Knowledge on Commandments Gains Power an Example by

Knowledge on Commandments Gains Power by Expert Marvellous | 27 Dec 2016 Introduction essay sample Need essay sample on "Knowledge on Commandments Gains Power" topic? We will write a custom essay sample specifically for you Proceed Power is a complicated term that has the different meaning. It can be the ability to govern wherein it implies the influence of the ruler on its subordinates. Or it can be the ability to control the subsidiaries of the person in the high position. It can be the ability to initially influence the people around him. According to the story of Discipline and Punish by Michel Foucault, power was possessed by the sovereign in the eighteenth century. It was him who has the ultimate control of everything over his subordinates. It was he who decided on the things that could be done and the things that could not be done in a specific place. Also, it was he who gave punishments to the people who had committed a crime. He was also the one who decided the extent of the punishments to the criminals. And he is also the one that decides the date of the execution. He has the control of everything, all the things that concerned the society and the people where he is governing. The punishments those times as what Michel Foucault elaborated were brutal ones. The condemned man was being tortured. The body of the condemned man was being punished to the extent the physical pain that was being induced to him should leave a mark to its body for him to learn his lesson. The extent of the torture was being determined on how the sovereign wants the condemned man to learn his lessons. This kind of punishment was shown in the story of Franz Kafka, which is the In the Penal Colony. In this story there were four major characters namely: the officer, the explorer, the condemned man, and the soldier. In the story, the explorer went to a penal colony for a visit to honor the invitation of the new commander of the said penal colony. During his visit, he was supposed to witness an execution. But before the execution, the officer showed the explorer the machine that will be used in the execution of the condemned man. The condemned man was to be punished for he was asleep during his working hours and he was caught in the act by his superior. His superior sued him and wanted him to be punished so he was sent to the penal colony. He was prosecuted because of his actions. His prosecution will be done for him to learn from the wrong deed he had done. The process and the outcome of the prosecution are unknown to the condemned man. The only thing he knew was that he will be punished because of his action. He did not know the extent of his punishment and its outcome, which is death. This process was given an extra attention by the explorer and the ignorance of the condemned man of his punishment as well. The explorer continuously questioned the officer the regarding the severity of the punishment to the condemned man and as well the intensity of the punishment in reference to his offense. Also, the explorer questioned the officer if the punishment could teach the condemned man the lesson that he will not do the same offense in the future. The officer did not expect the condemned man to repeat the same offense for there was no second chance in such punishment. And in the end, after the long talk of the officer and the explorer, the officer freed the condemned man and prosecuted himself. Because the officer cannot accept the fact the punishment he was implementing was not applicable anymore to the society and the time that that punishment was still acceptable has already passed. The new commandant of the penal colony was not agreeing with the type of punishment. And for him, the officer, not to dishonor his past commandant who designed and made the prosecuting machine, he prosecuted himself instead. It was shown in this story of Kafka that the guilt of the condemned man was determined without a doubt. The guilt of the condemned man was determined when his superior filed the case against the condemned man. The condemned man did not have the chance to defend himself from the accusation that he was facing and all he could do in the end was to face the punishment that was put to him by the officer. This story can be related to the work of Foucault where the guilt of a condemned man is determined without a doubt by the sovereign in the eighteenth century. And people are being punished without any mercy in front of the public showing to all the power of the sovereign is ultimate. The condemned people were being penalized without any investigation. They were being punished depending on the vision of the sovereign about their offense to the law that was also set by the sovereign. The head is the law. That was the belief of the people back then. All the things that were said by the sovereign were absolute that time. Also, it was on the belief of the sovereign that all his words were the commandment in his place that no one will ever try to break it. And once broken, the law, he will put his punishment out of his vengeance to the condemned man. He will seek great vengeance to the condemned for he somewhat made fun of the things that the sovereign supposed in his place. And without any further investigation, his verdict is final supported by all the assumptions he had. And the punishment will be given as a public execution, with all the subordinates of the sovereign watching. This thing only shows that the sovereign is showing the people his power and how he exercise it and as well the victory of his law. Eventually as time passed, the concept of punishment has already changed, from a brutal way of punishment to a more just one. It was discussed in the story Foucault that the view of the people on punishment in time changed that they no longer favor the cruel way of punishing the wrong doers. The punishment was no longer directed to the body of the condemned man in the form of torture but to a form where the man and the society will learn. And to start the changes that they were doing, they needed to make a concrete law. The people back then decided to discuss the possible