How does SAT Superscoring Affect your Test Strategy

How does SAT Superscoring Affect your Test Strategy SAT/ACT Prep Online Guides and Tips Loads of schools superscore your SAT scores, or take your most noteworthy segment scores over the entirety of your test dates. Other than making your application more grounded, this arrangement can likewise be important forhow you approach the SAT. How can it achieve allthis? Peruse on to figure out how SAT superscoring influences your general testing methodology. To begin with, what are the significant advantages of SAT superscore? Why Superscoring Really is Super On the off chance that thecollege you're applying to has an approach of superscoring your SAT outcomes, at that point it will take your most elevated segment scores over all test dates. This implies you don't have anything to stress over in the event that you have some high points and low points in your scores. It additionally could help augment your scores to your most elevated composite score. This model delineates exactly how much superscoring can influence your composite score across various test dates. This understudy scored profoundly on Critical Reading on Test 1, on Math on Test 2, and on Writing on Test 3. This studentscored an aggregate of 1500 on each of hertest dates, butsuperscoring permitted hercomposite score to hop up to a noteworthy 2100! Segment Perusing Math Composing Composite Test 1 700 400 400 1500 Test 2 400 700 400 1500 Test 3 400 400 700 1500 Superscore 700 700 700 2100 This is a to some degree misrepresented model, as ideally you won't drop 300 focuses in any area when you retake the SAT. In any case, it shows exactly the amount of an effect superscoring can have. Obviously seeing score reports across various test dates along these lines is useful when you apply to universities. In any case, venturing back a year or more before your application cutoff times, can this arrangement influence your procedure for taking the SAT in any case? We should get key, similar to a round of human chess! How SAT Superscoring Affects Your Test Strategy When all is said in done, understudies who do best on the SAT are the ones who have an arrangement. They plan how to read for the SAT, when to take it, and how often to take it. As opposed to faltering onto high scores arbitrarily, they are deliberate aboutall parts of getting ready for and taking the SAT. As a major aspect of this key arranging, you could utilize this superscoring strategy for your potential benefit. The initial step is exploring your universities' arrangements towards SAT scores. On the off chance that the schools you're applying to do superscoring, the same number of schools do, at that point youmight consider consolidating this into your test plan. Like your universities, you could superscore your own test by working up your composite scores step by step across various test dates. You may read seriously for math for your first test date to accomplish a solid math score. For your next test, you could prepare particularly for Reading, and afterward increase your Writing prep for the third. This methodology could help center your contemplating, just as ease the heat off of each test. You'd just focus on a solid score in one area each time, as opposed to stressing over performing admirably in every one of the three segments. Along these lines, this system could help assuage pressure, separate the test into sensible lumps, and keep it from getting overpowering. This arrangement of working up your composite score across various test sittings implies you would take the SAT two, three, or more occasions. This would include beginning right on time, in any event a year or so in front of your school cutoff times. You could take the SAT first in the fall of junior year, again in the spring, and afterward for a third time in the fall of junior year. In the event that you need to leave yourself much more chances to test, in the event of an accident testing day or inadmissible scores, at that point you could drive this timetable back significantly further. In case you're utilizing superscoring for your potential benefit, you can perceive how you'd need to comprehend your universities' arrangements a year or more before you're really applying to those schools. In case you're understanding this and thinking this methodology seems like something you need to attempt, you ought to likewise know about the possible traps of this