Analyse the Development of Capital Structuring Theory - Free Essay Example

Sample details Pages: 7 Words: 2237 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Level High school Did you like this example? Introduction The essay intends to cover the development of capital structuring theory over the course of the 20th Century. It will highlight the different theories put forth by researchers, primarily Franco Modigliani and Merton Miller and their work during the 1950s and 1960s, and describe the differences in the theories and their implications and impact in the world of business and finance. Background of Theory In 1952, David Durand produced an article titled Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement (Durand, 1952), for the National Bureau of Economic Research. Within this publication he created what is now known as a Traditional View of capital structuring which according to this view, the value of the firm can be increased or the cost of capital can be reduced by the judicious mix of debt and equity capital (Chand, 2015). This implies that the market valuation of a corporation can be altered depending on the capital structure used to finance the organisation. The Traditional View assumes that as debt capital increases the overall cost of capital decreases and thus the market valuation of a company can be increased through the benefit of a Tax-shield of Debt that is apparent when a company decides to finance through debt (FT Lexicon, 2015). This is due to the fact that interest payments on debt capital are treated as tax-deductable therefore a comp any will obtain more profit and shareholders are more inclined to accept a certain amount of debt finance. However, as leverage begins to increase beyond a certain amount à ¢Ã¢â€š ¬Ã¢â‚¬Å" an optimal point à ¢Ã¢â€š ¬Ã¢â‚¬Å" then shareholders are aware of bankruptcy risks, resulting in an increased cost of capital to compensate an increase in risk, lowering company market valuation. Furthermore, as you increase debt capital you are at the whim of some macro-economic factors, such as the setting of interest base-rates by the countrys central bank which of course would increase debt payments, perhaps beyond an efficient level, again increasing risk. However, in 1958 Franco Modigliani and Merton Miller published a conflicting article in The American Economic Review titled The Cost of Capital, Corporation Finance and the Theory of Investment (Modigliani and Miller, 1958). Within this article they put forth different propositions in relation to how capital structuring affects the mar ket value of a corporation and they criticised David Durands assumption that the cost of equity remains unaffected by leverage up to some reasonable limit as in their view the cost of equity is an increasing function of debt capital (Chand, 2015). This is likely to be because as bankruptcy risks are increasing shareholders are more inclined to request an increasing amount of returns to compensate, therefore the cost of equity will increase. Within the 1958 article Modigliani and Miller had the view that an organisations weighted average cost of capital is not affected by changes in its capital structure. Modigliani and Miller also published an article in 1963 titled Corporate Income Taxes and the Cost of Capital: A Correction for the American Economic Association (Modigliani and Miller, 1963). Within this article they had back-tracked on statements made within their first article published in 1958 and now were stating that among other things, that the tax advantages of debt finan cing are somewhat greater than we originally suggest and, to this extent, the quantitative difference between the valuations implied by our position and by the traditional view is narrowed (Modigliani and Miller, 1963, pp.434). This modification leads Modigliani and Miller to admit that tax relief on interest payments does lower the weighted average cost of capital.(ACCA, 2012, pp.314) Don’t waste time! Our writers will create an original "Analyse the Development of Capital Structuring Theory" essay for you Create order Development of Theory As we have stated, David Durands theory à ¢Ã¢â€š ¬Ã¢â‚¬Å" the traditional view à ¢Ã¢â€š ¬Ã¢â‚¬Å" is of the belief that a company can alter its market valuation by finding an optimal capital structure point which in turn would lower the Weighted Average Cost of Capital (WACC) and thus increase market valuation. This theory has been created on the basis of certain assumptions which are as follows; The company pays out all its earnings as dividends The gearing of the company can be changed immediately by issuing debt to repurchase shares or by issues shares to repurchase debt. There are no transaction costs for issues. The earnings of the company are expected to remain constant in perpetuity and all investors share the same expectations about these future earnings Business risk is also constant, regardless of how the company invests its funds Taxation, for the time being, is ignored (ACCA, 2012, pp.310-311) This theory was used as a basic backdrop to the issues of debt and equity costing and finance. Durand had put forth a Net Income (NI) and Net Operating Income (NOI) in his article Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement (Durand, 1952). The combination of these ideas formed the basis of the Traditional View. That was until the creation of a publication in 1958, Modigliani and Miller put forth propositions which had built upon the theory created by David Durand in 1952 which assumed certain initial assumptions. The assumptions for the first proposition are as follows; A