It’s a -(Man’s)-Woman’s World Professor Ramos Blog

It’s a - (Man’s)- Woman’s World Ladies as a rule are generalized in writing, yet in film and music, making it significantly additionally disappointing when that lady is of shading. Particularly recently with the manner in which American attitude has changed towards Mexican workers. Sandra Cisneros utilizes two short stories to speak to principle good examples in Hispanic culture and how that has changed who these ladies became. Cisneros not just uses the two figures, La Llorona and La Malinche, to speak to two ladies, Clemencia in â€Å"Never Marry a Mexican† and CleïÅ"filas in â€Å"Woman Hollering Creek,† yet she additionally changes these jobs to change the result of the first figures and their conventional glad endings. Cisneros metamorphosizes these women’s characters to modernize them to a decent, relatable situation, with the goal that these accounts can illuminate a sensible portrayal of genuine women’s nature. In â€Å"Woman Hollering Creek,† Cisneros utilizes the hero CleïÅ"filas to anticipate an account of segregation by moving over the outskirt to America. CleïÅ"filas recounts her dreams she has viewed on telenovelas. Cisneros rushes to represent her naivety, how love can dazzle an individual to warnings in poisonous connections. â€Å"She needs to remind herself why she cherishes him,† indicating how she attempts to accommodate her life into the exemplary cheerfully ever after situation, even at the same time her spouses misuse became more grounded and redundant (Cisneros 49). CleïÅ"filas attempts to discover pardons despite the fact that inside, she sincerely as of now recognizes that something needs to change. She was confounded in her internal exchange on the grounds that in Hispanic culture, its untouchable to be without a spouse, she was frightened to be decided for having youngsters without the dad. Once more, Cisneros writes in â€Å"Never Marry a Mexican† to show Clemencia’s youthful naivety just as she clarifies her issue, â€Å"I was regarded that he’d helped me out. I was that young† (76). Both these ladies experienced desires for executed Hispanic good examples, yet in addition Cisneros demonstrates a change to these stories’ results of selling out and murder. Cisneros then remolds this naivety by communicating their consciousness of these obscured dreams with the real world. Cisneros likewise utilizes certain continuous flow to communicate the confused internal exchange of this transformation occurring. In â€Å"Never Marry a Mexican,† Cisneros expounds on Clemencia’s issue with her educator, â€Å"he encouraged me and in his bed, this man, this instructor, your father† (76). Not exclusively does this exchange show her obscured point of view of limits, yet it additionally offers a definitive codependency these ladies experienced because of their credulous discernments. She shows this in â€Å"Woman Hollering Creek† too, â€Å"this man, this dad, this opponent, this manager, this ruler, this ace, this spouse till realm come† (Cisneros 49). This style of composing that Cisneros utilizes shows the movement out of guileless points of view into resilient ladies. CleïÅ"filas has the cheerful completion rather by deciding to return home to her dad and siblings. Clemencia recuperating in the wake of relinquishing the fulfillme nt of telling Drew, her ex-admirer of her wrongdoings, making her recapture her capacity as a person. These good examples, or these initially spoken to ladies, being La Llorona and La Malinche. La Llorona is a ‘weeping woman’ that waits close to assemblages of water, searching for her dead youngsters. The story starts with a lady, who is hitched to a rich man with two youngsters. At the point when their marriage self-destructs, she sees him with another lady. Infuriated she suffocates her youngsters however right away thinks twice about it. Presently, forever she visits waterways in scan for her kids (The Curse of La Llorona). CleïÅ"filas speaks to La Llorona in the same way their relationships self-destructed due to men’s disloyalties; cheating, lying, furthermore, mishandling. In the event that, at long last, the specialist at her pregnancy exam didn’t help her departure from that harmful circumstance, she may have had a similar break in mental soundness. When CleïÅ"filas in the first place once thought about whether the lady that the brook was named after was hollering from â€Å"pain or rage† (Cisneros 47). Her thinking how clever the name was from the start, since she was naã ¯ve still. As her story advances, she gradually surrenders to this isolation as she might suspect, â€Å"La Llorona calling to her. She makes certain of it†¦Listens. The day sky going to night. The child pulling up fistfuls of grass and chuckling. La Llorona. Marvels if something as calm as this drives a lady to dimness under the trees† (Cisneros 51). This keen stupor is instigated following quite a while of misuse has been suffered, and her capacity previously lost. Her psychological state is nearly controlled by this brook she believes is calling her. With this, Cisneros at the same time makes an advanced La Llorona, one with a more joyful completion, yet in addition joins the hero CleïÅ"filas one next to the other with La Llorona to show the better decisions, getting away as opposed to remaining to get lethal, that could be made. of driving CleïÅ"filas to kill herself and youngster, she drove her to get away, and perhaps make another better life. La Malinche’s story, then again, is a lady related with disloyalty and being the mother of Mexico. It’s said in old stories that La Malinche was an ace of the two dialects Spanish and Mayan, after her Aztec individuals sold her as a slave, and later as one of twenty spouses, to the Spaniards. In view of her aptitudes she frequently joined in political gatherings with the Spanish conquistador Hernan Cortes. Hernan Cortes modified the Aztec Mayans into what is known as Mexico since La Malinche cautions Cortes of an Aztec plot to annihilate the Spanish Army, bringing about its disappointment and butcher of her kin. Which is the reason she’s related with being a swindler and the mother of Mexico due to the Aztec domains resurrection as Mexico (La Malinche). As in the past, Cisneros utilizes Clemencia in â€Å"Never Marry a Mexican† to speak to La Malinche. Clemencia manhandles her capacity to utilize her ex-lovers’ child to force retribution on her dead mother and post sweetheart. She states that â€Å"my mothers’ memory is like†¦ if something effectively dead evaporated and fell off, and I quit missing where she used to be.† This demonstrates Clemencia despised her moms activities, of undermining her dad, causing hatred towards her. In that equivalent way, La Malinche may have loathed being sold as a slave by her own kin. However, by Clemencia not settling her issues with her mom, she unavoidably turned into the mother she so detested. One of the fundamental things that disturbed Clemencia was that her mom started to see another man, while her dad was wiped out and biting the dust. All things considered, Clemencia, as a grown-up, did something comparative by laying down with Drew, her ex-sweetheart, on the night that his spouse was conceiving an offspring. Clemencia felt double-crossed by her mom, at that point by her sweetheart who controlled his place of intensity, lastly without anyone else by doing precisely what was done to her. In the tale of La Malinche, she was first deceived by her own kin, being sold as a slave, and at the point when her kin double-crossed political coalitions with the conquistadors, afterwards she sold out her kin by tricking their arrangement, causing their butcher. However, of closure Clemencia with a homicide accusation, she drives her to recover some force by laying down with her ex-darlings child and smothering her vengeance. This may not be a customary shines and sparkle result, however its transformative nature allowed her to pick up power without the total destruction of a mass of individuals. Both these ladies confronted solid ramifications from conventional societies, making them become the more grounded adaptation of themselves for the better. Cisneros utilizes stories of past female Hispanic figures to not just handle the requirement for increasingly positive results, yet to likewise impart the battle of intensity elements in harmful connections, and how certain decisions can prompt upbeat endings that these ladies want. Only not in the conventional feeling of upbeat endings, for Clemencia to get away from her injurious spouse and CleïÅ"filas to set up predominance over Drews maltreatment in power. Bradley, Laura. â€Å"The Curse of La Llorona: The Real Legend Behind the Horror Film.† The Curse of La Llorona: The Real Legend Behind the Horror Film, Vanity Fair, 19 Apr. 2019, vanityfair.com/hollywood/2019/04/la-llorona-genuine mexican-legend-revile of-la-llorona-film. Cisneros, Sandra. Lady Hollering Creek and Other Stories. Irregular House, 1991, New york â€Å"La Malinche.† Spanish Conquest of Mexico Don Quijote, donquijote.org/mexicanculture/history/la-malinche/.

Capital Punishment :: essays research papers

Among the principal individuals to be executed were the purported witches inside the states. These executions got known as the Salem Witch preliminaries. At the point when the preliminaries among May and October 1692 were finished, there were around twenty individuals that were condemned to kick the bucket. As indicated by the English law numerous offenses were deserving of death. Most included property related misdemeanors and such other peaceful wrongdoings. Burglary, blackmail, fire related crime and pick taking were all deserving of death. In Massachusetts there were just thirteen wrongdoings deserving of death which incorporate; reviling, infidelity, lying after swearing to tell the truth, going to symbols, and so forth. All through the settlements Ohio, New Jersey, Massachusetts, and New York kept capital punishment while in others they restricted and canceled the law. Michigan was the primary state to get rid of the death penalty. After that the states followed in spite of the fact that Maine wavered until 1887, when the law was nullified. Numerous years passed and states went to and fro on whether to keep or dispose of capital punishment. Some disposed of it while other kept it and constrained the quantity of violations deserving of death. Since May 1995, 38 out of the 50 states had the death penalty laws.      The progressing banter about the death penalty is a back-and-forth. At the point when wrongdoing decreases the requirement for capital punishment decays and when wrongdoing builds the need likewise increments. It’s every one of the a matter of our social circumstance. Measurements show that by 2001 the 80 percent of supporters declined to a 65 percent and went even lower in 2002. From 1990 to 2000 the quantity of individuals condemned to kick the bucket was a decent 3,550 the quantity of individuals executed was most elevated in 1930’s to the 1940’s.      In 1994, as a feature of the wrongdoing charge, the government capital punishment was extended to somewhere in the range of 60 distinct offenses. A portion of the felonies for which individuals in any state or United Sates an area can get a capital punishment are, murder, capturing bringing about death, lethal drive-by shootings, sexual maltreatment wrongdoings bringing about death, vehicle jacking bringing about death, and violations not bringing about death, for example, running an enormous scope sedate undertaking. The following are a few insights taken from another source.*      Since 1988, the government has approved looking for capital punishment against 211 litigants. Of the 211 endorsed indictments, 158 (75%) were against minority respondents. Of these respondents, 53 have been white, 39 Hispanic, 12 Asian/Indian/Pacific Islander, 2 Arab and 105 African American.

Chambana Eateries

Chambana Eateries Hey guys, So after finishing all your finals, and papers, and projects, itd be fair to say that anyone would be pretty keen on just going home and turning their brains off for the next few weeks. Well before you do that or leave the Champaign-Urbana area, I would advise you to take part in some of the local restaurants, in celebration. In my three and half years here, I have enjoyed many of Chambanas diverse food establishments off campus, and I see them as great ways to get away from the normal college diets we stick to, and have a fun time doing so. Here are a few of my favorites! 1.  Dos Reales Mexican Restaurant If youre in the mood for very good authentic Mexican cuisine, look no further. This award winning restaurant will have you thinking that youve driven through Champaign, yet ended up in Cancun! It is definitely several steps up from any of the Mexican restaurants on campus. It is located on North Prospect Avenue. Image found on (https://www.pinterest.com/pin/193795590191200843/) 2. Seven Saints Though a bit on the pricier side, if youre looking for quality sliders, this is what you are looking for. Located right in the middle of Downtown Champaign on East Chester Street, it has an electric that is so different than what most students will get to experience on campus. Image found on (https://www.noshfolio.com/restaurants/97-seven-saints-downtown-champaign) 3. Black Dog By far my favorite restaurant on this list, and one of my favorite eateries overall. This  hometown BBQ leaves nothing but a good word on everyones tongues, with its wide assortment of BBQ essentials. And now that theyve opened a second location, you can enjoy their delicious food without waiting in the lines I had to haha! Located on North Chestnut Street for the Champaign location and North Broadway Avenue for the original Urbana location. Image found on (https://roadtrippers.com/us/urbana-il/food-drink/black-dog-smoke-ale-house?lat=40.80972lng=-96.67528z=5) Well I hope I left you guys with watering mouths, and a little extra motivation to get through your finals, and go out and celebrate! Once again, good luck! Until next time, Kenny Kenny Class of 2016 I’m in the Creative Writing program in the College of Liberal Arts and Sciences. I’m originally from Tampa, Florida, but I’ve been calling Illinois my home since 1998. I’ve lived all over the Northwest suburbs, from Palatine to Lakemoor to where I currently live back home, Mundelein.