crimes that person could do and the possible punishment that they could give to the condemned man. And also, a lot deliberation will be done for them to be able to give the utmost consideration to the condemned. They discussed the relentlessness of the punishment that will be given and the situation where it will be given. The variability of the severity of the punishment will also be considered depending on the physical ability of the condemned man. All the possible consideration that they could give to the condemned man will be taken into action. A proper due process was also completed. The condemned man will not be punished without undergoing any investigation. The guilt of the person will be determined with a doubt until proven guilty. The verdict of the condemned man will not be simply based on the guilt of the person but to the proper assessments of the evidences laid. And the condemned man will eventually know the punishment he will get and he would also know the reasons why he will be penalized. It was also put into a consideration that the punishment system will be for the betterment of the society. The punishment system was made as the consequences of the crimes that were identified and not as a form of revenge to the condemned. The punishment system that will be given will ensure that there would no repetition of the crime in the future. That the punishment could have the minimal impression to the condemned man but maximum one to the other members of the society. A continuous study will be done regarding the origin of the punishment system and the changes it undergone to be able to reach its stage today. As these changes occur in the punishment system, the power that was solely to the sovereign was now compartmentalized to the different part of the society. The filing of accusation will be done in a different part of the society. As well the investigation will be done by another sector of the society and the final verdict will be given by a different sector of the society as well. The power of the sovereign in giving punishments will be distributed to these different sectors of the society. This compartmentalization was done so to decrease the bias that could be attained while processing the punishment of a condemned man. And a proper due process will be given to the condemned man. And through this as well, the condemned man will be given a chance to appeal for himself if ever he is not satisfied with the result of this trial. A fair trial is what everybody deserves. Reform was the key to the continuous change in the society. The power defined in the sovereign remains. He still has the absolute power or control over his subordinates. But then the powers that were given to the other sectors of the society were different from that of the sovereign. The knowledge that they had acquired from their studies became the key for them to have the power they had already. Knowledge is power; this was what Michel Foucault emphasized in his story. As they learned new things, they were able to make better ways to improve the punishment system that time. And it turned out that the knowledge that they had acquired did not just help them improve the punishment system but as well the laws and the over all situation of the society. It only means that a person who is knowledgeable knows his subjects and through the power he gained, he could do analysis about his subjects. And this knowledge-power relation made it possible for the people in those times analyzed the things that had happened in the past and relate them to their present. And through this, they were able to find out that the different methods that they were using in the present were better for the people rather than the harsh methods of the past. The positive outlook of the people towards things made their lives better. And as well the people in those times were living respect to the sovereign rather the fear that they had felt in the past. The obedience of the people will not be questioned, for they were showing respect to the authority. The respect that was gained through time will be observed, rather than the blind obedience that the people were being just obedient for they fear the authorities. The fear that may cause problems to the society in the future will always be present in their minds. With this knowledge, one can be confused. Like what happened to K in the book of The Trial by Franz Kafka, he knows that he did not do anything wrong but then he was suddenly arrested. He was arrested at the morning of his thirtieth birthday. He was arrested but accused with nothing. And the worst thing was that the warders that arrested him did not know the exact charge against K. he was brought then to the Inspector who was the one in charge of his arrest but then the Inspector himself did not know as well the reason why K was been arrested. Nobody would tell him the reason why was he on trial and the reason why he was arrested in the first place. Until the end that he was killed on his thirty-first birthday by the two men he did not know as well. In our chaotic society it is the law that binds it and makes significance for its existence. It is the law that becomes its backbone and the reason for its existence. When the people commit a crime, they seek the people who know the law to understand more. They review the written law to comprehend all the stuffs written on it. Like in the story presented above, K did not understand many things. He did not know the reason why he was arrested and why it was being kept from him. He looked for the law for him to comprehend but then there was no one who would explain things to him. These things were also felt by the condemned people in the eighteenth century, they were being penalized unfairly. They also seek for the understanding and the explanation of the things that are happening to them. They also seek for the processes that will be done during their punishment but they get no answer as well for all the things that involves their punishment is being kept secret by the high officials and the sovereign. And all that they do in their life is to wait for the sentence that awaits them, unfair but it was true. In our