Growing demand for corporate governance reform

Growing demand for corporate governance reform 1. Introduction: In recent years, various researchers and scholars have argued that globalisation is leading to escalating convergence in the nature of corporate governance systems, across the corporate world. Hansmann and Kraakman (2000) states; a global compromise has now emerged that corporate managers and authorities must operate exclusively in the economic interests of shareholders, and as a result, all jurisdictions will inevitably move towards a newer model of corporate governance. However, before analyzing in-depth nuances of this concept, we should first try and understand this terminology. The definition of corporate governance can be traced back to the time of the formation of Cadbury Committee (C.C.) in the year 1992. This committee was appointed by the conservative government of the United Kingdom in this year, with obligations of addressing the financial aspects of corporate governance. The C.C. came into existence in response to a number of corporate scandals that radiate uncertainty o n the systems for controlling the ways corporations are run. This committee described Corporate Governance as the system by which companies are directed and controlled. Firstly, it is imperative to understand the significance that corporate governance as a concept holds to its beneficiaries. The importance of corporate governance lies in its contribution both to the concepts of business prosperity and to accountability. Its a strategic sword which has both its sides sharp enough, either to enhance the business efficiency or prove detrimental in the longer run. However, off-late the unprecedented inclination in the corporate scandals and failures around the world rather depicts a gloomy picture. Whilst progressing in this article I will illustrate various such corporate and financial fiascos and the reforms that have been put in place to avoid such massive failures around the corporate world. Besides, an in-depth analysis of the objectives and obstacles associated with corporate global reform measures would also be put forth. 2. Discussion: 2.1 Understanding Corporate Governance Reforms and its Implications. A corporate governance dilemma occurs, at the most basic level, whenever an outside investor desires to implement control differently from the manager in charge of the organization. Disseminated ownership amplifies the problem by giving rise to differences of interest between the various corporate stakeholders and by producing a collective action problem among shareholders  [1]  . More often, an elementary predicament of corporate governance surfaces from an overview that: regulation of large shareholder involvement may provide better security to small shareholders, but such policies may escalate managerial discretion and scope for abuse, (Becht, Bolton and Roell, 2003; Weiss, 1990). Since the year 2001, there has been renewed curiosity in the corporate governance practices of modern organizations, predominantly due to the high-profile disintegrations of a number of large corporations in the United States, such as  Enron Corporation  and  WorldCom. Such collapses have further led authorities to examine the necessity of improved and stronger corporate governance reform measures. Convergence among stakeholders is an essential part of the organization and economic stability, adhering to the corporate reform measures. According to OSullivan (1999: p.4), convergence arguments are emphasized by the neoclassical idea that the formation of liberal markets, which corporate governance reform is seen as facilitating, leads to finest economic outcomes and, in particular, greatest efficiency in terms of the distribution of scarce economic resources. Opinions such as these stiffen our beliefs of corporate governance measures being implemented. Besides, according to Rosse r (2003), corporate governance reform needs to be understood, not in terms of the extent to which it endorses development and effectiveness, but in terms of the extent to which it serves or harms particular political and social interests. It has become extremely essential for all the stakeholders to take into consideration various necessities of a deftly crafted governance reform. Efficient governance ensures that constituencies with a relevant interest in the companys business are completely taken into consideration. 2.2 Why Corporate Governance is an important issue? Claims that corporate governance systems are undergoing scrutiny have intensified in the wake of the Asian crisis and its aftermaths. Limitations in Asian corporate governance systems were widely seen as a primary cause of the Asian crisis and its consequences (Johnson et al, 2000; Dickinson Mullineux, 2001). With the advent of various colossal corporate crises all over the world, institutions such as The World Bank  [2]  have launched a range of schemes to promote corporate governance reform in developing and transition economies. Especially after what happened to corporations such as Lehman Brothers and Merrill Lynch, it has become all the more essential to adopt measure to streamline and conserve corporate governance policies. Corporate structures and governance agreements