Chambana Eateries

Chambana Eateries Hey guys, So after finishing all your finals, and papers, and projects, itd be fair to say that anyone would be pretty keen on just going home and turning their brains off for the next few weeks. Well before you do that or leave the Champaign-Urbana area, I would advise you to take part in some of the local restaurants, in celebration. In my three and half years here, I have enjoyed many of Chambanas diverse food establishments off campus, and I see them as great ways to get away from the normal college diets we stick to, and have a fun time doing so. Here are a few of my favorites! 1.  Dos Reales Mexican Restaurant If youre in the mood for very good authentic Mexican cuisine, look no further. This award winning restaurant will have you thinking that youve driven through Champaign, yet ended up in Cancun! It is definitely several steps up from any of the Mexican restaurants on campus. It is located on North Prospect Avenue. Image found on (https://www.pinterest.com/pin/193795590191200843/) 2. Seven Saints Though a bit on the pricier side, if youre looking for quality sliders, this is what you are looking for. Located right in the middle of Downtown Champaign on East Chester Street, it has an electric that is so different than what most students will get to experience on campus. Image found on (https://www.noshfolio.com/restaurants/97-seven-saints-downtown-champaign) 3. Black Dog By far my favorite restaurant on this list, and one of my favorite eateries overall. This  hometown BBQ leaves nothing but a good word on everyones tongues, with its wide assortment of BBQ essentials. And now that theyve opened a second location, you can enjoy their delicious food without waiting in the lines I had to haha! Located on North Chestnut Street for the Champaign location and North Broadway Avenue for the original Urbana location. Image found on (https://roadtrippers.com/us/urbana-il/food-drink/black-dog-smoke-ale-house?lat=40.80972lng=-96.67528z=5) Well I hope I left you guys with watering mouths, and a little extra motivation to get through your finals, and go out and celebrate! Once again, good luck! Until next time, Kenny Kenny Class of 2016 I’m in the Creative Writing program in the College of Liberal Arts and Sciences. I’m originally from Tampa, Florida, but I’ve been calling Illinois my home since 1998. I’ve lived all over the Northwest suburbs, from Palatine to Lakemoor to where I currently live back home, Mundelein.

Is The Contemporary Crisis Participation For Traditional...

A crisis in participation can be defined as a serious situation in which there has been a drop in, or lack of citizens engaging in political activities designed to influence government decision making. In this essay, I will demonstrate how there is a contemporary crisis in participation in traditional forms of political participation. This is however more significant amongst young and unskilled groups. I will show how there is an increase in participation in more informal methods of participation as social norms evolve, and how this reduces the extent to which there is a crisis. There is a trend of falling electoral turnout in a variety of established democracies. The percentage turnout at UK General Elections as a proportion of the electorate has declined from 72.8% in 1945 to 66.1% in 2015. (UK Political Info) In April 2011, parliamentary registers were 82.3% complete, compared to 1950s and 60s registers which were found to be 96% complete. (Electoral Commission, 2011) This highlights an even more significant crisis in participation as the register is shrinking along with the percentage of the register which is voting. The decline in EU average turnout in European Parliamentary elections from 61.99% in 1979 to 42.61% in 2014 (UK Political Info) shows how there is a serious crisis in participation as this is at such a low level, the European Parliament cannot be sufficiently held to account. This also emphasises the widespread nature of the crisis across many EuropeanShow MoreRelatedThe Issues Of Time And Speed918 Words   |  4 PagesIssues of time and sp eed are central to Unger’s proposed re-organization of political institutions in Democracy Realized. In basic terms, Unger wants to accelerate politics so that lawmaking can keep up with the now rapid speed of economic and cultural life. For Unger, slow political time, in the form of traditional constitutional governance, is a conservative impediment to progress and a recipe for low political participation. Progressivism requires institutional innovation to become more responsiveRead MoreEssay The Political Ethos of the Civil Society2758 Words   |  12 PagesThe Political Ethos of the Civil Society ABSTRACT: Totalitarian political systems in the socialist countries of Eastern Europe destroyed and repressed the civil society that used to exist in them. The authoritarian and totalitarian ethos was formed under a powerful influence of ideologies of the communist parties and politocracy in these countries so that the political ethos of politicians dominated the political ethos of the citizen. The breakdown of the real socialism and its unsuccessfulRead MoreBackground On The Arab Spring And The Control Of Mainstream Media1968 Words   |  8 Pagesthat have characterised its history in the past century. One of these changes have been rapid economic development where many of these countries have discovered mineral deposits, especially oil, making them some of the major distributors of this rare form of energy (Moussa 56). The economic development of these countries was slowed down by their immature democracies that allowed totalitarian regimes to rise into power and abuse this power to amass wealth. Most of the regimes that have existed in manyRead MoreStrengths and Weaknesses of the Social Capital Approach2471 Words   |  10 PagesD. Putnam has argued that non-political organizations in civil society are vital for democracy. They result in building social capital, trust and shared values, which politically, help hold society together. Putnam’s civil society is the idea that positive outcomes in government are a product of civic community, for example, networks of trust such as, soccer club or choral society (Putnam). However, social capital may also lead to negative outcomes if the political institution and democracy in aRead MoreHuman Resource Essay example3782 Words   |  16 Pagesthe 1990s, and it has been flourishing explosively in the dozen years since the turn of the millennium (the 2000s so far). We will try to understand the conditions of possibility for the rise of HRM in terms of cultural background, economic and political conditions, and social transformations in North Atlantic societies at the end of the 20th century and the beginning of the 21st. HRM’s evolution over time shows that it has become intensified, that it has expanded its sphere both within work organisationsRead MoreEssay on The Shaping of the U.S. Constitution2037 Words   |  9 Pagesrevised, amended, and ratified in order to solidify the allocation of power between the separate branches of government. Although this may be the case, distribution of the powers has been disputed ever since the formation of the Constitution. These political, legal, and quasi-legal constitutional disputes triggered civil unrest and led to explicit acts of opposition involving nullification and sovereignty resolutions. Specified in the constitution and pertaining to the concept of federalism, governingRead MoreState Mass Killings in Indonesia 1965 to 1966 Essay3128 Words   |  13 PagesState Mass Killings in Indonesia 1965 to 1966 In order to develop a general framework with which to understand collective political violence, I examine state mass killings in Indonesia 1965-66. While acknowledging the importance of historical/cultural factors, I identify elements within the sociopolitical sphere that influence actors of collective political violence at national, local, and event- specific levels. Elements discussed are elite interests, justification for violence, formal organizationsRead MoreCountdown1478 Words   |  6 Pages 1. Strong Marketing and advertising teams. Countdown has excellent marketing plans that promote their products in various forms. For example discounts, TV promotions, door to door leafleting, in-store promotional activities (e.g. spending X dollars in exchange for household products), free gifts etc. Their promotional activities are very innovative compared to traditional discounting product price. These activities are running on a regular mores. Its marketing keeps it in a very competit ive positionRead MoreRelationship Between New Media And Intercultural Communication1867 Words   |  8 Pagesconsiderably dissimilar to traditional media. Mankind has always had an immense fascination with the ideological new when it came to new media and technology, the impact new media has on our society is in the constant state of flux of being absorbed by a generation, rejected or regurgitated and upgraded . In this new-media culture, people no longer passively consume media but rather actively participate in them, which usually means creating content, in whatever form and on whatever scale. DespiteRead MoreMulticulturalism Is A Significant Issue For The Modern World2072 Words   |  9 Pagesuniqueness. Moreover, many different cultures were able to create their own special cultural spaces in contemporary Britain. However, the ambiguity of the results of evaluation of multiculturalism, coupled with the erosion of the notion of British identity gave a rise to discussions about the effectiveness of government policies against migrants. Furthermore, the issue was raised about the crisis of multiculturalism and the revision of multic ulturalism policy. However, in the second half of the twentieth

Gay Sex Marriage Should Be Legal - 1415 Words

The American dream is one of freedom and equality. It’s supposed to be branded in the hearts of every United States citizen however, when it comes to homosexuals, citizens of the United States wake up and the dream is demolished. Gay sex marriage is the most conflicting issue in the contemporary social world. Marriage is an association of persons through which we perceive the reflection of a particular culture. It is basically a private matter and a fundamental human right. People should have the right to decide with whom they marry, not the state. If two persons are closed to each other regardless of their gender, they should be allowed to marry with each other (Eric). Legalizing gay marriage is granting same-sex couples the right to marry and would promote the separation of church and state, increase successful marriage rates and adoptions, decrease suicide, and ensure all American citizens have equal rights and opportunities. Gay marriages are currently illegal in the Unite s States except in a few states. The prohibition of gay marriages is wrong because it is a prominent form of discrimination. Not only are homosexuals denied of their civil rights, they are also denied of economic and legal benefits. No government should be able to legally prohibit someone from showing their love for another person; it simply does not uphold the basic principles of the constitution (Clounds). The constitution states there is a separation of church and state. Religious beliefs shouldn tShow MoreRelatedShould Gay Marriage Be Legal Defense And Education Fund Supports Same Sex Marriage?1085 Words   |  5 Pagesone of which is legalizing same-sex marriage. In their article, â€Å"Talking About the Freedom to Marry: Why Same-Sex Couples Should Have Equality in Marriage,† the Lambda Legal Defense and Education Fund supports same-sex marriage. An opposing view, is given by Robert P. George, a Princeton University professor. In his article, â€Å"The 28th Amendment: It Is Time to Protect Marriage, and Democracy, in America,† he explains why he is against same-sex marriage. The Lambda Legal Defense and Education Fund concludesRead MoreGay Marriage Should Be Banned874 Words   |  4 Pagesgrounds that gay rights or same sex marriage should be banned or that it’s wrong under their religions. With that there are many factors that contradict against gay rights, such as religion, child adoption, and divorce just to name a few. Roger Severino, a graduate from Harvard Law School, and has a master in public policy claims the negative collusions that are against gay rights (924). Severino tells us that gay marriage conflicts with religious beliefs because it ruins the traditional marriage betweenRead MoreShould Gay Marriage Be Legal? Essay911 Words   |  4 PagesShould gay marriage be legal? Gay marriage should be legal because as woman and man, all individuals have the same right in society; because same-sex couples can constitute a good based family; because it is just a way to make official a common union nowadays, even with the religious issue; because it is not related to polygamy; and because love matters and it does not differ in nature according to the sex of its object or the person who experiences it. The first reason why same sex marriageRead MoreSame Sex Marriage Should Be Legal1288 Words   |  6 Pages Marriage is not precisely the same as it used to be interpreted. For example, women used to be their husband’s property. Sometimes the women were forced to marry whoever their parents wanted them to marry and most of the time they couldn’t leave the marriage. Nowadays women have more freedom. They can vote, they can run their own business, and they can marry whichever man they want to. The laws change as the people’s mind change. As they get more comfortable with the idea, they become more openRead MoreSame Sex Marriage Is The Legal Union Essay1562 Words   |  7 Pagesaccess FREE course materials and tests. Products ï‡ ³Home ï‡ ¶Research ï‡ µDrive ï‡ ´Answers About Company Legal Site Map Contact Advertise ï‡ º ï‡ ¼ ï‡ ½  ©2015 StudyMode.com Home Same-sex marriage Same Sex Marriage Same Sex Marriage Civil union, Homosexuality, Marriage By kwhite89 Mar 16, 2015 1510 Words 56 Views More info ï„” PDF View Text View PageRead MoreGay Marriage Should Be Legal1205 Words   |  5 PagesHoward Sociology 1301-93431 Gay Marriage Getting married is something that most people do when they find love, which it is an important event in their life. The GLBT (gay, lesbian, bisexual and transgender) community now get the legal right of same-sex marriage, which they have fought for throughout the years; on the other hand, some opponents of same-sex marriage have called for a constitutional change towards it. Although there were some countries that allowed gay marriage before the United StatesRead MoreShould Gay Marriage Be Legal?778 Words   |  3 PagesShould Gay Marriage Be Legal? â€Å"†¦I now pronounce you husband and wife†¦Ã¢â‚¬  One would normally hear this when attending a wedding. In tradition marriage has been between one male and one female who love each other. But how would one feel if they heard â€Å"I now pronounce you groom and groom† or how about â€Å"†¦bride and bride...†? In the last 50 years the number of same-sex couples has increased. The on-going argument between the government and the people is â€Å"Should gay marriage be legal?† Although some sayRead MoreEssay about Lets Legalize Gay Marriage872 Words   |  4 PagesLet’s Legalize Gay Marriage Gay marriage is a right. Heterosexual couples are allowed to enjoy all the marriage benefits, so why shouldn’t same-sex couples be able to? Why should other people be able to choose who marries who? If a man and a woman get married, no one seems to care. Gay marriage should be legal because it’s an issue of equal rights, it would save society money, and it will increase the chances for foster children to be adopted into loving families. Same-sex marriage is an issueRead MoreGay Marriage Should Be Legal in All States1632 Words   |  7 Pagesbeen Gay Marriage. Whether same-sex couples should be given the right to marry or even if same-sex couples should be given rights at all, this has been a contentious discussion which creates division and disunity throughout the country. The Supreme Court of the United States ruled that the Constitution guarantees a right to same-sex marriage. Gay marriage has been legalized in 17 states. But only 19 of 194 countries allow for gay marriage. Statistics show more than half the country supports Gay MarriageRead MoreCommon Ground : Same Sex Marriage956 Words   |  4 PagesCommon Ground: Same-Sex Marriage Same-sex marriage, a controversial social issue in the U.S. for several decades, is constantly evolving. When viewed historically, great change has happened in a short period of time, in the movement for same-sex marriage, given that until recently, no society in thousands of years has ever allowed it. Futurist John Naisbitt, author of Megatrends, has studied the change in the public’s perspective on gay marriage. Naisbitt asserts: â€Å"In just my lifetime, we

