Does pecking order hypothesis explain capital structure - Free Essay Example

Sample details Pages: 8 Words: 2475 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Did you like this example? THE PECKING ORDER HYPOTHESIS Determining the optimum capital structure which an organisation should have is a major financial decision, and the importance of decisions regarding capital structure have become even more apparent due to economic events such as the global financial crisis (Baker and Martin, 2011). Hossain and Ali (2012) state that all firms are highly susceptible to decisions regarding capital structure, owing to their internal and external effects on organisations. They further point out that capital structure policies are significant because of their impact on the level of risk and return of a firm. Don’t waste time! Our writers will create an original "Does pecking order hypothesis explain capital structure" essay for you Create order As such, a number of theories have been proposed to explain the capital structure of organisations. One of such is the Pecking order hypothesis. This essay shall examine this hypothesis and how it explains capital structure. Subsequently, it shall be compared to another theory of capital structure, the static trade-off theory, in order to find out how it differs from this theory. Studies testing both theories shall also be examined. According to Chen and Chen (2011, p. 92), the Pecking order hypothesis is one of the most influential theories of corporate financeà ¢Ã¢â€š ¬Ã‚ . Frank and Goyal (2003) further note that much of its influence is drawn from a view that logically fits with facts on how external finance is used by companies. This hypothesis suggests that in making a choice among alternative forms of finance, organisations have a certain order of priorities. In the first instance, firms prefer to make use of internal finance generated by their operating cash flow. When t hese internal sources are used up, they prefer to borrow. The third option, which is used as a last resort, is the sale of new shares of the company (Pike and Neal, 2009). The rationale for this preference order is the information asymmetry problem, i.e. the disparity between the information managers and potential investors have regarding the financial state of the firm and its prospects. As such, managers are less inclined to issue shares when they believe these shares to be undervalued, and more likely to issue them when it is believed that they are overvalued (Chen and Chen, 2011; Pike and Neale, 2009). As a result of this, shareholders, mindful of their relative ignorance of the firms financial state and of this possible behaviour by managers, will view a decision not to issue shares is a signal of good news, while the issuing of shares will be seen as bad, or relatively less good (Myers and Majluf, 1984). These signals are noisy signals (Chen and Chen, 2011), and viewing issued shares as overvalued or less good affect the price investors will be willing to pay for those shares, and they may consequently mark them down. This could therefore increase the cost of equity for firms (Pike and Neale, 2009). Transaction costs, as Chen and Chen (2011) point out, play a significant role in decisions regarding the firms capital structure. This is because the costs involved in obtaining finance internally are less than the transaction costs involved in securing new external financing, as internal funds do not incur transaction costs. As such, it is expected by investors that firms would first finance company investments using internal resources first, then by borrowing till the firm has a suitable debt to equity ratio, and finally, by issuing equity (Myers and Majluf, 1984; Pike and Neale, 2009). Frank and Goyal (2003, p. 218) note that the financing deficit should normally be matched dollar for dollar by a change in corporate debtà ¢Ã¢â€š ¬Ã‚ , and as such, if the pecking order is followed by firms, then a slope coefficient of one results from a regression of net debt issues on financing debt. This prediction was strongly supported by results from a study by Shyam-Sunder and Myers (1999), using a sample of 157 which had traded continually from 1971 to 1989. However, it should be noted that this sample was relatively small, and consisted mainly of mature, public firms. Chen and Chen (2011) note that an assumption of the Pecking order theory is that there is no target capital structure. The pecking order theory has been used widely to explain the financing decisions of organisations. One of its main advantages is that it correctly predicts the effects profits have (Frank and Goyal, 2009; Shyam-Sunder and Myers, 1999). However, there are some problems with this hypothesis. As Frank and Goyal (2003, 2009) observe, firm operations and their accounting structures are more complex than what is represented in the standard pecking order. Furthermo re, contrary to what is usually suggested, Frank and Goyal (2003) report that internal financing is usually not enough to cover the average investment spending, and there is a heavy use of external financing among firms. They also note that the magnitude of debt financing does not overshadow equity financing. Additionally, while there is wide support for the pecking order theory among larger firms and in earlier years, with the increase in the number of small firms trading publicly, there has been a decline in the support for the pecking order hypothesis, as small firms tend not to follow the pecking order, leading to a shift in the overall average away from the pecking order (Frank and Goyal, 2003). Nevertheless, the pecking order hypothesis still offers a useful explanation for the financing model followed by firms, especially larger firms. Some studies of the pecking order hypothesis will be discussed in the next section. A COMPARISON OF THE PECKING ORDER HYPOTHESIS AND THE STATIC TRADE-OFF THEORY Having discussed the Pecking order theory in detail, the static trade-off theory will be briefly discussed in this section, and a comparison made to show the differences between both. The static-trade off theory acknowledges that firms aim to take advantage of the lower cost benefits borrowing offers, particularly the tax shield. However, at the same time, they are also hesitant to increase the financial risks which committing to contracts and making ongoing interest and capital repayments would involve. As such, the returns and cost benefits are traded off against the risks of financial distress from excess borrowing, and firms which have higher and more stable profits would likely operate at higher debt levels, as there would be a greater opportunity to shelter their profits from tax (Pike and Neale, 2009; Shyam-Sunder and Myers, 1999). Figure 1 below illustrates the static trade off theory of optimal capital structure. FIGURE 1: THE STATIC TRADE OFF THEORY OF OPTIMAL CAPIT AL STRUCTURE Source: Shyam-Sunder and Myers (1999, p. 220) For a value maximising-firm, benefits and costs would be equated at the margin, and it would operate at the highest point of the curve. For profitable, safe firms, which have higher taxes to shield and assets which would avoid relatively major damage to their asset values, the curve would top out at comparatively high debt ratios (Shyam-Sunder and Myers, 1999). Shyam-Sunder and Myers (1999, p. 220) note that this static trade off theory translates quickly to empirical hypothesis, it predicts that the actual debt ratio will reverse to an optimum or target level, and also predicts a cross-sectional relation between average debt ratios and asset risk, profitability, tax status and asset typeà ¢Ã¢â€š ¬Ã‚ . As noted earlier, in the Pecking order theory, there is no target capital structure. However, from the explanation above, it can be observed that this is not the case with the static trade off theory, as it supp oses an optimum/target capital structure. This is a key difference between the Pecking order hypothesis and the static-trade off theory. Myers (1984) observes that while in the static trade off there is a debt to value ratio target set by the firm, which it steadily works towards attaining, for the pecking order theory, there is no well-defined ratio of target debt to value, but instead, internal financing is used first, before debt, and then issuing equity, due to signalling issues associated with external funding and asymmetric information (Shyam-Sunder and Myers, 1999). Hackbarth, Hennessy and Leland (2007) note that there is a debt pecking order within the trade-off theory, with a preference for bank debt over market debt, as lower bankruptcy costs are implied. As such, small firms tend towards issuing privately placed debt, while larger firms are more prone to issuing market debt (Blackwell and Kidwell, 1988; Hackbarth et al, 2007). While the static trade off theory place s strong considerable emphasis on taxes and bankruptcy costs (Frank and Goyal, 2007), and the tax shield advantage of debt, the pecking order hypothesis does not really focus on this. However, this shield advantage is quite important, and as Chen and Chen (2011) report, based on their study of 305 Taiwanese electronic listed firms in 2009, large firms tend to take advantage of the tax shield which debt offers. They also point out that due to their lower information asymmetry and lower and more diversified risk, they tend to have relative advantages when raising finance from formal institutions. However, they note that firms still use internal capital to finance new projects, and turn to debt when internal capital is insufficient, in line with the pecking order hypothesis. This is also supported by Graham and Harveys (2001) survey of 392 chief financial officers. The results of the survey showed that the tax advantage of debt is seen as moderately important in making capital structur