Overview Of Electronic Funds Transfer Marketing Essay

Diagram Of Electronic Funds Transfer Marketing Essay Dynamic My proposal depends on the E-banking innovation in which customers can gain increasingly great, all the more quickly and fast financial administrations from the customized financial framework. This innovation has likewise been actualized by the worldwide banks just as by banks in Pakistan to give efficient and proficient administrations to their favored customers. The target of this theory is yielded to unchain the significance that Pakistani banks are related with this type of e-banking innovation that is being executed by the banks for offering the electronic types of assistance to the purchasers and in what degree this innovation is noteworthy to clients. This exploration work will likewise help to finish up whether the e-banking administrations are progressively great, all the more quickly and brisk financial administrations. Part 1 Presentation AND BACKGROUND 1.1 INTRODUCTION At the point when Internet has gone into our day by day life, the most elements of our lives, for example, training, correspondence, business, and so on, were dominated by this novel marvel. One of these measurements is to deal with banking undertakings through the Internet (Shirali Shahreza, 2007). As indicated by (Richard Nyangosi Arora, Sumanjeet Singh, 2009) banking through electronic channels has increased a lot of prevalence as of late. This framework, famously known as e-banking, gives quicker conveyance of banking administrations to a wide scope of clients. Data innovation is turning into a significant factor later on advancement of budgetary administrations industry, and particularly in banking industry (Nami. M. R, 2009). In current business conditions, clients utilizing the administrations results of the banks need better decision. (Avkiran, 1999) focused on the significance of the human touch in the client administrations. The ability of banking staff can be relied upon to straightforwardly influence the clients fulfillment. Be that as it may, e-banking advancements can help in better understanding clients needs and tweaking the administrations/items as per their requirements. In the new time there is a need of bank clients to get improved electronic financial administrations and furthermore better relations with the investors. It is likewise the need of time to offer proficient types of assistance/items to the clients. In Pakistan in any case, such sort of electronic banking has begun as of late. Web based financial framework present to their purchasers a lot of data related advantages that favors to embrace e-banking, including the office for the clients to control their ledgers whenever and wherever, and to get to data content for settling on venture and financing choices (Howcroft B, 2002). Because of the opposition among the banks in Pakistan, the banks need to offer the types of assistance, which are progressively effective, quick and improved the financial framework. In this manner, the target of e-banking is to make such workplace where clients can without much of a stretch find about the data they require for performing monetary exchanges. 1.1.1 Definition of E-Banking Electronic banking, known as Electronic Funds Transfer (EFT), it is essentially the utilization of electronic strategies or intends to move cash electronically legitimately starting with one record then onto the next record, as opposed to money or check. We can utilize electronic finances move for: 1. We can pull back cash by an ATM machine with an individual recognizable proof number (PIN), for our benefit at day or night. We can manage our bank or credit association to cover consequently month to month utility tabs from our record, or our automobile advance even our home loan installment. 2. We can purchase food, fuel for our own vehicle, and different products at the buying point, utilizing a Mastercard as opposed to money. 3. We can utilize a prepaid brilliant card implanted for our day by day buying like compensation telephone, cost costs, every day school cost or any book shops. 1.2 BACKGROUND The undeniably change in overall seriousness in business practices has improved the volume of bank on the planet. It has created extra financial information and furthermore improved client request of administrations given by banks. This transformation has set a movement in the financial part for the arrangement of an installment framework that is perfect with the requests of the electronic market (Balachandher, 2001). For the sake of expanded rivalry, numerous banks and association didn't just lessen their expenses yet they have likewise expanded their items. Innovation has changed the preconditions for administration conveyance, drastically as of late (Fredriksson, 2003). The banks are the budgetary establishments to give purchasers investment funds administrations, cash transmission administrations and credit administrations (Sinkey, 1990). In different terms, banks are worried about safe exchange and assortment of the board capacities. In such manner the primary object of the banks is to making benefits and giving best administrations to their clients. Clients are anxious to a banks conduct on the grounds that the clients are the most noteworthy reason for a banks store and income creation. These clients may either be a solitary individual or gathering of an individual or association. As indicated by (Chaudhury Kuilboer, 2002) the capability of offering creative types of assistance over the Web is restricted uniquely by ones creative mind. Online administrations, particularly banking administrations, are getting progressively alluring and option in contrast to visiting administration outlets or call places for expanding their clients. In this way it become simple for the clients to favor online administrations (Szymanski Hise, 2000), feel more in charge of the administration procedure (Bateson, 2000) to keep away from human contact with efficient (Meuter M.L. 2000). In Pakistan be that as it may, banking associations have been centered around rebuke for not given to their clients with unique and reasonable financial administrations. Along these lines, the result that a few clients, think that its reasonable to keep their cash or saves at home than the banks. Studies will complete by two acclaimed banks working in Pakistan, which have explored and applied mechanized innovation for the conveyance of banking administrations. In spite of the fact that, banking organization has deferred to execute PC innovation in banking works out. Various examinations have presumed that IT effectsly affects bank administrations conveyance to clients, bank profitability, clerks work, banking exchange and banking speculation. Thus, these effectsly affect the development of banking framework (Balachandher, 2001). What's more, conveyance the top notch administrations is a route for the banking to improve their associations with their clients. By the Delivering excellent administrations, banks can accomplish consumer loyalty and through consumer loyalty banks can increase faithful clients (Grã ¶nroos, 2000). Due to the profoundly undifferentiated administrations and items, monetary associations explicitly banks become principle apparatus for contending in this commercial center (Kim J.K, Han, Choi Kim S.H. 1998). Much examination has been done about the nature of administrations and client prerequisites in the conventional financial condition, where individual cooperation between the clients and the bank workers happens (Oppewal Vriens, 2000). Subsequently, this is significant for the web based financial administrations suppliers to turn out to be increasingly competent about the clients view of the web based financial administrations quality. Then again the clients additionally have more desires and request when they are utilizing e-banking administrations either the administrations are agreeable or not. Since it is very simpler for clients to assess and look at the advantages of contending administrations (Santos, 2003). 