Essay on Race Relations in Brazil - 2667 Words

The purpose of this paper is to recognize, study and analyze the race relations in Brazil. Race relations are relations between two groups of different races; it is how these two different races connect to each other in their environment. Since Brazil is racially diverse, this study is focused on how Brazilians relate to each other. Throughout the essay, it will become clear that there exists a conflict between two race groups. Afro-Brazilians and White-Brazilians are not connected and though these two groups converse with each other, discrimination still lies within the society. This discrimination has created inequality within the society for Afro-Brazilians. Thus, this paper will not only focus on racism and discrimination that†¦show more content†¦Thus, Brazil was the last country to abolish slavery. African Americans endured a great deal of hardships because of the Portuguese settlers. In order to increase the population in Brazil, the Portuguese sexually abused African Americans and mixed race women. Telles explains, â€Å"†¦mixed-race Brazilians were largely spawned through sexual violence throughout the period of slavery, although cohabitation and marriage between whites and non-whites was not uncommon† (Telles 2004: 25). Although, some women in Brazil agreed to marriage with Portuguese men, the majority did not approve of the idea. Whether the non-white women agreed or disagreed they still had the children of the Europeans. Through the misery, Brazil gained their independence. After the Portuguese migrated out of Brazil to Europe, Brazil began to develop their own country. In hopes of gaining their freedom after the Portuguese migrated from Brazil, they did not receive equality, but discrimination and racism within the society. The majority of the population in Brazil is predominantly Pretos and Pardos; there are very few â€Å"white† Brazilians in Brazil. Pretos are people who a very dark skinned, â€Å"black†. Pardos are considered as people who are a little bit lighter, â€Å"brown†. Though there are few â€Å"whites† in Brazil, â€Å"white† Brazilians still feel they are superior and still have a control over Brazil.Show MoreRelatedBrazil Race Relations1257 Words   |  6 PagesBrazil Race Relation Brazil is one of the most visited place in the world and also one of the most diverse countries in the world. More than 75millon people of African decent live in Brazil, this makes it the second largest black population in the world. Its attracts a large number of people because of it architecture, slums and rainforest. Brazil is contradictory because its was the last country to abolish slavery but also the first to claim that it was a racial democracy. Most people mightRead MoreA Study Of Latin American History1308 Words   |  6 Pagesof Latin American history or subjects like race to show that Much of Latin American historical studies are comparative. Many of the Latin American countries have their own history but share similar cultural conductions concerning race. The history of race relations in Latin America has become a central theme in a fair amount of scholarly activities. This in turn has made the historiography of Latin America to become much more relevant when looking at race around the world. One of the more popularRead MoreIn The Year Of 1863, Two New York Democrats With The Intention1635 Words   |  7 Pagesand â€Å"Negro†. The article was entitled Miscegenation: The Theory of the Blending of the Races, Applied to the American White Man and Negro. During this time, the American Civil War was in action and two years later slavery in the United Sates was abolished. Da Cruz Brito said that, â€Å" It was during and after the Civil War that sexual-affective relations between blacks and whites came to be less tolerated...† Race mixing became difficult because, it was crucial for blacks and whites to support theirRead MoreThe Brewton Berrys Model Of Assimilation984 Words   |  4 PagesAssimilation patterns differ in societies that are characterized by paternalistic race relations than in societies characterized by competitive race relations. According to the lectures and readings, assimilation is defined as a process by which mi nority and majority groups are merged into some total societal unit. There are also three different type of assimilation which are Anglo (or dominant group) conformity, the Melting Pot, and cultural pluralism. Some additional concepts that go along withRead MoreThe Status Of The United States1138 Words   |  5 Pagesargue that race in the U.S. is understood as an ascribed status because a person is assigned a race at birth -- you cannot choose or earn your race. Additionally, race in the United States is unchangeable. This is even true for when a person goes to different countries. For example, even though a person might be considered white in one country, if he or she is considered black in America, to America, they will always be black. Furthermore, Rodriguez and Guzman wrote that the way race is understoodRead MoreAnalysis Of The Article Mixed Blood By Jeffrey Fish907 Words   |  4 Pagesexample, in the U.S individuals are classified into different races based on their heri tage. However in Brazil, people are classified into a series of â€Å"tipos based on their physical appearance.  In the article â€Å"Mixed Blood†, Jeffrey Fish supports the claim that race is nothing more, but a social construct by demonstrating the cultural basis of race by comparing how races are defined in the United States and Brazil. Anthropologists argue that race does not exist because it is not a biological entity. TheRead MoreBrazil s Demographic Distribution Of Brazil1551 Words   |  7 PagesRunning head: BRAZIL 2 Demographic Distribution Brazil is the chief nation in South America with a population of 201,032,714, sustaining a growth rate of 0.9% and a population density of 24 per square km. According to the Central Intelligence Agency [CIA], 2014, â€Å"As the largest country it share borders with the Atlantic Ocean and every South American countryRead MoreThe Violence Of Black Americans Essay1532 Words   |  7 PagesWho are we? What defines us? In America, we are defined by our class, what we do and most importantly – how we look. Since the birth of our nation, a notion of â€Å"race† has been rooted to our core personas. In fact it can enforce stereotypes of class and careers. It is evident that Black Americans are un-proportionally living in poverty and without easy access to achievement. This harsh reality is not helped by our media-driven society. In a world so heavily integrated with mass media hysteria, weRead MoreTeaching A Bilingual Classroom At The Relay Graduate School Of Education755 Words   |  4 PagesAs a current 5th grade teacher through Teach for America and Masters’ candidate at the Relay Graduate School of Education, I believe I would be an excellent fit for the English Teaching Assistantship in Brazil. Raised myself in a bilingual household, my experience teaching English as a Second Language students in Passaic, New Jersey has strengthened my language skills. Teaching in a bilingual classroom (English and Spanish), I teach a range of students: some only speak their native language whileRead MorePast Influences that Marked Brazils Contemporary Society1679 Words   |  7 Pagestheir political power as a united front, instead, the neoliberal belief of market power replacing citizenship power stratified the population based on capital. What all people of Brazil have in common is their citizenship and under the constitution, each citizen is entitled to equal access in the political realm. Brazil attempts to achieve this by requiring everyone to cast an opinion in the form of a vote. â€Å"Citizenship has provided common ground and an articulatory principle for an immense diversity