e decisions, and for large companies in particular, this tax advantage was cited as most important. A key point to note is that profitability, growth opportunities, asset structure and risk are key variables that influence the capital structure a firm adopts (Cassar and Holmes, 2003; Chen and Chen, 2011), and this could also possibly influence the model of capital structure firms appear to follow. The key variables influencing capital structure highlight another difference between both models, which is that while with the trade-off model, variances in an organisations leverage are driven by the costs and benefits of debt, with the pecking order theory, these are driven by the net cash flows of the firm (i.e. its cash earnings minus investment expenditures) (Fama and French, 2002). A test of the static trade off theory and the pecking order hypothesis by Shyam-Sunder and Myers (1999) revealed that the pecking order model has a higher time-series explanatory power than the stati c trade-off theory. They note that it explains far more of the time-series variance in real debt ratios, rather than the static trade off theorys target adjustment model. However, they also note that if a firms actual mode of financing adheres to the static trade off theory, then the pecking order hypothesis can be rejected, while in contrast, the static trade off theory appears to work when the financing model follows the pecking order as described earlier. Shyam-Sunder and Myers (1999) therefore state that while the pecking order offers a better initial explanation of firms decisions regarding debt-equity (particularly for mature, public firms as used in the sample of their study), the evidence for a definite optimum debt ratio as predicted by the trade-off theory is questionable. In a test of the pecking order hypothesis and the trade-off theory using a cross-section of the largest listed firms in China, using three models: the determinants of leverage, the relationship betwee n leverage and dividends, and the determinants of corporate investment, Tong and Green (2005) reported the following results: For the relationship between leverage and profitability, a significant negative correlation was observed, and a significant positive correlation was found for the relationship between current leverage and past dividends, both of which showed more support for the pecking order hypothesis over the trade-off theory. However, the results of the third model, corporate investment determinants, were not conclusive. Nevertheless, their conclusion was that the results tentatively supported the pecking order hypothesis in explaining how Chinese companies make their financing decisions. Studies by Myers (1984) and Fama and French (2002) show a lack of a positive correlation between profits and debt, and the researchers view this as a problem with the trade-off theory. Fama and French (2002) note that while the dividend pay-outs for firms which have higher profit levels and firms with fewer investments is higher, in line with predictions of both models, they note that firms which are more profitable are less levered. This is in line with the pecking order hypothesis, but contradicts the trade-off model. They further note that in line with the predictions of the pecking order model, short-term variances in investment and earnings are mainly covered by debt. CONCLUSION This essay has examined the pecking order hypothesis and how it explains the capital structure of firms. Its advantages and some of its drawbacks were also highlighted. It was subsequently compared with the static trade off theory, and the differences between both were pointed out, such as the proposition of an optimum/target capital structure, the focus on taxes and bankruptcy costs, and the factors which drive an organisations leverage. Tests of both theories highlight some of their strengths as well as their weaknesses, and it was noted that certain other factors, such as firm size, profitability etc. can also determine the explanatory powers of both models. REFERENCES Baker, K.H. and Martin, G.S. (2011) Capital Structure: An Overview, in Baker, K.H. and Martin, G.S. (Eds.), Capital structure and corporate financing decisions: Theory, evidence and practice. Hoboken: John Wiley Sons. Blackwell, D. W., Kidwell, D. S. (1988). An investigation of cost differences between public sales and private placements of debt. Journal of Financial Economics, 22(2), 253-278 Cassar, G., Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting Finance, 43(2), 123-147 Chen, L.J. and Chen, S.Y. (2011). How the Pecking Order Theory Explains the Capital Structure, Journal of International Management Studies, 6(3), 92-100. Fama, E. F., French, K. R. (2002). Testing tradeà ¢Ã¢â€š ¬Ã‚ off and pecking order predictions about dividends and debt. Review of financial studies, 15(1), 1-33 Frank, M. Z., Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of financial economics, 67(2), 217-248 Frank, M. Z., Goyal, V. K. (2007). Trade-off and pecking order theories of debt. Available at SSRN 670543 Frank, M. Z., Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial management, 38(1), 1-37 Graham, J. R., Harvey, C. R. (2001). The theory and practice of corporate finance: evidence from the field. Journal of financial economics, 60(2), 187-243 Hackbarth, D., Hennessy, C. A., Leland, H. E. (2007). Can the trade-off theory explain debt structure?. Review of Financial Studies, 20(5), 1389-1428 Hossain, F. and Ali, A. (2012) Impact of Firm Specific Factors on Capital Structure Decisions: An Empirical Study of Bangladeshi Companies. International Journal of Business Research and Management, 3(4), 163-182 Myers, S. C. (1984). The capital structure puzzle. The journal of finance, 39(3), 574-592 Myers, S. C., Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221 Pike, R. and Neale, B. (2009). Corporate finance and investment: Decisions and strategies. 6th edition. Harlow: Pearson Education Limited Shyam-Sunder, L., Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of financial economics, 51(2), 219-244 Tong, G., Green, C. J. (2005). Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies. Applied Economics, 37(19), 2179-2189

How the Internet has affected the way People Read - Free Essay Example

Sample details Pages: 2 Words: 546 Downloads: 1 Date added: 2018/12/27 Category Internet Essay Type Cause and effect essay Level High school Tags: Information Essay Did you like this example? Introduction In the current age and time, people have become careless in regards to what they read and believe especially due to the high number of online news sources. Notably, the owners of these sources are out to promote their rationale which is in most cases generated from their own opinion or experience. Gone are the days when people used to read newspaper articles and magazines which were written by well-trained professionals thus contained accurate information. Don’t waste time! Our writers will create an original "How the Internet has affected the way People Read" essay for you Create order Sadly, the current internet technology has brought along the rise of blogging platform through which people seek to generate cash and popularity regardless of what they pass to the readers. This paper aims at determining how the current wide use of internet has affected the way people read. The internet Misguides and Misleads People Without a doubt, articles from the internet can be very misleading since the writer might be passing the information you want to hear rather than that which is correct. As opposed to newspaper and journal writers who have a reputation to protect, the current breed of writers cares less about their reputation as wrong as they get fame and huge traffic to their websites which translates to extra profits. A case example is when President Trump tweeted that he had won the popular vote, which was a lie but it earned him millions of curious followers on Twitter, most of whom believed the lie to ignorance and laziness of finding the correct information from reputable and trusted sources (Herold). Why is Fake News Popular on the Internet? The main aim of having fake news is to catch the readers attention which is why such news has catchy titles and attractive images. This is as opposed to the genuine news which will have real titles and related pictures. As such, a well-written article from New York Times, which is a credible news source, will be ignored by most readers since it might appear boring compared to a partisan, badly-researched, speculative, redundant, or mundane article (Bliss). After reading such articles, most people will go ahead and share them with their friends and social media platforms, thus misleading even more people. The question that arises then is how can the general public be taught not to believe in or propagate fake news? The Need for Media Literacy According to advocacy groups and educators, this problem can only be rectified if there is a culture of media literacy. As such, those who read online articles will take time to analyze, evaluate, and compare different sources of information which will help in making an informed and responsible decision. In so doing, people will avoid leaving comments which promote fake news. Notably, there are some strategies which can be introduced in learning institutions to help boost the culture of critical thinking. This way students will easily spot fake news, and they will have ideas on where to look for credible information. Conclusion Without a doubt, the internet has affected the way people used to read and interpret the news. This can be accredited to the wide array of unverified articles, most of which are partisan or speculative. As such, most people end up being misled which is mainly due to their laziness and ignorance when it comes to seeking for credible information.

