Management Case Study Essay Example for Free

Management Case Study EssayThe case study below takes place at the Sir Charles Wilberforce infirmarys cafeteria, which is experiencing problems with the change management. Due to the new management undertaken by Keith Davis, there was a major issue of inadequate confabulation channels, as Keith told his employees what to do rather than relate them, especi every last(predicate)y with the decision- reservation. The best alternate to rectify this problem is for Keith to adapt to a consultative management style, in cast for employees to take ownership in their make through expressing their opinions and chance more valued, however still countenanceing Keith to still diagnose the final decision. Another major issue care fored in the Cafeteria was the amount of motiveless staff. As employees feel unsatisfied with their work, the best solution to this issue is intention Setting. Through employees tantrum strategic goals they volition increase their motivation through doing of these goals which will lead them to set more challenging ones. Lastly, the third major issue recognised was Keiths unequal leadership skills which made it punishing for employees to fit expectations and find enjoyment in the workplace.The best alternative solution for this problem is to retrain Keiths leadership abilities so he is able to adopt all the qualities considered to ferment a better leader in his managing role. Although this whitethorn be an expensive method, the new leadership qualities Keith will learn will make a happier work environs for his employees and build a better employer/employee relationship. 3. Problem identification Poor communication channelsKeith foc use of goods and servicess on top down communication channels, providing a one way communication which is from him to his employees, rather than two-way which provides his employees to communicate ideas with him. This negatively impacts the hospital as the Keith is unable to discuss problems or ask questions amongst employees to converge if there are any problems going on amongst the workers and therefore leading to job dissatisfaction employees. Although Keith tried to soothe Julia when the issue between her and Madison was brought to his attention, he did not follow it up or treat it as an importance.Lack of staff motivation Prior to Keiths managing, Annes original foundations of self-satisfaction and close family ties seemed to instigate the employees at Sir Charles Wilberforce hospital. Keiths changes were made to become more efficient, employees were left struggling to bring home the bacon satisfaction and motivation in order for themselves to achieve their hierarchy of necessitate (Maslow, 1954). In this hierarchy of demand Maslow developed, employees feel five needs, physiological, safety, social, attentiveness, and self-actualisation, once they fulfil one of their needs they can graduate to the next one to fulfil it and so on.Without fulfilling the social needs of forming social ties or self-actualisation of gaining enough experience indoors the kitchen to become a supervisor, it became unknown to the employees of what they are capable of and decreased their enticements to complete tasks and feel satisfied. Insufficient leadership abilities Keith lacks major leadership qualities, as the organisational layout he uses is to tell employees what to do, depriving them of guidance and support. The Hersey Situations leadership model suggests that leadership focuses on followers zeal (Hersey, Blanchard Johnson, 2001).This theory suggests that at Sir Charles Wilberforce, if the employees feel they are unable to complete a task Keith should puddle those clear and specific instructions. If they are willing and confident Keith needs to provide them display high task orientation, and if employees feel able but are unwilling Keith would need to use a supportive approach. Lack of teamwork The teamwork environment of delegating tasks amongst of employ ees was not addressed by Keith. He believed that employees needed to finish work on time, plan menus monthly and take on cleaning responsibilities, whereas, theuse of team work would have provided a better suited time managed system. Through having each employee service with cleaning duties, preparation menus, helping out some other if time was short as well as assisting each other to get all food out and made the kitchen would be less chaotic. This would have assisted with issues if someone was ill, allowing more than one person to prepare greater portions of meals. 4. Statement of Major Problems The three major problems that are brought to the attention at Sir Charles Wilberforce Hospital are Inadequate communication channels wanton staffInsufficient leadership abilities The poor communication channel Keith utilises is top-down communication from Keith to his employees. As this is a workplace that depends on seeking ideas from others and support from each other, two way communi cations between Keith and his employees is necessary. This will allow employees to feel part of the decision making and feel they can share their ideas to break the workplace. Following this Keith must then improve his leadership skills, putting his employees first and assisting them with any help and support they need in order to achieve a positive workplace.This may involve Keith revising the organisations culture, or diverting the strength and weakness of each employee so he knows how to assist each of them. Once Keiths leadership abilities are improved, staff motivation must be identified and given, in order for employees to become productive within the kitchen and gain job satisfaction, increasing their abilities and allowing them to feel the want to work. 5. Generation and Evaluation of Alternative Solutions Inadequate communication channels Regular work meetingsSet regular meetings within the kitchen, in order to concerns amongst employees to be discussed as we as evaluatio n on how the business is going and openly discuss slipway to improve or maintain it. Advantages Allows for feed subscribe Employees can listen to each persons idea and encourages discussion openly Evaluate the earnings to the previous week and that time the previous year, allowing each person to suggest ways to improve or maintain their profit margins. Disadvantages Some employees may not attendwhitethorn be time consuming to discuss all ideas Consultative management style Implement a Consultative management style in order to increase two-way and open communication between Keith and the employees. Advantages Allows employees to feel ownership in decision making Allows employees to share their ideas and opinions Gives confidence to employees Disadvantages Employees may feel held back to express their opinions because they do not feel comfortable Employees may feel offended if their ideas are not taken into consideration Time consumingUnmotivated staff Goal setting Implement setting goals, which involve employees setting goals that motivate them to improve their capabilities. Advantages Gives self-satisfaction Increases productivity and completeance levels Disadvantages Time consuming to distinguish appropriate and achievable goals Goals ay appear as unattainable and lead to employees to give up Job see Mr Dev can alter the job design to assist in identifying and correcting any deficiencies that affect performance and motivation. AdvantagesJob enlargement, can be use to increase motivation by giving employees more and varied tasks so the employee is motivation to try new tasks Job rotation allows an employee to work in different departments or jobs in an organization to gain better insight into operations motivating the employee to increase his/her skills and knowledge about other jobs. Disadvantages Job enrichment may lead the employee transferred too much responsibility in the kitchen and independence in the planning and control aspects of the job which ma y suppress motivation levels Reward and RecognitionEvaluating each employee to identify which people are performing to their maximum, and rewarding them financially or non-financially for their hard work, therefore motivating other employees to improve their work standards. Advantages Employees will increase performance to obtain more rewards Will produce higher standards amongst the employees Self- enrichment Disadvantages big-ticket(prenominal) to keep purchasing rewards and reassess each employee to recognise After a while employees may feel that rewards may not motivate them anymore Keith may not want to undertake the idea of rewarding and recognising employeesInsufficient leadership abilities Retrain Keith Retraining programs for Keith within the company or externally will allow Keith to develop better leadership qualities and create a happier workplace. Advantages Positively effects employees to feel organized religion and support from Keith Keith can evaluate themselves as to what skills are evaluate to lead the employees Disadvantages May take a while for Keith to learn and adapt to these skills May be expensive Dismiss Keith Dismissing Keith will demolish the issue of poor leadership abilities and will allow the business to replace him with a more experienced manager.Advantages Re-appoint a new manager who possess all correct leadership skills Employees are in a happier environment where they can get the support they need More time appropriate and efficient than retraining Disadvantages May be hard to find a replacement Employees may find it hard to adapt to a new manager and may be resistant to give them a chance due to their bad experience with Keith 6. Recommendation Consultative management style A Consultative management style is the recommended alternative for Keith to address to his employees.The type of management style used by Keith at this point is autocratic, which involves him making decisions for the hospital kitchen unilaterally. Altho ugh regular meetings are a good alternative by providing mediation and assistant towards employees, the consultative management style involves a permanent change to the organisation. The consultative style would involve Keith discussing ideas of possible changes to be made within the kitchen, as well as employees being able to give their opinions and ideas.By implementing a consultative management style, employees at the cafeteria will be able to perform to their optimum level, concentrating on increasing common sense approach for Keith to meet the needs and wants of the employees, as well as making employees realise their own abilities and capabilities in performing tasks, (McClelland, 1987). Similarly to regular meetings, the consultative approach gives open communication, however unlike meetings the consultative approach is more permanent in the workplace and is used daily, for example in decision making, gaining assistance with a task or getting support with a concern.This will benefit the kitchen, as the employees will suffice more positively to any changes to feel more a part of the workplace and a sense of belonging. Keith will benefit from this style, as he will be given a broader range of ideas as well as maintain his authority to make the final decision. Goal Setting Setting goals is the like alternative for Keith to use within the kitchen. Despite the fact being rewarded motivates someone to maintain if not improve performance to be rewarded again, goal setting gives motivation. Goal setting enables employees to measure their processes and work performance.This enables employees to gain feedback on their results, unlike rewards and recognition which just motivates employees to try harder to gain another reward rather than possessing the want to gain the self-satisfaction that they have improved. Edward Lockes theory of goal setting outlines that in setting specific and challenging goals it enables process and outcome improvement (Locke Latham, 19 90). Similarly, job design suggests a different form of motivating to increase their skills of different tasks, however it overly does hold the ability to measure the improvement that setting goals do.If goal setting is adapted by Keith, his employees would be able to achieve towards a higher performance, as well as motivating them to set higher goals with increasingly difficult tasks, once they have been achieved. Through Maslows hierarchy of needs, this can assist in setting goals with Locke and Lathams theory. Maslow theory suggests that although no need is every to the full satisfied, a substantially satisfied need no longer motivates an individual to satisfy that need (Robbins, Bergmann, Stagg and Coulter, 2012, p559).This suggests that in identifying each need, physiological safety social esteem and self-actualisation, employees at sir Charles Wilberforce can pinpoint what tasks they need to complete in order to graduate to the next level. For example one of the employees ma y find that they feel they wear offt belong, in order to achieve this level they can set a goal to form relations with other employees on a professed(prenominal) basis. Once this goal is achieved they can move on to develop their esteem needs. Retraining KeithAlthough, retraining Keith may be considered a time consuming process, compared to the alternative of dismissing Keith, it appears to be a more logical approach. Through retraining, Keith is able to gain leadership skills that he may not be aware are requirement skills he needs in order to be a manager. This will transform him from telling his employees what to do, to instead assisting and guiding them through changes. Despite the expenses of this method, it may also be difficult for Keith to cooperate as well as understand the concept of these skills however unlike dismissing, he will be able to improve and allow for a happier work.The trait theory suggests that it is impossible to identify and isolate characteristics from leaders from non-leaders. However there are seven traits associated with leadership, these being drive, the desire to lead, reality and integrity, self-confidence, intelligence, job-relevant knowledge and extraversion, (Robbins, 2012, p605). Eventually with the retraining, Keith may possess these seven leadership abilities to involve his employees in decision making process and form a trust bond.