1.3 PROBLEMS DISCUSSION The examination about e-banking adjustment has increased extraordinary consideration during the most recent decade with respect to case; banking diaries have dedicated exceptional issues on the point (Waite Harrison, 2002). There were a great deal of complaints over the deferrals in conventional financial administrations, withdrawals and postponement in handling. Time is cash however the clients need to hang tight for quite a while of their chance in the bank for any financial office. Some time even from a remote region a client needs to make a trip to the concerned branch for any sort of exchange. On the end hours it turns out to be progressively destructive in the event that anybody need make a business bargain for installment. Having the electronic tasks and mechanized teller machine; it has made it simple that the banks would enact their e-units to help the internet banking administrations. In Pakistan, manual-banking framework was performing underneath standard administrations to the clients and it might be influenced on the clients support. Exchanges of the cash from one manual bank to the next can take five to ten days. Some time, when the reason for moving the cash has practically dead. Once in a while representatives need to drop their business bargains because of the inaccessibility of the money moving office in time in customary financial framework where administrations are as delayed as non-secure, non-palatable. So as to fulfill clients needs, numerous banks develop their set through sites and Internet that offer the types of assistance and data to clients and the better help can assist with getting higher gainfulness. With the investigations of IT in generous, that would put a constructive outcome on bank efficiency, clerks work, banking exchange, bank backing, and conveyance of bank administration. These effectsly affect the development of banking (Yasuharu, 2003). Presently Pakistan Telecommunication Company Limited is giving broadband, which has empowered the clients to embrace the e-benefits rather than manual banking on the grounds that these are a lot of productive and precise. In Pakistan there is low proficiency pace of workingwoman that are in administration. In any case, presently youthful instructed age particularly lady are attempting to land positions and partaking in country building and economy and they need to utilize the financial administrations. Accordingly the e-banking administrations will help and fulfill them in regards to their desires for effective, exact administrations. As of late, numerous nearby banks in Pakistan have utilized the online s

Merger and Acquisition a Survival Strategy in Business Free Essays

Meshing is in excess of a haircut †it’s a social convention that trims across racial, social, financial, and geographic lines. Hair Braiding in Africa Ancient African hair meshing designs uncover an assortment of complex geometrical plans, which regularly highlighted attributes of the wearer. Personality Status Religion Age Ethnicity family relationship Hair Braiding in Egypt In old Egypt, interlacing was saved for sovereignty and for formal customs like weddings. We will compose a custom article test on Merger and Acquisition a Survival Strategy in Business or on the other hand any comparative subject just for you Request Now Hair Braiding in America Historically, most Native American ladies and youngsters wore meshes to mean things: Whether a lady was hitched or unmarried ladies depended on the interlaces she wore. Plaiting was likewise performed for strict customs. Local American men wore plaits with quills, hide, cowhide, or dots to get ready for war. Hair Braiding in Europe According to Medieval and Renaissance work of art, high society ladies were uncovered by expand meshes and styles. Less complex plaits were frequently picked by regular ladies for practical purposes †to keep hair cleaner among showers and to keep hair off the beaten path while cooking, cleaning, and performing other day by day tasks. The Braid Breakdown There are several distinct kinds of twists, including French plaits, English meshes, Dutch interlaces, Swiss twists, multi-strand twists, crown twists, and so forth †every one of them â€Å"twists† on the conventional style. Presently, 11 states have forced a specific permit for hair braiders, and seven states expect braiders to acquire a full cosmetology permit. Ten states explicitly excluded hair braiders from cosmetology authorizing laws, and in the other 22 expresses, the law stays quiet on the issue. We adored when Dorothy carried her interlace to Oz, however no film has made meshes more well known than â€Å"Return of the Jedi† did. Who could oppose Princess Leia’s many meshed do’s? At the point when your hair is separated into even rectangular or triangular segments all over your head, with the hair in each area curved together and twisted into a jutting bunch, the style is known as African bunches or Zulu ties in the U. S. In Africa, be that as it may, the style is called â€Å"chicken crap. † In the 2005 end of the season games, NBA forward Vladimir Radmanovic stood out as truly newsworthy for his hair than for his exhibition on the court. His purpose behind going interlaced? He simply needed to get the hair out of his eyes. As indicated by South African research distributed in the British Journal of Dermatology in 2007, tight hair meshing, particularly when joined with hair-fixing synthetic compounds, can prompt perpetual bare patches and serious skin break out on the scalp. Wow! In 2010, a 4-year-old was suspended from pre-K in his rural Dallas school region since his hair was excessively long. The school board’s bargain that he could mesh his hair and pin it up? Dismissed. |Hair twisting is an old craftsmanship, rehearsed by the Ancient Egyptians as quite a while in the past as 4000 BC. |[pic] | |Today it has become a â€Å"hot â€Å" design pattern with numerous styles, weaves and beautiful decorative | |beads. Women as well as men have grasped this wonderful craftsmanship, making shading and style | |beyond our progenitors most extravagant fantasies. | |How and where did plaiting start? Hair plaiting, as we probably am aware it today has its birthplaces in West | |Africa. The extraordinary and frequently complex structures mean the economic wellbeing, age gathering and village| | |a young lady has originated from. The plait designs are comprised of various geometrical examples and can | |become very mind boggling for unique events, for example, relationships. | |Braiding is generally a social workmanship. On account of the time it takes to plait hair the ladies | |took time to mingle while meshing and having their hair done. It starts with the seniors | |making straightforward bunches and twists for more youthful youngsters. More established youngsters watch and gain from them, | |start rehearsing on more youthful young ladies and in the end get familiar with the conventional structures. Here in America | |you see moms and grandmas twisting and placing beautiful dots in little children’s hair. | |This carries on a the convention of holding among older folks and the new age. | |The contrast among antiquated and present day plaiting: Nowadays, just as the bright dots and | |intricate structures of our progenitors, hair weaving has become some portion of the customary interlacing | |technique. This makes the way for an entirely different arrangement of styles and looks. The Hip Hop | |industry has taken hair meshing and weaving to an unheard of level of fame and style, | |allowing individuals from varying backgrounds to appreciate making a design explanation with hair plaits | |and weaves. Hair weaves extend from genuine hair to an immense range of various hues and surfaces | |made from engineered hair. The conventional globules are likewise being formed into a wide range of | |shapes and sizes. | |Hair Care for Braiding and Hair Weaving | |When you choose to interlace your hair or use hair weaves, your hair should be in acceptable condition, | |or you will encounter breakage and harm. Your hair ought to have flexibility. This is a characteristic | |condition of hair strands and will be available in all hair that has not been synthetically treated. | |If you have utilized relaxers, fading, or perms, | |these synthetic compounds make your hair dry and weak, it is imperative to utilize great conditioners on| | |a customary premise to reestablish your hair’s characteristic versatility. Make certain to talk about this with your | |stylist, so you can appreciate meshing styles without harming your hair. | |Hair interlacing and weaving can be very expensive, so it is basic to go to beauticians who are | |experienced and learned. Make a meeting with your beautician for a discussion, before | |you have your hair done. | |Discuss what style is best for you, the expense and how to keep up your hair interlaces or weave. | |Proper care of your hair when interlacing and utilizing hair weaves will forestall harm to your hair | |and scalp. Hair meshing is one of the most flexible approaches to style your hair and really make | |yourself one of a kind, with this excellent and antiquated artistic expression. | [pic][pic] [pic] The most effective method to refer to Merger and Acquisition a Survival Strategy in Business, Essay models

