Discourse Analysis Essay -- Communication, Identity Work

Breaking down talk is frequently utilized by social researcher as an interpretive investigation of genuine circumstances, on account of its biological legitimacy (Byford, 2009, p. 198). An article, (which will be alluded to as text) taken from the Blaenau Gwent County Borough Council site (refered to in Open University, 2010, pp. 25-26), will be examined in this article. Right off the bat, by setting up a portion of the talks and afterward summing up territories of ‘identity work’, which is ‘the execution of personality in (the subtleties of) talk, including how the speaker positions her or himself’ (Taylor, 2009, p. 186). ‘Discourse is a lot of thoughts that are shared by (a few) citizenry, makes character positions and gives a specific perspective on how the general public capacities and practices are decidedly or adversely valued’ (Taylor, 2009, p. 185). The perspectives and personality places that individuals hold can be framed from numerous points of view and urbanization is a genuine case of how esteems are associated among individuals and spot in the open country and in urban areas. Steve Hinchliffe (2009, p. 224) clarifies how individuals are lured by a ‘imaginary’ of rustic life and that people’s assessments of city life are regularly disengaged. They can relate higher wrongdoing, contamination and viciousness, in urban areas, contradicted to, moving slopes, clean air and a casual method of living in the open country. However, during urbanization, during the 1830s, many moved from rustic zones, to relocate to urban communities. Also, in spite of the fact that t he fascination in move to urban territories was intricate, Hinchliffe (2009, p. 210) calls attention to, urban areas appeared to be alluring, they offered chances to procure a living pay and increment success regardless of whether it was chiefly through assembling. The content from Blaenau Gwent plays on the legend (talk) of the pure countryside,... ... to these realities. Right off the bat, it permits guests to get tied up with the country life as it states there are ‘a number of extraordinary spots to visit, remain and enjoy’ allowing the chance to showcase an individual character and addition delight from the zone. Furthermore, the consistent utilization of descriptive words all through the content, assists with building a positive picture of the zone ‘impression management’ as Goffman recommends. Generally speaking, we can perceive how the content uses talks and the photo likewise affirms this, by demonstrating a country and beautiful perspective on the region. Personalities are mind boggling and are comprised of more than one thing at a given time, they are not totally unrelated. The presentation of character in the content is focused on the individuals who have restricted information on Blaenau Gwent. It is a ‘snap shot’ attempting to convince and persuade the peruser, which means to pull in travelers as opposed to only present the realities.

Auditing Luxury Travel Holidays Ltd

Question: Examine about theAuditingfor Luxury Travel Holidays Ltd. Answer: Comparable to the principal situation, the CEO of Luxury Travel Holidays Ltd (LTH) had legitimately expressed that they would consider a way of the reappointment of Clarke and Johnson as an evaluator, just on the condition if CL would help with acquiring more organizations by offering a talk in the up and coming course about the companys powerful execution. Moreover, in the given circumstance, CL being the companys autonomous examiner isn't being allowed to communicate their judgment or feeling upon the companys fiscal reports. Additionally, they are feeling the squeeze to direct such movement in light of dread of losing their reappointment. According to the subsequent situation, the companys CEO is furnishing a blessing in kind along with indicated review expenses to the evaluators with a goal of achieving smooth review forms (Blay et. al, 2011). Notwithstanding, it is stunning to see that by a smooth review process, the CEO alluded to an unjustifiable review feeling to the partners . Subsequently, this infers a circumstance of nature danger that implies the CEO is happy to adjust the judgment of the inspectors, as they have been working like a family with the organization since quite a while (Mock et. al, 2013). Comparable to the third circumstance, another instance of commonality danger can be seen, as an examiner will be a piece of a review procedure, whose father is as of now working in the organization as a money related controller. For this situation, Michael as an examiner would need to survey the work performed by his own dad. This suggests Michael would not report any fake exercises performed by his own dad or by the organization all in all, as it would bring about his dads end of the activity along with that of different workers. All things considered, in the present stage, an examiners reasonable judgment isn't envisioned, and would at last outcome in an uncalled for review process. Corresponding to the fourth situation, it very well may be seen that CL had been designated as a reviewer of the LTH, wherein Annette was on task for directing calculations of duty and planning sections so as to oblige these in the fiscal reports of 30 June 2015. In the present case, Annette has been pi cked to work with the review group, and in this manner, she should audit her own embraced exercises. Subsequently, corresponding to this case, the greatest danger winning is self-survey danger. This is on the grounds that an individual in the case of being a reviewer or not, can't examine or evaluate their own doings. At the end of the day, viability can be accomplished if another individual assesses the doings of a particular individual (Coram et. al, 2011). According to