world without taxation A world without transaction costs A world without bankruptcy costs A world without growth opportunities A world without asymmetric information between insider and outsider investors i.e. a perfect capital market exists A world where there are differences in risk between different firms and individuals (Frentzel, 2013, pp.13) Within this theory Modigliani and Miller had rejected the idea put forth within the Traditional View and they had believed that the firms overall weighted average cost of capital is not influenced by changes in its capital structure (ACCA, 2012, pp.310). This is likely to be because, in the absence of taxation, an organisations market value is determined by only two factors; i) The total earnings of a company and ii) the level of business risk attached to those earnings. The WACC would then be determined by discounting the total earnings at a rate that is appropriate to the level of operating risk (ACCA, 2012, pp.312). Therefore capital structuring would be deemed to be of irrelevance, thus the name of this theory was deemed Irrelevance Theory. However, after receiving large amount of criticism due to the unreasonable assumptions, mainly that of an omission of taxation, Modigliani and Miller had to produce a correction paper in 1963 à ¢Ã¢â€š ¬Ã¢â‚¬ Å" as mentioned earlier. This theory à ¢Ã¢â€š ¬Ã¢â‚¬Å" a second proposition à ¢Ã¢â€š ¬Ã¢â‚¬Å" had included corporation tax in their model and they had then concluded that capital structuring does affect WACC and therefore market valuation. The reason for their conclusion arises after they [had] identified taxation as the primary reason why the combination of financing sources does matter because interests on debt may be deducted from the firms income and thereby reduces the net taxable earnings. As a result, this tax saving that constitutes an additional advantage to using debt capital lowers the effective cost of debt capital (Frentzel, 2013, pp. 15-16), this is known as the Tax Shield. This would suggest a firm would benefit from funding their organisation entirely out of debt as they would lower their tax liability due to the savings incurred from interest payments that are tax-deductable. This notion of a firm funding itself entirely out of debt in practice seems illogical considering; a) shareholders would deem the company a risky investment should it be completely funded by debt and would request a higher return to compensate and b) the bankruptcy costs and increased likelihood of insolvency should a company fund itself entirely out of debt even though the model rejects the idea of bankruptcy costs, in reality we know there are such costs. This then brings us onto the next theory which has been named Trade-Off Theory. This theory arose out of the controversy surrounding the second proposition put forth by Modigliani and Miller which implied a company can and should fund itself entirely out of debt due to the benefits of the Tax Shield. This of course does not make sense and sounds extreme due to the reality of bankruptcy costs and therefore an off-setting mechanism is needed which comes in the form of the tax advantages of borrowed money and the costs of financial distress when the firm finds it has borrowed too much (Shyam-Sunder and Myers,1998, pp. 210). This seems to make more sense in that an optimal point between equity and debt financing can be reached as well as including assumptions previously omitted from earlier theory such as the effects of corporation tax and that of bankruptcy. The final theory highlighted in this essay is named Pecking-Order Theory and it has been developed as an alternative to Traditional Theory. It made an appearance in an article titled The Capital Structure Puzzle (Myers, 1984) within the Journal of Finance and suggested that there exists a particular pecking order of funding which, put one way, is that Firms prefer internal finance [retained earnings]If external finance is required, firms issue the safest security first. That is, they start with debt, then possibly hybrid securities such as convertible bonds, then perhaps equity as a last resort. In this story, there is no well-defined target debt-equity mix, because there are two kinds of equity, internal and external, one at the t op of the pecking order and one at the bottom (Myers, 1984, pp. 581). Put in simpler terms, adverse selection implies that retained earnings are better than debt and debt is better than equity (Murray and Vidhan, 2005, pp.19). The Pecking-Order Theory is an explanation of what businesses actually do, rather than what they should do (ACCA, 2012, pp.315). This theory does not provide us with an optimal mix of finance but does provide us with a preferred method of funding for numerous reasons, for example, it is easier to use retained earnings as you have no external expectations set upon the company, there are also no issuing costs with retained earnings, issuing debt provides a signalling effect which is better than issuing equities. This final reason is because should a company start to issue equity, it could be sign that the managers believe that their equities are overvalued and are trying to cash in on the equities before they return to fundamental value, there is also a fixed income in regard to issuing debt whilst having a priority on liquidation. Conclusion In conclusion, there have been some productive developments concerning the area of capital structuring. In just over half a century various different hypothesis have developed which have contributed largely to the field, from an initial period where capital structuring