Construction Law Essay Example | Topics and Well Written Essays - 2000 words

Construction Law - Essay Example The ECS contract is parallel to ECC in detail and complications of contractual demands; however, the names of the parties to the contract and timescales for completion are changed to meet the deadlines under the ECC contract (GMH Planning, 2012). Clause 11.2(17) lays down the criteria for a subcontractor. Firstly, someone involved in construction or installation of part of the work which indicates that a contractor can’t sublet an entire project to another individual or organization. Secondly, it can be someone who provides a service necessary to provide the works, this shows that services of others can be utilized and no limitation is placed on only subletting a part of the project. The third category describes individuals and organizations that would not be considered as sub-contractors. They enter into a contract regarding the provision of plant and material which they partly or completely designed for a specific project. The imperative point to remember is that the burden of responsibility of the contactor towards the employer is not shifted to a subcontractor (Eggleston, 2006). ... NEC3 provides that the construction or installation of part of the work can be sublet to a sub-contractor and offers two options. The first option if NEC3 Engineering and Construction Subcontract (ECS) with slight changes in the timescales and names of the parties involved in the project. Clause 62.3 makes changes in the time period for submission of and response to quotations and clause 51 makes change in the time period of payment. The payment period in Secondary Option Y (UK) 2 of ECS is similar to ECC type of the similar secondary option ensuing in same payment time limits. Main contractors can amend these periods by using the provisions of Subcontract Data Part One (Patterson, 2007). The second option under NEC3 is the Engineering and Construction Short Subcontract (ECSS) used for projects which don’t involve complex management techniques, consist of uncomplicated work and entail low risks. It prohibits delegating design responsibility to the subcontractor, simplifies wor k by adhering to Works information but it doesn’t simplify processes concerning compensation events. It is obligatory for the subcontractor to report compensation events within seven days of becoming knowledgeable of such an event and will have similar liabilities as a Contractor does under the ECC in case of failure to give notification. However, ECSS does not include deemed acceptance procedure for not replying unlike ECS. Therefore, we can conclude that the burden of compensation event procedures lies with the Subcontractor under ECSS. In this instance, the subcontractor did not adhere to the precise requirements provided in the Works Information concerning installation of a complimentary

Describing and Pursuing Essay Example for Free

Describing and Pursuing Essay Based on these two articles, we can say that according to Wheatley a leader should be fearless in face of challenges; a leader should lead change and be willing to take the first step to help and influence a situation. She also believes that leadership is not about being at an important position. According to her, anyone can be a leader simply by refusing to take things lying down and by standing up to do something about a problem and try and change the situation. In comparison to Wheatley, Paul Thornton, in â€Å"Leadership- Seeing, Describing and Pursuing what’s Possible†, believes that a leader should be able to accurately analyze the current situation and then see into future to envision the possibilities. A leader can envision the future by taking specific steps such as studying the best, asking questions, traveling and learning from the businesses of different countries and other such methods. Once a leader has discovered these possibilities he must describe these to other people in a way that catches their attention. And then deliver it in a passionate, energetic and animated manner. Finally, a leader pursues his dream in order to make it come true. In other words, a leader must work hard in order to become a successful leader. Thus while Wheatley believes that leadership starts at the very basic level and anybody can be leader simply by taking small steps towards bringing about a change, Thornton believes that leaders bring change through meticulous planning which starts with envisioning the future. Thornton’s second article, â€Å"Management Styles, Directing Discussing and Delegating†, discusses three management styles: Directing, Discussing and Delegating. In the directing style the manager tells a group of employees what to do, how to do and when to have it completed. In this management style, the manager does everything, letting the employs only follow the directions and is suitable when employees lack experience. In the discussing style of management, the manager asks questions before telling the employee what to do. The discussing style of management is about learning from the employees before assigning them a job. In the delegating style of management, managers discuss the problem with the employee, than tell them what to do, but let the employee decide how he completes the job. Thornton discusses these three management styles in details, explaining what to do and what to avoid in each of the three styles. When we compare this article with the other three articles, we find that this article covers a completely different topic than the rest. While the other articles talk about leadership, this article is about management styles. The article talks about the relationship between a manager and an employee. However, a manager need not necessarily be a leader and the article does not talk about leadership. If we compare the writing style of Wheatley and Thornton, we find that Thornton has a more formal writing style. He uses bullet points to express himself and summarizes in the end. Thornton’s articles have the look and feel of a lecture note. Also, the articles get directly to the point, talking about the issue at hand without getting into background stories. Wheatley, on the other hand has an informal writing style. Her articles are written for the layman and are full of stories to illustrate her point. Purely from a writing style point if view, Thornton’s articles are more engaging. However, the point she is trying to make has a tendency to get lost in all the stories she writes. This problem is avoided by Thornton, as he talks about the issue clearly and concisely and summarizes it all in the end to ensure that reader gets the point. Both Wheatley and Thornton have thorough knowledge of their subjects. However, Wheatley speaks from a practical viewpoint while Thornton is more theoretical. As far as their advice on leadership is concerned, once again Wheatley advocates a more informal style, stressing the fact that every individual can be a leader. Thornton, however, seems to feel that leadership should be learnt and he gives detailed commentary on how to be a better leader. There are many definitions of leadership. For Wheatley, it is about taking small steps to make a difference. For Thornton, it is about planning the entire process of change carefully. Both the definitions have seen the test of time and have thrown up successful leaders. But while Wheatley suggests these leadership styles, Thornton takes the pain to explain what leadership is and how to be a successful leader.

Body Image Essay -- essays research papers

Body Image   Ã‚  Ã‚  Ã‚  Ã‚  The purpose of this study is to further explore and examine the influences of mass media on male’s and female’s personal body image satisfaction and the awareness and internalization of societal pressures regarding appearance. For a number years evidence surrounding the insecurities that women have towards their own bodies has been widely published. More recently, it has been suggested that men are falling victim to media and societal pressure, and are developing insecurities traditionally associated with women. Much of the body dissatisfaction that we see today can be attributed to the enormous disparity between our current cultural beauty ideals and our actual bodies. Although most of the research surrounding the influences of media on body image has taken the form of analyzing exposure through the examination of such things as magazine content, recent research has begun to focus on an individual’s awareness of societal pressures, as well as one’s acceptance, or internalization, of these societal standards (Cusumano & Thompson,1997).   Ã‚  Ã‚  Ã‚  Ã‚  Every culture has standards of beauty. Through the ages and around the world,people have evaluated the appearance of themselves and others. A person’s body image is his or her concept of their physical appearance. The mental representation which may be realistic or unrealistic, is constructed from self-observation, the reactions of others, and a complex interaction of attitudes, emotions, memories, fantasies, and experiences, both conscious and unconscious. A pleasing appearance has often been associated with higher status, better opportunities to attract a mate and other positive qualities. We live in a society that thrives on first impressions. Many people interact with large numbers of new people everyday, especially in their work lives, and we often have little information about who these people are, but we do know how they look. We try to size them up based on how they are dressed, how they talk, how they move and their overall physical appearance. People tend to judge a fat person as lazy and self-indulgent and a thin person as organized and disciplined and these stereotypes are reinforced by the media. A study done by Franzoi and Herzog (1987) examined what body parts and functions young adults... ...ents magazines. This ratio closely reflected the ratio of the incidence of eating disorders in women to the incidence of eating disorders in men (Cusumano & Thompson, 1997). According to Botta the available reports suggest that media do have an impact on body image disturbance, both directly through body image processing and indirectly by encouraging males and females to endorse their respective ideals and by establishing what they see as realistic ideals (Botta, 1999).   Ã‚  Ã‚  Ã‚  Ã‚  The present study seeks to examine the influence of exposure to media ideal body images and the awareness and internalization of those ideals on males and females. The results of previous studies indicate that the media plays a role in not just reflecting societal perceptions of male and female body image, but in shaping those perceptions. Media stereotypes, advertising ploys, and the fashion industry have all lead to the introduction of the unrealistic ideal body shape that we compare ourselves to. How we feel about our bodies and how our bodies look to us in the mirror is an important aspect of our self esteem and for many Americans the media tells us how we should feel and look.

Introduction To Marketing Mr B

Club Cards The creation of the Tests club card was a advantageous idea, but the club card can provide incorrect information about the customer who handles the art and give Tests Mobile the wrong image Of the customer, in terms Of knowing what that customer likes and want when they're shopping at Tests Mobile. This can occur if the club card is handled by someone else who is not the owner(e. G. The owners son), resulting in the actual owner receiving offers and information about things they did not actually purchase.For example lets say the son of the owner of the card it is bought a video game then the actual owner may a lot receive emails/letters about that game or things that are in relation to that game. Tests believe that everything bought on the card is researched by its owner, which is not the case sometimes, resulting in invalid information being produced on the club card. Questionnaires Questionnaires can be helpful for a company when the questions are produced correctly and given to the right people.Questionnaire have a low response rate in general, therefore Tests Mobile shouldn't have a high expectancy rate of receiving questionnaires back when they send them out to their customers. When questionnaires are posted people tend to just chuck them in the bin because they can't be bothered filling them in a posting it jack to Tests Mobile, even though they got a Freeport envelope alongside the questionnaire. Due to the lack of response back with questionnaires you wouldn't be able to generalizes e. If Tests Mobile sent out 3000 questionnaires out and only received 300 back then they would be unable to generalizes. This would make it difficult for Tests Mobile to figure out what merchandise to sell. People may give out false answers on questionnaires because they may just tick any answer or they may be intimidated by the question etc. This would result in Tests Mobile stocking product people do to actually want. When Tests Mobile conduct questionnaires, th e questions asked are usually closed questions, this is so that it is easier to generalizes and analyses the customer answers.Tests Mobile may also choose to put in leading questions as it gives the person the impression that their opinion is valued. Interviews Having interviews conducted it valuable to Tests Mobile but what is said and what is asked can have limitations. Tests Mobile could invite some of their customers in for an interview and the interviewee could feel intimidated by he interviewer, this Is called the observer effect; resulting in the interviewee hesitating and giving the interviewer the answer they think they want to hear.In addition to this people may feel the need to lie so that they don't look inferior to the interviewer, and in fact sound more superior. People may be unwilling to tell the truth because they may feel vulnerable this may because they feel they're being judged on their ethnicity, age, appearance or gender. This likely to become apparent when per sonal questions are being asked during an interview. For example 21 year old may feel uncomfortable in talking to some who is 65, as they may feel they're inferior or superior to them.Depending on the type of person interviewed, they may tend to give short answers in order to get the interview over and done with, which could limit the amount of research being collected. Short answers would also make it harder to analyses because there would be enough information. On the other hand the interviewee may be garrulous and feel comfortable with the interviewer and begin to start a conversation which is off-topic; having an effect on the data collected.Having a talkative interviewee could mean that it will be harder to analyses information due to the amount of content they've given. If the interviewer answers the questions in the wrong way it could result in incorrect answers, meaning that time and money has been wasted on conducting an interview. Secondary Research Many limitations are in volved when using secondary research such as, the date the research was conducted, as it may be out of date when you want to use the research and many companies who provide that data will tend not to eddo market research as it's already been done.A limitation that may also occur is that you don't know the exact set of questions that were being asked, as the exact questions aren't displayed when you buy the secondary data nor are the exact answers. Only the concluding results and the amount of people involved in the market research are given to the buyer. The cost of secondary data can be extremely expensive depending on how recent the research is and the company who's selling it.