FAQ Waitlist

FAQ Waitlist Every year we publish a FAQ about the waitlist. Students on the waitlist have lots of questions, so hopefully you find an answer to yours here. How does the waitlist work? We are aiming for a class of about 1050 students this year. Based on our estimates of the percentage of admitted students who will attend (known as the yield), we admitted 1419 students. However, it isnt possible to exactly predict how many students will attend this year. To help with the uncertainties, we also keep a waitlist of students. Is the waitlist ranked? No. How many people are on the waitlist? We offered approximately 3% of applicants a spot on the waitlist. Not all of those students will choose to remain on the waitlist. Can you tell me where I am on the waitlist? No, because its not ranked. We will reconsider all of the waitlisted students again in May, when we know how many students remain on the waitlist, and how many we wish to take from the waitlist. How many people will you admit from the waitlist this year? It is impossible to know. We will have no idea how many people, if any, we will take from the waitlist until the first or second week of May. What has the waitlist looked like, historically? In the last five years, we have admitted as few as 0 students from the waitlist and as many as 78 students. However, its impossible to know what will happen this year, since we dont yet know what the exact yield will be this year. Can you tell me where my application was lacking, or what I should improve on? If we waitlisted you, it means we really like you, and you do not need to improve on your application. You should, however, continue to get good grades, as we may call your school to check on your academic progress. What are the realities here? True story: its likely that most people on the waitlist will not be admitted. But remember, any statistic against you (or for you) is associative but not causal. This means, what has happened in the past or on any other application doesnt impact your application. Whom do you admit from the waitlist? For example, if someone from state X or major Y declines, are you likely to look for another student like them? Sometimes we look at things like that but were not strict about it. So, if a foosball champion decides to go somewhere else, we may, or may not, go out of our way to try to find another foosball player on the waitlist. It just depends on what the list looks like. Are domestic students given priority over international students on the waitlist? No, but we do consider whether admitting international students from the waitlist would put us over our international quota. If Im waitlisted, can I still come for CPW or do the Overnight Program? No, Im sorry. Im still very interested in attending MIT. What should I do if I hope to be admitted from the waitlist? A waitlist confirmation form will be available online in early April. After youve heard back from all the colleges youve applied to, please use the form to let us know whether you wish to remain on the waitlist or not. Once its live, well email you to let you know. The deadline to complete the form is April 25, 2014. Next, be sure to enroll in a college/university by May 1. You do not need to submit additional documents, but if you would like to, you can email mitwl [at] mit [dot] edu and the documents will be added to your application. Excessively emailing us will not help your case (and might hurt it). I would recommend sending us a note (no more than a page in length) to mitwl [at] mit [dot] edu in mid-late April with an update on what youve been up to since our last contact. You can also feel free to provide any other information you think would be helpful. What should I not do? Here are some things you should not do: Fly to campus to make the case in person. Send us ridiculous items or bribes. Submit a whole new application. Bombard our office with way too much stuff. Be pushy. Be sketchy. Let your grades drop. Not choose another college to attend by May 1. What should I do about the May 1 reply date for other colleges? You should accept the offer of admission from another college before May 1, even if it means making a deposit. After May 1, when all students have sent their replies, colleges will determine if they need to go to their waitlist or not, and if so, how many students they need to admit. At this point, colleges will begin admitting students from the waitlist. Students who accept this offer will unenroll at the first college and enroll at the second. This shifting can lead to a second round of waitlist admissions. All of this is a standard part of the admissions process. We colleges recognize and accept this. If Im admitted off of the waitlist, do I have to go to MIT? What about financial aid? Youre not required to enroll. Well give you a financial aid package and youll have time to consider your decision before letting us know one way or the other. It is in your best interest to complete your financial aid application now (if you havent already), so that if you are admitted from the waitlist, well have a financial aid package ready to go. Our waitlist process, like our entire admissions process, is need blind, and we will meet full demonstrated need for all admitted students. Okay, what should I do now? First, focus on choosing the best fit college of those who have offered you admission. Waitlists are uncertain, so it is always best to ensure your happiness no matter what the outcome. If you are still interested in MIT, you should stay in contact with us. Drop us a note to mitwl [at] mit [dot] eduonce things have calmed down a bit. Please always be very nice in all of your interactions with us! Keep us up to date all the way through May 1 and beyond if you remain interested. And in the meantime be patient. There wont be any waitlist news until early-mid May. ?Good luck! FAQ Waitlist I know that students on the waitlist have lots of questions; hopefully this post will be helpful. How does the waitlist work? We are aiming for a class of about 1130 students this year. Based on our estimates of the percentage of admitted students who will attend (known as the yield), we admitted 1548 students. However, it isnt possible to exactly predict how many students will attend this year. To help with the uncertainties, we also keep a waitlist of students. Is the waitlist ranked? No. How many people are on the waitlist? We offered fewer than 4% of applicants a spot on the waitlist. Not all of those students will choose to remain on the waitlist. Can you tell me where I am on the waitlist? No, because its not ranked. We will reconsider all of the waitlisted students again in May, when we know how many students remain on the waitlist, and how many we wish to take from the waitlist. How many people will you admit from the waitlist this year? It is impossible to know. We will have no idea how many people, if any, we will take from the waitlist until the first or second week of May. What has the waitlist looked like, historically? Last year we admitted 0 students from the waitlist. The year before that, we admitted 27 students from the waitlist, and the year before that we admitted 65 students. Please dont try to draw a trend line from 3 points its impossible to know what the yield will be this year. Can you tell me where my application was lacking, or what I should improve on? If we waitlisted you, it means we really like you, and you do not need to improve on your application. You should, however, continue to get good grades, as we may call your school to check on your academic progress. What are the realities here? True story: its likely that most people on the waitlist will not be admitted. But remember, any statistic against you (or for you) is associative but not causal. This means, what has happened in the past or on any other application doesnt impact your application. Who do you admit from the waitlist? For example, if someone from state X or major Y declines, are you likely to look for another student like them? Sometimes we look at things like that but were not strict about it. So, if a foosball champion decides to go somewhere else, we may, or may not, go out of our way to try to find another foosball player on the waitlist. It just depends on what the list looks like. Are domestic students given priority over international students on the waitlist? No, but we do