Foundations of Global Corporate Success †Free Samples to Students

Question: Discuss about the Foundations of Global Corporate Success. Answer: Introduction Due to increasing rate of globalization and technological advancements, commercial activities like foreign direct investments (FDI), emergence of multinational companies (MNC), and joint international ventures (JIV) as well as strategic alliances have been moving on upward trajectory. Globalization has improved interaction and foreign trade across many countries. However, a number of factors have slowed down foreign business activities. These factors are broadly compartmentalized into two: formal and informal systems. Formal systems include factors like political systems, economic systems, and legal systems and informal system, while informal system encompass cultural, social, and linguistic aspects. This paper analyses the risks, costs, and uncertainties that these factors impose towards undertaking foreign business activities. There has been increasing academic concern on the relationship between international business and political environment. One of the most fundamental issues in this context is the type of the political risks that may hamper foreign investment. In most instances, when political risk depicts government interference with market operations. According to Ghosh (2015), political risk emanates from the governments action to prevent or interfere with the business transactions by either changing the terms of agreement or confiscating partially of or the foreign owned business assets. Farnell and Crookes (2016) define political risk as government or sovereign interference with the business operations. Some scholars equate political backlash with the environmental aspects like direct violence, instability, and competition (Cavusgil et al., 2017). Ghosh (2015) identifies the dynamic feature of political environment but contends that progressive and gradual changes that are unexpected do not defin e the political risk. However, political uncertainties affect the business in terms of transfer technology, people, payments, and capital uncertainties; operational business regulation uncertainties; and control uncertainties concerning policies that relates to the management control (Kaur and Sandhu, 2013). Operational and transfer uncertainties flow from the political-economic events to ownership-control events. Political Instability According to Ma et al (2013), political activities have great influence on the economic activities of a country, and as such, a shift in regime may dramatically transform the economy socialism to capitalism. Similarly, power concerns affect the economic policies that a country adopts. For a regime that has been installed through coup may adopt radical socialism that strip all foreign-owned companies their assets. Political expropriations may also be in form of inclusion of forceful renegotiation of contracts with public enterprises, violating the agreement on tax benefits, revisiting business regulatory rules to the detriment of the private investors, and nationalization of private assets without redress (Immarino and McCain, 2013). Uncertainty about the regime change may affect the value of the business expected returns and influence their variations. Political systems have great influence the investment strategy. Countries that experience consistent political instabilities are prone to political violence and have quintessentially weak institutions. In such scenarios, the investment decisions are underpinned on the risk of asset destruction, sporadic changes in the domestic demand, and the poor infrastructure. In addition, countries that undergo political conflicts tend to have slow economic growth and low income per capita. Political instability may also result to destruction of properties and looting. In most times, political unrest culminates to the state of anarchy, which is another factor inhibits foreign investment. Political instability is the reason why most developed and emerging economies do not want to invest in countries like Somalia, Syria, and Pakistan. This is because there is more risk involved in such countries compared to the politically stable countries like China (Wild and Wild, 2018). Conflicts between host countries and other countries Like the internal conflicts, border disputes can result to a reduction in capital inflow and capital outflow, thereby blighting FDI. Conducting a business along tumultuous zones may expose the firm to high risks of asset destruction and staff insecurity. Conflict among the countries materially reduces the demand for business products (Wild and Wild, 2018). For instance, the border conflict between Russia and Ukraine over Crimea has plummeted FDI in Ukraine from $4.5 billion in 2013 to $410 million in 2014 (Vox Ukraine, 2017) There are four distinct types of the economic systems: traditional economy, market economy, command economy, and the mixed economy (Immarino and McCann, 2013). A command economy is an economic system where coordination of economic activities operates under direct control, directive, and regulations of the administrative systems. The economic activities are considered significant to the complex social systems that they cannot be left to operate under the context of the free market. Under this economic system, the economic agents, especially in the production organizations, take orders from high ranks within the authority in the political hierarchy. Therefore, the authorities directly undertake the firm activities, resource employment, production output, management of disturbances, and their coordination. Essentially, the central government sets the firm production targets. Some of the activities that government regulation encompasses include price levels, budgetary control and allocation, material balance, and technical coefficients. According to White and White (2016), this kind of command authority may collide with market forces in crucial sectors of the economy hence manipulating the political direction. Some of the countries whose economies are inherently command system include Russia, China, and North Korea. On the other hand, traditional economy is the type of economy in which customs, traditions and believes prescribe the principles of economic organization for production of goods and services is built up around traditions, according to which a particular society lives (Ghosh, 2015). Technology and other innovations are discouraged to enable the traditional systems that have been embedded on the economic systems over the years to remain. Most countries that adopt this system of the economy are usually agricultural-dependent and rural-based. The economy is quintessentially subsistence characterized by barter trade. Economic activities are rarely commercial, and is dominated by activities like hunting and gathering, cultivations, small-scale fishing, without any modern form of technology. Verbeke (2013) attests the amount surplus produced under the traditional economy is very little. The traditional system of economy is popular in the developing countries and the emerging markets, particularly among the aboriginal population. Another feature of such economy is that the families train their children concerning the traditional customs about resource allocation in the community. Underdeveloped parts of Africa, Asia, and South America still apply this system of the economy. One of the merit of this kind of economy is that it encourages inclusivity. Every person has a specified role to undertake in the growth of the economy, hence strengthening social bonds. Another benefit is that the n basic needs are met. The kind of life in this system appreciates basic items instead of the luxury lifestyle. However, this type of the economy is rigid to change and inhibits high standards of living. Market economy refers to the type of economic system where forces of market demand and supply inherently controls the economic activities (Verbeke, 2013). This means that there is no government intervention or regulation. The state only offers security to buyers and sellers by protecting their individual lives and property against criminals. An absolute free market economy involves full ownership of the resources by individuals. Similarly, individuals without government involvement undertake the decisions of the market. Ideally, producer produces the amount the like and sets prices for their products. Owners of factors of production also have the discretion on what to pay the employees. However, such decisions are implicitly under the market demand and supply forces, which is inbuilt. The market forces determine how much the producer will produce and for how much the producer will sell. The economic decisions in the market economy vest on the buyers and the sellers. The market econom y promotes competition, which enhances efficient use of the economic resources (Beugelsdijk and Mudambi, 2013). In the mixed economic system, the government undertakes part of planning and production activities while private enterprises control some of the production activities (Beugelsdijk and Mudambi, 2013). Most importantly, the public systems operate in a coordinated fashion to ensure that there is partly free and partly centralized. Usually, the government undertakes the investment activities that involves huge capital outlay and are unattractive to the private investors due to the low profit margin and high degree of the risks are involved. Examples of such investments include electricity, provision of water and health services. Mixed economy has both characteristics of command and market economy. The economy is compartmentalized into four sectors: private sector, which owns and controls resources; the public sector, which engages in production of essential goods and services. Joint sector is where the private sectors collaborate with the public sector to undertake economic activities and in the cooperative sector, small-scale producers collaborate in production activities to achieve the economies of scale (Beugelsdijk and Mudambi, 2013). Another fundamental feature of the mixed economy is the maximum social wellbeing. The mixed economy system has regulations to ensure that the private sectors engage in the production activities in a sustainable manner. Therefore, the government can impose quotas, tariffs, and labour laws to promote sustainability and social welfare. The government also ensure that there is equal distribution of wealth through taxation and investment models. Similarly, while the market forces of demand and supply determines the prices, they are also under gove rnment control. The government may establish price ceiling, fix price, or impose value added tax to control the consumption of certain products. The economic system that mostly favours doing business is the mixed economy (Wild and Wild, 2018). The traditional system may be detrimental to foreign investment since the inhabitants are rigid to change. On the other hand, the command system encourages state regulation, which may stifle completion and eventually affect the growth and the profitability of the business. The free market economy encourages competition, specialization, but it is prone to civil unrest and market failure, which may hamper business operations. Due uncertainties that characterize command economy, countries like Russia have experienced decline in inward FDI (Wild and Wild, 2018). However, socialist economies are marked political instability due to one-party state factor. For instance, the FDI in Vietnam registered a 96% increase in the number of FDI projects, from $5075 billion in 2015 to $18103 billion in 2016 (Hanh et al., 2017). The economic system has been favourable hence attracting MNC like Toyota, Uni lever, and Canon. Legal Systems Legal systems can affect the foreign investment by influencing the investors perception on the returns and the risks involved in an investment. Laws that are designed to raise investment cost my may discourage the foreign investors and make the remaining part to raise their demands on the return investment. The main transaction cost to foreign investment, according to Cantwell (2014), is the uncertainty risk about the commercial and legal structures, as well as the risks of breaching intellectual property laws. However, Yu et al (2013) argue that there is no need of stronger intellectual property laws when the business is operating in countries that do have the capacity to invest in technology and contravene the intangible asset laws. Other legal risks include labour laws and taxation policies. Peng and Meyer (2016) observe that absence of international legislative framework that can address such policy issues may impose a huge risk to the foreign business. Without adequate intergove rnmental operations to establish mechanisms and principles that guide business operations between the two countries, investors may be exposed to legal risks and uncertainties. To reduce such risks, it is imperative that the countries implant international legal systems to promote familiarity with the foreign countrys legal system. Another legal risk that international businesses may face is difficulty in optimum connections to address unique challenges that the international business operation presents. Farnell and Crookes (2016) observe that foreign investors may be exposed to demarcation problems when in matters of defining obligations and rights. One of the main difference between the international and domestic transactions is the existence of broader range of parties in legal relationships. Demarcation problems may spawn overlapping problems and other disputing issues. More often, contractual relationships applies to international transactions, for instance buyer and seller contract, carriage contract, insurance contract, buyer and bank contract, as well as bank and the buyer contract. Such system of transaction explicitly discourages international business firms. In addition, money transfer across different countries usually involves legal process that blends local laws with the international arrangements. Specialized contract policies define the obligations and rights of the payee, payer, and banks facilitating the transactions. Some of the regulatory concerns that emerge are general fraud, fund misappropriation, security systems, and confidentiality issues (Cantwell, 2014). The nature of the transaction also demands that the legal systems ride in the same pace with finance and trade institutions. Some of the aforementioned issues replicate in foreign direct investment system. Some of the legal systems give the state full control over the production firms hence making foreign investment difficult, particularly in countries that embrace customary international laws. in similar vein, countries that operates under command economy stipulates that the government will control the foreign businesses, which may clash with the local host laws (Ghosh, 2015). Some countries may also impose restriction requirements to protect the local enterprises. Some of such restrictions include like performance requirements, which stipulates the specifications that a company must meet to join a particular sector of production; licencing requirements, majorly administrative verification; operational requirements, and joint venture requirements, which insists on inclusion of local capital in the foreign production process (.Ghosh, 2015) Cultural Differences Culture refers to a set of shared values, assumptions and beliefs that are learnt through membership in a group, and that influence the attitudes and behaviours of group members (Vadi, 2011) Multinational companies or businesses that engage in the direct foreign investment must observe foreign differences to succeed in a foreign environment. Failure to observe cultural differences can be detrimental to business in terms of strained relationships, poor performance, and reputation vitiation. According to White (2016), it is imperative for businesses that want to invest in foreign countries to understand how culture materializes as well as how cultural differences influence commercial activities globally. Ideally, culture is multifaceted phenomenon and exits at different categories like occupational groups, business units, organizations, industries, and geographical units. Therefore, a firm must consider all these factors before it embarks on the foreign investment. Beugelsdijk and Mudambi (2013) observe that national cultural diversity has remain consistent over time. In another nuanced study, Ghosh (2015) asserts that there is existential resilience of cultural standards even after occurrences like immigration, globalization, technological advancements, formal education, and cross-cultural activities like games. Most Cultures like United States, Canada, and Australia vests on universal commitments, for example upholding integrity, while most cultures in the Russia, China, and North Korea emphasizes on loyalty to relationships and people. The resilience of culture values across different countries is significant to MNC that face numerous national cultures in their operations. This means that operation across the borders presents substantial complexities since it compels the multinational companies to redesign their ethics and standards in accordance with the cultural milieu that they operate. To be effective in its operation, the business must incur knowledge cost on the locals behaviour and understand their cultural mechanisms. To mitigate cultural uncertainties, MNC like KFC, Coca-Cola, and Unilever have been employing employees from the host countries (Ghosh, 2015) In social norms, the individualism and collectivism is the main hurdle for the MNC. Individualism social system puts more weight on the personal preference rather than the whole community or a group. Most countries that embrace individualism like the one the United States and United Kingdom have quintessentially lose structures that emphasize on the individual rights, independence, and personal achievements and initiatives. On the other hand, collectivism social systems, like in China and North Korea, distinctions are based on the community or group fashion, and community interest comes first at the expense of individuals interest (Beugelsdijk and Mudambi, 2013). Like in the case of cultural differences, the MNC must incur knowledge cost and uncertainty risk to operate in in a socially different setup. Asian countries like China, Singapore, Korea, and Taiwan accounts for 70% of FDI in Taiwan because their social systems are almost similar (Hanh et al., 2017) Language Barrier Linguistic distance is also one of the major uncertainty risk that MNC are likely to face. For instance, when investing in Venezuela, business executives must ensure that the staffs are multicultural competent (Yu et al., 2013). This may require additional training, which is costly. In addition, due to language barriers, the business must incur knowledge cost, information asymmetry, and moral hazard cost. For business to be effectual in its operation, it must liaise with national commercial and international agencies within that country. The business must also work closely with the local inhabitants since they understand the environment better. To invest in East Africa, MNC like Unilever and Coca-Cola have to ensure that their employees are well conversant with English and Swahili languages (Ghosh, 2015) Conclusion Based on the aforementioned and discussed formal and informal systems, it is evident that undertaking a foreign business presents multidimensional kind of risks. Therefore, businesses that seek to invest into international markets should consider political systems, economic systems, legal systems, as well as sociocultural and language aspects before designing a strategic plan. References Beugelsdijk,S., Mudambi,R. (2013). MNEs as Border-Crossing Multi-location Enterprises: The role of Discontinuities in Geographic Space. Journal of International Business Studies, 44(5), 413-426. doi:10.1057/jibs.2013.23 Cantwell,J. (2014). Location of International Business Activities: Integrating Ideas from Research in International Business, Strategic Management and Economic Geography. (Location of international business activities.) Basingstoke [u.a.: Palgrave Macmillan. Cavusgil,S.T., Knight,G.A., Riesenberger,J.R. (2017). International business: The New Realities. Pearson Prentice Hall. Farnell,J., Crookes,P.I. (2016). A New Economic Relationship in a Changing World. The Politics of EU-China Economic Relations, 3-15. doi:10.1057/978-1-137-48874-9_1 Ghosh,A. (2015). Dynamic Systems for Everyone: Understanding How Our World Works. (Dynamic systems for everyone.) Cham: Springer. Hanh,N.P., Van Hng,?., Hoat,N.T., Trang,D.T. (2017). Improving Quality of Foreign Direct Investment Attraction in Vietnam. International Journal of Quality Innovation, 3(1). doi:10.1186/s40887-017-0016-7 Henisz,W.J., Mansfield,E.D., Von Glinow,M.A. (2010). Conflict, Security, and Political Risk: International Business in Challenging Times. Journal of International Business Studies, 41(5), 759-764. doi:10.1057/jibs.2010.11 Iammarino,S., McCann,P. (2013). Multinationals and Economic Geography: Location, technology and Innovation. Kaur,S., Sandhu,M.S. (2013). Internationalisation of Born global firms: Evidence from Malaysia. Journal of the Asia Pacific Economy, 19(1), 101-136. doi:10.1080/13547860.2013.818426 Ma,X., Delios,A., Lau,C. (2013). Beijing or Shanghai? The Strategic Location Choice of Large MNEs Host-country Headquarters in China. Journal of International Business Studies, 44(9), 953-961. doi:10.1057/jibs.2013.49 Peng,M., Meyer,K. (2016). International Business EMEA. London: South Western: Cengage Learning. Vadi,V. (2011). When cultures collide:Cultural Heritage and Foreign Direct Investment. Cultural Heritage in International Investment Law and Arbitration, 87-92. doi:10.1017/cbo9781139828598.016 Verbeke,A. (2013). International Business Strategy: Rethinking the Foundations of Global Corporate Success. Cambridge: Cambridge University Press. Vox Ukraine. (2017, February 7). Foreign Direct Investment in Ukraine: War and Peace. Retrieved from https://voxukraine.org/en/investments-in-ukraine-en/ White,R. (2016). Cultural Differences and Economic Globalization: Effects on trade, Foreign Direct Investment, and Migration. Abingdon: Oxon ; New York, NY. Wild,J.J., Wild,K.L. (2018). International business: The Challenges of Globalization. Yu,T., Subramaniam,M., Cannella Jr,A.A. (2013). Competing Globally, Allying Locally: Alliances between Global rivals and Host-country Factors. Journal of International Business Studies, 44(2), 117-137. doi:10.1057/jibs.2012.37

Forced Labor and Free Enterprise on Sugar Plantations Created a Feudal and Capitalism Society

Spies by Micheal Frayn Essays

Spies by Micheal Frayn Essays Spies by Micheal Frayn Essay Spies by Micheal Frayn Essay The first paragraph of Michael Frayns Spies includes techniques that encourage the reader to feel the intense senses that the narrator is feeling. Frayn tries to set the mood by making the reader feel involved, using vivid smells, sights and sounds that relate them to the narrators world. The descriptions that Frayn has the narrator use are deliberately trying to bring the reader closer to him. The sensual description of the aroma that reminds him of his childhood is also to relate to the reader by describing something that reminds them of a particular event, object or time. Frayns use of poetic language in some of the descriptions also is successful in making the reader connect with the narrator; to intrigue them. The use of a specific time, the third week in June, and there it is again is to bring a sense of realism to the text, which also acts as a basis in which the reader can craft a picture of what the narrator is so mysteriously but vividly describing. The abrupt sentence and there it is again also make the reader feel more involved as it seems that the narrator is talking directly to them. Frayn makes it clear that the undiscovered aroma is of great importance in connecting the narrators adulthood with his childhood and for a moment Im a child again this is clear to the reader that its likely that the body of the text will be based around this particular aroma that brings back all of the frightening half-understood things about his childhood. The descriptions of the narrators street is to encourage the reader to experience the things the narrator is seeing, smelling and feeling, the warm evening air and well ordered gardens, both of which give a description of something that can be related to. This gives the reader the opportunity to feel involved with the scene and the sense that the narrator is experiencing. This is an effective technique used by Frayn as he is inviting the reader to imagine a nice quiet peaceful scene in mid summer, he uses this to give the reader a physical place to build from. He also gives the indication that something is not right everythings before me- all the half-understood promise of life. It indicated the feeling that some events that have passed have not been understood or defined. The narrator portrays his sense of unease in the second paragraph by telling the reader that the aroma must come from one of the gardens. Which one? I can never trace it. this fragmented sentence gives the reader the feeling that the narrator is directly talking to them, asking them in the hope of some clarity, to have the reader feel the same confusion and unease that he is experiencing. He segregates the aroma from other smells around him that are common in his area its not like the heartbreaking, tender sweetness of the lime blossom, for which this citys known. This tells the reader that this particular smell is out of place amongst the familiar smells. The reader is then offered the question I feel what? A restlessness. The narrator is encouraging the reader to realise that this will be the basis of the journey of re-discovery. Frayn uses ellipses to depict that the narrator is struggling to verbalise the answers to which he seeks. This again gives realism to the text, creating once more a feeling of involvement for the reader as the narrator appears to be talking directly with them. The narrator goes on to mention that he is longing to be over the woods at the end of the street and away, away, then in contradiction a kind of homesickness for where I am. This highlights his mental state by emphasizing that he doesnt know what he wants or needs to do. This increases the readers confusion which in turn entices them to continue reading to find out what all of the unease and confusion is based upon. Frayn concludes the second paragraph with a suspenseful statement that is to become one of the many cliffhangers that Frayn employs throughout the novel. I have a feeling that something, somewhere, has been left unresolved, that some secret thing in the air around me is still waiting to be discovered. This informs the reader that the narrator is about to embark on a journey of self-fulfilment and discovery. In conclusion the theme, language and context in which Frayn uses these two paragraphs are very effective in giving the reader a sense of belonging within the text. In my opinion this is a great technique as the reader feels involved in the story from the start, thus enticing them to continue into the main body of the text.