Foundations of Mythology Essay

Myths have been a great part of history, from the very moment humans roamed the green marble we call Earth. Therefore, mythology has become just as relevant in attempting to answer life’s greatest questions as any scientific method. Myths have shaped our world from the very beginning to the world we live in today. We will explore the common meaning of myth versus the academic meaning of myth, what are some of the common mythological themes, and the relationship between belief, knowledge, mythology, and religion. Myth is a word commonly used to describe â€Å"a widely held but false belief or idea,† (Google, 2014). As an example, when someone says ‘that’s a myth,’ they are commonly referring to something being false, untrue, or nonfactual. It is in this context that the majority of the population would use and have used the word myth. In an academic context, a myth is an ancient narrative that attempts â€Å"to answer the enduring and fundamental human questions,† (Leonard & McClure, 2004, pg. 1). I would define a myth as a statement or  event that is believed in without factual basis. Just because the facts elude us, does not make something untrue or false, merely unproven. If something remains unproven, it should not be considered or perceived as false. After all, if it is not proven to be false, it does not make it true and vice versa. The most common mythological themes are of creation, the birth of order, and secretion themes. Many diverse culture around the globe address such similar and universal themes because they are all attempting to answer the most profound questions. Questions that deal with our existence, the existence of all around us, as well as what occurs upon the death of our bodies. These themes tend to cover the creation of all that exists, the order and mechanics of everything, and why things are the way they are. One commonly overlooked creation myth is that of the big bang theory. There is no factual data that indicates that the big bang occurred ‘millions of years ago,’ or that it occurred at all, let alone that it will repeat the cycle of condensing all material into a sphere (the size of a period on this page, up to marble sized which is the source of another debate). Truth is that there is more data that points to a young earth, solar system, and universe than there is for ‘millions of years’ (Creation Today, 2010). There exists an intertwining relationship between belief, knowledge, mythology, and religion whether or not we acknowledge it. Many religions are based on mythology and those in practice of such religions must believe in the knowledge attained from and passed on by centuries of practitioners prior to them. For example, a Buddhist believes he or she will reincarnate to a higher or lower social class depending on their behavior during their current life. This cycle is repeated until enlightenment is attained. This is based on the mythology of Buddha that has become a religion, which millions of people around the globe believe to be truth based on the writings of Buddha himself and the knowledge of all those who came after him. It is this intersection of belief, knowledge, mythology, and religion that has helped countless of people cope with fear of death, or fears in general, with poverty, injustice, suffering, and the unknown. Mythology is still relevant in today’s contemporary culture. Although, the word mythology is not commonly used synonymous with religious beliefs, mythology has shaped the modern social cultures. The majority of people have a religious point of view, whether they believe in a god, many gods, or none at all. It is these belief systems that help them to deal with the unknown, hardships in life, and death. Science has been making leaps and bounds in recent years. Nevertheless, modern science cannot pretend to know half of everything, but given that it did know half of everything, is it not possible to have a creator that dwelled in the half we do not know? I dare to comment that it is quite possible, even more so, that it is inevitable. References Creation Today. (2010, May 12). The age of the earth. Retrieved from http://creationtoday.org/seminar-part-1-the-age-of-the-earth/ Google. (2014). Google search. Retrieved from https://www.google.com/?gws_rd=ssl#q=myth&safe=off Leonard, S., & McClure, M. (2004). _Myth & knowing: An introduction to world mythology_. New York, NY: McGraw-Hill Companies, Inc.

Internet Culture Essay Example

Internet Culture Essay Example Internet Culture Paper Internet Culture Paper BA Humanities Media and Society It is hard to understand the term culture. What is culture? Is it a way of life, is it a group of shared interests that brings a community of individuals together or is it a utopian dream, an invention created by the powers that be who govern society to help to collaborate interests in a structured easy to monitor way? Culture is defined in many different ways. It is said that cultures are maps of meaning through which the world is made intelligible1, but whatever the true meaning of the word Culture, Raymond Williams was right in suggesting that Culture is one of the most complicated words in the human language2: Culture is one of the two or three most complicated words in the English language. This is so partly because of its intricate historical development { } but mainly because it has now come to be used for important concepts in several distinct intellectual disciplines and in several distinct and incompatible systems of thought3. Culture has become the antithesis of modern times. Its meaning is so vast and indescribable that it would be very difficult to placate an entire essay on its meaning and come to any fore longed conclusion. Culture has a different meaning to different people and it is this paradigmatic complexity that allows the word to put fear into anyone attempting to analyse its essence. However, if you put a leading word, a word that defines disciplines within a specific culture, the term suddenly becomes identifiable. Oral Culture, Print Culture, Popular Culture and what we are attempting to understand within this research, Internet Culture begins to have a more clear and concise meaning. The very nature of the words associated and linked to the term culture allow for a more natural semblance of association. Once a word has been linked with the massive expanse of the term culture, the essence and meaning of a task such as describing what you understand by the term Internet Culture becomes significantly easier to digest and comprehend. Within the following research I will attempt to describe what I understand of the term Internet Culture and to address some of the key critical questions being asked about the movement towards the Internet Revolution4. For the basis of consistency, I will divide the text into what I feel are the key critical issues that are being questioned regarding Internet Culture, beginning with the definition that I believe personifies the term Internet Culture. As there are a phenomenal amount of issues that are being questioned I have chosen two key concepts that I feel are of importance regarding the construction and maintenance of a culture that is virtual in essence. The main critical issues that I will review are:   Can you have a virtual community?   How will Internet Culture affect the information Have and Have Nots? However, before we go any further it is imperative that we decipher what I believe and understand by the term Internet Culture. A contemporary hobby or obsession has been the compartmentalisation of eras in time and space or epochs that relate specifically to how society and the inhabitants of society communicate. Theorists have been able to highlight a number of shifts in the way a society communicates that has led to different aspects of cultural identity being adopted. It is safe to suggest that the fundamental link between varying societies and cultures are the way that they communicate and interact, as the understanding of a common language strengthens a community, just as a lack of understanding can also divide and ostracise. One of the first epochs to be defined was the Primary Oral Culture, a culture that communicated only by speech with no written text or literature present. Oral Culture was temporally biased5, it relied heavily on mythology and legend as well as ceremony and memorisation in order to transcend meaning and keep a sense of cultural identity alive6. It can be said that Oral Culture laid the foundations for the evolution of culture and society through differing communication media. The Primary Oral Culture led to Print Culture and then Visual Culture and to the epoch, which contemporary western societies are meant to inhabit, that of Internet Culture. Since Oral Culture all other cultures have included a fundamental aspect of the oral society7. We live in a predominantly word based environment, one of speech and hearing a world of sound8, however, the interactive medium that Internet Culture utilises is perhaps the only medium that converges all traditional modes of communication9. Internet Culture is the epoch that contemporary society has begun to inhabit, however, it can also be a fluid and complex medium that has many cultural meanings with little social understanding. Internet Culture cannot be as easily associated and linked to past specifications of culture that society has grown accustomed to. David Porter gives an interpretation of what Internet Culture is and the diverged sense of cultural significance that the Internet procures: If the Internet can be understood as the site of any culture at all, it is not, presumable, culture in the sense either of an elitist enclave or of a homogeneous social sphere. The culture that the Net embodies, rather, is a produce of the peculiar conditions of virtual acquaintance that prevail online, a collective adaptation of the high frequency of anonymous, experimental, and even fleeting encounters familiar to anyone who has ventured into a newsgroup debate. 10 It is therefore difficult to ascertain what Internet Culture is and it is equally difficult to give an explanation of a new medium with such a heavy cultural significance. The Internet is changing the way society communicates, but this is not a new or contemporary notion. Erla Zwingle establishes the movement of society and tradition when he affirms that Goods move, people move, ideas move and cultures change11. It is this that has the cultural significance in a continuously fluid environment like the Internet. However, to what extent the cultural significance has affected society and cultural infiltration is at this stage purely speculative with no foreseeable way of monitoring the effects that the Internet has. As we enter the 21st century electronic media have become an imperative aspect of western societies daily lives. We use computers because they are easy, they buy us time and they give us entertainment. Internet Culture is an extension of the visual image that saturates our everyday lives.

How to Make Connections with College Professors

How to Make Connections with College Professors By all means, form as many bonds and make as many friends as possible while in school, but don’t neglect the connections you form with college professors. Those can come through in tight spots professionally, and professors are typically well-connected amazing people. Let’s talk about 5 solid ways to get close without stepping over any bounds. 1. Impress the Connections out of Them There’s so many faces like yours coming and going; so many papers to grade, cups of coffee to drink and meetings to attend. You’re going to have to stick out without being a jackass. If you’re trying to get either the professor or other students to laugh during class, you’re probably not impressing anyone. Here’s a couple tips: Details: Pay attention to the little things because your professors will be. The quickest way to impress is to NOT do all the things they expect students to do. Be THAT person who takes the time to understand protocol, be prompt and pay attention to details! Now, don’t make light of this practice, just realize that it IS noticed and appreciated. Study Up: Has the professor written a book? Many books? Do they have a blog? If you take the time to get to know them as a person, you can see what motivates them. This way you can add nuances to everything you do that will catch their interest. Barely anyone does this, so it can work like a charm. Show interest in them. 2. Be Available Willing to Serve It’s not about what your professor can do for you, but what you can do for your professor. Don’t sit in the back of class, but don’t attempt to be a teacher’s pet either. Make it obvious what you’re doing, which is no different than your professor did. Making connections in college is par for the course (forgive the pun). Consistent: Don’t pester, but be consistent. Let them know you’re standing at the ready to be of service in any way possible. The Word: Don’t treat only one of your professors this way, but all those whom you think could become a mutually beneficial connection. Options: If they’ve already got their assistants covered and don’t need your help in the office, is there something you could do for them in their private lives? Cut the lawn? Landscaping? Perhaps just a some quality conversation on interesting class-related topics? 3. Set Up Communication Early On Don’t wait, quickly stop by their office to personally introduce yourself. Don’t be bubbly and overflowing with youthful angst, just relax and act as professionally informal as possible. Now, try not to mention grades, period. Instead, focus on these three things. Your Goals: Your goals are what you intend to learn from the professor. Don’t dehumanize them by only referring to â€Å"class.† Their Goals: Let them know you appreciate their position and knowledge without kissing their backside. Make it clear that it is your intention because you would like to impress them and get to know them better. There’s absolutely nothing wrong with this, and they know it. Keep it Short: No long-winded conversations for your first couple visits. Keep it short and stay well behind the informal boundary. A couple minutes is all it takes to make a great impression. 4. Don’t Ask to Be Called On Your professors should know you’ve got your act together. You study, you take the course seriously, you intend to get to know them better and you’re a star player. But, never make this obvious in class and NEVER try to upstage the professor in front of students. Wait: Don’t be a jabber jaw and or a Mr. Know it all. Why speak in class if you’re not called on? What’s the point? Are you really going to argue with someone and de-rail the professor’s plan for class? Defer: Instead of hogging the class conch, say what you need to say to make a good point and then pass it along. Do what you can to let other people keep the lime light. Listen: Keep your ears open and listen to the issues, concerns and problems that other students are having. This information can come in handy. If the professor sees you making their job easier, they’ll notice you for it. 5. Be Human Ask for Help If you’re having a hard time, or going through a crisis, don’t complain in class or complain to other students in the class. Instead, bring your very human issues to your equally human professor. Oftentimes they will bend over backwards to help students that need and ask for it without being a pain. Hope this helps. Remember, your professors are like windows into professional worlds. Don’t neglect them and do what you can to form mutually beneficial connections. So, what have you done to get closer to your professors? What’s working or not working for you?

