Walt Disney History Essays (1062 words) -

Walt Disney History When people think of animated cartoons, one name immediately comes to mind "Walt Disney." He is the most popular and known animator in the world. He wasn't successful at the beginning of his career but he was a taskmaker and entrepreneur. Walt's hard work and entrepreneurship made the world's best popular cartoon character "Mickey Mouse." As an animator and an owner of Disney Corporation, he made a lot of influences in past and present days. Hereby the importance of his life and influences will be discussed, in a age order. First of all, Walter Elias Disney was born in Chicago, Illinois, on December 5th, 1901, the fourth kid of five children of Elias and Flora Disney. The family often moved from place to place because of Walt's father Elias. He tried his hand successively as a farmer, a businessman, an orange grower, a carpenter and But he expected all members of his family, no matter how young, to spend most of their waking hours working for him without any compensation. During Walt's childhood and adolescence, Elias operated a farm in Marceline, Missouri. It was there that Walt spent his early years and developed his interest in drawing. In 1910 the family moved again, this time to Kansas City. There he enrolled in art classes at the Kansas City Art Institute. In 1917 the family moved again, this time back to Chicago. In Chicago, Walt joined Red Cross unit and spent nine months as a ambulance driver in France at the end of World War I. After Walt Disney returned from France in 1919, he decided to make art his career. He soon joined the staff of the Kansas City Film Advertising Company, which was producing a simple type of animation. He and a colleague, Ubbe Iwerks, learned enough about animation to try doing some of their own. They formed a company called Laugh-O-Gram Films. The company made fun of local problem and scandals in cartoon form. They sold well enough to give Walt and Iwerks the courage to go into business for themselves. But the Laugh-O-Grams didn't hold Walt's interest very long. He had a new idea to try, which was illustrating updated fairy tales in series of cartoons. The cartoons he and Iwerks produced were not bad, but Walt never got paid for hid films. Walt then started on a new fresh project, a series of funny story featuring a girl actress and animated characters. He called it "Alice's Wonderland." Money was so scarce that he couldn't even pay for the rent. With such meager fund all he could produce was a pilot film for the Alice series. He thought Kansas City was not the place that earns much money, so he decided to move to California. In 1923, Walt Disney moved to California, and began Walt Disney Production with his brother Roy Disney and a colleague, Ubbe Iwerks. After five year of making silent cartoons, he produced 'SteamBoat Willie," the first cartoon to use synchronized sound1. In 1928 Walt Disney created a cartoon "Mickey Mouse" by using his own voice. Disney's success in "Mickey Mouse" led to the film series called "Silly Symphonies," which was introduced in 1929 and first used color in 1932. Soon full color Disney cartoons was produced, such as "Three Little Pigs" and "The Tortoise and the Hare." These two films even won academy awards. 1930s brought fame and successes to Walt Disney as a creator of Mickey Mouse, Donald Duck, Pluto, Minnie Mouse, and Goofy. These characters not only appeared in cartoons but also on merchandise items licensed by Disney Production. In 1937 the Walt Disney Production Studio produced the world's first animated feature film "Snow White and Seven Dwarfs." Then came "Pinocchio and Fantasia" in 1940, "Dumbo" in 1941, and "Bambie" in 1942. "Song of the South" in 1946, used cartoon characters with live actors. All of these films were successful. During World War II the Walt Disney Production Studio designed military insignias and made training films for the United States armed forces. After the war Walt Disney continued to make animated films, such as "Alice in Wonderland" in 1951, "Peter Pan" in 1953, and "The Jungle Book" in 1967. He also turned to live-action films such as "Treasure Island" in 1950 and "20,000 Leagues Under the Sea" in 1954. Moving into totally new area, Walt Disney opened Disneyland in Anaheim, California, in 1955. He had wanted to design an amusement park where families could have fun together. Disneyland had exciting rides and attractions but was also spotlessly clean