Want a Lift Thanks, I’d Better Take… a Bus!

Want a Lift? Thanks, Id Better Take a Bus! Using your own car to get  to work is expensive and stressful, contributes to air pollution and wealth of insurance companies. Yet, despite the exhaust fumes causing the choking smog in my city and three hours spent each day in traffic jams, I still drive. Why? The answer is simple: public transport simply is not the best substitute. However, several simple improvements can change the situation for better in many aspects. First and foremost, the buses and underground trains are too crowded. During the rush hour even a short trip can be a real challenge, as you are likely to spend the whole time half hanging in the air, half lying on a person next to you. If the city council allocated a certain part of its budget and increased the amount of public transport, the problem would be solved easily. The next issue to consider is the price. Despite the dreadful conditions, the trip to work by public transport is not that cheap. It would be a wonderful incentive for motorists to leave their cars on a car park, if the city paid at least half of the fare. The roads and train stations infrastructure must also be seen as a priority in city development plans. Imagine a station, which is just two minutes walk from your home, or a separate wide bus lane, which other motorists are not allowed to use, due to which the buses are not stuck in traffic jams! Would you still be eager to use your car? Very doubtful. So, the day I can get on a bus, find a vacant seat, pay a reasonable sum of money, enjoy a fast trip in a peaceful atmosphere and, besides all above mentioned, be environmentally friendly, I will gladly say no to my car. Argumentative Essay Writing at Your Disposal From WriteMyPapers.org! Use the sample essay above from our expert writer as an example to give your own work a boost. We placed it here as a guidance that will walk you through the obstacles on the way to your own text. Having an illustration of the work, you will get some ideas faster on how to write an argumentative essay accurately. As a rule, concepts are usually come from nowhere after you have read anything on the topic. So, if you need to prepare a paper about transportation or any piece of argumentative writing on the similar theme, this might be helpful for you. How To Make Your Argumentative Essay Done Correctly? To complete any type of paper, there are some rules to follow that will lead you to the necessary result. What are they if we are talking about an argumentative essay? Remember the context of the paper you have already read and try to make your own conclusions upon it. In case they coincide with the true peculiarities of this type of an essay, it will signify that you understand the way you should go by. You have probably noticed that the author describes the main issue in the work, gives his own point of view on the problem and then considers all arguments possible to protect the thoughts given. Right, arguments are those bricks that this essay is being built on. It results in the sentences where the writer speaks about how hard it is to drive his own car for many reasons and on the contrary gives arguments why the alternative way, which is a public transport, is not the best solution to give up on driving a private car. Whatever your topic is, when it is not even about transportation, the fundamental place must be given to the arguments and facts you can find to prove that your considerations are and can have all the reasons to exist. According to the specifications you may have on your assignment, it is possible to address to your own experience, or otherwise look for the considerations of any experts, probably scientists, who have made some investigations about the issues you are talking about in your own work. They may be enormously helpful and show that you have done a research on the topic.

Essay the Lovely Bones - 915 Words

2009 NCEA External Examination Level 2 - 2.3 Extended Text Excellence answer Topic 2: Readers will often think about characters long after a text has been finished. Analyse how the writer made a character or characters memorable for you in a text you have studied. In The Lovely Bones by Alice Sebold the main character Susie Salmon is made memorable to us through the use of narrative point of view, symbolism, setting and her actions. The novel is based around the rape and murder of her and she narrates the process of grief and acceptance in a heart-warming, poignant yet beautiful way as she observes the effects of her death on earth from heaven. Sebold creates a full rounded impression of her – we see her triumphs and†¦show more content†¦Sebold purposely uses symbols of gardens and new life â€Å"like Buckley’s garden blooming one year in all its crazed jumbleness† to represent new life and Susie journeying into the new ‘springtime’ of her time in heaven. We see Susie move on to â€Å"the place I call this wide, wide heaven because it contains all of my simplest desires but also my most humble and g rand.† Sebold uses this to show us how after years of turmoil Susie has finally reached the point of acceptance. We as readers are inspired by her incredible resilience through a time that most of us would be broken in. Sebold created Susie as a character to show us the beauty of resilience and so as to educate the reader about how much we can learn from anyone, including a fourteen year old girl. We remember Susie as a figurehead for the type of person who can draw strength and beauty out of horror, moving on whilst never forgetting. These are hard lessons. In The Lovely Bones, Alice Sebold creates a rounded character of Susie Salmon who through symbolism, setting and narrative point of view remains an unforgettable person standing for resilience of human spirit and inspiration through grieving processes. Through Susie’s emotional journey we share with her the trauma of loss and recognise the beauty of inner strength that can be drawn from it. Sebold creates Susie who inspires us about humanity and will stand as a constant reminder of strength long after we finish theShow MoreRelatedEssay on Lovely Bones1113 Words   |  5 Pageswhile others invite it into their lives either out of curiosity or hope. As for Susie Salmon, she neither feared death nor encouraged it. Her murder was an unexpected one, but George Harvey was the only one expecting this moment for weeks. The Lovely Bones (novel by Alice Sebold and movie directed by Peter Jackson) describes the fictional incident of a young girl that is murdered, and her struggle t o maintain a portal to the mortal world to contact her family, while also finding within herself, theRead MoreThe Lovely Bones Essay1446 Words   |  6 Pagesregret is not for herself; it is for the members of her family and friends who are left to sort out her death. Although there are beautiful morsels describing Susies wide, wide heaven, it acts as a backdrop to the novel, not the centerpiece. The Lovely Bones is about Susie watching her family and friends heal and finding their way back to being connected with one another. It is about restoration of a family after it is devastated. The images and feelings elicited in this novel are ones that speakRead MoreThe Lovely Bones and Beloved Essay1739 Words   |  7 PagesA comparison of the ways that the dead affect the living in the novels Beloved by Toni Morrison and The Lovely Bones by Alice Sebold. In the novels that I have chosen to study, several themes are prominent in both. Both novels deal with a brutal murder of a young female, and the impact surrounding her death. They also deal with the idea of the dead, directly or indirectly communicating with the living. The novels address the theory that ‘ghosts’ cannot move onto the next life until they have resolvedRead MoreDealing With Grief In The Lovely Bones Essay1814 Words   |  8 PagesThe characters in Alice Sebold’s The Lovely Bones are faced with the difficult task of overcoming the loss of Susie, their daughter and sister. Jack, Abigail, Buckley, and Lindsey each deal with the loss differently. However, it is Susie who has the most difficulty accepting the loss of her own life. Several psychologists separate the grieving process into two main categories: intuitive and instrumental grievers. Intuitive grievers communicate their emotional distress and â€Å"experience, express, andRead MoreEssay on L ovely Bones: Mr. Harveys Childhood784 Words   |  4 PagesGeorge Harvey is always depicted as the vile, relentless murderer behind the rape and death of Susie Salmon, the protagonist of the novel Lovely Bones. It is easy for the reader to show absolutely no pity for this character. However, in Chapter 15, the author Alice Sebold converts this heartless soul into an individual that urges the reader to offer him sympathy instead. Sebold begins the chapter by reflecting on the tremendous amount of hardships that George Harvey endures in his childhood. Read MoreEssay about The Lovely Bones, by Alice Sebold1264 Words   |  6 PagesRole Mother? Role model? Motherhood? The death of a loved one can result in a trauma where the painful experience causes a psychological scar. Alice Sebold’s The Lovely Bones explores the different ways in which people process grief when they lose a loved one. When young Susie Salmon is killed on her way home from school, the remaining four members of her family all deal differently with their grief. After Susie’s death, her mother, Abigail Salmon, endures the adversity of losing her daughter, herRead MoreEssay about The Lovely Bones Movie vs Book857 Words   |  4 PagesPeter Jackson’s 2009 film, The Lovely Bones, is based off of the New York Times bestseller novel written by Alice Sebold. Both the book and the movie adaptation tell the story of a young, 14-year-old girl named Susie Salmon who is brutally murdered by her neighbor. In both versions, Susie narrates her story from the place between Heaven and Earth, the â€Å"in-between,† showing the lives of her family and friends and how e ach of their lives have changed since her murder. However, the film adaptationRead MoreEssay on Analysis of the Novel The Lovely Bones by Alice Sebold743 Words   |  3 Pageswere the lovely bones that had grown around my absence: the connections - sometimes tenuous, sometimes made at great cost, but often magnificent - that happened after I was gone. And I began to see things in a way that let me hold the world without me in it. The events that my death wrought were merely the bones of a body that would become whole at some unpredictable time in the future. The price of what I came to see as this miraculous body had been my life.