Emperor Qins Tomb -- Not Just Terracotta Soldiers

Emperor Qin's Tomb Not Just Terracotta Soldiers The exquisite terracotta army of the first Qin Dynasty ruler Shihuangdi represents the emperor’s ability to control the resources of the newly unified China, and his attempt to recreate and maintain that empire in the afterlife. The soldiers are part of Shihuangdis tomb, located near the modern town of Xian, Shaanxi province in China. That, scholars believe, is why he built the army, or rather had them built, and the story of the Qin and his army is a great tale. The Emperor Qin The first emperor of all China was a fellow named Ying Zheng, born in 259 BC during the Warring States Period, a chaotic, fierce, and dangerous time in Chinese history. He was a member of the Qin dynasty, and ascended to the throne in 247 BC at the age of twelve and a half. In 221 BC King Zheng united all of what is now China and renamed himself Qin Shihuangdi (First Heavenly Emperor of Qin), although ‘united’ is rather a tranquil word to be using for the bloody conquest of the region’s small polities. According to the Shi Ji records of the Han dynasty court historian Sima Qian, Qin Shihuangdi was a phenomenal leader, who began connecting existing walls to create the first version of the Great Wall of China; constructed an extensive network of roads and canals throughout his empire; standardized philosophy, law, written language and money; and abolished feudalism, establishing in its place provinces run by civilian governors. Qin Shihuangdi died in 210 BC, and the Qin dynasty was quickly extinguished within a few years by the early rulers of the subsequent Han dynasty. But, during the brief period of Shihuangdi’s rule, a remarkable testament to his control of the countryside and its resources was constructed: a semi-subterranean mausoleum complex, which included an estimated army of 8,000 life-size sculpted clay terracotta soldiers, chariots, and horses. Shihuangdis Necropolis: Not Just Soldiers The terracotta soldiers are only a part of the vast mausoleum project, covering an area of some 30 square kilometers (11.5 square miles). In the middle of the precinct is the still-unexcavated tomb of the king, 500x500 meters (1640x1640 feet) square and covered by an earthen mound some 70 m (230 ft) high. The tomb lies within a walled precinct, measuring 2,100x975 m (6,900x3,200 ft), which protected administrative buildings, horse stables and cemeteries. Within the central precinct were found 79 pits with burial goods, including ceramic and bronze sculptures of cranes, horses, chariots; stone-carved armor for humans and horses; and human sculptures that archaeologists have interpreted as representing officials and acrobats. The three pits containing the now-famous terracotta army are located 600 m (2,000 ft) east of the mausoleum precinct, in a farm field where they were re-discovered by a well-digger in the 1920s. Those pits are three out of at least 100 others within an area measuring 5x6 kilometers (3x3.7 miles). Other pits identified to date include the tombs of craftspeople, and a subterranean river with bronze birds and terracotta musicians. Despite nearly constant excavation since 1974, there are still large areas as yet unexcavated. According to Sima Qian, construction on the mausoleum precinct began shortly after Zheng became king, in 246 BC, and it continued until about a year after he died. Sima Qian also describes the demolition of the central tomb in 206 BC by Xiang Yus rebel army, who burned it and looted the pits. Pit Construction Four pits were excavated to hold the terracotta army, although only three were filled by the time construction ceased. The construction of the pits included excavation, placement of a brick floor, and construction of a sequence of rammed earth partitions and tunnels. The floors of the tunnels were covered with mats, the life-sized statuary was placed erect on the mats and the tunnels were covered with logs. Finally each pit was buried. In Pit 1, the largest pit (14,000 square meters or 3.5 acres), the infantry was placed in rows four deep. Pit 2 includes a U-shaped layout of chariots, cavalry and infantry; and Pit 3 contains a command headquarters. About 2,000 soldiers have been excavated so far; archaeologists estimate that there are over 8,000 soldiers (infantry to generals), 130 chariots with horses, and 110 cavalry horses. Continuing Excavations Chinese excavations have been conducted at Shihuangdi’s mausoleum complex since 1974, and have included excavations in and around the mausoleum complex; they continue to reveal astonishing findings. As archaeologist Xiaoneng Yang describes Shihuangdi’s mausoleum complex, â€Å"Ample evidence demonstrates the First Emperor’s ambition: not only to control all aspects of the empire during his lifetime but to recreate the entire empire in microcosm for his after- life.† Please see the slide show on the terracotta soldiers for more information on the soldiers and artifacts found within the Qins mausoleum. Sources Bevan A, Li X, Martinà ³n-Torres M, Green S, Xia Y, Zhao K, Zhao Z, Ma S, Cao W, and Rehren T. 2014. Computer vision, archaeological classification and Chinas terracotta warriors. Journal of Archaeological Science 49:249-254. Bonaduce I, Blaensdorf C, Dietemann P, and Colombini MP. 2008. The binding media of the polychromy of Qin Shihuangs Terracotta Army. Journal of Cultural Heritage 9(1):103-108. Hu W, Zhang K, Zhang H, Zhang B, and Rong B. 2015. Analysis of polychromy binder on Qin Shihuangs Terracotta Warriors by immunofluorescence microscopy. Journal of Cultural Heritage 16(2):244-248. Hu Y-Q, Zhang Z-L, Bera S, Ferguson DK, Li C-S, Shao W-B, and Wang Y-F. 2007. What can pollen grains from the Terracotta Army tell us? Journal of Archaeological Science 34:1153-1157. Kesner L. 1995. Likeness of No One: (Re)presenting the First Emperors Army. The Art Bulletin 77(1):115-132. Li R, and Li G. 2015. Provenance study of the terracotta army of Qin Shihuangs mausoleum by fuzzy cluster analysis. Advances in Fuzzy Systems 2015:2-2. Li XJ, Bevan A, Martinà ³n-Torres M, Rehren TH, Cao W, Xia Y, and Zhao K. 2014. Crossbows and imperial craft organisation: the bronze triggers of Chinas Terracotta Army. Antiquity 88(339):126-140. Li XJ, Martinà ³n-Torres M, Meeks ND, Xia Y, and Zhao K. 2011. Inscriptions, filing, grinding and polishing marks on the bronze weapons from the Qin Terracotta Army in China. Journal of Archaeological Science 38(3):492-501. Liu Z, Mehta A, Tamura N, Pickard D, Rong B, Zhou T, and Pianetta P. 2007. Influence of Taoism on the invention of the purple pigment used on the Qin terracotta warriors. Journal of Archaeological Science 34(11):1878-1883. Martinon-Torres M. 2011. Making Weapons for the Terracotta Army. Archaeology International 13:67-75. Wei S, Ma Q, and Schreiner M. 2012. Scientific investigation of the paint and adhesive materials used in the Western Han dynasty polychromy terracotta army, Qingzhou, China. Journal of Archaeological Science 39(5):1628-1633.

Pharmacokinetic and pharmacodynamic Assignment Example | Topics and Well Written Essays - 250 words

Pharmacokinetic and pharmacodynamic - Assignment Example Schematic diagrams of pharmacokinetic model that distinguishes oral versus transmucosal absorption and how the whole process works is presented below, iIn figure 1 Lozenge level is higher than in figure 2. Folates in human beings form a group of water-soluble vitamins B that have similar chemical structures to folic acid and are vital for methionine and nucleotide biosynthesis. Low folate status has been associated with altered DNA methylation, which may affect gene expression, and uracil-induced genomic instability which may result into an increased cancer risk. Pharmacokinetics has a component of vitamin C recommendable for diet allowance. The study has found it that the oral vitamin C has potential for use as a non-toxic, sustainable, therapeutic agent. The amount of vitamin C required for good health represents a challenging aspect of scientific nutrition. The oral vitamin D supplements are well-absorbed from the small intestine amongst human beings. The presence of bile is necessary for absorption of vitamin D which is related to serum proteins and is widely distributed throughout the body. It is stored primarily in the liver and fat. Both forms of vitamin D are inactive and must undergo conversion in the liver and kidneys to form biologically active compounds. Ergocalciferol and cholecalciferol are hydroxylated by hepatic microsomal enzymes to 25 (OH) D. Further conversion of this intermediate form in the kidneys produces the physiologically active form, of dihydroxyvitamin D. Although it is not the biologically active form, the intermediate form, 25 (OH)D, is used to assess vitamin D status since 1,25-dihydroxyvitamin D levels do not typically decrease until clinical symptoms of vitamin D deficiency have become severe. The maximum clinical response typically occurs approximately a month after therapy has been initiated.

International Marketing Plan for Hardee's to Enter Australian Fast Essay

International Marketing Plan for Hardee's to Enter Australian Fast Food Market - Essay Example Because of this enhanced connectivity, consumers all over the world have gained access to a lot of information and this has resulted in the evolution of more demanding consumers. Also, it needs to be highlighted that because of this surge in global connectivity, there has been a tremendous change in the nature of conducting business operations in the various global markets. Spotting the demand coming from the consumers of various diverse geographies, organizations that are located in separate regions and time zones are increasingly considering on the process of significant business expansion. Needless to say, that this new flow of demand from the different geographies have the potential to transform into significant business opportunities for the expanding business organizations in the immediate future. It needs to be mentioned that in this particular case, the popular and growing fast food chain of the American region, the Hardee’s is looking forward to entering the market of Australia for attaining significant business growth while catering to the demand existing for American products in the region. Statement of Marketing Objectives While talking about marketing objectives, it needs to be highlighted that it is a part of the strategic planning process whose main aim and focus is to help the organization to attain a significant growth as well as strong foothold in the targeted market (Fifield, 2007, p. 5.1). The marketing objectives helps in the process of drawing specific marketing oriented goals and targets that needs to be achieved by the organization in the upcoming times. It also helps the organization’s value communication exercises to... This report stresses that the focus is largely on the issues to connect strengths of the company with the potential opportunities that are arising in the market place. It is significantly relevant to acknowledge that the Australian market of fast food promotes the demand for healthy food products, like salads and juices. Now, while highlighting the strengths of the company, it is of considerable importance to focus on the company’s ability to produce differentiated products. It needs to be further focused that the company is the sole producer of the unique and highly health conscious product Charbroiled Burger. By having this healthy product in the food menu, the American fast food chain will be successful in garnering the attention of the health conscious consumers of the Australian region. Now, it also has to be mentioned that the company’s other significant point of strength is related to the issue of marketing. This essay makes a conclusion that it can be said that the global marketing plan has been designed for entering the market of Australia. The American fast food chain, Hardees, has the strengths related to differentiated products and strong marketing tactics. On the other hand, the Australian fast food market provides the opportunity related to growth of healthy eating. It can be said that the entire global marketing plan for Hardees has been designed while trying to plot the strengths of the fast food chain with that of the opportunities present in the market of Australia.