life there comes a time when we are confused of so many things as well. There comes a time that the things that are happening in our lives seems to have no meaning in us. There are things we do because they are the things that most people do as well, but in the end we do not understand those things. And there are things that we believe because they were the things that most people also believe. And also there are things in our life that we perform but we do not really know. All these things happen in ones life and it all depends on us on how we deal on these things. In the end when we seek for understanding, the only person that we could rely on is our own selves. We are the ones in those situations and we are the only ones who can make the analyses for our own selves. We should not be afraid of the truth for those things will set us free from all the confusions that we can think of. And to attain the comprehension that we require, we need knowledge to equip ourselves. We need to have enough knowledge to be able to analyze things. And through this knowledge we could earn power, the power that we could use in attaining a self composure. Understanding is not an easy thing, it is a process. And through this process we could see the insights and decrements of our own selves and the society. Knowledge is power, so we should not disregard the knowledge-power relation. References Foucault, Michel (1977). Discipline and Punish. Retrieved May 2008 from http://web.ics.purdue.edu/~felluga/punish.html Kafka, Franz (April 2005). The Trial. Retrieved May 2008 from http://www.gutenberg.org/dirs/etext05/ktria11.txt Kafka, Franz (February 2007). In the Penal Colony. Retrieved May 2008 from http://www.mala.bc.ca/~johnstoi/kafka/inthepenalcolony.htm Digeser, Peter (November 1992). The Fourth Face of Power. Retrieved May 2008 from http://www.jstor.org/pss/2132105

Disinterested Versus Uninterested

Disinterested Versus Uninterested The adjective disinterested means impartial and without bias. The adjective uninterested means indifferent or unconcerned. Examples I had a great desire to do a disinterested and pure thingto express my belief in something higher.(Saul Bellow, Henderson the Rain King, 1959)Disinterested intellectual curiosity is the life blood of real civilization. (G. M. Trevelyan)Americans are not isolationist; theyre uninterested. So foreign policy is neglected, presidents find it hard to lead, and the noisy few trump the quiet many. (James M. Lindsay, Foreign Affairs, September/October 2000) Usage Notes You can be disinterested in something but not uninterested, and vice versa. For instance, because Im not a betting man, I dont stand to gain or lose anything in the outcome of most sporting events; I might still enjoy watching a game: Im disinterested but not uninterested. Conversely, I might not care about the intricacies of tax policies, but I certainly have a stake in the outcome: Im uninterested but not disinterested.(Jack Lynch, Disinterested versus Uninterested, The English Language: A Users Guide. Focus Publishing, 2008)A large number of educated speakers and writers, for whatever reason, object to disinterested in the sense uninterested, unconcerneda sense it previously had but lost for awhileand want the word to have only the meaning impartial, unprejudiced. The criticized use has nevertheless gained such ground that it has practically driven out the other one. That change causes no harm to language as communication. We have merely lost a synonym for impartial and gained one for indifferent.(John Algeo, The Origins and Development of the English Language, 6th ed. Wadsworth, 2010) Practice (a) A lively, _____, persistent looking for truth is extraordinarily rare. (Henri Amiel) (b) There are no uninteresting things; there are only _____ people. Answers to Practice Exercises Answers to Practice Exercises:  Disinterested and Uninterested (a) A lively,  disinterested, persistent looking for truth is extraordinarily rare. (Henri Amiel) (b) There are no uninteresting things; there are only  uninterested  people.

Was Abraham Lincoln a racist Term Paper Example | Topics and Well Written Essays - 2000 words

Was Abraham Lincoln a racist - Term Paper Example ave evaluated the matter agree that calling Lincoln a racist is an overtone to his early political life; typically, in the late 1850s, on the debates with. Douglas, Lincoln spoke to what he considered to be basic black and white racial differences "which, in my [Lincolns] judgment, will probably forever forbid their [blacks] living together on the footing of perfect equality" (Gewen, 1). Additionally, Lincoln is known to have agreed that the blacks were not in some aspects equal to the whites, one of them being color but when it came to other aspects like the right to eat the bread without leave of anybody he was equal to Lincoln, Judge Douglas and any other man. From this and most of his statements, Lincoln depicts that his belief that both black and white were entitled to equal rights and protection under the Constitution. Lincoln, as president, struggled to the end of civil war and preserved the nation making him extensively sympathetic when it comes to the matter of slaves; moreover, it also increased the urge for equality among the races in America (Walker 1). Radically, Lincoln dropped his support for plans to colonize freed slaves to Africa after the Civil War after seeing over 200,000 African-Americans volunteer and fighters alongside Union forces; additionally, in 1865 Lincoln delivered an address in which he became the first activist president extending voting rights to African-Americans who fought for the Union. On this notion, Lincoln campaigned that there it was fair that people of the black color are denied some of the rights and franchise yet some of them serve their cause as soldiers and significant members of the society hence they should also experience the same privileges. Abraham Lincoln’s statement on this matter and others was an indication of his belief that any African American should a full political equality; unfortunately, this was the last speech that he made as initially said by John Wilkes Booth from the crowd (Zeeboe 1).