was questioned to have any relevance at all to a view-point where a mix of debt and equity finance can achieve an optimal point of capital structuring. The importance of this cannot be underestimated as achieving an optimal point can lower the Weighted Average Cost of Capital so that a discount factor used in investment appraisals can lead a company to increase or decrease its market valuation. Reaching the optimal point is a case of trial and error for a company however once a company has reached this point the benefits can be profound, should a company increase its market valuation it may attract a different kind of investor or increase the possibility of a merger or an acquisition. Achieving the optimal point will allow a company to have a greater understanding of its Weighted Average Cost of Capital and therefore a discount factor; once this is achieved certain investment opportunities that may once have been out of reach may now be an acceptable possible idea to pool company resources or capital. This in turn may allow a company to enter into investment opportunities that it once thought it couldnt, perhaps leading to the entrance into new markets, the development of new technology, or an avenue to achieve re-engineered growth, all leading the company to a position to move forward and most importantly keeping the current and possibility new shareholders content with the current business model and situation. Bibliography Chand, S. (2015). Theories of Capital Structure (explained with examples). Available at: https://www.yourarticlelibrary.com/financial-management/theories-of-capital-structure-explained-with-examples-financial-management/29398/ Durand, D. (1952). Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement, National Bureau of Economic Research, pp.215 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 262, [PDF]. Available at: https://www.nber.org/chapters/c4790.pdf FT Lexicon. (2015). Definition of the Tax Shield. [Online] Financial Times. Available at: https://lexicon.ft.com/Term?term=tax-shield Modigliani, F. And Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment, The American Economic Review, 48(3), pp. 261-298, [PDF]. Available at: https://www.aeaweb.org/aer/top20/48.3.261-297.pdf Modigliani, F. And Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction, The American Economic Review, 53(3), pp. 433-443 [PDF] Available at: https://www2.bc.edu/~chemmanu/phdfincorp/MF891%20papers/MM1963.pdf ACCA. (2012). Paper F9, Financial Management, Study Text. London: BPP Learning Media Ltd Frentzel, B. (2013). Capital Structure Theory since Modigliani-Miller. Bachelor of Arts Thesis (BA). Berlin School of Economics and Law. Available at: https://opus4.kobv.de/opus4-hwr/files/166/Frentzel,Bennet_BA_2013.pdf Shyam-Sunder, L. And Myers, S. (1998). Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Financial Economics, 51, pp. 219-244 [PDF] Available at: https://pages.stern.nyu.edu/~eofek/PhD/papers/SM_Testing_JFE.pdf Myers, S. (1984). The Capital Structure Puzzle, The Journal of Finance, 39(3) , pp. 575-592 [PDF] Available at: https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1984.tb03646.x/pdf Murray, F. And Vidhan, G. (2005). Tradeoff and Pecking Order Theories of Debt, (Working Paper) Tuck School of Business at Dartmouth. Available at: https://www.tc.umn.edu/~murra280/WorkingPapers/Survey.pdf

Mongo Betis Narrative in The Poor Christ of Bomba is...

Postcolonialism is a term that ranges from artistic actions, political theories, cultural theories, and social ideologies which have created a new genre of African writers in the mid to late twentieth century that theorize this term. The fallout, drawbacks, and social emergences that have come out of colonialism appear to have taken the definition of postcolonialism up to a certain point because according to some theorists of postcolonialism, the definition still remains subjective. At this point, what remains is still the level of understanding toward the colonized and remaining questions as to the motives of the colonizers to colonize. Postcolonialism relegates the colonizers intent to just personal financial gains over the colonized,†¦show more content†¦Before postcolonialism is understood at some level, colonialism itself has to be defined. Mongo Beti uses his book, The Poor Christ of Bomba, to tell a fictional tale of colonialism. He uses wit, satire, irony, and parodi es to bring forth some revelations about this subject matter of colonialism. Beti uses biographical narration. It resembles autobiographical narration which takes the reader through a historical account using a diary-like dialogue of the main protagonists life with other members of society such as the colonizers and the villagers who live alongside of the road of Bomba. Denis is the young boy whose mental imagery where this invasion takes place is ultimately the readers tour guide of what colonialism may have like. Mongo Beti (1932-2001) was a Cameroon writer who was a theorists, novelist, essayist, and publisher. He is noted for being a prominent African writer who has been known to use satirical approaches to criticize and emphasize the effects of colonialism through his fictional novels. The importance of his characters in his novels, for example, The Poor Christ of Bomba, gives visional insight though the narrative of how the hierarchal order of the colonizer adhered to its position and then how the colonized submission presumably took place. Beti uses satire as a literary device to draw consciousness of a subject whose remnants have tried to define its effects known as postcolonialism.

