Study of the capital structure and corporate performance on the listed company in China The WritePass Journal

Study of the capital structure and corporate performance on the listed company in China 1. Introduction   (brief introduction) Study of the capital structure and corporate performance on the listed company in China 1. Introduction   (brief introduction)1.1 Motivation of research1.2   Objective of the research1.3   Structure of the paper  2. Literature review 2.1   Modigliani and Miller theoryModigliani Miller proposition one Modigliani Miller proposition twoModigliani Miller proposition three2.2   Trade-off theory2.3   Peaking order theory2.4   Signaling and information asymmetry theory2.5   Agency cost theory2.6   The cost of financial distress3. Methodology3.1   Data 3.2   Sample selection 3.3   Research Approach3.4   Research models and the description of the variables3.4.1 Determinants of the capital structure   (brief)Firm SizeGrowth OpportunityTangibilityLiquidityProfitability3.4.2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The   Capital   StructureTotal Debt RatioLong Term Debt Ratio3.5 Corporate Performance ROAROI  4. Hypotheses   Ã‚  (brief hypotheses) 4.1   Hypotheses for the determines of the capital structure4.1.1 Firm Size:4.1.2 Growth Opportunity 4.1.3 Asset’s tangibility4.1.3 Liquidity 4.1.4 Profitability 4.2   Hypotheses for the relationship between the determines of the capital structure and the firm performance5. Reference Related 1. Introduction   (brief introduction) The trade-off theory suggests an optimal mix of debt and equity for a firm to make the cost of capital structure minimum. There are a lot of empirical studies to figure out the determinants of capital structure, these determinants which imply that certain factors influence the capital structure that lead to the minimum cost of capital. So the managers should spent their time and effort to these determinants which can affect the capital structure. However, there are no research studies to show whether the expected minimum cost of capital can achieve the maximum financial performance and make the welfare of shareholders maximum. Therefore, there is no empirical research to study the direct relationship between the determinants of capital structure and the financial performance and shareholders wealth. This research is very important for company’s management, if there is no direct relationship between them, the manager can save much time and effort from it. 1.1 Motivation of research The determinants which can minimum the cost of capital structure attract the financial managers’ lots of time and work to study and achieve. However, there are no researches to study the direct relationship between the determinants of capital structure and the financial performance and shareholders wealth. So the motivation of this paper attempts to study whether determinants of capital structure have a direct effect to shareholders value and the performance of the corporate. 1.2   Objective of the research The objectives of the research are base on study whether determinants of capital structure have a direct effect to shareholders value and the performance of the corporate. For example, One obligations is figure out which determinant is most important to capital structure in the relationship between determinants of capital structure and debt level. The other objective is to test whether the debt level has an effect to a firms financial performance. 1.3   Structure of the paper The first part is introduction, the second part is literature review, and the third part is hypothesis, the fourth part is methodology which includes the data collection, sample set, regression mode and other things. The fifth part is analysis the data. The sixth part is the conclusion.   2. Literature review 2.1   Modigliani and Miller theory Modigliani and Miller’s theory provides the background for the subsequent theories. Modigliani Miller (1958) states the initial theory of capital structure. In the paper ‘cost of capital, corporate finance and the theory of investment’, Modigliani Miller (1958) assume three positions. Modigliani Miller proposition one Modigliani Miller (1958) state that: â€Å"The market value of any firm is independent of its capital structure and is given by capitalizing its expected return at the rate appropriate to its class.† The formula is: Vj=Dj + Ej=Xj / Pk  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  ( Figure 2.1Modigliani Miller 1958) Where Vj means the value of the firm j; Dj means the debt value of firm j; Ej means the equity value of firm j; Xj means the net return of the firm j before the increase and tax; Pk means the capitalization rate. This proposition means that the company cannot change the market value of the firms’ securities through the way of changing the capital structure. It means that in the different capital structure, the market value of the company is always the same. In other words, to the shareholders of the company, there is not better capital structure and the worse capital structure. Modigliani Miller proposition two Modigliani Miller (1958) state that: â€Å"The expected yield of a share of stock is equal to the appropriate capitalization rate for a pure equity stream in the same risk class, plus a premium related to financial risk equal to the debt-equity ratio times the spread between the capitalization rate and the cost of debt.† The formula is: Ij=P+ (P-r) Dj / Ej  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (Figure 2.2Modigliani Miller 1958) Where Ij means the market value of the firm j; P means the expected return at the rate P; r means the interest rate on the debt financing; Dj means the debt value of firm j; Ej means the equity value of firm j. This proposition is developing form the proposition one, it can explain like the asset of the firm can produce a profit stream. And then this stream will affect the value of the firm. The value of the firm can be discounting of the profit stream at a discount rate which is base on risk degree (Megginson 1997). From the two above proposition, they implies that the increasing of the debt of a firm would not cause the value of the firm increased. Because the benefit of the cheaper debt will be offset by the more cost of equity (Ghosh, 2008). There two propositions should under a perfect world which is no tax, perfect capital market; credible disclosure of all information; no asymmetric information and no transaction and agency costs. Modigliani Miller proposition three It is not mistake about the above two propositions, but there is a huge challenge faced by the theory in the fact. It is said that the capital structure would not affect the firm’s value based on the Modigliani and Miller theory. The firms will choose the debt-equity ratio randomly in the different industries, different departments and different area. However, in fact, the airlines, the utility companies and the real estate will choose the high debt-equity ratio, and the drugs companies and the advertising companies are depending on their own money. In this situation, Modigliani and Miller realized the importance of the corporate tax, so in the study work in 1963, they add the corporate taxes in the Modigliani and Miller theory (Ghosh, 2008). Modigliani Miller (1963) assume that the value of a levered firm which is equal to sum of the un-levered firm’s value and a premium derived by discounting to perpetuity the stream of tax savings which is applicable so long as the fine has sufficient taxable capacity. After add the corporate tax, based that the debt interest has the tax deductibility, so it cause the firm’s value raise with the increasing of the debt-equity ratio. As a result, if the firm wants to have the maximum firm’s value, it should choose the 100% debt financing. However, at 1997, Miller did more work about the study of the capital structure. Miller (1977) put the personal taxes in their theory. MM theory is essential to the history of the capital structure. The appearance of the MM theory means the beginning of modern capital structure theory. Although the MM theory has many strict conditions which is not reasonable in the real world, but MM theory give a starting and structure to the study of the capital structure. 2.2   Trade-off theory Trade-off theory is developed base on the Modigliani Miller theory, because the Modigliani Miller theory only thinks about the debt interest which is the interest tax shields, but it ignores the extra cost and risk which cause by the debt, for example the cost of agency and the financial distress. On the other hand, the trade-off theory considers the both sides. The trade-off theory is also named the optimal capital structure theory which means the trade off between the interest of the debt and the risk and cost of the debt (Brigham Houston, 2004). Trade-off theory thinks that MM only can be accepted in the perfect market conditions, but at the same time, they think that the market is not perfect, the two phenomena to show the market’s unperfected are tax shields and the cost of bankruptcy (Brealey Myers, 2000). Under the trade-off theory, firms should consider the agency cost and the bankruptcy cost, when the debt ratio raise, then the tax effect raise, as a result, the cost of the agency and bankruptcy increase at the same time. If the firm’s agency cost and the bankruptcy cost are more than the tax effect, then the firms’ value decreases (Brealey Myers, 2000). So in the trade-off theory, they assumed that when the marginal cost of debt in a company (such as the agency cost and the cost of bankruptcy) is the same as the marginal benefit of the debt (such as the debt interest of tax shields), the firm’s value become the maximum (Gonzalez Gonzalez, 2008). Trade-off theory explains the different of the capital structure in different industries. For example, the high technology growth companies’ assets mostly are intangible asset with high risk, so they are usually have less debt; on the other hand, some airlines’ asset are mostly tangible asset with low risk, so they usually can have high debt ratio. 2.3   Peaking order theory Peaking order theory is firstly raised by Myers and Mujluf in 1984, peaking order theory is important for the theory of the capital structure, the peaking order is based on the signaling and information asymmetry theory. Peaking order theory studies the problem of finance order of the companies. It explains why the companies with the high profitability have the low financial leverage: the most reason is that these companies have enough ability to internal finance, they don’t need the external finance, so they have low debt ratio. On the other hand, the companies with the low profitability do not have the ample resources to use in the investment and the payment, they need external finance, so they have high debt ratio (Myers, 1984). The peaking order hypothesis is based on three assumptions about the financial behavior of the managers in companies (Myers and Mujluf, 1984). The first one is that because of the signaling and information asymmetry, so the managers will be informed more information about the opportunities of the investment or the firms than outsiders or new investors. The second one is that the companies like the internal finance more than external finance, because this way does not create any negative effect to the fluctuation of the share price. If the company must choose the external finance, the firm will firstly start with the debt to issue the safety security; secondly will choose the hybrid security, for example, the convertible bonds; lastly, the company will choose the equity, this order is based on the least effect to the share price. The third one is that the companies have much profit, and then it can choose to internal finance to satisfy the need of the money, so they have the low debt ratio. On the other hand, the companies with the low profitability need external finance to satisfy the need of the money, so they have high debt ratio. The firm’s capital structure, the strategy of finance and the dividend policy are the way about insiders to send the signaling. When the company has a new high profitability investment program, if the new program carries out, the firm’s value must increase. Because of the signaling and information asymmetry, if the company chooses to issue the new equity to finance, then the company always is regard as having the problem with the money by the market. So at this time, the best way to finance is choosing the internal finance, this way not only can avoid the share price decreased by the external finance, but also can make sure about the profit of the shareholders. When the company does not have enough ability to internal finance to satisfy the fund need of the program investment, the best external finance choice is the debt finance. Because if the company choose the debt finance, when the program has profit, the creditors only get the fixed interest and most of the profit is belong to the shareholders. Moreover, if the company takes the company asset as the mortgage in the debt finance, it causes very few effects to the company’s value. So the company’s finance order should be like this: the first one is internal finance, then the second one is debt finance, then the third one is issuing security, it means that the company always tries their best to use the internal accumulation money to investment, then use the debt finance still the debt finance may cause financial crisis of the company, the company would issue the safety security than the risky ones; the last choice is issuing the equity. 