A Clockwork Orange as an Allusion to Platos Mimetic...

According to Plato, a philosopher enters the realm of universal knowledge when his understanding is purely an abstract science. At this stage, the philosopher is in touch with the ultimate â€Å"Form of the Good,† and knows what is best for man. Imagination plays an integral role in reaching the Form of Good, because it serves as a means to which students can understand abstract ideas and eventually reach universal thought. In his pre-modern narrative The Republic of Plato, however, Plato finds that society can be easily consumed by the mimetic imagination, in which people are tricked into believing that the imaginary is reality. Plato’s condemnation of the mimetic imagination alludes to Stanley Kubrick’s postmodern film, A Clockwork Orange†¦show more content†¦Plato finds this as a sufficient reason to denounce it as â€Å"an agency of falsehood.† Allegory of the Cave Plato’s Divided Line of four ways of thinking lead into his Allegory of the Cave, which depicts four ways of living. The Allegory of the Cave illustrates the effect of education on the human soul, specifically how it brings the student through the four divisions of the Divided Line, all the way to the Form of the Good. The scene is set in a dark cave, where a group of prisoners have lived, and never left, since birth. The prisoners are bound by chains so that they can only look straight ahead at the cave wall. A fire is lit behind them, and various statues are mounted on a partial wall behind the fire, which cast shadows on the wall the prisoners are facing. The statues are periodically moved by another group of people, of whom the prisoners are unaware of. The stories that the shadows play out is what the prisoners believe are the most real things in the world. Thus, the prisoners are in the stage of imagination, because the shadows that they take to be r eal are copies of copies of the transcendental being. They exist in a â€Å"world of becoming,† and cling to images of the constantly changing physical world. A prisoner is then released from his bonds and turns around to look at the fire and statues. At first he feels pain and confusion, but then realizes the shadows he has

The financial crisis has encouraged corporate governance - Free Essay Example

Sample details Pages: 17 Words: 5164 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Governance is a term that refers to how the government uses authority and power to set the rules and regulation, to govern the people, in order to achieve continuity to national development. Corporate governance is a multifaceted topic. Corporate governance is a very important part of the face of responsibility, trustees responsibility to shareholders and others of information disclosure, auditing and control mechanisms. Don’t waste time! Our writers will create an original "The financial crisis has encouraged corporate governance" essay for you Create order This person should be responsible for corporate governance in accordance with all aspects of the hand is. Another important focus is economic efficiency, both internally (such as best practice guidelines) and outside the company (such as the national system of systems). In this economic view, is an optimal corporate governance system should detect and prevent fraud results and designed. Recently, the public was quite the interest in corporate governance practices, especially since the Enron Corporation and WorldCom that the collapse of large companies has caused public concern. The principles of corporate governance include several elements: honesty, trust, integrity, openness, performance orientation, responsibility and reliability, mutual respect and commitment to the organization. The most important thing is how directors and management of the establishment of governance model for the other participants can be based on the value of the company, and can effectively evaluate its effectiveness regularly. In particular, the performance of senior executives was an honest, ethical, especially in the face of conflicts of interest and the time to disclose financial statements. There is no global standard definition on corporate governance. Cadbury Report (1992) define that the corporate governance is the system by which companies are directed and controlled. However, the corporate governance as including a set of relationships between companys management, its board, its shareholders and other stakeholders, and provides the structure through the companys goal setting, and identify those objectives and monitoring performance was described the Organization for Economic Co-operation Development (OECD) (2004). The Malaysian Code on Corporate Governance(2000) defined Corporate governance as process and structure used to guidance and management services for the business and affairs of the company to strengthen accountability and business prosperity and long-term sha reholder value with the ultimate goal, taking into account the interests of other stakeholders. Before to the financial crisis in 1997, Malaysia has become known as the East Asian miracle was due to its high growth rate 8.9 per cent by an average of one economic system in maintaining during the period 1988 to 1996. Besides that, the country to low inflation rate of about 3-4 per cent per year. In addition, the growing focuses on manufacturing, especially in electronics. Moreover, the country also makes certain in high employment rates.'(Mohamed Ariff and Syarisa Yanti Abu Bakar (1994) Under the impact of the financial crisis, the Malaysian financial markets in turmoil, banks verge of bankruptcy, a large number of companies in trouble, and many workers were unemployed. Significant decline in domestic private demand, resulting in sharp decline in investment, real GDP fell by 7.4% in 1998, and lower consumption. Therefore, unemployment rate rose, inflation doubled and the currency f ell. (WTO, 2001) The financial crisis has encouraged corporate governance reform in East Asia. Nowadays, the corporate governance of a country more focuses on checks and balances. As a consequence, Malaysia has aimed to improving corporate governance practice. Corporate governance in Malaysia emphasis on separation on company management and ownership, roles and responsibilities of managers and directors, increased disclosure of corporate non financial information, and improved on internal control.'(Jill Solomon, 2007) 1.2 Research Problem Since corporate governance is very important to listed company in Malaysia. The shareholders and investors are maintaining their wealth maximization. So, in this research paper, our main study is to identify whether the better the corporate governance result in better share price? Then, we will overview how corporate governance affects corporate performance? 1.3 Research Objectives In this research paper, our main objective is to examine the better corporate result in better share price. Then, we will identify whether good corporate governance will affect firm performance. 1.4 Scope of the Research In this research paper, I will select 30 public listed companies those are listed in Bursa Malaysia. After that, I will compare corporate governance measures of all the 30 public listed companies in annual report which in year 2009. 