the above circumstances, an evaluator can actualize different protections. Right off the bat, in the primary circumstance, the shield is that the inspectors directing the procedure of a review of the organization must be fittingly chosen on the grounds that any individual having an intrigue (money related or individual) in the organization can't lead an impartial review. Furthermore, in the subsequent circumstance, the best accessible shield is the turn procedure of the senior individuals from the review group. Moreover, an effective correspondence to the senior authority of the association or the CEO must be offered according to disapproval of endowments in kind (Church et. al, 2008). Thirdly, in the third circumstance, the most proper shield is the thought of rules and guidelines referenced in the SOX Act, wherein it is expressed that a reviewer can't play out their job as the administration. In addition, the reviewer should likewise direct close to home touch with the free panel of the review, and from that point, report the support danger of advancing customers. Ultimately, in the fourth circumstance, the activity performed by Annette must be taken into due thought by some other contracted bookkeeper so as to set up a free judgment. Plus, Annette being a bookkeeper must not be an individual from the review group, in this manner abstain from playing out the review for LTH. According to the given circumstance wherein item request couldn't be resolved in relationship with the contribution of upkeep administrations to the clients for two back to back a very long time since the item buy, the main key business hazard can be ascribed to exaggeration or modest representation of the truth of the necessity of extra parts. Comparable to such hazard, as each item involves a two-year guarantee, Mining Supplies Ltd (MSL) must need to productively assess the amount for the acquisition of extra parts since it originates from faraway sources that may have enormous lead time. Hence, it is the sole obligation of the administration to assess the sufficient amount of extra parts supposing that not, it can bring about reserve blockage, along these lines bringing about a decrease of bought amounts of the hardware. Besides, the organization would likewise upset the free spaces of its distribution centers because of the extra parts that actually would have been used following two years. What's more, the organization may likewise lose its advantage pay that could have been acquired if finance blockage would not have emerged corresponding to save parts. Because of such unseemly desire for interest for save parts, the fiscal reports of the organization including its benefit and misfortune and monetary record would likewise be affected. In addition, the organization would likewise lose its proficient situation to experience its rivals in the market, as it couldn't give a sufficient amount of gear to its clients. The subsequent business hazard identifies with the danger of robbery and misrepresentation that can emerge when the organization will secure its merchandise from worldwide markets, and when it guides its workforce to far off zones for upkeep benefits after clients buy its items. Plus, such support administrations will happen until the finishing of two years from the acquisition of gear. In this manner, the quantum of misrepresentation and robbery in relationship with the gear must be properly considered for as far back as three years so as to decide if the organization is consenting to any undertakings to trim such situation (Hoffelder, 2012). In addition, encounters of past years can be considered to find out whether the organization has consented to any protection approaches contrary to such robberies and cheats. Further, such arrangements entered must be seen corresponding to buying of amounts and in the event that, it was really crucial to concur on such protection approaches. In lieu of the business dangers distinguished over, the review chance that has a significant impact in the situation identifies with errors of the companys financials. Being an evaluator, since such hazard legitimately identifies with the conditions fused with the deal, he should have the option to perceive whether the deal cost of the item is required to be declined by the costs of extra parts, or it must be featured as a cost in the companys benefit and misfortune account (Bedard, 2014). Besides, such extra parts couldn't team up under stock-in-exchange on the grounds that a bit of such extra parts that has been obtained free guarantee will be clubbed under fluid resources. Also, there are extra parts that are not secured by the organization under support of gear. The organization would portray these under the offer of extra parts. Moreover, earlier consideration must be given corresponding to support contracts on the grounds that an examiner can obtain enormous information with re spect to the sort of extra parts that are chargeable as a cost and those which can help with producing pay for the organization. Thusly, as the extra parts that could have in any case been charged as a cost, assuming inadvertently or purposefully delineated as incomes, it would bring about exaggerating the companys incomes, in this manner offering distorted data to the partners (Carcello, 2012). Additionally, if such extra parts that could have in any case been charged as incomes, whenever appeared as a cost, it would bring about exaggerating the companys costs or downplaying the companys benefits, in this manner again bringing about decrease of partners earned profits, control of assessments being paid to the legislature, and so forth (Wright Charles, 2012). In relationship with the subsequent hazard in regards to the danger of extortion of robbery, as the organization mechanics or architects doesn't