diverge widely from country to country. They are a product of the local economic and social environment. However, the fundamental issues of management accountability are more or less similar everywhere. The Cadbury Committee was a landmark in thinking on corporate governance. Cadburys suggestion were publicly endorsed in the United Kingdom and included in the listing regulations. The report also proved to be influential in many abroad countries and it has presented a benchmark against which standards of corporate governance in other markets are being measured. Traditionally, the corporate governance models have long been adopted from countries such as the US and the UK. With globalization, increasingly more corporations and governments have been driven towards the more efficient mode of conducting economic activities modelled after the Anglo-American system (Gourevitch, 2003; Jomo, 2004). According to Deakin et al (2005: p.1), The corpor ate governance atmosphere in the UK and the US is generally thought to be aggressive to the emergence of cooperative employment relations of the kind exemplified by labour-management partnerships. Becht, Bolton and Roell, (2003) have identified some factors which can be attributed to the prominence of corporate governance as a crucial issue. They state events such as, world-wide wave of privatization, growth of private savings and the takeover wave of the 1980s, which have put the limelight on corporate governance in developing markets. Besides, the colossal takeover wave in the US during the year 1980s and in Europe in the 1990s has further fuelled the public debate on corporate governance. 2.3 Understanding Corporate Governance Reform Policies and debates. Governance reform measure in the emerging and ripe markets has not progressed despite the willingness shown by the policymakers. According to a report developed by McKinsey Company, there are various ways in which a new life to a reform agenda can be given. Firstly they propose that governance reforms measures need to allocate more emphasis to driving transformation through institutional reforms of capital markets. Secondly, they stress upon the fact that family run business should have separate rights and must be recognized separately. Corporate governance reform continues to be a major concern for most of the emerging economies, throughout the world. International organizations have played a very active and determining role regarding this issue. The International Monetary Fund, The World Bank and The Organizations for Economic Cooperation have all been raising the profile of the corporate governance reforms across the corporate and financial sector. Despite their persistent effort s, corporate market standards in emerging markets are still far behind as compared to those of the US, UK and Europe, as stated by the McKinsey Report. It has been identified that there is a lack of progress and this topic or issue needs much more to be addressed towards itself. Typically, corporate governance practices are crafted to suit the needs of core shareholders of the organization. However, due to this very reason, there has been an increase in the amount and intensity of conflicts between all the stakeholders of the organizations. Problems: The state of Equity holders of corporations worldwide is gloomy, to say the least. According to a recent finding by a financial institution, stock markets are off 50% almost everywhere, banks and similar financial institutions are constantly under the threat of nationalization, dividends are being cut constantly, and to top it all there has been a constant upsurge in the number of frauds happening. According to Hadiz (1997), company employees have not been a key factor in corporate governance policy making, which in turn has given rise to the ever inclining ramshackle corporate governance. Other factors which contributed to this problem have been excessive risk taking by managers, failure on the part of the board and lack of knowledge of financial products. Besides, differences in ownership structure have two palpable consequences for corporate governance, as stated by Morck, Wolfenzon, and Yeung (2005). Apart from this, governing shareholders have both the enticement and the power to discipline management authority. On the other hand, concentrated ownership can create conditions for a new agency problem, because the interests of controlling and minority shareholders are not aligned. There have been a lot of failures in the corporate circuit, which have in a way fuelled the ongoing debate about the corporate governance reform measures. Some of these failures include undetected off-balance sheet loans to a controlling family, deliberate misleading of investors, insider trading and other such infamous events (Becht, Bolton and Roell, 2003). 2.4 Scandals in the corporate domain 2.4.1 Enron: This is the most popular of all the scams and is still being referred to after so many years. This scandal involved unrevealing of debts, increasing revenues and dishonesty. It resulted to the dislodgment of more than twenty thousand people, the death of Americas Most Innovative Company for many years in a row and the termination of one of the Big 5 global accounting firms (Andersen). 