Understanding The Relationship Between Organisational Structure and Assignment

Understanding The Relationship Between Organisational Structure and Culture - Assignment Example Organizational structure can be seen as the method in which interconnected groups and organizations are set up in order to permit them to function effortlessly from a larger standpoint. Two major purposes of a successful structure are to guarantee effective communication among different parts of the company and increase coordination among different departments. In practice, of course, it is impossible to separate structure and culture of an organization. So while we create organizational structure that spells out the positions to be filled by members of an organization. It is mostly culture that defines the roles that go with these positions and the kinds of people who will fill them. In a practical sense, it is difficult to differentiate structure and culture. â€Å"So while we create organizational structure that spells out the positions to be filled by members of an organization, it’s mostly culture that defines the roles that go with those positions and the kinds of peopl e who will fill them† (GTP Organizer Training 2007). 2. Explain how the relationship between an organization’s structure and culture can   impact the performance of the business. The relationship between organizational culture and organizational structure plays an important role in creating an impact on the performance of business. The culture of management and the employees, situations, events, substance, information, processes and such elements are necessary for organizational decisions and movement. In addition, power, task and responsibility of the employees also influence the performance of a business. The management fixes a structure for the business, which involves culture as a... Understanding The Relationship Between Organisational Structure and Culture Presently there is a lot of  information and data available on the culture of organizations. Organizational structure and organizational culture are closely intertwined with one another. It is also the point of view through which people see their organization and its atmosphere. Organizational culture is more of a bigger picture, a more universal term that refers to a big umbrella of smaller issues and topics in an organization. The organizational structure denotes to the infrastructure of the organization and the numerous practices and methods involved in that infrastructure. This organizational structure assists an organizational culture run with reliability and efficiency, which is be the trademark of a healthy organizational structure. It is seen in a sports team, corporation,  or any other group that is large enough to generate its own organizational culture. This makes the organization structure an integral component of the organizational culture of the organization, but al so narrows out a very particular section of the culture as its own duty and responsibility. In terms of work behavior, an individual is expected to be provided with employment when the organization recognizes and understands the values he or she is concerned about. The values of a firm are often portrayed in the mission and vision statements of the company, which an aspect of the planning function.

Industrial application of energy audit Essay Example | Topics and Well Written Essays - 3000 words

Industrial application of energy audit - Essay Example 1.1 Background Energy conservation is important in all aspects of our lives. When firms produce goods to sell or provide services for customers they want to ensure that their services are competitively priced. In order for this to be possible firms have to ensure that they provide these services or produce these goods at the minimum cost possible. Energy cost is one of the main operating expenses for most firms. It is also the one that is most manageable or easiest to adjust in order to gain operating efficiencies. It is therefore important that firms find ways of minimising their energy costs in order to maximise the profitability of their operations. In order to make this possible they seek the help of energy conservation specialists/consultants who perform energy audits of facilities or equipments being used. 1.2 Types of energy audits There are two types of energy audits. ... mal consumption pattern for the items in use the bills were surveyed to determine if the KWh usage was in keeping with the manufacturer’s benchmark of the maximum energy use. The equipments were then assessed to determine if there were any defects that would result in excess energy usage. The facility was checked in terms of floor area and details were gathered on the hours of use of these equipments. The exterior and interior of the building and equipment were checked to determine what adjustments and repairs need to be done to effect energy conservation. The energy manager (proprietor/manager) was questioned to determine critical areas that require monitoring. Sub-meters were then placed in areas of particular concern and both hourly and or daily consumption data was taken for the day. An analysis was done of the results and sources of potential energy and cost savings were identified throughout the building. Some recommendations were then made for energy conservation and ma intenance measures to be put in place. 2.0 Details of the Audit Process It was determined that the preliminary audit was the most appropriate since there were no complexities in the structure of the building. However, it involved testing of equipments which are not generally done in a preliminary audit. 2.1 Pre-Site Work Obtain facility and contact details inclusive of address and telephone number (Appendix 1) Steps were taken to identify the average energy use in the industry, specifically as it relates to electricity consumption. Failing that the internet was checked to determine the energy use of specific equipment Specific energy systems and energy use were also evaluated Specific equipments used in the industry were researched to determine their annual energy (electricity) consumption