methodology. Prior to hopping into it, think about this expression of alert. Caution:this technique could get elusive when stripped. Expression of Caution About This Strategy Utilizing each SAT test date to concentrate on scoring profoundly in each segment in turn doesn't mean overlooking or skirting different segments totally. This would be a superfluous hazard for a few reasons. It could look unusual to confirmations officials on the off chance that you have tremendous variances in your scores starting with one SAT then onto the next, for a certain something. Significantups and downs could likewise look dubious to College Board, who are watching out for odd action on score reports. An unexplained abatement or increment of a few hundred focuses between test organizations, particularly taken around the same time, might bring about your scores being evaluated, retained, or even dropped. Some change is ordinary, even expected in the event that you set aside the effort to prepare between tests, yet you wouldn't have any desire to totally disregard a couple out of the three segments while utilizing this SAT superscoring procedure. Also it could simply lose your entire pacing of the test, and dealing with your time is a major piece of acing the SAT. Working up your area scores can be a valuable and powerful system. Simply be cautious that you don't take it to the outrageous. You could perhapsdevote about a large portion of your time preparing for one segment, while as yet taking 1/4 of your residual planning time for the other two segments. I would suggest putting the dominant part ofyour study time toward one segment of the test when utilizing this technique, yet not every last bit of it. My other expression of alert includes being aware of the occasions you take the SAT. While you can actually accept it the same number of times as you need, I wouldn't propose surpassing 6 test organizations. The time and cash put toward taking the SAT anything else than this would presumably be better spent on preparing to accomplish the scores you want in less time. By beginning early, you ought to have enough test dates inside this range to meet your objectives, particularly on the off chance that you have an away from of your universities' position on test scores and why superscoring is so useful. How about we rapidly survey the most significant ways it can work for your potential benefit. Significant Takeaways for Your Testing Strategy These are the most significant focuses to recollect for your SAT testing procedure: Examination your universities' arrangements towards SAT scores well ahead of time of your applications, so you can consider joining them into your investigation plan and testing plan. In the event that your schools SAT superscore, at that point you can expand your composite scores by reading for and increasing a solid score in each segment in turn. Abstain from taking the SAT in excess of multiple times, as this time and cash could likely be better spent on test prep. Except if your schools necessitate that you send every one of your scores, at that point consider utilizing College Board's Score Choice to simply send the reports that will give you the most elevated superscore (Math + Critical Reading + Writing). By knowing your schools' application necessities, you can ease the heat off of each SAT and prep in a concentrated manner, each segment in turn, to pick up your most grounded SAT scores. Information truly is power. What's Next? Whether or not or not you're developing your SAT scores each area in turn, you need to be careful about when and how frequently you step through the examination. Find out about how to pick the best test dates for your timetable here. A few universities no longer require SAT scores, while others let you send Subject Tests or AP scores in lieu of the SAT. See the full rundown of test discretionary and test adaptable schools here. Is it accurate to say that you are thinking about how understudies accomplish the subtle 2400 on the SAT? This fullscorer clarifies the methodologies and study plan he used to accomplish an ideal score. Need to improve your SAT score by 240 points?We have the business' driving SAT prep program. Worked by Harvard graduates and SAT full scorers, the program learns your qualities and shortcomings through cutting edge insights, at that point redoes your prep program to you so you get the best prep conceivable. Look at our 5-day free preliminary today:

