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.

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The Nature Of Free Will Essay - 2312 Words

1 Introduction Are we free? All of us have a clear sense that we are free. We believe that our decisions are wholly our own, a result of our own reasoning and analysis. According to David Hume, the question of the nature of free will is â€Å"the most contentious question of metaphysics.† If Hume is correct, understanding of free will is a complex task indeed. At best to say that an agent has free will is to say that the agent has the ability and power to choose his or her course of action without constraint. What is so important about whether or not an agent has free will? Perhaps because free will is related to freedom of action and moral responsibility. If actions are a result of rational analysis, then we see that free action depends on free will. At best to say that an agent acted freely is to say that the agent successfully carried out a free choice. Different philosophers have offered similar accounts of freedom. Thomas Hobbes said â€Å"A free agent is he that can do as he will, and forbear as he will, and that liberty is the absence of external impediments.† In An Enquiry Concerning Human Understanding, David Hume offered â€Å"power of acting or of not acting, according to the determination of the will; that is, if we choose to remain at rest, we may; if we choose to move, we also may. Now this hypothetical liberty is universally allowed to belong to everyone, who is not a prisoner and in chains.† Nevertheless, one can argue that this methodology fails to address the distinctionShow MoreRelatedThe Human Nature and Free Will848 Words   |  4 PagesThe term â€Å"human nature† is vague and very broad, giving many philosophers the opportunity to try and apply a meaning to it. Throughout history, theories have ranged from having complete free will as a gift from God to having no human nature at all. Two particular theories that I’d like to analyze are Sigmund Freud’s psychological view and Aristotle’s ethical view. Although both Freud and Aristotle believe that the mind plays a key role in human nature, they differ in that one believes that thereRead MoreFree Will, Nature, And Nurture3271 Words   |  14 Pages The Origins of Morality: How Nature, Nurture, and Especially Free Will Influence One’s Moral Framework Political Science 302 Free Will, Nature, and Nurture in Politics and Society March 16, 2015 Lindsey Macalalad When thinking about morality, it is necessary to consider how aspects from both nature and nurture, along with free will, may form ones moral beliefs and dictate ones moral actions. To understand how moral beliefs as well as actions formulate and operate within individualsRead MoreNature and the Free Flow of Emotion1230 Words   |  5 PagesWilliam Wordsworth said, â€Å"Come forth into the light of things, let nature be your teacher† (Brainy Quote). 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A first individual examination of free enterprise in view of Robert Heilbroner s thoughts as exhibited in the book twenty-first centuryRead MoreThe State Of Nature As A Free And Equal System1524 Words   |  7 PagesThe state of nature is very differential to that of feudalism which was taking place during Hobbes’s time period; this is evident in social relationships and the characteristics of human beings i n each state. In feudal society the notion of equality was not present and was class based, meaning there was a social hierarchy (Weinstein, 2015) , this is rather different to Hobbes who described the state of nature as a complete free and equal system. In feudal society there is a mutual cooperation andRead MoreGrace, Free Will, and Human Nature: Three Significant Renaissance Writers1630 Words   |  7 Pagesan interesting paradox: although Machiavelli champions the free will and cunning of the elite prince, he seems to hold the autonomy of the masses in low esteem, assuming throughout his book that mankind in general is selfish, simple, and unreliable—the opposite of the cool, calculating prince that Machiavelli idealizes. In fact, almost all his advice to the aspiring leader seems to be based on a completely pessimistic view of human nature, perhaps because Machiavelli thinks it safest to assume theRead MoreNature Vs Society : Society Vs. Society728 Words   |  3 Page sconfronted with the idea of nature along with society. Although both have their pros and cons they work together to give us freedom and order among individuals. Society provides a person with comfort and clarification, however it is nature that allows a person to escape the boundaries created and truly be theirself in a