Famous Steven Wright One-Liners

Renowned Steven Wright One-Liners Steven Wright is an American entertainer who is popular for his lifeless articulation while performing in front of an audience. His jokes appear to be astutely planned, concentrating on absurdities that we underestimate. In 1985, Steven Wright highlighted in a HBO extraordinary titled, Steven Wright Special, which had an immense fan following. Aside from parody, Steven Wright has additionally made short movies. He won an Academy Award for Best Short Live-Action film in 1989. Steven Wright doesn't utilize coarse language to make jokes. His jokes make you wonder about his sharp mind. He shakes each conviction framework and hauls you out of your usual range of familiarity. Steven Wrights jokes make a mob of chuckling. On the off chance that you are acceptable at exchange conveyance, utilize these jokes to hone your discourse. Use them as ice-breakers in a gathering or as a turn of phrase in your introduction. I composed a tune, however I cannot understand music so I dont recognize what it is. Now and again Ill be tuning in to the radio and I state, I figure I may have composed that.I carried a mirror to Lovers Lane. I told everyone Im Narcissus.I busted a mirror and got seven years misfortune, yet my legal advisor figures he can get me five.For some time, I didnt have a vehicle... I had a helicopter... no spot to stop it, so I simply attached it to a light post and left it running...[slow look upward]For my birthday I got a humidifier and a de-humidifier. I put them in a similar room and let them battle it out.George is a radio broadcaster, and when he strolls under a scaffold, you cannot hear him talk.Hermits have no friend pressure.I didnt get a toy train like different children. I got a toy tram. You couldnt see anything, however from time to time youd hear this thundering commotion go by.I drive too quick to even think about worrying about cholesterol.I put my climate control system i n reverse. It got cold outside. The meteorologist on TV was confounded. It should be hot today. I leased a lottery ticket. I won a million dollars. Be that as it may, I needed to give it back.I supplanted the headlights in my vehicle with strobe lights, so it would seem that Im the only one moving.I saw a bank that said 24 Hour Banking, yet I dont have that much time.I saw a dear companion of mine a few days ago... He stated, Stephen, why havent you called me? I stated, I cannot call everybody I need. My new telephone has no five on it. He stated, How long have you had it? I stated, I dont know... my schedule has no sevens on it.I saw a sign: Rest Area 25 Miles. That is entirely large. A few people must be truly tired.I saw a little container of cologne and approached on the off chance that it was available to be purchased. She stated, Its free with buy. I inquired as to whether anybody purchased anything today.I saw a subconscious promoting official, yet just for a second.I spilled spot remover on my canine. Presently hes gone.I remained in an extremely old lodging the previou s evening. They sent me a wake-up letter.I still have my Christmas tree. I took a gander at it today. Sufficiently sure, I couldnt see any backwoods. I think Gods going to descend and pull human progress over for speeding.I think its off-base that just one organization makes the game Monopoly.I enrolled in a class to study speed perusing. At that point I got Readers Digest on microfilm. When I got the machine set up, I was done.I enrolled in a class to study speed pausing. Presently I can hold up an hour in just ten minutes.I took exercises in bike riding. Be that as it may, I could just bear the cost of half of them. Presently I can ride a unicycle.I used to work in a fire hydrant processing plant. You couldnt park anyplace close to the place.I was a fringe visionary. I could see the future, yet just way off to the side.I was conceived by Caesarian segment... be that as it may, not all that youd notice. Its simply that when I go out, I go out through the window.I was going 70 miles an hour and got halted by a cop who stated, Do you realize as far as possible is 55 miles for each hour? Indeed, official, however I wasnt going to be out that long...I was in a prospective employee meeting and I opened a book and began perusing. At that point I said to the person, Let me ask you an inquiry. On the off chance that you are in a spaceship that is going at the speed of light, and you turn on the headlights, does anything occur? He stated, I dont know. I stated, I dont need your activity. I was in the principal submarine. Rather than a periscope, they had a kaleidoscope. Were surrounded.I was in the market. I saw a sign that said pet supplies. So I did. At that point I headed outside and saw a sign that said minimized cars.I was perusing the word reference. I thought it was a sonnet about everything.I was pitiful on the grounds that I had no shoes until I met a man who had no feet. So I stated, Got any shoes youre not using?I headed toward the neighbors and solicited to acquire a cup from salt. What are you making? A salt lick.I went to an extravagant French eatery called Deja Vu. The headwaiter stated, Dont I know you?I went to a carport deal. What amount for the carport? Its not for sale.I went to a general store. They wouldnt let me purchase anything specifically.I went to a spooky house, looked under the kitchen table, and discovered soul gum.