consider whether admitting international students from the waitlist would put us over our international quota. If Im waitlisted, can I still come for CPW or do the Overnight Program? No, Im sorry. Im still very interested in attending MIT. What should I do if I hope to be admitted from the waitlist? First: there is a link to the waitlist confirmation page in your decision letter. You should complete this form when you determine if you would like to remain on the waitlist. We encourage students on the waitlist to complete the waitlist reply form once you know all of your college choices. The deadline to complete the form is April 18, 2013. Next, be sure to enroll in a college/university by May 1. You do not need to submit additional documents, but if you would like to, you can email [emailprotected] and the documents will be added to your application. Excessively emailing us will not help your case (and might hurt it). I would recommend sending us a note (no more than a page in length) to this email address in mid-late April with an update on what youve been up to since our last contact. You can also feel free to provide any other information you think would be helpful. What should I not do? Here are some things you should not do: Fly to campus to make the case in person. Send us ridiculous items or bribes. Submit a whole new application. Bombard our office with way too much stuff. Be pushy. Be sketchy. Let your grades drop. Not choose another college to attend by May 1. What should I do about the May 1 reply date for other colleges? You should accept the offer of admission from another college before May 1, even if it means making a deposit. After May 1, when all students have sent their replies, colleges will determine if they need to go to their waitlist or not, and if so, how many students they need to admit. At this point, colleges will begin admitting students from the waitlist. Students who accept this offer will unenroll at the first college and enroll at the second. This shifting can lead to a second round of waitlist admissions. All of this is a standard part of the admissions process. We colleges recognize and accept this. If Im admitted off of the waitlist, do I have to go to MIT? What about financial aid? Youre not required to enroll. Well give you a financial aid package and youll have time to consider your decision before letting us know one way or the other. It is in your best interest to complete your financial aid application now (if you havent already), so that if you are admitted from the waitlist, well have a financial aid package ready to go. Our waitlist process, like our entire admissions process, is need blind, and we will meet full demonstrated need for all admitted students. Okay, what should I do now? First, focus on choosing the best fit college of those who have offered you admission. Waitlists are uncertain, so it is always best to ensure your happiness no matter what the outcome. If you are still interested in MIT, you should stay in contact with us. Drop us a note to the waitlist email address once things have calmed down a bit. Please always be very nice in all of your interactions with us! Keep us up to date all the way through May 1 and beyond if you remain interested. And in the meantime be patient. There wont be any waitlist news until early-mid May. Good luck!

I.What Is A Theory. 1.Criminology Is The Scientific Study

I. What is a theory? 1. Criminology is the scientific study of crime and the causes of criminal behavior. a. Correlation and Cause: Correlation is the relationship between two variables that tend to move in the same direction. Causation is the relationship in which a change in one variable creates a recognizable change in another variable. For example, many criminals are drug abusers but drug abuse does not cause crime because not everyone who abuses drugs is a criminal. b. The Role of Theory: Criminologists have uncovered information concerning a different and more applicable inquiry. II. The Scientific Method 1. Theory is an explanation of a happening or circumstance that is based on observation, experimentation, and reasoning. 2. A†¦show more content†¦2. Research shows that even moderate use of alcohol or drugs increases the chances that a schizophrenic will behave violently. IX. Psychology and Crime 1. Social psychology is the study of how individual behavior is influenced by the behavior of groups in social situations. b. Bad Neighborhoods and Other Economic Disadvantages: Sociology is the study of the development and functioning of groups of people who live together within a society. X. Social Disorganization Theory 1. High levels of high school dropouts. 2. Chronic unemployment. 3. Deteriorating buildings and other infrastructures. 4. Concentrations of single-parent families. XI. Strain Theory 1. Strain theory is the assumption that crime is the result of frustration felt by individuals who cannot reach their financial and personal goals through legitimate means. 2. An anomie is a condition in which the individual feels a disconnect from society due to the breakdown or absence of social norms. XII. Social conflict theories 1. Social conflict theories are theories that views criminal behavior as the result of class conflict. c. Life lessons and Criminal Behavior: Surveys that ask people about their criminal behavior have shown that the criminal instinct is pervasive in middle and upper class communities, even if it is expressed differently. XIII. The abandoned car experiment 1. Social process theories are theories that considers criminal behavior to be the predictable result of a person’s

10 Facts About the Periodic Table of Elements

The periodic table is a chart that arranges the chemical elements in a useful, logical manner. Elements are listed in order of increasing atomic number, lined up so elements that exhibit similar properties are arranged in the same row or column as others. The periodic table is one of the most useful tools of chemistry and the other sciences. Here are 10 fun facts to boost your knowledge: Although Dmitri Mendeleev is most often cited as the inventor of the modern periodic table, his table was just the first to gain scientific credibility. ​It wasnt the first table that organized the elements according to periodic properties.There are  about  94 elements on the periodic table that occur in nature. All of the other elements are strictly human-made. Some sources state more elements occur naturally because heavy elements may transition between elements as they undergo radioactive decay.Technetium was the first element to be made artificially. It is the lightest element that has only radioactive isotopes (none are stable).The International Union of Pure Applied Chemistry, IUPAC, revises the periodic table as new data becomes available. At the time of this writing, the most recent version of the periodic table was approved in December 2018.The rows of the periodic table are called periods. An elements period number is the highest unexcited energy level for an ele ctron of that element.Columns of elements help to distinguish groups in the periodic table. Elements within a group share several common properties and often have the same outer electron arrangement.Most of the elements on the periodic table are metals. The alkali metals, alkaline earths, basic metals, transition metals, lanthanides, and actinides all are groups of metals.The present periodic table has room for 118 elements. Elements arent discovered or created in order of atomic number. Scientists are working on creating and verifying elements 119 and 120, which will change the appearance of the table, though they were working on element 120 before element 119. Most likely, element 119 will be positioned directly below francium and element 120 directly below radium. Chemists may create much heavier elements that may be more stable because of the special properties of certain combinations of proton and neutron numbers.Although you might expect atoms of an element to get larger as th eir atomic number increases, this does not always occur because the size of an atom is determined by the diameter of its electron shell. In fact, element atoms usually decrease in size as you move from left to right across a row.The main difference between the modern periodic table and Mendeleevs periodic table is that Mendeleevs table arranged the elements in order of increasing atomic weight, while the modern table orders the elements by increasing atomic number. For the most part, the order of the elements is the same between both tables, though there are exceptions.