free experience, which causes a person to live a life with their own will. Within the poems of Walt Whitman he discusses the significance between society vs nature. In the poem When I heardRead MoreAnalysis of Differnt Forms of Liberty1723 Words   |  7 PagesThe concept of liberty is important to this very day. Liberty initially means to be fundamentally free within ones society from any types of oppression, either from higher authority or from having different form ideologies that can be political or social. Liberty is a form of power that lets one act on their sets and values. In this paper, concept of liberty will be discussed on behalf of two philosophers, John Locke and Jean- Jacques Rousseau. Although liberty provides one to act as they pleaseRead MoreHuman Nature: A Compilation of Many Definitions975 Words   |  4 PagesHuman nature is a widely controversial term, because it is so broad. Philosophers, writers, and thinkers throughout time have debated exactly what â€Å"human nature† refers to. Locke, Rousseau and Freud have very differ ing opinions on human nature. Although in some cases, they seem to contradict each other, the core roots of these three opinions can actually fit together to form a well-rounded definition of human nature: Humans are free at birth, with just primitive, instinctual needs, free to take justiceRead MoreWilliam Blake s The Tyger And Walt Whitman s Poetry841 Words   |  4 Pagesdeal with the philosophies of human nature are William Blake’s â€Å"The Tyger† and Walt Whitman’s â€Å"Song of Myself.† Blake’s poem is based off the Romantics and Walt Whitman is an American Naturalist that is based off free verse a form that he created. William Blake’s poetry is considered through the Romantics era and they access through the sublime. The Romantics poetry through the sublime is beyond comprehension and spiritual fullness. A major common theme is a nature (agnostic religion). In William Blake’s

Egypt more to Blame than Israel for the Outbreak of War...

There are different historical views on what really provoced the war of 1967, the Israelis would clearly blame the Egyptians and point at Nassers agressions as the main provocation leading to the war. Another view is that Nasser did not have the intention to fight Israel at that point, but when the UN troops in the Sinai were withdrawn suprisingly after Nassers demand, Nasser had to make true his big promises to defeat Israel to the other Arab nations. He wanted to keep his reputation as the ultimate leader of the pan-Arabian league and he could only do so by moving his troops towards Israel, which no longer had a protection buffer by the UN troops in the Sinai. Another view is that the Six Day War was the result of Egyptian- Israeli†¦show more content†¦France and Britain had lost their role in the Middle East after 1956, nevertheless, other foregn influences became strong in the area: Soviet-American rivalry dragged the Cold War into the region. Russia hoped that if it wou ld spread its influence in the Middle East, it would be able to break the encirclement around the USSR, which stoped it from spreading. The USA had made pacts to condemn communism from spreading, the Baghdad pact of 1955 included Turkey, Iran, Iraq Pakistan and Britain. By winning over the Arab states, Russia expected to break this belt and be able to take Communism all over the world. Russias interest in the Middle East alarmed the United States, so they started taking an interest themselves in the region, sympathizing most with Israel, due to Egypt being too unpredictable in its loyalities. After 1956 the Israelis were forced to give back all territorial gains and return to the borders agreed in the 1949 armistice, but in received in return the support of the UNEF in the Gaza Strip and the Sinai. Passage through the Gulf of Aqaba was assured by the presence of the UNEF at Sharm al-Sheikh, supported by the US, which guaranteed to step in if the right of international passage was violated. Between 1957 and 1959 Israel could even send cargo ships through the Suez canal, but as soon as controls diminished, NasserShow MoreRelatedForeign Policy of Pakistan from 1947 to 201210146 Words   |  41 Pageseconomic prosperity. Owing to the anarchic nature of the international political system and the absence of a world government, states tend to feel a high degree of insecurity, as there is no guarantee of the security of a state in the system because war is the legitimate instrument of foreign policy of a state. Hence, each state knows that it has to depend on itself for its pres ervation and safety. Self-protection is the sole protection in an essentially anarchical system. The primary objective ofRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by Michael Adas for the American Historical Association TEMPLE UNIVERSITY PRESS PHILADELPHIA TempleRead MoreInternational Management67196 Words   |  269 PagesTrade Organization, and the lagging support for some bilateral trade agreements pose additional challenges to global managers and multinational companies. In addition, the BP oil spill in the Gulf of Mexico has renewed calls for corporations to do more to protect the planet and governments to get tougher with companies in terms of oversight and accountability. The advent of social networking and other media has transformed the way citizens interact and how businesses market, promote, and distributeRead MoreExploring Corporate Strategy - Case164366 Words   |  658 PagesIndustry, tests a reader’s understanding of the main issues inï ¬â€šuencing the competitive position of a number of organisations in the same industry with a relatively short case. For a case that permits a more comprehensive industry analysis The Pharmaceutical Industry could be used. However, if the purpose is more focused – illust rating the use of ‘ï ¬ ve forces’ analysis – the TUI case study or Illustration 2.3 on The Steel Industry could be used. Some cases are written entirely from published sources but

The Components Elements Of Education - 1597 Words

Education comes in different philosophies and is a crucial element in every civilization. When a country is oppressed, one of the first things the oppressor tries to take over and get control is their education. The reason is because with education, one can give or withhold any kind of information and shape the nation in the way they see appropriate. With the exception of oppressed individuals, education teaches their society who they are, what is the nature of their environment, and how does the context exist in the in the environment? Through control, the government is able to hold power over the component elements of education. The component elements of education include the teacher, learner, curriculum, learning environment, methodology, desired results, the teacher-student relationship, and the teacher-community relationship. Three philosophies of pedagogy that could be divided into the component elements of education are the classical traditional/conservative philosophy, libera l progressive, and critical pedagogy. Although a few aspects within the elements are similar, they are very different in their approach of teaching philosophies. The classical traditional/conservative philosophy, liberal progressive, and critical pedagogy compare within the curriculum, but their ideologies of teacher, learner, and desired results are drastically different. Each philosophy has an overall goal for their society and people through the component elements of education. The threeShow MoreRelatedVirginia s Career And Technical Education Essay1718 Words   |  7 PagesVirginia’s Career and Technical Education Unlike the other forty-two states, the state of Virginia has not opted into the Common Career and Technical Core; however, Virginia does have its on set of standards for CTE programs. The programs implemented are designed to prepare students for â€Å"productive futures while meeting the commonwealth’s need for well-trained and industry certified technical workers† (VDOE CTE). Much like other states’ CTE programs, Virginia actively partners with businesses toRead MoreThe Connection Between Man And Man946 Words   |  4 Pagesrestrictions or limitations. The impossible was now possible. There were three elements that made up the new world the first element was the connect between man and man. When the awakening happen life its self became the number one priority. The second element was the connect with man and nature. Man gained a new appreciation for earth and became connected to the trees, wind, and all other earthly things. The third element was the connectio n between man and god. 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Night World Witchlight Chapter 2 Free Essays