exist on its finance, fitting investigation of them isn't done successfully (Holland Lane, 2012). These architects take the extra parts with them that could be used by the clients comparable to guarantee administrations, yet there is constantly a chance of robbery in regards to such extra parts. Along these lines, the examiner must not just see whether such extra parts and the hardware are joined in the protection approach yet in addition when these are offered to the last clients. The reviewer should likewise produce the cost results of such protection into thought. Furthermore, one pivotal viewpoint that must be appropriately considered is that whether the organization is attempting into settling on fake concurrences with its temporary workers for wrecking or taking its items, in this manner obtaining protection asserts out of such. Moreov er, in light of the fact that versatile temporary workers travel to far off areas, it devours colossal time that could lead towards control of realities and wrong financials, in this manner hampering the confidence and trust in the companys examiners (Tepalagul Lin, 2015). Along these lines, it is the obligation of inspectors to head out to such removed areas themselves so as to assess the costs as gave by the portable contractual workers. References Bedard, J. N, Gonthier, B, Schatt, A. (2014). Expenses and Benefits of Reporting Key, Harvard Press Blay, A. D Geiger, M. A. North, D. S. ( 2011). The Auditor's Going-Concern Opinion as a Communication of Risk. Examining: A Journal of Practice Theory, 30 (2): 77-102. Carcello, J. (2012). What do financial specialists need from the standard review report? CPA Journal 82 (1),7. Church, B., Davis, S. McCracken, S. (2008). The evaluators revealing model: A writing review an

Sample Esaay on Digital Computer Crime

Sample Esaay on Digital Computer Crime Digital Computer Crime Oct 28, 2019 in Law Introduction The term cybercrime refers to any crime committed by using a computer and the Internet to purloin persons identity with malevolent programs. Computer crimes are inexorably becoming more advanced and threatening to both individuals and organizations. Cyber-attacks against computers and critical infrastructure are increasing in a consistent manner. This essay will address different types of computer crimes, common forms of digital crimes and responses taken by the United States to combat computer crimes. Body The primary four classes of computer crimes comprise cyber warfare, cyber extortion, computer fraud and cyber terrorism. First, cyber warfare is usually a political crime related to the interests of a state or worldwide group. Its goal is to attack and harm another states computers or other vital system. Such an attack can be carried out through the use of computer viruses or denial-of-service (DoS) attacks. For instance, in the United States digital infrastructure is protected by the military nullifying the detrimental effects of cyber warfare. Second, cyber extortion involves using the Internet by a person to demand money, services, or other goods from another individual by intimidating them to impose harm on their reputation or property. An example of cyber extortion could be considered denial-of-service attack where the malicious attacker subjects the email server or computer system to repeated denial of service and demands money in order to stop the attacks. For instance, cyber extortion attack occurred in Sony Pictures in 2014. Chat now Order now Third, computer fraud is a fraud performed by informational systems, such as Internet devices or services. The main goal of this crime is to gain money or data by deceptive means. It encompasses bank fraud, identity theft, and theft of information. Lastly, computer-generated terrorism is a crime usually committed by terrorists to threaten peaceful population or overturn the regime of the public enemy. Stohl claims, It also includes the use of the computer system gears to close down dangerous state organization like carriage, administration tasks, and energy. This susceptibility of cyber sabotage is conveyed about by reliance on computer grids in actions by countries and dire organization (2006). An unfriendly group of people or country could take on the rebound of the enemy to infiltrate ill fortified computer system, upsetting and even closing down pressing tasks. The risk of virtual dangers is frequently connected with extremists who seek to take revenge. Terrorists hack into structures with the intention of inflicting severe damage. Under computer terrorism, there is a category of computer virus which can be well-defined as a self-replicating computer program that works by implanting duplicates of itself into other executable forms or code. Lewis clarifies, It works like natural infections, disseminating by implanting itself into existing cells. The addition of a virus into the program known as an impurity. The diseased file, or the executable encryption that is not portion of a file is characterized a host (2002). Viruses are one of the numerous forms of cruel software or malware. Some viruses can be deliberately dangerous as they could erase information or cause irreparable damage; others are non-threatening or just irritating. Some kinds of them have so-called retarded ignition, commonly denoted to as a bomb. The main destructive result of viruses is their unrestrained self-reproduction which trashes and overpowers computer properties. Like other cyber-attacks, viruses are becoming extra painful, destructive, and challenging. They spread very fast and have large zone of damage. The most common forms of digital crimes are phishing, identity theft, hacking, and grooming. Phishing involves obtaining personal information through the use of fake email messages from Internet users. Hacking, in turn, involves