking Sites are basically platforms like Facebook or Twitter brings people of similar interests together. The social media helps everyone to gather information about others and according to those they build up relevant relationships. The awareness about the social issues or advancements is shared with others easily through social network. On the other side, the personal information available on Facebook can be used against social relationships (Ellison et al., 2014). However social network can successfully builds social capital through the connection, bonding and relationship it offers. Like on Facebook the relationship generally gets established among people who know each other in real life but on Twitter more number of people gets connected to each other even when they are lacking any existing connections. Reference Baran, K. S., Fietkiewicz, K. J., Stock, W. G. (2015, May). Monopolies on Social Network Services (SNS) Markets and Competition Law. InISI(pp. 424-436). Caldwell, L. N. (2016). Transgender experiences: using the media to highlight the complexities of gender. Cook, D. (2014, July). Identity Multipliers and the Mistaken Twittering of Birds of a Feather. InProceedings of the 13th European Conference on Cyber warefare and Security: ECCWS(p. 42). CTVNews. (2017).Float in Montreal parade sparks allegations of racism. [online] Available at: https://www.ctvnews.ca/canada/float-in-montreal-parade-sparks-allegations-of-racism-1.3475367 [Accessed 10 Oct. 2017]. Djuric, N., Zhou, J., Morris, R., Grbovic, M., Radosavljevic, V., Bhamidipati, N. (2015, May). Hate speech detection with comment embeddings. InProceedings of the 24th International Conference on World Wide Web(pp. 29-30). ACM. Ellison, N. B., Vitak, J., Gray, R., Lampe, C. (2014). Cultivating social resources on social network sites: Facebook relationship maintenance behaviors and their role in social capital processes.Journal of Computer?Mediated Communication,19(4), 855-870. Hitchman, S. C., Fong, G. T., Zanna, M. P., Thrasher, J. F., Laux, F. L. (2014). The relation between number of smoking friends, and quit intentions, attempts, and success: Findings from the International Tobacco Control (ITC) Four Country Survey.Psychology of Addictive Behaviors,28(4), 1144. Hoffman, A. (2011).You Think For Yourself but You Act Like Your Friends (on homophily). [online] HuffPost. Available at: https://www.huffingtonpost.com/auren-hoffman/you-think-for-yourself-bu_b_182605.html [Accessed 10 Oct. 2017]. Montreal Gazette. (2017).Fte nationale committee apologizes for unintentionally racist parade float. [online] Available at: https://montrealgazette.com/news/local-news/fete-nationale-committee-apologizes-for-parade-float-race-controversy [Accessed 10 Oct. 2017]. Paliszkiewicz, J., M?dra-sawicka, M. (2016). Impression Management in Social Media: The Example of LinkedIn.Management (18544223),11(3). Phillips, K. W. (2014). How diversity works.Scientific American,311(4), 42-47. Waseem, Z., Hovy, D. (2016, June). Hateful Symbols or Hateful People? Predictive Features for Hate Speech Detection on Twitter. InSRW@ HLT-NAACL(pp. 88-93). Westaby, J. D., Pfaff, D. L., Redding, N. (2014). Psychology and social networks: a dynamic network theory perspective.American Psychologist,69(3), 269. Wittkower, D. E. (2014). Facebook and dramauthentic identity: A post-Goffmanian theory of identity performance on SNS.First Monday,19(4). Yang, S., Liu, Y., Wei, J. (2016). Social capital on mobile SNS addiction: A perspective from online and offline channel integrations.Internet Research,26(4), 982-1000.