Quebec Essays (1096 words) - Politics Of Quebec, Quebec,

Quebec Quebec's Quiet unrest: What right? How has it changed Quebec's general public? How has it influenced Confederation? The English-French relations have not generally been simple. Each is continually contending and blaming the other for wrong doings. This disdain and contrasts began before, and this Quiet unrest, directly after another Liberal government drove by Jean Lesage came in 1960. In this way was the start of the Quiet Revolution. Lesage had a brilliant group of bureau priests which included Rene Levesque. The Liberals vowed to complete two things during the Quiet Revolution; one was to improve financial and social guidelines for the individuals of Quebec, and the other was to win more prominent regard and acknowledgment for all the French individuals of Canada. The Liberals began a program to assume responsibility for hydro-electric force organizations. French-Canadian architects from all over Canada came back to Quebec to chip away at the undertaking. Trademarks during these o ccasions were we can do it and bosses in our own homes. The legislature likewise began to supplant programs the Church recently ran, which included medical clinic protection, benefits plans and the start of Medi-Care. For these projects, the Quebec Liberals needed to battle with Ottawa for a bigger portion of the assessment dollars. Perhaps the best change was the modernization of the whole educational system. The Church used to claim the schools of Quebec. The vast majority of the instructors were Priests, Nuns and Brothers. They gave decent instruction yet Quebec required more in business and innovation. Lesage needed an administration run educational system that would give Quebec individuals in designing, science, business and trade. With the new opportunity of articulation, heaps of books, plays and music about French culture were completely evolved in Quebec. French contemporary writers were extremely popular during that time. Be that as it may, not everything was working out i n a good way in Quebec. The French-English connection was turning sour. Numerous examinations indicated that French-Canadian Quebecers were gaining the most minimal pay in the entirety of the ethnic gatherings in Canada. Different grumblings were that the top occupations in Quebec were given to English speaking Canadians. Canada was experiencing the most exceedingly terrible emergency in its history, and except if equivalent organization was discovered a separation would almost certainly occur. Some Quebecers imagined that detachment was the main arrangement. They believed that as long as Quebec was related with the remainder of Canada, French-Canadians could never be dealt with equivalent. The FLQ (Front De Lib?ration Du Qu?bec) was established in 1963. It was a littler, progressively mighty gathering of separatists. They were an assortment of gatherings of youngsters whose thought was to utilize fear mongering to accomplish freedom for Quebec. The ALQ (L'Arm?e de Lib?ration de Que bec) was considerably to a greater degree a rough dissident gathering. A portion of their activities included ransacking banks so as to get cash. For their ammo they needed to strike arms warehouses of the Canadian Armed Forces. There were numerous Federalists that accepted that nonconformity had no future and that French-Canadians could assume a job in a bi-lingual Canada. There were three Quebec men that put stock in Federalism. These men were Liberals and their names were Pierre Trudeau, Jean Marchand and G?rard Pelletier. The President of France, General De Gaulle came to Quebec in 1967 and offered discourses to dissident gatherings that considered him an aficionado of the musings of the separatists in the battle to battle for the freedom of Quebec. The Prime Minister at that point, Lester B. Pearson, reprimanded De Gaulle's comments and said that Quebec had a place with Canada and there was no requirement for their freedom. In 1970, British Trade Commissioner James R. Cross was abducted by FLQ and needed in kind for Cross, 23 political detainees. Quebec Labor Minister, Pierre Laporte was additionally abducted which begun a Quebec emergency. Following a couple of months Cross returned when Laporte was killed. The Quebec emergency finished quite a while of viciousness in Quebec. This emergency made numerous Quebecers upset since Ottawa sent the military into Quebec. In this manner English-French unrest didn't end. Rene Levesque was a pioneer who turned out to be well known in Quebec with his perspectives on autonomy. In 1976, Rene Levesque and the Parti Quebecois won the Provincial political race. Presently numerous Quebecers figured he could develop Quebec. Since many French

King Ramkhamhaeng essays

Ruler Ramkhamhaeng articles Since the beginning, there have been numerous extraordinary leaders of numerous incredible old human advancements. Some of them may be Julius Caesar, Ramses II, Hammurabi, or Octavian Caesar. The rundown of them could go on for eternity. One of the most persuasive of his development, known for his knowledge, was King Ramkhamhaeng or Rama the Valiant, of the Thai individuals. He professed to be the sovereign ruler of all the Thai. Scientists surmise that he lived from 1239 AD to after 1317 AD. During his lifetime, King Ramkhamhaeng developed the cutting edge Thai content, extended his realm far and wide, and made the Sukhothai Kingdom one of the best in Thai history. At the point when the old Thai individuals moved into territory Southeast Asia, they ran over a people communicating in the Mon-Khmer dialects who had occupied the area for an extensive stretch before at that point. During the principal thousand years, solid Indian and China impacts carried Hindu and Buddhist convictions to the region. A portion of the gatherings that received these convictions were the Mon of Myanmar who were the principal individuals of Southeast Asia to embrace Buddhism. Between the 6th and ninth hundreds of years, the Mon built up a few little Buddhist civic establishments inside cutting edge Myanmar and Central Thailand. From their two capitals, Nakhon Pathom and Lop Buri, they expanded their capacity east over the Khorat Plateau and north as fat as Chiang Mai. They stretched out their human advancement upper east to introduce day Laos. This period was known as the Dvaravati time of Thailand. It was a period that was noted for its work of art; especially its Bud dhist figures made of earthenware or plaster. At the point when the Thai individuals moved south into the terrain of Southeast Asia, they likewise ran over the Khmer from Cambodia. Between the ninth and thirteenth hundreds of years, Khmer rulers extended their developments from their capital of Angkor, building up a realm that at its tallness, reached out over around half of present day Thailand. This realm wa... <!