Summer Vacation Essay Example for Free

Summer Vacation EssayThe summer i had was dire. I did so many different things. I went to camp, went to USA, and went to the land. I had so much free rein. I meet hope next summer is as exciting as this unmatched. First of all I went to my camp with tons of my friends. (name of camp) was so much cheer I played out money on ______ and me and my friends did so much different things. The only problem is that i had to wake up early. That was a bummer. Secondly i went to USA. I woke up early, and took a long bus ride. That wasnt that fun. But i went to very nice places. (list a couple places and explain part of it) Last, i went to the beach with my family.I got a great tan I love just sitting in the sand and soaking up the sun. I relaxed and it was really fun spending it with my family. I went swimming too. Of course its not as fun if i didnt go swimming, the water was so refreshing. In conclusion, my summer was so amazing and im really excited for next summer. The infamous Wh at I did on my Summer Vacation Essay, Im not sure I was forever assigned that one. Suddenly I see my egotism in Junior English. I was 16, flat chested, boyfriendless, wanting desperately to have the whole fitting popular judgement behind me.And it almost was, solely only almost because there I was sitting in my name brand jeans thought I probably spent all my birth sidereal day money on. I am also pretty sure that I woke up at least an hour before domesticate started to get my hair just right. I am still clueless with what to do with makeup save that never stopped me then. I wish I had had enough sense to throw on those old comfy jeans. The ones with the holes in them ( not on purpose), a soft t-shirt and pulled my hair into a ponytail scarcely that wardrobe would have to wait until college. But back to my 16 year old self, English was just a class.not one I curiously looked forward to either. If anyone had asked my favorite subject I never would have express English. I d subs cribe toed the essays and sentence diagramming. I did look forward to the reading lists, although , I tried not to appear too eager. I complained as much as the rest as the class, just at home I read them. Cover to cover. Usually well before the deadline. I hated homework of read chapters one and two. I read books, like I later well-educated to drink beer. Fast until I finished. I couldnt stop at the end of chapter two. I needed to know what happened like I needed another(prenominal) drink.And I liked the excuse to read, at this stage I of felt like I needed one. Reading was kind of cool for a while. Me and ramona Quimby were the best of friends in elementary school. I also went through a slightly embarrassing Babysitters Club phase, only when am pleased to report that the sweet-smelling Vally High Twins and I never clicked. Sometime in junior high those books seemed babyish, and replaced with talking on the phone, listening to unison ( really bad music I might add) and learnin g how to French kiss. So when we got our reading lists every year I dug in. So, back to the first week of English III.You already have most of the background, nevertheless what you dont know is that I was much than a bit guarded. I didnt like letting commonwealth in. Really in. Being vulnerable wasnt exactly effective in my family and well not that safe for anyone in high school period. That being said I would have killed for our first writing assignment to be what I did on my summer vacation. Surely I would have written something ridiculous or satirical. I doubt I would have truly written about our beach vacation where more than likely my parents screamed at each other, I got 3rd degree burns and most of my family got drunk and passed out.Possibly even me. I cant remember that summer in particular but they were all pretty much the same. Not to say there werent any cordially memories from those summer beach retreats. Surprisingly there are many, but at 16 you kind of gravitate towards the bad stuff. The melancholy teenager hanging on to anything to give her a thick wall to build around herself. Yes, I would have written something light and clever and given it a really zingy title. I was well known for my zingy titles. Instead Mrs. Lampo asked us to write not one silly essay but a collection of private personal ones.I believe it was called a me book. I cringed as she depict the assignment. Now, as a teacher I can see what she was trying to do. She precious to get to know us. Who we were, what we liked, how we wrote, how to reach us. The problem was, I was 16 and she was one of them. A grown up. A teacher. A mom of a kid in our class. She was not to be trusted. How could I write all these essays on who I was, my strongest influences, the things I was most proud of etc.. Maybe later in the year. Maybe by April or something when we had a chance to feel each other out. Not now.Not the first week. I can picture her clearly. She was about my moms age. Short, with short dark hair. She was always very smartly dressed, much more stylish than my mom and with her toes perfectly pedicured. She always seemed a bit shifty to me. She had this large mole on her face that I couldnt help but stare at as she lectured. It was about the size of a dime and I swear it got bigger as the year went on. It has made me really self councious about my own mole. I keep count oning about having it removed all because of the time I spent making fun of hers in the eleventh grade.She was probably a pretty good teacher, although she made me uneasy. Usually good teachers fall into one of two categories cold, hard and feared, but eventually that fear turns into reward and the cold starts to warm. This would be Mrs. Holmes my 6th grades science teacher and first F I ever received on a test. Next would be the warm and encouraging type. You learned so much simply because you wanted to please them. This would be my 10th grade English teacher, Mrs. Prejean who introduced me to Anne Sexton on the first day ( no damn summer vacation essays from her either).I wouldnt have memorized that ridiculously long Friends, Romans, Countrymen speech for anyone else. Mrs. Lampo didnt quite fit into either category. I suppose she was hard, but not especially challenging. I didnt warm to her, nor did I truly respect her. I did, however, like to argue with her. This was her fault of course. She introduced our poesy unit with this long flowery speech about how no opinion or interpretation of a poem could be wrong. There were no tedious questions or bad observations. Once again, as a fellow educator I can see what she was trying to do.She wanted to create a safe atmosphere for us to speak up and discuss. The only problem with that was she announced to my class that my observation was dead wrong only 15 minutes afterwards her flowery speach. I didnt burn with shame, sort of I took it as a challenge. Maybe this challenge was just what I needed to motivate me to rise myself to her academically or maybe all it motivated me to do was toilet paper her house and leave an egg in her mailbox with a sour note about Thoreau. Back to my first week assignmentThese personal essays had a cold fearful grip on me.Usually my writing treat involved mulling the topic over for a bit and then pouring it all out on paper the day or so ( or occasionally the period) before it was due. I didnt proofread or spellcheck. I finished them in a flurry and handed them in. I think I was afraid if I gave them a proper reading I would be too embarrassed to even have them graded. My spelling was not something to be envied. I never quite got a great grasp on grammar either. To this day I couldnt tell you what a gerrand is. I somehow managed to get As, although my paper were usually heavily marked with red..These essays were different. I was supposed to reveal something about myself. To her. To someone who could be my motherand that would be the last person I wanted to be ungua rded around. Sometimes I still feel that way. I briefly just considered making it all up. Some fictional crap that would contact her little assignment and still get me a good grade. It might even be fun, making things the way I wanted them to be instead of how they were. I also considered doing what I usually ( yes still) do when I am a bit uncomfortable and guardedbeing funny.Writing decent essays, but not digging in. Keeping them on the surface and full of satire. The struggle was I couldnt do either. It felt like I would be cheapening it somehow. I didnt trust this Mrs. Lampo or her mole. It was still too early to tell if she would earn my respect, but I realized the writing already had. That it didnt just get to scratch the surface or be passed off as a joke. That it was bigger than my fear. So I did it. I wrote about my fears and my hopes and my proudest moments. I impersonate it all on paper and fearfully turned it in.Who it was this 16 year old girl thought she was. I saved one of those essays. I think it is in my high school box up in my parents attic. I did get an A. I cant remember if it was really any good or not. I didnt sign up to be my high school newspaper editor or go on to pursue a degree in journalism. I didnt spend all my free time writing short stories instead of watching 90210, but it did teach me that this writing stuff was real. It had to be vulnerable, and it was most certainly to be respected, big hairy mole and all.

