Thursday, May 14, 2020

Looking at Public Companies going Private - Free Essay Example

Sample details Pages: 16 Words: 4933 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? The phenomenon of going private has been widely established as a corporate restructuring tool. Traditionally public companies not performing well have been resorting to this and in the past few years we have seen the booms of public to private (PTP) transactions. The Jensen himself in 1989 predicted in his famous paper of soon eclipse of public corporation. Don’t waste time! Our writers will create an original "Looking at Public Companies going Private" essay for you Create order This prediction along with others were made due to evident increased number of inefficiencies in the forms of unaccountability of management resulting in substantive losses for shareholders ,which were in turn diminishing the corporate value for shareholder; the ultimate goal of corporation. As a result we have observed a large number of public to private transactions in recent years. And as per estimates in the studies of Olper and Titman in 1993 the volume of such transactions increased to the amount of 250 Billion USD. In recent past years, the going private market has seen a considerable boom in size and also has become more interesting for private equity investors. This higher involvement of private equity investors affects considerably the going private market as these investors approach firms with different characteristics relative to the traditional management buy-outs. In recent years in US, after a period of low activity in the beginning of the 1990s, the public-to-priva te market experienced a steep rise in activity as of 1997 with a total value of $65 billion over the period 1997-2002 (Renneboog and Simons, 2005). These days lots of companies are significantly going private because the reality of being public has fallen far short of the predictable benefits. With falling market values, structural changes happening in the trading markets, inadequate liquidity and volume, many companies simply have been unable to realize the promise of being public and instead are burdened by their public status. In past we have certain studies on the topic but most of them have been limited to the US and UK. We rarely see studies on European sample. This collection of essays is a first endeavor in this direction where one can analyze the whole value chain and cycle of going private. I commenced with examining into the heterogeneity of reasons behind going private and interestingly it was found that reasons of going private vary on the basis of their backing. The research was focused on two types of PTPs i,e Management backed deals Private Equity (PE) backed deals. On the basis of Literature certain hypothesis were framed and were tested with the help of Multinomial Logistic Regression. The hypotheses tested include heterogeneity in free cash flows, Undervaluation, visibility and pre buyout ownership structure. I found that the reasons sharply differ on the basis of their backing by either of two above mentioned. In the second essay the focus was on the performance of firms ex post transaction. It was crucial study in a sense that it lent credence to the phenomenon of going private as a viable corporate restructuring tool for public firms not performing well. Their ex post performance was measured to see if these firm have gain some value after going private. Due to absence of market data, we had to resort to the use of accounting indicators. Several ratios were used for this purpose. These companies performance was controlle d with their peer companies who have identical properties but they remain public. These firms were selected by using the propensity score methodology. The hypothesis of increased performance by companies that have undergone private was substantially proved and it was found that these companies have been performing well on the level of different accounting indicators. In the third and final essay the challenge was to asses these companies on their non financial performance. Their corresponding innovation level was measured as well the application of different modern management techniques was assessed. This was done via some established instruments of Learning Organization and innovation performance. These tools helped us to open a new horizon of research. It is a premier study where PTP companies are assessed on these levels of learning organization and innovation performance. This study provided and established further credence of public to private transactions as an effect ive corporate restructuring tool. In the following lines each of the essay is described separately in detail. Essay I In the recent past, we have seen several attempts in different empirical papers which have examined these reasons that why these publicly listed firms do decide to go private (see Maupin et al., 1984; Lehn and Poulsen, 1989; Denis, 1992;Opler and Titman, 1993; Halpern et al., 1999 for US evidence and Weir et al.,2004,2005 for the UK). Therefore in our first Essay we examined the heterogeneity in the reasons behind going private on the basis of their backing up. Venture capitalists/private equity investors are often looking to partner with management when financing a going private transaction where the company is taken off the stock market. This project examines which European companies are taken private with the help of private equity investors and how the characteristics and the performance of these companies differ after going private differ from companies that are taken private without the backing of a private equity investor during these years. I am hopeful that this stud y will suggest that private equity backed deals differ from management backed deals without any backing of private equity investors in four ways. My hypothesis is that, firstly, Jensens free cash flow hypothesis seems not to quite apply to the private equity backed deals as these have cash shortage and thus pay high dividends. Secondly, they also differ on the basis of undervaluation. Thirdly, they also differ on the basis of visibility; while fourthly, the two types of deals differ in ownership structure. Private equity backed deals are likely to consist of higher ownership by financial institutions therefore their ownership is less concentrated. I used Multinomial Logistic regression to on a sample of European firms going private transactions completed in the period 2003-2007. This research endeavors to peep into the reasons behind firms going private based on their belonging to different groups. And it was suggested and has been found that these transactions differ strongly on the basis of their membership to certain type of deal. For instance the reasons behind companies going private backed by management are widely differ than those supported by private equity houses. Even if these two transaction groups have same reason the intensity of the factor still remains highly different. This research Endeavours to peep into the reasons behind firms going private based on their belonging to different groups. And it was suggested and has been found that these transactions differ strongly on the basis of their membership to certain type of deal. For instance the reasons behind companies going private backed by management are widely differ than those supported by private equity houses. Even if these two transaction groups have same reason the intensity of the factor still remains highly different. The data was collected on the continental Europe transactions happened in recent past. Although the sample was not widely represented being it drawn not fully on random basis from the corresponding groups. Yet the results drawn are quite generalizable and in line with recent researches being taken place in the recent history. The availability of data was one of the major issue yet it was made available to represent as maximum as the target population. The analysis of the data and results show that, chances of firm going private and being backed by management or private equity houses is purely based on the insider characteristics of the firm. I have drawn several conjectures and hypothesis ranging from visibility, cash flow hypothesis, undervaluation and pre buyout