A Literature Review Of Ownership Issues Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2066 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Type Research paper Did you like this example? In this chapter the author has decided to discuss on ownership issues regarding firms and football clubs by presenting the information obtained by previous researches. The author has also presented information on the difference between foreign ownership and domestic ownership that have brought controversies to companies. 2.1 Definition of ownership, foreign ownership and its importance According to the business dictionary ownership means having the ultimate right of a property [1]. Foreign ownership is investment made by non-resident corporations to control another countrys companies for the purpose of profitability [2]. While there is a chance for the recipient to get economic benefit from various field such by technology sharing and management knowledge, the home country has exposed itself to foreign practice and policy. The importance of foreign investment could not be denied as it has proven to be a globalisation tool especially for companies that are la gging behind. While Foreign Direct Investment (FDI) could also be a driver to transform a society altogether, one should consider examining all the effects of FDI before deciding to fully benefit from it. 2.2 Different types of ownership structure with its advantage and disadvantages There are many form of ownership structure such as the sole proprietorship, the partnership, the corporation and the co-operative. Owners or shareholders could have maximized their profitability if they have been running the right type of ownership structure. Table 1 shows different ownership structure with its advantage and disadvantages. Figure 1: Different business structure with their advantage and disadvantages Ownership structure Advantage Disadvantage The Sole Proprietorship Easiest form to set up Unlimited liability Owner solely controls the business Can be hard to raise capital The Partnership Shared risk Risk of conflict between partners Shared m anagement Shared decision making The Corporation Limited liability Most expensive form of business to set up Easier to raise capital Involves a lot of ongoing paperwork The Co-operative Owned and controlled by its members Decision making can be slow Limited liability Risk of conflict between members Sources: BusinessLink: Starting a Business -Forms of Business Structure [3] The easiest to run and most common type of ownership structure is the sole proprietorship in which its business entity is owned and managed by a single person as being shown in the table above. The owner had to ensure the smooth operation of the business and would also be responsible for any profit or loss gained. Unlimited liability means owner have to overcome the debt at his own expense and there would also be difficulties to raise funds. The sole proprietorship can be organized very informally, is not subject to much federal or state regulation, and is relatively simple to manage and control. Partnership in business means two or more people sharing the risks, costs and responsibilities. The profits made are shared between the partners who are self-employed. Decision-making is also shared between partners and it is their responsibilities for any debts produced by the business. At least two members must be designated members the law places extra responsibilities on them. Being known to be complex, LLP could cost problems between members when disagreements happened. If the number of partners is reduced, and there are fewer than two designated members, then every member is deemed to be a designated member. Being owned by shareholders, the corporation share profits and losses generated through the firms operations, and have three distinct characteristics. There is a legal existence in which a firm could be sued or even sued others. This type of business could go on for years, as ownership could be handed over through buy out or through the purchase of shares. For LLC, the risk is restricted to the amount of investment made. However, that this type of company also brings a range of extra legal duties, including the maintenance of the companys public records such as for the purpose of the filing of accounts. A business owned by an organization and run democratically by its members is known as co- operative. The most obvious example is such as the Co-operative Store which is owned by the Co-operative Group which has policy in rewarding it members the share of profits every 6 months[4]. Limited Liability Partnership or LLP means none of the partner takes responsibility for any misconduct caused by other partners[5]. 2.3 Ownership structures of football clubs The three most operated ownership models being used in football clubs which runs as companies are as shown below [L. Nikolychuk, B. Sturgess]: Limited liability companies consisting shareholders and a board of directors. Public limited corporations (plc) with freely t radable equity Football clubs or firms consisting members who jointly own the assets and elect officials on the one member one vote principle. At the top level of professional football such as in the UK, clubs have long been running as limited liability companies. In Spain, most of the football clubs are In Germany, However, there has been transformation towards the plc model that has produced mixed results. Among the top peer football leagues made of the English Premier League, Spains La Liga, French League 1, Germans Bundesliga and Italian Seria A, the Premier League has the best revenue stream but the highest debt. The Guardian (23rd Feb 2010) reported that from the 2007-08 annual accounts produced by the European Club Footballing Landscape, premier league clubs have a total of pound;3.5bn debt which is around four times the figure for the next most indebted top division, Spains La Liga who is domestically owned[]. 