Three Business Types Essay Example for Free

Three Business Types Essay Hairstyling salon This is a little assistance situated business. It is built up by one individual to give spiking administrations to the network. It gives the individuals of the network a spot to proceed to have their hair style without going additional separation to get hair styles. Setting up a hairstyling parlor isn't so monetarily requesting as all you will require is an area (shop), hair clipper(s), chair(s) and mirrors. I pith on the off chance that you are leasing a shop the majority of the costs in setting up the barber’s shop will be simply the shop. The proprietor of the barber’s shop in my locale is gifted in the spiking of hair thus when he began he was distant from everyone else and didn't need to utilize the administrations of another hairdresser. It was the expertise he had that provoked him to decide to begin a business of pointing. Today, with judicious monetary administration, superb administrations and impeccable client connection he has developed the hairstyling salon so much that he has 10 stylists working for him; and he doesn’t need to do pointing employments himself aside from significant clients. What drove the proprietor to pick this business are:â (1) he has the right stuff; (2) nearness to market, and; (3) it isn't so monetarily requesting to set up. Football Club The people group football club is a business that is recorded on the stock trade and in this manner accommodates general proprietorship by everyone inside and outside the network. The matter of this football club is diversion which is likewise a greater amount of administration slanted. It additionally does promoting of its shirts and other club memorabilia. What more likely than not drove the underlying proprietors of this business to shape it was to give diversion and furthermore carry prominence to the network through the brandishing ability of her football crew. At the end of the day, it was not set up for benefit yet additional time and with more grounded prominence, the cash began coming in. Vitality Company This company began with investigation and misuse of oil at that point understanding that it could boost benefit turning up at ground zero into the vitality business fabricated its own processing plant and force age machine that sudden spikes in demand for the fuel it abuses and refines. Today it not just produces and sells electric vitality and oil fuel; it additionally manufactures processing plants and electric plants for different organizations and governments over the world. The worldwide interest for vitality and the need to satisfy this need more likely than not provoked the proprietors of this business to set up the organization that has gotten one of the world’s driving vitality enterprises. On account of the immense vitality request on a worldwide scale there is an assurance of colossal degrees of profitability. Reference http://strategis.ic.gc.ca/sc_mangb/stepstogrowth/engdoc/step3/ssg-3-5.php#industry; sourced 00:45 GMT +1, 2/10/06

The study of Dividends in the market over the last few decades - Free Essay Example