Greenhouse Business Challenge and Carbon Footprint Assignment

Greenhouse Business Challenge and Carbon Footprint - Assignment Example This research will begin with the statement that it has been observed that about 100 percent of the temperature has increased over the last 50 years. This is due to the increase in the emission of greenhouse gases in the atmosphere of the earth. The concentration of gases like carbon dioxide, methane, water vapor, etc has created a harmful layer over the ozone. The greenhouse gases act as a mirror of the earth. It reflects the heat waves of the sun back to the earth. This process increases the temperature of the earth causing global warming. As we can see in the paper, carbon dioxide (CO2) generated through fossil fuel such as kerosene, gas, petrol or oil has increased dramatically over the past 50 years.   The concentration of the CO2 has also increased due to the same. The temperature of Earth has increased by 3 to 5 percent in the year 2010. The sea level has also increased by 25 meters, i.e. about 82 feet above in 2010. Carbon footprint is nothing but the sum total of all the g reenhouse gases. The main cause that contributes to the increasing greenhouse gases in the atmosphere is the household electricity, clothing, food, and transportation. All these factors are responsible for the release of huge amount of CO2 in the atmosphere. However, the good news is that there are ways to reduce emission and carbon footprints. The US government has not set any legal bindings or targets for the reduction of GHG emission in the past but President Barack Obama has introduced the policy of US to reduce the emission by 14 percent below 2005 levels by 2020. The US government is mainly focusing on the reduction of fuel emission by regularly reviewing the number of vehicle and the emission of GHG gases.

Introduction to Economics Essay Example | Topics and Well Written Essays - 1750 words

Introduction to Economics - Essay Example Inventions are mostly related to the technological development. Generally, the technological solution of any problem is called invention. In spite of the fact that in today’s growing world many of the inventions are recorded (and performed) in fields far outside of the technology (Peng, 2010). Innovation The process through which an invention is brought in order to provide the users with the industry or market is called innovation. Innovations are critically important for the development of economy. Innovations are produced on the side of production and not on the consumption side. According to Schumpeter â€Å"But innovations do not usually appear spontaneously and neither are they generated in the following way: new wants are first created by consumers and under their pressure production apparatus is adjusted. It is the producer who usually initiates economic change, and if necessary edifies consumers...so if in the theory of circular flow it is not only possible but it is simply necessary to regard wants of consumers as independent and in fact basic factor, then in the analysis of changes our point of view must be reversed.† (Stokes, Wilson & Mador, 2010) Innovation doesn’t happen by chance but these are planned. Therefore it is necessary to a strategy and vision for innovation. Its strategy includes alternative plans, an actual overview of opportunities, effective analytical tools and the functioning of any speciality that one could have. Answer # 1 (b) Types of Innovation Innovation was clearly identified by the first economists named Joseph Schumpeter (Schumpeler. 1934). He classified innovation in five types in the 2nd chapter of his book The Theory of Economic Development (1934). According to Schumpeter the five main types of an innovation are (Stokes, Wilson & Mador, 2010): 1. Conquering a new source of raw materials 2. Introducing a new good 3. Introducing a new method of production 4. Opening a new market 5. Reorganising an indus try in a new way. Answer # 1 (c) Some of the examples of a Schumpeterian type of innovation are: 1. The development of a new or improved product conquering a new source of raw materials. 2. Internet-based financial services are an example of a new method for the introduction of new goods in market. 3. Pilkington's float glass process is an example of introducing a new method of production. 4. Direct marketing and internet marketing are examples of opening a new market. 5. BPR (business process re engineering) and TQM (total quality management) systems: Is the new method of innovative management. This method would be helpful in reorganizing the industry in a new way. Answer # 2 (a) Output per Worker Output/worker England Portugal Wine 3 4 Cloth 6 2 Absolute Advantage A nation that produces any service or good more efficiently than any other is said to have an absolute advantage of the production of that service or good (Zhang, 2008). In the above example it is not true that England h as absolute advantage over Portugal in every sector. By using the Labour theory of value it can be seen that in England one unit of wine is exchanged with three units of cloth, however, in Portugal two units of wine is exchanged for one unit of cloth. Therefore England has an absolute advantage in production of cloth whereas Portugal has an absolute advantage in wine production because in England one unit of cloth require less labour for its production and for the production of wine in Portugal