1.5 Organization of the Research The study is organized as follows. Chapter 1 introduces the research problems and objectives. Chapter 2 explores the relationship between corporate governance and share price with the aims of developing a conceptual framework of how corporate governance would affect the share price. Chapter 2 also provides a definition of corporate governance and examines the factors likely to influence the share price. It then goes on to examine how to measure and identifies the measures used in previous empirical studies. In Chapter 3, three hypotheses are formulated and a signaling model using regression analysis developed to test the predictive ability of corporate governance measures in annual report. The essential features of the research design and testing approach are also explained. Chapter 4 provides summary statistics and the empirical results of the study. The final chapter summarizes the main findings and implications of the study. It also discusses the limitations of the study and pos sible directions for future research. CHAPTER 2 SURVEY OF LITERATURE 2.1 Introduction Most of the survey of literature which examined the link between corporate governance and firm performance focus on a specific facet of governance, such as the right and duties of shareholders, remuneration committees, the appointment of directors, the attendance of non directors at board meetings, transparency and disclosure, responsibilities of the board, internal control, and alliances and merges. Besides that, study the impact of a complete set of governance standards on firm performance came close by profitability ratios that there is quite little empirical literature. Net profit margin and return on equity are the examples of profitability ratio on firm performance. The corporate governance should lead to higher share price or better firm value from those advocates of agency theory. Eisenhardt (1989) emphasized agency theory identified mechanisms which reduce agency loss. Thus, it will maximize the wealth of shareholders and investors. It is frequently assumed that boar ds of directors are more independent as the proportion of their outsider directors increases (John and Senbet 1998). Nevertheless, there are no relation between proportion of outsider directors and Tobins Q which found by Hermalin and Weisbach (1991); there are no connection between the proportion of outsider directors and Tobins Q, assets turnover, return on assets and stock returns which found by Bhagat and Black (2002); and there are no linkage between the proportion of outsider directors and various performance measures. On the other hand, there are some advocators shown there are relationship between proportion of outsider directors and performance measures such as Baysinger and Butler(1985), Rosenstein and Wyatt(1990) ,Brickley, Coles and Terry(1994), and Anderson, Mansi and Reeb(2004). 2.2 Board Activities 2.2.1Board Meeting In relation to effective governance board meeting has also been studies. In developing the efficiency of a board the board meeting time is an important resource which suggested by Coger et.al (1998). The bank holding companies meet slightly more often than manufacturing firms which study by Adam and Mehran (2002) on board meeting of financial and non financial firms. Adam and Mahran (2002) found that the average number of board meeting per year is 8.45 which are close to 7.45 meetings a year reported by Vafeas (1999).Even so, there had a negative correlation between the number of board meeting and performance which found by Vafeas (1999). It is means that the more often board meeting, the less value of the firms. This is because of the view that higher board meetings follow poor performance. Further tests point out the following years of unusually high meeting frequency when raising the operating performance. Raising their level of board activity is linked with developed operating performance that boards respond to poor performance in such result conclusion. A response on the importance of meeting but MAICSA was emphasized with the issuance of guidelines (Abdul Hadim M. Fazilah and Md Ishak Ismail). On the other hand, the number of meeting in a year together with directors attendance should be disclosed and the board should meet frequently that suggested by The Malaysian Code on Corporate Governance. 2.2.2 Board Committee In corporate governance the board committee has an important role by improving in keeping an eye on management and enhancing the decision making by the board and accountability to shareholders. The aspect of the boards linked to committee may affect performance recognized by Klein (1998). In particular, it was argued that there is positively relation between the proportion of insiders on the financial committee and firm performance. Nonetheless, a study by Weir et. al (2001) found that talent of committee members and independence of committee membership has no effect on performance. Finding from Vafeas and Theodorou (1998) there is no evidence to support the view that the structure of board sub committees considerably affected firm performance. Each board on average has 4.42 committees and each committee member sits on 1.87 committees that shown by Adams and Mehran (2002). Malaysian Code on Corporate Governance and Bursa Malaysia listing requirement but involve compensation and rem uneration of directors and committees to handle the matters pertaining to nomination of directors and internal control and integrity of the external audit (Abdul Hadim M. Fazilah and Md Ishak Ismail). 2.2.3 Remuneration To settle the conflict of interest among the managers and shareholders remuneration provides as an instrument. Remuneration as an important mechanism of corporate governance is the incentives of top management have been characterized which indicated in John et.al (2001). The firm performance will be affected by the director compensation which bring out by Brick, Palmon and Wald (2002). Regarding to banking institution, Anderson and Campbell (2002) recommended that breakdown to state significant incentives by Japanese banks led to the extension of credit to smaller, less well- known borrowers and increasingly secured such loan with overpriced real estate in the 1980s. The compensation is termed as Deferred Compensation or Deferred Stock and in the form of cash and stock (Abdul Hadim M. Fazilah and Md Ishak Ismail). Almost 95% of the firms have deferred compensation plans for their directors according to Adam and Mehran (2002). In contrast, the firms provide an option of cash or stoc k to their directors only 31%. To examine the implication of having different level of both type of compensation on the firm performance which the studies have been carried out. Adam and Mehran (2003) argued that manufacturing companies possessed a mean that the value of granted option was 60 percent larger than the sum of base salary and bonuses, using a measure of Ratio of Value of Granted Option to Salary plus Bonuses. Houston and James (1995) shown that financial firms as represented by bank holdings were said relied on lower stock options. The difference was due to expansion status of the industry. Smith and Watts (1992) and Mahran (1992) were suggested that low growth industries proxies by Tobins Q ratio rely less on stock based compensation. The boards of a low growth industries can evaluate observe and monitor the actions of CEOs easily so rely more on fixed rather than stock based compensation. The bank holdings companies into a low growth industries was attributed lower To bins Q of 1.0 compare to the manufacturing with 1.9 according to Adam and Mehran(2003). Moreover, they argued it might make easier for the board to monitor CEO actions while the bank holdings companies sample which smaller stock return volatility. Directors remuneration should reflect the commitment and responsibility and should be significant of the directors which required by the Malaysia Code on Corporate Governance. Remuneration should link level of responsibilities as well as rewards to experience in the case of executive director. The remuneration committee including mainly and wholly of non executive directors should make a decision on the level of remuneration for the executive directors. In contrast, the board as a whole should determine the remuneration of the non executive directors. In the annual reports, the details of the remuneration of each director are required to disclose by the companies. 