ownership structure for going private transactions backed by management. Whereas the reasons for deals backed by private equity houses sharply differ as a matter of fact these private equity houses have more easy access to funds and are more strategically sound as compared to management backed deals. These private equity backed deals therefore do not have the same facto rs behind their transactions as management backed deals. One of the main contributions of this study is to verify and prove the heterogeneity in the population of going private transactions in Europe and hence proved that the motives behind each going private transaction there are varying underlying motives which in turn differentiate them from the other existing population and helps them finding right group to belong. Therefore, the reasons of quitting the share market for both main underlying groups are different in its origin. Whereas the management backed deals are statistically significantly lowly visible, more undervalued, higher cash levels, higher level of debt, less analysts following, higher ownership concentration and high tax paying. The private equity deals are in total contrast to them in most cases being higher financial institution ownership, higher executive stakes with cash shortage and higher dividend payout ratio. Moreover Jensen cash rich hypothesis is more diligently followed by management backed deals being illiquid and significantly undervalued. Therefore the agency costs for remaining publicly listed grow higher hence pushing them towards going private transactions mostly backed by management themselves. Whereas on contrast to it in the case of private equity backed deals the agency costs are not yet high rather its more beneficial to remain listed as they are relatively lesser undervalued, with more liquidity and visibility but yet they are facing cash shortage. The future research may be aimed and focus on post transactions increases in firm value which may determine the efficacy and effectiveness of these transactions and this phenomenon. There is also a need to further test my results in different sample of firms which may be help in further genelaralizability of these kinds of conclusions. Essay II In previous paper, the reasons have been established for this increased number of transactions. However there is a need to know that weather these transactions have help increasing value for shareholders or not. In classic scenario of literature, public limited company was always preferred due to lot of reasons. These reasons included separation of management and control, listing at capital markets like stock exchanges, more effective managerial control through specialization, wealth and risk diversification etc. While, the second paper investigates the ex post performances of the firms that, have undergone the public to private (PTP) transaction during the period of 1997-2004. Their ex post performance is calculated through the accounting indicators of the firms operating performance. In order to benchmark their performance, we used the propensity score methodology. It was particularly supportive in finding a appropriate non buyout matching pair of firms. After this, we perform ed Multivariate regression (using Heckman technique) and logit regression. Our sets of results were established by the point estimation using Heckman two stage penal techniques. In this study it has been found that the ex post value of the firms has increased evidently via increased growth in sales and higher EBITDA margin as compared to their matched controlling firms. The evidence proved the same for the initial two years post transaction. It was interesting to found out this outcome is generalizable and not limited to any particular set of firms as well as any particular industry, country or sector. Furthermore, it has been noticed that this increased performance can be accredited to the better EBITDA earning margins, increased gross margins, and relatively lower labor charges. The targets of improved growth and better performance have been achieved through superior and improved utilization of working capital. This study hopes to help establishing the fact that public to private transactions do help increasing the ex post firm value. Third Essay: In the past  there  have been a number of studies on the  impact of  public-to-private (PTP) transactions, but they remained mostly related to the financial grounds. Their focus has been  primarily  on their  financial  performance  and the new corporate frameworks (see Cumming, D., Siegel, D., Wright M. (2007). While the questions related to the technological change, innovation, modern management practices after the  buyouts  are still needed to be answered. These questions have not yet received much attention of researchers. Moreover, we still face the lack of  information  on this  stimulus  or technological or the expected organizational change in the  post  transaction  period Though the boom of these PTP transactions is now  largely  over, but the debate continues. The debate encompasses from the reasons behind these transactions along the competitiveness and results of these transactions.  Some of  Researchers  have argued the higher  debt  associated with a  buyout  does forces the firms to cut down the much-needed capital and RD investments for the sake of debt servicing.  This may  impair  their  productivity  and competitiveness in the long run (see Reich, 1989). While some other researchers have taken the  reasons  basing on the agency  belief  that going private help those to increase their  efficiency  (see Jensen, 1986, 1988).  There  are  a number of ex-ante  event  studies on these buyouts, which only  present  suggestions  to the expected outcomes.  In these studies  the  traditional  procedure  has been the stock markets reaction to buyout announcements (see DeAngelo, DeAngelo, Rice, 1984; Madden, Marples Chung, 1990). While some other studies did analyze the ex-post  working  like Palepu 1990, Kaplan, 1989; Kaplan Stein, 1993; Lichtenberg Siegel, 1990; Liebeskind, Wiersema, Hansen, 1992; Long Ravenscraft, 1993a, 1993b; Seth Easterwood, 1993; Singh, 1990, but their results are not alike.  Whilst, some recent researches have established that these firms do realize efficiencies with the productivity gains.  (See Lichtenberg and Siegel (1990) Wright, Thompson and Robbie (1992), Zahra (1995), Bruining and Wright (2002), Amess (2002), Amess (2003), Bruining, Bose lie, Wright, and Bacon (2005), Amess, Brown, and Thompson (2007), Harris, Siegel, and Wright (2005), Amess and Wright (2007)).  Nevertheless,  still  the research work done by Long and Ravenscraft suggests that these  buyouts may result in a long-term decline in RD spending and profitability. We will  discuss here the enhanced Managemen t strategy and mechanisms;  which form  the basis for innovation and  competitive  learning  of firms in the ex-post  period that may lead to the  improving  economic  performance and the  ability  of a firm. Although the  agency  theorists have discussed the incentive alignment effects of the increase in debt and the  management  stockholdings  associated with the buyouts (seeGarvey, 1992; Jensen, 1986). They had a  predilection  and  inclination  to gloss over the nature of these changes and improvements in organizational strategy and structure, which are  critical  in bringing an improvement in the firms ex-post performance. Traditionally, these buyouts  have been considered  as a tool to streamline organizational processes and decrease in each unit cost (see Meuleman et  al., 2008).  In 1989,à ‚  Jensen had pointed out that buyouts can be  the source  of  production  of economic efficiencies by their  superior  governance  framework.  This,  in turn helps to better align managers incentives to the shareholders in two ways.  