How Capital Structure Affects UK Cost of Capital

How gravid organise Affects UK Cost of CapitalAbstractFirms require a reasonable outstanding social organization to meet the required target. To rustle the finance, firms normally choose to examine several(prenominal) divergent factors that be taken into account in considering.In this study, the author go away examine the correlation surrounded by chief city social social organization and the greet of the cap. As the bell pass on be a main factor for the firms to get up the finance. And different of groovy twist will mother variable live.This promulgate will review the literary productions in capital structure and cost of finance. A retentive with the availability of source of finance, including the matching principle, a storied tools tradeoff theory. As well as the argument follows, pecking army theory and assurance cost theory.Drawing a closing based on the inquiry subject argona data collection. Justify the relationship in how capital structure affec ts capital cost.IntroductionThe term capital structure refers to the mix of different types of bullion which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by personaholders funds whereas others take aim a good deal greater use of buy outings.Since the seminal macrocosmation of Modigliani and Miller (1958), corporate finance researchers entertain devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). profound progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on monetary contracting theory (for example, Barclay and Smith, 1995 Mehran et al., 1999 and whole meal flour et al., 1998 and, for an internationalist view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such(prenominal) as risk and investment funds opportunity set affect cont racting costs. In turn, these costs advert on the alternative amid alternative forms of finance such as debt and equity, and among different classes of fixed-claim finance such as debt and leasing.The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making fiscal decision in the firms. books review2.1 Theory of capitalThe origins of capital structure theory lie in the models of best capital structure that were developed in the wake of the famous Modigliani-Miller irrelevance theorem. These models after became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963 Baxter, 1967 Gordon, 1971 Kraus and Litzenberger, 1973 Scott, 1976 Kim, 1978 Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. loser and agency relations) and a measure advantage of debt produces an optimal capital structure at little(prenominal ) than a 100% debt financing, as the tax advantage is traded off against the likelihood of subject the costs. This theoretical result is now widely accepted in the profession.However, in seeking to model the wide diversity of capital structure practice, a turn of additional factors feed been proposed in the literature.2.2 Factors that affect capital structureFirst, the use of debt finance can reduce agency costs between managers and shareholders by increase the managers share of equity (Jensen and Meekling, 1976) and by reducing the free cash available for managers personal benefits (Jensen, 1986).Second, Myers and Majluf (1984) reason that, under asymmetric in arrangeion, equity may be mispriced by the market. If firms finance new visits by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the misp riced equity by the market. Internal funds involve no undervaluation and plain debt that is not too unwarranted will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a eventually resort.Under this model, in that respect is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The gustation for internal equity implies that firms will use less debt than suggested by the trade-off theory. separate factors that have been invoked to help explain the diversity of capital structures include management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991).2.3 How to financeThe conventional discussion on a firms choice between semipermanent and pathetic-term debt has generally focusinged on three aspects matching debt maturity with asset life extending the term-to-maturity of loans to stretch the firms debt capacitance and concentrating semipermanent debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax- quantify option, and teaching asymmetry, to the debt maturity choice paradigm.Brick and Ravid (1985) show that taxes can withal imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure.When firms cannot reveal the true look of their cash flows, i.e. when information asymmetry exists, they can prevent or ease up undervaluation by using a variety of signalling devices, such as de bt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the adventure to renegociate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986).In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate co ntrol and in the historical role played by banks and security markets.MethodologyThis survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they envision their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice.The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and programme the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between Amer ican and UK financial systems since the former system focuses on maximizing shareholder wealth patch the later emphasizes the welfare of all stakeholder including employees, creditors and even he government.To examine this difference, the author pray the chief financial officers astir(predicate) the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share.3.1 SamplingThe initial archetypes for mailing the survey consist of a follow of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted beca use they declined to participate in the survey, leaving a lowest sample of 31 firms.The survey was anonymous as this was an important criterion to obtain honest repartees. In the mailing a letter was included that was communicate to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent.3.3 Summary of findingsThe respondent firms represent a wide variety of industries with a larger concentration in manufacturing archeological site expertness and transportation sector high technology and financial sectors. About three forth of firms have a target debt to equity ratios, and about fractional of these firms hold up a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of eq uity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15%The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section.AnalysisThree sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital.The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial t ractability. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments.Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of cause in managers mind and how it will be impact on the decisions.In summary, to analyse a companys capital structure, we assume that the company is only financed by both ways, every by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure.Figure 8 twain advantages and two disadvantages of borrowingAdvantagesDisadvantages1. Cheap strike c ost because debt is less risky to the investor1. pecuniary leverage causes shareholders to increase their cost of capital2. Cheap direct cost because interest is a tax deductible expense.2. Bankruptcy risks if borrowings are too high.The main advantage of borrowing is that the debt has a cheaper direct cost than equity.Debt is less risky to the investor than equity (low risk result a low required provide)Interest payments are tax deductable whereas dividends are not.However, borrowing has two distinct disadvantages. first of all it causes shareholders to pay increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation.The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes strong f or passing geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital.Limitation and Ethical issueThe research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as check enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some sealed time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited issuing of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judicial decision their financial structure in the case some of this could be their classifie d information.The ethical issue has been raised in this research this will be honestness in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The impressiveness of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not deficiency to share all the information regarding to the financial statement.ConclusionThe purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure poignant the cost of capital. The analyses give rise to the following conclusions.The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the fa cts in reality.The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast the long term finance may require more information and contentment of the firms. The cost of capital depends on how firms finance their capital structure.Reference and bibliographyBarclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, journal of Finance, Vol. 50, zero(prenominal) 3 (July)Baxter, N. D. (1967) Leverage, the adventure of bump and the Cost of Capital, journal of Finance, 22Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, journal of Finance, 40Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February)Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance induction from the Field, Journal of Financial economicals, Vol. 60, Nos. 2/3 (May)Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA)Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Economics, Vol. 20Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March)Jensen, M.C. (1986), deputation Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2,Jensen, M.C. and W. Meckling (1976), Theory of the Firm managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23Kraus, A. and Litzenberger, R. (1973) province preference model of optimal leverage, Journal of Finance, 28Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2Modigliani, F.F. and M.H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, Vol. 48, No. 3 (June)Myers, S.C. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, Vol. 5, No. 2 (November)Myers, S.C. (1984), The Capital Structure Puzzle, Journal of Finance, Vol. 39, No. 3 (July)Myers, S. and Majluf, N. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13,Rajan, R.G. and L. Zingales (1995), What Do We Know About Capital Structure Choice? Some Evidence from world(prenominal) Data, Journal of Finance, Vol. 50, No. 5Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and duodecimal Analysis, 14Williamson, O.E. (1988), Corporate Finance and Corporate Governance, Journal of Finance, Vol. 43, No. 3 (July)Advantage and disadvantage of borrowing, available on website www.accaglobal.com, access on 28.04.2010How Capital Structure Affects UK Cost of CapitalHow Capital Structure Affects UK Cost of CapitalAbstractFirms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering.In this study, the author will examine the correlation between capital structure and the cost of the ca pital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost.This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools trade-off theory. As well as the argument follows, pecking order theory and agency cost theory.Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost.IntroductionThe term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholders funds whereas others make much greater use of borrowings.Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to in vestigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995 Mehran et al., 1999 and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing.The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms.Literature review2.1 Theory of capitalThe origins of capital structure theory lie in the models of optimal capital structure that were deve loped in the wake of the famous Modigliani-Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963 Baxter, 1967 Gordon, 1971 Kraus and Litzenberger, 1973 Scott, 1976 Kim, 1978 Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession.However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature.2.2 Factors that affect capital structureFirst, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managers share of equity (Jensen and Meekling, 1976) and by reduc ing the free cash available for managers personal benefits (Jensen, 1986).Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort.Under this model, there is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain ea rnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory.Other factors that have been invoked to help explain the diversity of capital structures include management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991).2.3 How to financeThe conventional discussion on a firms choice between long-term and short-term debt has generally focused on three aspects matching debt maturity with asset life extending the term-to-maturity of loans to stretch the firms debt capacity and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm.Brick and Ravid (1985) show that taxes can also imply an opt imal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure.When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Fir ms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986).In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets.MethodologyThis survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice.The survey was developed after a careful review of the c apital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government.To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share.3.1 SamplingThe initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample wa s based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms.The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent.3.3 Summary of findingsThe respondent firms represent a wide variety of industries with a larger concentration in manufacturing mining energy and transportation sector high technolog y and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15%The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section.AnalysisThree sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the p ecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital.The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments.Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions.In summary, to analyse a companys capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure.Figure 8 Two advantages and two disadvantages of borrowingAdvantagesDisadvantages1. Cheap direct cost because debt is less risky to the investor1. Financial leverage causes shareholders to increase their cost of capital2. Cheap direct cost because interest is a tax deductible expense.2. Bankruptcy risks if borrowings are too high.The main advantage of borrowing is that the debt has a cheaper direct cost than equity.Debt is less risky to the investor than equity (low risk result a low required return)Interest payments are tax deductable whereas dividends are not.However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation.The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital.Limitation and Ethical issueThe research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as correct enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited numb er of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information.The ethical issue has been raised in this research this will be honesty in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement.ConclusionThe purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses g ive rise to the following conclusions.The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality.The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure.Reference and bibliographyBarclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, Journal of Finance, Vol. 50, No. 3 (July)Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February)Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance Evidence from the Field, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May)Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA)Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Econom ics, Vol. 20Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March)Jensen, M.C. (1986), Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2,Jensen, M.C. and W. Meckling (1976), Theory of the Firm Managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2Modigliani, F.F. and M.H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, Vol. 48, No. 3 (June)Myers, S.C. (1977), Determinants of Corporate Borrowing, Journal of Financial Econ omics, Vol. 5, No. 2 (November)Myers, S.C. (1984), The Capital Structure Puzzle, Journal of Finance, Vol. 39, No. 3 (July)Myers, S. and Majluf, N. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13,Rajan, R.G. and L. Zingales (1995), What Do We Know About Capital Structure Choice? Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and Quantitative Analysis, 14Williamson, O.E. (1988), Corporate Finance and Corporate Governance, Journal of Finance, Vol. 43, No. 3 (July)Advantage and disadvantage of borrowing, available on website www.accaglobal.com, access on 28.04.2010

Artists Expressing Their Feelings Through Objects English Literature Essay

Artists Expressing Their Feelings Through Objects English Literature EssayArtists express their feelings and what is in their minds through tendencys. Further, objects whitethorn also be utilize to express ruseists spirit or religion or orientation they expect on various issues existing in their environment. Basic idea behind objects is maintained by strong symbolism incident on objects. Most of the cartridge clips when a effect of art is displayed, people focus on the meaning the object is projecting rather than the description and the accuracy of the object. It is symbolism that makes attain produced by artists to be interpreted in m both panaches. Even if every organic structure looks at the same flip of work, they will have varying ideas in their minds. It is only the creator of the piece of art who has the ultimate meaning of it. It is the inventor who shows his or her invention better than any other person. This implies that a mere observer of a piece of art will alw ays have a different idea about that piece of art. Often the under associationing is shallow and devoid of depth in meaning. Sometimes it requires one to study the background of the artist in order to get perceptiveness and deeper understanding of his work. Some artist may tell orally or in writing the meaning behind their work. By doing so, they allow people to have a better view of their world of thought and what their work stands for or represents. However many symbolists do not do so. They leave their work of art discourteous giving room to varying interpretations. such(prenominal) open interpretation technique also applies in day aspirations. No one person can understand another persons imagine. Just like a piece of art, building blocks of dreams are experiences, feelings and emotions that tender beings go through when they are awake replayed in their state of sleep. Such experiences are not universal. They are unique and experienced at different times under different circ umstances. It is the wearer of the shoe who knows where it pinches. Likewise it is the owner of the dream who knows its spring and probable implications in his or her life.Symbolists may also use a piece of art or a painting to express their emotions or feelings at a particular time. Art an expression of what one has seen, experienced, tasted and felt. It is important to note that artist do not exist in a vacuum. They live in spaces in the world where lives are shaped by what people go through. These experiences allocate deep meanings on a piece a carving, a form or a painting. Over time, mood, maturity and circumstances of the artist May change. These changes will have an effect on interpretation of the piece of creation in general.It is not easy to comprehend what dreams are and why people dream. Existence of dreams and their meaning has been and continues to be a curious subject at bottom the scientific society. Sigmund Freud work attempts to classify sub conscious mind into three parts. Id, swelled head and the superego. He asserts that these sections are the inner desires that constitutes and complete the dreaming process. In his work, he defines ego as that part of the promontory that is responsible for self awareness. He explains that this sections aids functionality of individuals. This is because it is aware of senses and recognitions of the world and how the world works. On the other hand, he considers the Id as the section populate by desires that are more ofttimes primal and primitive. Such cravings according to Freud include uncontrolled pursuit of pleasure and sexual desires. Finally, the superego functions as a censor of the Id.It suppresses evil desires and acts that are considered immoral by the wider society. It also turns desires of the Id into symbolic images or figures inside dreams(Sigmund,pg 67).Incontestable fact is materials that constitute a dream can be traced back to experience the dreamer has gone through. These materials ar e then memorialiseed or reproduced in the dream. However, in making assumption that connection between reality and dream content is obvious deliberate and careful effort should be applied before lying claim that connection between the two exists. Certain peculiarities within the memory faculty have so far defied explanation. Being fully aware of such peculiarities will make it easy for dreams to be understood.In a dream context, certain materials exist and cannot be traced as part of experience and knowledge in a wake state. Most of the times, an individual is able to remember having dreamt of the things but cannot recall actual experience or moment of its happenings in the dream. The source of such experience and knowledge in the dream remains snarled and one is tempted to believe in a separate independent activity. The truth is dreams can be mysterious as well as baffling. The same way people extol what a piece of art means or represents, so is with the process of interpreting dreams. It is quite intriguing what a specific dream means to an individual. Largely, dreams still remain mysterious not only to the dreamer but also to scholars who have dedicated time and resources to study them. In bitchiness