Case Study Zara the Technology Giant of the Fashion World Essay Example

Case Study Zara the Technology Giant of the Fashion World Essay Example Case Study Zara the Technology Giant of the Fashion World Essay Case Study Zara the Technology Giant of the Fashion World Essay Question and discussion As complete as possible, sketch the supply chain for Zara from raw materials to consumer purchase. Raw material – High tech automated cutting facilities – Small workshops – Ware houses – Stores – customers – Stores – Commercial managers Raw material Zara makes 40 percent of its own fabrics and produces more than half of its own clothes (maximize time efficiency) Cuts fabric in-house As it completes designs, Zara cuts fabric in-house. The cutting is done in Zara’s own high-tech automated cutting facilities. Local co-operatives The cut pieces are distributed for assembly to a network of small workshops (350 workshops, 11,000 workers). Workshops are provided with a set of easy to follow instructions, which enable them to quick sew up the pieces and provide a constant stream to Zara’s garment finishing and packing facilities. Thus, what takes months for other companies, takes no more than a few days for Zara. Clothing items are wrapped in plastic and transported on conveyor belts to a group of giant warehouses. Ware houses Zara’s warehouses are a vision of modern automation as swift and efficient as any automotive or customer electronics plant. The computerized system sorts, packs, labels, and allocate clothing items to every one of Zara’s 1,495 stores. Stores For stores within a 24-hours drive, Zara delivers goods by truck, whereas it ships merchandise via cargo jet to stores farther away. Each stores receives deliveries twice a week, so after being produced the merchandise does not spend more than a week at most in transit. Commercial managers Everyday store managers report hot fads to headquarters. Thus, store managers help shape design by ensuring that the creative teams have real-time information based on the observed tastes of actual customers. What the garment will look like? What fabric it will be made out of? What it will cost? What price it will sell? Discuss the concepts of horizontal and vertical conflict as they related to Zara. Vertical marketing systems provide channel leadership and consist of procedures, wholesalers, and retailers acting as a unified system. Horizontal marketing systems are when two or more companies at one level join together to follow a new marketing opportunity. Zaras parent company owns the manufacturing plants, warehouse facilities, retail outlets, and design studios, it can dictate the priorities and objectives of that supply chain and thus conflict is lessened. And each of these levels are leaded by Zara headquarter, so all the process in each level can be flexible. Which type of vertical marketing system does Zara employ? List all the benefits that Zara receives by having adopted this system. The portion of its supply chain that Zara owns and controls is called a corporate vertical marketing system. A corporate VMS integrates successive stages of production and distribution under single ownership. Benefits from corporate VMS for Zara: Time saving Keeping inventories low More flexible More efficient Low cost Small risk High revenue Honor (good name) Process controlling 4. Does Zara experience disadvantages from its â€Å"fast-fashion† distribution system? Are these disadvantages offset by the advantages? Disadvantage: Collections are small and often sell out. Advantage: Creating an air of exclusivity and leading the customers to very high levels of repeat patronage. Disadvantage: The company designs and cuts its fabric in-house and it acquires fabrics in only four colors. Advantage: But it helps to keep costs low. Zara postpones dyeing and printing designs until close to manufacture, thereby reducing waste and minimizing the need to clear unsold inventories. Disadvantage: Doesn’t use Asian cheap outsourcing. Zara’s competitors, through outsourcing to Asian countries such as China, sacrifice the benefits of proximity for low labor and production costs. Zara use 17-20% more expensive European (Spain) manufactures. Advantage: However, Zara has disadvantage in its cost, there is a lack of flexibility in changing orders based on current trends hinders their operational efficiencies in its competitors. Zara does have a competitive advantage over its competitors in regards to operations. How does Zara add value for the customer through major logistics functions? Such a retail concept depends on the regular creation and rapid replenishment of small batches of new goods. Zaras designers create approximately 40,000 new designs annually, from which 10,000 are selected for production Customers who are wearing Zara, undoubtedly sure itself to wear hot and brand new fashion based upon their request.