2.2.4 Transparency and Disclosure The financial transparency is an important instrument that provides credible assurances to shareholder, creditor, and depositor that they will avoid doing from fraudulent activities. In Mitton (2002) and Coles et. al (2002), one of the mechanisms had been measured financial reporting or disclosure quality in evaluating the corporate governance of a firm. Shareholders are able to attain complete and convenient information about companys governance characteristics and its financial matters in disclosure measure. For example, the firm should release information on their board committees, members, and structure and stock option prices and its remuneration. Appointing reputable external auditors may be achieved higher disclosure quality. In general, reputable external auditors referred to one of the big 5 international accounting firm (Reed et. al, 2000; Mitton, 2002; Titman and Truman, 1986). Through the mandate disclosure requirements of the listing exchange, the higher disclosure qua lity can be properly worked out. Increased study of the firm report and high demand for disclosure from the investors would improve the disclosure quality of a firm which in informal technique. In August 2002 released the Guidelines on make easy the benchmarking of audit standards of our listed companies with the international standards and matter relating to internal audit functions by Institute of Internal Auditors the internal audit functions to support the boards of directors t o complement the measures. The task of companys audit committee to strengthen the independence of the external auditor also underlined in the Code. As a result, only increase the transparency of listed companies, investors can grasp the true, accurate, complete, timely and impartial information, and ultimately the formation of all the shareholders of listed companies and the positive interaction between the relationships between the maximization of corporate value and achieve the best interests of all sha reholders 2.2.5 Foreign Ownership By having foreign ownership with reputable foreign firms, development on corporate governance can be attaining at the firm level. This is because of one of the firm has practiced different and addition of new standards. The foreign bank brought new information technology, management technique and mechanisms and forces the domestic bank to implement when they are entry as said by Peek and Rosengren (2000). It is still positively act in response by the market. When the firms within the industry acquired by foreign firms coming from countries with better accounting standard and better shareholder protection, Bris and Cabois(2003) concluded that the industry performance measured by Tobins Q increases. By upholding the regulation of 30% limit on foreign ownership of the banks, Malaysia defends its domestic banks for the period of the crisis. 2.3 Board Structure 2.3.1 CEO Duality When the same person holds CEO and the chairperson then the agency problem likely is higher. Daily Dalton (1992) and Brickley et al. (1997) are no finding any relationship between CEO duality and performance of firms. Efficiency in monitoring management that said by Hannifa and Cooke (2000) could be improved through CEO-Chairman duality, because reducing in information asymmetry and needing in contract is less where assumes the position of CEO and Chairman all together by one person. The combination of the CEO and chairman will allow the CEO focus their power to make a decision on their self- interest. Consequently, the separation of the position into two can spreads out their power and permit the board to more completely carry out its fiduciary duties. The separation of the position on CEO and chairperson the firms are more valuable that argue by Yermack (1996). However, Goyal and Park (2002) find that with CEO duality, the CEO turnover to firm is higher for companies. There i s also a positive association between separating the functions of the CEO and firm performance which found in Sanda et al (2003). In Malaysian Code on Corporate Governance (2000) nobody has tolerant power of decision since there is a condition of balance authority and power between CEO and Chairman. 2.3.2 Board Size Based on the board size performance relationship for financial and non financial firm there were different finding. The board size has a negative relationship to firm performance for non financial firms. There is the negative relationship between board size and Tobins Q which found by Yermack (1996). In addition, when using small size sample of firms, there is also find negative relationship between board size and profitability of the firms. A number measured quite small in those markets when they found that firm valuation is highest which the finding in firms listed in Malaysia and Singapore by Mak and Yuanto(2003). Lipton and Lorsch (1992) and Jensen (1993) had recommended a possible factor affecting monitoring quality based on board size. From larger boards, CEOs are able to take out better pay that found by Core, Holthausen, and Larcker (1999). Even as Shivdasani and Yermack (1999) reported a size of 11, Vafeas (1999) recognized a board size of 12. To explain for a larger board there are some different reasons. Institutional shareholders before the increase in activism the board size are supposed to increase. Based on the study on Hermalin and Weisbach (2001); Yermack (1996); and Baker and Gompers (2000), to create larger boards due to positive correlation of board size with firm size. Adams and Mehran (2002) found the evidence that shown positive relationship between board size and Tobins Q. 2.3.3Independent Board of Directors Independent is refers to independence from the major shareholder and independence from management that set by Malaysian Governance Code and requirement of listing in Bursa Malaysia. The board independence is linked with the entry of outsiders into the board. According to Adams and Mehran (2003), increase in the proportion of outside directors on the board should increase firm performance since they can effectively in monitoring the managers. Measurement in terms of ratio of outside directors to board size based on the proportion of the outside directors. Based on the study by Adams and Mehran (2002), there is no relationship between the proportion of outsiders on the board and Tobins Q which finding on board independence performance. Moreover, Hermalin and Weisbach (2001) said that the higher proportions of outside directors are linked with better decisions regarding such as CEO turnover, acquisitions and executive compensation but not linked with better firm performance. On the ot her hand, in the occasion of acquisitions and merges, it was found that offer premiums increase with the independence of the targets board (Brewer III et. al., 2000). In Byrd et al (2001), there is positive relationship between the proportion of independent directors in the board and survival of firms. Although number of outsiders sitting on the board is regulated by certain regulation. At least one third of the board to include of independent directors that released in January 2001 by Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange (KLSE) listing requirements amendments. 2.4 Audit Committee There is no finding relation between earning restatements and fees paid for financial information system implementation as well as audit committee independence provides non audit services which by Kinney, Palmrose and Scholz (2004) and Agrawal and Chadha (2005). Nevertheless, some advocators find some evidence to prove there is negative relationship between earnings and audit committee. The negative relation between earnings management and auditor independence was shown by Frankel, Johnson and Nelson (2002). Moreover, Klein (2002) was shown a negative linkage between earnings management and audit committee independent. Furthermore, in Anderson et al. (2004) found that totally independence audit committees have lower debt financing costs. Based on the above evidence, Ashbaugh, Lafond and Mayhew (2003) and Larcker and Richardson (2004) were not agree with them. In Smith Report (2003), audit committee such as a mechanism that improve effectiveness and keep an eye on company management as well as make sure external auditors objectivity and independence. 2.5 Summary When there is a separation of ownership and control, in general, corporate governance refers to set of mechanisms that influence managers make decisions. The study of this chapter is on the relationship between corporate governance and firm performance. I have accessible a variety of ways to enhance corporate governance. As discussed above, some of the predictable variables used as measures of corporate governance are board meeting, board committee, remuneration, transparency and disclosure, foreign ownership, CEO duality, board size, independent of board of directors and audit committee. Covers a wide range and extensive of corporate governance internally and externally put in place that found in those mechanisms. CHAPTER 3 RESEARCH METHODOLOGY 3.1 Introduction This chapter presents the research design. Firstly, the theoretical framework is developed based on literature review carried out in the earlier chapters. Secondly, the research hypotheses to determine that there is relationship between corporate governance and share price. By using the connected dependent and independent variable to analysis the relationship of corporate governance, we examine the factor of share price and firm performance. At the moment, we will present the multiple regression analysis to compare the entire variable. Finally, we will use t-testing, F-testing and R square in our statistic analysis. In this chapter we will select 30 samples from Bursa Malaysia in random which all in ACE market. We can compare since all 30 samples that we selected are in year 2009. 