The Effect Of Dividend Policy Finance Essay

The Effect Of Dividend Policy Finance Essay The issue of how much a company should pay its stockholders as dividend is been of concern to managers. The optimal dividend policy of a firm depends on investors desire for capital gains as opposed to income, willingness to forgo dividends for future returns, and perception of risk associated with postponement of returns. Management is often in a dilemma; whether to pay dividends or to retain them for future investments with implications on share value. The study sought to determine the effects of dividend policy on the market share value in the banking industry in Kenya, using National Bank Kenya (NBK) as case for the study. The study applied an explanatory research design covering a proportionate sample of 100 shareholders drawn from a target population of 47,000 shareholders of National Bank of Kenya. Data was collected using a structured questionnaire. Both descriptive and inferential statistics were used to analyze data. The hypotheses were tested by use of Pearsons Moment Corr elation. With a response rate of 68%, the study established that NBK had a dividend policy as confirmed by 91% of the respondents. The study established a strong and positive correlation (0.850) between dividend payout and market share value, with a P-value of 0.000. There was a positive correlation (0.299) between dividend growth rate and market value of shares with a p-value is 0.013; hence establishing a significant relationship between variables. There was a positive correlation (0.502) between regularity of dividend declaration and market share value with a P-value was 0.000. Dividend policy had a significant effect on the market share value. The study recommends that management in banks and specifically National Bank Kenya must adjust the dividend policy in tandem with interests and requirements of shareholders to improve the market share value. Key Terms: Dividend policy, dividend payout, dividend declaration, share value Background to the Study Dividend policy has been a puzzle in corporate finance for several decades. Among numerous research subjects about dividend policy, the most popular one is the relationship between the dividend level and the share price of a firm. According to the dividend discount model (Gordon, 1959); it is feasible to derive that dividend payment augmentation should be accompanied by the value increase in a firm. Miller and Modigliani (1961) however, point out that the value of a firm is not influenced by current and future dividend decisions, which is well recognized as the dividend irrelevance theory. According to Kapoor (2009) dividend policy connotes to the payout policy, which managers pursue in deciding the size and pattern of cash distribution to shareholders over time. Therefore, managements primary goal is shareholders wealth maximization, which translates into maximizing the value of the company as measured by the price of its common stock. This goal can be achieved by giving the shareholders a fair payment on their investments. Gordon (1963) found that dividend policy of the company did affect the market prices of its shares. Share value is represented by the market price of the companys common stock, which, in turn, is the function of the companys investment, financing and dividend decisions. Dividend decisions are recognized as centrally important because of increasingly significant role of the finances in the firms overall growth strategy. Bishop et al., (2000) contends that managers must not only consider the question of how much of the companys earnings are needed for investment, but also take into consideration the possible effect of their decisions on share prices. According to Kapoor (2009), share prices of a firm tend to be reduced whenever there is a reduction in dividend payments. An announcement of dividend increase generates abnormal positive security returns and an announcement of dividend decrease generates abnormal negative security returns. A drop in share prices occurs because dividends have a signaling effect. The Research Problem Dividend policy is an integral part of financial management decision of a firm. There is adequate empirical evidence pointing to a strong relationship between dividend policy and stock market prices. However, managers are in a dilemma as to whether to pay large, small or zero percentage of their earnings as dividends or to retain them for future investments. This situation is occasioned by the different shareholder interests which management has to satisfy. For instance, some shareholders prefer to be paid dividends every year for investing in other profitable businesses while other shareholders would like to invest in the future and thus, prefer that the dividends be retained by the company for re-investment. However, most investors prefer companies with high