2.4.2 WorldCom: WorldCom is now known as MCI, Inc. is part of the Verizon Communications group, today. The company emerged from bankruptcy in the year 2003. The allegations included, inflating overall assets through capitalization of operating costs. The scam amount was estimated to be around, a whooping $11 billion. WorldComs intense bankruptcy filing comes second only to the Lehman Brothers which happened in the year 2008, in the history of such filings in the United States. 2.4.3 Qwest Communications: Its a telecommunications company offering services to 14 states in the in the economy of the US. In the year 2002, it was understood that the company engaged in counterfeit accounting practices which resulted in the inflation of its revenues generated from its deals with Enron Corporation. 2.4.4 Satyam Computer Services: This is a company based in India (now taken over by Mahindra Group). This is the most recent scandal in the financial domain, where the chairman overstated the cash and receivables by a total of over $100 million. Overall Satyams assets were inflated by about $1.85 billion. 2.5 Progress of efforts towards corporate governance reforms In spite of all that has been happening all over the world, pertaining to the fiascos of the financial infrastructures of corporations, there has been a lot of effort taken towards developing measures to curb such events. In the last couple of decades, three largest continental European countries (i.e. Germany, Italy and France) have enacted noteworthy corporate law reforms to strengthen the system of internal governance, empower shareholders better, improve revelation requirements and toughen public enforcement regulations (Enriques and Volpin, 2007). Special prominence is being placed on empowering minority shareholders of the organization, which can hugely contribute towards streamlining the way corporate governance functions. Apart from this, Ziegler (2000) points out that, a long era of political fight between workers and employers in places such as Germany has produced a corporate governance system in which employees in many companies are represented on supervisory boards and a re consequently able to play a role in company management. Also, economies across the world have now started to try and implement US corporate and securities and laws, pertaining to Americas well-developed legal framework. Besides researchers also suggest that, corporate governance framework should also ensure equitable treatment of all the shareholders, which also includes minority and foreign origin equity holders. As Nestor (2000) states, the board should be the main means for effective monitoring of the administration and for providing strategic supervision to the organization. There are many economies still, which are on the verge of falling down, due to the lack of corporate governance mechanisms. However, a proactive nature will have to be adopted by economies and its organizations to understand the nuances of corporate governance, so that they dont go bust all of a sudden. Some other measures include complementary legislations such as accounting law, commercial law, contract law, banking and dispute resolutions, and other such factors. Leuz and Verrecchia (2000) find evidence suggesting that firms cost of capital does decrease when they voluntarily switch to a reporting regime that requires gre ater disclosure. So there has been such a brawl adhering to the importance and significance of disclosure settings. Some of the key objectives of corporate governance reforms include maximizing economic value of the institutions, maximizing market value portfolios, furthering interests of other stakeholders of the organization, and alike. In a much talked about recent book, Roe (1994) Stiglitz (1975) disputes that politics rather than economic competency shaped American corporate law framework, at least at the Federal level. However, the reason why governance reforms come into existence is not the issue, the problem is whether they come forth or no. All the economies in the world must try and act towards the single most goal of increased efficiency in corporate governance. 2.5 Obstacles associated with global reform Although it is often stated that good corporate governance is mandatory, it is also a fact that one size does not fit all. So it becomes futile for economies where they try and imbibe governance measures based on other economies. There is a particular problem as noted by an author. The essence of Agency Problem (Shleifer and Vishny, 1997) is the separation of management and finance, or in simpler words ownership and control. This problem states that there is ideally a contract that financiers and managers sign, however they state trouble that most future contingencies are hard to describe and foresee which leads to mismatch in contract fulfilment. Apart from this, enforcement problems are a commonality. Most of the objectives and plans are not very simple to implement in a corporate structure. If one constituent stands out among the economies, it is that enforcement is an overruling concern. Most countries have significant substantive rules and regulation and disclosure requirements that cover most basic authority disclosures. However, without a market supervisor that can efficiently monitor for violations of law, the disclosure regime will not function One of the other major problems with the implementation of global reforms is the coordination of the parties involved in type of setting. More often than not, synchronization among the stakeholders becomes extremely complex, resulting in inefficient governance measures. Besides, a common global reform measure will not suffice the subjective needs of individual economies, as has already been explained above. 