The Similarities and Differences Between Thor and God Essay Example

The Similarities and Differences Between Thor and God Essay Thor and the Life of Christ can be looked in the same way. There are similarities between the two people and there are also many differences. There is a common theme between both Thor and the Life of Christ. Prominence, humility, suffering, and exaltation, in that order, are themes that happen to both Thor and Jesus. There are many similar relations that connect to both of these people but are presented in different way. Prominence was big in both of the people. Thor was the Norse god of thunder that everyone bowed down to. This relates to Jesus because he is also a high figure that Christians praise and worship. The level of prominence that these two people have is very similar to each other. Thor lives in a place called Asgard. This is the home of the gods and is very similar to Heaven. Heaven and Asgard may look different but they serve the same purpose. They are both places of High Divine and a place of peace. This is a similarity between the two story lines. One difference between the amounts of Prominence that each one had was that Thor thought too highly of himself. He was very arrogant in the beginning of the movie and even defied his own father’s orders. We will write a custom essay sample on The Similarities and Differences Between Thor and God specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Similarities and Differences Between Thor and God specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Similarities and Differences Between Thor and God specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The difference between Thor and Jesus is that Jesus did not count himself equal with God. This is told in Philippians 2:5-11. Although Jesus was in the form of God he did not count equality with God therefore, he became a mortal and was born in the likeness of men. Unlike Jesus, Thor was cast down to Earth as a punishment. He was punished because he disobeyed his father’s command and went to Jotunheim and started war. Because he did this, Odin relinquished him of his powers and banished him to Earth. This is a contrast between Thor and Jesus because Unlike Thor’s banishment, Jesus did it out of love. These acts brought humility to each person. Thor’s punishment was being stricken from his powers and becoming a mortal. This means that he can no longer fly or has the mighty power of his hammer. He is only human. This brings a type of humility because he has been degraded down from a god to a weak human. He must learn to cope with his human body. Thor no longer had the strength of a god but had the strength of a human which was really weak compared to his god form. This is very similar to Jesus because he was also born through the likeness of men. This means that Jesus was no longer the all-powerful being that people worshiped. Instead he was a mortal that lived upon men. He had limitations as well and faced many temptations in his life as a human. Humility was present because of the suffering and rejection that Jesus received and accepted from people. Many people made fun of Jesus. When Jesus did miracles he was made fun of. He was rejected by his own people and was beaten and mocked by the Roman soldiers. The most painful humiliation that Christ received was his crucifixion. This is humiliation and suffering to Jesus. Although Thor did not receive as painful humiliation that Jesus received his still received his own form of humiliation as a mortal. An example can be seen when Thor went to get his hammer. After beating up all of the guards, he ultimately could not pull out his own hammer. This gives an example of humiliation because he was not able to pull out his hammer even though he had finally found it. This shows the suffering that Thor had to endure because he could not take the hammer even though it was in his grasp. This is the ultimate source of humiliation because Thor could not get the one thing he desired most. The humiliation between both people leads to suffering. Jesus Christ and Thor both suffer tremendously throughout their journeys. It is incredible to see how much they can both endure despite how much pain they go through. Jesus suffered a lot as his time of being a human. He was made fun of and was also beaten upon by the Roman soldiers. This is suffering because Jesus went through pain. Throughout Jesus’s suffering, He was able to stay obedient to God until his death on the Cross. It says this in Philippians. Jesus did stay obedient despite all of the suffering that he had went through. It was basically torture for Jesus but he was able to stay obedient. All of Jesus’s pain that he took was an example of suffering and he did it all to save people’s sins. This suffering also relates to Thor because he also suffered during his time as a human. Thor suffered because he had to watch his friends get tossed around by the destroyer. The destroyer resembled death in the movie. The destroyer came for Thor when Loki ordered to kill Thor. Thor experienced suffering from the Destroyer and in the end faced death. Thor accepted death and faced it face to face and ended up dying. He was willing to die in order to save his friends. This relates to Jesus because he was able to die and go on the cross in order to save His people and the people’s sins. Jesus did not care at all what people did to him. When Jesus was on the Cross He said, â€Å"Father, forgive them, for they do not know what they are doing. Jesus was able to find sympathy until the very end of his suffering. Thor follows the same storyline as Jesus because he also dies in order to save his friends. Although the deaths are different it gets the same point across that both people went through suffering in order to save the people they cared about. This suffering finally leads to exaltation. The exaltation of Jesus is similar to Thor as well. When Jesus was dying He said, â€Å"It is finished. Thor, in the time of his death, also said, â€Å"It is done. † This shows that they have both accomplished in what they were sent on Earth to do. Thor was able to grow as a person and was able to sacrifice his own life in order to save others. Jesus was able to be obedient until the end was able to die on the Cross just so he could save the world of its sins. This leads to exaltation because Thor ends up getting the hammer and resurrects. He becomes a god again and defeats the destroyer also known as death. Jesus rises after the third day and ascended into Heaven. Jesus also conquered death. These are very similar because they both came back to life after their deaths and went back to their original high positions. Jesus was with God in Heaven and Thor got his god powers back. This is exaltation because they have been praised with the sacrifices they have made and have been rewarded. Before Thor returns to Asgard he tells that he will come back for Jane. This is similar to Jesus’s saying of how he will return for his people. The Tagline of these two movies is two worlds: one hero. Both Thor and Jesus fit this tagline. Thor is the hero of two worlds. The two worlds are Asgard and Earth. Jesus is also the hero of two worlds. Instead of Asgard it is Heaven and Earth. He is a hero to the people of earth because he was able to save the world of their sins. This leads people to look for the hero for guidance. In Thor, Jane looks for Thor every day and make it’s her goal to see Thor again. This is similar to followers of Jesus. The followers of Jesus want to know Jesus more and are always finding ways to find him and get closer to him. The tagline of Thor and Jesus Christ are very similar. Although they are told in some different ways the ultimate view of each are the same.