The topic of dividend has been studied extensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend trends of different markets. Lintner (1956) examined the distribution of income of corporations among dividends, retained earnings and taxes using data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. It was found that the basic determinants of dividends changes are net income and prior year dividends. In addition, firms attempt to continue a steady stream of dividend and tend to make a periodic partial adjustment to a target payout ratio rather than dramatically changing their payout when a change in earnings occurs. In the short run, dividends are smoothed to avoid frequent changes. This dispute is rooted back to the significant work of Modigliani and Miller (1961), in which it was challenged in a perfect market condition di vidend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) supported Bird-in-hand theory and argued that in the world of ambiguity and imperfect information, high dividend payment is linked with high firm value. In addition, Black (1976) called dividend is great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significant vague issues in advance corporate finance. According to Anil and Sujjata (2008) that emerging consensus is that no individual factor alone can describe dividend behavior. The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) cond ucted research related to ownership structure and cash flow as determinants of dividend payout policy. According to that individual ownership, cash flow sensitivity, size, and leverage were negatively associated with dividend payout policy. In contrast, operating cash flow and profitability was positively related to cash dividend. In addition, Researcher concluded that managerial ownership, individual ownership, operating cash flow, and size were important determinants of dividend behavior whereas, leverage and cash flow sensitivity did not contribute significantly in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) and Reddy (2004) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistan market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researches but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of profitability on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of review of literature given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of justification of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represent the analysis of results which were taken after the data processing. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance. Lintner (1956) analyzed the distribution of income of corporation among dividends, retained earnings, and taxes using data from the years 1918 to 1941. It was founded the basic determinants of dividends changes are net income and prior year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a periodic partial adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Owner responsibility was reduced to manage the quality of investment and to control the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researche rs had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the undistributed profits tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in Ghanna byAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. They have taken the Payout Ratio as dependent variable and defined as dividend per share divided by earning per share. The included the explanatory variable profitability, frisk (risk), cash flows (cash), corporate tax (tax), institutional holdings (INSH), Sales Growth and Market to Book value (MTBV).they find that more profitable firms pay more dividend and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Their results suggest negative relationship between risk, institutional holding, growth, market to book value and dividend payout. The firms with the earning volatility find difficult to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange between 1989 and 2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integr ated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2007) worked on dete rminants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. Finding for manufacturing firms that dividend payout ratio is the function of profit margin, tax, and market to book ratio We also found that the results are different when the dividend payout ratio is defined as the ratio between the cash dividend that the after-tax cash flow, not the after tax earnings of the companies. Reddy (2006), studied the dividend behavior of Indian corporate firms, trend, and determinants and tried to determine the behavior of the firms listed on Bombay Stock Exchange (BSE) with the help of trade off theory and signaling theory hypothesis. The analysis of dividend trend shows that stock traded on New York Stock Exchange (NSE) and (BSE) signify that the percentage of firms paying dividends has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few firms paying dividend consistently. Furthermore the dividends paying firms are more profitable, large in size, and growth doesnt seem to discourage Indian firms from paying higher dividends. The corporate tax or tax preference theory doesnt appear to hold true in Indian context. Finally the dividend changes appear to signal contemporary and lagged earning performance rather than future earnings performance. Baker, Farrelly and Edelman (1986) studied 318 New York stock exchange firms and concluded that the major determinants of dividend payments are anticipated level of future earnings and pattern of past dividends. Pruitt and Gitman (1991) asked financial managers of the 1000 largest U.S. and reported that, current and past year profits are important factors influencing dividend payments. Baker and Powell (2000) conclude from their survey of NYSE-listed firms that dividend determinants are industry specific and anticipated level of future earnings is the major determinants. Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The period for study 2000-2006 covers both recessionary and booming phase of Indian information technology sector. Researcher concluded liquidity and beta (year to year variability in earnings) was found to be a notable determinant of dividend payout ratio. In addition, authors concluded there was recession and from 2003 onwards IT sector witnessed exponential growth. After 2006 linear growth was seen in IT sector. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated determining factors of dividend policy in emerging economy of Pakistan on a sample of 320 firms listed at KSE from 2001 to 2006. Researchers concluded that Pakistans listed firms rely more on the current earnings than past dividend. In addition, authors highlighted some determinants that may influence the dividend payout policies. First the results demonstrated that the firms having high profitability with stable earnings can afford larger free cash flows thus pay out larger dividends. The firms with larger investment opportunities can easily influence and play important role to determinant of dividend payout policies in Pakistan. The ownership structure has the major impact to determine the dividend payout policy in Pakistan. The firms with the major inside share holdings pay more dividends to its shareholders in Pakistan. Moreover the growth of the firms doesnt have any impact on the dividend payout. The market liquidity of the firms has a positive influence which confirms that firms with higher market liquidity pay more dividends. The size is the highly negative and significant which shows the firms invest in their assets rather than paying dividends to its shareholder. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means no taxes on transaction cost, single buyer and seller not influenced price, and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of uncertainty and asymmetry information. A bird in hand (dividend) is valued more than two in the bush (capital gain). Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this argument has been widely criticized and has not received strong empirical support, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as a agent of shareholders This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shareholder s by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk aversion on the part of managers. Jensens free cash flow/overinvestment hypothesis (1988) provides an alternative explanation for the positive relationship between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF arguments postulate there are fewer funds available for costly overinvestment. Likewise, if company didnt pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant relationship between dividend policy and stock price volatility. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensens and Meckling in (1976) developed Agency cost argument which proposed th at dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Miller and Rock (1985); Asquith and Mullin, 1983; Born, Moser and Officer (1984) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firms earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate finance. 2.4 Signaling hypothesis: Though Miller and Modigliani (1961) assumed that investors and management have perfect knowledge about a firm, this has been countered by many researchers, as management who look after the firm tend to have more precise and timely information about the firm than outside investors. This, therefore, creates a gap between managers and investors; to bridge this gap, management use dividends as a tool to convey private information to shareholders. (Al-Malkawi,2007). Petit (1972) observed that the amount of dividends paid seems to carry great information about the prospects of a firm; this can be evidenced by the movement of share price. An increase in dividends may be interpreted as good news and brighter prospects, and vice versa. But Lintner (1956) observed that management are reluctant to reduce dividends even when there is a need to do so, and only increase dividends when it is believed that earnings have permanently increased. Rate of return effect, as discussed by Gordon (1963) , is that a firm with low payout and low dividend yield may tend to be valued more in terms of future investment opportunities (Donaldson, 1961). Consequently, its stock price may be more sensitive to changing estimates of rates of return over distant time periods. Thus expanding firms although may have lower payout ratio and dividend yield, exhibit price stability. This may be because dividend yields and payout ratio serves as proxies for the amount of projected growth opportunities. If forecasts of profits from growth opportunities are less reliable than forecasts of returns on assets in place, firms with low payout and low dividend yield may have greater price volatility. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firms at-least for two years. The sample represents almost every industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Only firms were used in the samples that paid cash dividend for at least two years firms that included the industrial firms and service providing firms listed on the KSE 100 Index form 2005-2009. The impact of the cash flow and profitability on dividend payout was analyzed on all of the non-financial firms selected as the sample. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study analyzed the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensens (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companys point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Free  cash flow is important because it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 + a1EPS + a2ROE + a3FCF + ÃÆ'‘à ¢Ã¢â€š ¬Ã‚  Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = the error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. 1 .289 .084 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2: ANOVA Model Sum of Squares df Mean Square F 1 Regression 31503.936 3 10501.312 15.236 Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression models ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. TABLE 4.3:Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Co-linearity Statistics B Std. Error Beta Tolerance 1 (Constant) 28.626 1.617 17.704 .000 ROE .216 .042 .261 5.110 .000 .704 EPS -.123 .051 -.120 -2.420 .016 .750 FCF .001 .000 .125 2.815 .005 .922 In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firms dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² SIG. H1 There is significant impact of free cash flow on dividend payout. .001 .005 H2 There is a significant impact of Return on equity on dividend payout. .216 000 H3 There is as significant impact of Earning per Share on dividend payout. -.123 .016 CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the com panies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow can not consider significant determinant of dividend payout in Pakistani market. This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was limited to non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is suggested that such type of study should be carried out in other countries of Asia. Further, it also suggested that other factor except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in analyzing and observing the behavior of firm regarding their investment decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firm will get benefit from this study because this research study taken all major sector into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.