pay outs because they are less risky than potential future capital gains. Since the bank management is dealing with competing interests of various shareholders, the kind of dividend policy they adopt may have either positive or negative effects on the share prices of the company. According to Miller and Modigliani (1961), the effect of a firms dividend policy on the current price of its shares is a matter of considerable importance, not only to management who must set the policy, but also to investors planning portfolios and to economists seeking to understand and appraise the functioning of the capital market. It is this basis that the study sought to establish the effects of dividend policy on market share value in the banking industry in Kenya, using National Bank of Kenya as a case for the study. Purpose of the Study The purpose of the study the study was to determine the effects of dividend policy on the market share value in the banking industry in Kenya, using case study of National Bank of Kenya. The constructs of dividend policy that were correlated with market share value were dividend growth rate, dividend payout, and regularity of dividend declaration. Research Methodology The study adopted an explanatory research design. The design allowed description of the variable characteristics and systematic explanation of the relationships amongst them as supported by Mugenda and Mugenda (2003) and Kothari (2004). The study covered a sample of 100 respondents from a population of 47,000 general public shareholders. The sample was selected through proportionate stratified sampling method; where the population was divided into five strata; shareholders with 1 to 100,000 shares, shareholders with shares between 100,001 and 200,000 shares, shareholders with 20001 to 30000 shares, shareholders with 300,001 to 400,000 shares and shareholders with over 400,000 shares. A structured, self-administered questionnaire was used to collect data from the respondents. Descriptive statistics including frequencies, percentages and mean were used to describe variable characteristics while inferential statistics (correlation and regression) were used to determine and explain varia ble relationships. The research hypotheses were tested using Pearsons Moment Correlation was used to test the research hypotheses. The study also tested the working of the postulated model using ANOVA while regression analysis was applied to test the test model in explaining the variable relationships. Results and Analysis The study achieved a response rate of 68%. Among the respondents, 32% were female while 68% were male; implying that majority of the National Bank of Kenya (NBK) shareholders is male. Dividend Policy The respondents were given a set of statements regarding NBKs dividend policy and asked to indicate extent to which they agreed with each one of them. According to the results (Table 1), 91% of the respondents were aware that National Bank of Kenya had a dividend policy. However, 59% indicated that the Dividend Policy was not well communicated to and understood by the shareholders. Table 1: Status of Dividend Policy Statement/ item Strongly Disagree Disagree Agree Strongly Agree Mean Frq % Frq % Frq % Frq % National Bank of Kenya has a Dividend Policy 5 7.4 1 1.5 29 42.6 33 48.5 3.32 NBK dividends policy is well understood by its shareholders 19 27.9 21 30.9 14 20.6 14 20.6 2.34 Dividend policy has been and continues to be important factor driving NBK share value 1 1.5 12 17.6 19 27.9 36 52.9 3.32 Formal dividend policy gives shareholders the assurance of predictable dividend payments 0 0 22 32.4 32 47.1 14 20.6 2.88 The study revealed that the dividend policy has been and continues to be an important factor driving NBK share value as supported by 80% of the respondents. Respondents were of the view that a formal dividend policy gives shareholders the assurance of predictable dividend payments (68%). The importance of the dividend policy to shareholders was clearly underscored as demonstrated by above average mean scores on all the constructs on which it was measured except the understanding of the policy by shareholders. Dividend Payments on Share Value Objective one sought to assess the effects of dividend payout on the market share value of National Bank of Kenya. An assessment of the effects of dividend payments on share value involved a set of statement which the respondents were required to indicate the extent to which they agreed with them. As shown in Table 2, 90% of the respondents pointed out that they considered payment of dividends a major element in the value of shares, meaning that an increase in a dividend payout causes an increase in share price as supported by 88% of the respondents. However, 79% felt that dividend payment did not remove excess cash flows that could be invested in unprofitable projects. Majority of the respondents (98%) strongly submitted that dividend paying firms are more closely scrutinized by financial analysts to assess managements role in building share value. Further they felt that dividend payments should satisfy shareholders dividend preference rather than depend on the firms investing or financing decisions. The study also revealed that dividend payments are better signals of confidential information than other media forms (98%); thus raising share value. The respondents were also of the view that payment of dividends is a demonstration that that the firm is strong enough and can pass up profitable investments (98%). Moreover, most