of tremendous progress made in the field of science, a lot of ground is yet to be covered.Sigmund Freud has referred to a dream as royal roadway.to the unconscious. This is a timeless statement that will remain relevant in psychology for a long time. He says that each and every dream is a fulfillment of hush-hush wishes. This is a theory he held on until he died. The idea that secret wishes are hidden in a dream is a central and very classical Freudian psychoanalysis. Other ideas on dreams exist besides Freudian theory. There are people who believe that dreams contain nonmoving or fixed meanings. If you dream about onions, it means hard work.. Others believe that. If you dream about death, death will occur in your family.Some new scientists claim that d reams are images line of productsating from uneven electrical activities in the human brain as it housecleans itself during sleep. Others who include Freud believe in unconscious relevance of dreams and view them as fulfillment of human wishes. The truth of the matter is, dreams are a valuable hint on how to better human lives. In psychotherapy-dream itself cannot be used. When narrating a dream to another person, dream is put into words. This is an unrealistic representation of images and symbols observed in the dream. Words can only paint a picture on somebody else mind through description. But they cannot completely be an alternative to the object or image seen during the dream. Talking about dream only gives the text of perception about it.Significance of imagery and symbolism in dreams.Since the beginning of time, dreams have been objects of mystery and fascination. A clear and vivid image during sleep seems to originate from sources removed our conscious mind. Every dream se ems to be a clear message from the unconscious part of human beings that points to the conscious part and then expressed in a language that needs to be understood. Dreams have been referred to as the loyal path or road to human souls. They are composed of varying elements of human identity .According to Dreyer, On the most superficial level we can look at the dream as a commentary on some or ordinary everyday experience or situation that the dreamer is dealing with. On a deeper level we can explore the dream taking grade in the dream with each image and symbol in the dream representing some mental aspect of the dreamer.The conscious mind is always slow in allowing us to have full recollection of dreams. Since dreams deliver messages to humans in images and symbols, human conscious preconceptions are frequently disturbed and make one to wonder who people are and who they are about. Like a play with sub-plots and plots so is a dream. Numerous actions take place in a dream. Though dr eams often exaggerate feelings and images in bizarre and grotesque way, these images and symbols are not to be taken lightly. Comprehending dreams is like exploring a piece of poem or a prose. They open up to a whole world of fantasy and imaginations which reveals to human the various aspects of self that are long kept secret like a hidden treasure awaiting discovery(Nicky,pg 32).Every dream is unique. Possessions and personal experiences of the dreamer are many and are different from one dream to another. Images that are also similar in a dream might get different meaning for different people. This is because context in which dreams occur, individual experiences and lives are completely different. Rightness or nicety of a particular symbol or image is only known to the dreamer when it comes to interpretation of the dreams. However, there are some universal symbols and images that occur in a dream. Exploring possibilities the images represent can help to deepen and enrich the con ditional relation of a dream and open it up to deeper layers of meaning. Things that are dreamed about possess emotions as well as deeper psychological significance. This is more than what might appear apparent if one can consider a dream about a home or a house. You cannot escape from the fact that it may be a setting of a specific house one is aware about. A place one has dwelt in, seen or visited. A strong connection exists between the context of the dream and the reality of the house. What is happens in the mind or in the body in a waking state is invoked in the dream about the house or the home. One might be reminded about his or her experiences when puppyish and living in the house. Feelings of alienation and belonging, harmony and conflict, insecurity and security during our stay there might appear in the dream. The house psychologically becomes an extension of the fleshly being and identity in the world. Some unfamiliar rooms or places in the house may stand for unexplaine d sections of potential resident in ones personality. Trying to explore unfamiliar house may indeed turn out to be a representation of somebodys effort or journey to stop or interrogate further his or her own personality. This may as well have an extended meaning of effort made in exploring the psychological issues that resides in a persons emotional space. When one dreams of going back to a room in a house he or she knew when young, it may stand for a known or familiar situation but possessing different possibilities (Zygmunt, pg 38). Reactions and feelings to inhabitants and the house or its context is important in comprehending the importance or significance of the rooms or the entire house in the dream. This may as well stand for a wish to go back to a time of innocence during childhood or a desire to go on and leave the house by getting on with some unconcluded business in life. A unique view of ourselves as presented to us by dreams is always a factor that cannot be ignored. This more often than not originates from wiser and deeper sections of our psyche. It behaves in a way to moderate and counterbalance our perceptions. Sometimes, dreams comment on a wider worldwide and cultural issues. However it must be constellated within the confines of the entire community and our psyche.Conclusion.In psychology, wish fulfillment means realization of desires through thought process that includes neurotic symptoms, daydreams and dreams. Freudian psychoanalysis observes wish fulfillment as something which happens when superego and ego rejects cravings of the unconscious. This often happen due to guilt and fear as a result of constraints imposed on people by the society and the culture. He observes that origin of dreams is an attempt by the unconscious to deal with inner and outer conflicts that emanate from present or past occurrences. He suggests that bad dream let the brain learn to gain control over emotions resulting from distressing experiences (Sigmund, pg 11 7). Another scientist by the name Ferenczi observes in his work that dream, when told, may communicate something that is not being verbalize outright. Hartmann on the subject of the dream says dreams may function like psychotherapy, by making connections in a safe place and allowing the dreamer to integrate thoughts that may be dissociated during waking life.. This observations made from Scholars of the authority on the subject do not point to specific danger caused by dreams. It is quite clear human will have to contend with dreams and study around the subject will continue to attract attention.

Subjective well-being at the workplace and organizations

innate substantially-being at the schoolplace and arrangementsEven though the psychologists explored the human behavior especially un bless(prenominal)edness in detail but the positivity was ignored in the past. Until 1974, the Journal Social Indications explore founded and dedicated adult number of articles to Subjective upbeat. The literature of SWB shows or focuses on why and how mickle see corroborative focal point of spirit-time including cognitive judgments and affectional reactions. By cognitive judgment it content life satisfaction and by affective reaction it means positive and negative affect. In past many researches used the affective dimension to measure eudaimonia. For instance, using the traits of negative affectivity and positive affectivity to explain the well(p)-being of employees but the measurements of the cognitive dimensions were uncommon. So, Because of this Diener developed the measurement of Satisfaction with Life scale (SWLS) 1985. It valuat e some single on their own kinda on the researchers judgments. One of the definitions for happiness agree to Diener (1984) is satisfaction of life (Diener, 2000).Despite lots of researches exploring the exclusives happiness sources, no whiz of the theories of natural well-being has risen to dominate this bea of involve as the main reason for this is incomplete existing SWB theories. mental theories of SWB atomic number 18 divided in to two main categories, top-down approach suggesting individuals that are happy as they are inclined to react to the circumstances in a positive way while the bottom up approach uphold that individuals are happier because of numerous happy moments in their lives. in that location are tether characteristics of personal well-being beginning is breeding of SWLS. Secondly it includes not only positive but besides negative measures and finally SWB measures global assessment of all peoples life aspects (Diener, 1984). Donaldson (2009) outlined p ositive mental science as a term that focus on excellence, happiness, gratitude, flourishing, immanent well-being, strengths, flow, resilience and positive organizational scholarship.This section focuses on positive as well as negative Subjective well-being in the organizations but more than(prenominal) than importance is given to positive aspect. Circumplex model (Russell, 1980, 2003) as a liberal conjectural frame work to distinguish betwixt positive and negative work think native well being. Positive inbred well-being includes work happiness, blood line satisfaction and work engagement where as negative SWB includes burnout and workaholism. Psychologists and sociologists are focusing in happiness and subjective well being from many years (Veenhoven, 1991). lately happiness also gain importance in the field of economics (Layard, 2006) and is the central focus in the positive psychology movement (Sleigman Csikszentmijhalyi, 2000). This field of psychology has focus o n the positive aspects of the individuals to help them flourish. Psychology, sociology and economy all of these fields in together burn down contribute in better understanding of the employee happiness in the organization (Bakker and Schaufeli, 2008).Definition of Subjective Well-Being (SWB)Subjective well-being means that how people assess their lives. Its a normal positive state that involves the hearty life produce. This assessment may take the form of cognitions when person makes conscious evaluative judgment rough their satisfaction with life as whole. A person is having high subjective well-being if he is at ease with his life and having back up positive experiences or senses such as joy and happiness and in frequent negative feeling such as sadness and anger (Diener, Sandvik Pavot, 1991). Subjective well-being is a trait not a state. Many researchers argue that individual wee-wee a set-point for happiness level and this is fixed and crucial part of our performance. S o, SWB is very important as without it