Refer to statement Essay Example | Topics and Well Written Essays - 5000 words

Refer to statement - Essay Example the concept of Holocaust denial, and takes a look at the main themes of this perspective by paying careful attention to the arguments put forward by some of its proponents. Then in the second half of the paper, the author presents points that argue otherwise. Holocaust denial is, at its base, the view that the Holocaust never happened. This perspective takes various forms, but it essentially argues that the events that transpired in Germany from 1933 to 1945 under Nazi rule did not happen as it is often depicted. Typical of this view is the downplaying of the atrocities acted upon the European Jews, as well as the toning down of the role played by the upper echelons of the Nazi government on the death of European Jewry. In his book, The Holocaust, Peter Neville brings out the following points regarding the emergence of intellectuals and analysts specializing on Holocaust denial: Among such analysts, the outright denial of the Holocaust has been accompanied either by attempts to play down the horror of the Holocaust by saying, for example, that the number of Jews that were killed has been exaggerated, or by a so-called ‘relativist’ approach, whereby the Holocaust is regarded as being no worse than such Allied ‘atrocities’ as the bombing of the German city of Dresden in 1945 (1999, p.69). It is interesting to note that among the points that he raised, Neville mentions the denier’s approach that seeks to reduce the enormity of the Holocaust by placing it side-by-side with other war atrocities, thus having the effect of making it appear relatively small, or at least comparable with other war crimes. At the outset, it can be seen that this argument is weak, once it is borne in mind that the Nazi atrocities directed at the Jews were not simple crimes springing from the war, but racially motivated acts that can be understood independent of the war campaign. This point will be discussed further as the paper progresses. Nevertheless, the point being

Personal Values Essay Example | Topics and Well Written Essays - 750 words

Personal Values - Essay Example There is a great deal of focus on customer satisfaction and loyalty within the company. I found these values highly impressive and since they were reflected in the way things were done at Kudler, I feel they were more than just words. Kudler believes that it doesn't need to lower its prices to draw more customers. It wants to retain its existing customers and attract potential ones with the help of a different strategy. This is a good strategy and I believe that the firm understands that it is not always the price that matters. Kudler knows that the people who appreciate its products are quality conscious people and hence it is the product itself which is important to them and not the price. Thus Kudler has not made Price a differentiating factor to attract customers. Kudler has been working on various things to improve customer loyalty and to track their preferences. For one, Kudler plans to offer differentiating services to its customers who this would be a new and unique bakery experience for them. In order to do that, the firm plans to track customer's tastes and preferences in order to serve them better. The one area where I need more understanding is company's use of technology. While the company has always been willing to incorporate technology, I still find its use of technology very limited. This shows that the company either has not been paying too much attention to technology or it is deliberately keeping the use to a minimum. As a manager that first thing I would like to work on would be the use of technology. With Internet becoming such a formidable force, I would like to harness the power of this technology to make operations even more efficient and systematic at Kudler. Internet can be used for various purposes such as: 1. To reach a wider customer base 2. to track the tastes and preferences of customers 3. To announce new promotions and products 4. To conduct polls on products 5. To offer new customers with coupons 6. To track the number of customers interested in Kudler products 7. To get feedback My plan to accomplish this would include minimum budget since I understand that Internet systems do not need cost a lot provided you know the right people in the business. I understand that once a system is in place, we would need to train some of our staff especially for the purpose of working online to product customers with instant answers to their queries and to work on their feedback. We will need to start with having a website dedicated to customer service improvement. This site will have a poll, information on new products and new promotions, it would also include a feedback form plus other important things in an entertaining way so people would want to stay on the website. I find its customer service focus very appealing. I have worked for other companies and have found that often the reason for failure is lack of concern for customers. I am highly interested in improving customer service at Kudler and I find that this company is equally interested and equally committed to it.

Is the Death Penalty Just and Applied Fairly Research Paper

Is the Death Penalty Just and Applied Fairly - Research Paper Example The issue of capital punishment, more specifically the death penalty, is a topic that can split the American public as far as their view points to two extreme sides. There are those who are against the death penalty and those who are for the death penalty. The death penalty can be such a polarizing topic that there are 16 states that have abolished the death penalty as opposed to the 34 states as well as the United States government and the military supporting it (Jones, 2002). The death penalty can be defined as the taking of a human’s life for their crimes or imposing the punishment of death for their crimes. A question arises that whether this death penalty is just and applied fairly? The death penalty is just and it is applied fairly and according to a Gallup Poll in May of 2002, 7 in 10 Americans agree. There is a vast majority of the Americans who insist on abolishing the death penalty of the mentally retarded at least. Almost 82% of the American population opposes death penalty for this particular group while the rest support the action. The case of Andrea Yates created this ratio in court. She was found guilty of murdering her five children but was mentally ill herself. Nearly 75% of the people opposed death penalty for her. History tells that America has been fairly constant in its decision for death penalty under the age of 21. This has varied over many years. They have refused to be supportive in this regard. In 1965, when 45% favored the death penalty in general, only 21% were in favor of applying the rule on juveniles. During the colonial era of the seventeenth and eighteenth centuries, England regarded death as a penalty for crimes such as treason, manslaughter, robbery, rape, murder, counterfeiting, arson, burglary, theft – or any capital crimes of the like. The American colonial past and the present followed the same footsteps. Over the period of time it became illogical to apprehend the same punishment for all these crimes, hence it was deduced that only the gravest of crimes will be awarded with death. However, America followed the tradition of refusing to show any understanding towards the minority which denied any such punishment. It is researched that they did not follow the tradition blindly but due to the institutional structure prevailing in the eighteenth century, the role of capital punishment was broader than it is today. As mentioned above, the notion of death penalty varied from state to state. The northern colonial penal codes were more severe than those in England because of the varying religious origins of the colonies (Banner, 2002). Coincidentally, the era of American colonization coincided with the stiffening of the criminal law prevailing in England. The crimes that seemed minor to most of them such as poaching deer, stealing minor amount of cash and the like, started to be regarded as deathly and consequential. Colonies which had a larger number of slaves tried them and punished them for every little crime they did. As long as slavery was common, the system continued to function with more terror and bitterness. Much was done out of racial differences. Blacks were accused and caught for crimes more frequently. The crimes that were committed by the whites were left unattended in most cases. What was to be done with such kind of inequality? Execultions of the criminals were conducted on the roads for better

Personal Values Essay Example | Topics and Well Written Essays - 750 words

Personal Values - Essay Example There is a great deal of focus on customer satisfaction and loyalty within the company. I found these values highly impressive and since they were reflected in the way things were done at Kudler, I feel they were more than just words. Kudler believes that it doesn't need to lower its prices to draw more customers. It wants to retain its existing customers and attract potential ones with the help of a different strategy. This is a good strategy and I believe that the firm understands that it is not always the price that matters. Kudler knows that the people who appreciate its products are quality conscious people and hence it is the product itself which is important to them and not the price. Thus Kudler has not made Price a differentiating factor to attract customers. Kudler has been working on various things to improve customer loyalty and to track their preferences. For one, Kudler plans to offer differentiating services to its customers who this would be a new and unique bakery experience for them. In order to do that, the firm plans to track customer's tastes and preferences in order to serve them better. The one area where I need more understanding is company's use of technology. While the company has always been willing to incorporate technology, I still find its use of technology very limited. This shows that the company either has not been paying too much attention to technology or it is deliberately keeping the use to a minimum. As a manager that first thing I would like to work on would be the use of technology. With Internet becoming such a formidable force, I would like to harness the power of this technology to make operations even more efficient and systematic at Kudler. Internet can be used for various purposes such as: 1. To reach a wider customer base 2. to track the tastes and preferences of customers 3. To announce new promotions and products 4. To conduct polls on products 5. To offer new customers with coupons 6. To track the number of customers interested in Kudler products 7. To get feedback My plan to accomplish this would include minimum budget since I understand that Internet systems do not need cost a lot provided you know the right people in the business. I understand that once a system is in place, we would need to train some of our staff especially for the purpose of working online to product customers with instant answers to their queries and to work on their feedback. We will need to start with having a website dedicated to customer service improvement. This site will have a poll, information on new products and new promotions, it would also include a feedback form plus other important things in an entertaining way so people would want to stay on the website. I find its customer service focus very appealing. I have worked for other companies and have found that often the reason for failure is lack of concern for customers. I am highly interested in improving customer service at Kudler and I find that this company is equally interested and equally committed to it.

School Administration in Texas Essay Example | Topics and Well Written Essays - 1250 words

School Administration in Texas - Essay Example 3. The No Child Left Behind Act of 2001 was passed in order to redesign a number of federal programs which aim at the improvement of both primary and secondary schools. The improvements were made possible by increasing the accountability standards for all schools in Texas. It also provided more flexibility to parents to choose the school that should be attended by their child/children. The act also additionally focused on reading and also Elementary and Secondary Education Act of 1965 was aimed to be re-authorized. According to this Act, all the schools were required to distribute the contact details of each and every student to the military recruiters. The theories of standard-based education reform were enacted according to the act. Those theories were based upon a belief which says that if high expectations and goals were set, then every student would succeed. 4. Totally three kinds of funds comprise to generate funds for the funding for public schools in Texas. The three taxes are local funds, state funds and federal funds. If we consider the fiscal school year 2002-2003, the school funding was comprised of 49 percent from local taxes, 41 percent from state taxes and 10 percent from the federal sources. Based on the differences in the local property wealth and the population of students, these revenues may differ in the percentage. Area III: How the System Works - Expenditures Objectives of Budgeting: The following are some of the important objectives of Budgeting: It aims at providing a yardstick based on which future results can be compared. If any material variances exist against the budget, it is possible for the management to take actions basing upon the establishments of the budget. Direct capital expenditures can be most profitably directed by using budget. Budget is a guide to management decisions when affected by unforeseen conditions. In order to achieve maximum profitability, budgets help to plan and control earnings as well as expenditures. Adequacy in working capital and scarcity in resources can be planned and anticipated by making use of budgeting. Decentralization of responsibility to individual managers is possible. Methods of Budgeting: Different methods of budgeting are used for developing budgets. Affordability Method: In this method of budgeting, the budget is developed depending on the ability to spend. The major disadvantage in this method is that the allocations of funds are always arbitrary as the figure may have a short fall or exceed. Incremental Budgeting: This method is based on a particular department or functions on that of the previous period and is adjusted to inflation by a percentage increase. The advantage of this budget is that it is stable and there is a gradual and planned change. The disadvantage is that is assumes that work activities will remain same and it gives no scope to developing ideas. Zero Based Budgeting: This means, budget starts from a base of zero for each budgeting period. The proposed activities are then assessed and prioritized. Optimum utilization of resources is the primary advantage

One Cannot Escape Big Brother Essay Example for Free

One Cannot Escape Big Brother Essay In 1984, by George Orwell, society is portrayed as having lost all traces of individuality, creative thought, and love and humanity. This â€Å"Negative Utopia† depicts the possibility of the future despair of the human race whilst warning readers of the dangers of totalitarianism. The overlying mood in 1984 is the bleakness of the future of the human race. The main character though, Winston Smith, is caught in this society that is dedicated to conformity with a mind full of intelligence, individuality, and rebellious thoughts. Winston is targeted by the government from the beginning because of his continual thoughtcrime as well as his rebellious actions with Julia. However, in a society as bleak and desolate as Orwell has depicted, Winston’s actions against the Party and Big Brother were essentially futile. Throughout the novel, Winston believes that though society forces him to conform on the outside, he can still fight the system with his thoughts and by being with Julia in secret. He believes that his own individuality reveals that there is at least a small sliver of hope for humanity, but this is not so. Syme even questions Winston, How could you have a slogan like freedom is slavery when the concept of freedom has been abolished? (pg.47). There is so much moral decay within the Party, Winston is wasting his breath and energy by trying to bring down Big Brother; it is too great, and he is too small, despite how intelligent he may be. In Orwell’s fiction society, there is no hope, no potential light for the future. Society is too far gone, as shown through aspects of life such as telescreens, Hate Week, the Hate Song, and Newspeak. The government has molded the people of Oceania’s minds into the ideal citizen: unfeeling, lacking any creative thought, love, or uniqueness. The citizens who slip by and do possess these qualities will be vaporized at some point and Winston knows this throughout the novel. Yet he still believes that in some way, he may be of help to the Brotherhood, even though he is not even sure of its existence. One thing that separated the government of 1984 from any modern day government is that when someone was a traitor, or made some attempt to overthrow the government, they were not punished, but rather â€Å"cured†. In the novel, O’Brian, who is a symbol Big Brother, states, â€Å"We are not content with negative obedience, nor even with the most abject submission. When finally you surrender to us, it must be of your own free will. We do not destroy the heretic because he resists us: so long as he resists us we never destroy him. We convert him, we capture his inner mind, we reshape him. We burn all evil and all illusion out of him; we bring him over to our side, not in appearance, but genuinely, heart and soul. We make him one of ourselves before we kill him.† (pg. 318) This portrays how Big Brother essentially ensures its own success by turning their enemies into supporters of their cause rather than persecuting them. Winston had no chance to take down Big Brother because when he was caught, he would not even become a legacy, or a shining light for others to follow suit; he would become nonexistent, a changed man who would be taught to love Big Brother. By not voicing his true opinions about the Party, Winston would have continued to know the truth behind it. However, because he did, O’Brian and other Party members â€Å"cured† him, and molded his mind into what they wished it to be. By going against Big Brother, Winston became a clay mold of the ideal fascist citizen. Winston had no chance of being happy in the world set by Orwell. He was too intelligent to go through life without questioning Big Brother, and the irony exists in the fact that that was ultimately his intellectual demise. However, if Winston had just lived in acceptance of the fact that society was so horribly corrupt, and turned away from the atrocities of civilization, he would have been much better off. He would not have been tortured, he would not have had to experience the betrayal of O’Brian, and he would not have gained then lost Julia. In today’s world, it is perhaps better to have loved and lost; but in Orwell’s 1984, one never truly gained anything because Big Brother was always watching. Orwell says in the novel, â€Å"If you want a picture of the future, imagine a boot stamping on a human face—forever† (pg 271). No amount of rebellion could possibly stop this metaphorical boot from crushing humanity. Winston could have saved himself from a lifetime of even more hurt and despair if he had just kept to himself and turned away from the evils of Big Brother. After all, the slogan â€Å"Big Brother is watching you† (pg 2) was not just a saying for the people of Oceania: it was a sad truth. Thus, Winston would have been much more fortunate given the circumstances if he had not gone against the Party.