2.4   Signaling and information asymmetry theory As the above peaking order said: if the company issues a new equity to the market, it would let the investors misunderstand the company’s present situation or take the bad signals about the company, the investors or the new shareholder will doubt the company’s development in the future, they will worried about the company’s growth (Ghosh, 2008). All this caused by the signaling and information asymmetry. Ross Leland Pyle (1977) state the theory of the signaling and information asymmetry, their theory based on the asymmetry of the information about the real firm’s value and the real investment opportunity between the insiders and outsiders. The signaling and information asymmetry theory thinks that the asymmetry of the signaling and information warp the firm’s market value, it caused the strategy of the investment inefficiency. Different capital structure sends the signaling about the quantity of the company to the market, and they try their best to avoid sending the negative signaling. In the theory, the firm uses the appropriate way to send the signaling of the firm’s value to the market to affect the decision of the investors. The outsider investors regard the firms with the high debt ration as the high quality ones, because the high quality firms can accept the high stress of the interest cause by the high debt finance. On the other hand, the low quality firms cannot accept the huge interest caused by the high debt finance. So to the investors, they can observe the firms’ debt ratio to distinguish the quality of the firms. Ross (1977) found that if in the investment level is fixed, then the debt ratio can be a signaling to send the personal information to the insiders. So in the Ross model, it build on the base of the problem of the signaling and information asymmetry between the insider managers who well know about the information and the outsider investors who poor know about the information. In the Ross model, the profit of the firm follows the random distribution of the first-order, and then the managers know well about the real distribution of the firms’ profit, however, the investors do not know about this. So this situation caused that if the market overate of the firm’s value, then the managers will get profit from this situation; on the other hand, if the firm declares the bankruptcy, the managers will get punishment. As the above said that, the high quality companies can raise the debt ratio to tell themselves with the poor quality companies. So the main conclusion of the Ross t heory is that the firm’s value or the profitability has the positive relationship with the debt ratio, moreover, if the other conditions are the same, the increasing of the punishment to the manager (for example, the loss of the goodwill or more cost to find a job) will caused the decrease of the debt ratio. Leland Pyle (1977) study the way to send the signaling about the rate of the equity of the insiders. The business executives have the inside information about the program they want to invest, but due to the asymmetry of signaling and information, the market value show the average quality of the program, mass poor quality programs appear because of the existing of the moral hazard. In order to let the high quality program can do financing, the signaling must be sending to the market. So if the business executives who have the inside information about the program can invest the program, then it can be show to outsiders and the market the signaling about the real quality of the program. 2.5   Agency cost theory The agency cost theory first stated by Jensen Meckling in 1976. They said that in the company, the agency relationship would be as follow: â€Å"A contract under which one or more person (the principal) engages another person (the agent) to perform some service on their behalf which involves delegating some decision making authority to the agent.† Jensen Meckling (1976) The agent’s unperfected behavior caused the creation of the agency problem. There are two forms of the agency cost, they are two kinds of conflict, one conflict is between the shareholders and the managers, and the other conflict is between the shareholders and the creditors. The first conflict comes from that the managers are not the wholly owner of the company, if the managers wholly own all company, then the control and the ownership would be together instead of the separation, then the managers can have the all profit or pay the all cost. However, due to the managers cannot own the whole company, so the managers cannot fully own the whole profit which created by their hard working, furthermore, they must accept the all cost. On the other hand, if the managers increase the consumption when they are still in their position, they can have the all benefit and only accept some cost. This situation caused the managers do not devote all their enthusiasm and energy in the work, however, they spend much time on consuming, this led the firm’s value decrease. Moreover, managers will think their profitable more important than the shareholders’ profitable, so if the ownership of the managers in the firm is decrease, they may not spend whole energy to find the high profitable program to invest. This action will make the firm’s performance decrease. In the second conflict, to a investment program which is supported by the debt finance, if the investment of the program is successful, then the shareholders will get the most profit, but if the investment of the program is not successful, then the creditors will be charge the most loss, this situation make shareholders prefer to invest the programs with high risky. When the creditors realize these motivations of the shareholders, they will ask for higher rate of return of the securities (Diamond Hirsheifer Thakor, 1989). To this kind conflict, Diamond (1989) and Hirsheifer Thakor (1989) think that the company and the managers will choose the safety program separately form their own reputation, this will remit the conflict between the shareholders and the creditors. Because of the existing of the above two forms of the agency cost, there is possible to make the agency cost become minimum, and caused the firm’s value become maximum. So the objective of the agency cost theory is finding the best agency relationship to reconcile the profit relationship f the all parties become maximum, led to increase the firm’s value. When the margin profit of debt financing is equal to the margin cost of debt financing, the capital structure is optimal. 2.6   The cost of financial distress The cost of financial distress is important in the real society, especially play a key role in judging the optimal mix form between the equity and debt. The financial distress means that the company do not have the enough ability to satisfy the requirement of the obligations in financial, it may cause the company bankruptcy. When any firm under the situation of the financial distress, the direct or indirect cost would be exposed at a certain degree. In this situation, the cost which have relationship with the lawyers, accountants, courts, experts and the bankruptcy cost should be included in the direct cost. On the other hand, the indirect cost contain the losses which caused by company’s bankruptcy except the cash cost during the process of the bankruptcy. In particular, the indirect cost can be show in other ways, the first one is that the employees loss, especially, the important core employees go to another company. The seconded one is that because of the bankruptcy, the s tore products cannot sale, so the sale volumes must be affecting (Megginson, 1977). In the financial distress theory, the increasing of the probability of financial distress regard as the increasing of debt, although the increasing of the profit of the debt tax shields also regard as the increasing of debt. In this situation, the company should keep balance between the bankruptcy risk and tax shield profit. The best capital structure will make the all capital cost become minimum, and then make the company’s performance and company’s value become maximum (Baxter, 1967). 3. Methodology 3.1   Data In this paper, most of the data are secondary data which collected from the secondary sources. The all listed companies which used in the paper were found in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. The all data are collected from the China Securities Regulatory Commission (CRSC), Shanghai Stock Exchange (SHSE), Shenzhen Stock Exchange (SZSE), Guotaian CSMAR Database. Major Index, Securities Issuing, Listed companies and Annual Reports (balance sheet, profit and loss and the statement of the cash flow) can be found in these systems. In China Securities Regulatory Commission (CRSC), all Chinese listed companies can be found. The data information can be downloaded from its website. This information is all official published for everyone. The data have high quality. But the information have a limitation which is not included the latest information sometimes. Shanghai Stock Exchange (SHSE) is also used in this study. It is another source to collect the data. It offers the companies’ information which is listed on the Shanghai Stock Exchange. The financial information can be found and downloaded from its website. Shenzhen Stock Exchange (SZSE) is almost the same as the Shanghai Stock Exchange (SHSE), except the listed companies is different. The financial information also can be found and downloaded from its website. The data from the two stock exchange are both without the quality problem. Guotaian CSMAR Database is a system which set up by Guotaian Company. This database offers the information about the Chinese security, futures, foreign exchange, macroscopic view and industries (only in China). It is produced base on CRSP and COMPUSTAT. Now there are more than 500 universities and financial institutions use the data from the Guotaian CSMAR Database in the study of the Chinese security and economic. The information can be found and downloaded from its website. The all data from these systems are without the quality problems, there is an third-party institution would be audited the all data. These data are correct and public. 3.2   Sample selection The samples for this paper consist of 100 non-financial listed Chinese compnies in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange from 2008 to 2010. The selection criteria as follow: The companies must not belong to the financial services sectors, for example the banks, the companies of insurance and the investment trusts), because the financial sector have a special capital structure and operational characteristics. There are big different between the financial sector and non-financial sector (Rajan Zingakes, 1995). The companies must belong to the A share companies in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. The companies must not belong to the Special Treatment (ST) listed companies and Particular Transfer (PT) listed companies. They have abnormal data which would affect the whole data analysis. The companies must fulfill to offer a continuous and complete financial statement from 2008 to 2010. This is the key criteria. The continuous and complete financial statement at the same period can make sure these companies under the same financial environment. This criterion can make the compare under a fair condition. The companies must not belong to the industry which has huge different in innate resource, for example, the agriculture, forestry and fishing industries. Moreover, the companies must not belong to the industry which has huge different affected by the policies factors, for instants, the public utilities. Under these criteria, 100 listed companies are chose form the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. 3.3   Research Approach This paper is used the secondary data to analyze. In this study, the commonly software like E-views and SPSS would be used. E-views and SPSS are good for the panel data analysis, corss-sectional and time series. In this paper, this software would be used to test the relationship under the panel data analysis. 3.4   Research models and the description of the variables There are two independent regression model showed in this paper. The first one is the model for studying the variables whether affect the capital structure. The variables are Firm Size, Growth Opportunity, Tangibility, liquidity, Profitability. The second one is the model for studying the variable whether affect the corporate performance. The variables are Firm Size, Growth Opportunity, Tangibility, liquidity, capital structure. Because there are two regression models, there are two groups hypotheses showed in the study. 