The Master Speed by Robert Frost Essay - 430 Words

The Master Speed by Robert Frost Throughout the poem The Master Speed, Frost addresses the idea that marriage is a sacred bond that must be treasured all through our lives. The main reason for the apparent matrimony theme was due to the engagement of Frosts daughter. Because of this great influence over his life, Frost reiterated the advice to his daughter to stay at the master speed; in order to fully enjoy the rest of her life as well as her future commitment. By this Frost suggests that one should not rush through life but instead take in life, nice and slow so that it may be savored. Frost first presents this idea by metaphorically discussing the spectacular abilities his daughter possesses but refuses to use.†¦show more content†¦Frost uses these examples to show that by staying at the master speed;, stopping, his daughter has the ability to enjoy her existence and the commitment she is about to make. In the second quatrain, Frost tells the reader his daughter was given her special abilities; so that in the rush of everything to waste, that [she] may have the power of standing still.; By this, Frost reiterates his theme by stating that if you travel through life to fast you will lose all the fun and enjoyment it has to offer. Respectively, Frost suggests that everyone especially his daughter should stop at the master speed; to take in the beauty that resides in our everyday lives. Frost also suggests that two people joined by the sacred bond of marriage cannot be parted nor be swept away from one another once [they] have agreed that life is only life forevermore together.; By this, Frost implies that two people who have bonded and both traveling at the master speed; are unable to be separated due to the strength of their connection. Throughout the poem, Frost reiterates the life long importance of the master speed;. 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Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesPoint/Counterpoint Player–Owner Disputes Are Unnecessary 471 Questions for Review 472 Experiential Exercise A Negotiation Role-Play 472 Ethical Dilemma The Lowball Applicant 473 Case Incident 1 Choosing Your Battles 473 Case Incident 2 Mediation: Master Solution to Employment Disputes? 474 S A L 15 Foundations of Organization Structure 479 What Is Organizational Structure? 480 Work Specialization 480 †¢ Departmentalization 482 †¢ Chain of Command 483 †¢ Span of Control 484 †¢ Centralization

The Mystery Of Capital By Hernando Desoto Essay - 1836 Words

INTRODUCTION â€Å"Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned† (Ayn Rand). The utilization of capitalism alongside of various other economic principles allows society as a whole to create prosperity. â€Å"Economically, when such freedom is applied to the sphere of production its result is the free-market† (Capitalism.org). It should make sense that societies who have capitalist values automatically experience the prosperity and freedom that Milton Friedman describes; however, this is not always the case. Oppressive governments while do hold capitalist systems limits the rights of their individuals. In eliminating specialization and comparative advantage governments are hurt. Hernando De Soto argues that there are multiple factors that contribute to wealth creation and McGregor exemplifies this point with descriptions of communist Chinese governments which show the aspects of their governments which are not capitalist. Section 1 In The Mystery of Capital by Hernando Desoto argues that for a capitalist economy to produce to wealth they need something else. The something else is capital. According to Desoto capital is a â€Å"part of a country’s assets that initiates surplus produces and increases productivity† (41). Desoto continues to give accounts of famous economists and their view on capital. For example, Adam smith argued that capital was in charge of the exchange of products in theShow MoreRelatedThe Mystery Of Capital By Richard Mcgregor1605 Words   |  7 Pagesaround the world. Yet Hernando DeSoto author of The Mystery of Capital conveys the idea that the markets in other countries around the world are different because of the system that each set country has. For example a country with a government that keeps â€Å"their peoples and nations in hopeless poverty† and nothing can help unless they change the way the run the country. Richard McGregor author of The Party: the Secret World of Chinas Communist Rulers speaks more in depth of what DeSoto stated that if aRead MoreEconomic Growth And Its Implementation1740 Words   |  7 PagesTannous California State University Northridge INTRODUCTION According to capitalist ideals, free markets combined with a limited government will result in growth, freedom, and a prosperous economy. The Mystery of Capital outlines the importance of capitalism in economic prosperity, but Hernando DeSoto explains that capitalism alone is not enough, we also need to look at something else that allowed the West to prosper under capitalism. Richard McGregor, in The Party: The Secret World of China’s Communist