Relationship Between CSR and FTSE 100 Companies

Relationship Between CSR and FTSE 100 Companies Chapter 1 INTRODUCTION In todays business world the phrase corporate social responsibility (CSR) has become a relevant and frequently discussed topic. By definition it is the non-profit activities engaged by a business concern that aids the society, economy and the environment. The World Business Council for Sustainable Development has defined CSR as â€Å"the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community, and the society at large.† (WBSCD, 2000) Modern business concerns place CSR in high priority. In the fifth global CEO survey conducted by PricewaterhouseCoopers World Economic Forum concluded that 70 per cent of chief executives around the world have the opinion that corporate social responsibility is fundamental in the process of profit making in the business. In the Western European region, 68 per cent of the big companies have joined the triple bottom-line performance namely the economic, social and environmental factors along with financial performance whereas in the United States, this figure is 41 per cent (PricewaterhouseCoopers/BSI Global Research Inc, 2002). However 80 per cent of the company managers in the US are of the opinion that CEOs status is a factor of major influence on corporate reputation, although interestingly this value is just 56 per cent in the UK. According to Business in the Community, more than 70 per cent of business leaders believe that incorporating responsible business activities makes busin ess concerns more competitive and profitable. (Hancock, 2006) 1.1 Why was this topic selected? If the topic doing research to find out if there is a relationship between corporate social responsibility (CSR) and the corporate financial performance (CFP) of a company is able to find out with positive outcome and relationship between the two, then it may be an eye opener to various entrepreneurs to the various financial benefits CSR can bring about to business. This is so especially in the medium and small scale industries, which are yet to fully utilise the CSR in their business routines. From a common person point of view, when large corporations and business concerns take part in community relief and environment friendly activities, it makes a whole lot of difference to the society and the environment. So it is greatly beneficial for humankind to explore and bring out to light the relationship between corporate social responsibility and the firms financial performance. 1.2 Background of CSR: Many of the ideals and customs of the corporate social responsibility have references dating back to the 19th century. But it was during the 1960s and 1970s in the United States that there was resurgence in the mindset of people towards this phenomenon. It was during this period that various modern policies of civil regulation were invented. This includes the social audits, social investment funds, voluntary codes of conduct, recognitions for social and environmental activities and more commonly the use of corporations as potential places for political activity. During that period there were many protests and demonstrations like the boycott of Dow Chemical in 1970. There was also a campus-led movement pressuring firms to retract from South Africa in the 1970s which was similar to the challenges faced by the corporations having investments in countries like Burma and Sudan. Since the 1990s many companies form America and Europe that have headquarters either in the United States or Europe have taken aboard some voluntary standards for employment states, environmental activities and also regarding human rights. These fresh measures have since then became standardised in many companies, corporations and other agencies. These new measures have been monitored and reported. These initiatives that were not heavily legal have since been the standard setter for what is known today as corporate social responsibility. Some of the fresh changes that were brought about by this civil regulation were: (1) A positive reduction in the amount of children hired for labour every year. A massive improvement in health and safety in various factories around the world which provide the large firms with products including shoes, clothes, toys, etc. (2) A cut down in the production of wood from endangered forests and animal habitats, which were used to manufacture furniture for United States and Europe. (3) Providing reasonable prices for some agricultural producers like coffee growers for their products. (4) A considerable decrease in the emission of greenhouse gases especially in the wake of the greenhouse effect. (5) A withdrawal of firms from Burma in the wake of the human rights abuse in that country. (6) Some more recent examples are the lowering of prices of drugs for AIDS and other diseases. After that companies have come forward and set examples of CSR initiatives for other companies to follow, even when there is no restriction on them in the countries concerned to limit their activities. For example Home Depots policies regarding environment have helped in the sustaining of some of the rainforests in the South America. The government of Chad cannot be trusted in handling their oil reserves properly. So ExxonMobils efforts to keep an eye on its royalty payments means that at least some of the money is not wasted. Indonesia does not have adequate policies to protect the environment. Therefore Chevron Texacos activities have protected the fragile ecosystem in Papa New Guinea. Having discussed that, it must also be said that the effectiveness of codes, such as the UN Global Compact, Voluntary Principle on Security and Human Rights, the Equator Principles, etc, are not very effective. The improvements are likely to happen, particularly if the monitoring and other measures are effectively carried out. One of the most outstanding obstacle standing in the way of these social changes is of course the cost factor. Many corporations do keep cost aside for these activities, but most of them have not found to be adequate. This is one of the reason researches have to be carried out that point to the connection between CSR and CFP, because CEOs and managers should be aware of the possibilities created by CSR on the firms reputation and financial activities. So that firms can spend more time and money on their CSR and hence create good value for them, their stakeholders and ultimately the society. Today even countries in the developing world have started to demand bet ter working conditions and environmental safety for their environment. In countries like India people have been protesting against big companies for their discrimination. For example there has been a recent outbreak of protests in India against soft drink manufacturer Coca Cola for their indiscriminate usage of underground water and also its contamination, since underground water is a major source of drinking water through wells in many parts of India. CSR is also a factor that is good for a society regardless of it being located in developed or underdeveloped countries. It is a universal phenomenon that is advantageous. This contributes to its popularity and prominence. Some countries practise CSR ideally in their manufacturing hubs located in developing and underdeveloped countries. Some others stick to bringing about local changes and prosperity. For example the constructing of a school, university or a hospital is considered as a valuable contribution to the society. The company benefits from these activities because they indeed sow the seeds for future graduates who may become skilled employees for them. Also environmental activities earn sympathy and support from local authorities who may reduce taxes and other duties for the company on the basis of their humanitarian concerns. Later on in the 1990s there were protest against companies like Nike and Shell, and since then the importance of CSR has grown significantly. In 2005 a search on Google for â€Å"corporate social responsibility† would yield 30000 sites. There are more the 15 million pages on the internet with address dimensions of CSR. This is including 100,000 pages based on corporate websites. In 2005 Amazon had more than 600 books on the subject. More than 1000 business concerns have created and adapted signed codes of conduct which clearly states their individual stand on issues such social, environmental, animal rights and human rights. The numbers of firms that issue reports on CSR initiatives have gone up to 2000 in the year 2005.in the country of United States there were more that 200 social mutual funds in 2005, and they saw their revenues increase tenfold over a span of 10 years. Global organizations, such as the United Nations, the European Union and the World Bank and the Organizat ion for Economic Cooperation and Development (OECD), vigorously endorse the phenomenon of CSR. These governing bodies regularly monitor, advice, and award the efforts and initiatives taken by the companies every year. In the last two decades various charitable organisations have also sprung up, which work together with companies, and aids in their activities. Previously CSR was used only to address internal business ethics and policies. Nowadays this narrow view of CSR has changed and evolved into a variety of issue. Today a companys social venture could include initiatives to uplift education, poverty, unemployment, animal rights and other basic needs for community development. Some companies pursue more specific goals like aids relief, cancer research, disability support etc. For example firms established in the automobile industry may come up with safety programmes for motorists. Today in many countries, households have the chance to invest their money in various non-monetary savings and investments. In many countries, which are listed in OECD (Organisation for Economic Co-operation and Development), special banks offer facilities in savings account where the customers are assured that the money will be used for environmental sustainability programmes, or to help some entrepreneurs, who find it hard to get money from other institutions. The target group for these investments have generally been women and minorities. Today the impact of CSR has grown so much that people even in countries like South Africa and Brazil has the opportunity to invest their savings in socially responsible initiatives that checks the CSR of the firms in which they invest (International Finance Corporation (IFC), 2003). Many companies contribute for the conservation of the environment by finding new methods for recycling and elimination of non-biodegradable compounds etc. Therefore modern businesses have realised the increasing acceptance of socially responsible companies in the minds of people, so much so that it has become a trend to undertake social initiatives by the business enterprises. 1.3 Reason for doing good: There are many opinions that reason the indulgence of business companies in non profit initiatives. But the commonplace one would be that the companies perform good activities because good things and image are preferred by the masses. The public argue that these activities impress the investors, business analysts, business partners and the potential customers. The whole picture will look good in the companys annual reports and maybe even the company may have some luck in the courtroom and the parliament. This ultimately gives a vital boost to the companys brand image and reputation. There are many distinct and underlying advantages for business concerns. The distinct advantages clearly give the business a boost in monetary terms, hence being a direct contributor to financial performance. The underlying advantages may not directly save money for business, but they indirectly become advantageous to the business and eventually bring about financial gains thereby affecting its performance. For example Chiquita a global leader in the manufacturing of bananas decided to follow an environment friendly approach which saved them more that $5 million in 2002 compared to the year 1997. The trick behind this was the implementation of smaller quantity of agrichemicals and the adoption of a paller recycling program which actually saved them more than $3 million a year. This however was only the tip of the iceberg. Chiquita had bigger, but much more discreet advantages, by adopting a more socially responsible image. The company which was previously a target of media backlash w as going through a period of damaged company reputation which was a threat to its business functioning. They turned this around with their environment friendly approach and activities. This change in policy also created a sense of pride among the employees and helped in developing a more open and clear communication with the media. These developments will ultimately increase the financial performance of the companies by ensuring their smooth functionality. A frequently referenced study is by the University of Southwestern Louisiana, called â€Å"the effect of published reports on unethical conduct on stock prices† confirmed that publicity about unethical corporate conduct reduces stock prices for a minimum period of six months. From a truly customers point of view, it can be said that in todays marketplace there are a lot of alternative choices for customers when deciding to by a product in the criteria of product, price and distribution channels. Researchers have shown that consumers base their purchase on reputed companies, that indulge in fair trade and other sustainable business practices including concerned about the society in which they operate, provided the price and quality of the products remains similar. As an example if a consumer had an option of two products that have similar qualities and price tags, the consumer would prefer the product that was produced by a ‘greener company (green being symbolic of the community welfare and environmental efforts of the company). 1.4 Aims of the project: This project aims to answer the following issues: 1) Is there a relationship between corporate social responsibility and financial performance of a company? In addition the relation between the size of a company and the CSR is observed. 2) If there is a relationship, is the relationship positive or negative? 3) Discuss the various relationships between corporate social responsibility and financial performance. (CSR is measured by the value taken from the Business in the Communitys Corporate Index ratings and CFP is measured by the changes in stock prices before and after being rated in the Index ratings). 4) Evaluate the relationship between CSR and CFP in the FTSE 100 companies. 