Optimum Dividend Policy Free Essays

INTRODUCTION It is becoming increasingly difficult to ignore the significance of dividend policy, considering the fact that payment of dividend reduces earnings available for investment and increase external financing for investment purpose. Most households, investors and pensioners rely heavily on the dividends from their investments to make ends meet. A lot of theories have emerged regarding the dividend decisions made by companies. We will write a custom essay sample on Optimum Dividend Policy or any similar topic only for you Order Now While some are of the opinion that the choice of dividend is irrelevant to the value of shareholder wealth, provided all retained earnings are invested in projects that give a positive net present value, others held the view that the capital structure decision is relevant as the cost of loan capital is cheaper than that of equity and as such advocates external source of financing as oppose to the use of dividends. This report will therefore examine some of the theories on dividend policies using five year dividend policy of Tesco Plc and Apple Incorporation. TESCO PLC Tesco is a retail store whose head office is in United Kingdom. It has an unrivalled FTSE 100 record of increasing dividend for the 26th consecutive year. Its major shareholders as at July 2010 are Blackrock Inc which owns 5.24%, Legal general Investment Management Limited which owns 3.71% of the issued share capital of the company, Berkshire Hathaway Inc, 3.02% (Annual report, 2010, pp. 1-3 45). Tesco Plc final dividend payout extracted from the annual reports between 2006 to 2010 is: YEAR:2006 2007 2008 2009 2010 DIVIDEND (pence): 6.10 6.83 7.70 8.39 9.16 APPLE INCORPORATION Apple is an American multinational corporation incorporated in 1977 which manufactures computers, computer accessories and mobile phones. In 1980, the company went public, selling 4.6 million shares at a price of $22 per share and closing at $29. (CNET news, 1997). The company does not pay dividends despite its continuous increase in shares arising from the success in new products lunch. Below gives an overview of Apple dividend history. Year 2009 20082007 2006 2005 Dividends $0 $0$0 $0 $0 Price $170.31$110.99 $198.08 $84.84 $0 Estimated EPS (year) $5.84, Estimated EPS (quarter) $1.38 Estimated EPS Growth 18.58%, Payout Ratio0.00%. DIVIDEND AND DIVIDEND POLICY Dividend is a cash payment made to shareholders on a quarterly or twice in a year basis based on the amount of shares held and dependent upon the dividend policy adopted by the company. It is normally paid to every shareholder at the record date and can be either in cash or reinvested into the business to generate capital gains (Atrill and McLaney, 2008, pp. 138-139). They are paid out of profit after deducting interest and tax liabilities and the Company Act 1985 makes it mandatory for companies to pay dividend out of accumulated net realised profit, taking into consideration any accumulated loss according to Consultative Committee of Accountancy Bodies (Watson and Head, 2007, p.84). Dividend can be also in the form of bonus shares whereby instead of shareholders receiving cash as dividend, they receive additional share known as script dividend (Atrill, 2009, p. 365). Some companies like Google and Apple have a zero-dividend stock while others like Tesco Inc pays dividend. THEORIES OF DIVIDEND POLICY There is increasing pressure for companies to cut dividend in order to finance projects that gives a positive net present value using retained earnings which is a major source of finance for companies in the United Kingdom (Watson and Head, 2007, p. 285). Retained earnings are being used because there are no issue costs involve and are quick to raise (ACCA F9, 2010, p. 556). However, the decision of a company to use retained earnings to finance its investments will be dependent on the attitude of shareholders and capital market to a reduction in dividend, availability and cost of external sources of finance and amount of fund require relative to the available distributable profits (ACCA F9, 2010, p. 285). The following are some of the dividend policy theories that will be discussed in this report. DIVIDEND IRRELEVANCE THEORY This theory was pioneered by Modigliani and Miller in 1961. It argued that in a perfect capital market where there is the absence of transaction costs, taxation and market imperfections, shareholders are concerned with increase in wealth and will be indifference to whether the increase is a result of capital gain or dividend (ACCA F9, 2010, p. 556). To an investor, whether a firm pays dividend or not should make no difference to the value of the firm and it does not counts whether it is paid out as dividend or reinvested to yield a capital gain as dividend policy does not have any effect on share price (Chiang et al, 2006, pp.6413). This supports Human Resource Director of Aspire Plc of one dividend policy being as good as another as it has no effect on share price. Thus a company can choose to pay any amount of dividend and use retained earnings to finance projects that have positive net present value and maintain that shareholders who invest in a financial geared business will wan t a return that is the same with the return they will get from investing in a similar business that is ungeared and that returns the shareholders require from borrowing will remain unchanged with increase in levels of borrowing (Atrill, 2009, p. 344). Their argument is founded on the assumption that having a good security for the loans will prevent lenders from seeking additional returns. Modigliani and Miller fail to realised that human nature being naturally selfish and the business environment being chaotic, complex and unpredictable will make lenders seek higher returns so as to safe guard against such risk as global recession. Investors suffered dividend cuts with investments worth billions reduced to nothing in the wake of the financial crisis which were not matched by a reciprocal austerity on the part of investment bankers (Jones, 2011). Shareholders will require higher return due to the risk, inflation and interest. Moreover, their argument is founded on three assumptions of an ‘ideal business world’ devoid of share issue costs, market imperfections, transaction costs and taxation whereas in reality, these exist. A perfect market assumption of market prices not being influenced by a single seller or buyer (Hussainey et al, 2011, p.59) is unlikely to hold. The financial markets operate in a chaotic and unpredicted world and in reality, costs like agency, bankruptcy, and transaction costs are incurred when investors buy or sell their shares and tax will be charged as well as inflation (Abor and Bokpin, 2010, p. 180). Moreover, monopoly exists where a single seller can influence price. The ongoing war in Libya for instance has led to a large increase in fuel price all around the world (Barbajosa, 2011). However, the third assumption of no taxation will hold to a great extent giving that the United Kingdom no taxation rule on capital gains below ?9200 applies, whereas all dividends are tax charged (Atrill, 2009, p. 372). The tax position of an investor to a great extent will determine whether they prefer a capital gain to dividend and vice versa and shareholders will invest in companies whose dividend policies are in line with their investment needs DIVIDEND RELEVANCE THEORY This theory propounded by Lintner (1956) and Gordon (1959) is founded on the assumption that a shareholder will prefer to receive a dividend payment which is certain as oppose to investing the same amount in an investment whose value is not certain corroborating the point made by Aspire Plc Director of Operations that a known dividend now is preferred by shareholders to an uncertain capital gain in the future. This is similar to the bird in the hand dividend theory which says that a bird (dividend) in hand is worth more than two (capital gains) in the bush. Giving that future cash flows are uncertain, an