misusing or shutting down websites and computer networks. Identity theft is usually connected with misusing of personal information for lucrative purposes. Finally, Internet grooming is a practice of befriending with persons online, usually with children, in order to abuse them sexually. The government of United States has taken significant steps to combat computer crimes through the use of the following methods. Firstly, the Computer Crime and Intellectual Property Section (CCIPS) is accountable for executing the Departments nationwide policies in battling computer and logical property crimes internationally. Intellectual Property Section has developed to be an essential part of the U.S tax institutions. In pursuant to these ideas, CCIPS counsels frequently solve intricate problems, deal with exceptional legal and fact-finding matters raised by developing of the computer and telecommunications skills throughout the world. Regarding hearing of cases, it provides necessary information to other prosecutors, federal and local law administration staff. It also recommends and introduces legislations, subscribes and partakes in global efforts to counter intellectual property and computer crimes. By the end of 1998, the National Institute of Justice had selected a supervision team comprising TriData Corporation, U.S. Tennessee Valley Authority Police, U.S Navy Space and Naval Warfare Systems Command, and U.S Department of Justice (DOJ) to solve daily tasks. This team has a number of responsibilities concerning digital crimes, including research and investigations, developing of defensive measures, etc. It also is directed at combating of terrorism and extremism, finding and advancing scientific ways and evidence concerning the issue. .fod-banner { display: table; width: 100%; height: 100px; background-color: #04b5af; background-image: url('/images/banners/fod-banner-bg-1.png'), url('/images/banners/fod-banner-bg-2.png'); background-position: left center, right center; background-repeat: no-repeat; } .fod-banner .button { min-width: 120px; } .fod-banner-content { height: 100px; display: table-cell; vertical-align: middle; color: #ffffff; width: 100%; text-align: center; padding-top: 5px; padding-bottom: 5px; } .fod-banner-content > span:first-child { font-size: 15px; font-weight: 100; } .fod-banner-content-discount-text { font-size: 16px; } .fod-banner-content-discount-text span { font-size: 18px; color: #ffe98f; font-weight: bold; } .fod-banner-content-image { vertical-align: middle; } .fod-banner img.fod-banner-content-image { width: auto; } @media all and (min-width: 993px) and (max-width: 1320px) { .fod-banner { background-image: none; } } @media all and (min-width: 845px) and (max-width: 992px) { .fod-banner-content > span:first-child { font-size: 18px; } .fod-banner-content-discount-text { font-size: 20px; } .fod-banner-content-discount-text span { font-size: 24px; } } @media all and (max-width: 740px) { .fod-banner { background-image: url('/images/banners/fod-banner-bg-2.png'); background-position: right center; background-repeat: no-repeat; } } @media all and (max-width: 670px) { .fod-banner { background-image: none; } .fod-banner-content { padding: 15px 10px; } .fod-banner img, .fod-banner-content-discount-text { display: block; margin: 0 auto; } .fod-banner-content > span:first-child { font-size: 28px; } .fod-banner-content-discount-text { font-size: 20px; } .fod-banner-content-discount-text span { font-size: 24px; } } Limited time offer! Get 15% OFF your first order Order now In addition, it should be mentioned that Department of Homeland Security is also working on the defensive measures against computer terrorism. According to Dhillon, It works to stimulate consciousness on virtual safety and statistical knowledge amid all internet operators. The section also cooperates with the monetary and other serious groundwork areas to expand network security (1999). The Department has various branches such as the United States Secret Service and United States Immigration and Customs Enforcement which collectively combat cyber-crimes. The Secret Service upholds Electronic Crimes Task Forces (ECTFs) which focus on recognizing and tracking cyber crooks linked to cyber incursions, bank scam, facts cracks and other computer-related crimes worldwide. The Secret Services Cyber Intelligence Section has openly backed the capture of most sought cyber criminals. The Secret Service similarly runs the National Computer Forensic Institute, which offers law implementation offic ers and magistrates with cyber exercise and facts to fight the cyber misconduct. Though numerous attempts to combat cyber crimes have been undertaken, the government and namely law enforcement agencies should not forget about constant developing of preventive strategies. For instance, cyber security responsiveness should be attained among the Internet users. Besides, it is important to devise special programs to prevent cyber attacks, as it is usually easier to take preventive measures beforehand instead of dealing with full-fledged crimes. Conclusion In conclusion, it could be seen that with the advancing of informational technologies computer crimes have spread worldwide and critical measures should be employed by the all countries to curb furtherance of this malefaction. Nowadays there exist several types of computer crimes, such as cyber warfare, cyber extortion, computer fraud, and cyber terrorism. On the Internet people could encounter with phishing, identity theft, hacking, and grooming. Though government is taking needed steps to combat cyber crimes, preventive measured should also be taken into account. The fights against computer crimes should be fought not only by the US legislators, prosecuting attorneys, security development authorities, but also by all computer users.