human beings shrink their skill to gather in demand(p) assets and weaken their ability to handle and remain flexible in the face of challenges (International Well being Group, 2006).According to Windle and Treuer (2008) subjective well-being is vital because positive feelings and experiences establish a range of personal resources i.e. physical, social, intellectual and psychological and they defined SWB as a normal positive state of mind that includes the whole life experience and stable happiness. According to Diener (2009), subjective wellbeing indicates satisfaction of life high positive emotions like passion, joy and love reduced negative emotions like anger, natural depression and also satisfaction with various other aspects of life like work, marriage, health.Diener (1984) said that subjective well-being is an umbrella term that evaluates ones lives including life satisfaction, pleasant emotions, feeling of fulfillment, work and mar riage satisfaction and lowest level of satisfactions. Researchers used the term subjective well-being rather than happiness as it has varied meaning depending on the life event. Although life satisfaction is is an important aspect of life but not for all people as people want to be happy for level- walked reasons and presence of vital things although they are not happy with it. So, it can be argued that subjective well-being is just an important component of good life. Diener also give tongue to that demographic factors like age sex, income, ethnicity and education has 20% variance in subjective well-being. It is also stated that married people are happier than unmarried people over that women are happier than men.Diener (2000) studied the relation between the resources and subjective well-being and they predicted that internal resources like self confidence were best predictorsof subjective well-being in college students rather than external resources like money due to that with the help of internal resources external resources can be obtained too. Culture does comport influence on the subjective well-being of the individuals.Diener and Biswas-Diener (2002) and Diener and Oishi (2000) have worked a lot on relationship between money and happiness. Their studies showed findings that positive correlations exist between income and subjective well-being of wealthy nations. monied nations have high subjective well-being than the poor nations. But always its not the same in case when the employees pay is increased he is bland unhappy as its stressors are more like high expectations in return. It was also found that materialistic people have low subjective well-being because people who have high desire for money dont care about the social relationships and are insecure. People with high subjective well-being have the pastime characteristics that is they have more friends, more likely to get married nad stay happily, have good services are more involved in leade rship roles and live longer.2.3 Subjective well-being at WorkAccording to Dieners (2006) definition of SWB, an employee has elevated work related SWB if he is satisfied with his crinkle and have frequent positive experiences and infrequent negative emotions. Positive emotions are employees experiences at work investigative of engagement, happiness or satisfaction. Diener (1994) also stated that when SWB, term is prove it must be immediately noted that its not the same as happiness but synonymous to it. It can be defined as broad category that includes peoples emotional response, domain satisfactions and global judgments of life satisfaction. Sleigman (2002) also said that positive psychology is the scientific study of how humans achieve happiness and psychical satisfaction, in order to discover how people can lead the most productive lives possible. It is about positive subjective experience i.e. well being ad satisfaction. In short, positive psychology is a science of subjective well-being.Diener sees life satisfaction as a factor of SWB and subsidiary to it (Camfield and Skevington 2008). International experts defined subjective well-being as an umbrella term for distinguishable valuations that person make related to their lives, the actions experienced by them and the situations in which they survive. rapture is referred many times as positive affect but it can also be related to positive mood generally, a global evaluation of Life satisfaction, living a good life and the causes or reason of happiness (Diener, 2006).Now, we will discuss positive and negative emotions of work related SWB by placing them in the circumplex model. Russells (1980, 2003) circumplex model tramp forwards that affective states occur from two basic neurophysiological systems, one linked with pleasure-displeasure continuum and the other with arousal and activation. Each experience of emotions can be analog combinations of theses two proportions as varying degrees of both pleasu re and activation.Figure 2. A two-dimensional view of work-related SWB (adapted from Russell, 1980, 2003).2.4 Positive forms of Work related SWB2.4.1 Work engagement it is defined as an optimistic, gratifying, work related state of mind that is portrayed by vigor, dedication, and absorption (Schaufeil and Bakker, 2010). Its position in circumplex model is at upper right quadrant resembling high levels of pleasure and activation. Vigor means high level of energy while working and persistence even in the face of difficulties, dedication means being strongly in ones on work and experience a sense of enthusiasm and lastly absorption mean being largey change state in ones own work . Because of engaged employees positive attitude towards them selves, employees buildup their own positive feed back in terms of appreciation, recognition and success (Bakker, 2009).2.4.2 Happiness at work numerous researchers have connected subjective well-being with the term happiness (Cropanzano and Wrigh t, 1999 Easterlin, 2001 Sleigman, 2002 Lyubomirski, 2001). It refers to high level of activation as being satisfied and some hat lower as being excited. According to Fisher, (2003) more than 90% of workers agree that happy workers are productive workers as they are more active, energetic and occupyed in work and persistent to face difficulties as compared to unhappy employees. It is important to distinguish happiness as a specific emotion from other measures that cover a range of positive and negative emotions (Veenhoven, 1984).2.4.3 Job satisfaction it is most studied form of work related SWB and it can be placed in the right lower quadrant of the model, as it reflects a high level of pleasure and a lo level of activation. According to Grebner, Semmer and Elfering (2005), employees having satisfaction with their jobs experience high pleasure, but may have limited energy and aspirations. Similarly, Bussing, Bissels, Fuchs and Perrar (1999) said that decrease in aspiration level can result in a positive state of satisfaction and over all job satisfaction is closely related to the experience of satisfaction as positive emotion in the work place.2.5 Negative Forms of Work-related SWB2.5.1 Workaholism it is placed in the upper left of the quadrant reflecting lower levels of pleasure and high levels of work activation workholism is an inner drive to fight back and work unattackable (Oates1971). According to Tris, Schaufeil and Shimzau (2010), workholism is an employee has compulsion to work incessantly and give exceptional time to work and to meet judge organizational requirements.2.5.2 Burnout its placed in the lower left of the circumplex model reflecting low levels of pleasure and activation. According to Masiach and Jackson (1986) it was originally conceived as work related syndrome that most often occurs among individuals who work with other people. Consistent with our categorization of SWB according to circumplex model and some researches have suggested t hat burnout is the opposite of work engagement (Gonalez-Roma-Schaufeil, Bakker and Lloret, 2006).According to Noll (2002) the individual is himself or herself responsible to evaluate their lineament of life in terms of subjective well-being. The subjective well-being construct is comprised of four different componentsLife satisfaction (universal judgment of ones own life).Satisfaction with obligatory life domains ( family, health work)Positive affect ( many positive emotion and moods experienced)Low negative affects ( familiar with few unpleasant emotions and moods)Dolan and White (2006), regard as these mechanisms of SWB as divisible elements. a person for example who have high level of positive affect for a particular event will be dissatisfied because he has failed to achieve personal aim. Alternatively, an individual experiencing negative affect may be satisfied by comparing himself to an individual in less favorable situation. There are flummox ethnic differences in happine ss and life satisfaction that are not completely explained by income differences. Bradburn (1969) study showed that Subjective well-being was moderately associated with adjustment, neuroticism, work satisfaction and family situation, but were considerably associated to each other.Concluding, the psychological pack following are its key features psychological bundle is found on beliefs and perceptions and is different for each individual although in the same organization. They are implicit and are thought to be inferred from obligations made by the organizations or employees and conclusions are drawn by one party by observing the behavior with the other party. There is an exchange relationship in it so its founded on the ruler of reciprocity the implied promises to behave in certain way to work, psychological shoot is also based on perceived or observed agreement rather than actual or written agreement, in which the terms are continuously re-written as the parties interact and m utual expectations, obligations and promises are generated and implied. The employees have a heart as well other than a hand and a head which is mostly over looked by the organizations that have focused just on hiring the hands and head ignoring the heart. Subjective wellbeing is satisfaction with life and positive emotions and moods having low level of unpleasant emotions. Studies have revelaed that the income, religion, education , intelligene have only 15% of effect on th subjective well-being. The focus of happiness that who is happy has been shiftd from when and why people are happy (Diener, 2000).Chapter 2 Literature Review.The growing body of literature on the psychological contract reflects collecting confirmation or verification for its great strike on assorted work-related outcomes. The literature review estimate that employees evaluate their incentives legitimate from their organization by comparing it with the promises made and this estimation leads to psychological co ntract fulfillment or breach impression (Turnley Feldman, 1998). The over view of PC research shows that there are about 100 or more empirical studies on psychological Contract out of which 60% were on the breach and 30% on content of psychological contract. Psychological contract breach or violation has been correlated with mistrust, job satisfaction, intention to quit, actual turn over, actual performance, organizational commitment and absence .Based upon research by