1.5 Structure of the dissertation: The introduction part of this dissertation includes a description about the aims and objectives of the research and the reasons for choosing this topic. It also contains a brief insight into the background of CSR and some of the previous researches conducted on this topic. Chapter 2 discusses in detail the various studies and researches conducted on this topic from the period between 1977 until recent times. The literature review also tries to bring out various points of view of different researchers and lays the foundation for this study. Chapter 3 or the methodology section discusses the various modes of data collection used in this research to arrive at the appropriate conclusion. This research utilises the share prices of a sample of 20 companies in the FTSE-100 for representing CFP and also their comparative ratings in the BITCs Corporate Index ratings to show the value of CSR. Alternatively questionnaires were distributed to obtain some qualitative data. Then in chapter 4 comes the primary research section which uses first hand data available regarding the companies to try to find a solution to the questions imposed in this study. It also discusses the 2 styles of data collection namely positivist and phenomenological styles. Chapter 5 consists of the discussion and conclusion section to analyse and compare the previous information collected in literature review and primary data research to arrive at a final conclusion regarding the topic. The result maybe positive or negative, nevertheless a result should be arrived at as per the available information and also so that possible recommendations can be given for further references and studies. Chapter 2 LITERATURE REVIEW 2.1 Studies explaining the different aspects of CSR-CFP relationship: According to Peloza (2006), the CSR and CFP can be analyzed from four perspectives In the above figure show the conflicting side against the knack of CSR as a provider to the firms financial ambitions. The far left depicts the antagonists of CSR who are of the opinion that any money spend by the firm on CSR are a complete negation to the firms economic gains, whereas in the extreme right are the supporters of CSR who claims it as a supporter of the firms financial goals. In the vertical axis separates the above two different views of CSR on the basis of a long term and short term approach. The long term managerial viewpoint on CSR involves a longitudinal approach to the evaluation of the effect of social schemes and the short term is for a static, cross-sectional perspectives that directs more on immediate effect or do not openly consider the time aspect. There are various arguments against CSR that can be shown on the 1st quadrant. Margolis and Walsh projected three main categories of these objections to CSR on the basis that it clashes with the business financial motives. According to them one of the explanations that opponents of CSR give is that the firms benefit society more when they create maximum profits for their shareholders. Another opinion was that individual shareholders should be the deciders of investing in social initiatives; the firms should only focus on achieving maximum profits for its shareholders. Finally they express concern that many shareholders are not aware of the social initiatives of the firm and are not given opportunities to have their say in them. The antagonists claim that the firms may make wrong decisions regarding the allocation of resources for social responsibility and hence they are not eligible to perform it. In quick contrast to all this, quadrant 2 depicts the protagonists of CSR claiming that it helps in the realization of the firms financial objectives. Various studies were conducted in relating to this quadrant. At first a value or positive CSR is paired with a firms performance indicator such as the stock price. Then a negative amount of CSR (for example harmful waste disposal) is paired with an amount of firms financial performance. The result in each of these cases was a positive relationship between the two. This is supported by a meta-analysis conducted by Orlitzky et. al in 2003 and other various studies conducted over the past 30 years, which generally discovered a positive connection between CSR and CFP. Also negative CSR has been associated with negative impacts on share prices. For example Shell Oil Company suffered a setback in share prices after an oil spill in 2001 in Nigeria. This is caused due to the negative CSR. A large number of researchers have favoured a short- te rm view of the time factor. They argue that majority of the firms expect to get positive returns on their investments in the same year. Former Chrysler CEO Bob Eaton once said that the organizations have a common goal of getting constant year-in and year-out profits from their companies in their portfolios. They do this because the shareholders everywhere follow a common rule: â€Å"if they are not satisfied, they sell† (Reich, 1998). According to Werbel and Wortman (2000) suggest that firms use these initiatives to temporarily ward off negative media coverage. However when we consider the ability of CSR to affect CFP in a bad way, several investigators are of the opinion in extending the short term perspective to a long term one. Taking the case of quadrant 3, even though the impact of environmental regulations on the business is only a limited one, still there would be a long term effect in the form of productivity slowdown Stavins (1994). Also there is an argument that when a firm takes up a social initiative, its competitors will start to match its actions and hence it will result in a competition which will prove to be costly and a subsequent decrease in profits. The researchers say that nowadays it has become a trend among big companies so much that every large companies are expected to do some investments in socially responsible activities by their customers; hence making it as a sort of tax. Nowadays researchers are beginning to consider CSR as complimentary to CFP taking into consideration the long term perspective as depicted in quadrant 4 in the According to the researchers the social objectives need not necessarily be in conflict to the economic objectives, but rather be a supplement to it. For example if a company funds a school or university in its locality, it actually paves the way for future employees that are well educated and support and develop the companys cause and also at the same time changing the social climate in the locality for the better. Another long term advantage that companies can muster by indulging in social responsibilities is the building up of reputation. A good reputation has always been associated with positive financial returns. Bhattacharya and Sen (2004) are of the idea that CSR builds a large pool of goodwill that firms can rely upon in times of crisis. Similarly McWilliams and Siegel (2001) say that positive CSR produces a reputation that a company is reliable and honest. 2.2 CSR in stakeholder theory: Stakeholder theory suggests that a company must not only try to meet the demands of its shareholders, but also those with the lesser explicit, or implicit claims (Gornell and Shapiro, 1987). Stakeholder theory also brings to light that implicit claims like product quality are actually less costly to a firm than the demands of its shareholders which are more explicit. The low social responsibility of the company may place doubt in the minds of its shareholders about the ability of the company to fulfill its implicit claims, and hence the shareholders may demand more explicit claims which may prove costly to the company. For example if the firms manage to evade from its environmental responsibilities (dumping of waste, usage of recyclable materials, etc), the government agencies and officials may impose strict regulations like duty, fines etc on the company. These circumstances may raise doubts in the minds of implicit stakeholders, who may question its efficiency. On the contrary soci ally responsible and environmentally friendly companies may be favored by the government and they might even get a reduction or exemption from certain taxes and duties on account of their actions. 2.3 CSR as insurance cover: Another important aspect that consolidates the positive relationship between CSR and the financial outcome of a company is the conceptualization of CSR as kind of insurance for the business which is especially helpful in the time of a crisis. CSR may help the company to create a good impression among the government authorities and helps the company to evade government impositions. This is difficult to evaluate when examining the relationship between CSR and financial performance, even though it indirectly affects the financial outcome. Davidson and Worrell (1992) advocated that the losses incurred by the firm due to a dent in their reputation is much higher than the physical costs incurred from actual event itself, such as product recall. Also in the same manner Blacconiere (1997) and his co-workers conducted various studies, and found out that firms with active environmental activities had a lower reduction in market value. A research carried out around the Seattle riots in 1999 against the WTO meetings came up with two conclusions. The research was conducted on 400 firms across a cross section of firms and found out that firstly there is a noticeable industry effect where companies with negative CSR ratings suffered incrementally over companies from neutral industries. They also concluded that once the industry effect has been removed, the positive outcome of the CSR ‘insurance is distinct. Specifically companies that had negative CSR had to undergo a stock market decline of double the times that of companies that were known for the CSR activities. Researchers have previously argued that firms with good name and status can overcome crises. For example is the Tylenol tampering in the 1980s, were Johnson Johnson suffered lesser economic problems, when compared with companies with bad reputation (Fombrun, et al. 1996). Fombrun (2001) also says that reputations have considerable concealed value that acts as a storage house of goodwill. During the time of crises they act to minimise the moral and financial damage to the company. Jones et al. (2000) have conducted a study taking taken a large number of companies to find out if their reputations can help them during a crisis. They discovered that firms in the better part of the Fortune Magazines annual survey of the ‘Most Admires Firms in America experienced lower market valuation losses in the stock market plunge that took place in 1983(SP 500 went down 7 per cent on that day), than the companies that were in lower part of Fortunes ratings. The capital in socially responsible investment funds have greatly increased in the last ten years. In 1990, only seven US firms issued their annual reports citing their social performance. But by 2004, 745 of these reports were release due to the increasing pressure on the corporate managers to do so. (corporateregister.com) These developments clearly brings to light not only the incremental profits by increasing sales, but also the capability of CSR to maintain sales and stock prices in the time of crisis. 2.4 Major studies done to evaluate CSR-CFP relationship: Researchers Sandra Waddock and Samuel Graves (1997) of Boston College made a study on two aspects of the topic: (1) Whether there is a positive or negative relationship between corporate social responsibility and financial performance of a company, or if no relationship exists at all between them. (2) If the exists a relationship then, whether the financial performance was due to the previous practises of CSR or if CSR was a succession as a result of high financial performance. Waddock and Graves (1997) utilised the data collected from and independent research organization. The data was collected of all the companies in the SP 500. The data was calculated for each companys CSR performance based on a rating scale that integrated eight important attributes of CSR namely environment performance, staff diversity, staff relations, community relations, product features, military contracts and involvement in South Africa. The above attributes were then ranked according to their relative significance. This scaling method involving eight aspects of community welfare solved the problem of measuring the largely diverse CSR activities, which was faced by previous researchers. Waddock and Graves studied the links between CSR and CFP of 469 firms during the year 1989 through 1990. The firms were from different sectors of business industries including hospitals, aerospace, mining, publishing and utilities. The study made use of different figures of finance like return on assets (ROA), return on sales (ROS) and return on equity (ROE). The analysing of data from two consecutive years meant that the duo researchers could test the slack resources theory, which tests if better CFP leads to a better CSR in the consecutive year. The theory which finds out if a good CSR leads to improved financial performance, was called the good management theory. This theory was studied with CSR data in the year 1990 and compared with the CFP figures of 1991, therefore with a time lag of one year. The following results were unearthed from the survey: (1) The slack resources theory was found to be true. CSR of the firms were increased by the precedent financial success of the firms. (2) The good management theory was also proved as fine CSR activities contributed to the firms financial performance when measured using ROS and ROA. They came to the conclusion that the correlation between CSR and CFP can be attributed to a virtuous circle, in which both of them are mutually correlated. It is difficult to predict whether the cycle starts with CSR or CFP, but it is evident in the investigation that they are mutually correlated. Meta-Analysis: A prominent study conducted by Marc Orlitzky and Frank L. Schmidt titled â€Å"Corporate Social and Financial Performance: A Meta-Analysis,† was awarded the Moskowitz Price by the Social Investment Forum. The aim of the study was to establish the relationship between corporate social responsibility and corporate social performance. The research was conducted by examining 52 studies that were published between 1972 and 1997, that contained a total of 33,878 observations. This Meta analysis utilises statistics to evaluate results of each different studies and adjust for the statistical errors. The Orlitzky Meta analysis concentrates on four major hypotheses: (1) In various industries and study contexts, CSR and CFP are normally positively linked. (2) Between CSR and CFP there is a bi-directional causality. (3) CSR is positively connected with CFP because of two reasons: (i) CSR boosts managerial proficiencies and organizational efficiency and supplies to knowledge about the companys political, technological, social, market, and other environments. (ii) A positive status and goodwill is created among the companys external stakeholders through CSR. (4) Most of the differences in results of some studies are due to statistical or methodological errors. The researchers then selected studies that carried out a quantitative assessment of the connection between CFP and CSR by taking into account at least one characteristic of firms economic performance, and met the given description of CSR. The CFP in this study is calculated by dividing into three forms namely accounting based, where accounting outcomes determine a firms efficiency; market-based where the investors returns are the determinant of market value and finally the survey results that shows the subjective estimates of a firms current position. While CSR is normally measured from CSR rating indexes, social audits, CSR disclosures and the organizations codes and values. The findings of the research were phenomenal. The researchers claimed that there exists a positive relationship between CSR and CFP across various industries and other study contexts. The following were their conclusions: (1) CSR had a stronger connection with CFP when using the accounting measures of analysis than when market-based measures where used. (2) Environmental development as CSR affects CFP of a company to a lesser extent when compared with other aspects of CSR. (3) The relation between CSR and CFP could be described as a virtuous circle in which a higher CFP motivates the companies to spend more on CSR, and a good spending on CSR will allow the firms to become more successful, hence increasing their CFP. The message of the research to the managers of companies were that money spend CSR is a good investment for the development of CFP. The research also found out that the managers use CSR as a tool for building reputation as previous studies have established that there is scope for reputation development through CSR. The disadva Relationship Between CSR and FTSE 100 Companies Relationship Between CSR and FTSE 100 Companies Chapter 1 INTRODUCTION In todays business world the phrase corporate social responsibility (CSR) has become a relevant and frequently discussed topic. By definition it is the non-profit activities engaged by a business concern that aids the society, economy and the environment. The World Business Council for Sustainable Development has defined CSR as â€Å"the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community, and the society at large.