3. Conclusion: In summation, obligatory governance rules are necessary for two apex reasons; firstly, to conquer the collective action difficulty resulting from the dispersion among shareholders and secondly, to make certain that the interests of all applicable constituencies are put forth. Apart from this, it is essential on the part of the management to ensure that they cater to all the stakeholders of the organization. Not only will the management of various corporations, but also the government of the economies will have to stand in together to frame impeccable measure of corporate governance. All over the world, the regulatory framework for corporate governance reform measure has been substantially revised and strengthened, especially in the domains of financial reporting, minority shareholder rights and merger acquisitions (Rosser, 2003). Hermalin and Weisbach (2006) state that, economies across the world, in spite of a long era of studying regulation, has been slow, to provide a conceptual framework for their evaluation. They also mention that such framework requires treating governance organizations as endogenous, so it is easy to evaluate behavioural changes in reply to a new governance restraint. In the end a synchronized effort is required by the economies (on a macro scale) and by the organizations (on a micro scale), to sustain the measures of corporate governance for the longer run. Otherwise, the ongoing debate over the corporate governance reforms seems endless to me. Word Count 2,722

Dent’s Disastrous Pronouns Essay

Stewart Pidd Hates English contains the following information about pronouns: Pronouns function as replacement words for noun phrases and nouns. Three common types of pronouns that give writers trouble are indefinite pronouns, possessive pronouns, and personal pronouns. Pronouns have different functions. Pronouns that do not refer to an object or a particular person are indefinite pronouns; possessive pronouns show possession; personal pronouns replace an object or a specific person. Writers can use pronouns to prevent unneeded repetition. An antecedent is the noun that comes before or after the pronoun(s) that reference it (Pollitt and Baker 70-85). Faulty pronoun agreement is a common writing error. In â€Å"Go Big or Go Home,† Jimmy Dent fails to make his pronouns agree with their antecedents. Dent makes a pronoun/antecedent agreement error. He writes, â€Å"I was out front working on my old motorcycle and said, ‘Hey, Stewie, when a skater dude goes to Ludville Pipe, they need to go big or go home’†(1). The singular antecedent, â€Å"skater dude† does not agree with the plural pronoun â€Å"they.† To fix the sentence, Dent needs to change the singular antecedent â€Å"skater dude† to a plural antecedent â€Å"skater dudes.† The revised sentence will read, â€Å"I was out front working on my old motorcycle and said, ‘Hey, Stewie, when skater dudes go to Ludville Pipe, they need to go big or go home.’† Dent makes a pronoun/antecedent agreement error with an indefinite pronoun. He states, â€Å"‘Stewart Pidd!’ I yelled, through the rusty spokes or my front rim, ‘Nobody wants to put their relatives in a home’† (2). The singular antecedent â€Å"Nobody† does not agree with the plural possessive pronoun â€Å"their.† To fix the sentence, Dent needs to change the singular indefinite pronoun â€Å"Nobody† to a plural pronoun â€Å"In-laws.† The revised sentence will read, â€Å"‘Stewart Pidd!’ I yelled, through the rusty spokes or my front rim, ‘In-laws don’t want to put their relatives in a home’† Dent makes a pronoun/antecedent agreement error using a collective noun. He writes, â€Å"On a good day, the Dent clan will unite to make their relatives feel like chewed-up gum’† (2). The singular antecedent â€Å"clan† does not agree with the plural possessive pronoun â€Å"their.† The collective noun â€Å"clan† is singular because it a group functioning as a unit. In order to fix the sentence, Dent needs to replace the plural pronoun â€Å"their† with singular possessive pronoun â€Å"our.† The revised sentence will read, â€Å"On a good day, the Dent clan will unite to make our relatives feel like chewed-up gum.† Untrained writers and speakers who make pronoun agreement errors should consider the wise words of Thomas Browne: â€Å"There is music wherever there is harmony, order or proportion.† Good writing is like good music. Having pronoun agreement brings harmony, order, and proportion to one’s writing. Having harmony, order, and proportion creates music in the writing. Works Cited Browne, Thomas. Attackthetext.com. Web. 14 Feb. 2013. Dent, Jimmy. â€Å"Go Big or Go Home.† 28 Feb. 2010. Print. Pollitt, Gary, and Craig Baker. Stewart Pidd Hates English. 2nd ed. Oceanside: Attack The Text Publishing. 2010. Print.