investor will prefer dividends to retained earnings (Hussainey, 2011, p. 59). It therefore maintained that dividends are preferred to capital gains as a result of shareholders being risk averse. Some of their arguments is founded on the assumptions that dividends are a signal to shareholders and investors about the prospects of a company. This arises as a result of the asymmetry of i nformation between shareholders and managers (Alnold, 2007, p. 429). Thus shareholders see dividend as a means of passing across information to them as to the well being of their investments. A rise in dividend to the shareholder is a sign that the company has good prospects and share price tends to rise while a cut in dividend signals a poor performance (Tse, 2005, p. 14). Share prices thus go up when there is increase in dividend and go down when there is a cut in dividend and market makes use of announcement of changes in dividend payments in assessing the value of a security (Tse, 2005, p.14 in Pettit (1972). A pitfall of this notion is that an increase in dividend may implies that the company is short of positive net present value projects to invest in or has weak investments opportunities and as a result dispense cash out as dividend to shareholders (Baker and Wurgler, 2004, p. 1128). Apple does not pay dividend partly because of a similar reason that dividend payments give a negative perception that the company has run out of investments opportunities and as such will not grow much more (Elmer-Dewitt, 2010). Alternatively, companies with zero dividend shares like Berkshire Hathaway face a dilemma as to how to convey information about current performance and future prospects of the company if dividends are a means of passing on such information to the shareholders. Although investors invest in companies for various reasons, while some rely on dividend as a source of regular income like the pensioner and institutional investors who rely on dividend payments to meet various obligations and needs to meet, others prefer capital gains. However, like the argument put forward by the Sales Director of Aspire Plc that dividend policy should be structured to suit the type of shareholders a company has and dividend paid according to their needs, company dividend policy should be drafted base on the company’s clientele (shareholders) base and their needs or income requirements. Aspire Plc shareholders are majorly individuals, pension funds and insurance companies having total shares holdings of 66.7%, giving the obvious that the company’s majority clientele base is mainly shareholders who have liabilities to meet and would therefore prefer that dividend be paid as against having them invested for capital gains which a unit and investment fund company will have a preference for. Regardless of the fact that shareholders want dividends paid to meet obligations and income needs, they are also interested in the growth of the company. In dispensing cash as dividends to shareholders or reinvesting to yield a capital gain, a company should also consider shareholders tax preference. While some shareholders want dividends, they do not want the tax liability that comes with it. The United Kingdom tax law exempt capital gains below ?9200 whereas dividends are taxable. As a result, shareholders will want to delay dividend being paid to them to take advantage of this exemption. Similarly, if there is share appreciation, the tax benefits of deferring capital gains into the future may outweigh the cost of paying a higher tax rate on a relatively small dividend (Whitworth and Zhang, 2010, p.681). In an attempt to send a positive signal about future prospects of a company, company pays dividend despites its tax disadvantages. The cost of this signalling is that cash dividends are taxed higher than capital gains. While some investors would rather have capital gains to cut down on tax impact, others may prefer dividends because they prefer immediate cash in hand (Hussainey, 2011, p.60). RESIDUAL THEORY The theory which share a similar view with Modigliani and Miller’s except that it recognises issue costs but there is no taxation and market imperfections and argued that though dividend are important, the pattern is not. It further reiterates that a firm should pay dividend from cash remaining after investing in net positive value projects. The problem is how an investor knows that a company is investing in projects that will enhance the value of a company due to the asymmetry of information between management and investors or shareholders?. Payments of dividend is a means by which managers signal the true value of the firm and communicate insider information about the company to the shareholders (Tse, 2005, p.13). It brings about the issue of agency as an investor cannot tell that his or her dividend accrued to him or her has been reinvested in positive or negative net present value projects or used by the directors to pursue their own interest of empire building to the detr iment of investors. A typical example is Enron Corporation that has its managers claimed to have been reinvesting shareholders money and creating value through acquisition of over forty one companies, investments worth billions of dollars and increase in share price from $57.10 to $90.56 within 1998 by cooking fraudulent accounting information which the shareholders relied on. Its pre-initial public offering shares went from $10 million to $372 million within a day. It was soon discovered that the managers indulged in creative accounting to hide losses worth about $35 billion and had overstated income by $586 million. The share price went from $90.56 to $8.40 and subsequently to 61 cents (Gini et al, 2009, pp.110-114). Shareholders of firms can thus avoid incurring agency costs by reducing the cash available to the shareholders through the demand for dividend to reduce excess free cash flow. (ACCA F9, 2010, pp. 375-376) and (Hussainey, 2011, p. 60). ZERO DIVIDEND POLICY Some companies adopted a zero dividend policy whereby they do not pay dividends to their shareholders rather plough the cash back into the business to generate future capital gains. Companies such as Berkshire Hathaway, Google, Apple, and Microsoft until recently do not pay dividends. Apple do not pay dividend despite its holdings in cash and marketable securities which have grown from $24.5 billion to $46 billion. Its Chief executive Officer had said that the company has no plans of paying dividend in the near future. The company believes that cash hoard is a fast and easy means of financing investments projects such as acquisition, Research and Development in new products and put the company in less fewer risks by using retained earnings as opposed to external sources of finance to avoid exposing the entire company to risk (Ghosh, 2011). This may be due to the fact that the company’s major shareholders are co-founder Steve Jobs, who owns more than 5.5 million shares, Apple engineer and vice president Sina Tamaddon with 290,000 shares, and retail chief Ron Johnson with 232,000 shares. Other shareholders are institutional and Mutual Fund Holders. However, as of April 2009, more than 71 percent of Apple’s stock was owned by institutions and mutual funds with the largest institutional stock holder being FMR LLC, with 39.2 million shares, followed by Barclays Global Investors with 37 million. The top mutual fund holder is The Growth Fund of America with 24.1 million shares. In July 2009, the company’s stock was trading at $142.40 per share (Desjardins, 2011). This goes to show that 71% of its shareholders are mutual fund trusts who do not have immediate pressing needs to meet and would therefore prefer a capital gain to dividend, hence the use of retained earnings by Apple to finance its business. Also, giving the nature of Apple’s business, the company needs to invest in research and development which most times takes years for a brea kthrough to manifest. Apple would have also chosen not to pay dividend due to failure of who had almost $60-billion of cash on the balance sheet, from which they used about $32-billion to make a special one-time dividend in 2004. Microsoft’s share chart showns that its share price has gone nowhere in ten years. Not even a number of stock buybacks have helped push up the stock price. Also, Cisco Systems announcement to start paying a dividend had its shares plunged from almost $70 in 2000 to just above $20 no, while Apple shares have skyrocketed from $7 per share in 2003 to more than $333 currently (Ghosh, 2011). CONCLUSION REFERENCE ABOR, J AND BOKPIN, G,A. 2010. Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in economics and Finance, 27 (3), pp.180-195). ATRILL, P AND MCLANEY, E. 2008. Accounting and Finance for Non-Specialists. 6th edn. England: Pearson Education. ATRILL, P. 2009. Financial Management for Decision Makers. 5th edn. England: Pearson Education. Apple, Inc. (AAPN) Dividend Summary [WWW] (http://www.dividendinformation.com/AAPL_dividends (May 2011). ALNOLD, G. 2007. Corporate Financial Management. England: Pearson Education Limited. ACCA, F9. 2010. Financial Management: Complete text-December 2010. Berkshire: Kaplan Publishing UK. Barbajosa, A. 2011. Analysis: U.S. leverage to crimp Iranian oil exports fades. [WWW] http://www.reuters.com/article/2011/05/04/businesspro-us-iran-oil-leveage- (May 2 2011). BAKER, M AND WURGLER, J. 2004. A catering theory of dividend. The Journal of Finance, LIX (3), pp. 1125-1166. CHIANG,K, FRANKFURTER,G.M, KOSEDAG, A, AND WOOD JR,B,G. 2006. The perception of dividends by professional investors. Manageria Finance [Online Journal], 32 (1), pp. 60-81. Available from Emerald at http://www.emeraldinsight.com/search.htm?st1=The+perception+of+dividends+by++professional+investorsct=allec=1bf=1go=Go (April 22 2011). COLLINS, D. 2006. Enron: the good, the bad and the really ugly. In: GINI, A and MARCOUK, A.M. Case studies in business ethics. 6th.Edn. London: Pearson prentice Hall, pp. 104-115. (CNET news, 1997). http://news.cnet.com/2009-1001-201295.html DESJARDINS, D. 2011. Who Owns the Apple Computer Company[WWW] http://www.ehow.com/about_5143792_owns-apple-computer-company.html (April 25 2011). ELMER-DEWITT, P. 2010. Why Steve Jobs doesn’t Pay Dividends. [WWW] http://tech.fortune.cnn.com/2010/08/13/why-steve-jobs-doesnt-pay-dividends/ (April 12 2011). GHOSH, P. 2011. Why doesn’t Apple pay a dividend[WWW] http://www.ibtimes.com/articles/98718/20110107/why-doesn-t-apple-pay-a-dividend.htm (April 12 2011). HUSSAINEY, K, MGBAME,C. O AND MGBAME, A.M. 2011. Dividend policy and share price volatility: UK evidence. The Journal of Risk Finance [Online Journal], 12 (1), pp. 57-68. Available from Emerald at http://www.emeraldinsight.com/search.htm?st1=Dividend+policy+and+share+price+volatility%3A+UK+evidencect=allec=1bf=1go=Go (April 15 2011). JONES, A. 2011. Barclays must Clear Mists for Investors [WWW] http://www.ft.com/cms/s/0/8bdc54f6-70f4-11e0-962a-00144feabdc0.html#axzz1Lnlyn0w7 (May 8 2011) TSE, C. 2005. Use dividends to signal or not: an examination of the UK payout patterns. Managerial Finance. 31 (4), pp. 12-33. Tesco Major shareholders http://www.tescoplc.com/plc/ir/financials/shareholders/ 9/5/11 TESCO. 2010. Annual Report. WATSON, D AND HEAD, A. 2007. Corporate Finance. 4th edn. England: Pearson Education Limited. WHITWORTH, J AND ZHANG,Y.2010. Accrued capital gains and ex-dividend day pricing. Managerial Finance Vol. 36 No. 8, 2010 pp. 680-702 How to cite Optimum Dividend Policy, Essay examples

Cross Cultural Management USA and France

Question: Discuss abou theCross Cultural Managementfor USA and France. Answer: Cultural Differences Between USA and France Various countries experience different cultural backgrounds and differences. Every country has its code of conduct and practices that they identify with, the characteristics that their nationals can easily be identified with wherever they go. In this case, therefore, there exists an enormous cultural difference between the United States of America and their French counterparts. Given their geographical locations (one in Europe and another in North America), the cross- cultural management, which is a major factor in enhancing understanding between different cultures, is essential for the two countries (Adler 2008). Firstly, regarding power distance, France is a higher power distance country as compared to the USA. The French leadership is stronger than the people under them meaning they rely so much on the orders of the top leaders for their crucial decisions as compared to the USA. France is one of the most hierarchical countries in Europe and North America combined. According to (Cebuc Iosif 2008), the range of Power Distance scores of North American and European Union nations ranks France as the most hierarchical country while the USA is ranked down the middle among the moderate countries. The leadership styles employed in both countries affects the operations of the national corporations to private organizations. Organizational set ups in France tend to favor a more downward approach of corporate structure, whereby the commands and instructions come from top most management and the ordinary people below the hierarchy ladder are responsible for execution and implementation of the organizational tasks. Secondly, France has higher uncertainty avoidance as compared to the USA. Uncertainty avoidance refers the degree to which people within a society are threatened by unknown, risky, ambiguous and undefined circumstances (Neelankavil, Mathur Zhang 2000). With this general feeling within the population, there develops an increased negativity and skepticism towards any new idea that does not appeal to the minds of the people. According to (DiRienzo et al. 2007), in most societies with higher uncertainty avoidance levels, the people feel irritable under unpredictable situations, and this ultimately leads to lack of motivation in challenging the authority and these societies are characterized by high levels of corruption. This situation explains why some French quarters were so opposed to the idea of Euro Disneyland from the USA. Another cultural difference between USA and France rests in their difference in ideologies. While most people in France believe in communism and collectivism, such thinking does not exist in the USA. The general perception of the French toward the USA and their ambitious Euro Disneyland program is all negative as they perceive it as a looting plan. The American people believe so much in individualism (Hofstede Hofstede 2005). To them, increased individualism leads to greater output from a person. This is best explained by (Gorodnichenko Roland 2010), that when individualism is increased, there is a subsequent increase in the percentage of the level of income. And finally, Hofstedes cultural dimension of Masculinity/ femininity clearly highlights cultural the differences between France and USA. USA's society is mostly associated masculinity cultural dimension whereby it is much important to get recognized, having much wealth and high earnings. On the other side, the French are more familiar with the femininity cultural dimension whereby people are much interested in cooperating with one another, creating an environment which is less stressing and being friendly to one another (Hofstede 2011). Trompenaars Cultural Dimensions From Trompenaars' research on cultural aspect, a lot can be derived that directly addresses the cultural difference between USA and France. While the USA has fully embraced universalism, their counterparts the French are more surrounded in particularism. Universalism involves versatile ideas and believes they are applicable everywhere in the world and can be well received without being modified, while particularism involves certain ideas that cannot be applied everywhere. According to (Lumby 2006), most Americans have a general perception that particularism decisions are corrupt and even immoral. With universalism, the USA has a general belief that it could venture anywhere believing that their ideas would