3.4.1 Determinants of the capital structure   (brief) In this paper, five variables are chose to analyze the relationship with the capital structure. They are Firm Size, Growth Opportunity, Tangibility, liquidity, Profitability. Firm Size According to Zeitun (2007) state that the measures of the firm size which is the natural logarithm of total asset of the companies. The equation is as follow: Size = ln TAit The TA means that the total asset of the company. TAit means the total asset of the company i at year t. Growth Opportunity The measures of the firm are measured by the growth of sales or revenue. Revit means the total revenue of the company i at year t. The equation is as follow: Growth it   =   (Revit) – (Revit-1) Revit-1 Tangibility Rajan (1995) states that the tangibility measured by the ratio of total fixed asset to total asset. FAit means the total fixed asset of the company i at year t and TAit means the total asset at the same company i at year t. The equation is as follow: TANGit =  Ã‚   FAit  Ã‚   TAit Liquidity The measure of the firm’s liquidity by the Total Current Assets divided by Total Current Liabilities. TCAit is the total current asset for firm i at year t and TCLitis the total current liability of the same firm i at year t. The equation is as follow: CurRtio =     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  TCAit  Ã‚  Ã‚   TCLit Profitability The measure of the firm’s profitability by the Net Income divided by Total Revenue. NIit is the net income for firm i at year t and Revit is the total revenue of the same firm i at year t. The equation is as follow: NETROit =   Ã‚  NIit  Ã‚   Revit 3.4.2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The   Capital   Structure In this paper, two variables are chose stand for the capital structure in the analysis of the relationship with the determinants and corporate performance. They are Total Debt Ratio, Long Term Debt Ratio. Total Debt Ratio This is measure as total debt divided by total. TDit is the total debt for company i at year t and TAit is the total asset for the same firm i at year t. The equation is as follow: TDTAit =  Ã‚   TDit   Ã‚   TAit Long Term Debt Ratio This is measure as Long term debt divided by total. LTDit is the total debt of company i at year t and TAit is the total asset for the same company i at year t. The equation is as follow: LDTAit =  Ã‚   LTDit   Ã‚   TAit 3.5 Corporate Performance In this paper, three variables are chose stand for the corporate performance in the analysis of the relationship with the determinants and corporate performance. They are ROA, ROE and ROI. ROA The measure of the firm’s ROA (return on asset) by the Net Income divided by Total asset. NIit is the net income for firm i at year t and TAit is the total asset for the same company i at year t. The equation is as follow:   Ã‚  Ã‚  Ã‚  Ã‚  NIit    TAit ROI The measure of the firm’s ROI (return on investment) by profit before interest and taxation divided by total assets minus current liabilities. PBITit is profit before interest and taxation for firm i at year t and TAit is the total asset for the same company i at year t. CLit is the current liabilities for the same company i at year t. The equation is as follow: ROI =   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  PBITit     Ã‚  Ã‚  Ã‚  -    CLit TAit ROE The measure of the firm’s ROE (return on equity) by net income available for shareholders divided by shareholders equity. NISit   is net income available for shareholders for firm i at year t and SEit is the shareholders equity for the same company i at year t. The equation is as follow: ROE =     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  NISit  Ã‚   SEit   4. Hypotheses   Ã‚  (brief hypotheses)    4.1   Hypotheses for the determines of the capital structure 4.1.1 Firm Size: In the agency theory and trading-off theory, it is said that the firm size has a relationship with the level of debt. Firm size is a very important key factor should be considered in the choice of the firm’s capital structure. In the trading-off theory, the cost of the bankruptcy is constant, so the rate of the bankruptcy cost in the firm’s value will decrease with the increasing of the firm’s size, this led the financial leverage rise. Moreover, in the agency theory (Jensen, 1986), it said that the bigger the company is, the more transparency the company has. It will cause that the more information will be given to the creditor, and then the cost which caused by the signaling and information asymmetry will be decrease. There are the reasons why bigger company has higher ratio than the small company. It is also found that the bigger firms prefer the long-term debt than the short-term debt, and the smaller firms prefer the short-term debt than the long-term debt. Because that the ownership of the bigger company is more widespread, the benefit to choose the long-term debt for the bigger company is having better control over the managers and having the power to bargain with the creditors (Marsh, 1982). On the other hand, bigger companies are usually more diversified than the small companies, these companies always take the vertical integration management strategy, they have more risk resistance capacity, they have less possible to go bankruptcy, and so the larger companies are easier to take the debt finance compare to the small companies. So these above arguments indicate that firm’s size have a positive relationship with the debt level. But in the peaking-order theory, they think that if the firm’s size is bigger, then it is easier to have fund procurement inside the company, having the inside finance, so it led that the bigger company prefer to choose the equity finance than the debt finance. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the firm size and the debt. So this paper assumes there is a positive relationship between firm size and debt following this hypothesis: HI-1:   There is a positive relation between firm size and debt. 4.1.2 Growth Opportunity Beside the firm size, it is said that there is another factor can affect the capital structure. It is the growth opportunity. The companies with high growth opportunity have more flexibility in operating, moreover, the companies with high growth opportunity usually are belong to the new industry, and these companies’ assets have high plasticity. There are some arguments to show that growth opportunity has a negative effect to the debt level. For example, the one is the trading-off theory, the companies with high growth opportunity would have less debt ratio, because the growth opportunity is regard as a intangible asset to these companies, it is difficult to be a collateralized assets, it leads that the companies with more tangible asset would like to borrow more than the companies with high growth opportunity. The other argument is show in the agency theory (Myer, 1977), it is said that if the companies have the high growth opportunity, then it caused the companies have the lower debt levels, because that if the companies have the high debt level, then the debt holders have opportunity to restrict the companies’ investment plan to not investment some valuable programs and expropriate the money from the shareholders. However, there are some arguments to show that growth opportunity has a positive effect to the debt level. The first one is show in the signaling theory, because if the past investment history can be regard as a good signaling to the companies, then this good signaling can take the good respond in the performance, then it can let the companies with the high growth opportunity have ability to continue to use the more debt due to the dead weight cost caused by the debt. But the companies with less growth opportunity may not be able to use more debt, then because of the high cost caused by the debt, these companies may decrease the debt level. Although the agency theory shows the negative relationship between the growth opportunity and the debt level, it also shows a potential positive relationship between these two. The agency theory assumes that if the company has the high growth opportunity, then it may need more debt. Due to that the growth opportunity can help the managers to contr ol the number of the necessary resources to increase their power in the company. So at this time, the function of the debt in here is to restrict the opportunistic action of the managers. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the growth opportunity and the debt. So this paper assumes there is a positive relationship between growth opportunity and debt following this hypothesis: HI-2:   There is a positive relation between growth opportunity and debt. 4.1.3 Asset’s tangibility HI-3:   There is a positive relation between assets’ tangibility and debt. 4.1.3 Liquidity Liquidity means that the ability to a company to reach the obligation of short term. It is equal to the ratio of the current assets divide current liability. Capital structure may be affected by the liquidity. There may be a positive relationship between the liquidity and the debt, because that if the companies have the high liquidity, then they may need the high debt to help them to satisfy their short-term obligation. However, a negative relationship between the liquidity and the debt shows in the peaking-order theory, according to the Prowse (1990), if the companies have the high liquidity, then they have possible to change their finance way which is choosing the their asset to regard as their internal financing source, they may give up the past finance way which is that financing by issue the debt. This reason may indicate that the companies with high liquidity may have less debt. Furthermore, this negative relationship also show in the agency theory, the liquidity of the asset o f the companies can be regarded as the extent of the asset which can be controlled by the shareholders when expense should be cost by the debt holders. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the liquidity and the debt. So this paper assumes there is a negative relationship between liquidity and debt following this hypothesis: HI-4:   There is a negative relation between liquidity and debt. 4.1.4 Profitability According to the Modigliani Miller (1958), profitability can he be a signaling to show the shareholder or creditors the company’s future profit. And then their much research can show that there is a relationship between the profitability and debt. A positive relationship between the profitability and the debt showed in the agency theory. In the agency theory, it said that because that if the external equity is increase, then the ownership may be change, so in order to not let this situation happen, the companies with the high profitability will control the external equity. On the other side, the shareholders who own the control right would like to increase the debt level to make sure the managers in the company to pay their attention on the profit instead of expanding their company or be the NO.1 in the industry. HI-5:   There is a negative relation between profitability and debt. 4.2   Hypotheses for the relationship between the determines of the capital structure and the firm performance H2-1:   There is a positive relation between firm size and firm performance. H2-2:   There is a positive relation between growth opportunity and firm performance. H2-3:   There is a positive relation between assets’ tangibility and firm performance. H2-4:   There is a positive relation between liquidity and firm performance. H2-5:   There is a positive relation between capital structure and firm performance. 5. Reference Baxter, N. D.1967, Leverage, risk and the cost of capital, Journal of Finance,   vol. 22, no. 3, p. 395 Brealey, R. A. Myers, S. C. 2000, â€Å"Principles of Corporate Finance, 6th edition edn, Boston, McGraw-Hill. Brigham, E. F. Houston, J. F. 2004, â€Å"Fundamentals of Financial Management†, 10edn, South Western, a division of Thomson Learning. Diamondï ¼Å'Dï ¼Å½Reputation Acquisition in Debt Marketsï ¼Å'ï ¼Å½Journal of Political Economy 1989(97) Harrisï ¼Å'Milton Artur Ravivï ¼Å'Corporate Control Contests and Capital Structureï ¼Å'Journal of Financial Economicsï ¼Å'1 988(20)ï ¼Å¡55- 86 Hirshleifer, David and Anjan Vï ¼Å½Managerial Reputationï ¼Å'Project Choice and Debtï ¼Å½Working Paperï ¼Å'Anderson Graduate School of Management at UCLAï ¼Å'1989ï ¼Å¡ Jensenï ¼Å'Mï ¼Å½Cï ¼Å½and Mecklingï ¼Å'Wï ¼Å½Hï ¼Å½Ã¯ ¼Å'Theory of the Firmï ¼Å¡Managerial Behaviorï ¼Å'Agency Costs and Ownership Structureï ¼Å'Journal of Financial Economicsï ¼Å'1 976(3)ï ¼Å¡305- 360ï ¼Å½ Leland, H., Pyle, D. (1977). Information Asymmetries, Financial Structure and Financial Intermediation.   Journal of Finance, Vol.   32, pp 371-387. Modigliani, F. Miller, M. H. 1958,   Tcost   of capital, corporate   finance   and   the   theory   of investment,   American Economic   Review,   vol. 48, no. 3, p. 261. Modigliani, F. Miller, M. H. 1963,   Corporate   Income   Taxes   and   the Cost   of Capital:   A Correction,   American Economic   Review,   vol. 53,   no. 3, p. 433. Miller, M. H. 1977, â€Å"Debt and taxes’’, Journal of Finance, vol. 32, no. 2, p.261. Megginson, W. 1997, â€Å"Corporate finance theory Reading, Mass.; Harlow: Addison- Wesley. Myers, S. C. 1984, â€Å"Finance Theory and Financial Strategy, Interfaces, vol.   14, no. 1, pp. 126-137. Myers, S. C. MAJLUF, N. S. 1984,   Corporate   financing and   investment   decisions   when firms have   information   that   investors   do   not have,   Journal of Financial Economics,   vol. 13,   no. 2, pp. 187-221. Ghosh, A. (2008).   Capital Structure and Firm Performance. London: Transaction Publishers. 1 ­126. Gonzalez., M. V., and Gonzalez, F. (2006). Firm Size and Capital Structure: Evidence using dynamic Panel Data. Journal of Economics and Literature. G32 (1), 1 ­26. Prowse,   S. D., 1990,   Institutional investment   patterns   and   corporate   financial behavior   in the United States   and   Japan,   Journal of Financial Economics,   vol. 27, no. 1,   pp. 43-66. Stulzï ¼Å'Reneï ¼Å½Why Financial Structure Mattesï ¼Å'Journal of Economic Perspectives 1 988ï ¼Å¡1 2 I ·1 26ï ¼Å½ Rajan, R. G. and Zingales, L. (Dec. 1995). What Do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance. 1 (1), 1421 ­1459. Ross, S. A.   (1973). The Economic Theory of Agency:   The Principal’s Problem. American Economic Review, Vol. 63, pp 134-139. Ross, S. A.   (1977). the Determination of Financial Structure:   The Incentive Signaling Approach.   Bell Journal of Economics, Vol. 8, pp. 23-40. Zeitun, R. and Tian, G. G. (2007). Capital Structure and Firm Performance: Evidence from Jordan. Australia Accounting Business and Finance Journal. 1 (4), Article 3.