Causes and Effects of Cyberbullying - Free Essay Example

Sample details Pages: 2 Words: 621 Downloads: 1 Date added: 2019/02/12 Category Society Essay Type Cause and effect essay Level High school Tags: Bullying Essay Cyber Bullying Essay Did you like this example? Audience: parents oblivious to their children’s online behavior Purpose: to inform Why can a plan not be put in place to simply stop cyberbullying altogether? Sadly, seventy-four percent of college surveyors claimed that enforced policies would take little or no effect on online bullying behavior whatsoever. Cyberbullying affects our youth in many ways for several reasons, and the outcomes can be disheartening. What causes cyberbullying? While this is a debatable topic, several sources will claim that bad history at home is the root of cyberbullying. Don’t waste time! Our writers will create an original "Causes and Effects of Cyberbullying" essay for you Create order Children may tend to morph into cruel beings while they are away from home in order to feel less taken aback by what happens behind closed doors. For example, an adolescent who is being abused at home may reflect this behavior onto his or her peers in order to balance out the victimization. As written by Gabriel in â€Å"What are the Causes of Cyber Bullying?,† some victims choose to harass others because their upbringings lead them to believe that â€Å"some people deserve to be bullied.† Secondly, cyberbullying may be caused by a person’s perspective on society. Reading the comments on a celebrity’s Instagram post, watching embarrassing Youtube videos of an unwilling subject, or seeing Tweets that directly insult someone could all lead to an individual believing that this behavior is acceptable. A known fact: children grow mentally through the things that take place around them. A person could assume that a child who is raised in an abusive home has the potential to become an aggressive adult, and this idea follows through with cyberbullying. A child who sees abusive content every time he or she goes online could grow up to hurt others from behind his or her computer screen. What does cyberbullying affect? A victim of intense cyberbullying is likely to develop mental instability. Things like anxiety, depression, or even suicide can happen as a result of cyberbullying. Because the abuse is often anonymous, an abuser holds minimal public responsibility for a victim’s mental wounds, unless the abuser announces his or her wrongdoings. A person who is being cyberbullied will often feel unsafe in every aspect of his or her life. This constant paranoia could cause a person to break down mentally and lose the confidence needed to be publically present in any setting, like posting online or even walking outside. Lastly, cyberbullying can affect a person’s focus toward education. High school and college can be strugglesome without intrusive online abuse. Some assignments today are required to be submitted online, and will not be accepted otherwise. Imagine a person attempting to complete an assignment while his or his inbox is being bombarded with nasty comments or hateful posts. Presumably, this cyberviolence can become very distracting and interrupt a person’s ability to fulfill an educational expectation. While this argument may seem slightly forced, a study from a religious university showed that a shocking 84.5 percent of students reported that some level of cyberbullying occurs at the university (Slovak 154). Overall, cyberbullying can cause harm to mental or physical health for uncertain reasons that are still not justified. Some youth choose to cyberbully because they are taught inside their homes to be aggressive. Others do it because society says to do so. Until this abuse stops, adolescents will continue to struggle mentally and educationally. The behavior of children on social media should be monitored as to keep children out of this harm’s way until a foolproof solution is discovered. Works Cited: Slovak, Karen, et al. â€Å"Perceptions of Experiences of Cyberbullying at a Faith-Based University.† EBSCO Host, 2015, search.ebscohost.com/login.aspx? direct=trueAN=102583479site=edslivet â€Å"What are the Causes of Cyber Bullying?† English BINUS University, 22 June 2015, english.binus.ac.id/2015/06/22/what-are-the-causes-of-cyber-bullying/.

Jim Teague in Tanzania Essay - 2762 Words

Introduction Jim Teague, an MBA associate with a diploma in engineering, is hired for a summer internship in rural Africa to be an officer of a U.S- based social investment firm that is looking for an important agribusiness project in Africa. A small successful company in Tanzania â€Å"KiraFlour† is in the run for being financed by AgriFund. Upon his arrival in Tanzania, he is faced upon two issues: KiraFlour faces some major health-safety issues with the risks of spreading E-coli among the population. Another problem Jim Teague is facing is the fact that he does not know exactly whether the company that identified the potential contamination of E-coli found a real problem or is just looking for a payoff as Baba is stipulating. The quandary†¦show more content†¦In addition, when they went to the farm, he decided not to talk about his impressions and findings to Baba knowing the risk the farmers where taking by using cow manure. The fact that Jim Teague is inexperienced also play ed some responsibility for this difficulty he encountered. He was not prepared enough for the problems facing the society in Tanzania. What encouraged Jim to pay off the police? Do Gesteland’s â€Å"five rules† suggest methods Jim could have used to avoid paying bribes? Jim a couple of days after coming to Tanzania found himself in a complicated situation with a police officer who arrested him illegally. He decided to pay off the police officer with the CD’s of Jim Reeves belonging to Baba. Jim was encourages to pay off the police officer because he did not want to go to jail. It was either paying off the officer or go into the pain of being locked up for something he did not do. He did not think about it twice while he was giving the CD because his decision was the most rational decision at the time. He could have avoided bribery by using Gesteland’s â€Å"five rules† to avoid bribery. The first rule according to Gesteland is to never assume that you have to give bribe. In Jim’s case, he did not try to negotiate with the office; he directly assumed that the police officer wanted something in return of his freedom that is why he gave him the CD’s. The second rule is to â€Å"just say no.†