Voluntary Disclosure Behaviour of Kuwait Companies

Voluntary Disclosure Behaviour of Kuwait Companies BACKGROUND OF STUDY 1.1 Introduction Disclosure of information in corporate annual reports has attracted a number of researchers in both developed and developing countries. The voluntary disclosure information in excess of mandatory disclosure, has been receiving an increasing amount of attention in recent accounting studies. Because of the inadequacy of compulsory information, the demand for voluntary disclosure provides investors with the necessary information to make more informed decisions (Alsaeed, 2006). Voluntary disclosure of decision-useful corporate information is considered to be the first step in solving the alleged problems of traditional financial reporting (Leadbetter, 2000). Its objectives are well defined: closing (or narrowing) the gap between a companys potential intrinsic market value and its current market value. Voluntary disclosure, in the context of globalization of the worlds financial markets, has received a great deal of attention in the accounting literature in recent years (Hossain, Berera and Rahman, 1995). This is due to the following reasons: Firstly, additional disclosures may help to attract new shareholders thereby helping to maintain a healthy demand for shares, and a share price that more fully reflects its intrinsic value. It is possible that poor disclosure could lead to an undervalued share making it attractive to a potential predator. Secondly, increased information may assist in reducing informational risk and thereby lower the cost of capital (Spero, 1979). A lower cost of capital should mean that marginal projects become profitable. Thirdly, in order to raise capital on the markets, companies will increase their voluntary disclosure. Consequently, listed companies are more likely to have a higher level of disclosure than unlisted companies and multiple listed companies those raising capital on the international markets will have a higher level of disclosure than domestically listed companies. Fourthly, multiple listed companies often have an interest in foreign capital markets since foreign operations are often financed by foreign capital (Choi and Mueller, 1984). Disclosure levels might be increased to adapt to local customs to meet the requirements of banks and other suppliers of capital; finally, listed and multiple listed companies might increase their social responsibility disclosures to demonstrate that they act responsibly (Watts and Zimmerman, 1979). Companies may have attained their status on the securities markets and be able to attract new funds, not least because they act responsibly. According to Healy and Palepu (2001) a companys disclosure decision could be a response to innovation, globalization or changes in business and capital market environments. Kuwait is the focus of this study for three reasons. First, Kuwait is a small rich country, relatively open economy with crude oil reserves of about 10% of world reserves. Second, over the last decade, the Kuwaiti government has initiated several far-reaching reforms at the Kuwait Stock Exchange to mobilize domestic savings and attract foreign capital investment. These measures include privatization of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies since 2000, tax free. Third, the Kuwait Stock Exchange is becoming an important capital market in the region. It is ranked the second largest market in the Arab world (after Saudi Arabia) in terms of total market capitalization. Its total market capitalization was US$128,951 million as of December 2006 (Arab Monetary Fund 2006). These reasons could motivate investors to diversify their investment portfolios into that market. As a result, investors may be interested in the information disclosure practices of listed companies in Kuwait (Al-Shammari, 2008). 1-2 Problem Statement Many developing countries strive to mobilize financial resources from domestic as well as international sources with a view to attaining their economic and social development goals. Domestic and international investors utilize financial and non-financial information available on potential investment targets for assessing risk and making critical investment decisions. Thus, the availability of financial and non-financial information in sufficient quantity and of sufficient quality has an important bearing on efforts geared towards mobilizing investment for financing economic and social development. Adequate reporting and disclosure of financial and non-financial information will reduce asymmetric information problem, hence are likely to improve investor confidence and a lower cost of investment. According to Gray, Meeks and Roberts (1995) investors demand information to assess the timing and uncertainty of current and future cash flows so that they may value firms and make other investment decisions such as choosing a portfolio of securities. Companies satisfy this demand in part by supplying voluntary accounting information, thereby enabling them to raise capital on the best available terms (Gray et al., 1995). Given the faster pace of globalization, the growing interdependence of international financial markets and increased mobility of capital, developing countries need to attach greater importance to corporate transparency and disclosure. Policy makers, legislators and regulators, in recognition of the significant influence that corporate transparency has on decisions of investors, need to strengthen further the various components of corporate disclosure infrastructure so that domestic and international resources are mobilized more efficiently. Kuwait is one of the developing countries that face difficulties to attract foreign investments. Birgit Ebner at Germanys Frankfurt Trust, who helps manage a Middle Eastern stock fund, said Kuwait was not an attractive investment compared with others in the region (www.gulfnews.com). One of the main reasons that interpret this matter is the absence of voluntary disclosure as a result of sharp low supply of information by companies. According to Birgit Ebner, We are underweight in Kuwait because in Kuwait there are many holding firms dominating the market. And on top of it, the transparency is currently lower than in other Gulf States. In opinion of many analysts in Kuwait, the problem of gulf bank is related to absence of voluntary disclosure. Moreover, Kuwait stock exchange report that issued in (2007) revealed that 156 companies listed in Kuwait stock exchange from among 177 companies listed in Kuwait stock exchange are violating disclosure guidelines (www.alaswaq.net 2007). The purpose of this study is to empirically investigate the influence of several firm characteristics on the level of voluntary disclosure of companies listed in Kuwait and whether disclosure level improves over the years given changes in the accounting environment of the country and globalization that have taken placed. There are many studies have examined the relationship between a company`s characteristics and the level of disclosure in both developed and developing countries such as Canada (Belkaoui and Kahl, 1978); United Kingdom (Firth, 1979, 1980); Nigeria (Wallace, 1987); Sweden (Cooke, 1989); Japan (Cooke, 1992); United States (Imhoff, 1992; and Lang and Lundholm, 1993); Bangladesh (Ahmed and Nicholls, 1994); Switzerland (Raffournier, 1995); Hong Kong (Wallace and Naser, 1995), Egypt (Mahmood, 1999); Jordan (Naser, Alkhatib and Karbhari, 2002); Saudi Arabia (Alsaeed, 2006b) and United Arab Emirates (Aljifri, 2007). However, to my knowledge, little attention has been devoted to the role of voluntary disclosure in the Middle East countries, more specifically Kuwait (see Al-Shammari, 2008). The aim of this study is to understand what motivate or demonstrate a companys disclosure by empirically investigate the association between a number of company characteristics and the extent of voluntary disclosure in the annual reports of companies listed in the Kuwait Stock Exchange in 2005, 2006, 2007, and 2008. In addition, the influence of the reporting year on voluntary disclosure will also be examined to assess the progress of disclosure activities in Kuwait. Given that Ashammaris study only cover the year of 2005, the execution of this study is fully justified. 1.3 Research Questions In general, this study seeks for explanation on voluntary disclosure behaviour of Kuwait companies. The followings are the research questions:- 1- What is the relationship between the firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and voluntary disclosure level? 2- Does reporting year influences voluntary disclosure? 3- To what extent do the above factors affect the voluntary disclosure? 1.4 Research Objectives To determine the influences of firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and reporting year on the level of voluntary disclosure of companies listed in Kuwait. 1.5 Significance of the Study The significance of study can be viewed from contributions given to Accounting academic discipline and to the practitioners and policymakers. Contribution to Accounting body of knowledge This study contributes to the literature on corporate financial reporting and disclosure practices in one of the important capital markets in the Middle East in which International Financial Reporting Standards (IFRSs) are mandatory and the government controls the accounting and auditing profession. It also contributes to the corporate governance literature on whether the company characteristics found to be significant in companies operating in developed countries are similar to those a developing country like Kuwait. This study is important in enhancing our understanding of corporate financial reporting in Kuwait. It explores the determinants that help explain voluntary disclosure in Kuwait. Contribution to the practitioners and policy makers Knowledge on firms characteristics that influence voluntary disclosure would enable policy makers to target training and monitoring activities to suitable target companies in order to improve disclosure level in the country. This is important because higher disclosure among companies could improve investors confidence and help attracting more foreign investment into the country. The study is also able to show whether the external environment in Kuwait have improved the voluntary disclosure activities. 1.6 Scope and Limitations of the Study This study investigates the relationship between firm characteristics and voluntary disclosure of non financial companies listed in Kuwait. Financial companies (banks and insurance companies) were eliminated as the characteristics of their financial reports are different from those of non financial firms (Alsaeed, 2006). A disclosure index was constructed as a yardstick to measure the level of disclosure by the listed firms. The construction of the disclosure index is based on the information that firms supply in their annual financial reports to shareholders. Albeit not as conclusive, financial reports serve as a widely accepted (Knutson, 1992). The disclosure index does not intend to be comprehensive, nor does it intend to specify what firms ought to disclose. Rather, the index is crafted solely for the purpose of capturing and measuring differences in disclosure practices among firms. The selection of items embedded into the index was entirely guided by Meek, Rober and Gray (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006) 1.7 Organization of the Study The reminder of this study is organized as follows: Chapter Two discusses the literature review related to the study; Chapter Three consists of research methodology including theoretical framework, hypothesis development and model specification for the study. The measurement, sampling and instrumentations are also discussed in this chapter. Chapter Four presents the empirical findings and results. Finally, Chapter Five provides the discussion, implications and recommendation of the study as well as suggestions for future research. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction This Chapter discusses and summarizes the literatures review, which looks at many aspects of voluntary disclosure and the factors which affect the degree of voluntary disclosure in a firm. The discussion is segmented into five sections. The first section presents an overview of disclosure requirements in Kuwait so as to provide foundation knowledge of the issue understudy. Section two discusses the concept and measurement of voluntary disclosure. This is followed by section three which presents the firm-related determinants of voluntary disclosure as found from prior theoretical and empirical literature. These variables include firm size, debt ratio, ownership dispersion, profitability, audit firm size. 2.2 Disclosure Requirement in Kuwait Mandatory disclosure refers to firms disclose information about their operations because of legal requirements. For the efficiency of markets and the protection of investors, mandatory disclosure of information concerning the firms operating in capital markets has important consequences (Shin, 1998). 2.3 Voluntary disclosure level More detailed disclosure by the firms beyond the level of information disclosed within the mandatory disclosure process is called voluntary disclosure. Voluntary disclosure means making public the financial and non-financial information regarding the firms operations without any legal requirement (Fishman and Hagerty (1997), Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006). Alsaeed has identified a more comprehensive items for voluntary disclosure based on Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003). These items are as in Table 2.1 Table 2.1: Voluntary disclosure items in Alsaeed (2006) No. Disclosure items 1 Strategic information 2 Brief history of company 3 Information on events affecting future years results 4 Board directors names 5 Top managements names 6 Majority shareholders 7 Information on different types of products 8 Information statistics for more than two years 9 Information on dividends policy 10 Information on future expansion projects 11 Percentage of foreign and national labor force 12 Information on training and workers development 13 Information on social and environmental activities 14 Statement of corporate goals and objectives 15 Principle markets 16 Average compensation per employee 17 Market share 18 Information on events affecting current years results 19 Competitive environment 20 Forecasted profits Many studies have examined the relationship between a companys characteristics and voluntary disclosure level. Alsaeed, (2006) argued that firm size, profitability and auditor firm size influence the level of voluntary disclosure. Naser et al., (2002), Jensen and Meckling, (1976); Fama and Jensen, (1983) Donnelly and Mulcahy, (2008), Camfferman and Cooke (2002), studied the association between companys firm size, debt ratio, owner ship and auditor firm size and the level of disclosure. 2.4 Determinants of Voluntary Disclosure 2.4.1 Firm size Most of the firm disclosure studies used firm size as a control variable (see for example, Alsaeed (2006); Donnelly and Mulcahy (2008); Brammer and Pavelin (2004); Meek et al, (1995), Mitchell et al, (1995), Mckinnon and Dalimunthe, (1993), Aitken et al. (1997), Bradbury, (1992), Zarzeski (1996), Brennan and Hourigan, (2000), Naser et al.,(2002), Wallace and Naser (1995), Firth, (1979), Eng and Mak (2003) and Hossain et al.(1994). Many studies found a positive relationship between firm size and disclosure level of companies. For example, Alsaeed (2006) conducted a study to investigate the relationship between firm characteristics of non-financial Saudi firms listed on the Saudi Stock Market in 2003 and voluntary disclosure level by those companies. He found that there was a positive relationship between the firm size and the level of disclosure. Alsaeed (2006) argues that agency costs are higher for larger companies because shareholders are widespread, therefore, additional disclosure might reduce these costs (Watts and Zimmerman, 1983). This finding is consistent with other studies such as Meek et al, (1995), Donnelly and Mulcahy (2008), Foster (1986), Hossain et al, (1995) and Al-Shammari, (2008). In addition to what Alsaeed (2006) has mentioned above, they argued that large companies might have sufficient resources to afford the cost of producing information or the user of annual reports. Secondly, small companies might suffer from a competitive disadvantage if they provide additional disclosure. Thirdly, large companies might be of interest to different users of annual reports including government agencies. 2.4.2 Debt ratio There is no consensus among researchers about the relationship between debt ratio and voluntary disclosure. Most of studies found a significant positive relationship between debt ratio and voluntary disclosure such as Naser (1998), Mitchell, Chia and Loh (1995); Hossain et al. (1995), Al-Shammari, (2008) and Bradbury, (1992). Jensen and Meckling, (1976) found the voluntary disclosure level can reduce the agency costs by facilitating debt ratio suppliers assessment of the firms to ability to meet its debts ratio. In relation to this, Al-Shimmiri, (2008) argued that the companies with higher debt in their structure of capital are prone to higher agency cost, hence they will be more likely to disclose additional information in order to reduce agency costs and information asymmetry with shareholders. Alsaeed, (2006) argued that when firms increase their level of leverage, they have to disclose more information in order to reduce asymmetric information between the firm and its creditors. Hence he argued that firms with high leverage will have high level of disclosure. In addition, Zarzeski (1996) argued that firms with higher debt ratio are more likely to share private information with their creditors. Thus, voluntary disclosures can be expected to increase with leverage. However, Mckinnon and Dalimunthe, (1993), Hossain, Berera and Rahman (1994), Aitken, Hooper and Pickering (1997), Brennan and Hourigan, (2000) and Eng and Mak (2003) studied the relationship between the voluntary disclosure and leverage found no relationship. While Meek et al (1995) mention that there is negative relationship between voluntary disclosure and leverage for US, UK, and European MNCs, Wallace, Naser and Mora (1994). 2.4.3 Profitability Many studies refer the profitability as the factor that affects voluntary disclosure level such as Singhvi and Desai (1971); Foster (1986), Richard (1992), Meek et al. (1995) and Naser et al. (2002) they argues that when the level of firms profitability increase, the firms have to disclose more information that can be an indicator to good management and also have incentives to show to the investors and the public that their profitability has increased. However, Ahmed and Courtis (1999) identified 12 studies that investigated the relationship between profitability and disclosure with mixed results. Akerlof (1970) argued that larger profitable companies may disclose more information to be distinguished from less profitable companies. Watts and Zimmerman (1986) argued the firms with larger profits are more interested in disclosing detailed information in their annual reports in order to justify their financial performance and to reduce political costs. However Wallace et al. (1994) found no significant relationship between the comprehensiveness of disclosure and the profit margin of listed and unlisted Spanish firms. Inchausti (1997) elaborated that agency theory suggests that managers of larger profitable companies may wish to disclose more information in order to obtain personal advantages like continuance of their management position and compensation. Raffournier (1995), Wallace and Naser (1995) and Alsaeed, (2006) observed no significant relationship between the disclosure and the profitability, because none of the performance related variables provides an explanation of the disclosure level. Ho and Wong (2001), Barako, Hancock and Izan (2006) and Barako (2007) on the other hand found profitability to be positively and significantly related with two of the four disclosure categories, financial and forward looking disclosures, whereas other categories ware negative and significant with the disclosure of general and strategic. This result is similar with that of Eng and Mak (2002) study on Singapore listed companies. For example, companies in the manufacturing sector were found to disclose less of financial information, and instead disclosed more on general and strategic information to explain in detail factors affecting their poor financial performance. 