Firstly, the higher level of debt in PTP firms  converge  the focal point of the firm on the periodical fixed  number  of payments to their  account  holders. Hence it reduces the  potential  suboptimal  use  of free cash flows by managers. Second, PE funds or investors are normally expected to  further  strictly  observe  a firms investment strategy. This improved  oversight  and  control  has been historically viewed as an effective tool for a wide range of  agency  problems. These problems can be managerial entrenchment, operational lev el inefficiency, and, opportunistic behaviour. Nevertheless in the new  scenario  managers  are obliged  to periodically report  to  investors  and managements which is not performing up to  mark  can be sacked (see Weir, C., Laing, D., Wright, M., 2005). This may result in better performance by PTPs backed by Private equity. The critics have been questioning the extent and nature of the strategies and effects on firms performances in the long run. Though some studies, have found firms restructuring  being associated  with the decreases spending on RD and innovation (see Hitt et  al., 1991, Hitt et  al., 1996, Long and Ravenscraft, 1993 and Hoskisson et  al., 1994). Even, these concerns can be given certain explanations like by Hall (1990). Firstly, it can be seen  clearly  that these transactions led to the greater degree of controls with higher  leverage  and financial monitoring which, may  stifle  the risk taking and  flexibility  and limit the discretionary powers of  management. Secondly, the investors rent-seeking behaviour and the shorter time horizon  drive  the target companies to  grow  swiftly. It enables them  to quickly  return  the  investment  as soon as the value of  enterprise  increases. Thirdly, the managements  energy  is consumed  in the restructuring processes. Thus in these cases firms may be more encouraged to  abandon  expenses on  innovation  or more  advanced  organizational and knowledge management techniques. Accordingly, there exists a need to probe  and  investigate  the  case  that whether in ex post transaction  years  these firms do  apply  modern managem ent techniques and concepts which in turn  induce  the increased spending on innovation and RD.  The studies conducted  previously  have been analyzing the innovation and productivity which may be  an aftermath  of application of modern management techniques.  Therefore,  there exists a research gap in the literature. And  when today, the PTP market is much more  substantial  and  sophisticated  than it was ever, as buyouts have become a  relatively  admired corporate restructuring tool worldwide,  it is  high time to  explore  these questions. Likewise in Europe alone in 2007 there was the  investment  of approximately 74 Billion Euros just by Private equity (PE) sector with almost 80 percent going for buyouts (EVCA). Moreover, we are observing the  set  of more buyouts even in more stable and  matu re  sectors and technology firms with more stringer annuities (see Stromberg 2008). Furthermore,  this  PE investing in these transactions have become more and more specialized due to increased inter firms  competition  these days. Finally, the previous studies have largely focused on  public  to private transactions only on US and  occasionally  in other continents (see Meuleman et  al., 2008 and Lerner et  al., 2008). In this way, we will use the  particular  instrument  or  measurement  scale which will  assess  the  application  of modern management techniques on seven dimensions along with level of innovation. I will also see their link with financial performance   The concept of Learning Organization (LO) is one of the most  modern  management of  organization  concepts. It measures the  o rganization  level of innovation and knowledge management.  And  also its  corresponding  impact on productivity and performance on both  individual  and  functional  levels. The concept of  learning  has evolved from the concept of organizational learning, but it differs in that it includes not only the  learning  of the organization, but learning within the organization (Ulrich et al. 1993). Learning organizations create  conscious  processes that accelerate the  development  and utilization of knowledge across the system (Watkins and Marsick, 1997). Watkins and Marsick (1993, 1996)  identify  the learning organization as one that capture, shares and uses knowledge to change the way the  organization  responds to challenges. Therefore,  LO concept will  allow  us  better  and  moreÂà ‚  enhanced view of the organizational  growth  and its  learning  capabilities than some contemporary studies on mere productivity and Innovation  level.  It is  planned to  observe  the relationship between these seven dimensions collectively as well as directly to innovation performance alongside financial performance.  The moderation of firm size and Nature of  backing  of PTP  agreement  will be investigated. In the third study we will  develop  assessment  or  appraisal  of the question that whether the innovation activity  is boomed  in going private concerns and  application  of modern management techniques and their  relationship  with the  innovation  and financial performance will  provide  a  significant  indicator, albeit indirect one of the returns on t he corporate investments in Buyouts.  Since this research is a  premier  study in this direction,  and the  instrument  to be used measures the relative increase in  level  of Management techniques  implementation  in the corresponding year than those  preceding Public to private transaction.  Therefore, it will in turn  examine  the reasons behind the suggested improved innovation activity in the ex post  period  by PTP firms. This relative absence of such research does not  encourage  leaders, managers, and employees to  embrace  learning  organization practices. Accordingly, there exists a compelling need to more firmly establish the linkage between the learning  organization  concept  and firm performance The third study will focus on the increased performance in the post transaction  time period  with  the association  of  application  of the modern management techniques and concepts like Learning organization and assessment of corresponding level of innovation and its possible causes. This study will be  pivotal  in a  sense  that it will try to bridge the gap  in the literature regarding indirect indicators of the ex  post  performance  and corporate returns to  investors.  It will be a  premier  and  unique  research  for  application  of modern management techniques and concepts in the  population  of going private concerns. The main focus will be on ex-post  period  improvement in going private concerns This study will focus on the European  sample  of buyouts held in 1997 until 2008.  We will  focus  and analyze their  improvement  and  extent  of  application  of modern management techniques which may be  instrumental  in spurring the improved performance along with increased innovation activity. The adapted tool will asses and determine the corresponding level of application of innovation and efficient management control and structure in the form of Learning.   The scope of this  article  remains restricted to  analyzing  the  application  and  evaluation  of Modern Management techniques in European Buyouts population and their corresponding relationship with perceived improved financial performance. I will also try to  discern  the difference in this  application  of modern management techniques within the different groups of PTPs i,e  weather PE backed deals are more likely to  implement  and follow the modern management concepts than those backed byà ƒâ€šÃ‚  management  or otherwise. Then, we  will also try to  establish  the relationship between  these improved levels of modern management techniques  application  and the financial performance. It is an empirical  research  which used quantitative data that  was collected  from 244 respondents of 203 organizations of European PTP. To measure innovation,  an eight-item  scale  was used  that  were  drawn  from an assessment tool entitled Assessing Strategic  Leverage for the Learning Organization (ASLLO) (Gephart et  al,  1997). Structural equation modeling (SEM)  was used  to  assess  the  research  model. SPSS and AMOS were used  for the data analysis. The theoretical framework  for this study  was designed  to minimize contamination  in data collec tion and to  enhance  reliability and  validity in the analysis and the  interpretation  of  data. The scales  of  learning  organization  and organizational  innovation  were pretested  to ensure their reliability and validity.  