Tiempos de Espera Antes de Solicitar la Ciudadanía

Tiempos de Espera Antes de Solicitar la Ciudadanà ­a Despuà ©s de obtener la residencia permanente hay que esperar, en promedio, cinco aà ±os antes de pedir la naturalizacià ³n. Existen otros factores que se deben considerar como son el nà ºmero de meses que se lleva residiendo en el lugar donde se solicita el proceso y el nà ºmero de meses de presencia fà ­sica en Estados Unidos. Adems de los documentos que el proceso de naturalizacià ³n por residencia requiere, hay que aprobar un examen de conocimientos histà ³ricos y cà ­vicos y demostrar niveles bsicos de inglà ©s escrito y hablado. Diversas organizaciones en todo el paà ­s ayudan, de manera gratuita, a prepararse para el examen. Regla General: Cinco Aà ±os de Espera La regla general es que deben pasar cinco  aà ±os desde la fecha en que se obtiene la green card para convertirse en ciudadano americano por naturalizacià ³n. Dicha fecha est consignada expresamente en la tarjeta de residencia. Quienes obtuvieron su residencia temporal por programas de inversià ³n pueden sumar esos dos aà ±os como temporales a los tres como permanentes. La solicitud (formulario N-400) se puede enviar con un mximo de  90 dà ­as antes de cumplirse dichos aà ±os.   Para cumplir con los requisitos de la naturalizacià ³n hay que: Haber residido en la jurisdiccià ³n de la oficina de USCIS a la que se envà ­a la solicitud durante los tres meses anteriores.Haber residido en Estados Unidos de manera continua durante los à ºltimos cinco aà ±os. Hay que contar con la acreditacià ³n de haber estado presente fà ­sicamente en el paà ­s durante 30 meses de dichos cinco aà ±os. Viajes largos o frecuentes a otros paà ­ses pueden generar problemas. Tiempos de Espera en Casos Especà ­ficos Residentes permanentes casados con ciudadanos: en este caso, los residentes pueden pedir la ciudadanà ­a pasados tres aà ±os desde que obtuvieron la residencia permanente, sin importar cà ³mo la obtuvieron en primer lugar. En este caso tienen haber estado casados por tres aà ±os con el mismo ciudadano (no aplica para viudos de ciudadanos), haber residido los à ºltimos tres meses en la jurisdiccià ³n de la USCIS a la que envà ­an la solicitud, acreditar que han residido en Estados Unidos durante los à ºltimos tres aà ±os y demostrar que han estado en territorio estadounidense durante 18 meses de los tres aà ±os. La persona que se casa con un residente que luego se naturaliza sà ³lo puede contar el plazo de los tres aà ±os a partir de la fecha en que su cà ³nyuge se convirtià ³ en ciudadano. Desde la solicitud hasta la naturalizacià ³n hay que residir en Estados Unidos. Excepciones a dicha regla suceden por maltrato conyugal, cuando el cà ³nyuge  maltratado de un ciudadano se separa y pide para sà ­ mismo la green card por  el programa  VAWA apenas tres aà ±os despuà ©s de haber recibido la residencia permanente. Residentes con Residencia Condicional Previa: en este caso, la fecha en la que se inicia a contar los cinco aà ±os es la del dà ­a en la que se obtuvo la residencia condicional. Asilados: en este caso, el aà ±o en el que se residià ³ como asilado en los Estados Unidos suma para la regla de los cinco aà ±os. Asà ­ que cuatro aà ±os despuà ©s de haber obtenido la residencia permanente, se puede solicitar la ciudadanà ­a. La USCIS hace este computo de manera automtica (rollback). Militares y familiares: en este caso, quienes hayan cumplido con honor su servicio pueden solicitar su ciudadanà ­a un aà ±o despuà ©s de haber iniciado el mismo. Si ya no estn en servicio activo pero se les ha dado licencia con honor tienen seis meses desde dicho dà ­a para solicitar su naturalizacià ³n (si pierden este margen de tiempo deben esperar tres o cinco aà ±os de acuerdo a lo que se explicà ³ anteriormente). Si un militar activo que es ciudadano fallece en su labor, su cà ³nyuge, padres e hijos pueden solicitar la residencia permanente. Y si ya son residentes, pueden aplicar inmediatamente por la ciudadanà ­a. Por otro lado, si un militar que es residente permanente fallece en servicio, sus familiares inmediatos pueden pedir la ciudadanà ­a pà ³stuma y, posteriormente, obtener para ellos mismos beneficios migratorios. Veteranos de Guerra: en este caso, todos quienes sirvieron con honor en cualquiera de las ramas del Ejà ©rcito de los Estados Unidos durante à ©poca declarada de hostilidades  en una de las siguientes guerras pueden pedir la ciudadanà ­a americana despuà ©s de haber servido un sà ³lo dà ­a. Dichas à ©pocas son: Primera Guerra Mundial, Segunda Guerra Mundial, Guerra de Corea, Guerra de Vietnam, Guerra del Golfo Pà ©rsico, operacià ³n Enduring Freedom y la operacià ³n Iraqi Freedom. Este es un artà ­culo informativo, no pretende ser asesorà ­a legal.

Write a dialogue in which John Hick, the astro-physicist priest (lets Essay

Write a dialogue in which John Hick, the astro-physicist priest (lets call him Father Tom) from Arthur C. Clarkes The Star, the Devil, - Essay Example Out main agenda was about Science and Religion and which theory of the two seemed more credible as evident in the Star by Arthur Clarke (Rabkin, 1980). John Hick: My evening is fine †¦ how about you? (He stretches his right hand to meet mine in a greeting. I realized that the lines on his face symbolized one who is deeply troubled by some questions he could not find answers to. So I interjected to help him think aloud about his woes). The narrator: Father†¦ why are you in the outside? I thought it would be fine if you were inside the room so that this candle could bring light into the room and scare aware insects†¦ you know†¦ things like that (I paused to allow him time to respond while he scrambled a seat for me to join him in the conversation). John Hick: (While supporting his cheeks, he began): Little one, you are yet to live the length of time I have been breathing. That is why you may not be able to understand some of these things. To begin with, I’ve chosen my outhouse ostensibly to come to terms with what religion and science has in store for us humans. John Hicks: The house is artificial; it technically obfuscates my vision of nature. The symbols of science such as the planets, galaxies, the moon, darkness, chirping crickets, wind are more real to me here than when I’m inside the house. With these symbols of nature so true and real, I do entrust my religious faith with answers as to their origin, but in situations where I’m certain that religion is not providing me with the answers that I need, I refer to Science. However, my main worries stem from the competing theories; I’m technically lost for though with regard to which side has all of the answers to nature. John Hicks: It is not that easy the way you think, my little friend. I must admit here before you that that the lines you are seeing on my

Mentorship For Nursing Essay Example | Topics and Well Written Essays - 1000 words