2.4.4 Ownership dispersion The ownership dispersion represents the percentage of shares owned by outsider after subtracting shares owned by the insider. Many studies found positive relationship between voluntary disclosure level and ownership, as explained by the agency theory which suggests that difference in the proportion of the companys shares owned by outsider shareholders causes differences in the voluntary disclosure level. This is because the companies with more outsider ownership are more likely to disclose more information than companies with less outsider ownership and also the demand for publicly available information is likely to increase (Wallace and Naser 1995). Gelb (2000) and Barako et al. (2006) found significant relationship between outsider ownership and disclosure level. Leftwich, Watts and Zimmerman (1981), Fama and Jensen (1983), Mckinnon and Dalimunthe, (1993) and Aitken et al. (1997) mentioned the detailed disclosure in annual reports that may allow outsider to monitor their interests more efficiently. Eng and Mak (2003) argued that voluntary disclosure is a substitute for outside monitoring and so is negatively related to managerial ownership. They found evidence consistent with this prediction. Many studies found negative relationship between voluntary disclosure level and ownership dispersion. Hossain et al. (1994) found evidence on Malaysian listed companies having significant negative association between voluntary disclosure and ownership dispersion. A later study by Haniffa and Cooke (2002) also found similar result. Naser et al. (2002) examined the affect of ownership on US companys disclosure and his results indicated that firms with a lower level of managerial ownership are more likely to receive higher ratings for the disclosure provided in their financial reports. Ho and Wong (2001) found negative relationship between family ownership structure and voluntary disclosure. Chau and Gray (2002) also found negative relationship between family ownership structure and voluntary disclosure of companies listed in Hong Kong and Singapore but found positive associated with outside ownership. Donnelly and Mulcahy (2008) on the other hand found no evidence that ownership structure is related to disclosure level. 2.4.5 Audit firm size According to Jensen and Meckling (1976) large audit firms act as a mechanism to reduce agency costs and exert more of a monitoring role by limiting opportunistic behavior by managers and are less likely to be associated with clients that disclose lower levels of information in their annual reports. In terms of size, audit firms can be divided into two; large or small. Large audit firms are identified as being one of these Big Four (or Big Five or Six formerly) international auditing firms, and smaller audit firms are the rest; the firms are more likely to choose a Big Six auditing firm. Such choice of audit firms signals to investors that the contents of the annual reports are audited with high quality (Craswell and Taylor, 1992). Furthermore, the large audit firms are widely spread in the world while small firms are domestically; hence the large audit firms have more capability to disclosure of the information and have higher reputation and power to affect the voluntary disclosure level related to the smaller audit firm (Alsaeed, 2006). Several studies found that audit firm size have significant relationship with voluntary disclosure level. Firth (1979), Craswell and Taylor (1992), Wallace and Naser, (1995), Ahmed (1995), Raffournier (1995), Inchausti (1997), Mahmood (1999), S.M. Ho and Wong (2001), Camfferman and Cooke (2002), Nasser et al. (2002) and Al-Shammari, (2008) found significant relationship between the voluntary disclosure level and audit firm size. Forker (1992) and Wallace et al. (1994) claim there are positive relationship between voluntary disclosure and audit firm size but not significant, while Hossain et al. (1994), Raffournier (1995), Wallace and Naser (1995), Depoers (2000) and Haniffa and Cooke (2002) they didnt fine significant association. 2.4.6 Industry sector According Cook (1989) disclosure level is more likely to vary from one industry to the other due to the likelihood that leading firms operating in a particularindustry could produce a bandwagon effect on the level ofdisclosure adopted by other firms working in the same industry. Cooke (1992) found evidence that Japanese manufacturing firms tend to provide more information than other non-manufacturing firms. Other studies that found significant effect of industry types are Wallace and Naser (1995) and Camfferman and Cooke (2002), while McNally et al.(1982); Wallace (1987): Wallace et al. (1994); Raffournier (1995); Inchausti, (1997); Patton and Zelenka (1997); Naser (1998); Owusu-Ansah (1998), Naser and Alkhatib (2000) and Alsaeed (2006) found insignificant effect. Table 2.2: Summary of independent variables influence on voluntary disclosure: Study Independent variable findings Akerlof (1970) Profitability Positive relationship Singhvi and Desai, (1971) Profitability Positive relationship Jensen and Meckling, (1976) Debt ratio and audit firm size Positive relationship with debt ratio and audit firm size. Firth, (1979) Firm size and audit firm size Positive relationship with debt ratio and audit firm size. Leftwich, Watts, and Zimmerman (1981) Ownership dispersion positive relationship with ownership dispersion McNally et al.(1982) Industry sector Insignificant with industry sector Fama and Jensen (1983) Ownership dispersion positive relationship with ownership dispersion Watts and Zimmerman (1983). Firm size positive relationship with firm size Foster, (1986) Firm size, profitability Significant positive with firm size and found positive with profitability. Watts and Zimmerman (1986) Profitability positive with profitability Wallace (1987) Industry sector Insignificant with industry sector. Cook (1989) Industry sector Positive with industry sector. Bradbury (1992) Firm size and debt ratio. Significant positive with firm size and debt ratio. Richard, (1992) Profitability Positive with profitability. Forker (1992) Audit firm size Positive but insignificant with audit firm size. Craswell and Taylor (1992) Audit firm size Positively significant with audit firm size. Cooke (1992) Industry sector positive with industry sector Mckinnon and Dalimunthe, (1993) Firm size, debt ratio, ownership dispersion. Positive with firm size and ownership dispersion and negative with debt ratio. Hossain et al. (1994) Firm size, debt ratio, ownership dispersion and audit firm size. Positive with firm size and ownership dispersion but negatively with debt ratio and audit firm size. Wallace et al. (1994) Industry sector Insignificant with industry sector. Meek et al, (1995) Firm size, debt ratio, profitability. Positive with firm size and profitability whereas significant, negative with debt ratio. Hossain et al. (1995) Firm size and Debt ratio Significant positive with firm size and debt ratio. Mitchell et al. (1995) Firm size and Debt ratio. Significant positive with firm size and debt ratio. Wallace and Naser (1995) Firm size, profitability, Ownership dispersion Positive with firm size, ownership dispersion and industry sector but- ,audit firm size and industry sector Negatively with profitability and audit firm size. Ahmed (1995) Firm size and audit firm size Positive significant with firm size and audit firm size. Raffournier (1995) Profitability, audit firm size and industry sector. No significant with profitability and industry sector, but significant positive with audit firm size Zarzeski (1996) Firm size and debt ratio Positive with firm size and debt ratio Aitken et al. (1997) Firm size, Debt ratio and owner ship dispersion Positive with the firm size and ownership dispersion but negative with debt ratio. Inchausti (1997) Profitability, audit firm size and industry sector. Positive with profitability and significant positive with audit firm size and insignificant with industry sector. Patton and Zelenka (1997) Industry sector Insignificant with industry sector. Naser (1998) Debt ratio and industry sector. Significant positive with debt ratio but insignificant with industry sector. Owusu-Ansah (1998), Industry sector Insignificant with industry sector. Mahmood (1999) Audit firm size Significant with audit firm size. Brennan and Hourigan, (2000) Firm size and debt ratio. Significant positive with firm size and significant negative with debt ratio. Gelb (2000) Ownership dispersion Negatively with Ownership dispersion Depoers (2000) Audit firm size No significant with audit firm size. Naser and Alkhatib (2000) industry sector Insignificant with industry sector. Ho and Wong (2001) Profitability, ownership dispersion and audit firm size. No significant with profitability but negatively with ownership dispersion and positive significant with audit firm size. Naser et al. (2002). Firm size, Profitability, ownership dispersion and audit firm size. Positive significant with firm size and audit firm size but positive with profitability and no significant with ownership dispersion. Eng and Mak (2002) Profitability No significant with profitability Chau and Gray (2002) Ownership dispersion Positively with outside ownership dispersion. Camfferman and Cooke (2002) Profitability, audit firm size and industry sector Voluntary Disclosure Behaviour of Kuwait Companies Voluntary Disclosure Behaviour of Kuwait Companies BACKGROUND OF STUDY 1.1 Introduction Disclosure of information in corporate annual reports has attracted a number of researchers in both developed and developing countries. The voluntary disclosure information in excess of mandatory disclosure, has been receiving an increasing amount of attention in recent accounting studies. Because of the inadequacy of compulsory information, the demand for voluntary disclosure provides investors with the necessary information to make more informed decisions (Alsaeed, 2006). Voluntary disclosure of decision-useful corporate information is considered to be the first step in solving the alleged problems of traditional financial reporting (Leadbetter, 2000). Its objectives are well defined: closing (or narrowing) the gap between a companys potential intrinsic market value and its current market value. Voluntary disclosure, in the context of globalization of the worlds financial markets, has received a great deal of attention in the accounting literature in recent years (Hossain, Berera and Rahman, 1995). This is due to the following reasons: Firstly, additional disclosures may help to attract new shareholders thereby helping to maintain a healthy demand for shares, and a share price that more fully reflects its intrinsic value. It is possible that poor disclosure could lead to an undervalued share making it attractive to a potential predator. Secondly, increased information may assist in reducing informational risk and thereby lower the cost of capital (Spero, 1979). A lower cost of capital should mean that marginal projects become profitable. Thirdly, in order to raise capital on the markets, companies will increase their voluntary disclosure. Consequently, listed companies are more likely to have a higher level of disclosure than unlisted companies and multiple listed companies those raising capital on the international markets will have a higher level of disclosure than domestically listed companies. Fourthly, multiple listed companies often have an interest in foreign capital markets since foreign operations are often financed by foreign capital (Choi and Mueller, 1984). Disclosure levels might be increased to adapt to local customs to meet the requirements of banks and other suppliers of capital; finally, listed and multiple listed companies might increase their social responsibility disclosures to demonstrate that they act responsibly (Watts and Zimmerman, 1979). Companies may have attained their status on the securities markets and be able to attract new funds, not least because they act responsibly. According to Healy and Palepu (2001) a companys disclosure decision could be a response to innovation, globalization or changes in business and capital market environments. Kuwait is the focus of this study for three reasons. First, Kuwait is a small rich country, relatively open economy with crude oil reserves of about 10% of world reserves. Second, over the last decade, the Kuwaiti government has initiated several far-reaching reforms at the Kuwait Stock Exchange to mobilize domestic savings and attract foreign capital investment. These measures include privatization of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies since 2000, tax free. Third, the Kuwait Stock Exchange is becoming an important capital market in the region. It is ranked the second largest market in the Arab world (after Saudi Arabia) in terms of total market capitalization. Its total market capitalization was US$128,951 million as of December 2006 (Arab Monetary Fund 2006). These reasons could motivate investors to diversify their investment portfolios into that market. As a result, investors may be interested in the information disclosure practices of listed companies in Kuwait (Al-Shammari, 2008). 1-2 Problem Statement Many developing countries strive to mobilize financial resources from domestic as well as international sources with a view to attaining their economic and social development goals. Domestic and international investors utilize financial and non-financial information available on potential investment targets for assessing risk and making critical investment decisions. Thus, the availability of financial and non-financial information in sufficient quantity and of sufficient quality has an important bearing on efforts geared towards mobilizing investment for financing economic and social development. Adequate reporting and disclosure of financial and non-financial information will reduce asymmetric information problem, hence are likely to improve investor confidence and a lower cost of investment. According to Gray, Meeks and Roberts (1995) investors demand information to assess the timing and uncertainty of current and future cash flows so that they may value firms and make other investment decisions such as choosing a portfolio of securities. Companies satisfy this demand in part by supplying voluntary accounting information, thereby enabling them to raise capital on the best available terms (Gray et al., 1995). Given the faster pace of globalization, the growing interdependence of international financial markets and increased mobility of capital, developing countries need to attach greater importance to corporate transparency and disclosure. Policy makers, legislators and regulators, in recognition of the significant influence that corporate transparency has on decisions of investors, need to strengthen further the various components of corporate disclosure infrastructure so that domestic and international resources are mobilized more efficiently. Kuwait is one of the developing countries that face difficulties to attract foreign investments. Birgit Ebner at Germanys Frankfurt Trust, who helps manage a Middle Eastern stock fund, said Kuwait was not an attractive investment compared with others in the region (www.gulfnews.com). One of the main reasons that interpret this matter is the absence of voluntary disclosure as a result of sharp low supply of information by companies. According to Birgit Ebner, We are underweight in Kuwait because in Kuwait there are many holding firms dominating the market. And on top of it, the transparency is currently lower than in other Gulf States. In opinion of many analysts in Kuwait, the problem of gulf bank is related to absence of voluntary disclosure. Moreover, Kuwait stock exchange report that issued in (2007) revealed that 156 companies listed in Kuwait stock exchange from among 177 companies listed in Kuwait stock exchange are violating disclosure guidelines (www.alaswaq.net 2007). The purpose of this study is to empirically investigate the influence of several firm characteristics on the level of voluntary disclosure of companies listed in Kuwait and whether disclosure level improves over the years given changes in the accounting environment of the country and globalization that have taken placed. There are many studies have examined the relationship between a company`s characteristics and the level of disclosure in both developed and developing countries such as Canada (Belkaoui and Kahl, 1978); United Kingdom (Firth, 1979, 1980); Nigeria (Wallace, 1987); Sweden (Cooke, 1989); Japan (Cooke, 1992); United States (Imhoff, 1992; and Lang and Lundholm, 1993); Bangladesh (Ahmed and Nicholls, 1994); Switzerland (Raffournier, 1995); Hong Kong (Wallace and Naser, 1995), Egypt (Mahmood, 1999); Jordan (Naser, Alkhatib and Karbhari, 2002); Saudi Arabia (Alsaeed, 2006b) and United Arab Emirates (Aljifri, 2007). However, to my knowledge, little attention has been devoted to the role of voluntary disclosure in the Middle East countries, more specifically Kuwait (see Al-Shammari, 2008). The aim of this study is to understand what motivate or demonstrate a companys disclosure by empirically investigate the association between a number of company characteristics and the extent of voluntary disclosure in the annual reports of companies listed in the Kuwait Stock Exchange in 2005, 2006, 2007, and 2008. In addition, the influence of the reporting year on voluntary disclosure will also be examined to assess the progress of disclosure activities in Kuwait. Given that Ashammaris study only cover the year of 2005, the execution of this study is fully justified. 1.3 Research Questions In general, this study seeks for explanation on voluntary disclosure behaviour of Kuwait companies. The followings are the research questions:- 1- What is the relationship between the firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and voluntary disclosure level? 2- Does reporting year influences voluntary disclosure? 3- To what extent do the above factors affect the voluntary disclosure? 1.4 Research Objectives To determine the influences of firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and reporting year on the level of voluntary disclosure of companies listed in Kuwait. 1.5 Significance of the Study The significance of study can be viewed from contributions given to Accounting academic discipline and to the practitioners and policymakers. Contribution to Accounting body of knowledge This study contributes to the literature on corporate financial reporting and disclosure practices in one of the important capital markets in the Middle East in which International Financial Reporting Standards (IFRSs) are mandatory and the government controls the accounting and auditing profession. It also contributes to the corporate governance literature on whether the company characteristics found to be significant in companies operating in developed countries are similar to those a developing country like Kuwait. This study is important in enhancing our understanding of corporate financial reporting in Kuwait. It explores the determinants that help explain voluntary disclosure in Kuwait. Contribution to the practitioners and policy makers Knowledge on firms characteristics that influence voluntary disclosure would enable policy makers to target training and monitoring activities to suitable target companies in order to improve disclosure level in the country. This is important because higher disclosure among companies could improve investors confidence and help attracting more foreign investment into the country. The study is also able to show whether the external environment in Kuwait have improved the voluntary disclosure activities. 