3.2 Theoretical Framework Good corporate governance will bring better share price to the firm? There are evidences to prove that good corporate governance really can improve firm performance. So, how corporate governance affect the firms share price? The four independent variables set in this chapter such as number of independent non-executive directors; attendance of board meetings; attendance of audit committees and directors remunerations will affect the two dependent variables which are firm value(share price) and firm performance(earnings).The firm has poor corporate governance then its firm performance may not pretty well. However, if the firm has good corporate governance its firm value will increase. The higher concentration on ownership will bring up the firm value. According to Coles et al (2002), as well to board members fiduciary responsibility they will have personal wealth incentive to monitor managers with the proportion of ownership. Furthermore, a firm with good corporate governance will pr otect and maximize the wealth of investors. Thus, a firm with good corporate governance will ensure the company is run to achieve its goal, checks and balances to reduce abuse of power and promote fair treatment to the stakeholders. Dependent Variables Independent Variables 1. Independent Non-Executive (INE) 2. Attendance of Board Meeting (ABM) 3. Attendance of Audit Committee (AAC) 4. Directors Remuneration (DR) Figure 3.1: The theoretical framework in describing relationship between the independent variables and the dependent variable 3.3 Research Hypotheses The study is considered to look at the relationship between corporate governance and firms performance. There are many factors that affect a firms performance such as internal and external perspectives. Nevertheless, it is take for granted that all factors contributing to firms performance have same stage of influence on the selected samples which in investigating the linked between corporate governance practice and firms value. Hence, the following hypotheses have been developed: H10: There is no significant relationship between corporate governance practices and firm value. H1A: There is significant relationship between corporate governance practices and firm value. H20: There is no significant relationship between corporate governance practices and firm performance. H2A: There is significant relationship between corporate governance practices and firm performance. These two hypotheses were developed in generally will run company which always maximizes shareholders return which would explain in better firms value. 3.4 Dependent Variables There are two dependent variables in this study which are share price and earnings. This is because corporate governance practice of a firm will affect its firms share price and earnings. 3.5 Independent Variables The four types of independent variables in this study are:1) Number of Independent Non-Executive Director; 2) Attendance of Board Meeting; 3) Attendance of Audit Committee and 4) Directors Remunerations. Independent Non Executive Director can effectively in monitoring the managers while there is positive linkage between independent non executive director and firm performance. Board meeting time is an important resource for the board of the efficiency. Therefore, number of director who attends the board meeting can be one of the independent variable. Since, the audit committee as an important tool to improve the company performance then we set attendance of audit committee as one of independent variable. The remuneration can resolve the conflict of interest between managers and shareholders. For that reason, directors remuneration will encourage to improve the firm performance. 3.6 Sample and Data Collection 3.6.1 Target Population In this study, all the public listed companies listing in Bursa Malaysia as our population target. 3.6.2 Sources of data The source of data is base o n the secondary data. Annual report was the majority of the data that search from website. Normally, seek the data by company list on Bursa Malaysia Stock Exchange. The library books, website, newspapers and magazine also use to search for secondary data. We examine the factor likely influence share price by using the related dependent and independent variable to analysis the relationship of corporate governance. The sample of company and the data of annual report collection that would select from list on Bursa Malaysia of 30 Company in ACE Market and examine data period for year 2009 performance of financial statements and annual reports. The dependent and independent variables analysis are based on financial statements and annual reports of post on Bursa Malaysia list of company. 3.6.3 Criteria of Selection of Sample For study the corporate governance practice, the prior researcher measure the relationships of corporate governance are empirical evidence base on company annual report for examine the relationship with share price. The Bursa Malaysia group of company operate fully incorporated stock exchange and offers a whole range of exchange relate service. All the listed company must fulfill which are set out in the listing condition on Bursa Malaysia securities Bhd in the listing requirement and disclosure standards. Therefore, all the data listed in Bursa Malaysia are relevant and reliable. The samples were chosen randomly in ACE Market which list in Bursa Malaysia. Appendix 1 is the list of all the company that I choose to analysis their value and performance. 3.6.4 Period of Study The period of study will cover only one year of annual report which is in year 2009. 3.7 Data Analysis 3.7.1 Multiple Regression Analysis- Specifying the regression Equation To assume the k is independent variable are possible relate to dependent variables. The model is following the equation. SPEit= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1INEit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ABMit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3ACCit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4DRit +ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²kxk+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit Where, SPE = share price and earnings (measure of firm value and firm performance), = the intercept coefficient of the regression line on the Y (SPE) axis when X (Independent variables) axis is zero, = the regression coefficients or slope of the regression line (the increase in Y for a unit, increase in X), = the random error variable, INE = Number of Independent Non-Executive Directors. Calculate the total number of independent non- executive directors of the company; ABM = Attendance of Boards Meetings. Calculated by total attendance of boards meeting divided by total number of board meeting in a year; AAC = Attendance of Audit Committ ee. Calculated by total attendance of audit committee divided by total number of audit committee meetings in a year, DR = Directors Remuneration. Calculated by total directors remuneration divided by total independent non executive directors in a year. The measures of share price and earnings (SPE) are dependent variable, the INE are the number of independent non-executive directors; ABM is the attendance of board meetings; AAC are the attendance of audit committees and DR is the directors remunerations are independent variables. Even though all the companies are concern in the same period, time dummy variables will change over time. The above regression equations are using the Pooled Least Squares and standard errors are calculated using Whites correction for heteroscedasticity. 