They’d gotten a dragon. Keller’s heart was pounding. Somehow, somewhere, the people of the Night World had found one and awakened him. We will write a custom essay sample on Night World : Witchlight Chapter 2 or any similar topic only for you Order Now And they’d paid him-bribed him-to join their side. Keller didn’t even want to imagine what the price might have been. Bile rose in her throat, and she swallowed hard. Dragons were the oldest and most powerful of the shapeshifters, and the most evil. They had all gone to sleep thirty thousand years ago-or, rather, they had been put to sleep by the witches. Keller didn’t know exactly how it had been done, but all the old legends said the world had been better off since. And now one was back. But he might not be fully awake yet. From the glimpse she’d had, his body was still cold, not much heat radiating from it. He’d be sluggish, not mentally alert. It was the chance of a lifetime. Keller’s decision was made in that instant. There was no time to think about it-and no need. The inhabitants of the Night World wanted to destroy the human world. And there were plenty of them to do it, vampires and dark witches and ghouls. But this was something in another league altogether. With a dragon on their side, the Night World would easily crush Circle Daybreak and all other forces that wanted to save the humans from the end of the world that was coming. It would be no contest. And as for that little girl in there, Iliana the Witch Child, the Wild Power meant to help save humankind-she would get swatted like a bug if she didn’t obey the dragon. Keller couldn’t let that happen. Even as Keller was thinking it, she was changing. It was strange to do it in a public place, in front of people. It went against all her most deeply ingrained training. But she didn’t have time to dwell on that. It felt good. It always did. Painful in a nice way, like the feeling of having a tight bandage removed. A release. Her body was changing. For a moment, she didn’t feel like anything-she almost had no body. She was fluid, a being of pure energy, with no more fixed form than a candle flame. She was utterly†¦ free. And then her shoulders were pulling in, and her arms were becoming more sinewy. Her fingers were retracting, but in their place long, curved claws were extending. Her legs were twisting, the joints changing. And from the sensitive place at the end of her spine, the place that always felt unfinished when she was in human form, something long and flexible was springing. It lashed behind her with fierce joy. Her jumpsuit was gone. The reason was simple: she wore only clothes made out of the hair of other shapeshifters. Even her boots were made of the hide of a dead shifter. Now both were being replaced by her own fur, thick black velvet with darker black rosettes. She felt complete and whole in it. Her arms-now her front legs-dropped to the ground, her paws hitting with a soft but heavy thump. Her face prickled with sensitivity; there were long, slender whiskers extending from her cheeks. Her tufted ears twitched alertly. A rasping growl rose in her chest, trying to escape from her throat. She held it back-that was easy and instinctive. A panther was by nature the best stalker in the world. The next thing she did was instinctive, too. She took a moment to gauge the distance from herself to the black-haired boy. She took a step or two forward, her shoulders low. And then she jumped. Swift. Supple. Silent. Her body was in motion. It was a high, bounding leap designed to take a victim without an instant of warning. She landed on the dark boy’s back, clinging with razor claws. Her jaws clamped on the back of his neck. It was the way panthers killed, by biting through the spine. The boy yelled in rage and pain, grabbing at her as her weight knocked him to the ground. It didn’t do any good. Her claws were too deep in his flesh to be shaken off, and her jaws were tightening with bone-crushing pressure. A little blood spilled into her mouth, and she licked it up automatically with a rough, pointed tongue. More yelling. She was dimly aware that the vampires were attacking her, trying to wrench her away, and that the security guards were yelling. She ignored it all. Nothing mattered but taking the life under her claws. She heard a sudden rumble from the body beneath her. It was lower in pitch than anything human ears could pick up, but to Keller it was both soft and frighteningly loud. Then the world exploded in agony. The dragon had caught hold of her fur just above the right shoulder. Dark energy was crackling into her, searing her. It was the same black power he’d used against Winnie, except that now he had direct contact. The pain was scalding, nauseating. Every nerve ending in Keller’s body seemed to be on fire, and her shoulder was a solid red blaze. It made her muscles convulse involuntarily and spread a metallic taste through her mouth, but it didn’t make her let go. She held on grimly, letting the waves of energy roll through her, trying to detach her mind from the pain. What was frightening was not just the power but the sense of the dragon’s mind beneath it Keller could feel a terrible coldness. A core of mindless hatred and evil that seemed to reach back into the mists of time. This creature was old. And although Keller couldn’t tell what he wanted with the present age, she knew what