How Technology Has Changed The Health Care Industry

Technology has been advancing with the years, and it has changed how people live, communicate, travel, and learn. In particular, healthcare has changed due to the continuous technological advancements. Robotic advancements specifically have been transforming the health care industry. It is becoming noticeable that robotics are now being used for a variety of purposes in healthcare including drug making, moving supplies, administering drugs to patients, and monitoring patient vitals. A progressing form of robotics in healthcare is robotic surgery. One of the top functioning robotic surgery devices is the da Vinci Surgical System. Since 2000, surgical device has completed over 20,000 surgeries, which has set up the movement of using†¦show more content†¦Nurses and other health care providers have to be able to provide the proper education about robotic surgery for their patients, so it is essential that they know all aspects about this technology. One of the most important as pects to any new technique in healthcare is to develop enough information to decide if the benefits outweigh the risks. According to the Wall Street Journal, in 2000, there were only 1,000 robotic surgeries globally. That number increased to 360,000 in 2011 and 450,000 last year (Pinkerton, 2013). Almost all sources, including the da Vinci Surgical System website, have specified that for the patient, who receives robotic surgery, usually experiences less blood loss, a shorter hospital stay and less dependence on postoperative pain medication. There is also a benefit in cosmetics where there is no evidence of big scars since robotic surgery instruments enter through tiny incisions (da Vinci Surgical System, 2015). Benefits related to the surgeon include decreased back pain and greater range of motion and precision. This is because the procedures do not have the surgeons constantly bending over an operating table for however long the surgery would take. According to Becker (2012), the enhanced screen with 3D like image and three interactive robotic arms, all with the capability of achieving range of motion greater than the human

No Two People Have The Same Worldview Essay - 1111 Words

No two people have the same Worldview, which is defined as â€Å"the framework from which we view reality and make sense of life and the world,† and this is specifically shown through the â€Å"Does God Exist† debate between Dr. Gordon Stein and Dr. Greg Bahnsen. Both men debated sophistically and articulately, and established their differing stances on the question: Does God Exist? Both Bahnsen and Stein verbalized their thesis’ and main points to support their claims. Ultimately, by the end of the debate Dr. Bahnsen covers all of the bases, which Dr. Stein failed to do; furthermore, Bahnsen’s points reinforce what we see in our Bible class regarding presuppositions. Dr. Bahnsen’s worldview consists of many things we see in our young Christian lives today, something we regard as almost fact; that being how God acts through him, and shows him how to live his life to his best God-given abilities. Bahnsen plainly addresses the point of contact betwee n believer and unbeliever, and the power of God the unbeliever sees and experiences, but suppresses. He addresses the fact that everyone has presuppositions when he states, â€Å"At the most fundamental level of everyone’s thinking and beliefs there are primary convictions about reality, man, the world, knowledge, truth, behavior, and such things.† The set up for this debate does not allow for any touchy-feely attitude toward the other debater and their perspectives, for both men must attack each other’s’ worldviews at the very core andShow MoreRelatedStereotypes And Perception Of A Worldview1221 Words   |  5 Pagesdiscussed that a worldview acts as a ‘filter’ through which we understand and perceive phenomena (Koltko-Rivera, 8). 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Individual have a strong faith base in God the creator of all thingsRead MoreEthical Theory : The Philosophical Study Of Morality Essay1511 Words   |  7 PagesEthical Theory is the philosophical study of morality. (Cambridge dictionary) this is the study of people or cultures and their ethical behaviors. There are many cultures and groups of people that make up our world. Not everyone has the same ethical values and each culture is uniquely different. Ethical theory is a set of beliefs by a culture, with an ethical theory it helps people set to values and concepts of right and wrong behavior. We use ethical s ystems to work through our problems to findRead MoreAnalyzing Two Multicultural Scenarios And Identifying The Worldviews And Communication Styles That Are Shown1346 Words   |  6 Pagesanalyze two multicultural scenarios and identify the key components concerning the worldviews and communication styles that are shown in each scenario. 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Background to Primary Justice in Malawi Free Essays

BACKGROUND TO PRIMARY JUSTICE PILOT PROJECT In May 1999, the Malawi Government and DFID/MaSSAJ (Malawi Safety Security and Access to Justice) commissioned an external consultancy agency to conduct a study on Primary Justice in Rural Malawi, to investigate issues that are related to the protection, safety and access to justice by the poorest and most vulnerable groups in rural areas in Malawi. The research report revealed that between 80 to 90% of the population in Malawi access justice in the informal sector. However, it was again realized that the informal sector had several gaps which called for an intervention. We will write a custom essay sample on Background to Primary Justice in Malawi or any similar topic only for you Order Now Primary Justice Pilot Project was carried out from 2003- 2007 aiming to address the identified gaps. The project examined the various roles of marriage counselors, village head persons, Chiefs, religious and party leaders and government officials in dispute resolution. These service providers were found to be points of reference in matters relating to land, theft of farm produce, livestock, and household goods, witchcraft, matrimonial cases, inheritance issues and chieftainship, just to mention a few. The research revealed that there is urgent need to consolidate and develop locally credible and widely accessible systems of safety, security and justice that would operate within a human rights framework. The pilot project aimed to address a number of issues; 1. Capacity building of primary justice service providers 2. Enhancing record keeping and documentation of cases 3. Enhancing networking and linkages- referral mechanisms; between the formal and the informal 4. Public awareness 5. Dispute resolution To be able to achieve this, 14 District Implementing Agencies were identified and were referred to as â€Å"Entry Points† for the pilot Districts. Basically the role of the Entry Points was to receive funds from the Managing Agency, CCJP Lilongwe, and use it to facilitate various activities which would aim to achieve the above five project objectives. Initially, GTZ was the Managing Agency and CCJP Lilongwe took over from November 2006 to March 2007, where the pilot project phased out. Currently, CCJP Lilongwe and DFID is finalizing the concept of Primary Justice Malawi, covering all the 28 Districts. How to cite Background to Primary Justice in Malawi, Papers