Cross cultural adaptability of instruments  was taken  in to account. The study used short form of dimensions of learning organization questionnaire (DLOQ) to  assess  the  extent  of  the learning organization  in the organizations. DLOQ developed by Yang, Watkins Marsick, (2004) has seven dimensions.  (See Watkins and Marsick (1995, 1996, 1997, 1998, 1999, 2003, 2004),Yang et  al., 1998). It is an already tested and standardised  measure  of Modern Management Techniques and concepts. This instrument measures at seven dimensions.  It also measures it on three corresponding levels i,e Individual Level Team Learning System or Organizational Level Learning Then with the help of SPSS and Amos the  application  of modern management techniques  was analyzed  along with testing it with different groups of PTP i,e Management Backed Deals Private Equity (PE) Backed Deals Then with the  help  of structural equation modelling and path analysis, we will analyze their relationship with improvement in performance also in ex post  period. LO research is relatively new in the European PTPs industry. This research has significantly added to the existing body of knowledge in the domain of LO by effectively linking with innovation. This provides a strong case for employing LO in order to make innovation a regular phenomenon within the organizations of European PTP and encouraging organizations to transform them into learning organizations. The findings of the study may have some i nteresting implications for managers and organizations. Firstly, this research provides validity and reliability to the use of innovation and LO scales. Leaders can use these scales for their organization to measure perceived level of LO and innovation. For the leaders who want to make their organization learning organization, it is important to measure the extent of LO during organizational development phase. It is important to design, modify and implement the change strategy. Secondly, this study shows a strong link between learning organization and innovation. The leaders and managers who have thirst for continuous innovation, the study provides a convincing solution to them. This provides a strong case for employing LO in order to make innovation a regular phenomenon within the organizations of European PTP and encouraging organizations to transform them into learning organizations. Lastly, it is important to note that there is strong positive relationship between Learn ing organization and innovation but there is no relationship between the dimension of LO and innovation. These findings serve as caution to the managers who want to make their organizations a learning organization for the innovation. This study forcefully recommends the managers to employ all the dimensions together in harmony and effectively integrate them to make a learning organization. If they fail to do so, the may not be able to get the required results. As a result of conducting this research, the following recommendations can be made: European PTPs organizations should adopt LO practices in order to become innovative and to gain competitive advantage. The proof of concept presented in this thesis should be able to provide a sufficient rationale for European PTPs organizations to start adopting LO practices. The current study proves the validity and reliability of modified 6 dimensional version of DLOQ. European PTPs organization, therefore, should use this instrumen t to measure the extent of LO within the organization. Then these organization have develop suitable strategy to employ the LO practices. The organizations who desire to deploy LO practices should implement the concept of LO as whole and all dimensions should employ simultaneously. Otherwise, they may not be able to get the required results. It is an empirical study which used quantitative data that was collected from 244 respondents of 203 organizations of European PTP. The study was successfully modified the construct of learning organization given by Watkins and Marsick (2004) in European PTPs context. The modified construct has good reliability and validity in European PTP context. The study was also able to establish the construct validity of innovation performance in European PTP context. The study proved that there is strong relationship between the extent of learning organization practices and the innovation performance of that organization. It is also found that the s ize of the organization, type of the organization whether it was public or private and type of business activity in which the organization is involved has moderating effect on the relationship of LO and innovation. The most interesting and valuable findings of the study was that there is no direct effect of the dimensions of learning organization on innovation performance. They affect the innovation performance of the organization when they convergent at one point to make learning organization. Such association between the existence of behavioural practices and strategies related with the learning organization concept and firms financial performance has not been passably recognized in the literature. . This research also suggests a positive association between learning organization practices and objective measures of firms financial performance. The findings offer tentative support for some of the more normative assertions that are found in the learning organization literature. T his research study lends credence to the existence of a business case for embracing learning organization practices and, as such, represents a foundation for future studies. The incorporation of objective measures of firms financial performance with perceptual survey data represents a unique methodology that has not been much employed to date in the learning organization literature. This research suggests the existence of a positive alliance between the seven action imperatives, articulated in the Watkins and Marsick (1993, 1996a, 1996b, 1997) conceptualization of the learning organization, and firms financial performance. Future research should further investigate our exploratory findings by integrating a wider variety of financial and nonfinancial indicators in different contexts with larger, more inclusive sampling strategies. For example, longitudinal studies that examine the lagged effects of behaviours characteristic of the learning organization may further contribute to our understanding of how the firm performance may be enhanced under new circumstances in post deal horizon.. Moreover ex post performance of firms may also be analyzed on varying levels of innovation and sustainable development scales measuring their adaptability and acceptance of modern management techniques and concepts which may in turn helpful in establishing the fruitfulness of these buyouts as a more viable corporate strategy along with being in line with modern management theories. Constructing a valid instrument is an ongoing process. Although evidence of convergent validity of the DLOQ has been shown, yet it failed to show the discriminant validity. The discriminant validity of 6 dimension model needs to be fully explored in the future. Further studies are needed for the scale with larger sample sizes and different types of organization. The study found very strong effect of learning organization on the innovation performance. This needs to reconfirm and verify by th e further research in European PTPs context. Current study selected the organizations for the data collection on the basis of convenience. A study should be conducted in which selection of the organizations should be judgmental. The known Learning organizations may be selected and then their innovation performance may be studied to verify the findings of the research. Future research can also investigate additional factors that may mediate or moderate the relationship between learning organization and innovation performance. The current study found that the strength of relationship is stronger in PE Backed PTPs compared Management Backed PTPs. This is deviation from the literature; therefore, it is needed to conduct another research to confirm the findings of the current study. The current study fails to show the direct effect of dimensions of LO over innovation. Future studies are needed in this regard.