The Dropping of the Atomic Bomb - 1290 Words

President Truman Had the Right to Drop the Atomic Bomb â€Å"On the morning of August 6, 1945, the American B-29 Enola Gay dropped an atomic bomb on the Japanese city of Hiroshima. Three days later another B-29, Bock’s Car, released one over Nagasaki. Both caused enormous casualties and physical destruction.† (Maddox 1). These disastrous events have weighted upon the American conscience ever since that day in history. Even though there are some people that disagree with the dropping of the atomic bomb, President Truman’s decision was very critical because he prevented the loss of many American lives, Japanese soldiers fought with no notion of ever surrendering, and it brought an end to a bloody war. The decision to drop two atomic bombs on†¦show more content†¦Since April 1, 1945, the Japanese had fought with ferocity that mocked any notion that their will to resist was eroding. â€Å"As we understood it in July, there was a very strong possibility that the Japanese government might determine resistance to the end, in all the areas of the Far East under its control.† (Stimson 101). In July, the Japanese army was estimated to be about 5,000,000 men. The Allies would be faced with the task of destroying an army of five million men and suicide aircrafts, who were all ready to fight literally to the death. In an article in The Atlantic Monthly, Karl T. Compton, who was a scientist involved in the making of the bomb, stated that he was in a group of interrogators who were questioned a Japanese Army officer in Yokohama. When asked a question about surrendering, he stated, â€Å"We would have kept on fighting until all the Japanese were killed, but we would not have be en defeated,† by which he meant they would not have been disgraced with surrendering. â€Å"A bulk of the Japanese people did not consider themselves beaten; in fact they believed they were winning in spite of the terrible punishment they had taken. They watched the paper balloons take off and float eastward in the wind, confident that these were carrying a terrible retribution to the United States in revenge for our air raids.† (Compton 55). Third, theShow MoreRelatedThe Dropping Of The Atomic Bomb853 Words   |  4 Pagesall have diverse opinions on the dropping of the atomic bomb. Varying from, it should be dropped to bring an end to the war with Japan, to it is inhumane to use such a power weapon on the Japanese military. Having so many diverse opinions on the newest found weapon, made the decision difficult for President Truman. 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In Major Problems in the History of World War II it has been discussed in the chapter The Atomic Bomb and the End of World War II that former President Truman recalled how he learned about the atomic bomb project as well as the public opinion on the Atomic Bomb. I believe that the solution that Truman gave when dropping the Atomic BombRead MoreThe Dropping Of The Atomic Bomb1207 Words   |  5 PagesThe dropping of the atomic bombs in Japan was a very helpful source for the United States during the WWII. President Truman, took the responsibility of dropping and creation of the atom ic bomb. For the reason that The United States was seeking revenge on Japan for the attack at Pearl Harbor. The atomic bomb caused a high number of innocent Japanese deaths and also awful sickness. 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(Intro 1—Context/Cover) The dropping of the atomic bomb on Hiroshima on August 6th, 1945 and Nagasaki on August 9th, 1945 was the first and last time the weapon has been used to date; the atomic explosions exposed the true potential of nuclear warfare whilst also highlighting the global superiority that America possessed at the conclusion of World War II. On August 6th 1945 â€Å"Little Boy†, a uranium atomic bomb was dropped on HiroshimaRead MoreCauses Of Dropping The Atomic Bomb871 Words   |  4 Pages U.S. Atomic Bombing kills more than 150,000 people! In september 1 1939 through september 2 1945 the world was at war. The Axis powers which were Germany,Italy and Japan. Then there was the allies which were United States, Britain, France then eventually Russia. The Axis powers ruled most of europe then when the U.S. Entered we attacked italy then we invaded france to get it back because it was under nazi control. When europe was finally contained and germany surrendered, on the other side ofRead MoreThe Dropping Of The Atomic Bomb On Japan5502 Words   |  23 Pagesrelation to the dropping of the atomic bomb on Japan? Sub Issues Questions: Scott Carroll The dropping of the atomic bomb on Hiroshima on August 6th, 1945 and Nagasaki on August 9th, 1945 was the first and last time the weapon has been used to date; the atomic explosions exposed the true potential of nuclear warfare whilst also highlighting the global superiority that America possessed at the conclusion of World War II. 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Strategic Business Management of King Burger †MyAssignmenthelp.com