† (WBSCD, 2000) Modern business concerns place CSR in high priority. In the fifth global CEO survey conducted by PricewaterhouseCoopers World Economic Forum concluded that 70 per cent of chief executives around the world have the opinion that corporate social responsibility is fundamental in the process of profit making in the business. In the Western European region, 68 per cent of the big companies have joined the triple bottom-line performance namely the economic, social and environmental factors along with financial performance whereas in the United States, this figure is 41 per cent (PricewaterhouseCoopers/BSI Global Research Inc, 2002). However 80 per cent of the company managers in the US are of the opinion that CEOs status is a factor of major influence on corporate reputation, although interestingly this value is just 56 per cent in the UK. According to Business in the Community, more than 70 per cent of business leaders believe that incorporating responsible business activities makes busin ess concerns more competitive and profitable. (Hancock, 2006) 1.1 Why was this topic selected? If the topic doing research to find out if there is a relationship between corporate social responsibility (CSR) and the corporate financial performance (CFP) of a company is able to find out with positive outcome and relationship between the two, then it may be an eye opener to various entrepreneurs to the various financial benefits CSR can bring about to business. This is so especially in the medium and small scale industries, which are yet to fully utilise the CSR in their business routines. From a common person point of view, when large corporations and business concerns take part in community relief and environment friendly activities, it makes a whole lot of difference to the society and the environment. So it is greatly beneficial for humankind to explore and bring out to light the relationship between corporate social responsibility and the firms financial performance. 1.2 Background of CSR: Many of the ideals and customs of the corporate social responsibility have references dating back to the 19th century. But it was during the 1960s and 1970s in the United States that there was resurgence in the mindset of people towards this phenomenon. It was during this period that various modern policies of civil regulation were invented. This includes the social audits, social investment funds, voluntary codes of conduct, recognitions for social and environmental activities and more commonly the use of corporations as potential places for political activity. During that period there were many protests and demonstrations like the boycott of Dow Chemical in 1970. There was also a campus-led movement pressuring firms to retract from South Africa in the 1970s which was similar to the challenges faced by the corporations having investments in countries like Burma and Sudan. Since the 1990s many companies form America and Europe that have headquarters either in the United States or Europe have taken aboard some voluntary standards for employment states, environmental activities and also regarding human rights. These fresh measures have since then became standardised in many companies, corporations and other agencies. These new measures have been monitored and reported. These initiatives that were not heavily legal have since been the standard setter for what is known today as corporate social responsibility. Some of the fresh changes that were brought about by this civil regulation were: (1) A positive reduction in the amount of children hired for labour every year. A massive improvement in health and safety in various factories around the world which provide the large firms with products including shoes, clothes, toys, etc. (2) A cut down in the production of wood from endangered forests and animal habitats, which were used to manufacture furniture for United States and Europe. (3) Providing reasonable prices for some agricultural producers like coffee growers for their products. (4) A considerable decrease in the emission of greenhouse gases especially in the wake of the greenhouse effect. (5) A withdrawal of firms from Burma in the wake of the human rights abuse in that country. (6) Some more recent examples are the lowering of prices of drugs for AIDS and other diseases. After that companies have come forward and set examples of CSR initiatives for other companies to follow, even when there is no restriction on them in the countries concerned to limit their activities. For example Home Depots policies regarding environment have helped in the sustaining of some of the rainforests in the South America. The government of Chad cannot be trusted in handling their oil reserves properly. So ExxonMobils efforts to keep an eye on its royalty payments means that at least some of the money is not wasted. Indonesia does not have adequate policies to protect the environment. Therefore Chevron Texacos activities have protected the fragile ecosystem in Papa New Guinea. Having discussed that, it must also be said that the effectiveness of codes, such as the UN Global Compact, Voluntary Principle on Security and Human Rights, the Equator Principles, etc, are not very effective. The improvements are likely to happen, particularly if the monitoring and other measures are effectively carried out. One of the most outstanding obstacle standing in the way of these social changes is of course the cost factor. Many corporations do keep cost aside for these activities, but most of them have not found to be adequate. This is one of the reason researches have to be carried out that point to the connection between CSR and CFP, because CEOs and managers should be aware of the possibilities created by CSR on the firms reputation and financial activities. So that firms can spend more time and money on their CSR and hence create good value for them, their stakeholders and ultimately the society. Today even countries in the developing world have started to demand bet ter working conditions and environmental safety for their environment. In countries like India people have been protesting against big companies for their discrimination. For example there has been a recent outbreak of protests in India against soft drink manufacturer Coca Cola for their indiscriminate usage of underground water and also its contamination, since underground water is a major source of drinking water through wells in many parts of India. CSR is also a factor that is good for a society regardless of it being located in developed or underdeveloped countries. It is a universal phenomenon that is advantageous. This contributes to its popularity and prominence. Some countries practise CSR ideally in their manufacturing hubs located in developing and underdeveloped countries. Some others stick to bringing about local changes and prosperity. For example the constructing of a school, university or a hospital is considered as a valuable contribution to the society. The company benefits from these activities because they indeed sow the seeds for future graduates who may become skilled employees for them. Also environmental activities earn sympathy and support from local authorities who may reduce taxes and other duties for the company on the basis of their humanitarian concerns. Later on in the 1990s there were protest against companies like Nike and Shell, and since then the importance of CSR has grown significantly. In 2005 a search on Google for â€Å"corporate social responsibility† would yield 30000 sites. There are more the 15 million pages on the internet with address dimensions of CSR. This is including 100,000 pages based on corporate websites. In 2005 Amazon had more than 600 books on the subject. More than 1000 business concerns have created and adapted signed codes of conduct which clearly states their individual stand on issues such social, environmental, animal rights and human rights. The numbers of firms that issue reports on CSR initiatives have gone up to 2000 in the year 2005.in the country of United States there were more that 200 social mutual funds in 2005, and they saw their revenues increase tenfold over a span of 10 years. Global organizations, such as the United Nations, the European Union and the World Bank and the Organizat ion for Economic Cooperation and Development (OECD), vigorously endorse the phenomenon of CSR. These governing bodies regularly monitor, advice, and award the efforts and initiatives taken by the companies every year. In the last two decades various charitable organisations have also sprung up, which work together with companies, and aids in their activities. Previously CSR was used only to address internal business ethics and policies. Nowadays this narrow view of CSR has changed and evolved into a variety of issue. Today a companys social venture could include initiatives to uplift education, poverty, unemployment, animal rights and other basic needs for community development. Some companies pursue more specific goals like aids relief, cancer research, disability support etc. For example firms established in the automobile industry may come up with safety programmes for motorists. Today in many countries, households have the chance to invest their money in various non-monetary savings and investments. In many countries, which are listed in OECD (Organisation for Economic Co-operation and Development), special banks offer facilities in savings account where the customers are assured that the money will be used for environmental sustainability programmes, or to help some entrepreneurs, who find it hard to get money from other institutions. The target group for these investments have generally been women and minorities. Today the impact of CSR has grown so much that people even in countries like South Africa and Brazil has the opportunity to invest their savings in socially responsible initiatives that checks the CSR of the firms in which they invest (International Finance Corporation (IFC), 2003). Many companies contribute for the conservation of the environment by finding new methods for recycling and elimination of non-biodegradable compounds etc. Therefore modern businesses have realised the increasing acceptance of socially responsible companies in the minds of people, so much so that it has become a trend to undertake social initiatives by the business enterprises. 1.3 Reason for doing good: There are many opinions that reason the indulgence of business companies in non profit initiatives. But the commonplace one would be that the companies perform good activities because good things and image are preferred by the masses. The public argue that these activities impress the investors, business analysts, business partners and the potential customers. The whole picture will look good in the companys annual reports and maybe even the company may have some luck in the courtroom and the parliament. This ultimately gives a vital boost to the companys brand image and reputation. There are many distinct and underlying advantages for business concerns. The distinct advantages clearly give the business a boost in monetary terms, hence being a direct contributor to financial performance. The underlying advantages may not directly save money for business, but they indirectly become advantageous to the business and eventually bring about financial gains thereby affecting its performance. For example Chiquita a global leader in the manufacturing of bananas decided to follow an environment friendly approach which saved them more that $5 million in 2002 compared to the year 1997. The trick behind this was the implementation of smaller quantity of agrichemicals and the adoption of a paller recycling program which actually saved them more than $3 million a year. This however was only the tip of the iceberg. Chiquita had bigger, but much more discreet advantages, by adopting a more socially responsible image. The company which was previously a target of media backlash w as going through a period of damaged company reputation which was a threat to its business functioning. They turned this around with their environment friendly approach and activities. This change in policy also created a sense of pride among the employees and helped in developing a more open and clear communication with the media. These developments will ultimately increase the financial performance of the companies by ensuring their smooth functionality. A frequently referenced study is by the University of Southwestern Louisiana, called â€Å"the effect of published reports on unethical conduct on stock prices† confirmed that publicity about unethical corporate conduct reduces stock prices for a minimum period of six months. From a truly customers point of view, it can be said that in todays marketplace there are a lot of alternative choices for customers when deciding to by a product in the criteria of product, price and distribution channels. Researchers have shown that consumers base their purchase on reputed companies, that indulge in fair trade and other sustainable business practices including concerned about the society in which they operate, provided the price and quality of the products remains similar. As an example if a consumer had an option of two products that have similar qualities and price tags, the consumer would prefer the product that was produced by a ‘greener company (green being symbolic of the community welfare and environmental efforts of the company). 1.4 Aims of the project: This project aims to answer the following issues: 1) Is there a relationship between corporate social responsibility and financial performance of a company? In addition the relation between the size of a company and the CSR is observed. 2) If there is a relationship, is the relationship positive or negative? 3) Discuss the various relationships between corporate social responsibility and financial performance. (CSR is measured by the value taken from the Business in the Communitys Corporate Index ratings and CFP is measured by the changes in stock prices before and after being rated in the Index ratings). 4) Evaluate the relationship between CSR and CFP in the FTSE 100 companies. 