3.8 Statistical Test 3.8.1 Test of Statistical Significance Three formulate are use in the test of statistical, the coefficient of determination, t-testing, F-testing are concern in statistical analysis. The coefficient of determine are test of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 address only the question of whether there is enough evidence to infer that a linear relationship exists. This is useful to measure the strength of that linear relationship that to compare several different model. However, the coefficient of determination adjusted that taken into account the series of independent variable and the sample size. To apply the simple linear regression by using the slope coefficient to examine that are sufficient evident exist to allow us to conclude that there was a linear relationship between the dependent and independent variables. The regression models are following below: H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 = ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²k = 0 H1: At least one ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i is not equal to zero If the null hypothesis is true that none of the independent variables is linear and relate to dependent variables therefore we can examine that model is useless. However, if at least one independent variable is not equal to zero, the model also has some useful tools. The t-test of the individual coefficient allow us to determine whether ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 no equal to 0 (for i= 1,2,3,ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦,k) to notify us whether a linear relationship exist in dependent and independent variables. The t-test is test for each independent variable. It is compare a sample mean to an accepted value or compare two sample means. The F-test is to compare standard deviation or two variances. It is combining the series of t-test relationship bring into single test. The relationship between F-test and t- test can explain by mathematically. The R2 is calculated as the Regression Sum of Squares (RSS) divided by the Total Sum of Squares (TSS), or the square of R. The R can ta ke on a value from -1 to +1, which depends on whether the association between the two variables is positive or negative, thus the value of R2 can fall between 0 and 1. If the R2 is close to one indicates that the model fits the data very well. Conversely, R2 close to zero indicates the model is not very good. In this study, R2 is applied to test whether the four independent variables can explain the dependent variable of corporate governance. For instance, higher the value of R2, greater the variation of corporate governance, that could explain by the four variables. 3.9 Summary This chapter presents the research design for this study. It begins with the development of the theoretical framework from which two hypotheses were proposed to test the effects of the share price. It is proposed that corporate governance is directly related to share price. For companies with favorable information on their annual reports, this information can be communicated to potential investors to increase shareholders returns. The dependent and independent variables were specified and defined and a signaling model developed using multiple regression analysis. This was followed by a description of the sample size, data collection methods and statistical tests used in the study. The next chapter presents the statistical analysis of the two hypotheses developed, and provides a discussion and interpretation of the result. CHAPTER 4 EMPIRICAL RESULTS 4.1 Introduction The main objective of this study is to examine the accuracy of share price and earnings per share contained in the list of ACE Markets and also examine whether the accuracy of share price and earnings per share are influenced by four of the determinants. Thus, after the illustration of the research methods in previous chapter, this chapter will proceed to present the results in this study. It will first provide the descriptive statistics for results of dependent and independent variables. Thereafter, result for regression analysis is obtained to test the significance for four of the hypotheses generated. Lastly, an analysis of the regression results is then be discussed and explained.

John Stuart Mills Essay - 564 Words

John Stuart Mills John Stuart Mill was one of the most well regarded and widely renowned philosophers and economists in history. He was considered a philosophical genius by the age of 20, and was mainly taught only by his father. His father believed that he should be educated and be taught many different languages and philosophies to become a well-rounded individual. When he had to end his studies early in life because of a mental breakdown at the age of 20, he soon recovered and was something different than when he first studied. Not long after he recovered he showed how different he was than his father and began writing in the Westminster review. He has widely been known for his views on liberalism that he showed in†¦show more content†¦It is of no surprise that he also supported individual freedom of thought and expression on the grounds of individual autonomy and minority protection. He stated that such freedom would encourage and not interfere with individual development, both social and intellectual, and would help in the emergence of truth. Mills greatest impact was his views on utilitarianism. In his essay Utilitarianism in 1863, Mill undertook the first real critical analysis of utilitarianism. He attempted to combine rationalism and romanticism to create both an objective political philosophy and a morally satisfying one. Mill asserted that life could not be judged on the simple hedonic principle of pleasure and pain, which Bentham had used because life was just more complicated. Not all pleasures are equal in value, he said, with the pleasures preferred by people with more developed character ethically superior than others. Unlike Bentham, who did not believe the prospect of man being able to pursue spiritual perfection, Mill placed equal importance on the cultivation of feeling and the building of character. He also passionately defended the rights of free speech and the value of individuality. Mill showed the fact that a wide range of character was to be found in society, and that some of it certainly was not exactly ethically fit, fearing that public opinion could become a sort ofShow MoreRelatedThe Mill By John Stuart Mill1537 Words   |  7 PagesJohn Stuart Mill was a famous philosopher and historian. Jeremy Bentham who advocated for utilitarianism just like Mill influenced much of Mill’s works. Mill’s works were also greatly influenced by Jeremy Bentham’s brother, Samuel and Mill’s father, James. Mill had many early works prior to his writings on utilitarianism. Mill discusses how to determine right and wrong, but this seems to be an ongoing conflict. 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Analysis of Architecture in Photography Essay - 1074 Words

Analysis of Architecture in Photography I have decided to look at architecture for my next genre in photography. I have chosen architecture as it is very different to fashion photography and looks at totally different materials and includes different characteristics. In the early years of photography, few if any photographers were specialists in any area other than commercial portraiture, which was the main area in which a living could be made from the new medium. Early photographers did fairly often photograph buildings, often working from the window of a convenient room rather than at street level. Many of the images from this era can truly be described as monumental, giving the subjects†¦show more content†¦Even thought the photo only consists of blue, it is made up of lots of different shades of blue. The lights on the building and around it stand out because they are a bright colour. 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Bike-Sharing Business in China-Free-Samples-Myassignmenthelp.com