Answering questions Free Essays

2-A. As of late, a comic on a TV program commented that he thought it was entertaining that individuals turn the vehicle radio off when they are searching for a house number in a peculiar neighborhood. What hypothesis of consideration is this entertainer clinging to? The comic put together his comments with respect to the hypothesis of partitioned consideration. We will compose a custom paper test on Responding to questions or on the other hand any comparable point just for you Request Now This hypothesis expresses that consideration can be isolated into two separate states, wherein one can take care of two things or upgrades simultaneously, without giving up the nature of consideration given to both of the two boosts (Reisberg, 2001). In this manner to the humorist, one can keep tuning in to the radio and simultaneously search for the house number, and it splendidly sounds good to him that an individual can do both of it since it doesn't generally require an extraordinary fixation. Nonetheless, an a valid example is that searching for a house number in a long column of houses might be a significant testing task, one that requires focus and particular consideration. Indeed, it tends to be said that keeping the radio on would not have any effect yet to the individuals who want to look carefully and to have the option to do so securely would normally kill their radios. Simply envision yourself driving gradually in a road you are new to and keeping the radio on would cover the commotion of approaching traffic or even walkers. In addition, when an individual is engaged with one errand, such as searching for a house, at that point one instinctually takes care of it and dismisses different sounds, sights and aggravations in the prompt condition. Separated consideration is genuine, we connect with it every so often particularly in the event that we perform multiple tasks yet we could do as such in a constrained period, for instance consider how you can figure out how to engage inquiries from an officemate at your table and simultaneously converse with somebody on the telephone, you could do both for a limit of 2 minutes, yet in the long run one upgrades takes more noteworthy consideration and we should concentrate on it. Then again, with preparing, anyone can utilize separated consideration, yet its commitments and advantages in taking part in it is not yet clear since much research must be done here. 2-B. In view of what you have found out about recognition and consideration, do you think it’s safe for individuals to chat on PDAs while they are driving? Finding out about how we see our general surroundings gives us a superior method of seeing how many-sided the human psyche is and how even a workforce that we regularly underestimate can have a significant effect in our every day lives. Observation alludes to an unpredictable procedure of how we get an upgrades, how our cerebrum procedure the boosts, and how our brain guides us and how to respond to the improvements (Reisberg, 2001). It very well may be said that a disturbance of any of the lines of our discernment may have antagonistic outcomes; at times it very well may be peculiar, similar to when an individual can't perceive the substance of adoration one however rather can say that they resemble a relative. Taking our investigation of observation into our every day exercises, a discussed issue like â€Å"is it safe to chat on the phone while driving† is better clarified. I despite everything accept that it isn't protected to chat on the mobile phones while driving. Driving as of now involves various procedures and is very requesting of our consideration, similar to when you are in the turnpike, one must be aware of approaching traffic, vehicles at you back, the speed furthest reaches of the interstate, and in any event, paying special mind to potential accidents in the street, on which, the driver must be aware of the vehicles fuel level, brake liquid and tire conditions. So how might anyone have the option to chat on the telephone while driving? Chatting on the telephone additionally requests consideration; we need to see and procedure what the other individual is stating, and to try and think about the suitable reaction to what they are stating. Hypotheses on discernment have expressed that our psyche stays at work past 40 hours just to process and have the option to react to outer improvements, and that each piece of the mind is include in various manners just to think of the right preparing of data (Reisberg, 2001), like having the option to perceive appearances of relatives. Perceptual figments show that what we see may not be valid or genuine, henceforth while driving we will most likely be unable to precisely tell how far we are from the vehicle in front of us or that we are so close to the railings without our full focus. Reports have indicated that numerous individuals bite the dust out and about or in auto collisions than any infection. Perceptual over-burden happens when we drive and chat on the telephone, in light of past investigates (Reisberg, 2001), perceptual over-burden makes us inaccurately see our environmental factors and consequently we may perceive what isn't there, or we may not perceive what is truly there. At the point when we over-burden our faculties it would imply that one piece of the mind or our resources may be relinquished to make up for the consideration we provide for another improvement. What's more, in an action like driving which in itself is a high-hazard conduct, we need full oversight of our resources, accordingly chatting on the phone isn't fitting. 2-C. Compose a 200 word rundown and basic investigation on Rayner’s article. Examine what the article is fundamentally about, its solid and powerless focuses, how persuading (or unconvincing) you discover its contentions, and how it may be followed up (e.g., in the event that you think the article proposes any encouraging, new thoughts for future research, depict what they are and how they may best be sought after.) The article â€Å"Eye Movements in Reading: Recent Developments† by Keith Rayner (1993) presents the most recent advancement in the investigation of eye development in the understanding procedure. The quality of the article is that it gives a foundation of what has been found so far in the field of study, the article contends that contemplating eye development is significant for it help assemble hypothesis and furthermore used to derive perceptual and subjective procedures during perusing in this manner the target of the article. It additionally presents various hypotheses that have utilized new strategies in contemplating eye development. What was frail about the article was that it couldn't associate how the new techniques for considering would penitent to a superior comprehension of the psychological procedures that happen during perusing. The article essentially was not persuading when the writer says that much is not yet clear when analysts acknowledge how intriguing an examination information eye development can be. The article doesn't excite this intrigue and just proceeds to state that eye development is a characteristic outcome of perusing, which negates his cases prior in the presentation part. The article was likewise unreasonably specialized for the normal peruser regardless of whether the peruser is keen on eye development. References Rayner, K. (1993). Eye developments in perusing: Recent turns of events. Current Directions in Mental Science, 2 (3): 81-85 Reisberg, D. (2001). Comprehension: Exploring the study of the Mind, second ed. New York: W.W. Norton Company, Inc.       Step by step instructions to refer to Answering inquiries, Essay models