† In the novel The Lovely Bones writtenRead MoreEssay on Critical analysis of Alice Sebolds The Lovely Bones3148 Words   |  13 Pages Alice Sebold’s number one national bestselling novel The Lovely Bones depicts the horrendous rape and murder of a small-town girl named Suzie Salmon. Suzie must then watch--from her own personal heaven—her family and friends struggle to cope and move on with their lives. The novel is set in the suburbs of Norristown, Pennsylvania, 1973. Published in 2002, The Lovely Bones became an instant bestseller, and in 2010 it was released into theaters around the world. 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Descriptive Essay On Roses - 2220 Words

Purple Petals Paris is in shambles. The town square, once full of laughter and music and dancing is barren and silent. Window sills that were bursting with brightly colored flowers of all sizes, with petals as soft as silk, now hang limp and lifeless, their owners no longer worried with such trivial luxuries. The air, instead of being ripe with the smell of a new spring, of warm rain showers and the bliss of sunshine after months of winter’s darkness is replaced with the sour, acrid stench of death. As if the sewage ridden streets and piles of bodies that grow daily on every street corner aren’t sufficient on their own. I hold a small container of strawberries tightly in my lap, not moving anything for fear that the handkerchief that†¦show more content†¦Mama always insists we get them for her famous strawberry turnovers, the one gift I ask for every year. Every year we return to find a single purple rose hanging from the door post, and after Mama has prepared the turnovers we leave them to warm over the small fire set in the middle of the cottage and walk to the secluded patch, picking violets until my mother’s and I skirts sag with the weight of them all and I am sure that Papa’s and Denis’s pockets are going to burst at the seams if they stuff even one more petal in. I am filled with excitement just thinking about the laughter filled trek to the flower patch and my mouth beings to water as I am reminded of the sweet, sugary scent that has filled the room by the time we return. It is these thoughts and memories that prompt me to sit up taller, my eyes searching for the pop of purple that will tell us everything’s just as it should be. But it isn’t there. My eyes burn by the time I finally allow myself to blink, and I tell myself that when I open my them again it will be there. But it isn’t and before I even know I am crying, tears are falling down my face, my heart heavy with the fear of the worst. â€Å"Papa,† I whisper, my voice barely more than a wisp of air. â€Å"It’s alright cheri, don’t assume the worst until you have reason to.† But though his wordsShow MoreRelatedDescriptive Essay : Dark Roses1263 Words   |  6 PagesDark Roses Grey skies, grey clouds, it was raining, and it was quiet in my room. Slow soft music played while I lay on the bed daydreaming. The whole house was asleep. It was 7:34 AM, I always wondered, how my new school is gonna be like, I moved from Wisconsin to L.A in the summer, and I settled in, ready for this school. I slowly doze off while listening to the music, it was peaceful. But I couldn’t bare sleeping again, I stood up, making a huge creak sound from my bed. My eyes were droopy, andRead MoreThe Use Of Cross Curricular Teaching Benefited The Children915 Words   |  4 Pages For the next part of my essay I am going to discuss a lesson I taught in school, and how I feel my use of cross-curricular teaching benefited the children. The processes beforehand involved looking at my long term planning, and think about the links I could make to produce lessons within the classroom. Working through cross-curricular lessons did save me a lot of time on planning, linking to views by John Rose, giving me a more time to think about my lessons. Inspiring a more enthusiastic approachRead MoreAnalysis of Desert Rose Essay examples1206 Words   |  5 PagesFor my analysis essay, I chose the song Desert Rose written and performed by Sting. Cheb Mami also wrote and performed the Arabic part of th e song. The genre of the song is pop and â€Å"Desert Rose† was released in 1999 but it was well known around 2000 due to its music video which was used in a Jaguar auto mobile commercial. I chose this song because Sting and Cheb Mami speak of longing and desire which is what every human being feels at some point in their lives. In life people always want somethingRead MoreEthical and Psychological Hedonism Essay1395 Words   |  6 Pageshedonism. These two theories are similar at their foundations (soon to be discussed) but when defined in terms of values, one is descriptive and the other is normative. Neither ethical nor psychological hedonism is perfect, I believe, though each has important strengths which offer the basis for discussion. 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The function of an Expository text is to make comment on society in order to educate us on a world that we don’t have much experience with. The non-fiction text Killing Daniel written by Helen Garner, comments on contemporary Australian society by examining our refusal to open our eyes to brutal reality. Helen Garner exposes the horrificRead MoreThe Voice of Faulkner in A Rose for Emily858 Words   |  3 PagesThe purpose of this essay is to describe and reflect on the vast array of emotions revealed by the tone in the short story â€Å"A Rose for Emily† by William Faulkner. The obvious tones used in â€Å"A Rose for Emily† is a sense of fear, curiosity, gloom and terror along with the more subtle irony, guilt, and complicity and resistance to change. 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Related Literature in Technology and Lifesyles free essay sample

This study examined the effects of computer use and other technologies, such as instant messaging, handheld gaming devices, and MPH players, and the impact they have on students peer relationships, academic involvement, and lately lifestyles. Results show both positive and negative effects on all three constructs of psychosocial development, including differences based on gender and race. Student engagement on campuses is different than it was a decade ago. According to Arena (2004), engagement is simply defined as the time and effort spent on activities (p. 0). Students still concentrate on Jan M. Lloyd is the director of student life at the University of South Florida in Alkaline in Orlando, FL. Laura A. Dean is assistant professor of counseling human development services at the University of Georgia in Athens, GA. Diane L. Cooper is a professor of counseling human development services at the University of Georgia in Athens, GA. 481 Unsparingly, 2007, Volvo. 44, no. 3 academics, participate in student organizations, and communicate with faculty and friends. However, with the introduction of technology, the ways that students communicate, interact, and engage in activities have changed. With online degrees, smart boards, whiteboards, chat tools, Internet video conferencing, digitized movies, and electronic libraries (Lenient, Madden, Within, 2005), college students have more access to and use of technology than any other generation. Technology has now moved into everyday use with the introduction of things such as Backbone in 2004 (Kim, 2005) and pods to listen to music and watch videos. Increasingly, students own, rather than just use, a variety of technological devices. A report by Kava and Caruso (2005) found that 62% of students own a desktop computer, while 55% own a laptop, 90% own a cellular phone, and 38% own a music device. Although some research has shown the impact computer and electronic mail use has on student learning, little research has been conducted to explore the impact of various types of technology use, including instant messaging, blobs, Pod, and Backbone on student development. In addition, little has been done to explore the differences between students based on gender and ethnicity.With the increase in technology use by students, higher education institutions are investing money into new technologies for college students in order to meet the needs and expectations of this technologically generation. Duke University gave pods to all incoming freshmen in 2004 as an experiment in education, student life, and technology (Carlson, 2004). Winnow State University gave laptops to their incoming students for 6 years and are now giving them tablet personal computers. University of Maryland in College Park gave away free Blackberrys (Carlson, 2004). The Campus Computing Project (Campus Computing, Retrieved April 3, 2005 from http:// www. Communicating. Net) found that 64% of higher education institutions surveyed have strategic plans for wireless networks (Wife) and that almost 29% of those institutions already have campus-wide Wife systems running. Research has shown that students are comfortable with and use electronic mail and the Internet for both academic and social reasons (Arena, 2005; SKU Huh, 2001). Kvass and Caruso (2005) found that students primarily use computers for electronic mail (99. ). 