Descartes Summary essays

Descartes Summary essays Introduction: Descartes: Meditations on First Philosophy 16th Century: emergence of modern philosophy : changes from Classical inheritance Descartes: certain that knowledge is possible : uses philosophy to show how knowledge is possible : figures knowledge is a Philosophical principle, not way of world organization knowledge: (a.k.a.: K) secure t come from empiracle world; philosophy is the only way to achieve it : provides foundation for science Meditations: written in Latin and French Part 1: gives us approach to what we will be reading in the Meditations... I observed with regard to philosophy, despite being cultivated by best minds, it certained no point that is undisputed or doubtful. Philosophy: provides blue print dealing with knowledge, in order to show flaws in theory of K Descartes: gathered the great minds of his times to contribute to his book Things that are disputable t rely on what anyone says. Doubt: pernicious, difficult to construct system of knowledge in climate of doubt Descartes: admits situation: any project of knowledge should be placed center stage to defeat... 20th C: Hana Arendt: says Descartes was first to conceptualize modern doubting... its invisible Modern Age: conceptual philosophy, article of wonder, things are amazing... : constructed ramifications of doubt Descartes: not interested in skepticism with philosophy : confronts question: are you mining knowledge? : says you must: make doubt center stage and defeat it : obsessed with questions: how do I know if I am awake? How do I know if I am dreaming or if this is reality? Knowledge: important, so natural sciences can continue without interf ...

Titanic vs. Romeo and Juliet Essay Example | Topics and Well Written Essays - 1000 words