Mentorship For Nursing - Essay Example Consequentially, mentors are responsible for and can enhance the quality of mentoring culture in clinical settings. How to promote effective mentorship is a difficult question, but it is clear that a good mentor will avoid the errors of over-protection and the flaws of the master-protege relationship, but will display appreciation of students’ efforts, demonstrate genuine concern for their successes and promote mutuality and reciprocity in their relations with students. Mentorship is becoming a critical instrument of growing professional nurses. With the shortage of professional nursing staff, mentorship has a potential to expand the pool of professional, caring nurses in healthcare. â€Å"Mentorship initiatives, especially in hospital settings, are being introduced and fostered to attract nurses to healthcare systems with the primary goals of nursing retention and support† (Block et al 134). However, mentorship is not good by itself; rather, good mentorship is the key to developing and retaining professional nursing staff (Jarvis 415). Much has been written and said about factors affecting mentorship and mentored students, in particular. Apart from the fact that students assessed formatively on their hand washing skills experience anxiety and anticipation, formative assessment also exemplifies the final product of the long process of mentoring and can be used to expose the flaws and inconsistencies in student-mentor relations. A student assessed formatively on their hand washing skills is primarily influenced by the quality of their relationship with the mentor, mentor guidance, culture, and leadership style (Bally 144; Bell-Ellison & Dedrick 556-7; Littlejohn 456; Saarikoski 1016). Guidance affects the quality of nursing student results, as it represents routine elements of daily cooperation with students, including problem-solving activities and planning formative assessment of the basic nursing skills (Bell-Ellison & Dedrick 556; Berk et al 70 ). The quality of the student’s presentation is profoundly influenced by their relationship with the mentor; this relationship incorporates a complex set of elements, including student and mentor’s personal problems, worldview, and social activities (Bell-Ellison & Dedrick 557). One important aspect that influences both the relationship and the results of formative assessment is the mentor’s leadership style, as well as the supervision system (Saarikoski 1016). Simply stated, how the student is assessed and what skills he (she) develops as a result of the mentorship program largely depends upon the quality of mentor’s supervision and their understanding of the students’ experiences, contexts, and cultures (Saarikoski 1016). The importance of the mentorship-culture relationship can hardly be overstated. Successful mentors must be able to create a â€Å"full† picture of the organization and leadership, by recognizing a complex interrelationshi p between mentorship, leadership and organizational culture (Bally 144; Callahan & Ruchlin 296; Neuhauser 471). This picture will help nursing mentors to understand how various aspects of one and the same culture interact. The choice of particular leadership style must also depend upon the culture, in which students and mentors interact, since no mentorship will work when there is no leadership-culture congruence

Parting The Waters Essay Example for Free

Parting The Waters Essay The book â€Å"Parting the Waters† by Taylor Branch not only highlights the life and times of Martin Luther King Jr. , but also shows the parallel course Kings life took with the civil rights movement and even before it. This book provides a historical look at the Civil Rights Movement from 1964 to 1963. The first half of the book shows the origins of the civil rights movement parallel to that of the life of Martin Luther King Jr. Some of the significant points raised by branch were as follows: The â€Å"birth† of the black preacher, John Rockefellers endowment, Kings early education and the immediate cause of the civil rights movement. Following their emancipation from slavery, the African-American peoples journey to freedom has actually begun. Despite the complete abolition of slavery, segregation took its place as most whites, especially from the South, found it hard to accept former slaves as equals and still sought to marginalize the black people. It was only in the church that blacks found leaders who were of strong character and would be the launch pad on their crusade for equality. As W. E. B. DuBois put it, the preacher is â€Å"the most unique personality developed by the Negro† (quoted in Branch 3). Next would be a footnote in the history of origins of the civil rights movement with the involvement of tycoon and philanthropist John D. Rockefeller whose involvement in the advancement of the African-Americans was attributed to his wife, Laura Spelman whose family were known abolitionists of the antebellum and civil war era. Because of this, Rockefeller provided an endowment for the creation of a school for blacks which would be named after his wifes family (Spelman College) in Atlanta, once the heart of the Confederacy. The significance of these two circumstances would be that Martin Luther Kings maternal grandfather, and his father were preachers and his maternal grandmother Jennie Parks and his mother Alberta were students of Spelman College, therefore, a beneficiary of Rockefellers philanthropy (Branch 30). The education of his parents enabled the younger King to live a relatively comfortable life compared to other blacks who were not as fortunate as his family and lived in virtually a hand-to-mouth existence because segregation denied them the opportunities to better their lives. Kings education took him to Pennsylvania where he was exposed to liberal education that made him feel like an equal. He began his first public ministry at the age of 25, at the time the Supreme Court, the the Brown vs. Board ruling outlawed segregation in schools. But this was only the tip of the proverbial iceberg. The catalyst of the civil rights movement began when Rosa Parks, a seamstress from Montgomery, Alabama, was arrested for refusing to give up her seat at the bus. This incident had prodded King to take the lead in the civil rights movement and thereby set the course he took which would irrevocably change his life (Branch 150). In the second half of the book. It covers the crusade Martin Luther King had now taken up and led following his political baptism of fire, from the twilight of the Eisenhower years , the advancement of John F, Kennedy and eventually the dawning of the New South. Taking a leaf from Gandhis passive resistance approach, King endured sufferings and humiliations yet he took it in stride in the same manner as Christ and persevered. Under such conditions the U. S. Congress passed the Civil Rights Act, which ensures that all people born in the United States are accorded equal protection law and that race could not be used as a condition to deprive them of their civil rights (Branch 303). All in all, Parting the Waters proved to be an excellent start in the 3-volume history of the civil rights movement by Branch who would follow it up with â€Å"Pillar of Fire† and â€Å"At Canaans Edge. † One would notice that the titles allude to the history of the Hebrews as told in the book of Exodus in the Bible. Branch was somehow able to draw a parallelism of the odyssey of the Hebrews to that of the African-Americans on their quest for real freedom and equality. Works Cited Branch, Taylor. Parting the Waters. America in the King Years: 1954-63. New York: Simon and Schuster, 1989.

Operating Systems Essays -- Essays Papers

Operating Systems Operating Systems An operating system is the program that manages all the application programs in a computer system. This also includes managing the input and output devices, and assigning system resources. Operating systems evolved as the solution to the problems that were evident in early computer systems, and coincide with the changing computer systems. Three cycles are clear in the evolution of computers, the mainframe computers, minicomputers and microcomputers, and each of these stages influenced the development of operating systems. Now, advances in software and hardware technologies have resulted in an increased demand for more sophisticated and powerful operating systems, with each new generation able to handle and perform more complex tasks. The folowing report examines the development of operating systems, and how the changing tehcnology shaped the evolution of operating systems. First Generation Computers (1945?1955) In the mid?1940's enormous machines capable of performing numerical calculations were created. The machine consisted of vacuum tubes and plugboards, and programming was done purely in machine code. Programming languages were unheard of during the early part of the period, and each machine was specifically assembled to carry out a particular calculation. These early computers had no need for an operating system and were operated directly from the operator's console by a computer programmer, who had immediate knowledge of the computers design. By the early 1950's punched cards were introduced, allowing programs to be written and read directly from the card, instead of using plugboards. Second Generation Computers (1955?1965) In the mid?1950's, the transistor was introduced, creating a more reliable computer. Computers were used primarily for scientific and engineering calculations and were programmed mainly in FORTRAN and assembly language. As computers became more reliable they also became more business orientated, although they were still very large and expensive. Because of the expenditure, the productiveness of the system had to be magnified as to ensure cost effectiveness. Job scheduling and the hiring of computer operators, ensured that the computer was used effectively and crucial time was not wasted. Loading the compliers was a time consuming process as each complier was k... ...or personal computers. Modern Operating Systems The past 9 years have seen many advances in computers and their operating systems. Processors continue to increase in speed, each requiring an operating system to handle the new developments. Microsoft Corporation has dominated the IBM compatible world, Windows being the standard operating system for majority of personal computers. Now as computing and information technology becomes more towards the Internet and virtual computing, so too must the operating systems. In 1992, Microsoft for Workgroups 3.1 was introduced, extending on from the previous versions. It allowed the sending of electronic mail, and provided advanced networking capabilities to be used as a client on an existing local area network. This was only the one stage in the vast evolution of the worlds most popular operating system, with the most recent being Windows NT and Windows 98, the latter being a fully Internet integrated operating system. Windows, however is not the only operating system in use today. Other's such as UNIX, Apple Operating System and OS/Warp have also had an impact, each new version more advanced, and more user friendly then the last. Operating Systems Essays -- Essays Papers Operating Systems Operating Systems An operating system is the program that manages all the application programs in a computer system. This also includes managing the input and output devices, and assigning system resources. Operating systems evolved as the solution to the problems that were evident in early computer systems, and coincide with the changing computer systems. Three cycles are clear in the evolution of computers, the mainframe computers, minicomputers and microcomputers, and each of these stages influenced the development of operating systems. Now, advances in software and hardware technologies have resulted in an increased demand for more sophisticated and powerful operating systems, with each new generation able to handle and perform more complex tasks. The folowing report examines the development of operating systems, and how the changing tehcnology shaped the evolution of operating systems. First Generation Computers (1945?1955) In the mid?1940's enormous machines capable of performing numerical calculations were created. The machine consisted of vacuum tubes and plugboards, and programming was done purely in machine code. Programming languages were unheard of during the early part of the period, and each machine was specifically assembled to carry out a particular calculation. These early computers had no need for an operating system and were operated directly from the operator's console by a computer programmer, who had immediate knowledge of the computers design. By the early 1950's punched cards were introduced, allowing programs to be written and read directly from the card, instead of using plugboards. Second Generation Computers (1955?1965) In the mid?1950's, the transistor was introduced, creating a more reliable computer. Computers were used primarily for scientific and engineering calculations and were programmed mainly in FORTRAN and assembly language. As computers became more reliable they also became more business orientated, although they were still very large and expensive. Because of the expenditure, the productiveness of the system had to be magnified as to ensure cost effectiveness. Job scheduling and the hiring of computer operators, ensured that the computer was used effectively and crucial time was not wasted. Loading the compliers was a time consuming process as each complier was k... ...or personal computers. Modern Operating Systems The past 9 years have seen many advances in computers and their operating systems. Processors continue to increase in speed, each requiring an operating system to handle the new developments. Microsoft Corporation has dominated the IBM compatible world, Windows being the standard operating system for majority of personal computers. Now as computing and information technology becomes more towards the Internet and virtual computing, so too must the operating systems. In 1992, Microsoft for Workgroups 3.1 was introduced, extending on from the previous versions. It allowed the sending of electronic mail, and provided advanced networking capabilities to be used as a client on an existing local area network. This was only the one stage in the vast evolution of the worlds most popular operating system, with the most recent being Windows NT and Windows 98, the latter being a fully Internet integrated operating system. Windows, however is not the only operating system in use today. Other's such as UNIX, Apple Operating System and OS/Warp have also had an impact, each new version more advanced, and more user friendly then the last.