he was focused on right now. Killing her. That was all he cared about. And of course he was going to succeed. Keller had known that from the beginning. But not before I kill you, she thought. She had to hurry, though. There almost certainly were other Night People in the mall. These guys could call for reinforcements, and they would probably get them. You can’t†¦ make me†¦ let go, she thought. She was fighting to close her jaws. He was much tougher than a normal human. Panther jaws could crush the skull of a young buffalo. And right now, she could hear muscle crunching, but still she couldn’t finish him. Hang on†¦ hang on†¦ Black pain†¦ blinding†¦ She was losing consciousness. For Winnie, she thought. Sudden strength filled her. The pain didn’t matter anymore. She tossed her head, trying to break his neck, wrenching it back and forth. The body underneath her convulsed violently. She could feel the little lapsing in it, the weakening that meant death was close. Keller felt a surge of fierce joy. And then she was aware of something else. Someone was pulling her off the dragon. Not in the fumbling way the thugs had. This person was doing it skillfully, touching pressure points to make her claws retract, even getting a finger into her mouth, under the short front teeth between the lethal canines. No! Keller thought. From her panther throat came a short, choking snarl. She lashed out with her back legs, trying to rip the person’s guts out. Afo. The voice didn’t come in through Keller’s ears. It was in her mind. A boy’s voice. And it wasn’t afraid, despite the fact that she was now scrabbling weakly, still trying to turn his stomach to spaghetti. It was concerned and anxious but not afraid. Please-you have to let go. Even as he said it, he was pushing more pressure points. Keller was already weak. Now, all at once, she saw stars. She felt her hold on the dragon loosen. And then she was being jerked backward, and she was falling. A hundred and ten pounds of black panther was landing on whoever had yanked her free. Dizzy†¦ Her vision was blurred, and her body felt like rubber. She hardly had enough strength to twist her head toward the boy who had pulled her away. Who was he? Who? Her eyes met blazing green-gold ones. Almost the eyes of a leopard. It gave Keller a jolt. But the rest of the boy was different. Dark gold hair over a rather pale and strained face with perfectly sculpted features. Human, of course. And those eyes seemed to be blazing with worry and intensity rather than animal ferocity. Not many people could look at an angry panther like that. She heard his mental voice again. Are you all right? And then, for just an instant, something happened. It was as if some barrier had been punctured. Keller felt not just his voice but his worry inside her head. She could feel†¦ him. His name†¦ Galen. And he’s someone born to command, she thought. He understands animals. Another shapeshifter? But I can’t feel what animal he turns into. And there’s no bloodtbirstiness at all†¦. She didn’t understand it, and her panther brain wasn’t in the mood to try. It was grounded in the here and now, and all it wanted was to finish what she had started. She wrenched her eyes away from Galen and looked at the dragon. Yes, he was still alive but badly wounded. A little snarl worked out of Keller’s throat. The vampire thugs were still alive, too; one was picking up the injured dragon and hauling him away. â€Å"Come on!† he was shouting in a voice sharp with panic. â€Å"Before that cat recovers-â€Å" â€Å"But the girl!† the second vampire said. â€Å"We don’t have the girl.† He looked around. Diana was standing by a display of porcelain figures, looking just as pale and graceful as any of them. She had both hands at her throat and seemed to be in shock. The second vampire started toward her. Afo, Keller thought. But she couldn’t get her legs to move. She could only lie helplessly and stare with burning eyes. â€Å"No!† a voice beside her said, out loud this time. Galen was jumping up. He got between the vampire and Diana. The vampire grinned, a particularly nasty grin. â€Å"You don’t look like a fighter to me, pretty boy.† It wasn’t exactly true, Keller thought. Galen wasn’t pretty; he was beautiful. With that gold hair and his coloring, he looked like a prince from a storybook. A rather young and inexperienced prince. He stood his ground, his expression grim and determined. â€Å"I won’t let you get to her,† he said steadily. Who the hell is this guy? Keller thought Iliana, pale and wide-eyed, glanced up at him, too. And then Keller saw her†¦ melt. Her drawn features softened; her lips parted. Her eyes seemed to quiver with light. She had been cowering away from the vampire, but now her body relaxed just a little. He certainly looked more like a champion defender than Keller had. He was clean, for one thing. Keller’s fur was matted with her own blood and the dragon’s. More, she couldn’t help the little raspy snarls of rage and despair she was making, showing dripping teeth in a red-stained muzzle. Too bad he was about to be slaughtered. He wasn’t a fighter. Keller had seen the inside of his mind, and she knew he didn’t have the tiger instinct. The vampire was going to massacre him. The vampire started forward. And a voice from the front of the store said, â€Å"Hold it right there.† How to cite Night World : Witchlight Chapter 2, Essay examples