Question: Discuss about the Strategic Business Management of King Burger. Answer: Introduction: King Burger is a fast food restaurant that mainly operates in Australia. It is a budding restaurant, which preserves very small workforce. It offers wide range of products to its consumers to gain their faith and put a strong mark in the industry, such as: hamburger, wraps, pizza, soft drinks, milkshakes and so on. The following report has articulated various aspects of a meeting of this organization, such as- attendance of the meeting, the contribution of the organizational members, organizational decision-making process and governance, different actions taken by different members of the organization and so on. Role and Responsibility: Members who are involved in the organizational function of Burger King are: Manager: He is responsible for supervising all the functions of the organization. He ensures that all the members of the organization are aware of their role and responsibility towards the organization. Human Resource Manager: He is responsible for recruiting skilled and loyal employees in the organization and practicing all other human resource activities within the organizational structure. Nutritionist: Nutritionist has been hired who is responsible to look after the nutritional value of the food products. The organizational management is aware of the preference and requirement of their potential consumers and they are aware of the fact that consumers now a days prefer healthy and nutritious food products over tasty products, so nutritionist will help the organization to met the expectation level of the consumers (Donaldson, Qiu Luo, 2013). Kitchen Staffs: Three experienced chefs in the organization who have quality experience in this field and they are well known about various cuisines and capable of cooking those dishes. There are other kitchen staffs as well who helps chefs to get the dishes ready. Waiter and Waitress: There are five waiter and waitress King Burger who serves food to the customers and pay close attention to other requirements of the consumers. Sweeper: He is appointed to keep the restaurant clean. He plays a major role to maintain the hygiene of the restaurant. Security Guard: He protects the organization from the local threats. Meeting Attendance: The authority of King Burger often conduct various meeting to interact with the team members. They make sure that all the members will be presented in the meeting and actively participate in the meeting. All members participate actively in the meeting, as it provides a great platform to them to share their opinion over the organizational structure and strategy. Levels of Contribution per Meeting: All the members equally contribute in each meeting. They share their opinion about the organizational strategy and structure. They try to rectify the loopholes of the organizational structure that can be harmful for the organizational growth. Decision Making Process and Governance: Employees are considered as a key component of the King Burger. They are actively participate in the organizational decision making process. The authority allows them to show their creativity and share creative ideas to run the organizational function properly. They maintain healthy and interactive environment within the organization. It helps employees to involve in the organizational function (Briner Manser, 2013). In the team meetings, leaders address each of the team members and communicate with them about their work experience and the issues they often face in their work place. It stimulates the decision making process of the organization and organizational growth. Actions to be taken: As the organization is adopting new and innovative techniques to influence organizational performance, human resource manager will provide training session to the new and fresher employees to provide them a vivid idea about the organizational vision mission and strategy. Manager will monitor the performance of the employees to identify the weak and strong performers of the organization. Moreover, reward system has been included in the organizational rulebook and the manager will appreciate his teammates for their good performance (Goetsch Davis, 2014). New nutritionist has been appointed to maintain the nutrition value of the food products, as people have become very much concerned about their health and they pay close attention to the nutrition value of every food they consume. Hence, this step will be beneficial for the organizational development (Agwu, Carter Murray, 2014). Standard of Work Completed by Each Member: Human resource manager has communicated with the employees about the training session and mailed all the training details to the employees. He has mentioned the objective of this training session in the mail. Manager is scrutinizing the performance of his subordinates to identify their best performers who can contribute for the betterment of the organization. Newly recruited nutritionist is paying close attention on the cooking method to ensure that no such product is used in food that can cause health hazards. Mission of King Burger: The mission of King Burger is to earn huge revenue by providing quality product and efficient service to the large number of local consumers. Vision of King Burger: The organizational management of King Burger wants to become one of the largest fast food restaurant chains of Australia as well as entire world. It possesses a dream to put remarkable footprint in the global market. Organizational hierarchy: Manager is in the top most position in King Burger after the authority of the organization. Human Resource manager is in the second highest position who manages all human resource activities of the organization. Nutritionist who is responsible for the food value belongs to the next level after human resource manager. Chefs and waiters hold the position after the nutritionist. Conclusion: Thus, it can be concluded that the management of King Burger has designed their organizational structure in such a manner that can be helpful for achieving the long-term organizational goal. All the members of the organization is aware of their role and responsibilities towards the organization and they aim at serving the organization with the quality performance. All members are actively involved in the decision making process of the organization and they share their precious suggestion with their leaders for the betterment of the organization. References: Agwu, M. E., Carter, A. L., Murray, P. J. (2014). Downsizing as a strategic tool for effective organizational management: A case study of Nigerian banks.International Journal of Research in Management, Science Technology,2(1), 1-9. Briner, M., Manser, T. (2013). Clinical risk management in mental health: a qualitative study of main risks and related organizational management practices.BMC health services research,13(1), 44. Donaldson, L., Qiu, J., Luo, B. N. (2013). For rigour in organizational management theory research.Journal of Management Studies,50(1), 153-172. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson.