Sales Plan for Snacks for Fast Food Joints- MyAssignmenthelp.com

Question: Discuss about theSales Plan for Snacksfor Fast Food Joints. Answer Fast food joints offer a limitless opportunity for small-scale entrepreneurs across the globe, and the UAE is no exception. The country is business hub in the Middle East and this is boosted by the millions of tourists who frequent the country on a regular basis (Wilcox et al., 2013). The demand for fast food is equally high and this is the gap I intend to exploit. Most of the food joints are located in malls and this creates a gap for other small start-ups like mine to thrive. The snack set-up (branded SnackExpress) will be located at a strategic point along the tourist sites, where the number of potential customers is impressive. I will start with two (2) branches before expanding, depending on the returns. Goals Brand image- We want to create a lasting brand image under the banner SnackExpress. We envisage standing out as a dependable, efficient and affordable food joint in UAE. This will be achieved through excellent customer service, freshness as well as competitive pricing (Gundala, Khawaja, 2014). Customer Relationships-We want to move closer to the customer, understand their needs and work on a collaborative platform to add value to their lives and experience in Dubai (Sharma Lambert, 2013). Sustainability-We undertake lying down a long-term vision that combines quality, innovation and consciousness to changes in the market to be able to last long and meet customer demands. Culture-To establish an acceptable brand through a culture of responsibility, accountability, compliance and eco-friendliness through all processes (Jasra et al., 2012). Targets Market Share-To claim a market share of at least 5% within the first year of operation. Due to our size, the percentage is drawn from similar start-ups around our area of establishment. Eventually, we would grow the percentage to double figures in the subsequent year (Patak Vlckova, 2012). Revenue-The total cost of the start-up is $0.5m.This includes the operational costs as the business establishes to sustain itself. As such, we are targeting to recoup around $0.25million within the first year. Profit-We are targeting to make a profit of around 50% within the first year after which we shall set new targets for the second year depending on our capacity to expand. Recognition-We want to enter the market and create a lasting impression through our uniqueness. We plan to boost our visibility through aggressive marketing and collaboration with customers and other critical partners so that we can boost or ranking and become the number one fast food joint in the city (Patak Vlckova, 2012). Expansion-We plan to open up to ten new branches in the second year as well as starting door-to-door deliveries to enhance our market share and profitability. Strategies Competitive pricing-The snacks will go for a very affordable price with the highest price being $4.5(for a combo).This price is $0.5 cheaper than what our competitors offer. The price will be adjusted from time to time depending on the market trends, but we will have a maximum threshold in place. Referrals- We plan to utilize the few customers that we serve on the opening day as agents of our growth. Through our excellent service and value addition strategies, we want to have a high number of return customers (Plouffe et al., 2014). Target Marketing-We are targeting a small market which will serve as our platform for growth and expansion. Through market segmentation, we will target small-scale and domestic tourists who usually go around the city on foot. Problem-solving-We position ourselves as an alternative brand for people who are tired of flocking into malls for snacks as well as those who fancy eating while going around the city. We also front ourselves as a value adding brand that caters for clients of the medium bracket and locals (Plouffe et al., 2014). Offers and Promos-We shall have a variety of offers in place including buy one get one free. This will be seasonal especially during the summer holidays when the influx is high. Door-to-door Delivery-We will move closer to the customer and in initiate delivery of snacks to our clients. This will happen in the second half of the year. Tactics and Calendar For efficiency and sales (growth) monitoring, we will employ a lean manufacturing and operation strategy. We will only manufacture and stock what is required by the customer through predictive marketing. The customers will pull the products from the manufacturing point to reduce wastage through overproduction as well as cutting down storage expenses. We will put more emphasis on a manufacture on ordering process. To move faster towards achieving our goals and objectives, we will have a bi-annual calendar which will be a guide for all activities and a tool for improvement. January February March April May June Launching Increase market share Increase sales Increasing return customers Market assessment Expansion(new branches) Market segmentation Establish image Increase returns Ordering system Door-to-door delivery Pricing References Gundala, R. R., Khawaja, H. (2014). Brand management in small and medium enterprise: Evidence from Dubai, UAE. Jasra, J. M., Hunjra, A. I., Rehman, A. U., Azam, R. I., Khan, M. A. (2012). Determinants of business success of small and medium enterprises. Patak, M., Vlckova, V. (2012). Demand planning specifics in food industry enterprises.Business and Management,7, 1168-1175. Plouffe, C. R., Bolander, W., Cote, J. A. (2014). Which influence tactics lead to sales performance? It is a matter of style.Journal of Personal Selling Sales Management,34(2), 141-159. Sharma, A., Lambert, D. M. (2013). Segmentation of markets based on customer service.International Journal of Physical Distribution Logistics Management. Wilcox, G. B., Williams, J. D., Kamal, S., Kim, K. O. K. (2013). The role of advertising on attitudes and consumption of food and beverage products.. Springer New York.