Titanic vs. Romeo and Juliet - Essay Example Over the years, there have been comparisons between Titanic and, Romeo and Juliet. Some have ventured to say that Titanic is sadder than Romeo and Juliet, while there are others who disagree and favour the latter. This debate, although not in public has occurred in the hearts of people who have been privileged to watch both movies. But is the debate as to which movie is sadder, worth considering? Can a conclusion be made as to which one is sadder? And even if a conclusion can be made, what will be the criteria? These are some of the questions that people have had to confront. Titanic indeed is a sad movie that was based on a true event. In this movie, we see a massive Ship that was considered the biggest and most luxurious Ship of its time. Some even ventured to suggest that it was unsinkable. As we unfold the life of this great Ship, we are met with awe and wonder. It was adorned with the finest precious stones of its day. Gold was lavishly used, as if it grew from trees. The china was decorated with Gold, Silver, and other precious stones. Its audience was of the highest order, for only the richest and most famous were granted the privilege of using its vicinity. As the Ship entered its voyage across the Atlantic Ocean to New York, it treaded so smoothly that its beholders were tempted to suggest that the gods had placed a special favour upon it. The voyage was very long, and hence, the crew prepared and carried all the things that the people would need, for the Ship had to live up to its reputation of being the finest Ship that ever graced the waters of planet earth. Singing, dancing, gambling, games, and all sorts of entertainment could be seen in the vicinities of this hallowed Ship. Then it happened, that incident that forever changed the life of this Ship, and afterwards the hearts of people across the world. As the Ship was proudly gliding across the black and icy cold waters, it met its greatest challenge, an ice-berg. Some say, it was placed there by the Devil, and some say, it was placed there by God to humble the pride of man. Nonetheless, the truth was clear; the Ship was in trouble, and as a result, the people within it. It struck an ice-berg, and almost all of the people inside it perished. Hollywood producers captivated by the reaction that this incident caused, were inspired to make a movie out of it. In the movie, they inserted a sad story of two lovers. In the story, the lovers Jack and Rose were in a forbidden affair. Current norm did not allow Jack, a peasant, to get into a relationship with Rose, a daughter of a rich and famous man. And to make it worse, Rose was engaged to another man. But surprisingly, all this did not discourage Jack. He was determined to be with Rose for the rest of his life. Hence he met problems from Rose’s fiancee who suspected that Rose was falling in love with Jack. This conflict between these two men from different walks of life over the heart of this beautiful lady awoke great interest in the hearts of people across the world. People started cheering for Jack, for he was the underdog, and was also a great charmer. In all this, Rose was caught in the middle, but her heart was swaying slightly to Jacks favour. This continued until Rose was completely in love with Jack, and then it happened. The Ship, as if angry at this union, struck an ice-berg, and the scenes that followed were engraved in the hearts of the world for all time. Everybody in the Ship strived to save his own life. Small boats were searched for as if they were the very source of life. Jack realizing the situation, had only one thing in mind, save Rose and get out of there. This proved a big problem, because by this time, he had been locked downstairs. After a miraculous escape he managed to locate Rose, and together held on to the end of the Ship as it slowly descended down the deathly hallows. Finally the Ship disappeared down the water, and everybody was left fighting for dear life on the icy waters of the Atlantic. Jack, a gentleman, found a plank of wood,

Scientific Notation Essay Example | Topics and Well Written Essays - 250 words

Scientific Notation - Essay Example f writing 300,000,000 for the light’s speed in meters per second, by moving the decimal point from the rightmost zero eight places to the left until before 3, the value is reduced to 3 x 108 in scientific notation where 8 is a power of 10 that signifies the count of zeros responsible for the number’s lengthy structure. Basically, equations consist of variables that are normally combined with constants to form a specific relation between quantities that possess individual meanings such as cost (in dollars), number of years, population, number of items, or even revenue. Variables may be dependent or independent but by solving a system of equations, these unknown variables may be determined. In everyday life, when equations are solved, one is able to find out exact solutions of two functions whose intersection could mean a break-even point or a point where one relation bears equal advantage to the other. Obtaining real solutions in a process is essential in fields such as physics, chemistry, and other sciences that apply equations in

Cash Flow and Profitability of Dividend Payout

Cash Flow and Profitability of Dividend Payout CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researches but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Owner responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensens free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF arguments postulate there are fewer funds available for costly overinvestment. Likewise, if company didnt pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensens and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firms earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firms at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensens (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companys point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Free  cash flow is important be cause it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression models ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firms dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout. Cash Flow and Profitability of Dividend Payout Cash Flow and Profitability of Dividend Payout CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researches but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Owner responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensens free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF arguments postulate there are fewer funds available for costly overinvestment. Likewise, if company didnt pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensens and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firms earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firms at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensens (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companys point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Free  cash flow is important be cause it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression models ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firms dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.