482 They also use computers for writing documents for coursework (98. 9%), surfing the Internet to support their coursework (98. 4%), and surfing the Internet for pleasure (94. 8%). In addition, 81 % of students use instant messaging, while 75% listen to music and 61% play computer games. On average, students in the 2005 study reported that they spend 11 to 15 hours a week using technology. Despite the increase in all types of technology, little is known about how these technologies impact student development (Lewis, Courses, Khan, 2001 ).A perception by colleges is that technology will have a positive impact on student learning. Academically, computers allow students to communicate with faculty more often (Arena, 2005), which can improve student-faculty relationships. Students claim to have a better understanding of course material through the use of technology in the classroom (Arena, 2005). Some research studies, however, have conflicting results. SKU and Vesper (2001 ) examined the relationship between students use of computers and students cognitive and intellectual development gains reported on the College Student Experiences Questionnaire.These 23 developmental gains include student reported gains such as writing clearly, ability to learn on own, understanding other people, and understanding science as some examples. Students who used computers more often outscored students with low use on every developmental gain. Students also scored significantly higher on learning how to function as a team member. The authors surmise that computers may make it easier for students to communicate with one another and therefore does not hinder students social skills.However, a study by Flower, Appeasable, and Pierson (2000) examined the extent of computer and electronic mail use related to students cognitive and intellectual development. They found that computer and electronic mail use had little impact on composite cognitive development, reading comprehension, mathematics, and critical thinking. Finally, a study by SKU and Huh (2001) explored computer and information technology (CIT) use and learning and development outcomes for students. They found no difference in technology use between ethnic groups. Men used CIT more often than women. First- year students used CIT less frequently than seniors. Regarding developmental outcomes, students reported that using electronic mail 483 Unsparingly, 2007, Volvo. 44, no. 3 increased their personal development in regards to their ability to get along tit others and understand themselves and increased their intellectual development in regards to their ability to write effectively and synthesize ideas. The use of electronic mail did not increase their general education regarding their ability to understand history and their knowledge about the world. These studies only address computer and electronic mail use and not an extensive use of other technology compared to student development outcomes.More research needs to be done to address students academic, emotional, and physical well-being related to technology use (Lewis, Courses, Khan, 2001). In spite of some benefits associated with computer and electronic mail use, there are several concerns that need to be considered. Truer and Beloit (1997) discuss the concept of cocooning where students may retreat to their computers and isolate themselves from campus activities. Another concern addresses the impact of face-to-face communication versus virtual communication.Although teenagers in Lenient, Madden, and Hatpins study (2005) reported they preferred instant messaging to phone or electronic mail, most college students state that electronic mail would not put an end to face-to-face communication (Arena, 2005; Scorcher, 997). Another concern is access to technology. Not all students have access or skill for technology, and this could impact students learning. In a review of literature, Tango (2003) suggested that Latino/a students academic success is linked to face-to-face interactions with faculty and staff and that an increase in technology will decrease this type of interaction.No empirical evidence addressed how technology impacts students of different ethnicities. A final point addressed in the literature concerns the addictive behavior of Internet use. Scorcher (1997) investigated college students Internet use and the extent Of Internet dependency. Ten clinical symptoms Of Internet dependency were developed by the author. Students who reported three or more of these symptoms were categorized as Internet dependent users. Students, in her study, used the Internet to maintain relationships, for academic use, and to meet new people.Males used the Internet more on a weekly basis than females, which supports the research by SKU and Huh (2001 NSAP Journal, 2007, Volvo. 44, no. 3 Independent users focused more on academic use than dependent users (92% vs.. 88%). Dependent users played more games, used chat lines more, ND utilized the Internet more to experiment socially, to seek sexual material, and to seek illegal material than independent users. In addition, the results showed a concern for students interpersonal development since independent users sign efficiently utilize face-to-face communication more than dependent users.This brief literature review provides a foundation in understanding how technology, specifically computer use, impacts student learning. Little to no empirical research has been conducted to explore the impact various technologies have on student development components. Student development components include psychosocial development as well as cognitive and moral development. Checkering and Reissue (1993) provide a psychosocial development model through which college students progress in developing an identity. One of the key components includes developing interpersonal relationships with peers.Technology provides an opportunity for students to stay constantly connected with one another, but how that technology impacts their peer relationships has not been fully examined. Another component of the Checkering and Reissue model is establishing identity, which includes having a healthy lifestyle. Good health and wellness practices are important for students to succeed in college and life. Technology could interfere with these practices if students have dependent behaviors. A further aspect to consider is the extent to which technology impacts students educational involvement.Arena (2005) found that students use the Internet to interact with faculty, find campus resources, and access academic content. However, there is little in the current literature related to how technology impacts students academic progression through well- defined educational goals. The purpose of this study was to examine the effect that varying types of technology have on several aspects of psychosocial development. Extent of use was used as a factor in this research, as were race, gender, and other demographic variables. 85 Method A two-part Student Technology Use Survey was developed by the researchers and distributed to a convenience sample of undergraduate students enrolled in several courses offered by the Department of Counseling and Human Development Services at a large research institution in the Southeast. The first part of the survey asked students to respond regarding the number of ours they used 1 4 various technologies, including computers, video gaming devices, MPH players, TVs, DVD players, personal digital assistants (PDA), and cellular phones and the specific purpose (I. . , academic work, entertainment, meet new people, communicate with faculty, communicate with friends, relaxing). The purposes were related to each of the 14 different technologies. The survey was initially reviewed by six student affairs professionals who are well-versed in college student developmental issues, technology types, and uses. In addition, the survey was disseminated to 10 undergraduate students for their review. Changes suggested by these professionals and the students were incorporated into the final version that was distributed in the spring of 2006.The second part Of the Survey included three subtasks of the Student Developmental Task and Lifestyle Assessment (SADLY; Winston, Miller, Cooper, 1999). The authors defined these as: Peer Relationships?Having accomplished this subtask, students describe their relationships with peers as shifting toward greater trust, independence, frankness, and individuality; and as feeling less need to conform to the standards of friends or to conceal shortcomings or disagreements.Educational Involvement?students who have accomplished this subtask have well-defined educational goals and plans, are knowledgeable about available resources, and are actively involved in the academic life of the college/university. Salubrious Lifestyle?This scale measures the degree to which a students lifestyle is consistent with or promotes good health and wellness practices. 