Sumer Essays - Civilizations, Sumer, Mesopotamian Mythology

Sumer While researching Sumerian culture I learned many interesting things that I was not aware of before. Many little known facts about Sumer will change the way that people feel about other ancient societies. Many advances that are not attributed to Sumeria, often were pioneered by this advanced culture long before others. Most people don't even know much about the origan of the Sumerian culture. The people who originally lived in Sumer in 4000 BC were not really Sumerians. Sumers original inhabitants were in fact Ubaidians. The Ubaidian culture was already quite advanced for that time, and had a large variety of unique farming techniques. Between 4000 and 3000 BC Sumer was infiltrated by many nomadic tribes. This constant movement of peoples caused a cross-fertilization of culture. Technology from many different regions were becoming centralized in Sumer. So were different theological viewpoints. During this millennium the people that we think of as Sumerians moved into Sumer. These pe ople originated near the Caspian sea and did not even arrive in Sumer until 3300 BC. When these people ended up in Sumer it created the worlds first "high civilization". All who lived in Sumer were now recognized as Sumerian, because Sumerian was the common language. Sumer, like most early middle-eastern nations, was in the fertile crescent. These small waterways provided excellant irrigation, and transportation. Sumer was one of the first large civilizations that had a very developed textile industry. Wool sheared from goats and sheep was made into garments. The usage of linen was reserved for only high priests and other dignitaries. Flax and wool was used for everyone else. Farming was also a very predominant industry in this nation. All of the mixed culture taught the Sumerians about many different farming methods. Sickles and other tools aided in the farming. The harvested grain was preserved in granaries and pots. This allowed grain to be shipped without spoiling or molding. A ll of the waterways in Sumeria allowed products to be shipped up and down rivers to other destinations. One popular shipping method was called the "Turnip". The turnip was a buoy shaped boat that was attached to a long rope. The turnip would float along in the water, while the merchant rode on horseback on a near by road. Transportation methods increased in efficiency and new types of them arrived during the Sumerian rule, for instance, more types of boats were invented, and the Sumerians introduced the sail to the world of travel. The wheel was also first implemented in the Sumerian nation. When these advanced forms of transportation were not available, people still used donkeys with baskets strapped to their sides. Iron working was used to create tools that aided in the growth of the economy. Harpoons and scythes were constructed from metal so that they were stronger and more affective. Plows and other farming tools were made out of iron now. Cuneiform writing was pioneered by t he Sumerian society. Cuneiform was writing that was shaped like wedges. This writing style was used for thousands of years after the Sumerian empire was overtaken. Sumerians were the first known users of "real" medicine. Their medicine did not rely upon magical incantations or blessings from gods. Tablets were excavated in the city-state of Nippur that provided detailed instructions for some type of balm. The instructions involved boiling, filtering, and pulverizing plants. Also, directions also often required scrubbing of washing wounds. This is the first mention of knowledge of germs. Doctors were referred to as A-ZU, which means Water-Knower. It is unsure if Sumerians knew about surgery yet, but there were many bodies that were found with the skulls sliced through, possibly for study or to relieve pressure on the brain. It is thought that veterinarians also existed. This is because references were made to "donkey doctors" and "horse doctors". Sumerians had massive knowledge of t he anatomy of humans and animals. This was evident because of the elaborate dissections involved in ritual sacrifice. Sumer did not have an official religion, but they still worshipped many gods. There were gods for each city-state, and for many other parts of nature. Sumerians were especially pessimistic. They believed that when dead, people went down to an eternally silent, dark