Question: How Can OFO Succeed in Long Term? Answer: Introduction This business integration report had been designed to explain the issues that pertain to bike-sharing business in China. This business integration report explains about company named as Ofo that operates in transportation industry in China (Ofo. 2017). Ofo is one of the Beijing-based bicycles sharing company that was founded in the year 2014. By the year 2017, the company received funding of $450 million and 62.7 million active users. This selection of the topic on sharing business in China was one of the interesting topics that need to be reported and bring awareness among the public as well. The company even decided to expand their operations in countries like Melbourne and Sydney by the year 2018. The current segment highlights the problem with bicycle share riding in China and how far it had negatively affected mindset of Chinese residents. To solve the existing problem, it is now important to understand whether Ofo can succeed in long-term in profit generating activities. The business report need to answer the question on whether Ofo has the ability to succeed in long-term and for that main focus is on Chinese market as it can be understood from there the existence of Ofo in this current marketplace. Ofo has 2.2 million bikes that are operating in 43 mainland cities (Zhang et al., 2015). In this report, firstly the issue will be highlighted and then explain the main aim of the report that will help the reader to connect to the story as a whole. The academic sources used in the study is websites, books and journal papers that need to be evaluated with an in-depth analysis and carry out to determine the issue and then arrive at conclusions from the analysis. Identify issues in the topic The integrated report identifies the issue that need to be solved in the upcoming years. The issue that is identified in the current report is problem with the bike-sharing companies to the local residents who are suffering the issue on daily basis. How Ofo can succeed in Long-term The business question for this assignment is how Ofo can succeed in long-term. The issues that can be identified from the business question is whether Ofo can actually attain success rate in recent years where people are more concerned to drive cars, motorcycles or avail public transport in China (Yu, de Jong Dijkema, 2014). Figure: A group of volunteers in Beijing returning trapped and scratched shared bicycles to more central locations (Source: Hernndez, J. (2017) The above article was published in New York Times recently where it is noted that companies in China have emerged in the city where they are providing shared bikes to the individuals but they are just living the anywhere and everywhere without even thinking about other local population. According to source, more than 16 million shared bicycles are on the road in China. The issues that have questions are about sustainability actions of bike-sharing boom in China. Even most of the Chinese people have given proper justifications about social decay as well as slowdown of decorum and principles in the country. In most of the cities, it is noted that supply of bicycles far exceeds the demand that brings chaos to sidewalks and prompts complain that actually exceeds competiveness. In some of the places, the government authorities have even impounded tens of thousands of bicycles as well as imposed parking restrictions. Furthermore, news outlets have even recognized the waste with several ast onishing images of mountains of candy-colored bicycles that represents different bike-sharing companies. Problem with bike-sharing companies Even the technology management who is working in the so-called sharing financial system as well as depends on revenue generating activities is included as more prominent critics. The problem faced by the bike-sharing companies was that the bicycles were stolen from the streets in small cities. Bike-sharing actually have been criticized because of vandalism as well as theft issues. The constant cost need more bikes because there is increase in the user base. On comparing it with ride sharing services, it permits individuals to make use of own cars when driving customers as well as bike sharing need more ongoing capital investment in case of bike that have life span of 2 to 3 years. There are several regulations designed to bring a check over the problems of this ride-sharing business but still this industry faces major challenges in performing the business activities in smoother ways in long run (Phys.org. 2017). Figure: The bikes pictured belong to Ofo- one of the fast growing bike-sharing companies in China (Source: Ofo. 2017) Difficult to track stolen bicycles The above article is published in BBC news recently where it explains how Chine bike-sharing firms go bust after losing 90% of their bikes that went missing in the initial 5 months (Ofo.2017). Ofo Company like most of the rival firms did not put GPS systems on their bikes and that was the issue that made it difficult to track the stolen bicycles. These stolen bicycles are the first bankruptcy case in the booming bike-sharing industry in China (Rode et al., 2017). Problem faced by Government The bike-sharing applications used by the individuals are convenient for them but the industry is a reason for trouble among the local governments on daily basis. Some of the problems that take place because of ride-sharing companies are illegal parking that is needs to be answered on urgent basis. For more than 20 years of time span, it is noted that China had turned its automobile industry into a pillar industry. Recently, Chinese cities are built for convenience of cars and very unfriendly for bikes. There are several bike-sharing problems where there is absence of dock like means where bikes are parked carelessly by the rider anywhere and everywhere (Ruan, Hang Wang, 2014). Classification of aims of the report with the justification The main aim of the report is to evaluate out whether Ofo can succeed in long-term or not. This topic had been selected for the business report because bike-sharing is recent trend that are adopted by most parts of the world but also come with certain disadvantage situation that are mentioned in the problem statement (Sauv, Bernard Sloan, 2016). Clarification of theoretical context New bike-sharing system in China As rightly put forward by South China Morning Post (2017), China is now initiating a new bike-share system in most of the cities in and across the world but not everyone is thrilled to know this. In order to rent a bike in China, individual just need a phone application and any of the million of bicycles that are spread on sidewalks everywhere can be theirs. There is no proper bike stand, no drop-off point. The individual need to scan a code, then ride, can leave and lock the bike anywhere and whenever they feel like. Convenience and lower cost bike-sharing to the users The bike-sharing companies allow users to leave their bikes in public bike stands rather than any of the specific locations (Stephany, 2015). Most of the Chinese bike-sharing companies have become popular in China and are ready to enter Western markets because of convenience and lower cost to the users. In order to improve in the level of safety, the Ministry of Transport had recently issued guidelines after requesting Local governments for regulating bicycle as well as traffic standards. According to this regulation, individuals will be punished if they park the bicycles outside of permitted areas or in that case vandalize the bikes. It is properly mentioned in the guidelines that local government should be informed about how many bicycles are distributed in and across the cities as well as encourage more companies to set up electronic fences for corral bikes. The rules are made by the Government to protect both bike-sharing firms as well as riders at the same time (Channel NewsAsia . 2017). Initially, it was the taxi-hailing wars took place in different parts of world. And now it is the on-demand service wards (Techinasia.com. 2017). Recently, the internet industry of China is looking for another money-burning battle that unfolds between different rival start-ups. It is noted from the past year figures that most of the undertaking capital business enterprise have poured hundreds of millions of dollars into rival enterprise where all the competing to occupy the topmost position. The problem is with widespread customer negligence as well as razor-thin margins that make it difficult for the ride-sharing companies to succeed in the long run. There are various factors that had even made ride-sharing services in China so convenient and these factors are low prices as well as easy to use. The bike-sharing business model or the concept overall is not new but Chinese start-ups have actually reinvented the theory in order to make it work efficiently (Timmins, 2017). Summary of the current situation Currently, billion-dollar bike-sharing revolution in China had already transformed the look as well as feel of cities in and across the country with more than 100 million application downloads and billion of rides taken on many million bikes at the same time. Presently, this act is going global (World Economic Forum. 