2.4 Ownership issues and its controversies Football i s now big business and is becoming bigger. Combined revenue for the worlds five largest football nations (England, France, Germany, Spain, and Italy) rose from e1.94 billion in the season 1994-1995 to e6.27 billion by the season 2004-2005. The UK has been leading this global phenomenon (Deloitte, 2006). In the UK, footballs three main revenue streams (match day attendances, broadcasting rights, and other commercial income) have grown much faster than real GDP. Combined turnover of the 20 Premier League clubs rose from pound;170 million in the season 1991-1992 to pound;1.33 billion in the season 2003-2004 (Deloitte, 2005). An important and ongoing consequence of these changes is how this relatively new commercial impetus is competing with the sports traditional socio-cultural foundation (Morrow, 2003). Over the last few years, football clubs in the UK has reported serious financial problems, resulting in increased concerns about corporate governance. Adam Micheal Rapp (2004) stated t hat have pointed to the wave of bankruptcies in English football over the past five years as the result of widespread mismanagement or misplaced incentive schemes[]. In order to clean their debt, football clubs have decided to enter administration or to go bankrupt. The author could not believe that football clubs should be allowed an easy way out by going into administration and then starting from starch again. The response of some commentators has been to assert the dual economic and social role of a football club, maintaining the importance of an inclusive approach to stakeholder relations. This inclusive approach is consistent with the concept of corporate citizenship, which can be understood as the specific activities undertaken by an organisation that are intended to meet social demands in a responsible manner[8]. While corporate citizenship can help to strengthen the social bond between a firm and its community, the successful implementation of corporate citizenship initiativ es can simultaneously deliver firm benefits including employee commitment, customer loyalty, and corporate reputation. In turn, these can contribute towards delivering competitive advantage and improving financial performance (Maignan et al., 1999; Fombrun et al., 2000). Birmingham City FC manager, Alex McLeish has expressed his fear regarding the future of British managers after the increase of foreign investors in the Premier League. He pointed that foreign owners are likely to bring in managers from abroad which could even affect young English talent coming through the ranks if home-grown coaches are gradually eroded. Foreign managers work differently to the British managers who choose their own players and scout through their own networks while the foreign managers tend to use an in between director of football who recruits players. If the foreign owners did that in the UK then it would make it hard for English managers to pursue their managerial style. Despite stability in the socio-cultural nature of football, significant economic changes have occurred. The largest shift that has changed corporate control arrangements relate to the commercialisation and globalisation of the sport. Previous research done in China showed that managerial ownership has a positive effect on firm performance []. Although return on assets (ROA) and return on sales (ROS) decline post-privatization, firms with high managerial ownership and, specially, high CEO ownership, exhibit a smaller performance decline. The difference is highly significant, with or without controlling for residual state ownership and changes in the firms operating environment. In contrast, performance continues to increase with managerial ownership. This finding suggests that, beyond a certain point, the distribution of shares would be more effective if extended to the whole management team instead of being limited to the chief executive. The member owned ownership structure could be implemented in foreign- owned or domestic-owned football clubs. The idea is to be successful in every aspects of football making decisions on whats best for the clubs rather than whats best for the owners. When it comes to foreign owners they may lack the knowledge and the passion to bring the clubs forward as most foreign owners see football clubs as business rather than sports. Among the performance measures being used by firm are such as return on assets, return on sales, and normalized real profits. As foreign investment and globalization continues to increase, developing countries desperately seeking to attract foreign investment can have undesirable outcomes. In this scenario FDI can have numerous negative effects, such as job loss, human rights abuses, political unrest, financial volatility, environmental degradation, and increased cultural tensions. Spar (1999), takes a neutral stance when discussing the complexity of the relationship between foreign direct investment and human rights and the ways in which FDI impacts society both negatively and positively. Portsmouth Football Club had been making headlines for the wrong reason after being the first premier league club to get under administration. Having a changed of ownership 3 times in a year with its latest owner being Balram Chainrai, a Hong Konger. Mr Chainrai has seized the 90% shareholding in the