Share Holder Wealth Maximization Vis a Vis Social Responsibility

Introduction Limited information is found on how economic enterprises can incorporate business ethics and social responsibility as a means through which their primary objective of shareholder wealth maximization is achieved (Hawley 1991, p. 714).Advertising We will write a custom essay sample on Share Holder Wealth Maximization Vis a Vis Social Responsibility specifically for you for only $16.05 $11/page Learn More This lack of ethical considerations seems to be not only confined within the academic sphere but there is evidence of it taking a toll in the realm of corporate practice in the economy. Enterprises have ignored the ethical concerns in strategizing on how they will achieve their goal of wealth maximization. Through their total disregard of ethical issues, corporates are assuming that the mere pursuit of the wealth maximization goal meets the social responsibilities that could possibly be expected from any entity. However, there has been limited research and analysis of the ethical foundations and the perceived implications of the goal of shareholder wealth maximization. This paper seeks to analyze to what extent the corporate world incorporates business ethics and social responsibility in pursuing their primary objective of maximizing the shareholders’ wealth and how this pays back in terms of increased returns to the shareholders. It highlights the main differences between the goal of profit maximization and that of wealth maximization and the role played by market forces in the pricing of stocks within the shareholder wealth maximization paradigm. It argues that empirical and theoretical evidence on this subject will most usually lead to overlapping interpretations (Smith 2003, p. 58). Share Holder Wealth Maximization Since Milton Friedman’s largely criticized position that â€Å"the social responsibility of business is to increase its profits†, the ethical aspect in the maximization of shareholder wealth has been given a wide consideration. In order to build a logical analysis of this notion, it is of paramount that we understand the crucial link between the two distinct goals of a corporation, i.e. Wealth maximization and profit maximization. While the two may share some similarities, they are also characterized by various inconsistencies as analysed by Solomon in his work, (Solomon 1963, p. 2). For instance, profit maximization as an objective best suits a traditional macroeconomic market which is characterized by minimal uncertainties; the entrepreneur is the main decision-maker, the shareholding is fixed and determines within a given period.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This kind of business structure is especially of great utility in analyzing the variables, i.e. Prices of raw materials and end products, production level etc., which occupies a central position for any corporate whole. According to Winch (1971, p. 14), profit maximization goes hand in hand with the ethical goal of the utilitarian mode of resource allocation. Contrary to the microeconomic world, proper allocation of resources is very integral to a corporate entity in regard to its financial dealings (Beurden Gossling 2008, p. 412). This difference in terms of the central focus of each establishes new fundamentals which the profit maximization paradigm declines to involve itself with. For example, this whole new structure separates the entity’s decision making from its ownership and places it in the hands of a separate and distinct management body. As this happens, uncertainties on the future earning capability of the firm sets-in when capital stock features in as a variable to be determined too. The goal of wealth maximization is developed by maximally utilizing the utility maximization strategy, i.e. management, being agents of the shareholders are required to max imize the projected utility of the shareholders’ wealth. If for instance wealth is the main argument in the utility of the shareholder, maximizing the anticipated utility of the wealth of the shareholder reduces the core objective of the entity as maximization of shareholder wealth. To this end, the ethical concept of a corporate finance adopts the same approach as that of microeconomics as use of utility maximization incorporates characteristics of the utilitarian ethic (Shaw 2009, p. 569). Conversely, the introduction of an element of the future, uncertainty, separated decision making structure creates complications in utilitarian allocation of resources. When even this basic objective cannot be achieved, it only holds strong for the argument that wealth maximization is incapable of providing a feasible ethical foundation for a corporate entity.Advertising We will write a custom essay sample on Share Holder Wealth Maximization Vis a Vis Social Responsibility specifical ly for you for only $16.05 $11/page Learn More Nevertheless, some essential features of wealth maximization are not included in the utilitarian resource allocation framework. For instance, the wealth of the shareholder is directly linked to the price of capital stock and in extension, the mode through which marketing for ownership claims contains elements of ethical concerns by the entity (Wilcke 2004, p. 198). Working on the assumption that the main objective of an entity is wealth maximization, various issues can be identified. For instance, since wealth maximization is completely dependent on market forces in order to create a strong value for the ownership of the firm, a question arises whether these market forces bring about stock prices incorporating the value of the social responsibility of the firm. To answer this question, we need to determine to what extent security prices reflects information on a firm’s ethical concern. Unfortunately, if t his debate continues, it will take us to the more irresolvable question of what the world perceives as constituting proper ethical behaviour. It even gets more complex when management, as the agents of shareholders, gets into the picture and we are faced with the question of whether shareholders would count management actions as constituting acceptable ethical behaviour (Cosans 2009, p. 396). Determining Share Prices Determination of security prices is a fundamental concern of corporate finance. Through efficient market hypothesis, the price of securities is a reflection of the information available to investors when making investment decisions. Through the market hypothesis, we can attempt to analyze the ethical impacts of the wealth maximization goal. For example, if wealth maximization is to meet a specified ethical standard, the price of securities should incorporate information containing ethical elements. In order to succeed in this, we need to first set an ethical standard. T hen empirical tests will be carried out based on the changes in prices of securities and determine the impact of ethical issues on the market prices.