Making waves Essay Example For Students

Making waves Essay Exit, pursued by a bear is a bit of a stretch for most theatres producing The Winters Tale. But on radio, this stage direction stretches imagination rather than resources: A bears roar, a mans terrified scream and off? Maybe a narrator stating it simply and chillingly? Or with a smile in his voice, as with an oft-told joke? Non-radio people get tired of radio types extolling the endless possibilities of radio drama, but until youve experienced it you cant imagine the kick of that kind of freedom. My experience with radio began two years ago when my play Truckin Maggie won the BBC World Service Drama Competition and I went to London for the production. Our schedule had to be shortened from the usual three days to two because the production coincided with the first strike by BBC employees in 50 years. The lead actor, Anton Lesser, was half dead with a cold and trying not to be concerned about how hed manage not only our rushed schedule but playing Richard III at the RSC, which he was also doing at the time. One of the bit parts hadnt been cast by the time we started but, no problem, Michael Horden was passing by and was happy to give 10 minutes to a cameo. This was heady stuff for a first-timer. I was hooked. When Gordon House, head of BBC World Service Drama, asked to do an adaptation of two of my one-acts, I couldnt wait to go back. There was the usual climbing down into the bunker to get to the studio (five levels below ground a left-over from World War II broadcasting-during-the-Blitz days), and the stereotypically civilized tea breaks, provided by the BBC canteen. But this time a strike was only threatened (by Equity), so we had the full three days for production. Three days may not sound like a lot of time to discuss, rehearse and record a play, but the BBC has it down to a science, and the director and actors, drawn mainly from theatre, come prepared to put meat on the bone quickly and effectively. There are few distractions from the work at hand. No costumes, no sets and little blocking is needed in what has been called the stage of pure sound. Scenes are read, discussed, rehearsed and recorded one after the other, with one final take at the end. Afterwards, the director edits the tape, working with the production team to add special sound effects or music, and the play is ready to be broadcast to World Service Dramas audience of 120 million. (What playwright could resist that size house?) Often, BBC Radio 4 will pick up a World Service Drama production to be broadcast nationally, making for an even bigger audience. The BBC doesnt have a corner on this kind of production, of course. Radio drama in Europe is an institution, and a thriving one. German radio is an active producer of new plays, as well as of adaptations many in English of writers ranging from Graham Greene to Dashiell Hammett. Radio in the Netherlands, though its become increasingly commercial the last few years, still manages to provide a forum for new plays. France, Italy and Austria all have systems of radio networks supported by public funds, broadcasting on a regular basis a variety of radio drama. But perhaps it is in Great Britain that radios standing is most evident: It is not a fringe medium. Every daily newspaper carries the radio schedule right next to the one for television. Any newsstand carries at least one of the three national magazines The Listener, Radio Times, London Calling featuring articles about radio. Costs for the five national networks and 50 local radio networks constitute a fourth of the total BBC budget. About 2,200 plays a year are produced by BBC Radio and BBC World Service Drama, with production costs running around 12,000 per hour, versus 300,000 for an hour of television drama. (This is not to say that BBC pays exorbitant fees to its artists. My bed and breakfast was hosted by a writer whose novel was being filmed by BBC television. We commiserated on the trade-off between the quality of work possible with BBC and large financial renumeration available elsewhere and decided it was worth it.) John Tydeman, a radio veteran of 30 years and head of BBC Radio for the past five, attributes radios success to the fact that, in the 60s when the bite of television was being felt, BBC Radio did not panic and go for the elitist market. They continued to program entertaining fluff alongside Hamlet and found that their core audience stuck around for the classics. He also reasons that one explanation for the health and liveliness of the British theatre is that it continues the tradition of radio dramas. The two media continue to feed each other today. Name a West End playwright or actor, and its more than likely that he or she also does radio. Radio isnt a medium theatre artists use as a stepping stone to better things. Its one they return to again and gain for the singular qualities no other medium can provide. As Gordon House says, When we do a play, were reinterpreting that play not leaching off the other medium. Adaptations to radio can change the feel of a play completely. He uses the example of Alan Ayckbourns plays several of which he has directed for radio pointing our that an individual seeing these plays in a theatre is affected by the reactions of those around him and so, naturally, picks up on the comedy eliciting the laughter. But when that same individual is listening to the plays in the quiet of his own home, the darkness in the plays is more accented and becomes much more a part of ones reaction to that play. House also emphasizes how congenial radio is for writers honing their talents for a characterization and dialouge. Which is why most playwrights, given the opportunity, love to write for radio, as evidenced by the experience of Marjorie Van Halteren, producer/artistic director of The Radio Stage, a program of plays running on National Public Radio through March 22, 1992. Van Halteren, a three-time Peabody Award Winner, had no trouble attracting playwrights like Adrienne Kennedy, Eric Overmyer, Migdalia Cruz and Wendy Wasserstein to adapt their plays or write new ones for the series. She points out the powerful advantages for playwrights in radio, among