Social Facts

A. Social Facts Durkheim defined social facts as things external to, and coercive of, the actor. These are created from collective forces and do not emanate from the individual (Hadden, p. 104). While they may not seem to be observable, social facts are things, and â€Å"are to be studied empirically, not philosophically† (Ritzer, p. 78). They cannot be deduced from pure reason or thought, but require a study of history and society in order to observe their effects and understand the nature of these social facts. In The Rules of Sociological Method, Durkheim begins by noting features such as the following (quote 3): Social Facts.When I fulfil my obligations as brother, husband, or citizen, when I execute my contracts, I perform duties which are defined, externally to myself and my acts, in law and in custom. Even if they conform to my own sentiments and I feel their reality subjectively, such reality is still objective, for I did not create them; I merely inherited them throug h my education. (Rules, p. 1). As examples of social facts, Durkheim cites religious beliefs, currency used to undertake transactions, and factors such as â€Å"the practices followed in my profession† (Rules, p. 2).These types of conduct or thought are not only external to the individual but are, moreover, endowed with coercive power, by virtue of which they impose themselves upon him, independent of his individual will. (Rules, p. 2). While obligations, values, attitudes, and beliefs may appear to be individual, Durkheim argues that these social facts exist at the level of society as a whole, arising from social relationships and human association. They exist as a result of social interactions and historical developments over long periods of time, and come from â€Å"varying collective representations and diverse forms of social organization† (Hadden, p. 04). As individuals who are born and raised in a society, these social facts are learned (through socialization) a nd generally accepted, but the individual has nothing to do with establishing these. While society is composed of individuals, society is not just the sum of individuals, and these facts exist at the level of society, not at the individual level. As such, these social facts do exist, they are the social reality of society, a reality that constitutes the proper study of sociology (Cuff et al. , p. 33). The study of social facts is the â€Å"distinct object or subject matter of sociology† (Hadden, p. 105). Durkheim istinguishes social facts from psychological, biological, or economic facts by noting that these are social and rooted in group sentiments and values. At the same time, he distinguishes the study of social facts from philosophy by noting that the real effects of social facts are â€Å"manifested in external indicators of sentiments such as religious doctrines, laws, moral codes† (Hadden, p. 105) and these effects can be observed and studied by the sociologist. The study of social facts is thus a large part of the study of sociology. In order to do this, the sociologist must â€Å"rid themselves of preconceptions† (Hadden, p. 07) and undertake objective study which can â€Å"focus on objective, external indicators such as religious doctrines or laws† (Hadden, p. 107). Each social fact is real, something that is constraining on the individual and external to the actor. The social fact is not just in the mind of the individual – that is, these facts are more than psychological facts. That these exist in society as a whole, over time, and sometimes across societies, provides some proof of this. At the same time they are in the minds of individuals so they are also mental states.Ritzer notes that social facts can be considered to be mental phenomena that are external to and coercive of psychological facts, such as human instincts. The individual mental state could be considered to intervene between social fact and action (Ritzer, p. 105). Durkheim may not have provided a sufficient analysis of the assumptions underlying, or the characteristics of, these mental states. For Durkheim the study of sociology should be the study of social facts, attempting to find the causes of social facts and the functions of these social facts.Social facts regulate human social action and act as constraints over individual behaviour and action. They may be enforced with law, with clearly defined penalties associated with violation of the sentiments and values of the group. Sanctions may be associated with social facts, for example as in religion, where resistance may result in disapproval from others or from spiritual leaders. Individuals may be unaware of social facts and generally accept them. In this case, individuals may accept the values and codes of society and accept them as their own.Two types of social facts are material and non-material social facts. Material social facts are features of society such as socia l structures and institutions. These could be the system of law, the economy, church and many aspects of religion, the state, and educational institutions and structures. They could also include features such as channels of communication, urban structures, and population distribution. While these are important for understanding the structures and form of interaction in any society, it is nonmaterial social facts that constitute the main subject of study of sociology.Nonmaterial social facts are social facts which do not have a material reality. They consist of features such as norms, values, and systems of morality. Some contemporary examples are the norm of the one to three child family, the positive values associated with family structures, and the negative associations connected to aggression and anger. In Durkheim's terminology, some of these nonmaterial social facts are morality, collective consciousness, and social currents. An example of the latter is Durkheim's analysis of s uicide. Social facts can also be divided into normal and pathological social facts (Hadden, pp. 08-9). Normal social facts are the most widely distributed and useful social facts, assisting in the maintenance of society and social life. Pathological social facts are those that we might associate with social problems and ills of various types. Suicide is one example of this, where social facts ought to be different. For Durkheim, the much greater frequency of the normal is proof of the superiority of the normal. Durkheim later modified the notion of a single collective consciousness, and adopted the view that there were collective representations as part of specific states of substrata of the collective.That is, there may be different norms and values for different groups within society. These collective representations are also social facts because they are in the consciousness of some collective and are not reducible to individual consciousnesses (Ritzer, p. 87). The social structu res, institutions, norms and values that have become part of the study of sociology can be derived from Durkheim's approach, and today there is little difficulty distinguishing sociology from psychology. B. SuicideAfter Durkheim wrote The Rules of Sociological Method, he tackled the subject of suicide as an example of how a sociologist can study a subject that seems extremely personal, with no social aspect to it – even being anti-social. It could be argued that suicide is such a personal act that it involves only personal psychology and purely individual thought processes. Durkheim's aim was not to explain or predict an individual tendency to suicide, but to explain one type of nonmaterial social facts, social currents.Social currents are characteristics of society, but may not have the permanence and stability that some parts of collective consciousness or collective representation have. They may be associated with movements such as â€Å"enthusiasm, indignation, and pity. † (Ritzer, p. 87). Hadden notes that Durkheim wished to show that sociological factors were â€Å"capable of explaining much about such anti-social phenomena† (Hadden, p. 109). In the case of suicide, these social currents are expressed as suicide rates, rates that differ among societies, and among different groups in society.These rates show regularities over time, with changes in the rates often occurring at similar times in different societies. Thus these rates can be said to be social facts (or at least the statistical representation of social facts) in the sense that they are not just personal, but are societal characteristics. This can be seen in the following quote (quote 12): Suicide Rates as Social Facts. At each moment of its history, therefore, each society has a definite aptitude for suicide. The relative intensity of this aptitude is measured by taking the proportion between the total number of voluntary deaths and the population of every age and sex.We wi ll call this numerical datum the rate of mortality through suicide, characteristic of the society under consideration. †¦ The suicide-rate is therefore a factual order, unified and definite, as is shown by both its permanence and its variability. For this permanence would be inexplicable if it were not the result of a group of distinct characteristics, solidary with one another, and simultaneously effective in spite of different attendant circumstances; and this variability proves the concrete and individual quality of these same characteristics, since they vary with the individual character of society itself.In short, these statistical data express the suicidal tendency with which each society is collectively afflicted. †¦ Each society is predisposed to contribute a definite quota of voluntary deaths. This predisposition may therefore be the subject of a special study belonging to sociology. (Suicide, pp. 48, 51). Durkheim takes up the analysis of suicide in a very quanti tative and statistical manner. While he did not have available to him very precise or complete data or sophisticated statistical techniques, his method is exemplary in showing how to test hypotheses, reject incorrect explanations for suicide, sort through a great variety of ossible explanations, and attempt to control for extraneous factors. Some of the factors that others had used to explain suicide were heredity, climate, race, individual psychopathic states (mental illness), and imitation. As an example of Durkheim's method, consider how he analyzes cosmic factors, such as weather or season. Durkheim (Suicide, p. 107) notes that in all countries suicide is greater in the summer months, that no country is an exception to this, and that the proportion of suicides in the six warmer months to the six colder months is very similar in each country.Durkheim notes that this has led some commentators to say the â€Å"heat increases the excitability of the nervous system† (Suicide, p. 108). But suicide may result from depression as much as from over-excitement, and heat cannot possibly act the same way on both causes. Further, a closer analysis by Durkheim considers temperature variations and shows that while suicides increase in number as temperature increases, suicides reach a peak before the temperature does. In addition, if temperature is a cause of suicide, warm countries might be expected to have more suicides than cold countries, but the opposite tends to be the case.A related explanation that Durkheim considers is that great changes in temperature are associated with suicide, but again he finds that there is no correlation between suicide rates and the fact of temperature change. Rather, the causes must be in some factor that has continuity over time. He then notes that the rates are more closely connected to the length of day, with suicides increasing as the days grow longer, and decreasing in number as the length of day declines. But it is not the su n itself which is the cause, because at noontime there are fewer suicides than at other times of the day.What Durkheim finds is that the factors associated with higher numbers of suicides must be those that relate to â€Å"the time when social life is at its height† (Suicide, p. 119). The time of day, the day of week, the season of the year, and so on, are not in themselves the reason for the changes in the number of suicides. Rather, the times when social life and interaction among people are greater, are also those associated with increased suicide. Durkheim concludes this section by saying (quote 13): Four Types of SuicideThe manner in which social integration and regulation work can be better seen by examining the four fold classification of suicides that Durkheim developed. Durkheim ends his discussion of the organic-psychic and physical environmental factors by concluding that they cannot explain â€Å"each social group[s] †¦ specific tendency to suicide. † (Suicide, p. 145). By eliminating other explanations, Durkheim claims that these tendencies must depend on social causes and must be collective phenomena.The key to each type is a social factor, with the degrees of integration and regulation into society being either too high or too low. (The following discussion is drawn from Ritzer, pp. 90 ff. ). 