Definition of crime Essay Example | Topics and Well Written Essays - 500 words

Definition of crime - Essay Example Modern societies, therefore, describe criminal activities as offenses against the state or public. Failure by the public to observe social order can result to the governing authority imposing formalized and stricter measures of ensuring social control (Tadros, 2005). State agents rely on legal and institutional machinery in compelling the public to conform to desired codes, while punishing or attempting to reform individuals who cannot conform. There are two models that the society uses in determining various acts of crime, with regard to the established government criminal system. The two models are crime control and due process models (Cengage Learning).Crime control model recommends repression against all forms of criminal conducts. The model identifies repression as the most important component of criminal process, and should be embraced by the governing authority (Persak, 2007). Criminal process should be efficient during screening of suspects, determination of guilt as well as proper disposition of persons with criminal record. Looking at the due process model, it appears as an impediment to the crime control model. Due process model has successive stages aimed at providing impediments against carrying the accused farther along the criminal justice system. Due process ideology is deeply based on the law structure. While crime control model recommends the use of investigation to screen suspects, due process opposes th e use of investigation by claiming that human agents are prone to errors (Cengage Learning). Conclusions from observations can be affected by emotion arousing events while personal confessions made by a suspect under police custody can be as a result of physical and psychological coercion. There are various theories connected with application of criminal law. Different situations present a basis of assumptions concerning the theory to be applied (Renzo, 2013). For instance, situations can be

Performance Metrics Assignment Example | Topics and Well Written Essays - 250 words

Performance Metrics - Assignment Example red that no performance related outcome was skipped, just as was the recommendation of Epstein and McFarlan (2011) for achieving effective performance measurement outcomes. Even though the metrics have been generally described as appropriate, there are a number of ways in which it could be improved for superior outcomes. In the first place, it was seen that the metric was more individualistic, as it only sought to score personal outcomes in the three behavior areas. This could have been improved by having a larger organizational yardstick against which each person’s score was pegged against. Once this was not done, it was possible to tell who performed best but it was not possible to tell if that best performer’s performance was at par or below what was expected at the organizational level. Secondly, the metric could have been improved if it was made a peer-reviewed one by making staff score their colleague members. If the organization did not have any metrics in place, I would have suggested the use of a performance feedback metric with the aim of ensuring that employees were not only rated but also made to be aware of any factors that informed their performance. Once such a move is taken, it will be assured that at the end of the performance measurement with the use of the metric, employees will clearly know areas of their work delivery that they ought to improve (Cravens, Goad Oliver & Stewart, 2010). Such improvement would subsequently lead to improved growth for the organization at

Forage grazing system Essay Example | Topics and Well Written Essays - 500 words

Forage grazing system - Essay Example Naturally, livestock animals like cattle, sheep, goats and horses live by forage utilization because their digestive system allow them to gain energy and other valuable nutrients (Murphy, 2005). The most efficient way for these livestock to consume forage is to allow them to graze. Nevertheless, an appropriate grazing system is necessary for effective and efficient grazing. Developing a rotational grazing is the most effective way to maximize forage utilization as well as consumption on a limited piece of land. According to W.D. Pitman (2010), paddock grazing refers to a grazing management system whereby livestock is grazed in a rotational manner in a large number of paddocks. Depending on the size of the paddock and the number of animals grazing, a paddock may be used for a number of days before animals are moved to the next paddock. Although it is very intensive, it allows the farmer to prepare adequately in and out of the season. Routinely, rotational grazing takes up to 30 days. This allows the farmer to match the nutritional needs of the animals with the availability of feeds (forage). Rotational grazing will ensure that forage stock are not re-grazed or overgrazed on a particular cycle. This is advantageous to the farmer since it breaks the life-cycles of parasites and other pests. Farmers save a lot of money that could otherwise be used for livestock management. Rotational grazing also allows the farmer to allocate small portions of the land for conservation of grass (silage of hay) especially where growth of grass has gone beyond livestock requirements (United States. Bureau of Land Management. Idaho State Office, 2007). Increased production: - use of modern farm machinery and skills help to increase farm yields. It avails all the resources to the farmer that aids in all operations. For instance, the use of irrigations, farm machineries ensures that the farmer has