Wednesday, May 6, 2020

Activision Blizzard Financial Analysis Essay - 1361 Words

Activision Blizzard Financial Analysis July 24, 2017 Trey Russell BUS 401: Leon Daniel Headquartered in Santa Monica, California, Activision Blizzard, Inc., is the world s most successful standalone interactive entertainment company. Their portfolio includes some of the biggest franchises in all of entertainment. Their entertainment network has nearly 500 million monthly active users in 196 countries, and we’re continuing to expand our capabilities across new platforms, genres, audiences and geographies. Their company consists of many teams: †¢ Activision develops, distributes, and publishes deeply immersive interactive entertainment for gaming consoles, mobile and tablet platforms, and PCs, including blockbuster franchises†¦show more content†¦Its revenue compared to its competitors proves that as well. World of Warcraft has been the highest paid subscription based RPG in the world for many years, allowing Blizzard to see profits without having to distribute physical products. According to Financial Times Article, â€Å"the consensus forecast amongst 25 polled investment analysts covering Activision Blizzard, Inc. advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts deteriorated on May 21, 2015. The previous consensus forecast advised investors to purchase equity in Activision Blizzard, Inc..† (FinancialTimes, 2017) ACTIVISION BLIZZARD, INC. AND SUBSIDIARIESShow MoreRelatedClassical Management Perspective7829 Words   |  32 Pagescontingency perspective .The management science approach with less quantitative approaches and leadership reflect the same conditions as those that influence its current approach to management. While the question that chapter 8 that we done about SWOT analysis , Porter’s generic strategies theory , the Miles and Snow typology theory and how the theory is apply to a case or real situation. Last but not least is the question on Chapter 20 that have discuss about referent power and expert power played in