2017). Recently, China had issued bike sharing regulations for addressing the complaints of residents about annoyances as well as dangers those results from this emerging industry. The bike sharing business model used in China allows users to find as well as unlock a shared bike that is near then and to drop the bike off in a public location at a affordable budget rate. The new government rules are quite interesting to look at but there are several challenges faced by these companies who operate in this sector. Currently, there are an estimated 10 million shared bikes on the streets of China as well as major Chinese bike-sharing companies have even received large amounts of venture capital funding (Murray, Skene Haynes, 2017). Some of the reputable investors like Alibaba, Didi as well as Tencent and Softbank had shown interest to invest in the top two-biking sharing firms. Even the Senior Executive of Didi had even joined Ofo Company. Most of the bike-sharing schemes need bikes to be parked in selected docks when not in use. It is important to understand or track the bikes to know the locations so that the riders can plan out the routes in advance (CNBC. (2017). The bike-sharing companies in China actually allows their vehicles to be placed anywhere in the city. These applications are developed by best-in-class engineers as it is GPS-based applications that permit people to locate nearby bikes as well as charges are made on how much time riders spend on them. It is noted that the bullish v enture industrialist have funded for this rapid growth that help companies who have plenty of cash to purchase bikes as well as make them available on the streets (Nakamura Abe, 2014). Evaluation and analysis On analysis, it is found that Chinese Company named as Ofo made its first foray into the United States where they delivered more than 1000 bicycles to the streets of Seattle. The Ofo Company is one of the main Chinese bicycle company that are on a breakneck race and willing to expand in and across the globe (McCarthy, 2017). In countries like China, most of the investors are spending huge capital currently to a new twist on an old of transport (bicycle). More investors are showing interest towards this new plan. Here, two of the biggest players (Mobike and Ofo) had raised a combined $1.3 billion for this new funding. These companies believe that one day this plan will bring trade to the United States and many other countries in and across the world (Geissdoerfer et al., 2017). Ofo is a major player in the China market where they are trying their best to disrupt traditional bike-sharing programs and launch new services that benefit the society as a whole. It is important to understand investor excitement about the companies as they can provide massive scale of operations. Companies like Ofo recently can entire a combined 50 million rides per day. With this figure, the company can boast or get access to more than 100 million registered users that offer services in 100 cities as well as operates more than 12 million bicycles (Liu et al., 2013). Ofo Company is not only dedicated to produce their own bikes that have slim yellow bodies as well as cost around 250 yuan (Geng, Sarkis Ulgiati, 2016). This ride-sharing company connects with the existing bikes to its network where the philosophy harkens back to the formation of the company. Ofo bikes themselves are offline where the locations can be tracked by using cell phones of users. It is then when the users can find a free bike and enter the license plate number into their allocation as well as receive the bike lock combination. These rides cost 1 yuan for an hour as well as deposit around 99 yuan (Larsen, 2013). It is evaluated that viability of bike-sharing business models will last long-term as it far from settled but recently it impact of the bikes in urban centres of China that is highly visible by nature. Most of the cities such as Shanghai and Beijing, it is noted that the bikes can be seen everywhere. However the bike-rising companies such as Ofo has the ability to develop a real community that comprises of loyal and dedicated users. Most of the users when asked about these bike-sharing rides used the word convenient and cheap rides to describe the services (He et al., 2017). On analysis, it is found that bike-sharing would help in eliminating the issue of loss of stolen bikes as well as offer users with transport facilities to and from public transportation. In case of Ofo bikes, there are no docking stations and can be left anywhere that is not safe always. There are more than 10 million users in China and it is still counting. The services provided by Ofo Company are cheap as well as help users to share their own bicycles on the applications that give them the contact to all the Ofo bikes nearby (Horwitz, 2017). The bike-sharing companies have attained success till date but according to some of the analysts, they actually fear that the bike-sharing business model does not make fiscal sense (Ofo. 2017). It is the companies who find difficulty to turn out this problem into a profit. The companies face intense competition with each other where the market share between the bike-sharing companies results in lower fees for bike rides as well as lower profits at the same time. It is the investors who are not agreeing but Ofo Company looks ways for increasing its value all over again by putting the worth of the company at $3 billion. There is even value present in the data that can be assessed by GPS trackers on the bikes. This feature will help business enterprise to target their products used by the riders as well as municipal authorities to plan out better city layouts (Hernndez, 2017). Conclusion At the end of the study, it is concluded that Ofo has the ability to attain success in the long-term irrespective of several challenges in the bike-sharing industry. This industry faces challenges currently but has a scope where individuals will get convenient options to avail these services when they need. Oyo currently has a fleet of more than 6 million little yellow bikes in and across the world and the application users are 25 million trips per day. By the year 2018, the CEO of Ofo Company expects to break-even this year and start earning a profit by next year. The business model of bike-sharing company success rate has attracted reputed investors such as Alibaba and Didi Chuxing. Ofo Company had raised more than $700 million for funding purpose. The success of Ofo Company is part of the global bike-sharing boom in current years. In countries like China, there are 6 major bike-sharing companies present and operating in the same sector. Ofo should be like android. It is a known fa ct that bike-sharing business enterprise are facing pushback and some even look at the sheer number of bikes on the streets as a public nuisance. Ofo Company is therefore working with a local bike-sharing business named as Qibei. Most of the people who reside in China make use of Ofo applications to scan as well as unlock bikes of Qibei. Recommendations The company actually believes in developing the user experience as it is the main key to achievement by including or adding GPS to the bikes for tracking the location as well as changing the tyres to make them sturdier. The company wants to make the world better by solving the environmental issues and traffic jams and bring healthy as well as green lifestyle for the riders and individuals based in China. As bike-sharing start-ups in China are enjoying surging expansion, it will be easy for a well-established Ofo to get success in long-term. It is recommended to Ofo Company for investing more money on market research as that will help in understanding the viewpoint, preferences and attitudes towards using bicycles as their transportation medium. After understanding the need, the company should make the application easy to use where each individual can have access to demand for