1. Egoistic Suicide. This is the type of suicide that occurs where the degree of social integration is low, and there is a sense of meaningless among individuals. In traditional societies, with mechanical solidarity, this is not likely to be the cause of suicide. There the strong collective consciousness gives people a broad sense of meaning to their lives.Within modern society, the weaker collective consciousness means that people may not see the same meaning in their lives, and unrestrained pursuit of individual interests may lead to strong dissatisfaction. One of the results of this can be suicide. Individuals who are strongly integrat ed into a family structure, a religious group, or some other type of integrative group are less likely to encounter these problems, and that explains the lower suicide rates among them. The factors leading to egoistic suicide can be social currents such as depression and disillusionment.For Durkheim, these are social forces or social facts, even though it is the depressed or melancholy individual who takes his or her life voluntarily. â€Å"Actors are never free of the force of the collectivity: ‘However individualized a man may be, there is always something collective remaining – the very depression and melancholy resulting from this same exaggerated individualism. ‘† Also, on p. 214 of Suicide, Durkheim says â€Å"Thence are formed currents of depression and disillusionment emanating from no particular individual but expressing society's state of disillusionment. Durkheim notes that â€Å"the bond attaching man to life relaxes because that attaching him to society is itself slack. †¦ The individual yields to the slightest shock of circumstance because the state of society has made him a ready prey to suicide. † (Suicide, pp. 214-215). 2. Altruistic Suicide. This is the type of suicide that occurs when integration is too great, the collective consciousness too strong, and the â€Å"individual is forced into committing suicide. † (Ritzer, p. 91). Integration may not be the direct cause of suicide here, but the social currents that go along with this very high degree of integration can lead to this.The followers of Jim Jones of the People’s Temple or the members of the Solar Temple are an example of this, as are ritual suicides in Japan. Ritzer notes that some may â€Å"feel it is their duty† to commit suicide. (p. 91). Examples in primitive society cited by Durkheim are suicides of those who are old and sick, suicides of women following the death of their husband, and suicides of followers after the d eath of a chief. According to Durkheim this type of suicide may actually â€Å"springs from hope, for it depends on the belief in beautiful perspectives beyond this life. † 3.Anomic Suicide. Anomie or anomy come from the Greek meaning lawlessness. Nomos means usage, custom, or law and nemein means to distribute. Anomy thus is social instability resulting from breakdown of standards and values. (Webster's Dictionary). This is a type of suicide related to too low a degree of regulation, or external constraint on people. As with the anomic division of labour, this can occur when the normal form of the division of labour is disrupted, and â€Å"the collectivity is temporarily incapable of exercising its authority over individuals. † (Ritzer, p. 92).This can occur either during periods associated with economic depression (stock market crash of the 1930s) or over-rapid economic expansion. New situations with few norms, the regulative effect of structures is weakened, and the individual may feel rootless. In this situation, an individual may be subject to anomic social currents. People that are freed from constraints become â€Å"slaves to their passions, and as a result, according to Durkheim's view, commit a wide range of destructive acts, including killing themselves in greater numbers than they ordinarily would. † (Ritzer, p. , 92).In addition to economic anomie, Durkheim also spends time examining domestic anomie. For example, suicides of family members may occur after the death of a husband or wife. 4. Fatalistic Suicide. When regulation is too strong, Durkheim considers the possibility that â€Å"persons with futures pitilessly blocked and passions v iolently choked by oppressive discipline† may see no way out. The individual sees no possible manner in which their lives can be improved, and when in a state of melancholy, may be subject to social currents of fatalistic suicide. Summary. Durkheim's analysis of suicide shows the manner n which the social as opposed to the psychological and biological can be emphasized, and how it results in some useful ways of analyzing the actions of individuals. Suicide rates as expressions of social currents are social facts that affect societies and individuals within those societies. The study of psychology is still useful in attempting to determine individual motives and the manner in which the specific circumstances can lead to an individual deciding to voluntarily end their life. But an analysis of these circumstances should be set within the context of the social currents to which that individual is subject.The method of analysis of Durkheim should prove useful even today. In terms of suicide, the social causes are now well recognized, and any analysis of suicide would have to include these. Some combination of egoistic, anomic, and fatalistic types of suicide may help explain and understand this phenomenon. More generally, the method of Suicide is exemplary in providing researchers with a means of understanding the social factors that are associated with particular phenomena. Durkheim examines patterns on the data in an attempt to determine how social factors can play a role in explaining these phenomena.This might be applied to sociobiological arguments today. The trends themselves are not the cause, but indicative of a cause, a social explanation has to be found. C. Conclusions about Durkheim 1. Contributions a. Social Facts and Social Aspects. These are real things that do affect people. He had a strong structural view of society, and the manner in which each of us is influenced by these social facts and how we must fit into these. Durkheim attempted to see a role for the social as distinguished from the economic, psychological and biological.This can be seen in his view of the social influences on suicide rates, where he takes a wide variety of factors and considers their influence on the tendency or aptitude for suicide. The effect of each of these factors is not a simple connection between the factor and the tendency to suicide, but must be mediated by social factors. In particular, the social factors that he identified were the degree of integration and the degree of regulation. For modern theories of sociobiology, and the influence of genetics, Durkheim's approach could prove a useful counter. References Cuff, E. C. , W. W. Sharrock and D. W.Francis, Perspectives in Sociology, third edition, London, Routledge, 1992. HM66 P36 1984 Durkheim, Emile, The Division of Labor in Society, New York, The Free Press, 1933. Referred to in notes as Division. HD 51 D98 Durkheim, Emile, The Rules of Sociological Method, New York, The Free Press, 1938. Referred to in notes as Rules. HM 24 D962 Durkheim, Emile, Suicide: A Study in Sociology, New York, The Free Press, 1951. Referred to in notes as Suicide. HV 6545 D812 Giddens, Anthony, Capitalism and Modern Social Theory: An Analysis of the Writings of Marx, Durkheim and Max Weber, Ca mbridge, Cambridge University Press, 1971.HM19 G53. Ritzer, George, Sociological Theory, third edition, New York, McGraw-Hill, 1992. HM24 R4938. Social Explanation. If voluntary deaths increase from January to July, it is not because heat disturbs the organism, but because social life is more intense. To be sure, this greater intensity derives from the greater ease of development of social life in the Summer than in the Winter, owing to the sun's position †¦ , the state of the atmosphere, etc. But the physical environment does not stimulate it directly; above all, it has no effect on the progression of suicide. The latter depends on social conditions. Suicide, pp. 121-122). While this is not a proof or determination of what causes suicide yet, Durkheim notes that the causes must relate to collective life and must be such that these time factors can be incorporated into an explanation. But the explanation must be social in nature, and cannot be simply related to natural factors, these natural factors must work socially, and affect some social aspects which are related to suicide. Note that Durkheim ‘s method here is very empirical, and he searches through various sorts of data and evidence to find factors associated with suicide.But the explanation is not simply a relation between these data and suicides. Rather he is searching for social causes or conditions that are expressed through these. That is, he uses data to discover patterns, but the patterns themselves are not the cause of the phenomenon. Rather the cause is social, and the observed, empirical patterns constitute a means of finding underlying causes. Another factor that Durkheim considers is religion. While he does find that religion is associated with suicide, in the sense thatProtestant countries and regions have higher suicide rates than do Catholic ones, religious doctrines are not an important factor in explaining these differences. That is, suicide is condemned more or less equally i n each religion, and doctrinal statements concerning suicide are all negative. If there is a difference between the two religions with respect to suicide rates, it must be in some aspect of social organization that differs between the two churches. But if this is the factor related to suicide, then it is the social organization that is the cause of the difference, not religion in itself.Giddens notes (p. 83) that Durkheim finds further proof of this in other factors related to social organization, that is, family structure. Where there is more integration in family structure, the suicides are lesser in number. Durkheim argues that the most important aspects of social organization and collective life for explaining differences in suicide rates are the degree of integration into and regulation by society. For Durkheim, integration is the â€Å"degree to which collective sentiments are shared† and regulation refers to â€Å"the degree of external constraint on people. (Ritzer, p. 90). Catholicism is a more highly integrated religion than Protestantism, and it is in this that the difference in suicide rates is expressed. That is, it is not the religious doctrines themselves but the different social organization of the two religions. As Giddens notes (p. 83), degree of integration of family structure is related in the same way to suicides. Those in larger families are less likely to commit suicide, whereas those in smaller families, or single, are more likely. Over time, various social factors also make their influence felt.Durkheim notes that there was a decline in the number of suicides in all the European countries in 1848, a year of revolution and political change throughout Europe. Times of political crisis, war, and economic change are also associated with changes in the rate of suicide. Each of these great social movements could be considered to be examples of social currents that have widespread impact within and across societies. Ritzer (p. 89) not es that Durkheim was making two arguments. First, he argued that different collectivities have different collective consciousness or collective representation.These produce different social currents, and these lead to different suicide rates. By studying different groups and societies, some of these currents can be analyzed, and the effect of these on suicide can be determined. Second, changes in the collective consciousness lead to changes in social currents. These are then associated with changes in suicide rates (quote 14): Sociological Explanation. The conclusion from all these facts is that the social suicide-rate can be explained only sociologically.At any given moment the moral constitution of society established the contingent of voluntary deaths. There is, therefore, for each people a collective force of a definite amount of energy, impelling men to self-destruction. The victim's acts which at first seem to express only his personal temperament are really the supplement and prolongation of a social condition which they express externally. †¦ Each social group really has a collective inclination for the act, quite its own, and the source of all individual inclination, rather than the result.It is made up of the currents of egoism, altruism or anomy running through the society under consideration with the tendencies to languorous melancholy, active renunciation or exasperated weariness derivative from these currents. These tendencies of the whole social body, by affecting individuals, cause them to commit suicide. The private experiences usually thought to be the proximate causes of suicide have only the influence borrowed from the victim's moral predisposition, itself and echo of the moral state of society. (Suicide, pp. 299-300).