Tuesday, May 5, 2020

Business and Method Research Proposal Social Research

Question: Discuss about the Business Research Method Research Proposal forSocial Research? Answer: Introduction Individual accept the clear knowledge of the truth that provides the level of evidence that not only withstands but also accepts challenge even. On the other hand, widespread knowledge has been provided by non-empirical approaches that that has accepted the realm of philosophical for knowledge creation. The fundamental principles of former knowledge are the notional foundations to qualitative and quantitative research methods (Williams 2011). Each research method follows a combination of several factors example the task of research that is to explore the nature and field settings or the theoretical model. Every research method follows a reflection on the reliability and validity of the research methodology. However, in this report, the research approaches will be analyzed in quantitative, qualitative and mixed methods (Brymen and Bell 2015). The significance of the research is to be applied in any setting whether business or economy as a whole. The research even solves various problems about planning and marketing. However, the research will provide with the basic knowledge and skills that are required to meet the challenges faced in the fast-paced environment of decision-making. Nonetheless, the stimulated interest in decision-making needs to interest the scientific approach that can be performed to solve complex decision-making, meets the availability of research techniques and results in employment of discipline in the research process (Saunders 2011). Literature Review of Research Methodologies In social science research, the basic choices are to be made between the qualitative and quantitative research methods or mixed methods involving the two. However, on a general note, the qualitative research methods consists of experimental intervention or survey interviewing whereas in the case of quantitative research methods involve the real difference in which the method is used (Babbie 2015). Comparison of Qualitative and Quantitative Research Quantitative and Qualitative Research can be explained individually, but the best way to study them is to perform side by side investigation. The two forms can be differentiated based on the three fundamental differences. The Qualitative research model is classically based on Subjective, Contextual and Inductive distinctions whereas the Quantitative research model is typically based on Objectivity, General and Deductive distinctions (Venkatesh, Brown and Bala 2013). Table 1 gives a brief description of the three distinctions on each research method. Table 1 Contrasting the Qualitative and Quantitative Research Source: (Creswell 2013) Deduction and Induction - Quantitative approach is based on the deductive method that is highly structured and data is collected to ensure the validity of the data. The casual relationships are established between variables to ensure the clarity of definitions. The structure of the study is followed from theory to data that leads to results that support the theory. However, the research is independent of the research process. On the other hand, quantitative approach follows the inductive approach that involves more flexibility in a subjective manner and the findings are not generalized. At last, the researcher's attachment is to be perceived as a part of the research process (Dudovskiy 2016). As compared to relate between, the inductive and deductive logic, the deductive study follows a hypothesis based literature review whereas inductive logic follows an ethnography based literature review. The study of both can be explained in Table 2 below. Table 2 Inductive and Deductive Logic Source: (van Wyk 2012) Objectivity and Subjectivity - The procedural dimension distinguishes theses two dimensions on the two approaches. Qualitative Approach is subjective in nature because it involves interpretation and meaning that the researcher uses as the measure of recording observations. However, the Quantitative approach is opposite of qualitative as it involves objectivity that measures standardized protocols in which the researcher cannot add the interpretation to it, only the simple and straightforward observations are recorded. Nonetheless, the researcher has to be detached from the study whereas that is not the case with the qualitative approach (Matthews and Ross 2014). Generality and Contextual - The third set that differentiates the two is based on the general principle that is adopted by the quantitative approach. Generalized principle helps to get the values of variables interpreted in the same design of calculation between the dependent and independent sample. However, this is not the case with the qualitative approach as it involves the new structures and new insights that the researcher can develop. The effective model identifies the purposeful use of the model in a natural setting or a field setting. Thus, the conceptual dimension is broad as compared to generalized principle (Williams 2011). The structure of both the qualitative and quantitative approach can be explained by the summary of each approach in Table 3. Table 3 Summary of Qualitative and Quantitative Approaches Source: (Zaborek 2010) Strengths of the Qualitative and Quantitative Approaches The strengths of qualitative and quantitative approach form the mixed methods to yield the maximum result on the approaches. However, the study can be further elaborated on the inductive-contextual-subjective qualitative approach and deductive-generalized-objective quantitative approach. The mixed approach though it combines the two approaches but can be best suited to be called pragmatic approach to research (Ragin 2014). Pragmatic researchers, as a result, allow themselves the liberty to use any of the methods applied in quantitative and qualitative approaches, techniques and procedures typically associated with quantitative or qualitative research. However, all methods and techniques applied have limitations, but certainly different approaches can be complementary (Alzheimer-europe.org 2010). Table 4 describes the strengths of both the approaches that can formulate in a mixed approach. Table 4 Strengths of Qualitative Quantitative Approach Source: (Morgan 2013) However, mixed approaches are to provide a justification that goes asserting the value of each separate method. In addition, a mixed approach takes into consideration the strengths of both the qualitative and quantitative approaches to integrating the research design. Mixed methods not only offer less practice but also design the alternatives that are available to evaluate the criteria (Morgan 2013). The ability to design research study from data collection and data methods will result in testing theories. The one combined study within the principle of research investigates, predicts, explores, describes and understands the phenomenon as a whole (Brown 2014). Discussion, Analysis, and Evaluation Qualitative approach Although, this approach deals with richness and precision, but the detailed precision does not identify any data analysis. Qualitative analysis agrees to fine distinctions that can be drawn, as it is not essential to shoehorn the data into a fixed number of categorizations (Gale et al. 2013). However, the human language involves a lot of uncertainties that can be recognized in the study. For example, a color "red" can be used for a corpse, blood or a political categorization, which is not signified in the qualitative approach. The approach is even limited to a small population of the sample and cannot be generalized to large samples of the population because the finding is not statistically significant (Punch 2013). The problem associated with this approach that it is subjective nature brings inadequacy of validity and reliability, the anonymity and confidentiality effects the findings, the interpretation is too long, and the issue of bias for new insights adds to the shortcomings (Dapar 2012). Quantitative approach On the other hand, this approach does meet the requirement of large sample of the population by giving generalized results that can be made between two criteria's. However, as the approach emerges, it lacks in richness because it is merely an idealization of the data in some cases. In addition, it tries to omit the rare occurrences of any events. For example, a "red" color could not differentiate the variability of responses to the qualitative approach whereas in a quantitative approach; it can be seen that many phenomena and terms do not fit into a common and single group. However, the color is more reliable with the new view of "fuzzy sets" of the "red" example (Bernard and Bernard 2012). The disadvantages that can further explain the problems associated with this method are that this approach produces banal and trivial findings leads to the assumption of facts that re true, quantification becomes an end, rules out the control variables and not takes in account the people's unique ability (Davies 2012). Mixed approach - A recent trend highlights that that there has been a recent shift in social science towards multi-method approaches which tend to decline the narrow analytical paradigms, which use more than one method. Nevertheless, the mixed method should address the strengthening of the advancement of agenda that is developed as a result of the research. As per Boswell and Cannon (2012) notes, a stage of qualitative research is repeatedly a forerunner for quantitative analysis, while before linguistic phenomena could be counted or classified. However, identification is important for the categories for classification. Blending of Qualitative and Quantitative Findings Assimilation and configuration can be viewed as confirming each other and converging the nature of the aggregative approaches of qualitative and quantitative findings. The repetitiveness of approaches is pooled together to signify more or less the same evidence for its findings. Regardless of the understanding and the meaning of outcome, the researcher should review that the approach should meet its original research purpose (Coughlan, Cronin and Ryan 2013). However, the combining of the two approaches should not subordinate the different approaches founded by various methods. The product of different traditions that are adopted to obtain the full picture whether subjective or objective should not be considered as competing theories. If methodological integration is going to process in the recent times, then the intervention or non-intervention of study should be more refined. No single solution of any approach can define the complex method (McLeroy 2014). Therefore, all the health educators, researchers, and evaluators should be trained in both the paradigms such that the mutual acceptance of both that is qualitative and quantitative approach can advance. Likewise, different methods draw different epistemology of future research that should be located in the future study. References Babbie, E., 2015.The practice of social research. Nelson Education. Bernard, H.R. and Bernard, H.R., 2012.Social research methods: Qualitative and quantitative approaches. Sage. Boswell, C. and Cannon, S., 2012.Introduction to nursing research. Jones Bartlett Publishers. Brown, J., 2014.Mixed methods research for TESOL. Edinburgh University Press. Bryman, A. and Bell, E., 2015.Business research methods. Oxford University Press, USA. Coughlan, M., Cronin, P. and Ryan, F., 2013.Doing a Literature Review in Nursing, Health and Social Care: SAGE Publications. Sage. Alzheimer-europe.org.2010).Alzheimer Europe - Research - Understanding dementia research - Types of research - The four main approaches. Available from: https://www.alzheimer-europe.org/Research/Understanding-dementia-research/Types-of-research/The-four-main-approaches [Accessed 11 Mar. 2016]. Creswell, J.W., 2013.Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Dapar, M.P., 2012. An investigation of the structures and processes of pharmacist prescribing in Great Britain: a mixed methods approach. Davies, M., 2012.Oppositions and ideology in news discourse. AC Black. Dudovskiy, J. 2016.Research Approach - Research-Methodology. Research Methodology. Available from: https://research-methodology.net/research-methodology/research-approach/ [Accessed 11 Mar. 2016]. Gale, N.K., Heath, G., Cameron, E., Rashid, S. and Redwood, S., 2013. Using the framework method for the analysis of qualitative data in multi-disciplinary health research.BMC medical research methodology,13(1), p.117. Matthews, B. and Ross, L., 2014.Research methods. Pearson Higher Ed. McLeroy, K. 2014.Towards Integrating Qualitative and Quantitative Methods. Academia.edu. Available from: https://www.academia.edu/174290/Towards_Integrating_Qualitative_and_Quantitative_Methods [Accessed 11 Mar. 2016]. Morgan, D.L., 2013.Integrating qualitative and quantitative methods: A pragmatic approach. Sage publications. Punch, K.F., 2013.Introduction to social research: Quantitative and qualitative approaches. Sage. Ragin, C.C., 2014.The comparative method: Moving beyond qualitative and quantitative strategies. Univ of California Press. Saunders, M.N., 2011.Research methods for business students, 5/e. Pearson Education India. van Wyk, B., 2012. Research design and methods Part I. Venkatesh, V., Brown, S.A. and Bala, H., 2013. Bridging the Qualitative-Quantitative Divide: Guidelines for Conducting Mixed Methods Research in Information Systems.MIS quarterly,37(1), pp.21-54. Williams, C. 2011. Research Methods.Journal of Business Economics Research (JBER), 5(3). Zaborek, P. 2010.Qualitative and Quantitative Research Methods in Management Science. Academia.edu. Available from: https://www.academia.edu/11514133/Qualitative_and_Quantitative_Research_Methods_in_Management_Science [Accessed 11 Mar. 2016].