a bicycle at any point of time. Users of this Ofo company should be allowed to download an application by usi ng their smartphones and this even help in locating and unlocking a nearby bike. The Ofo Company should provide the service available to the user at cheaper prices so that all users can make maximum use of this transportation medium. The user should charge for a time span. There is a need for such kind of plan in future where Ofo Company can easily help the younger generation to use this bicycle as it is good for heath and lead to solve most of the diseases. It is known that bicycle is one of the best forms of exercise and when individual can avail at cheaper and easily, then all will surely avail these services and that will lead to generate revenue for Ofo. Promotion is important for this kind of bike sharing companies and they can promote by saying that by using bicycles, it will help in reductions in carbon emissions as well as improvements in traffic. In order to solve the problem, it is recommended that the company should provide cash or credit rewards to users who are hiring these bikes in the hope that they will end up somewhere more accessible. The company should even plan for expansion and launch the same scheme in Cambridge in the UK. Countries like China have come out with strategies where they are offering bikes to customers for reasonable prices and this act are actually good for environment. It will help in reducing carbon emissions as well as offer valuable first or last mile transport for bridging the gaps in a commute by train or subway. Countries like China leads the world in bike-sharing schemes as mentioned in Financial Times. The bike-sharing problems can be solved if there are increased regulations by City Authorities and extra costs should be incurred for the bike companies to recover the bikes. Reference List Channel NewsAsia. (2017).You wont last 3 days, they told ofo co-founder, now a multimillionaire at 25. [online] Available at: https://www.channelnewsasia.com/news/cnainsider/you-won-t-last-3-days-they-told-ofo-co-founder-now-a-9070884 [Accessed 22 Oct. 2017]. CNBC. (2017).Bike sharing is the hottest start-up trend in China. [online] Available at: https://www.cnbc.com/video/2017/07/18/chinese-bike-sharing-companies-mobike-and-ofo-are-growing-like-crazy.html [Accessed 22 Oct. 2017]. Geissdoerfer, M., Savaget, P., Bocken, N. M., Hultink, E. J. (2017). The Circular EconomyA new sustainability paradigm?.Journal of Cleaner Production,143, 757-768. Geng, Y., Sarkis, J., Ulgiati, S. (2016). Sustainability, well-being, and the circular economy in China and worldwide.Science,6278, 73-76. He, L., Mak, H. Y., Rong, Y., Shen, Z. J. M. (2017). Service region design for urban electric vehicle sharing systems.Manufacturing Service Operations Management,19(2), 309-327. Hernndez, J. (2017).As Bike-Sharing Brings Out Bad Manners, China Asks, Whats Wrong With Us?. [online] Nytimes.com. Available at: https://www.nytimes.com/2017/09/02/world/asia/china-beijing-dockless-bike-share.html [Accessed 22 Oct. 2017]. Hernndez, J. (2017).As Bike-Sharing Brings Out Bad Manners, China Asks, Whats Wrong With Us?. [online] Nytimes.com. Available at: https://www.nytimes.com/2017/09/02/world/asia/china-beijing-dockless-bike-share.html [Accessed 22 Oct. 2017]. Horwitz, J. (2017).Chinese cities are saying enough already to bike-sharing services run rampant. [online] Quartz. Available at: https://qz.com/1058438/chinese-cities-saying-enough-already-to-chaos-generated-by-bike-sharing-services-like-ofo-and-mobike/ [Accessed 22 Oct. 2017]. Larsen, J. (2013). Bike-sharing programs hit the streets in over 500 cities worldwide.Earth Policy Institute,25(1). Liu, H., Ke, W., Kee Wei, K., Hua, Z. (2013). Effects of supply chain integration and market orientation on firm performance: Evidence from China.International Journal of Operations Production Management,33(3), 322-346. McCarthy, S. (2017).Bike sharing done right: A real Chinese innovation - SupChina. [online] SupChina. 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Environmental issues in Blue Mountains †MyAssignmenthelp.com

Question: Discuss about the Environmental issues in Blue Mountains. Answer Environmental issues in Blue Mountains The Blue Mountains region is one of the very beautiful mountain regions in New South Wales in Australia. These mountains are the consisted of the range of mountains, plateaus and escarpments that extends to the Great Dividing Range in Australia ("Blue Mountains | Sydney, Australia - sydney.com", 2017). Recently, it has been facing some environmental issues or concerns. These problems have been effective in the marketing and attracting tourists for their industry ("Blue Mountains | Sydney, Australia - sydney.com", 2017). The major environmental issues are there along with the political, economic, social, technological and legal factors (Holden, 2016). The environmental forces in the tourism industry have a major impact in the shaping of the marketing mix. The advertisement, promotion and the price ranges for tourism has to be addressed in such manner that the tourists become interested in this. It is very important for the tourism industry to focus on the conservation of the natural regions. This is very important for that particular industry than the other industry. Environment is the factor that attracts the visitors (Holden, 2016). It is the same in case of Blue Mountains as well. Transport is another concern in the environmental issue regarding tourism. The high rate of transport consumption will be very much important for this industry. These transport vehicles emit a large amount of the greenhouse gases while they travel huge distances in shorter periods. Tourists coming to Blue Mountains are a lso in need of the transport vehicles and it is definitely very important to introduce eco-friendly vehicles for the visitors here (Holden, 2016). The environmental degradation can be avoided in this way. The more environmentally sustainable vehicles should be prepared that will cater to the sustainability of the environment. Moreover, ecotourism should be encouraged as it enforces a healthier environment for the visitors and tourists. Business condition of Blue Mountains It is very important to find out the strengths, weaknesses and opportunities to assess the business condition of the Blue Mountains. These are the most important things in the process so that the organization can attract more guests at their disposal (Forsyth et al., 2014).The effects of globalization has put some major impacts on the tourism industry and affected the business conditions as a whole. Politics, economics, natural environment, Government policies and laws have a huge impact on the business conditions. These things affect the business a lot. Tourism industry falls in this line too. Strengths The fiscal management policies of Blue Mountains are very strong and this caters for the needs of the economy. They are a recognizable brand in the area and the world at large. This will be very helpful to build a better popularity for them (Forsyth et al., 2014). Their customer service is very satisfactory and commendable. This accounts for a sustainable future. The quality control management is also excellent in this organization. Weaknesses Their website is very weak and therefore it does not contain the right information all the time. Their presence in the social media is not well enough and they do not update their website from time to time (Forsyth et al., 2014). Opportunities They can expand their website for a better service. They should target to educate their customers. They must expand their facilities as well. They should create emerging markets in other countries (Cavusgil, Ghauri Akcal, 2012). Threats They have a large number of competitors. Their consumers do not understand the difference between purified water and natural spring water. References Blue Mountains | Sydney, Australia - sydney.com. (2017). In.sydney.com. Retrieved 5 September 2017, from https://in.sydney.com/destinations/blue-mountains Cavusgil, S. T., Ghauri, P. N., Akcal, A. A. (2012).Doing business in emerging markets. Sage. Forsyth, P., Dwyer, L., Spurr, R., Pham, T. (2014). The impacts of Australia's departure tax: Tourism versus the economy?.Tourism Management,40, 126-136. Holden, A. (2016).Environment and tourism. Routledge.