Premier League side that was held by Ali Al Faraj after the club defaulted on loan repayments. Mr Chainrai ordered his lawyers to act on Wednesday when Portsmouth again failed to make due payments by missing the extended deadline given. Mr Chainrai is now the fourth person to own Portsmouth this season after Sacha Gaydamak, Sulaiman al Fahim and Mr Faraj, who has never visited the club. He had expected to receive a sizeable chunk of cash when the Premier League paid all of its 20 clubs pound;7m from television revenue early last month. Portsmouths share, though, was withheld by the governing body and used to pay a proportion o f transfer fees owed to English and European clubs. He hopes to appoint two new members to the Portsmouth board in the next 24 hours and says he is intent on stabilising the finances before looking to attract investors. Portsmouth, who lost 1-0 at Fulham on Wednesday night and are bottom of the league, have been plagued by financial problems despite making tens of millions from the sale of players. This season they have been late paying their team four times once under Mr Fahims ownership and on three occasions after Mr Faraj took control. They are also fighting a winding-up petition served on the club by HM Revenue and Customs before Christmas, which will be heard in the high court on 10 February. They are also fighting a winding-up petition served on the club by HM Revenue and Customs before Christmas, which will be heard in the high court on 10 February. The club is believed to owe around least pound;60m almost half to Mr Gaydamak. He has described himself as a soft creditor an d is not currently demanding repayment. The increase in ticket price for some foreign-owned clubs have also been a caused for concern[]. Foreign-owned football clubs such as Manchester City, Manchester United and Chelsea had introduced new ticket price for the 2010/11 season with a 5-10% increase to the dismay of their supporters. Since the UK is in financial crisis, clubs should reduce the burden of their supporters and freeze the ticket price for the time being. Don’t waste time! Our writers will create an original "A Literature Review Of Ownership Issues Finance Essay" essay for you Create order

The Influence of Social Networking Sites on the...

THE INFLUENCE OF SOCIAL NETWORKING SITES ON THE INTERPERSONAL RELATIONSHIPS OF THE 3rd year and 4th year EDUCATION STUDENTS AT ST. MARY’S COLLEGE, BAGANGA A Research Proposal Presented to the Faculty of St. Mary’s College Baganga, Davao Oreintal In Partial Fulfillment of the Requirements in Basic Research By Jenelyn Orada Saint Mary’s College Baganga, Davao Oriental October 2012 ABSTRACT Social Networking Sites are increasingly popular nowadays. Many SNSdevelopers like Facebook, MySpace, Twitter and others are competing to give the best features in terms of socialization, interaction, privacy and even entertainment. It is not surprising that many people are hooked on with these sites since it is free and easily†¦show more content†¦It is evident that many students greatly rely on these sites in order to interact with their friends and other people whether they know them or not. Being dependent to these sites promotes online friendships which are not good since they might encounter people that are suspicious in behavior. These sites hinder face-to-face friendship but many students reason out that they use SNS in order to communicate conveniently with their faraway friends. What do these SNS possess to make the students keep on using them? Why do students upload photos, videos, post comments/messages on other profiles and play social games? What are the benefits and purpose of doing these activities? Why are social networking sites frequently used by students nowadays? The researcher goal is to address these questions and have an in-depth study with regards to those questions stated above. Students’ usage of social networking sites provides long-lasting insights to identity construction, social behavior and peer-to-peer interaction therefore studies such as this arises that found out the real perspective of students about social life. B. Conceptual Framework In general, online relationships contain much weaker ties than face-to-face relationships (Vitak, 2008). Social networking sites such as Facebook offer users a convenient method for maintaining a large number of weak ties. While maintenance of strong ties typically requires significant commitments of time and energy, weak ties maybe managed

Society with Soul Free Essays

A Society with Soul â€Å"As the soil, however rich it may be, cannot be productive without cultivation, so the mind without culture can never produce good fruit. † This quote by Seneca, a Roman philosopher, says that nothing good can ever come out of the absence of culture. Throughout history, many have argued that a society stripped of its culture is a society stripped of its soul. We will write a custom essay sample on Society with Soul or any similar topic only for you Order Now In the novel Things Fall Apart, the Ibo people are completely taken of their culture by the white colonialists. Despite a growing pattern of submission to new culture within the tribe, the people never truly lost their soul. The Ibo tribe was invaded by outsiders, their culture threatened with accusations on their way of life, worship, and customs, practically being forced into submission. The Ibo people may have been entirely stripped of their culture, but definitely not of their soul. Due to the colonialists attempting to assimilate the Ibo people, the tribe lost their culture but not the essence of who they are, allowing them to triumph against all