Tuesday, April 7, 2020

Lord Of The Flies Essays (1237 words) - English-language Films

Lord of the Flies Character Analysis: Ralph: main character- Ralph is the narrator of the story. Jack: Jack is Ralph main enemy in the story. He leads the hunters. Piggy: Piggy is the smart one of the group. Simon: He is my favorite character in the story. He is viewed as the Christ-figure and interprets the mysteries of the island. Roger: Roger is Jack?s ?sidekick? and is a vicious murderer at heart. Sam and Eric: The twins stick close to Ralph until they are forced to join the hunters. Their main job is to watch the signal fire. The littluns: The littluns are basically the younger boys and ride the bandwagon. The two boys Ralph and Piggy meet each other in a thick jungle and discover that they crashed in an airplane and are stranded. They also learn that there are no adults present on the island and that none of the adults survived the crash. As they approach a beach, they find an enormous conch shell. Piggy gives the conch a little toot and summons the rest of the boys on the island to the beach. The boys assemble and elect Ralph as the leader. Ralph then assigns the Choir, led by Jack, to be the hunters. Then Jack, Ralph, and Simon set out to explore the island. Near the end of their journey, they encounter a wild pig. Jack tries to kill it, but is unsuccessful. When the explorers get back, a meeting is held. The explorers explain that the island is deserted but there is enough food to keep them alive. Jack and the hunters promise to supply meat. Ralph makes a rule that whoever is in possession of the conch shell is allowed to speak. Ralph proposes the idea of a signal fire to alert passing ships of their presence. All the boys agree and everybody rushes to the hilltop to start a fire. The fire sparks the gathered wood into a blaze. One of the boys is reported missing but none of the boys will admit to the likelihood of an accident. Everyone is hard at work the next day, either building huts or hunting. Soon the younger boys loose interest and go off to play. A meeting is called and the boys come up with some new ideas and talk about problems. Meanwhile jack wanders off and enjoys the peace and quiet. Soon the boys get into a rhythm of everyday life. In the morning is the best time for activity because it is cool and quiet. Afternoons are associated with napping. Some of the littluns are suffering from diarrhea from eating too much fruit. While Ralph and Piggy sit on the beach they notice a ship on the horizon, and are horrified to see that the signal fire has gone out. The boys rush to the hilltop to try to get it going again but it is too late. Jack and the hunters who were in charge of the fire were nowhere to be found. Ralph scolds Jack about the fire and he apologizes though he does not really care. Another meeting is called at the familiar place and Ralph reprimands them about their irresponsibility. Then the subject of the so called ?beast? comes up. Ralph and Piggy try to give an explanation but it has no effect. Eventually chaos spreads though the crowd and the run off led by Jack, and Ralph is thoroughly agitated. That night, an air battle is going on and a dead pilot, with a parachute, lands next to the signal fire where Sam and Eric have fallen asleep. They are awakened and are terrified by the shadows and the body. The twins scramble down to the beach where a group has assembled, and they tell the story with farfetched details. A team of explorers is sent to investigate. They discover new land and plan what they will do with it, but Ralph reminds them of their mission and they continue. As they approach the hilltop, Jack accuses Ralph of being chicken and starts up by himself. They are frightened by what they see and spread even more panic with their report. Jack decides to hold a meeting and announces the threat of the beast and