1.5 Structure of the dissertation: The introduction part of this dissertation includes a description about the aims and objectives of the research and the reasons for choosing this topic. It also contains a brief insight into the background of CSR and some of the previous researches conducted on this topic. Chapter 2 discusses in detail the various studies and researches conducted on this topic from the period between 1977 until recent times. The literature review also tries to bring out various points of view of different researchers and lays the foundation for this study. Chapter 3 or the methodology section discusses the various modes of data collection used in this research to arrive at the appropriate conclusion. This research utilises the share prices of a sample of 20 companies in the FTSE-100 for representing CFP and also their comparative ratings in the BITCs Corporate Index ratings to show the value of CSR. Alternatively questionnaires were distributed to obtain some qualitative data. Then in chapter 4 comes the primary research section which uses first hand data available regarding the companies to try to find a solution to the questions imposed in this study. It also discusses the 2 styles of data collection namely positivist and phenomenological styles. Chapter 5 consists of the discussion and conclusion section to analyse and compare the previous information collected in literature review and primary data research to arrive at a final conclusion regarding the topic. The result maybe positive or negative, nevertheless a result should be arrived at as per the available information and also so that possible recommendations can be given for further references and studies. Chapter 2 LITERATURE REVIEW 2.1 Studies explaining the different aspects of CSR-CFP relationship: According to Peloza (2006), the CSR and CFP can be analyzed from four perspectives In the above figure show the conflicting side against the knack of CSR as a provider to the firms financial ambitions. The far left depicts the antagonists of CSR who are of the opinion that any money spend by the firm on CSR are a complete negation to the firms economic gains, whereas in the extreme right are the supporters of CSR who claims it as a supporter of the firms financial goals. In the vertical axis separates the above two different views of CSR on the basis of a long term and short term approach. The long term managerial viewpoint on CSR involves a longitudinal approach to the evaluation of the effect of social schemes and the short term is for a static, cross-sectional perspectives that directs more on immediate effect or do not openly consider the time aspect. There are various arguments against CSR that can be shown on the 1st quadrant. Margolis and Walsh projected three main categories of these objections to CSR on the basis that it clashes with the business financial motives. According to them one of the explanations that opponents of CSR give is that the firms benefit society more when they create maximum profits for their shareholders. Another opinion was that individual shareholders should be the deciders of investing in social initiatives; the firms should only focus on achieving maximum profits for its shareholders. Finally they express concern that many shareholders are not aware of the social initiatives of the firm and are not given opportunities to have their say in them. The antagonists claim that the firms may make wrong decisions regarding the allocation of resources for social responsibility and hence they are not eligible to perform it. In quick contrast to all this, quadrant 2 depicts the protagonists of CSR claiming that it helps in the realization of the firms financial objectives. Various studies were conducted in relating to this quadrant. At first a value or positive CSR is paired with a firms performance indicator such as the stock price. Then a negative amount of CSR (for example harmful waste disposal) is paired with an amount of firms financial performance. The result in each of these cases was a positive relationship between the two. This is supported by a meta-analysis conducted by Orlitzky et. al in 2003 and other various studies conducted over the past 30 years, which generally discovered a positive connection between CSR and CFP. Also negative CSR has been associated with negative impacts on share prices. For example Shell Oil Company suffered a setback in share prices after an oil spill in 2001 in Nigeria. This is caused due to the negative CSR. A large number of researchers have favoured a short- te rm view of the time factor. They argue that majority of the firms expect to get positive returns on their investments in the same year. Former Chrysler CEO Bob Eaton once said that the organizations have a common goal of getting constant year-in and year-out profits from their companies in their portfolios. They do this because the shareholders everywhere follow a common rule: â€Å"if they are not satisfied, they sell† (Reich, 1998). According to Werbel and Wortman (2000) suggest that firms use these initiatives to temporarily ward off negative media coverage. However when we consider the ability of CSR to affect CFP in a bad way, several investigators are of the opinion in extending the short term perspective to a long term one. Taking the case of quadrant 3, even though the impact of environmental regulations on the business is only a limited one, still there would be a long term effect in the form of productivity slowdown Stavins (1994). Also there is an argument that when a firm takes up a social initiative, its competitors will start to match its actions and hence it will result in a competition which will prove to be costly and a subsequent decrease in profits. The researchers say that nowadays it has become a trend among big companies so much that every large companies are expected to do some investments in socially responsible activities by their customers; hence making it as a sort of tax. Nowadays researchers are beginning to consider CSR as complimentary to CFP taking into consideration the long term perspective as depicted in quadrant 4 in the According to the researchers the social objectives need not necessarily be in conflict to the economic objectives, but rather be a supplement to it. For example if a company funds a school or university in its locality, it actually paves the way for future employees that are well educated and support and develop the companys cause and also at the same time changing the social climate in the locality for the better. Another long term advantage that companies can muster by indulging in social responsibilities is the building up of reputation. A good reputation has always been associated with positive financial returns. Bhattacharya and Sen (2004) are of the idea that CSR builds a large pool of goodwill that firms can rely upon in times of crisis. Similarly McWilliams and Siegel (2001) say that positive CSR produces a reputation that a company is reliable and honest. 2.2 CSR in stakeholder theory: Stakeholder theory suggests that a company must not only try to meet the demands of its shareholders, but also those with the lesser explicit, or implicit claims (Gornell and Shapiro, 1987). Stakeholder theory also brings to light that implicit claims like product quality are actually less costly to a firm than the demands of its shareholders which are more explicit. The low social responsibility of the company may place doubt in the minds of its shareholders about the ability of the company to fulfill its implicit claims, and hence the shareholders may demand more explicit claims which may prove costly to the company. For example if the firms manage to evade from its environmental responsibilities (dumping of waste, usage of recyclable materials, etc), the government agencies and officials may impose strict regulations like duty, fines etc on the company. These circumstances may raise doubts in the minds of implicit stakeholders, who may question its efficiency. On the contrary soci ally responsible and environmentally friendly companies may be favored by the government and they might even get a reduction or exemption from certain taxes and duties on account of their actions. 2.3 CSR as insurance cover: Another important aspect that consolidates the positive relationship between CSR and the financial outcome of a company is the conceptualization of CSR as kind of insurance for the business which is especially helpful in the time of a crisis. CSR may help the company to create a good impression among the government authorities and helps the company to evade government impositions. This is difficult to evaluate when examining the relationship between CSR and financial performance, even though it indirectly affects the financial outcome. Davidson and Worrell (1992) advocated that the losses incurred by the firm due to a dent in their reputation is much higher than the physical costs incurred from actual event itself, such as product recall. Also in the same manner Blacconiere (1997) and his co-workers conducted various studies, and found out that firms with active environmental activities had a lower reduction in market value. A research carried out around the Seattle riots in 1999 against the WTO meetings came up with two conclusions. The research was conducted on 400 firms across a cross section of firms and found out that firstly there is a noticeable industry effect where companies with negative CSR ratings suffered incrementally over companies from neutral industries. They also concluded that once the industry effect has been removed, the positive outcome of the CSR ‘insurance is distinct. Specifically companies that had negative CSR had to undergo a stock market decline of double the times that of companies that were known for the CSR activities. Researchers have previously argued that firms with good name and status can overcome crises. For example is the Tylenol tampering in the 1980s, were Johnson Johnson suffered lesser economic problems, when compared with companies with bad reputation (Fombrun, et al. 1996). Fombrun (2001) also says that reputations have considerable concealed value that acts as a storage house of goodwill. During the time of crises they act to minimise the moral and financial damage to the company. Jones et al. (2000) have conducted a study taking taken a large number of companies to find out if their reputations can help them during a crisis. They discovered that firms in the better part of the Fortune Magazines annual survey of the ‘Most Admires Firms in America experienced lower market valuation losses in the stock market plunge that took place in 1983(SP 500 went down 7 per cent on that day), than the companies that were in lower part of Fortunes ratings. The capital in socially responsible investment funds have greatly increased in the last ten years. In 1990, only seven US firms issued their annual reports citing their social performance. But by 2004, 745 of these reports were release due to the increasing pressure on the corporate managers to do so. (corporateregister.com) These developments clearly brings to light not only the incremental profits by increasing sales, but also the capability of CSR to maintain sales and stock prices in the time of crisis. 2.4 Major studies done to evaluate CSR-CFP relationship: Researchers Sandra Waddock and Samuel Graves (1997) of Boston College made a study on two aspects of the topic: (1) Whether there is a positive or negative relationship between corporate social responsibility and financial performance of a company, or if no relationship exists at all between them. (2) If the exists a relationship then, whether the financial performance was due to the previous practises of CSR or if CSR was a succession as a result of high financial performance. Waddock and Graves (1997) utilised the data collected from and independent research organization. The data was collected of all the companies in the SP 500. The data was calculated for each companys CSR performance based on a rating scale that integrated eight important attributes of CSR namely environment performance, staff diversity, staff relations, community relations, product features, military contracts and involvement in South Africa. The above attributes were then ranked according to their relative significance. This scaling method involving eight aspects of community welfare solved the problem of measuring the largely diverse CSR activities, which was faced by previous researchers. Waddock and Graves studied the links between CSR and CFP of 469 firms during the year 1989 through 1990. The firms were from different sectors of business industries including hospitals, aerospace, mining, publishing and utilities. The study made use of different figures of finance like return on assets (ROA), return on sales (ROS) and return on equity (ROE). The analysing of data from two consecutive years meant that the duo researchers could test the slack resources theory, which tests if better CFP leads to a better CSR in the consecutive year. The theory which finds out if a good CSR leads to improved financial performance, was called the good management theory. This theory was studied with CSR data in the year 1990 and compared with the CFP figures of 1991, therefore with a time lag of one year. The following results were unearthed from the survey: (1) The slack resources theory was found to be true. CSR of the firms were increased by the precedent financial success of the firms. (2) The good management theory was also proved as fine CSR activities contributed to the firms financial performance when measured using ROS and ROA. They came to the conclusion that the correlation between CSR and CFP can be attributed to a virtuous circle, in which both of them are mutually correlated. It is difficult to predict whether the cycle starts with CSR or CFP, but it is evident in the investigation that they are mutually correlated. Meta-Analysis: A prominent study conducted by Marc Orlitzky and Frank L. Schmidt titled â€Å"Corporate Social and Financial Performance: A Meta-Analysis,† was awarded the Moskowitz Price by the Social Investment Forum. The aim of the study was to establish the relationship between corporate social responsibility and corporate social performance. The research was conducted by examining 52 studies that were published between 1972 and 1997, that contained a total of 33,878 observations. This Meta analysis utilises statistics to evaluate results of each different studies and adjust for the statistical errors. The Orlitzky Meta analysis concentrates on four major hypotheses: (1) In various industries and study contexts, CSR and CFP are normally positively linked. (2) Between CSR and CFP there is a bi-directional causality. (3) CSR is positively connected with CFP because of two reasons: (i) CSR boosts managerial proficiencies and organizational efficiency and supplies to knowledge about the companys political, technological, social, market, and other environments. (ii) A positive status and goodwill is created among the companys external stakeholders through CSR. (4) Most of the differences in results of some studies are due to statistical or methodological errors. The researchers then selected studies that carried out a quantitative assessment of the connection between CFP and CSR by taking into account at least one characteristic of firms economic performance, and met the given description of CSR. The CFP in this study is calculated by dividing into three forms namely accounting based, where accounting outcomes determine a firms efficiency; market-based where the investors returns are the determinant of market value and finally the survey results that shows the subjective estimates of a firms current position. While CSR is normally measured from CSR rating indexes, social audits, CSR disclosures and the organizations codes and values. The findings of the research were phenomenal. The researchers claimed that there exists a positive relationship between CSR and CFP across various industries and other study contexts. The following were their conclusions: (1) CSR had a stronger connection with CFP when using the accounting measures of analysis than when market-based measures where used. (2) Environmental development as CSR affects CFP of a company to a lesser extent when compared with other aspects of CSR. (3) The relation between CSR and CFP could be described as a virtuous circle in which a higher CFP motivates the companies to spend more on CSR, and a good spending on CSR will allow the firms to become more successful, hence increasing their CFP. The message of the research to the managers of companies were that money spend CSR is a good investment for the development of CFP. The research also found out that the managers use CSR as a tool for building reputation as previous studies have established that there is scope for reputation development through CSR. The disadva