Women Sports Essays - Sexism, Womens Sports, Ice Hockey,

Ladies Sports Ladies and ladies' games have made extraordinary steps since the mid 70's. In spite of the fact that, sex imbalance in sports is as yet basic in many games today. Before the mid 1970 ladies didn't have groups or comparative projects that the guys had. In 1972 the legislature at last stepped in and passed Title IX of the Educational Changes. Today ladies are given numerous chances to take an interest in sports. While openings have expanded for ladies, the equivalent privileges of men and ladies' sports are still intensely preferring men's games'. Numerous games played by ladies are still observed as sub-par compared to men sports. Men can make a riches calling from playing elite athletics. Ladies have next to zero choices, as there are hardly any expert ladies' group. The NBA and the WNBA are instances of a pro game that the two people have there own class. The greatest distinction in the alliances is that the NBA players make incredibly bigger pay than the ladies of the WNBA. Fundamental explanation behind the compensation contrast is that individuals are eager to pay a bigger add up to see a NBA game. Additionally the NBA has spent millions in promotions. As a rule, ladies' sports programs are truly deficient with regards to the assets when contrasted with men's projects. In many colleges men's projects have the better rec center, the more pleasant offices, the most up to date hardware, what's more, the first class training staff. While the ladies' groups are not exposed to indistinguishable extravagances from the men's groups. This is expected to the rewards schools have by having an incredible men's athletic program. Football crews like Nebraska, Texas, what's more, Michigan depend vigorously on their football crews. When there football crew has a decent year they will take an interest in a big deal bowl, for example, the 'Sugar Bowl'. Half of the cash created from the bowl is given to the school. This cash typically winds up being a great deal of cash. Consistently these schools rely upon their football crew to keep them monetarily stable. These schools can stand to pay a mentor a huge compensation or manufacture another football arena. These schools may have amazing projects for ladies' games, however no female game group can make the cash that a big deal football program can. Social correspondence of Men and Women's sports has made considerable progress since 1970. Today ladies have some expert groups and have numerous games openings in school. Racial separation in sports has existed since the start of sports. A lot of all games currently are intensely integrated, however racial segregation has not vanished. In the 1980's shading was an issue as two dark individuals from a golf crew were not permit to play because of blacks not being permit to play on the course. Indeed, even with proficient competitors, shading has been an issue. Arthur Ashe was an expert tennis player who couldn't play tennis in certain spots in the United States. In 1986 dark players of the Boston Red Sox were not permit to go to certain clubs in spring preparing. Proprietors of expert groups couldn't bear to blow some people's minds on dark competitors, as dark competitors turned into their feast pass to an effective establishment. While many dark competitors are granted with enormous budgetary agreements the proprietors are ones who are getting more cash. Without integration in a few sports, proprietors would have been passing up a brilliant chance. A few games have been delayed during the time spent integration. Hockey for instance is a game that is for the most part populated with white guys. Players like Anson Carter of the Boston Bruins and Mike Grier of the Edmonton Oilers are case of dark hockey player. Principle reason that the NHL has barely any dark hockey players is that numerous hockey players are from Canada and the northern States of the US. Spot that are scarcly populated with dark hockey players. Different reasons are that hockey is an costly game to play and is for the most part played in a chilly climate territory. Anson Carter is a result of his condition. He developed playing hockey as a youngster in Toronto, Ontario, a hockey city. While different companions quit hockey he remained with it and presently is a calling hockey player. Carter has gotten racial slurs from other hockey players. Carter keeps on playing elite player type hockey for the Boston Bruins.