Advantages and disadvantages of internet Essay

Nowadays internet is the most common form of communication. It is a worldwide connection of computer systems over a massive network. There are certain advantages and disadvantages to the Internet. First of all internet has made communication very simple, easy and convenient. It is possible to stay in touch with people that you hardly ever see. Moreover internet is a source of knowledge. Anyone could simply open internet and get many information about anything. In other words it is a small encyclopedia about everything in the universe. Nothing online is trustworthy. Websites that are supposed to be trusted and are supposed to be reliable are not full of reliable information. Even major websites that are run by big and trusted companies are using writing firms to write their websites and the writing firms are simply hiring the cheapest freelancers to do their work for them. It is true that the Internet has made it easier to find out basic facts such as the location of places, but even that information is commonly incorrect. Also some people use the Internet too much and forgot real life contact. It may now be easier to keep in contact with people you know, but it has removed any incentive to visit people. In other words it can be addictive and a waste of time and even money. Two angles have been compared in both a positive and negative light. Internet can be useful and dangerous at the same time. In my opinion, Treat the information you read online with a high degree of skepticism and you will be alright. It is also a good idea to use the Internet in order to stay in contact with people, as it is easy and convenient. However, do not allow online contact to start replacing physical contact. It is important to strike a balance between the two.

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buy custom Colored Women and Civil Rights Movement essay During the period between 1950s and 1970s, colored women were in a difficult situation. Despite the emergence of feminist movements during the era of civil war, and establishment of civil right movement, colored women did not have a strong support from these movements. This was so despite the fact that colored women, specifically the black women, were the main founders, and campaigners of the civil rights movement. Their contributions would be de-emphasized based on their skin color (Penrice). The emasculation of the views and opinions of colored women in the civil rights movement was driven by the white society, which felt compelled to adopt patriarchal roles (Penrice). When colored women joined the feminist movements, white women would discriminate against them. White members of feminist movements paid little attention to class issues, which affected many colored women. However, these actions did not prevent colored women from fighting against racism, sexism, inequality in the work place, class segregation, and voting rights. After the end of the civil war, colored women continued to suffer political, economic, and social oppression (Willis 3). They bore the pain of discrimination in employment and education, class segregation, and demoralization of verbal abuse (Willis 3). As oppression continued, women felt the need to liberate themselves. Many women thought that since they had played significant roles in the civil rights era, the civil rights movement was the best avenue for them to attain liberation. However, many civil rights organizations allocated women to lower positions, while their colored men counterparts took the leading positions (Smith 14). Domination of men in the liberation movements prevented active contribution of women in such organizations. To illustrate this, in 1963, thousands of women including activists Ella Baker, Jo Ann Robinson, and Fannie Lou Hamer, joined the March on Washington (Smith 14). The committee to this movement was male dominated. During their activities, the committ ee members would neglect to invite women to make speeches before crowds, despite their active involvement in the movement. The role of women leaders in the movement was to type minutes, prepare food, wash dishes, and provide moral support to the male activists. While some women accepted these roles, others such as Kathleen Cleaver, Elaine Brown, and Ericka Huggins refused to take subordinate positions (Smith 15). Instead, they started to fight for equal positions in the movement. This led to the formation of the Black Panther Party for Self Defense (Smith). The party provided a platform for equality of all women. It attracted many women recruits where they continued with the struggle for political, social, and economic equality. The party was able to enter into an agreement with male Panthers where all members, male and female, were to treat each other as comrades (Smith 15). All group activities and responsibilities were to be shared equally between the two genders. This arrangement provided an opportunity for women Panthers to earn respect from their male counterparts. Gradually, colored women of black origin were able to participate in leadership activities. According to Smith, during the World War I, Black women suffered from sexual exploitation and racial discrimination (16). After the end of the war, many black women migrated to urban areas, in a bid to find secure places for their families. Many of these back women migrated to Chicago, New York, and Illinois (Smith 16). A few of them were able to secure employment in shops, departmental stores, factories, and low-status formal jobs such as secretaries, and sales clerks. However, many of them were unable to find employment. This is because; many of the available jobs in the urban areas were reserved for either black men or war veterans of white origin (Smith 17). In fact, thosewho had already secured industrial jobs were fired to make way for the male war veterans. This led to increased poverty and oppression of black women. In the 1920s, a group of black women artists and poets started the Harlem Renaissance where they would sing and write about the frustration of black women during and after the war period (Smith 17). During the Great Depression, in the 1930s, poverty among black women living in urban areas increased significantly. However, this did not stop black women from participating in the fight against oppression and poverty. In the southern cities, black women participated in communists parties, where they fought against racial discrimination in steel industries (Barnett 163). On the other hand, black women in northern cities established nationalist economic programs and consumer groups such as the Housewives League of Detroit (Barnett 163). The Housewives League assisted in stabilization of economic status of Blacks. They achieved this by having all Negro owned businesses to adopt a non-discriminatorily policy where black people secured jobs without any discrimination, establishing training opportunities for Negro youth in commercial and trade related activities, and conducting educational campaigns where all Negros were taught how to spend wisely (Barnett 164). Activities of the Housewiv es Leagues were also characterized by boycotting of whites owned stores in black neighborhoods. Towards the end of 1930s, seventy-five thousand job opportunities had been created, meaning, seventy-five thousand blacks were able to secure employment. In efforts to fight political powerlessness among colored women, Mary McLeod Bethune, a black activist for black women rights and a famous member of President Roosevelts New Deal Project, founded the National Council of Negro Women (NCNW) (Willis). NCNW was involved in collecting, distributing, and interpreting information concerning activities of black women in the United States of America. The aim of NCNW was to develop courageous and competent women, who would be easily integrated in the social, political, economic, educational, and cultural activities of the nation. When the Second World War broke in 1941, NCNW leaders such as Estelle Riddle and Church Terrell encouraged black women to fill vacant positions, which were left by men who went to serve in the war (Willis). This saw many black women secure jobs in male-dominated fields such as welding, aviation, and defense. In addition, through NCNW, black women were able to serve in the armed Forces Nurse Corps, which they were prev iously restricted from serving (Willis). Black women involvement in civil rights movements did not end after the WWII. In the 1950s, black people faced a lot of segregation in public places and public transport. In public transport, black people had their seats reserved for the back in all public transport vehicles. However, the year 1955 marked the end of segregation laws against black people in the United States of America (Smith 17). This started when a 42 years old black woman, named Rosa Parks refused to give her seat to a white person. After she had been arrested, she filed a case against the bus company, in which she was the plaintiff. Rosa did not win the case, and she was fined $14.00. However, her arrest attracted mass action, which contributed to the end of segregation of black people. After her arrest, a group of women leaders from the Womens Political Council arranged for a boycott of the buses in Montgomery, Alabama (Smith 18). The women were successful in arranging for a boycott, which lasted for one year. During the year 1956, the buses in Montgomery would ride empty or half full. Consequently, bus companies in Alabama faced enormous financial losses. After losing her case in lower courts, Rosa lawyers helped her file a new case in the United States District Court, saying that segregation of black people in public transportation was unconstitutional. In June 1956, the District Court ruled in her favor, citing that bus segregation against colored people was unconstitutional (Smith 18). However, the Montgomery city commissioners appealed the decision of District Court to the United States Supreme Court. Their appeal did not succeed because the US Supreme Court also ruled that racial segregation in buses was unconstitutional (Smith 18). Recent achievements of colored women through the civil rights movement include the adoption of Voting Rights Act of 1965, which allowed black women to participate in elections through voting (Smith 19). Today, more than a half of all Black graduates are women. Due to the increased level of education among Black women, employment level among Black women in the United States of America has increased steadily, resulting in reduction of the income gap between them and their white counterparts (Smith 19). Consequently, class segregation among black women by white women has drastically reduced. However, colored women participation in civil rights movement is far from the end. A good illustration is participation of Anika Rahman in reduction of the wage gap between men and women in the United States (Robb 34). According to Robb, women in the United States of America earn 77 percent of what mens earnings. Apparently, black women earn less than 77 percent of what American men earn, while the percentage earned by Latino women when compared with what men earn is the US is excessively low. Moreover, Robb points that the US domestic workers, who are largely made of women from Black and Latino communities, are excluded from federal rules, which protect all wage earners (34). Luckily, through the Ms. Foundation for Women, Rahman is helping to fight this inequality. Recently, Ms. Foundation for Women assisted granting of minimum employment guarantees: paid overtime, three annual paid off days, one off day per week and protection from harassment, for all nannies and domestic workers in the New York State. Currently, Ms. Foundation is working with different international organizations in bringing change to women through supporting womens health, ending domestic violence, promoting democracy, and advocating for economic justice among women. Irma McClaurin, the current president of Shaw University is also another example of colored womens participation in civil rights movement in the modern era (Paying it Forward 17). She is a feminist scholar, where she engages herself in informing colored women about various forms of sexism, racism, and class intersect, and informing them how they can resist such vises. McClaurin writes about personal experiences of different women whom she works with, to help the society understand more about diversity and gender issues. According to Burk, women of color, especially the Latinos, are the worse victims of the current global recession (46). Since many of them do not have college degrees, they earn very little from their jobs. Generally, due to recession, women are being forced to take low-skill level jobs or work part time, because they are unable to find full time jobs. As the federal government tries to reduce the economic deficit through employing cuts in education and health care funding, women, who comprise the biggest percentage of employees in these sectors, are losing their jobs faster than men are. In fact, the worse hit group by this phenomenon is the Blacks and Latinos (Burk 46). However, in the year 2010, increased participation of the women of color in supporting government action has been observed. This group of women is advocating for creation of more jobs through the use of stimulus money as opposed to laying-off public sector workers, and equality of men and women in terms of salaries ( Burk 46). Buy custom Colored Women and Civil Rights Movement essay