Guest Conway (2001) 84% of managers had heard of psychological contract, 36% of managers apply it to deal with the employment relationship. Similarly, Guests (1998) explain why the Psychological contract is important and should be taken seriously. First reason was that from the last few years the focus is being shifted from industrial relations to employee relations and this can be explored through the construct of Psychological contract. Second reason is it focuses on distribution of power and finally it has abilit y to incorporate large number of organizational concepts.In 1998, Turnley and Feldman study found that twenty five percent of their employees sample felt that they received less than they had been promised like health care benefits, job related swarmage, power to make vital decisions, career development and responsibilities. Similarly, Robison, Kraatz and Rousseau (1994) study found that fifty five percent of the sample reported contract violations by their employers by and by spending two years at the organization and these violations were related to training and development, promotion, compensation etc. These studies indicate that workers or employees are quite cynical about the organization that whether they accomplish their pledges. In the past organizations focused on employees loyalty and honesty to the organization but currently they need flexible employees who learn more skills and abilities, to work under pressures and are more marketable for the organization (Herriot an d Pemberto, 1995, Sparrow and Marchington, 1998). The current state of psychological contract is much similar to the past as four out of five employees are satisfied with their job, there commitment ha not declined but there trust has declined over the years according to the CIPD surveys (CIPD, 2005).According to Guest and Conway (2002), 1,306 senior HR showed that Psychological Contract offers employers a framework within which they study how to administer the employment relationship. So, the main role of the Psychological Contract in an organization is to make most out of their human capital which means what employee expect from their employers (Guest and Conway 2002, CIPD 2005). CIPD concluded that employees today seek one of the three types of psychological contract with their employee Traditional those who seek long term tenure and work long hours. Disengaged for those whom work is not a central life interest and seek no emotions to their employers and Independent those who are well qualified and seek short tenure and high rewards. In a qualitative study by Herriot, Manning, and Kidd (1997) it was found that the comparative component of psychological contract was more frequently mentioned than was the transactional component and therefore seemed more important. Similarly, Zhao, Wayne, Glibkowski and Bravo (2007) also found in a study that the association between relational breach and job satisfaction, turnover intentions and organizational citizenship behaviors as much stronger than association between transactional breach and job satisfaction, and the in a higher place variables.According to suggestion of Berman, E.M. and West, J.P. (2003), psychological contract involves work load, work schedules, authority, work quality, responsibility, interpersonal relations, job security, rewards, promotion, career development, loyalty, working relation with immediate supervisors, specific behaviors of employees and managers and one by one preferred working flai rs other than employees and employers. While Devidson (2001) recommended that employee hopes involve benefits and rewards, job security, safe and comfortable working conditions, personal development opportunities and career progression, fair treatment, work life balance, working hours, job challenges on the other hand employers expectations involve high productivity for reward, working under organizational objectives. According to Collin (2010) psychological contract fulfillment is found to be strong predictor of turn over intention and finding suggest that turnover can be moderated if leaders of organization have strong relation based on respect, trust and mutual obligations and uses them to fulfill the unwritten contract between firm and the employees.Rousseau (1995) investigated that the psychological contract in origin relationship is a key ingredient between employees and employers and at work place it could be influential determinant of behaviors and attitudes. Researchers l ike Coyle-Shapiro and Kessler (2000), Tekleab and Taylor (2003), Turnley and Feldman (1999), Robinson and Rousseau (1994), findings showed that fulfilled contracts are positively related to organizational commitment and the effective functioning of the organization. The fulfilled psychological contracts have positive association with employees and organizational outcomes.A foremost research was conducted by Psycones (2006) in six European countries and Israel. The sample size was 5288 employees (1981 were temporary employees and 3307 were permanent employees) working in 202 companies of education an industries and retail welkins. The results of this study were violation of promises made by the employer reduced the job satisfaction. Workers receiving power at work, fulfilling promises from their supervisors show higher satisfaction the more the promise fulfilled by the organizations the more the employees are committed to the organization and the violation of employer or employee ob ligations lead to quitting the job.Suazo, MarK, Turnley, William H., Mai-Dalton, Renate R (2008) conducted a study on characteristics of supervisor subordinate relationship as predictors of psychological contract. The sample size was 234 full time employees out of which 41% were males and 59% were females and the mean age of the participants was 37years. The data was collected through emails. The aim of this study was to fare the factors like gender, cognitive style and melt present between employees and employers predicting psychological contract breach. The hypotheses were that greater similarity between the cognitive styles of supervisor and subordinate will reduce the likelihood of psychological contract breach, the gender will be a specific factor in predicting psychological contract breach and subordinates with mix races will perceive more psychological contract breach than subordinates in same race supervisor subordinate dyads. The results proved that the cognitive style wa s negatively related to perceived Psychological contract breach and where as gender and race were not significant predictors of psychological contract breach. The cognitive approach of the supervisors and subordinates towards a problem, matters more than gender and race in predicting psychological contract breach.Lester, Claire, Kickul (2001) paper studied the status of psychological contract in 21st century. Employees recognized the importance of various aspects of psychological contract and the degree to which their organization had fulfilled theses obligations. The purpose of this study was to examine the employer inducements which are considered more important by the employees, to find how well the companies are fulfilling their obligations and also to know the discrepancies between the perceived importance and fulfillment of psychological contracts obligation affecting employees behavior at work. The numbers of participants were 268 fulltime employees out of which 51.7% were ma les and 48.3% were females and the average age was 27.6 years old. The respondents belonged to different occupational fields like finance and banking, sales and marketing, computer science, accounting, human resource and staffing, engineering and organizational consulting. The findings showed that the organizations also struggle to fulfill components of psychological contract mostly accepted by the employees. The discrepancies between the perceived importance and fulfillment have significant effect on satisfaction and turnover of employees. Employees performance was also effected but to less extent. Similarly, Bergmann (2001) investigated relational component of the psychological contract across time, generation and employment status. His study focused on just one type of psychological contract and went to its details. The sample size was 204 individuals of three different generations 68 were college students, one of each of their parents and grandparents were also included in the s urvey. From 204 participants 56% were females and 75%of students and their parents were employed where as grandparents retired and 44% of students were full time employees. The respondents were also asked for their perception regarding psychological contract on four different time periods 1900s, 1950s, 1960s and 1970s. There was significant difference between psychological contract scores for 1950s and 1960s, 1970s and 1980s. The interaction effect of time and generation on assessment of the relational component of psychological contract was not significant i.e. the subjects viewed psychological contract same across time regardless of changes in generation. So it was stressed that the relational components of the psychological contract have decreased during the five decades. It is also possible that factors other than time, generation, workplace may also have contributed to the shift in the psychological contract.Michael (2001), perceived the obligations of future forest industry em ployees and their first employers after graduation. New employees have reciprocal obligations between them and their employers and these beliefs can be called as psychological contract between them when the employee observes that he owe the employer certain incentives in return to the contribution given by him. Fulfillments of psychological contract have a direct impact on employees productivity and satisfaction. The sample size of his study was 300 graduated students from 34 different universities at United States of America. The results showed that the first obligation of the employee to their future employer is hard work and have distinct type of relationship with future employers.From the middle of 1970s the well-being has not increased in Britain and United states. White individuals are happier than black and non-white individuals in the United States but in the last 30 years the results are changing the blacks are also much happier and satisfied, so this study by Blanch Flower and Oswald (2004) has focused on races not immigrants.The peer reviewed literature on the influence of positive psychology in organizational sector focusing on organizational behavior and scholarship is in the year 2001 there were to researches done in organizational sector, in 2002 in total 6 researches were conducted 2 empirical and 4 non-empirical, in 2003 3 empirical and 6 non-empirical researches were conducted , 3 empirical and 24 non-empirical in 2004, 5 empirical and 17 non-empirical in 2005, 6 empirical and 18 non-empirical in 2006, in 2007 7 empirical and 16 non-empirical, and finally 19 empirical and 18 non-empirical in 2008. So in total 46 empirical studies and 104 on empirical studies were conducted and combining both 150 studies having being conducted in positive psychology organizational sector (Donaldson, 2009).Danna and griffin (1999) investigated that work