486 These particular constructs were selected for inclusion after reviewing the literature cited above concerning possible developmental impact of technology use on traditional age college students.The SADLY has been hon. in previous studies to be both reliable and valid for measuring these thre e constructs (Wash Cooper, 2002). In addition, reliability tests with these three subtasks have been shown to be . 65. 71 for Peer Relationships, . 79-. 82 for Educational Involvement, and . 7177 for Salubrious Lifestyle (Winston, Miller, Cooper, 1999). The Student Technology Use Survey was distributed to 475 undergraduates. A total of 385 valid instruments were then used in the data analysis, resulting in an 81% return rate. Students were not required to complete the survey, but class time was given for students who wanted to stay to complete it. The final sample included 1 53 men (38. 4%) and 226 women (56. 8%), with 6 (4. 8%) not reporting and so removed from further analysis on this variable. Demographics on gender in this study were representative of the campus population. The respondents included 315 (81. 8%) White, 33 (8. 6%) African American, 24 (6. 2%) Asian, 7 (118%) Hispanic, 2 (. 5%) Native Hawaiian/Pacific Islander, and 2 (. 5%) multiracial students, with 2 (. 5%) not responding.

Journal Hospitality Management International -Myassignmenthelp.Com

Question: Discuss About The Journal Hospitality Management International? Answer: Introduction Corporate social responsibility (CSR) mentions that each and every business has the accountability towards the community whether it is social, environmental or else commitments towards stakeholders counting employees, creditors as well as suppliers, shareholders together with community in general. For several numbers of years, tobacco corporations have been condemned as evil marketing harmful products and participating in diverse unethical exercises. However, in reaction to this, tobacco manufacturing firms have necessarily propagated various disclosures that can help in positioning themselves on a high moral stand for winning the hearts as well as minds of customers. The current section on introduction elucidates in detail the disparagement of the entire tobacco industry by different groups and illustrates the reason why Corporate Social Responsibility (CSR) has now become a means for these tobacco companies to reflect that this kind of criticisms are groundless. Again, in the curre nt era of corporate social responsibility and regulation of WHO along with other health governing bodies for maintenance of health standards is making attempts to satisfy necessities of CSR and following WHO in their business stratagems. Nevertheless, there are several governing bodies of health counting WHO that questions the overall credibility of the CSR strategies adopted by this specific tobacco industry. Consequently, this can be said that there exists an obligation to redefine the social, environmental as well as ethical standards of this tobacco industry. The study intends to examine and ascertain whether the entire tobacco industry has the capability to handle overall responsibilities of CSR and effective ways in which the tobacco companies can implement the CSR strategies. Research Title/Research Questions Essentially, it is imperative for this tobacco industry to satisfy accountabilities of CSR and play their specific role in the process of consumer protection as well as prevention of the environment (Morton and Greenland 2018). However, the primary purpose of this current study is to ascertain whether the entire tobacco industry has the ability to handle overall accountabilities of CSR and effective ways in which they can implement the same. The research questions that have been formulated in this regard include the following: Corporate social responsibility essentially indicates towards actions in which different controversial corporations intend to win back social respectability by altering the overall image of the corporation. However, this is necessarily a public relation associated practice without any kind of real alterations in the overall policy (Harizan and Hamid 2015). Nevertheless, the CSR has been initiated over the past two decades by tobacco industries. According to the World Health Organization (WHO) CSR of particularly the tobacco industry can be considered to be an inherent contradiction. In essence, CSR that is regarded as an important weapon for corporations endeavours to enhance their image. Nonetheless, it can be hereby said that there subsists no widely accepted framework for the CSR that mentions minimum standards for specific social performance although the public institutions namely the European Commission has attempted. In actual fact, this is said to generate abundant opportuniti es for different corporations in presenting themselves as socially accountable firms (McDaniel et al. 2016). Thus it allows in development of different CSR programmes although usage of tobacco can be considered to the entire worlds foremost cause of diverse preventable deaths. In particular, tobacco associated deaths are forecasted to increase over and above 8.3 million individuals during the year 2030 from the documented figure of 5.4 million during the year 2005. This is because actions of different transnational tobacco corporations spread the overall smoking epidemic to different developing nations. As the tobacco companies do not have the permission to advertise or promote companys products as per rules, participating in corporate social responsibility actions offers a substitute course to arrive at various audiences. Yet, this kind of activities might prove to be violation to particularly The World Health Organizations Framework Convention on Tobacco Control. As per the guidelines stipulated under article 5.3 of this specific convention, the tobacco industry has the need to execute actions that are illustrated as socially accountable for the purpose of distancing its image from diverse lethal product nature that it manufactures and markets or else to interfere with the establishment and execution of public health strategies (Gilmore et al. 2015). Actions that are illustrated as socially responsible by the entire tobacco industry aspiring at the promotion of tobacco consumption can be considered to be an effective marketing along with public relation stratagem that comes under the Conventions illustration on explanation of advertising, policies of promotion as well as sponsorship. The corporate social responsibility of particularly the tobacco industry as per regulations of WHO can be regarded as an inherent contradiction since the core functionality of the entire industry are in conflict with the objectives of public health strategies with relation to control of tobacco. Tobacco industry has executed various CSR strategies in business actions in a bid to augment the overall image of the business (Beddewela and Fairbrass 2016). Essentially, tobacco industry has necessarily participated in the process of functionalities of manufacturing cigarettes along with other products that utilize tobacco that is harmful for health. Research Objectives The objectives of the current research study are as mentioned below: To analyse significance of the overall execution of CSR policy in specifically the tobacco industry and understanding challenges faced in the process of implementation To comprehend overall credibility of the chosen policies of CSR of different tobacco corporations along with the reliability of different policies as regards the social advantages To understand the way the corporate image can be influenced by diverse CSR activities along with their credibility in both short as well as long term period To examine the study reflecting the way effective CSR policies can acquire benefit or introduce alterations in a tobacco industry Justification of the present project: The current study helps in understanding specific importance of corporate social responsibility (CSR) policies in particularly tobacco corporations and gaining deep insights regarding diverse challenges encountered in the procedure of implementation (Bossle et al. 2015). Thus, it can be said that the current section helps in illustrating the fact that the criticism of the complete tobacco industry by diverse groups and explains the reason why Corporate Social Responsibility (CSR) has now become an important tool for these tobacco companies to reflect that this kind of criticisms are groundless (Plewa et al. 2015). Research Methodology Research methodologies can be regarded as a systematic, theoretical evaluation of specific methods implemented to a specific field of study. As correctly put forward by Arli et al. (2015), the procedures that are utilized to collect appropriate information as well as data for arriving at business decision can be referred to as research methodology. Data Source: The current research study examines the justifiability of CSR in the specific tobacco industry founded on the secondary data source. Secondary source of data indicates towards data that was acquired by individuals other than the user. However the normal users of the secondary source of data in this case include organizational records presented in their literature (CSR reports), data published by various government departments, books, journals, websites, newspapers and many others (Rangan et al. 2015). Diverse scholarly articles that are relevant to present professional project can be assessed for uncovering various benefits of the CSR policies in the tobacco companies. Process of collection of data: In a bid to examine the objectives of the current study, the learner looks for associated electronic as well as printed documents/materials utilizing snowball mechanisms during the specified period. However, in the specific search engine Google and thereafter Google Scholar, learner utilized pertinent key words for searching as well as identifying suitable documents. Using the snow ball mechanism of moving from initial documents and acquiring other pertinent materials from open documents, a huge amount of online materials on specific topic gets generated. Nonetheless, not all documents were pertinent and there were references that were too old. Again, there are also various materials that were not accessible online. However for these documents, we contacted the authorities and commissions as well as offices of different tobacco companies. Books, newspapers and magazines available both online and offline are accessed. Furthermore, official websites of go verning units for reports and company literature available over there are also consulted (Ulke and Schons 2016). Research Philosophy: The learner intends to assume the positivism philosophy for the current research as this can help in validating that there are various asserts that effective scientific knowledge can be considered to be valid and is said to be construed from various knowledge. Research Approach and research design: For the purpose of the present research, the learner intends to follow the descriptive design as this can help in illustrating characteristics of the selected population else wise the phenomenon that is put to use. Following this descriptive design can help in observing and at the same time illustrating the behaviour of a particular subject without influencing the same in any manner. In addition to this, the learner intends to adopt the research design of case study analysis. Selection of this particular research design can be said to be justified as this can help in carrying an in-depth analysis of a lone or smaller number of units at a specific time period. This implies that the learner can analyse credibility of CSR activities in a specific number of tobacco companies and the way it influences the corporation (Belal and Owen 2015). Research strategy: The current study utilizes both the quantitative as well as qualitative evaluation mechanisms for undertaking the current study and for arriving at the solutions to the proposed research questions. Carrying out both qualitative as well as quantitative research does not necessarily include diverse mechanisms for collection of data as well as analysis and more basic difference that orients around research stratagems utilized. Thus, it can be said that the current study has adopted a specific mixed strategy that involves the following activities: -Gathering and assessing both quantitative as well as qualitative data -Utilizing rigorous processes in the process of gathering and assessing data that is appropriate to tradition of each mechanism, namely making certain the appropriate size of the sample for both quantitative as well as qualitative evaluation. -Assimilating amassed data during process of collection of data, evaluation as well as discussion (Tandilittin and Luetge 2015) -Utilizing procedures that include both qualitative as well as quantitative elements either concurrently otherwise sequentially. Method of analysis: For the purpose of carrying out the study, the learner intends to carry out specific methods for analysis of the amassed data. The learner intends to utilize specific ways of carrying out both quantitative as well as qualitative analysis of the secondary data (Gast and Ledford 2014). In case of the qualitative research section of the study, the learner can study development of various concepts associated to the CSR activities in various tobacco companies that can subsequently help in the process of understanding diverse social phenomena in various natural background, providing due stress to the connotations, experiences as well as opinions of study participants (Richter and Arndt 2016). Diverse dimensions involved in this case include comprehending contexts, understanding individuals various related interactions. In this particular study, the learner intends to utilize the discourse analysis for different gathered documents. Essentially, all these documents that are available can be used as a potent tool that can help in assessment of written, sign language mentioned in texts as well as contexts in addition to vocals (Silverman 2016). The discourse analysis includes coding of the materials, examination of structure of structures as well as discursive assertions, and identification of cultural, orientation to governance, degree of transparency along with CSR. Essentially the methods that the learner assumes for the current study comprise of discourse analysis, case study analysis and thematic analysis (Batool et al. 2016). Therefore, the use of case study analysis for the purpose of the present study can be said to be justified as this can help in the process of evaluating particular issues within the boundaries of a particular environment. As per the research design that is the case study analysis method, three different methods of analysis of case studies can be used, namely, explanatory case studies, descriptive case studies as well as exploratory case studies. In this case, the descriptive case studies are primarily used that can help in analyzing specific sequences of interpersonal aspects and this helps in deciphering the important phenomenon (Lewis 2015). The learner intends to utilize quantitative methods of analysis for this current study as well. This can help the learner to convert data into various numerical forms and they are necessarily subject to statistical evaluation. The secondary data that is used for the study can be analysed by means of quantitative methods. Thus, this process can be said to be justified as this can help in numerical reflection as well as manipulations of various amassed observations for illustrating the specific phenomenon that specifically these kind of observations replicate (Mackey and Gass 2015). The learner uses both the descriptive statistics as well as interpretive statistics for analysis of the data. Literature Review Corporate Social Responsibility: Concepts of CSR has been thoroughly illustrated in diverse ways by various researchers, the primary reason of its subsistence is to shield the entire community from different kinds of harm along with disasters carried out by corporations both intentionally otherwise unintentionally. As rightly suggested by Rhou et al. (2016), in various processes of investigations, the corporate social responsibility is normally visualised as a lone construct encompassing actions that aids in management of stakeholders and different corporate actions for the purpose of compensating for social and economic unfairness as the stakeholders of the businesses of the corporation also includes end users that utilize companys products. The primary accountability of the tobacco industry is to shield teenagers particularly from the teenagers particularly from the profuse damage of tobacco products such as cigarettes by making them aware of unfavourable impacts of the same. Diffe rent definitions of the CSR elucidates similar phenomenon that is the corporations are taking into consideration CSR actions for the purpose of fabricating diverse sanitized products/materials, realizing for superior surroundings, community consciousness of the majority of the issues, treating members of the staff fairly, along with charitable actions to achieve sustainability in the entire market (Golob et al. 2017) Corporate Social Responsibility (CSR) Corporate Social Responsibility -(CSR) among corporations is now primary focus of various researchers. Nevertheless, the question of whether this specific exercise aids corporations in the approval among stakeholders is still not responded, particularly, those corporations that driven out to generate specific products that damage various clients. Essentially, CSR was initially taking place with premise of compassion, which thereafter led to satisfaction of various motives, pecuniary, firms stakeholders along with legality. Philanthropy theme ingrained from ethical standards of conviction regarding the appropriate way to be active at the time when delivered the alternative to take action without compulsion. Essentially, direction of liberality can be viewed in the shape of actions taking place as programs and contributions targeted at those that include both single persons and groups. As such, pecuniary intention for mainly CST is based on the association between CSR actions exerts in fluence on overall pecuniary presentation of corporations. This considers necessities of cost plus market on top of status of the firm. In essence, pecuniary intention is utilized for purpose of developing the reputation along with competitive advantage by means of brand awareness and investment return to various shareholders (Visser 2014). This kind of intentions underlies mainly CSR of leading global tobacco corporations. The corporation