Emotional Resilience Is a Trait You Can Develop

Emotional Resilience Is a Trait You Can Develop Theories Personality Psychology Print Why Emotional Resilience Is a Trait You Can Develop By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on October 06, 2019 Ascent Xmedia/Taxi/Getty Images More in Theories Personality Psychology Myers-Briggs Type Indicator Behavioral Psychology Cognitive Psychology Developmental Psychology Social Psychology Biological Psychology Psychosocial Psychology Those with a higher degree of emotional resilience?? can handle the stresses that come with daily life more effectively and calmly. They are also able to manage crises more easily. Fortunately, emotional resilience?? is a trait that can be developed. In fact, its a trait that is worth developing for many reasons, not the least of which is that it can transform your life and your experience of stress. What Is Emotional Resilience? Emotional resilience refers to one’s ability to adapt to stressful situations or crises. More resilient people are able to roll with the punches and adapt to adversity without lasting difficulties; less resilient people have a harder time with stress and life changes, both major and minor. Research shows that those who deal with minor stresses more easily also can manage major crises with greater ease. So, resilience has its benefits for daily life as well as for the rare major catastrophe. What Influences Emotional Resilience? Emotional and physical resilience?? is, to a degree, something youre born with. Some people, by nature, are less upset by changes and surprises?? â€" this can be observed in infancy and tends to be stable throughout one’s lifetime. Emotional resilience is also related to some factors that arent under your control, such as age, gender, and exposure to trauma. However, resilience can be developed with little effort. If you know what to do, you can become more resilient, even if you are naturally more sensitive to life’s difficulties. What Are Traits of Emotional Resilience? Resilience is not a quality that you either do or do not possess; there are varying degrees of how well a person can handle stress. Still, there are specific characteristics that resilient people tend to share. Some of the main characteristics are: Emotional Awareness:  People with emotional awareness?? understand what they’re feeling and why.  They also understand the feelings of others better because they are more in touch with their own inner life.Perseverance: Whether they’re working toward outward goals or on inner coping strategies, they’re action-oriented â€" they trust in the process and don’t give up.Internal Locus of Control:?? They believe that they, rather than outside forces, are in control of their own lives.  This trait is associated with less stress because people with an internal locus of control and a realistic view of the world can be more proactive in dealing with stressors in their lives, more solution-oriented, and feel a greater sense of control, which brings less stress.Optimism:?? They see the positives in most situations and believe in their strength.  This can shift how they handle problems from a victim mentality to an empowered one, and more choices open up.Support: While they tend to be str ong individuals, they know the value of social support and can surround themselves with supportive friends and family.Sense of Humor: People strong in emotional resilience can laugh at life’s difficulties.  This can be a tremendous asset, as it shifts ones perspective from seeing things as a threat to seeing them as a challenge, and this alters how the body reacts to stress. They also get a good laugh more often, and this brings benefits as well.Perspective: Resilient people can learn from their mistakes (rather than deny them), see obstacles as challenges, and allow adversity to make them stronger. They can also find meaning in life’s challenges rather than seeing themselves as victims.?Spirituality:?? Being connected to your spiritual side has been linked with stronger emotional resilience, especially if youre internally connected and not just going through the motions of attending services. (This doesnt mean that people who arent spiritual cant be resilient, only that this co nnection has been found.) How to Become More Resilient As mentioned, emotional resilience can be developed.?? And because stress and change are a part of life, there are always opportunities to practice resilienceâ€"the payoffs are significant. All it takes is an interest and commitment to the process and a little information on how to develop and strengthen traits of resilience. 10 Ways to Improve Your Resilience

Cash Flow And Profitability Of Dividend Payout - Free Essay Example

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