settings and occupational stress would be the forerunner factors of well-being. This view was supported by C ropanzano, James and Konovsky (1993) and Wright and Hobfoll (2004). Workers or employees when experience poor health and well-being at the work site are less productive, make lower quality decisions, and absenteeism (Boyd, 1997). Similarly, Price and Hooijberg (1992) the low subjective well-being would diminish the contributions to the organizations.In a cross national study, Diener and Oishi (2000) established that for majority of the students in 42 countries happiness and life satisfaction was more important than income. Over the past five decades the number of longitudinal studies on income and subjective well-being exposed that although income level has been increased dramatically in United State of America and other developed countries but the levels of subjective well-being have been rather stable (Myres, 2000). According to Diener (2000), as employees rise in their accomplishments and possessions their expectations also raise. They adapt themselves to the ne level very fast a nd because the current level is no longer source of happiness for them but this happens with some employees depending on the situation. The factors that have import effect on the subjective well-being of the individual are personality, personal goals, comparison with other people, past, needs, goals and the last factor is culture.In the recent years, the emergent number of researchers focused on positive indicators of subjective well-being (SWB), including job satisfaction (Judge, Thorenson, Bono and Patton, 2001), work engagement (Bakker, Schaufeil., Leiter and Taris, 2008), and happiness at work (Diener and Biswas- Diener 2002). Parent-Thirion, Fernandez-Macias, Hurley and Vermeylen (2007) study shows that 85% of all employees in the European Union and a study by Handel (2005) found that 86% of all the employees in the United States of America are very satisfied with their jobs.A research on subjective well being of managers of private enterprises was conducted by Bo Lui, bus, Ho hai, Nanjing (2010) in China. This study include factors that affect subjective well being, subjective well being of different masses, cultural differences. Different managers of private enterprises were considered as participants and the data was analyzed on SPSS15.0. The overall subjective well being of the managers of private enterprises was low. The factors like status of marriage had significant impact on the subjective well being of the managers but gender and education didnt play vital role. Correspondingly, a study Job Insecurity and eudaimonia Moderation by Employability by Inmaculada, Nele, Francisco, Jose and Hans (2010) investigated the association between job insecurity and wellbeing and the role of employability in this association. The researcher hypotheses were that job insecurity may be related to poor well-being, employability might moderate the unfavorable results of job security for employees well-being and employability is beneficial in the same manner as the j ob security is. These hypotheses were tested on the sample size of 639 Belgian employees from six organizations. The findings showed that the job insecurity is related to poor well-being, employability as expected moderates the relation between job insecurity and life satisfaction. There was no association found between employability and job security. The model accounted for 8% of explained variance.The first research that studied the relationship between psychological contract and subjective well being of employees was conducted by Windle and Treuer (2008). In this longitudinal study psychological contract was dependent variable and subjective well being was independent variable. The sample size was 187 new recruits in Australia wide organizations and data was collected through online survey 58% males and 42% females. The results indicate that SWB informs development of a Balanced Psychological contract and SWB significantly correlated with employer fulfillment, employee fulfillmen t, social knowledge and interpersonal resources. Balanced dynamic performance of Psychological contract was predicted by subjective well-being at 9% variance explained while in dynamic performance 10% of variance was explained.A lot of researches have focused on happiness of individuals and employees living within their own country. This study is different in terms that its focusing on employees who have migrated from their home country to the host country and to investigate the relationship of psychological contract and the physical and mental health i.e. subjective well-being of Pakistani immigrants working abroad (Middle East). It would be expected that the fulfillment of psychological contract would have positive relation with subjective well-being of the employees. The role of gender within psychological contract has received fine attention, so this study would also examine whether there are any gender differences in the type of psychological contract of Pakistani immigrants a nd among them which type of psychological contract is more common.RationaleKeeping in view the literature review on the psychological contract and subjective well-being and also the statistical figure of Pakistani immigrants working abroad especially at U.A.E, not much work has been done regarding the problems and difficulties they face, and no work

The Dispossessed and Invisible Man :: Invisible Man Essays

The Dispossessed and Invisible Man Darko Suvin defines science apologue as a literary genre whose necessary and sufficient conditions are the presence and fundamental interaction of estrangement and cognition, and whose main formal device (Suvin 7-8) is a fictional novum . . . a totalizing phenomenon or relationship (Suvin 64), locus and/or dramatis personae . . . radically or at least(prenominal) significantly alternative to the authors empirical environment simultaneously perceived as not impossible within the cognitive (cosmological and anthropological) norms of the authors epoch (Suvin viii). Unlike fantasy, science fiction is set in a realistic world, but one strange, alien. Only there are limits to how alien another world, another culture, can be, and it is the interface amidst those two realms that can give science fiction its power, by making us look back at ourselves from its skewed perspective. The Dispossessed takes as its novum a general theory of time, illustrated by the paradox of a rock thrown at a tree, a rock that can never reach its draw a bead on because theres always half of the way left to go (Le Guin 26). Shevek, Le Guins protagonist and formulator of the general temporal theory, sees himself as one who unbuilds argues (Le Guin 289), as the primal number, that is both adept and plurality (Le Guin 30) crossing interfaces. Walls abound in The Dispossessed the wall between Anarres and Urras (Le Guin 1-2), the wall that separates one individual from every other (Le Guin 6), the wall of social scruples (Le Guin 287), the wall between men and women (Le Guin 14-16), the wall of time--Zenos paradox--the limit that prevents the rock from striking the tree (Le Guin 26). But as Shevek knows, the rock does strike the tree that is the joke (Le Guin 27). The wall can be crossed. He crosses it when he leaves Anarres he crosses it in his love for Takver and Sadik he crosses it with the Syndic of Iniative, and he crosses it with the Terrans an d the Hainish. This need to unbuild walls is his cellular function, his moral choice, but it is process and not end, a journey and return and not merely a repetitive, atemporal cycle (Le Guin 290-291). The paradox of sequence and simultaneity is that nothing stays the same it is not the same river spillage past the bank, or the same wind blowing through the same tree as last spring.

The Reforms of Michel Fokine Essay -- essays research papers

The Reforms of Michel FokinePhotography, painting, videography, and literature have all progressed over fourth dimension. New technology, and pertly ways of thinking have brought these guiles to new levels. thereseems to be a broad misconception, though, that concert dance is an art form that does notprogress does not change. Many people assume that ballets post vocabulary of movementplaces limitations on how far the art can expand. Little do many people realize that thisvocabulary is a mere entry for the myriad of interpretations that the art went and willcontinue to go in. Michel Fokine is one revolutionary ballet choreographers, whosereforms have taken this previously monotonous art to a new level. Fokines ideas were revolutionary for his period, but ironically made perfect sense. He believed that all of the elements in a ballet should be parallel. In other words, hethought that the music, costuming, makeup, movements, and sets should all reflect thesame culture and time p eriod of the ballet. During this time in ballet there were oftenincongruencies. For example, there would be Russian music, and pointe shoes in a balletthat supposedly was based on a foreign medieval culture. Fokine was extremely andconsciously consistent in his works. Fokine explains, The ballet should be staged inconformity with the epoch represented. Fokine sets his 1911 ballet, Petrouchka, in Russia. The first scene is a street fair,which Fokine sets appropriately. He is sure to make the costumes realistic of that timeand place. Rather than dressing the dancers in tutus and leotards, they wear dresses that are brightly colored and long. They are bundled up appropriately in many colorful layers,considering the chilling temperatures of Russian winters. They also do not wear pointe Atkins 2shoes with long laces, but instead high heel character shoes that were typical of the timeperiod. Fokine also successfully creates personalities for the three dolls, partly by theircostumes. Petro uchka, who is a forlorn rag doll, wears a thin suit that is as lifeless andlimp as his personality. The costume and makeup is effective in showing his lack ofmotivation and sadness. The Moor doll on the other hand, who is a very bold and visionarycharacter is seen in dress that corres... ...ure to not let the music dictate the dance, as many artists before him haddone. In his Memoirs of a Ballet Master, he wrote The choreography for a pas de deuxI performed with Anna Pavlova we mostly staged ourselves . . . We did whatever we feltwe could do best, (Fokine quoted in Cass). This superficial movement was completelyagainst what Fokine believed in. Movement that did not contribute to the purpose and patch af the piece was useless. Due to his intense focus on his intent, he successfully gavethe music, choreography, costumes, and sets equal importance and relevance to the entirecreation. Fokines exceptional dedication to his art is quite obvious. It is simply seenthorough his opinion of applause, that his focus is his art, more than any recognition hemay get for it. While most artists would bask in the glory of each set of applause, Fokinedespised it, except at completely appropriate times. He believed that to move on fromtradition, one must be soundly trained in that technique, which he was. His manydaring reforms truly opened the world of ballet up to new possibilities, while not straying excessively far from traditional technique.