Monday, March 9, 2020

Blinding Revenge-Hamlet Essays

Blinding Revenge-Hamlet Essays Blinding Revenge-Hamlet Essay Blinding Revenge-Hamlet Essay Michael Kuritnik 3/6/13 G-Block Blinding Revenge Fundamental themes are preserved throughout history because they relate to everyday aspects of life. Surprisingly, very little has changed since Shakespearean times. Although technology has changed the way in which humans communicate, people still react to emotional stimuli similarly to those of the middle ages. Anger has always triggered annoyance, uproar and violence. Like several characters in Hamlet, today’s society experiences a thirst for revenge because of something unsettling that ultimately stirred up anger. Individuals who strive for vengeance become overwhelmed with indignation. In some cases idiosyncratic deception and false imagery are used in order to attain what one seeks. Throughout Hamlet, Shakespeare emphasizes that revenge leads to chaos and ultimately inevitable debilitating consequences Revenge has the overwhelming ability to deteriorate a man into a monster. It influences Hamlet to make reckless decisions that ruin him and eventually lead to his downfall. Hamlet is driven to insanity by his own desire to kill Claudius. Hamlet becomes so obsessed with revenge that it quickly consumes him. He exclaims in one of his soliloquy, â€Å"Like John-a-dreams, unpregnant of my cause And can say nothing- no, not for a king Upon whose property and most dear life A damned defeat was made† (II. ii. 595-598), feeling guilty and remorseful for not yet acting on his impulse for revenge. At this point, calling himself a coward for not having taken revenge, Hamlet clearly demonstrates his madness for vengeance. Moments later, blinded by revenge, Hamlet stabs Polonius on the impulsive whim that it may be Claudius spying on him. He feels no guilt for his reckless action, suggesting that he acted out of madness and had little thought through the affair. Consumed by revenge, Hamlet has deteriorated into a murderer. Immediately after Hamlet murders Polonius, Claudius becomes blinded by his own desire for revenge. In his rage, Claudius sends Rosencrantz and Guildenstern with Hamlet to England, where Hamlet fools the English into killing them instead of him. After sending them off, Claudius states, â€Å"I like him not, nor stands it safe with us to let his madness range,† understanding that the best method of containing Hamlet’s revenge is to keep Hamlet close; however Claudius’ anger leads him to send Hamlet to his unhonorable death (III. ii,L1-2). By attempting to avenge Polonius, Claudius ultimately sets up his own demise, as well as Rosencrantz’s and Guildenstern’s. If not for Claudius’ rash decision to send Hamlet away, Hamlet would have never been able to contact Norway and send the spies to their deaths by sabotaging the letter. Laertes’ vengeful decisions lead to detrimental cons equences and the deaths of virtuous lives. Enraged by his father’s death, Laertes decides to make an attempt on Hamlet’s life. Playing cool and pretending to wish for a duel in fun, Laertes tries to gain his revenge. As a result of his recklessness, the entire court of Denmark is killed. Lying motionlessly on the cold marble floor, Laertes whispers to himself, â€Å"The foul practice Hath turned itself on me. Lo, here I lie, Never to rise again,†his lungs gasping for one last breath of air (V. ii. 348-350). Only on his deathbed does Laertes realize the irony and the mistake he made by seeking revenge. This is because Laertes’ obsession with vengeance for his father’s death tempted him to plot for murder with the devious Claudius. Treachery and vengeance, which blinded Laertes, actually lead to his downfall and make him feel at blame for the deaths of innocent people. Not surprisingly, the modern world is full of regretful acts of vengeance. Imperialist Japan shocked the world by bombing the United States at Pearl Harbor in December of 1941. As a result, the United States launched a huge pacific offensive while also sending troops and resources into a large Europe campaign to assist against the Nazis. Similarly, Claudius’ killing of Hamlet’s father triggered Hamlet to seek revenge at all costs. After essentially winning the war, the United States turned their eyes back to the Japanese who had so mercilessly brought them into the fight. Within a week of the dropping of the first atomic bomb, Japanese opposition crumbled. This historical win marked a huge accomplishment, but the US would soon come to regret their decision. By dropping the atomic bomb on Japan, the US gave away critical information as to the extent of their power. Major allies and enemies began constructing their own nuclear weapons, launching the world into the Cold War era. In addition, the atomic bomb obliterated Japanese morale and culture, reducing the island country back to the bottom of the food chain. It would take many years before Japan could return to its former prominence. Today in US history classes students discuss the ethics behind the dropping of the atomic bomb on Japan because of the death, despair, and world chaos that came as a result of payback for a small bombing at Pearl Harbor. In their pursuit for revenge, both America and Hamlet went too far, which resulted in mass killings and the destruction of powerful nations. Shakespeare’s message has proven to reiterate itself through the years. As shown when the otherwise noble Hamlet is driven to blindly kill Polonius, when Claudius dooms his servants unintentionally, and when Laertes’ actions result in the death of the Court of Denmark. Shakespeare makes it clear that revenge’s consequences are drastic. As in the bombing of Japan, this statement is tried and tested every day in the real world, albeit on a much smaller scale. Everywhere revenge is sought after, the aftermath is worse than the beginning.

Friday, February 21, 2020

Family history Essay Example | Topics and Well Written Essays - 500 words

Family history - Essay Example Through agriculture, my parents have managed to educate us to the highest levels of education despite the struggles that come with such a business. However, my parents are hopeful that we will get good jobs so as we do not end up like them though my youngest sister has shown great interest in agriculture especially on cash crops. My granddad has played a crucial role in our family. He always says that regardless of all the odds in life, one must endeavor to succeed. Even at his age, he has sought to open his own business that has all sorts of merchandise. The returns are indeed appealing and any person would envy his work. As the siblings in the family, we are more challenged by the day to strive to do more especially when we see our grandfather wake up so early to start his days at his business. This business has also boosted the little income that we get from agriculture. Life is looking up for us and we expect brighter days ahead. Religion also plays a role in the success of our family. My parents are always keen to ensure that we follow the expected norms of the society through inculcating the good deeds in our religion. This has played a major role in ensuring that we are admirable by all in the society and are also the envy of many. For my case, the virtues taught by my parents especially of honesty and hard work have enabled me survive in the tough times of today’s society. I have succeeded in my education, and though I do not have a job yet, I am sure I will get one and give it full effort and dedication. My family is also fond of giving especially to the poor and the homeless. After every three months, it is compulsory that we visit the unfortunate in the society. One would question why we do such activities yet we do not have enough, but my parents do not take any excuse for not helping others. I find this reasonable as if our situation is not very comfortable with farming as our chief source of livelihood, then for the ones without a job is