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The analysis will be made based on the assumption the main goal of the management is maximization of shareholder’s wealth (Husted Salazar 2006, p. 83). The hypothesis could also test on separate aspects, for example when a certain firm has been known to exhibit differing degrees of adherent to ethical issues. But this latter hypothesis will present various challenges. For example, there may be a situation whereby an organization allows management to engage in both socially acceptable behaviour as well as unethical acts which are perceived to result into positive effects. This may occur where the returns of the illegal acts are significant as compared to the costs to be suffered when such acts come to light such as litigation costs, fines and other penalties, reduced goodwill, etc. there could also be other mitigating factors such as the ability to keep the illegal activities as well hidden company secrets or by putting up strategies for timely damage control when such activi ties come to light. Besides, even when using efficient market hypothesis, it is hard to tell whether if an alternative course of action was taken it would have resulted in a different price change pattern. For example, it would be difficult to determine whether the unethical behaviour was a reflection of the ethical failures of the wealth maximization goal or that management diverted from practices consistent with wealth maximization objectives. This debate is premised on the idea that the efficient market hypothesis, by its very nature is characterized by joint hypothesis, i.e. price determination models are usually implied. Such an assumed model of price determination if it dictates that we assess a particular ethical issue, then a null hypothesis of the efficient market hypothesis requires that unethical act would violate the primary goal of wealth maximization. According to Treynor (1981, p. 7), management should address financial demands of the different factions within the org anization if it is to emerge as a successful entity. These factions include customers, employees, suppliers and other stakeholders. The wealth maximization goal requires that in pursuing its objectives, a corporation should take into consideration the interests of all the stakeholders of the organization, not just the shareholders. Thus we can use this argument to say that wealth maximization encourages the adoption of socially responsible business behaviour. The crucial connection between wealth maximization and the efficient market hypothesis can be well illustrated using the classical corporate theory. This theory proposes that a firm would most likely invest in a project projecting positive net present value. The variables used to calculate the projected cash flows is based on the performance of the firm which has been theorized by the management where it may have or may have not incorporated ethical behaviour. Here, the price of securities will be based on the managementâ€℠¢s assessment of the market. Including social responsibility and ethical behaviour in calculating the projected cash flows will be in line with wealth maximization where such considerations are reflected on the prices of securities. Empirical Considerations As we have noted above, empirical evidence does not help us determine whether pursuing wealth maximization will amount to a socially responsible and ethical managerial behaviour. It requires us to define what constitutes proper ethical behaviour and since ethical issues are complex in themselves, it will create conflicting opinions on the subject. Nevertheless, we can draw from the few theoretical and empirical studies relating to the impact of socially responsible behaviour on the price of stocks. In this light, it has been argued that price fixing has the potential to increase new entrants into the market industry leading to higher competition and thus diminishing returns (Waldman 1988, p. 78). Therefore, if the wealth maximiza tion is the main objective, price-fixing is aimed at offsetting losses in profit by offering a lower discount rate facilitated by a reduced business risk leading to a higher net profit margin. Yet, if this is not the end result, then price fixing will ultimately have the effect of reducing shareholders’ wealth. Research has shown that disclosing a legal action intended to correct corporate price fixing has resulted in significant negative returns (Skantz et al. 1990, p. 159). On this basis, while the reduced returns could be the market’s punitive costs for behaving unethically, it could also have arisen from a perceived increased business risk which has nothing to do with ethical issues. This is further evidence of the difficulties encountered in attempting to use market data to determine whether pursuing wealth maximization leads to ethical outcomes. Since the reduced returns arose because the market became aware of the unethical behaviour and not because of engaging in the actual price fixing, a question arises as to what information was originally included in the prices. If the original share price were impacted by information on the firm’s engagement in price fixing, then the reduced returns could mean that the entity needs to adopt a risky, highly competitive, reduced profit margin business policy. Here, the anticipated litigation costs arising from court cases will be expected to have been discounted into the stock prices. However, if price fixing was done in secrecy, then news on a legal action would lead to price adjustment to reflect the resulting costs of unethical act, which would include the lost goodwill. For this, the costs that would be involved in adopting a more competitive strategy are already reflected in the price. The probability of reaching different conclusions using the same piece of evidence has been found in other areas of our present concern. There is evidence that in making investment decisions, investors do ind eed rely on the information available on social responsibility (Patten 1990, p. 581). Other sources reveal superior investment performance of previously divested portfolios, though these results could have resulted from a combination of factors as opposed to mere social concerns. This may be explained in a number of ways. For example, following the net profit value method, the corporate financial theory holds that slight changes in either the projected net cash flows or the perceived discount rate impacts on the returns of capital stocks. Therefore, the grand performance of the divested funds may have resulted from a continuing increased risk or a weakening expected corporate performance