1.6 Scope and Limitations of the Study This study investigates the relationship between firm characteristics and voluntary disclosure of non financial companies listed in Kuwait. Financial companies (banks and insurance companies) were eliminated as the characteristics of their financial reports are different from those of non financial firms (Alsaeed, 2006). A disclosure index was constructed as a yardstick to measure the level of disclosure by the listed firms. The construction of the disclosure index is based on the information that firms supply in their annual financial reports to shareholders. Albeit not as conclusive, financial reports serve as a widely accepted (Knutson, 1992). The disclosure index does not intend to be comprehensive, nor does it intend to specify what firms ought to disclose. Rather, the index is crafted solely for the purpose of capturing and measuring differences in disclosure practices among firms. The selection of items embedded into the index was entirely guided by Meek, Rober and Gray (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006) 1.7 Organization of the Study The reminder of this study is organized as follows: Chapter Two discusses the literature review related to the study; Chapter Three consists of research methodology including theoretical framework, hypothesis development and model specification for the study. The measurement, sampling and instrumentations are also discussed in this chapter. Chapter Four presents the empirical findings and results. Finally, Chapter Five provides the discussion, implications and recommendation of the study as well as suggestions for future research. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction This Chapter discusses and summarizes the literatures review, which looks at many aspects of voluntary disclosure and the factors which affect the degree of voluntary disclosure in a firm. The discussion is segmented into five sections. The first section presents an overview of disclosure requirements in Kuwait so as to provide foundation knowledge of the issue understudy. Section two discusses the concept and measurement of voluntary disclosure. This is followed by section three which presents the firm-related determinants of voluntary disclosure as found from prior theoretical and empirical literature. These variables include firm size, debt ratio, ownership dispersion, profitability, audit firm size. 2.2 Disclosure Requirement in Kuwait Mandatory disclosure refers to firms disclose information about their operations because of legal requirements. For the efficiency of markets and the protection of investors, mandatory disclosure of information concerning the firms operating in capital markets has important consequences (Shin, 1998). 2.3 Voluntary disclosure level More detailed disclosure by the firms beyond the level of information disclosed within the mandatory disclosure process is called voluntary disclosure. Voluntary disclosure means making public the financial and non-financial information regarding the firms operations without any legal requirement (Fishman and Hagerty (1997), Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006). Alsaeed has identified a more comprehensive items for voluntary disclosure based on Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003). These items are as in Table 2.1 Table 2.1: Voluntary disclosure items in Alsaeed (2006) No. Disclosure items 1 Strategic information 2 Brief history of company 3 Information on events affecting future years results 4 Board directors names 5 Top managements names 6 Majority shareholders 7 Information on different types of products 8 Information statistics for more than two years 9 Information on dividends policy 10 Information on future expansion projects 11 Percentage of foreign and national labor force 12 Information on training and workers development 13 Information on social and environmental activities 14 Statement of corporate goals and objectives 15 Principle markets 16 Average compensation per employee 17 Market share 18 Information on events affecting current years results 19 Competitive environment 20 Forecasted profits Many studies have examined the relationship between a companys characteristics and voluntary disclosure level. Alsaeed, (2006) argued that firm size, profitability and auditor firm size influence the level of voluntary disclosure. Naser et al., (2002), Jensen and Meckling, (1976); Fama and Jensen, (1983) Donnelly and Mulcahy, (2008), Camfferman and Cooke (2002), studied the association between companys firm size, debt ratio, owner ship and auditor firm size and the level of disclosure. 2.4 Determinants of Voluntary Disclosure 2.4.1 Firm size Most of the firm disclosure studies used firm size as a control variable (see for example, Alsaeed (2006); Donnelly and Mulcahy (2008); Brammer and Pavelin (2004); Meek et al, (1995), Mitchell et al, (1995), Mckinnon and Dalimunthe, (1993), Aitken et al. (1997), Bradbury, (1992), Zarzeski (1996), Brennan and Hourigan, (2000), Naser et al.,(2002), Wallace and Naser (1995), Firth, (1979), Eng and Mak (2003) and Hossain et al.(1994). Many studies found a positive relationship between firm size and disclosure level of companies. For example, Alsaeed (2006) conducted a study to investigate the relationship between firm characteristics of non-financial Saudi firms listed on the Saudi Stock Market in 2003 and voluntary disclosure level by those companies. He found that there was a positive relationship between the firm size and the level of disclosure. Alsaeed (2006) argues that agency costs are higher for larger companies because shareholders are widespread, therefore, additional disclosure might reduce these costs (Watts and Zimmerman, 1983). This finding is consistent with other studies such as Meek et al, (1995), Donnelly and Mulcahy (2008), Foster (1986), Hossain et al, (1995) and Al-Shammari, (2008). In addition to what Alsaeed (2006) has mentioned above, they argued that large companies might have sufficient resources to afford the cost of producing information or the user of annual reports. Secondly, small companies might suffer from a competitive disadvantage if they provide additional disclosure. Thirdly, large companies might be of interest to different users of annual reports including government agencies. 2.4.2 Debt ratio There is no consensus among researchers about the relationship between debt ratio and voluntary disclosure. Most of studies found a significant positive relationship between debt ratio and voluntary disclosure such as Naser (1998), Mitchell, Chia and Loh (1995); Hossain et al. (1995), Al-Shammari, (2008) and Bradbury, (1992). Jensen and Meckling, (1976) found the voluntary disclosure level can reduce the agency costs by facilitating debt ratio suppliers assessment of the firms to ability to meet its debts ratio. In relation to this, Al-Shimmiri, (2008) argued that the companies with higher debt in their structure of capital are prone to higher agency cost, hence they will be more likely to disclose additional information in order to reduce agency costs and information asymmetry with shareholders. Alsaeed, (2006) argued that when firms increase their level of leverage, they have to disclose more information in order to reduce asymmetric information between the firm and its creditors. Hence he argued that firms with high leverage will have high level of disclosure. In addition, Zarzeski (1996) argued that firms with higher debt ratio are more likely to share private information with their creditors. Thus, voluntary disclosures can be expected to increase with leverage. However, Mckinnon and Dalimunthe, (1993), Hossain, Berera and Rahman (1994), Aitken, Hooper and Pickering (1997), Brennan and Hourigan, (2000) and Eng and Mak (2003) studied the relationship between the voluntary disclosure and leverage found no relationship. While Meek et al (1995) mention that there is negative relationship between voluntary disclosure and leverage for US, UK, and European MNCs, Wallace, Naser and Mora (1994). 2.4.3 Profitability Many studies refer the profitability as the factor that affects voluntary disclosure level such as Singhvi and Desai (1971); Foster (1986), Richard (1992), Meek et al. (1995) and Naser et al. (2002) they argues that when the level of firms profitability increase, the firms have to disclose more information that can be an indicator to good management and also have incentives to show to the investors and the public that their profitability has increased. However, Ahmed and Courtis (1999) identified 12 studies that investigated the relationship between profitability and disclosure with mixed results. Akerlof (1970) argued that larger profitable companies may disclose more information to be distinguished from less profitable companies. Watts and Zimmerman (1986) argued the firms with larger profits are more interested in disclosing detailed information in their annual reports in order to justify their financial performance and to reduce political costs. However Wallace et al. (1994) found no significant relationship between the comprehensiveness of disclosure and the profit margin of listed and unlisted Spanish firms. Inchausti (1997) elaborated that agency theory suggests that managers of larger profitable companies may wish to disclose more information in order to obtain personal advantages like continuance of their management position and compensation. Raffournier (1995), Wallace and Naser (1995) and Alsaeed, (2006) observed no significant relationship between the disclosure and the profitability, because none of the performance related variables provides an explanation of the disclosure level. Ho and Wong (2001), Barako, Hancock and Izan (2006) and Barako (2007) on the other hand found profitability to be positively and significantly related with two of the four disclosure categories, financial and forward looking disclosures, whereas other categories ware negative and significant with the disclosure of general and strategic. This result is similar with that of Eng and Mak (2002) study on Singapore listed companies. For example, companies in the manufacturing sector were found to disclose less of financial information, and instead disclosed more on general and strategic information to explain in detail factors affecting their poor financial performance. 2.4.4 Ownership dispersion The ownership dispersion represents the percentage of shares owned by outsider after subtracting shares owned by the insider. Many studies found positive relationship between voluntary disclosure level and ownership, as explained by the agency theory which suggests that difference in the proportion of the companys shares owned by outsider shareholders causes differences in the voluntary disclosure level. This is because the companies with more outsider ownership are more likely to disclose more information than companies with less outsider ownership and also the demand for publicly available information is likely to increase (Wallace and Naser 1995). Gelb (2000) and Barako et al. (2006) found significant relationship between outsider ownership and disclosure level. Leftwich, Watts and Zimmerman (1981), Fama and Jensen (1983), Mckinnon and Dalimunthe, (1993) and Aitken et al. (1997) mentioned the detailed disclosure in annual reports that may allow outsider to monitor their interests more efficiently. Eng and Mak (2003) argued that voluntary disclosure is a substitute for outside monitoring and so is negatively related to managerial ownership. They found evidence consistent with this prediction. Many studies found negative relationship between voluntary disclosure level and ownership dispersion. Hossain et al. (1994) found evidence on Malaysian listed companies having significant negative association between voluntary disclosure and ownership dispersion. A later study by Haniffa and Cooke (2002) also found similar result. Naser et al. (2002) examined the affect of ownership on US companys disclosure and his results indicated that firms with a lower level of managerial ownership are more likely to receive higher ratings for the disclosure provided in their financial reports. Ho and Wong (2001) found negative relationship between family ownership structure and voluntary disclosure. Chau and Gray (2002) also found negative relationship between family ownership structure and voluntary disclosure of companies listed in Hong Kong and Singapore but found positive associated with outside ownership. Donnelly and Mulcahy (2008) on the other hand found no evidence that ownership structure is related to disclosure level. 2.4.5 Audit firm size According to Jensen and Meckling (1976) large audit firms act as a mechanism to reduce agency costs and exert more of a monitoring role by limiting opportunistic behavior by managers and are less likely to be associated with clients that disclose lower levels of information in their annual reports. In terms of size, audit firms can be divided into two; large or small. Large audit firms are identified as being one of these Big Four (or Big Five or Six formerly) international auditing firms, and smaller audit firms are the rest; the firms are more likely to choose a Big Six auditing firm. Such choice of audit firms signals to investors that the contents of the annual reports are audited with high quality (Craswell and Taylor, 1992). Furthermore, the large audit firms are widely spread in the world while small firms are domestically; hence the large audit firms have more capability to disclosure of the information and have higher reputation and power to affect the voluntary disclosure level related to the smaller audit firm (Alsaeed, 2006). Several studies found that audit firm size have significant relationship with voluntary disclosure level. Firth (1979), Craswell and Taylor (1992), Wallace and Naser, (1995), Ahmed (1995), Raffournier (1995), Inchausti (1997), Mahmood (1999), S.M. Ho and Wong (2001), Camfferman and Cooke (2002), Nasser et al. (2002) and Al-Shammari, (2008) found significant relationship between the voluntary disclosure level and audit firm size. Forker (1992) and Wallace et al. (1994) claim there are positive relationship between voluntary disclosure and audit firm size but not significant, while Hossain et al. (1994), Raffournier (1995), Wallace and Naser (1995), Depoers (2000) and Haniffa and Cooke (2002) they didnt fine significant association. 2.4.6 Industry sector According Cook (1989) disclosure level is more likely to vary from one industry to the other due to the likelihood that leading firms operating in a particularindustry could produce a bandwagon effect on the level ofdisclosure adopted by other firms working in the same industry. Cooke (1992) found evidence that Japanese manufacturing firms tend to provide more information than other non-manufacturing firms. Other studies that found significant effect of industry types are Wallace and Naser (1995) and Camfferman and Cooke (2002), while McNally et al.(1982); Wallace (1987): Wallace et al. (1994); Raffournier (1995); Inchausti, (1997); Patton and Zelenka (1997); Naser (1998); Owusu-Ansah (1998), Naser and Alkhatib (2000) and Alsaeed (2006) found insignificant effect. Table 2.2: Summary of independent variables influence on voluntary disclosure: Study Independent variable findings Akerlof (1970) Profitability Positive relationship Singhvi and Desai, (1971) Profitability Positive relationship Jensen and Meckling, (1976) Debt ratio and audit firm size Positive relationship with debt ratio and audit firm size. Firth, (1979) Firm size and audit firm size Positive relationship with debt ratio and audit firm size. Leftwich, Watts, and Zimmerman (1981) Ownership dispersion positive relationship with ownership dispersion McNally et al.(1982) Industry sector Insignificant with industry sector Fama and Jensen (1983) Ownership dispersion positive relationship with ownership dispersion Watts and Zimmerman (1983). Firm size positive relationship with firm size Foster, (1986) Firm size, profitability Significant positive with firm size and found positive with profitability. Watts and Zimmerman (1986) Profitability positive with profitability Wallace (1987) Industry sector Insignificant with industry sector. Cook (1989) Industry sector Positive with industry sector. Bradbury (1992) Firm size and debt ratio. Significant positive with firm size and debt ratio. Richard, (1992) Profitability Positive with profitability. Forker (1992) Audit firm size Positive but insignificant with audit firm size. Craswell and Taylor (1992) Audit firm size Positively significant with audit firm size. Cooke (1992) Industry sector positive with industry sector Mckinnon and Dalimunthe, (1993) Firm size, debt ratio, ownership dispersion. Positive with firm size and ownership dispersion and negative with debt ratio. Hossain et al. (1994) Firm size, debt ratio, ownership dispersion and audit firm size. Positive with firm size and ownership dispersion but negatively with debt ratio and audit firm size. Wallace et al. (1994) Industry sector Insignificant with industry sector. Meek et al, (1995) Firm size, debt ratio, profitability. Positive with firm size and profitability whereas significant, negative with debt ratio. Hossain et al. (1995) Firm size and Debt ratio Significant positive with firm size and debt ratio. Mitchell et al. (1995) Firm size and Debt ratio. Significant positive with firm size and debt ratio. Wallace and Naser (1995) Firm size, profitability, Ownership dispersion Positive with firm size, ownership dispersion and industry sector but- ,audit firm size and industry sector Negatively with profitability and audit firm size. Ahmed (1995) Firm size and audit firm size Positive significant with firm size and audit firm size. Raffournier (1995) Profitability, audit firm size and industry sector. No significant with profitability and industry sector, but significant positive with audit firm size Zarzeski (1996) Firm size and debt ratio Positive with firm size and debt ratio Aitken et al. (1997) Firm size, Debt ratio and owner ship dispersion Positive with the firm size and ownership dispersion but negative with debt ratio. Inchausti (1997) Profitability, audit firm size and industry sector. Positive with profitability and significant positive with audit firm size and insignificant with industry sector. Patton and Zelenka (1997) Industry sector Insignificant with industry sector. Naser (1998) Debt ratio and industry sector. Significant positive with debt ratio but insignificant with industry sector. Owusu-Ansah (1998), Industry sector Insignificant with industry sector. Mahmood (1999) Audit firm size Significant with audit firm size. Brennan and Hourigan, (2000) Firm size and debt ratio. Significant positive with firm size and significant negative with debt ratio. Gelb (2000) Ownership dispersion Negatively with Ownership dispersion Depoers (2000) Audit firm size No significant with audit firm size. Naser and Alkhatib (2000) industry sector Insignificant with industry sector. Ho and Wong (2001) Profitability, ownership dispersion and audit firm size. No significant with profitability but negatively with ownership dispersion and positive significant with audit firm size. Naser et al. (2002). Firm size, Profitability, ownership dispersion and audit firm size. Positive significant with firm size and audit firm size but positive with profitability and no significant with ownership dispersion. Eng and Mak (2002) Profitability No significant with profitability Chau and Gray (2002) Ownership dispersion Positively with outside ownership dispersion. Camfferman and Cooke (2002) Profitability, audit firm size and industry sector