Strategies to Maximise Shareholder Value

Strategies to Maximise Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head –Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management –Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management – Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. â€Å"However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term†(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970â€Å"The social Responsibility of Business is to Increase its profits† (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was â€Å"Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues†( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, â€Å"Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable†. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested â€Å"its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable† (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys   (1994) view was that, inter temporal behaviour is important   for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed â€Å"Shareholder theory is prepared to maximise short term objectives at the expense of long term goals† (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, â€Å"How Opponents and Proponents Both Get it Wrong?† The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to con sider the stakeholders accordingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. â€Å"Therefore stakeholder theory is not predominant to shareholder theory†. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued â€Å"the eff ort to increase or maintain the stock prices by management could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development.† Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that â€Å"all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders† (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested â€Å"the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations†(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007).   Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. â€Å"However higher the required returns, higher the risk† (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:â€Å"Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices† (Financial Management –Kaplan Publishers, 2009). Therefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) â€Å"The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes†. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire building, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson â€Å"2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)â€Å"In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work†. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled â€Å"Sarbanes Oxley Act 2002† CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the â€Å"road map† for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, it‘s necessary to balance these two theories. According to Cathy Haywards article (Black – hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than  £250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham â€Å"Essentials of Managerial Finance† Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 – Shareholder theory,  Ã‚   â€Å"How Opponents and Proponents Both Get it Wrong?† Denzil Watson Antony Head â€Å"Corporate Finance (electronic resource): principles and practice 2007 â€Å"Management paradigms beyond profit maximisation† – Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson â€Å"Privatisation and Rise of Global Capital Markets† , Financial Management;   Winter, 2000, p31-76 Peter Atrill â€Å"Financial Management for Decision Makers† 5th Edition 2008 (electronic resource) Poitras, Geoffrey â€Å"Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling â€Å"The Legitamacy of Corporate Social Responsibility† ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; â€Å"A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007

Sir Thomas Mores A Man For All Seasons :: Sir Thomas More Man All Seasons Essays

Sir Thomas More's "A Man For All Seasons" A Man For All Seasons was written about Sir Thomas More and his relationship with the more powerful members of the country in the sixteenth century. It is a recreation of history, dramatised to enhance the experience. Written in the 1960's in a world coming out of global depression, a time of peace, love and drugs, it was a thorn amongst the rose coloured glasses. When people were used to a more relaxed establishment, with much more equality than the decades leading up to it, A Man For All Seasons confronted an immoral, strict and spineless monarch that was Henry VIII. The play was a strong study of moral integrity versus corruption and selfishness, which both contradicted and enforced what the world was like in the 1960's. Bolt's intention was to influence the present by portraying the past. A Man for All Seasons has a slow build up; the first three quarters of the book lays the foundations of the plot in a linear fashion before gradually advancing to a much more meaningful climax. This climax is split into four main sections: "In The Tower", "More Sees His Family", "The Trial" and "The Execution". I will proceed to analyse these in turn. The beginning of the end is where More is in the tower. This starts with the entrance of the Common Man. He speaks and there is no one else on the stage, and he is facing the audience. This indicates that he is a modern device, he is a character in the play, but he acts as a kind of narrator to break the audience's suspension of disbelief. This is ironic; because we know it's not real, it makes us more poignant, and the audience knows things the characters don't. This is needed, as the play is very emotional, the audience need someone to remind them that the play isn't real, yet it is based on a true story, which the Common Man reminds us of as well. "Now lookà ¢Ã¢â€š ¬Ã‚ ¦" shows that he is funny, cheeky and much less formal. The fact that he plays small characters throughout the play, and none of the other characters notice also breaks the audience away from the seriousness of the play. This is important as the play is based on a true story, the audience are more likely to get emotional about the events in the play, and need to be relieved of this tension if they are to filly appreciate, understand, and enjoy the play. "Better a live rat than a dead lion" shows that the Common Man is almost the complete opposite of More, as More is