Why Everyone Is Dead Wrong Regarding Language Arts Ged Essay Prompts 2014 Samples

Why Everyone Is Dead Wrong Regarding Language Arts Ged Essay Prompts 2014 Samples At the same time that you could skip right ahead and jump right into your initial free try at the GED Practice Test, we recommend pausing a moment to receive your bearings so you can make the absolute most out of each attempt. One of the most difficult sections of the GED to get ready for is the writing portion. They're also educated on the best way to be safe online. This thorough process demands extensive time commitments. When you skip a question, we will set the skill you want to brush up on your personalized prep program. Questions will concentrate on specific regions of the exercise in addition to time constraints. The Chronicles of Language Arts Ged Essay Prompts 2014 Samples The next thing to do is to analyze the argument, that's the claim that intends to persuade others an action or idea is right or wrong. The author starts with a clear primary idea and supports the most important id ea with three related concepts. Try to remember, you will want to support your primary idea with examples from the reading. In order to completely prepare for the writing, you will need to understand the particular expectations. When it's tricky to compose an essay in 45 minutes, begin by taking more time. Should you wish, highlight the critical words and phrases in the stimulus to have the ability to look at it from time to time to make sure you adhere to the topic. Taking a couple of minutes at the start to structure your essay can help you save you valuable writing time later. Then it is possible to compare the rest of the answers to discover the correct one. But What About Language Arts Ged Essay Prompts 2014 Samples? Don't forget that you're NOT writing your opinion on the subject. This kind of question may be used whenever you're requested to put things in a particular order, dividing items into certain classifications, or execute other graphic tasks to answer a ques tion. Do not seem through the topics before you opt for. State your opinion on the subject. The Pain of Language Arts Ged Essay Prompts 2014 Samples Your writing will reveal your very best skills if you take some time to plan what you wish to say and review it to make any needed corrections. A great vocabulary will permit you to express precisely what you mean, as clearly and concisely as possible. All three of the main HSE tests provide sample prompts and passages. Now you have an overall idea about what's on the Reasoning Through Language Arts section of the GED, perhaps you want to see some particular examples. Once more, MTN has started the shortlisting process, and it has sent bulk emails to candidates they should submit an essay with a link connected to the email sent. Community services permit the society to perceive their young intellectual professional as a beneficial workforce to invigorate the development of the society. Existing laws can manage this issue. La nguage Arts Ged Essay Prompts 2014 Samples: No Longer a Mystery For instance, you may be asked to read two speeches on whether tweens should have personal mobile phones. The intent is to become more independent and get much better jobs. When you take a position, you want to use materials from the source text to back up your position. Be certain to include why it's strong support for this position. The author employs the traditional five-paragraph essay format. He uses words that are precise and add to the essay. When you compose this essay, make certain it's a string of interconnected paragraphs on a single topic. Start by copying the topic you've been assigned as the very first sentence of your essay. Write just on the assigned topic. To begin with, rewrite the assigned topic in your words. A comma after art would produce the sentence flow a little better. The sentence is grammatically correct as it's written. These sentences could be used with a comma between. The writer used only 1 sort of sentence structure. To be able to analyze each argument, you have to make some notes. If you are aware that you've got a propensity to shorten words or sub them out with letters (such as u), then be sure that you watch for those varieties of words when doing a last proof of your written response before submitting. As a way to compose a well-developed reply, you have to first break down the writing prompt. Once you have decided on your answer, the reply will appear as part of the text on the monitor.