odds. The white people pushed to assimilate the Africans, especially in their religion, ultimately tearing families apart and disconnecting the tribe. Obierika even says, â€Å"The white man is very clever. He came quietly and peaceably with his religion. We were amused at his foolishness and allowed him to stay. Now he has won our brothers, and our clan can no longer act like one. He has put a knife on things that held us together and we have fallen apart,† (Achebe 152). As the British colonized the Ibo tribes in Africa, they brought with them their new religion of Christianity. At first these new beliefs were not accepted by the Ibo people, but quickly became a major threat to their old way of life. The appeal of wealth and the flow of money into their village from British traders, in combination with support for the colonialists’ new government and judicial system, eventually attracted many Ibos to convert to Christianity. Ibo society was torn in half, with some being lured in by the British, and others staying faithful to traditional Ibo customs. In addition, by the white missionaries seeking to convert children into their religion, there was no one to carry on the tribe’s traditions, resulting in the falling apart of the tribal system. The attempts of the colonialists to assimilate the Africans in religion caused families and the tribe to be divided. Despite these challenges, the tribe did not lose the essence of who they are and stayed true to a lot of the beliefs of their culture. The Ibo people were stripped of their culture by the colonialists, but they never lost their soul. Amidst the invasion of the white people, the Africans still found ways to maintain their beliefs and the essence of who they were. When Okoli killed the sacred python, he clearly went against traditional Ibo customs, but at the same time, he inadvertently reinforced Ibo customs. The Ibo people always look back to their culture for guidance and believe in it regardless of outside threats. Because it is all they have ever known, the tribe maintains their peaceful ways by deciding not to drive the Christians out with acts of violence, but rather, by ostracizing them. Soon afterwards, Okoli dies of an illness, which reaffirms the tribe’s trust in their gods. â€Å"His death showed that the gods were still able to fight their own battles,† (Achebe 141) and would rightfully punish those who went against them. It made the tribe realize that the gods were still with them, causing them to repeal the new policy of ostracism towards the converts. Furthermore, n the end, the colonialists may have ultimately drove Okonkwo to kill himself, forcing him to go against his culture, but in doing so, Okonkwo also reminded the tribe of their culture. In taking his own life, he reasserted Ibo beliefs, one of the tribesman even saying, â€Å"It is against our custom,† (Achebe 178) when asked by the District Commissioner why the tribe could not take Okonkwo down from the tree. The tribesman went on to say, â€Å"It is an abomination for a man to take his own life,† (Achebe 78). In spite of threats to their way of life and a growing disconnection of their tribe, the Ibos remained true to their culture no matter what. In conclusion, the Ibo people never lost what made them who they were despite challenges presented by the British colonialists. The white people’s attempt to assimilate Africans to the Christian faith resulted in the tearing apart of families, the disconnection of the tribe, and subsequently, the loss of the entire Ibo culture. Notwithstanding, the Ibo people did not lose their soul, or the essence of who they are. Regardless of accusations on their way of life and mounted submission to new culture, the Ibo people were undeterred by the threat of invaders. The Ibo tribe was a society entirely stripped of their culture that made it out on the other side not stripped of their soul. How to cite Society with Soul, Essay examples

Signals and Systems

Question: Discuss about theSignals and Systems. Answer: State Space Approach The state space model is the mathematical description of the physical model that can be used for understanding the various parameters related to the model. The mathematical equations that are generated contain the inputs, outputs and the state variables that decide the system responses. The conventional control system mainly focuses on the frequency domain analysis of the system which mainly stresses on the SISO (Single Input and Single Output) models and the analysis of the MIMO (Multiple Input and Multiple Output) systems is extremely complex (Ogata, 2013). For Sorting out the various computational constraints and difficulties, the state space analysis has been presented which is based on time contrary to the conventional control theory. The state model also helps in analysis of the non-linear and the time-variant system. Hence the State Space Analysis of the system is the set of minimum variables, the knowledge about which at the initial instant t=to combined with the knowledge of the inputs at an instant tto is capable of defining the behavior of the system (Kirk, 2012). The state space representation is done in the form of the following equation: x(t) is the state vector of the model; x(t)?Rn y(t) is the output vector of the model; y(t) ?Rq u(t) is the input vector also known as the control vector to the system; u(t) ?Rp A(t) is the state matrix which has a dimension of p*q B(t) is the input matrix, which has the dimension of n*p C(t) is the output matrix, which has the dimension of q*n D(t) is the feedforward matrix, which has the dimension of q*p Advantages of State Space Approach The advantages of the state