as opposed to any ethical issues concerned. This argument can also be applied to the impact of ethical behaviour on investment in the nuclear industry. It has been found that markets place a lower value on nuclear firms at 20% as compared to other industries (Fuller at al. 1990, p. 124). On careful consideration, the results reveal that perceived risk changes could have contributed to the valuations observed. Thus this leaves us with the option that social responsibility concerns could have had a positive effect on the whole affair. As witnessed above, untangling the effect of a certain activity on the prices of stock has its own complexities. Besides, we have to give room for the possible assumption that management may not be pursuing wealth maximization. There is significant evidence that often times, management has been known to unethically chase their own selfish ends especially if they are in conflict with shareholder wealth maximization (Findlay Whitmore 1974, p. 28). This will give rise to additional agency costs which the shareholders will incur to monitor management activity and in effect, will lead to reduced returns. When agency costs are involved the equation becomes even more complicated as we need to now to assess the effect of agency costs on the security price s. Evidence of price fixing can be used to explain how agency costs bring-out a whole new interpretation of the empirical data. For example, working on the assumption that there is no diverging information, the stock market values its own stocks from the assumption that wealth maximization is the main objective of the firm. On this basis, announcement of a legal action could produce reduced returns because of the additional costs incurred in monitoring the activities of the management and not because of the unethical behaviour. Therefore, without a way of determining what kind of information was included in the original share price, major difficulties arise in trying to assess whether a certain pricing activity was impacted on by social responsibility behaviour. This raises the requirement for exercise of caution in interpreting the results of any given Empirical Study. The effect of agency costs may also help in the analysis of study results obtained for other perceived unethical a ctivities, more so in the area of mergers and acquisition whereby there are insider dealings by the management. Of particular relevance is the case of hostile takeovers. Drawing from debates on what constitutes ethical behaviour (Jones Hunt 1991, 839), we can base our argument on the assumption that hostile takeovers are unethical. As such, it would appear that, ethical behaviour is being rewarded in this scenario. This is because, ordinarily, the returns of the target group increase significantly while those of the hostile bidders become negative to zero following the announcement of the intended takeover, (Franks Harris 1989, p. 238). Further, due to the existence of agency costs, the use of ‘poison pills’ or ‘shark repellants’ by target management will most probably result in negative returns on the part of the target shareholders (Meulbroek et al. 1990, p. 1113). So do these results support the argument that ethical considerations on hostile takeovers are evidenced in stock prices? Unfortunately, this evidence raises even more questions rather than answering them. For instance, given the potentially negative returns suffered by bidding shareholders, it would not be appropriate to say that the management bidders are pursuing wealth maximization for their shareholders, thus increasing the likelihood of incurring agency costs. On the other hand, it is likely that the bidding management only pays high prices to the target group innocently since the target bid premium payable is in most cases given back through wage concessions. Besides, the ‘unethical’ bidders will most likely be the targets in the future other than the bidders who helped increase the firm value. Thus from this conflicting evidence, it is only the unethical takeover activities that are properly reflected in the ultimate prices of stock. Undoubtedly, this is as a result of the obvious reduction in firm value that is a unique feature of the anti-takeover strategies. Conclusions This paper has argued that wealth maximization as an objective will naturally adopt the ethical expectations inherent in its particular niche of operation. The best indicator of management’s performance is the price changes of the entity’s stocks in the capital market. Though management decisions could incorporate ethical concerns, it is the security market to determine whether these decisions are in accordance with wealth maximization goal through a valuation of stocks. Thus, this raises the question of to what degree is ethical behaviours reflected in the prices of securities? This question requires a careful study on the implications of unethical behaviour to the ultimate stock prices. But this presents a problem in that there is no established procedure on how to determine what does or does not constitute ethical behaviour, among other difficulties. For instance, assuming that stock markets rewards certain business ethical behaviour through attractive prices of securities, it does not automatically follow that when one pursues wealth maximization it will result into a socially responsible corporate behaviour. However, enterprises would most likely choose this path by choosing to believe that as long as actions are geared towards wealth maximization, then they are ethical and, therefore, justifiable. With this, changing management policy may become a big challenge since even reduced securities prices may not be adequate market sanctions. Thus even if it was determined that managerial decisions need to incorporate ethical considerations, market forces will not be sufficient to induce this. From this we can conclude that pursuing wealth maximization for the shareholders will definitely not result to a socially responsible corporate behaviour. However, evidence shows that the pursuit of wealth maximization could deter an entity from engaging in illegal activities. For example, a negative pattern of security price changes i s noted whenever it is revealed that an entity has been engaging in illegal activities. Generally, it would appear reasonable to conclude that the stock market presumes that entities try to avoid engaging in illegal activities because of the possible incidental costs that they may suffer from engaging in such activities. References Beurden, P Gossling, T 2008, ‘The Worth Of Values – A Literature Review On The Relation Between Corporate Social And Financial Performance’, Journal Of Business Ethics, vol. 82 no.1, pp 407-424. Cosans, C 2009, ‘Does Milton Friedman Support A Vigorous Business Ethics?’ Journal Of Business Ethics, vol. 87 no.1, pp 391-399. Findlay, M Whitmore, G 1974, ‘Beyond Shareholder Wealth Maximization’, Financial Management (Winter), vol. 1 no1, pp. 25-35. 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