Potential the Rapeutic Problems in the Caseâ€Myassignmenthelp.Com

Question: What Is the Potential the Rapeutic Problems in the Case? Answer: Introducation: Mr. Dennis Vale is an older person of 78 years old and weighs 98 kg. He has no smoking habit but consumes alcohol on regular basis. He is suffering from the respiratory infection. His medical history states that he has various problems like hypertension and type 2 diabetes. He is suffering from the hypertension since 2000 and the symptoms of type 2 diabetes are seen since six months. Description of the problems The respiratory infection refers to the problem in normal breathing. This can affect the upper respiratory system. The patient is suffering from the disease as the sinuses and vocal chords are affected by cold. Turner et al., (2014) mentioned that the respiratory infection may affect the lower respiratory system as well. The patient has allergic problems in some specific drugs like penicillin. This infection is dangerous for the patient as he belongs to the old age. The symptoms include the runny nose, sore throat, body aches, fatigue, and congestion. Hypertension refers to the abnormal raise of the blood pressure, which is mainly caused by the psychological stress. When the systolic and diastolic blood pressure goes higher than 140 mmHg and 90 mmHg, the symptoms of hypertension occurs (Joffres et al., 2013). Various factors are responsible for the hypertension like lifestyle. Psychological factors affect the blood pressure. It can lead to various diseases like type 2 diabetes, kidney disease and cardiac arrest. Type 2 diabetes refers to the lifelong disease, which happens when the blood glucose level rises in the body. When the production of the insulin hormone decreases, the symptoms of diabetes are seen. Kahn, Cooper and Del Prato (2014) mentioned that the body weight plays significant role in case of type 2 diabetes. It is necessary to check whether the patient is obese or not. Focus on the use of medicines Due to his medical history, he has to take medication. He has to take 5 mg of ramipril daily due to the diabetes. He takes the metformin twice in a day of 1 g due to the diabetes. The physician suggested him to take the simvastatin at night of 100 mg to reduce the risks of cholesterol. He takes the aspirin to reduce the effect of respiratory infection. The dosage of the aspirin is 100 mg regularly. The physician suggested him to take 1 tablet of the ibuprofen thrice daily, which is of 400 mg. The physician suggested him to take the medicine to reduce the effect of respiratory infection if he needs it. Approaches To reduce the effects of the respiratory infection, it is necessary to diagnose the bacterial infection at first and consider the risks and benefits of the antibiotic treatment (Miedzybrodzki et al., 2016). The patient needs to consult with the physicians so that the therapy can be provided properly. The physician can suggest him of various non therapeutic drugs as well as the therapeutic drugs. In case of respiratory infection, yoga can help the patient (Kahn, Cooper Del Prato, 2014). References Joffres, M., Falaschetti, E., Gillespie, C., Robitaille, C., Loustalot, F., Poulter, N., ... Campbell, N. (2013). Hypertension prevalence, awareness, treatment and control in national surveys from England, the USA and Canada, and correlation with stroke and ischaemic heart disease mortality: a cross-sectional study.BMJ open,3(8), e003423. Kahn, S. E., Cooper, M. E., Del Prato, S. (2014). Pathophysiology andNursing treatment of type 2 diabetes: perspectives on the past, present, and future.The Lancet,383(9922), 1068-1083. Miedzybrodzki, R., Fortuna, W., Weber-Dabrowska, B., Grski, A. (2016). Phage therapy of staphylococcal infections (including MRSA) may be less expensive than antibiotic treatment.J. Cover,70. Turner, T. L., Kopp, B. T., Paul, G., Landgrave, L. C., Hayes Jr, D., Thompson, R. (2014). Respiratory syncytial virus: current and emerging treatment options.Clinicoecon Outcomes Res,6, 217-225.