Saint Josephs University Acceptance Rate, SAT/ACT Scores, GPA

Saint Josephs University is a private Jesuit university with an acceptance rate of 76%. Established in 1851, Saint Josephs University is located on an 103-acre campus in Philadelphia, Pennsylvania. The universitys strengths in the liberal arts and science earned it a chapter of  Phi Beta Kappa Honor Society. Undergraduates can choose from 55 degree programs. Popular majors include accounting, biology, business administration, and communication studies. Considering applying to Saint Josephs University? Here are the admissions statistics you should know, including average SAT/ACT scores and GPAs of admitted students. Acceptance Rate During the 2017-18 admissions cycle, Saint Josephs University had an acceptance rate of 76%. This means that for every 100 students who applied, 76 students were admitted, making SJUs admissions process somewhat competitive. Admissions Statistics (2017-18) Number of Applicants 8,843 Percent Admitted 76% Percent Admitted Who Enrolled (Yield) 17% SAT Scores and Requirements Saint Josephs University has a test-optional standardized testing policy. Applicants to SJU may submit SAT or ACT scores to the school, but they are not required.  During the 2017-18 admissions cycle, 70% of admitted students submitted SAT scores. SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 570 650 Math 550 640 ERW=Evidence-Based Reading and Writing This admissions data tells us that of those students who submitted scores during the 2017-18 admissions cycle, most of  Saint Josephs admitted students fall within the  top 35% nationally  on the SAT. For the evidence-based reading and writing section, 50% of students admitted to Saint Josephs scored between 570 and 650, while 25% scored below 570 and 25% scored above 650. On the math section, 50% of admitted students scored between 550 and 640, while 25% scored below 550 and 25% scored above 640. While the SAT is not required, this data tells us that a composite SAT score of 1290 or higher is competitive for Saint Josephs University. Requirements Note that Saint Josephs does not require SAT scores for admission. For students who choose to submit scores, Saint Josephs participates in the scorechoice program, meaning that the admissions office will consider your highest score from each individual section across all SAT test dates. Saint Josephs does not require the optional essay portion of the SAT. ACT Scores and Requirements Saint Josephs has a test-optional standardized testing policy. Applicants may submit SAT or ACT scores to the school, but they are not required. During the 2017-18 admissions cycle, 18% of admitted students submitted ACT scores. ACT Range (Admitted Students) Section 25th Percentile 75th Percentile English 23 31 Math 21 27 Composite 23 29 This admissions data tells us that of those who submitted scores during the 2017-18 admissions cycle, most of Saint Josephs admitted students fall within the  top 31% nationally  on the ACT. The middle 50% of students admitted to Saint Josephs received a composite ACT score between 23 and 29, while 25% scored above 29 and 25% scored below 23. Requirements Note that Saint Josephs does not require ACT scores for admission. For students who choose to submit scores, Saint Josephs does not require the optional writing portion of the ACT. Saint Josephs does not superscore ACT results; your highest composite ACT score will be considered. GPA In 2019, the middle 50% of Saint Josephs incoming freshmen class had weighted high school GPAs between 3.38 and 4.0. 25% had a GPA above 4.0, and 25% had a GPA below 3.38. These results suggest that most successful applicants to Saint Josephs University have primarily A and B grades. Self-Reported GPA/SAT/ACT Graph Saint Josephs University Applicants Self-Reported GPA/SAT/ACT Graph. Data courtesy of Cappex. The admissions data in the graph is self-reported by applicants to Saint Josephs University. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in  with a free Cappex account. Admissions Chances Saint Josephs University, which accepts just over three-quarters of applicants, has a somewhat competitive admissions pool. However, Saint Josephs also has a  holistic admissions  process and is test-optional, and admissions decisions are based on more than numbers. A strong  application essay  and  glowing letters of recommendation  can strengthen your application, as can participation in meaningful  extracurricular activities  and a  rigorous course schedule. The college is looking for students who will contribute to the campus community in meaningful ways, not just students who show promise in the classroom. While not required, Saint Josephs offers non-evaluative  interviews  for interested applicants. Students with particularly compelling stories or achievements can still receive serious consideration even if their grades and scores are outside of Saint Josephs average range. In the scattergram above, the blue and green dots represent students accepted to Saint Josephs University. The majority of admitted students had high school grades of B or better, combined SAT scores of about 1050 or higher, and ACT composite scores of 21 or better. A significant number of admitted students have grades in the A range. If You Like Saint Josephs University, You May Also Like These Schools Fordham UniversityDrexel UniversityUniversity of PittsburghArcadia UniversityBoston CollegeJames Madison UniversityPennsylvania State UniversitySyracuse UniversityFairfield UniversityUniversity of Delaware All admissions data has been sourced from the National Center for Education Statistics and Saint Josephs University Undergraduate Admissions Office.