has necessarily donated a particular sum that stands at US $75 million for various generous reasons whilst US $100 million was expended for sensational and declaring diverse contributions. In particular, this exemplifies that the corporation is not necessarily undertaking societal accountability exclusively on foundation of ethics as well as benevolence, but generating advantages in the long term period (Harizan and Hamid 2015). From the standpoint of stakeholders, administration of corporation asserted to undertake specific activities. Specific parties can undertake actions having interests in the corporation and declaring such activities to parties that are involved. Essentially, analysis of stakeholder comprises of organizational responsibility that surpasses restricts monetary or monetary presentation, counting intended disclosures ahead of the obligatory level namely academic, societal or else surroundings attainment. In the process of attainment of balance for meeting the demands of each and every stakeholders of the firm, the Triple Bottom Line theme is necessarily assumed by various business acquaintances. This notion stresses identical partition of labour particularly existent between three imperative ecological sustainability of mainly monetary, ecological along with social (Harizan and Hamid 2015). However, in other words, the corporation have the need to improve overall quality of environment as well as social life other than merely targeting earnings. In addition to this, legitimacy intention is strongly associated to the standpoint of firms stakeholders. Again, as per legitimacy notion, business concerns have the requirement to function over and over again and need to be aligned to values along with societal norms counting regulations. Visser (2014) suggests that corporate social responsibility is observed as a way of conformity with diverse rules as well as directives that standardize the course of a corporation. It is also a particular value scheme that has the need to be executed within the functions of a corporation. Legitimacy motive can also be utilized by the leading tobacco companies namely British American Tobacco as well as Phillip Morris in a bid to avert diverse legal actions imposed. Essentially, all of these intentions illustrated are closely related to one another. This necessarily covers diverse CSR management phases that include planning, execution and tracking. In a bid to acquire an general idea and comprehension of the idea on CSR, it is obligatory to analyse various intentions underlying CSR actions by tobacco corporations from standpoint of consumers that is necessarily among the most significant stakeholders. Thus, the research questions that investigate significance of CSR activities in tobacco industry can be comprehended to a large extent (McDaniel et al. 2016). Communication of WHO regarding CSR reports As per WHO, increasingly consumers, members of the staff as well as managers anticipate corporations, specifically large transnational corporations function beyond their conventional role of generating, producing, packaging as well as selling for generation of profit. The boom of socially responsible investment products validate this trend and help in making social as well as ethical standpoints clearly known to the corporations they put their money in and at the same time patronize. Tobacco companies also have not missed this specific trend. Majority of the corporations have designed specific programmes for various small sized corporation developments in Kenya, prevention of crime in South Africa, propagating business education in specifically China, preservation of folk culture in Venezuela along with medical treatment as well as flood relief in Pakistan (McDaniel et al. 2016). Youth smoking prevention measures used by various tobacco companies include various proposed dimensions that include presentation of age proof for purchasing tobacco products at the counter. However, this has appeared to be unproductive, since young people seamlessly circumventing these limitations. Purposefully, these programmes deliver the purpose of generating and designing the appearance that various tobacco corporations are proposing corporations for the issues they develop. In actual fact, they help in detracting attraction from various proven, effectual solutions counting the price as well as tax augmentation to which young individuals are very sensitive. Again, tobacco corporations vigorously oppose increases in price as well as tax. Education can be regarded as a specific field in which several tobacco corporations have focussed their CSR actions, particularly in grants, scholarships, even development of an entire school. The mandate of the centre is mainly to examine the ov erall social as well as environmental accountabilities of transnational corporations to the societies in which they function (Gilmore et al. 2015). Certainly, many scholarships are made available for this specific programme aimed at averting this issue. According to a study published by the British Medical Journal illustrates research grants as well as donations from the tobacco industry along with the senior university governance appointments that are necessarily held by various tobacco officials belonging specifically to the tobacco industry. In addition to this, it can be seen in this regard, out of total 90 universities as well as 16 medical facilities; around 39% had accepted donations from the tobacco segment. Again, out of 16 medical schools, only four has accepted research grants. As such, tobacco industry officers along with directors were seem to assume 26 university associated appointments during the year 1996 and year 2001, counting posts namely governor, chancellor together with president among many others. There are scholars who are of the view that the tobacco industry permeates the universities in universities as it is a way it can buy silence as well as satisfaction. During the end of 2002, BAT-Ghana endowed 250 Gha na Cedi to particularly University of Ghana for purchasing academic credibility (Beddewela and Fairbrass 2016). The overall tobacco industry essentially gets engaged in community level development projects, namely Kerio Trade Winds situated in Kenya. This is necessarily a partnership that subsists between the society and BAT that has the intention to develop tobacco growing actions as a substitute towards alleviation of poverty aligned to governments poverty alleviation stratagem. The Tobacco Association of Malawi has participated into different efforts that are aimed at discouraging abusive child labour exercises in tobacco farming in Malawi. In addition to this, probably most remarkable as well as sceptical are necessarily those tobacco industry sponsored programmes that essentially aspire to attain public health objectives. Thus, it can be hereby mentioned that tobacco industry programs that intend to positively deliver to a greater social good urge the social question: What is the way in which tobacco corporations can reconcile their primary aim to attain a maximum profit by manufacturing and selling a deadly product with the objectives of CSR (Beddewela and Fairbrass 2016). Essentially, tobacco corporations are not like many other corporations. Again, tobacco products are necessarily legal, but they can also be referred to as lethal. Tobacco can be regarded as the only consumer product that is available in the market and this kills half of the regular users. Particularly, from the perspective of CSR actions, they cannot easily figure among specifically the ranks of different other consumer goods corporations. In spite of the tobacco industrys thin-veiled efforts to attain corporate accountability as well as companies claims to have altered their practices, they continue to utilize a wide array unethical and at the same time unethical strategies to promote their products (Plewa et al. 2015). Conclusion In conclusion it can be said that CSR activities undertaken by corporations was observed as a way of obscuring the dilapidated image as well as reputation of the tobacco corporations. This is acknowledged to inflict damage and bereavement of individuals as a consequence of tobacco consumption may be smoking. However, it can be considered to be very immoral on the part of the tobacco corporations that are attempting to alter their negative insight among the entire audience by undertaking CSR. Even though, the company is undertaking its societal accountability. Again, it can be considered to be very much against the marketing ethics. However, findings obtained from various prior reports also reveal that even though the societal accountability generates a affirmative influence, it stays as a certain facade for corporations and market these products without any kind of interference from various government as well as community. Therefore, it can be regarded as a particular bribery act tha t can help in recovering from bad reputation different tobacco corporations. No immediate action is accounted as CSR by firms at the time when the influence of smoking habits breeches the basic privileges of individuals life. Based on findings of study, it can be said that benefits accepted by the societies by means of community programs that are necessarily funded by tobacco firms cannot compensate the damage caused to the greater community that arose from smoking. References Arli, D., Rundle-Thiele, S. and Lasmono, H., 2015. 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