be accepted by other societies. However, it is apparent that the French communist society was not ready to accommodate the universalism ideas after they tried to oppose Euro Disneyland establishment in their country. Another Trompenaars cultural dimension that highlights the cultural difference between USA and France is Individualism versus Communitarianism. The USA believes much in individualism. There is a general feeling in America that individualism encourages hard works, and improves personal income for the people within the society. The French society, on the other hand, is more into Communitarianism which means the people within the community takes care of one another's needs. These societies are characterized by slow economic growth. But their pride rests in the fact that belonging to a particular group is more valued than having personal freedom and independence (Balan Vreja 2013). These variations explain the Frenchs society reluctance in welcoming Euro Disneyland into their country. Furthermore, another of cultural dimension highlighting the cultural difference between French society and the American society is the Specific versus Diffuse. In particular cultures, there is a clear line between work and an individual's private life. This is more common in the USA, whereby people know what entails of their work and their privacy and people are more extroverted and outgoing. In diffuse cultures, the individuals are introverted, holistic and view various perspectives of their lives as paramount. In this cultural orientation, individuals' personal life and professional life overlap and they believe that having a good relationship with one another is much more important (Trompenaars Hampden-Turner 1997). The diffuse cultural orientation is standard with most of the French population; therefore the Specific Vs Diffuse cultural dimension highlights the disparity in cultural lives of USA and France. Finally, Trompenaars' Achievement versus Ascription cultural dimensions also explains the cultural differences between USA and France. Most Americans would associate with Achievement cultural orientation just because it entails awarding of persons based on the performance at the workplace. In this orientation, the individuals' value is determined by how they perform and by their actions. On the other hand, the Ascription Orientation is most familiar with the French, whereby status doesnt depend on performance or achievement, but it depends on who you are within the society. For the people in achievement cultural orientation, titles, credentials, and honors matter the most because the whole efforts at the workplace are motivated by the potential success a person would earn. Culture is dynamic; it can change, and it can evolve. But it takes a significant amount of time for any culture to transform (Wycoff 2004). Therefore, it is much better to acknowledge and appreciate the different cultural dimensions in the global context. Management Mistakes of Euro Disneyland The management of Euro Disneyland committed high profile mistakes in their operations of their French theme set up in France. They, first of all, undermined the idea of understanding cultural differences between the USA and France. Understanding the differences would have enabled the management to set up the theme in a more appealing manner to the French rather than trying to duplicate the universal American approach directly into France (Tompkins, Galbraith Tompkins n.d.). From the theme's set up to the Euro Disneyland management culture, there was a total omission of the French, and only US superiority shone at every level. Secondly, the administration's decision to not give the French people priority when it came to employment, further increased the negative perception of the French people towards the company. The management allowed employment of other foreign nationals which meant the French citizens were not given priority while the business was set up in their country. The top management itself consisted of majority Americans and much worse, Disney decided to place its first bids in English in a country completely dominated by French-speaking people. This left most nationals looking like foreigners in their country. There was a lack of cultural awareness; which is important when venturing into a new society (Fowers Davidov 2006). Finally, the Disney management further subjected the French national companies to the external competition from other foreign nations. They believed that the French companies did not just have direct access to the bids; they had to compete not just with themselves but with other foreign companies as well. This was more than less impressive gesture to the French, a situation which explains Disney's insensitivity towards the code of conduct in a new society and lack of exercising cultural intelligence skills (Peterson 2004); (Chaney Martin 2011). Lessons on How to Deal with Diversity Euro Disneylands most undoing part was not trying to understand the French population from a cultural point of view. What is best practiced in the USA is not necessarily best practiced somewhere else; therefore, they should have learned three key factors in dealing with diversity: Societal Practices Differs Every society differs from another in one way or another. The company should have realized that there is no guarantee what works best in the USA will always work best everywhere else. Appreciating societal differences and accepting them means embracing diversity; therefore Euro Disneyland Company should have completely given the French people the priority from the theme set up, to the language, job consideration, and bids for their companies. Cultural Intelligence is Important Every society differs in many ways and to understand this means having social intelligence. Cultural Intelligence refers to the ability to exhibit certain traits and qualities which culturally conform to the values of others (Peterson 2004). For one to live successfully in a certain culture, they have to adhere to the differences of that culture (Kawar 2012). Adaptation is Key For successful operations within a new society with new cultural dimensions, adapting to their practices and beliefs is the first step towards integrating with them hence facilitating favorable mutual coexistence. 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Fowers, BJ Davidov, BJ 2006, 'The virtue of multiculturalism: Personal transformation, character, and openness to other ', American Psychologist, vol 61, no. 6, pp. 581-594. Gorodnichenko, Y Roland, G 2010, 'Culture, Institutions and the Wealth of Nations', CEPR Discussion Paper, No. 8013. Hofstede, G 2011, 'Dimensionalizing Cultures: The Hofstede Model in Context ', Online Readings in Psychology and Culture, vol I, no. 2, pp. 2-26. Hofstede, G Hofstede, GJ 2005, Cultures and organizations, McGraw-Hill, London. Kawar, TI 2012, 'Cross-cultural Differences in Management ', International Journal of Business and Social Science , vol III, no. 6, pp. 105-111. Lumby, J 2006, 'International perspectives on leadership and management', Management in Education, vol 20, no. 4, pp. 7-10. Neelankavil, JP, Mathur, A Zhang, Y 2000, 'Determinants of Managerial Performance: A Cross-Cultural Comparison of the Perceptions of Middle-Level Managers in Four Countries', Journal of International Business Studies, vol I, no. 31, pp. 121-140. Peterson, B 2004, Cultural intelligence: A guide to working with people from other cultures, Intercultural Press, Yarmouth, ME. Tompkins, D, Galbraith, D Tompkins, P, 'Universalism, Particularism and cultural self-awareness: a comparison of American and Turkish university students ', Journal of International Business and Cultural Studies , pp. 1-8. Trompenaars, F Hampden-Turner, C 1997, Riding the Waves of Culture: Understanding Cultural Diversity in Business, 2nd edn, Nicholas Brealey Publishing Limited, London and Santa Rosa. Wycoff, J 2004, 'The Big Ten Innovation Killers and How to Keep Your Innovation System Alive and Well', The Innovation Network.