space approach are many as it has been developed after suffering the hands of the classical control system. Hence to understand the advantages of the state space model, the disadvantages of the classical models should be understood (Friedland, 2012). The disadvantages of the classical model are: The classical model or the transfer function model has to be defined under zero initial condition. The classical model can only be applied to the linear and time invariant system. The transfer function model cannot be applied to the MIMO systems. The transfer function analysis is difficult to perform on computers. The advantages of the state space analysis model are (Sontag, 2013): The model is easier to work with. The state space model can be easily applied to the time-invariant systems The state space model can be applied to the nonlinear systems. The state space model can be easily applied to the MIMO systems. The state space model can be easily done on the computers. The state space model can be used for understanding the internal state of the system. It can be seen that the modern control system or the state space control system is more efficient compared to the previous classical model. Apart from the stated advantages the various system analysis like observability and controllability can be easily done on the system thus helping in understanding the response of the system (Ogata, 2013). The easy matrix representation also eases the system understanding. Disadvantages of State Space Approach The state space model is up gradation to the classical control theory which used the transfer functions to solve only specific sets of problems, but the state space model has been developed to counter all the drawbacks of the traditional model. Hence the disadvantages have been drastically reduced. The major disadvantages of the state space approach are (Kar Das Ghosh, 2014): Complex techniques. Large computations are required for understanding the characteristics. The complexity of the state space model is because the representation is done in the form of matrices. The construction of the state matrix is done with the help of series of calculation based on the equation of the system, which is not very easy to find for every system. The simpler systems can be combined thus creating a complex system which is very difficult to handle manually (Kirk, 2012). Apart from the complexity, the matrix form causes the amount of calculation which needs computational assistance for a solution, thus making the system not user-friendly. Application of State Space Approach In the initial sections, we have learned about the state space analysis followed by the sections in which the advantages and the disadvantages have been presented. It can be seen from the analysis that the state space model can be easily applied to the time variant, non-linear system but the method is very much complex and involves a lot of calculations (Lathi Green, 2014). Hence it can be easily understood that the simpler model which involve time invariance and linearity should be left to the classical methods as the transfer functions are easier to perform compared to the state space model. Hence the systems which are inherently complex and involves and contains multiple inputs and multiple outputs paired with time invariance and non-linearity should be solved with the help of the state space model. IT should also be understood that the computers are needed for such systems as it will help in the calculation of the various parameters of the system readily compared to human calculations which might take longer duration and is prone to errors (Walter, 2013). The state space models have been applied to trend-cycle decomposition, missing value treatments, time varying parameters, etc. since the model offers the freedom to specify the process without observing certain variables. Various applications that have been analyzed by the model are: H control, estimating the price of the oil and its dynamics, time series analysis (Wang Ding Ximei, 2014). IT should be understood that the implementation has various inputs based upon which the equations of decencies are created, and finally the state matrix is presented which characterizes the model (Durbin Koopman, 2012). Then the inputs are applied to the model and based upon the response of the system; the output is generated. The plethora of academic journal that is available over the internet shows the success of the model and the ease of operation with it, which will mark an era of better controlled and observed systems. References Durbin, J., Koopman, S. J. (2012).Time series analysis by state space methods(No. 38). Oxford University Press. Friedland, B. (2012).Control system design: an introduction to state-space methods. Courier Corporation. Kar, S., Das, S., Ghosh, P. K. (2014). Applications of neuro-fuzzy systems: A brief review and future outline. Applied Soft Computing,15, 243-259. Kirk, D. E. (2012).Optimal control theory: an introduction. Courier Corporation. Lathi, B. P., Green, R. A. (2014).Essentials of digital signal processing. Cambridge University Press. Ogata, K. (2013).Modern Control Engineering: Pearson New International Edition. Pearson Education Limited. Sontag, E. D. (2013).Mathematical control theory: deterministic finite-dimensional systems(Vol. 6). Springer Science Business Media. Walter, E. (2013).Identifiability of state space models: with applications to transformation systems(Vol. 46). Springer Science Business Media. Wang, D., Ding, F., Ximei, L. (2014). Least squares algorithm for a nonlinear input system with a dynamic subspace state space model. Nonlinear Dynamics,75(1-2), 49-61.