them the opportunity to see the play through from inception to production. This is a valuable opportunity for writers who work in the American theatre, where so many new plays never make it past the level of a staged reading. And radio is relatively cheap. Two dozen radio plays can be produced for about what it would cost to produce one play Off Broadway. So why dont we have the same thriving radio medium as Europe has? Mainly because American and European radio developed differently. Here, commercial radio came first, with public radio not coming on strong until 1970, with the advent of NPR. Radio in the U.S. is a business, not an art form, says Van Halteren. Its basically a service to an advertiser. In commercial broadcasting, the product is the audience. In public broadcasting, the product is the program. But this stark reality hasnt discouraged those trying to bring radio into the mainstream. Van Halteren admits, I find a real strength in the kind of guerrilla atmosphere in which we work. Nearly everyone in radio drama in the States today is reinventing the wheel. In a hopeful vein she quotes Brecht: If you want to build a barn, you work with the beams you have. American radios beams are few right now, but growing in number and strength. Surely there must be room for a medium that allows both its artists and its audience to stretch their imaginations so inexpensively and innovatively. Its just a matter of time. .u745ed83ef52ae8c5943f63d29af2d2db , .u745ed83ef52ae8c5943f63d29af2d2db .postImageUrl , .u745ed83ef52ae8c5943f63d29af2d2db .centered-text-area { min-height: 80px; position: relative; } .u745ed83ef52ae8c5943f63d29af2d2db , .u745ed83ef52ae8c5943f63d29af2d2db:hover , .u745ed83ef52ae8c5943f63d29af2d2db:visited , .u745ed83ef52ae8c5943f63d29af2d2db:active { border:0!important; } .u745ed83ef52ae8c5943f63d29af2d2db .clearfix:after { content: ""; display: table; clear: both; } .u745ed83ef52ae8c5943f63d29af2d2db { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u745ed83ef52ae8c5943f63d29af2d2db:active , .u745ed83ef52ae8c5943f63d29af2d2db:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u745ed83ef52ae8c5943f63d29af2d2db .centered-text-area { width: 100%; position: relative ; } .u745ed83ef52ae8c5943f63d29af2d2db .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u745ed83ef52ae8c5943f63d29af2d2db .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u745ed83ef52ae8c5943f63d29af2d2db .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u745ed83ef52ae8c5943f63d29af2d2db:hover .ctaButton { background-color: #34495E!important; } .u745ed83ef52ae8c5943f63d29af2d2db .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u745ed83ef52ae8c5943f63d29af2d2db .u745ed83ef52ae8c5943f63d29af2d2db-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u745ed83ef52ae8c5943f63d29af2d2db:after { content: ""; display: block; clear: both; } READ: Giorgio Strehler Essay OTHER VOICES, OTHER ROOMSÂ   The radio stage series is actually only one of several lively, largely unsung programs offering drama on the ariwaves. Perhaps the most ambitious, SoundPlay, began a year-long series of radio drama last September. Produced by New York-based Voices International and distributed by the Pacifica Program Service in Universal City, Calif., SoundPlay features new work by Tom Stoppard, Vaclaw Hazel, Suzan-Lori, Parks, Ingeborg Bachmann, Peter Handke and the prospects directors Everett Frost and Faith Wilding. Voices International has also put together a three-part program of dramatized myths and legends by Native Americans, Stories from the Spirit World, to coincide with the Columbus Quincentenary. L.A. Theatre Works, headed by Susan Loewenberg, regularly produces radio plays, often with nearby Hollywood celebrities. Edward Asner, Richard Dreyfus, Marsha Mason, Hector Elizondo and Howard Hesseman have been known to participate from time to time, performing before enthusiastic studio audiences. LATWs productions are broadcast on NPR affiliates across the country. The other main L.A.-based series, California Artists Radio Theatre, has also become a thriving place for original radio writing. In Hartford, Conn., Company One initiated a series of specially commissioned radio plays in 1989; this past year it stepped up its radio activities, offering mini-festivals of radio drama in May and October. Erik Bauersfelds Bay Area Radio Drama (BARD) in Northern California has opened its studios to radio-drama directors for many years. One of its latest productions, a radio version of The Emperor Jones, is currently being aired around the country. Finally, the Midwest Radio Theatre Workshop has for 12 years been generating discussion and production of radio theatre at its annual conference held in Columbus, Mo. Masters and novices gather for an intensive week of training seasons, panels and presentations, culminating in a live performance of a radio drama broadcast across the state. Still other institutions are transferring the excitement and immediacy of radio drama to the stage. Within the past two years the Blackfriars Theatre of San Diego has presented two of Todd Blakesley and Burnham Joiners radioformat satires, The Laughing Buddha Wholistik Radio Theatre and More of the Laughing Buddha Wholistik Radio Theatre. Comprised of comedy serials, jingles, musical interludes and sound effects, the shows give the audience the experience of being at a live radio broadcast. In Seattle, the Bathhouse Theatres radioesque revue The Big Broadcast has become a holiday favorite; and Walton Joness 1940s Radio Hour has brought wartime radio nostalgia to audiences at San Jose Rep twice in the past three years (in 1988, and again this winter). More information on the burgeoning radio culture can be found in the current special issue of Theatre Journal (vol. 43, no. 3), guest-edited by Everett Frost. It includes essays by Carey Perloff (on recording Ingeborg Bachmans Good God of Manhattan), Anthony Burgess and Jose Quintero, among others. Several collections of radio drama have also recently been published, among them German Radio Plays (Continuum), the English Best Radio Plays of 1991 (Methuen/BBC Publications) and the Canadian Airborne: Radio Plays by Women (Blizzard Publishing).