of the respondents (78%) agreed that they valued their shares at NBK because of the regular dividend payments they received. Out of eight items used to measure the effect of dividend payment on share value, five of them received above average mean scores ranging between 2.97 to 3.76; a demonstration that that indeed dividend pay ment is a major determinant of share value. Table 2: Effects of Dividend Payments on Market Share Value Statement/ item Strongly Disagree Disagree Agree Strongly Agree Mean Fre % Fre % Fre % Fre % I consider payment of dividends a major element in the value of shares I hold at National Bank of Kenya 2 2.9 5 7.4 29 42.6 32 47.1 3.34 An increase in a dividend payout causes an increase in share price 0 0 8 11.8 28 41.2 32 47.1 2.18 Dividend payment removes excess cash flows that could be invested in unprofitable projects 0 0 54 79.4 14 20.6 0 0 2.21 Dividend paying firms are more closely scrutinized by financial analysts to assess managements role in building share value 0 0 1 1.5 41 60.3 26 38.2 2.97 Dividend payments should satisfy shareholders dividend preference rather than depend on the firms investing or financing decisions 0 0 1 1.5 41 60.3 26 38.2 3.37 Dividend payments are better signals of confidential information than other media forms; thus raising share value 0 0 1 1.5 14 20.6 53 77.9 3.76 In my view, payment of dividends is a demonstration that that the firm is strong enough and can pass up profitable investments. 0 0 1 1.5 14 20.6 53 77.9 3.76 I value my shares at NBK because of the regular dividend payments I receive. 5 7.4 10 14.7 20 29.4 33 48.5 2.21 The study tested a hypothesis which stated that Dividend payout does not significantly affect the market value of National Bank of Kenya shares. The hypothesis was tested using Pearsons Moment Correlation Coefficient. The test was conducted to establish the relationship between dividend payout and market value of shares. The study (Table 3) revealed a positive correlation (0.850) between dividend payout and market value of NBK shares with a P-value of 0.000, less than the alpha of 0.01; hence establishing a strong and significant relationship between variables. Table 3: Correlation Analysis on Dividend Payout and Market Share Value Dividend payout Market value of NBK shares Dividend pay out Pearson Correlation 1 0.850(**) Sig. (2-tailed) . .000 N 68 68 Market value of NBK shares Pearson Correlation 0.850(**) 1 Sig. (2-tailed) .000 . N 68 68 ** Correlation is significant at the 0.01 level (2-tailed). Dividend Growth Rate and Share Value Objective two sought to determine the effects of dividend growth rate on market value of National Bank of Kenya shares. This was a measured on a number of statements in which respondents were asked to indicate the extent to which they agreed with them. As shown in Table 4, all the respondents disagreed with the statement that dividend payments at National Bank of Kenya have been experiencing steady growth over the years. However, they (98%) pointed that maintenance of steady and growing dividend payments increases a firms share value. Further, 98% of the respondents were of the view that adjusting dividend payments towards a target payout ratio will increase a firms share value. The study also established that 78% of the respondents valued the shares they held with National Bank of Kenya because of steady growth in dividend payments; contradicting Levinsohn (2003) who observes that paying dividends will influence how a company finances its growth but will not have a lasting effect on its value in the marketplace. Though majority of the respondents disagreed with the contention that the dividend payments have been experiencing steady growth over the years, all the others attributes used to measure the effect of dividend growth rate on market share value all the other attributes were favourably rated with mean scores of over 3.3 out of 5; demonstrating that dividend growth is a major determinant in market share value. Table 4: Effects of Dividend Growth Rate on Market Share Value Statement/ item Strongly Disagree Disagree Agree Strongly Agree Mean Fre % Fre % Fre % Fre % NBK dividend payments have been experiencing steady growth over the years 14 20.6 54 79.4 0 0 0 0 1.79 Maintenance of steady and growing dividend payments increases a firms share value 0 0 1 1.5 14 20.6 53 77.9 3.76 Adjusting dividend payments towards a target payout ratio will increase a firms share value 0 0 1 1.5 40 58.8 27 39.7 3.38 I value the shares I hold with National Bank of Kenya because of steady growth in dividend payments 3 4.4 12 17.6 20 29.4 33 48.5 3.32 The study tested a hypothesis which stated that Dividend growth rate does not significantly affect the market value of National Bank of Kenya shares, using Pearsons Moment Correlation. As shown in Table 5, there is a positive correlation (0.299) between dividend growth rate and market value of NBK shares with a P-value of 0.013 less than the alpha of 0.05; hence establishing a high significant relationship between the study variables. This shows that dividend growth rate has a significant effect on market value of NBK shares. Table 5: Correlation Analysis on Dividend Growth Rate and Market Share Value Dividend growth rate Market value of NBK shares Dividend growth rate Pearson Correlation 1 .299(*) Sig. (2-tailed) . .013 N 68 68 Market value of NBK shares Pearson Correlation .299(*) 1 Sig. (2-tailed) .013 . N 68 68 * Correlation is significant at the 0.05 level (2-tailed). Regularity of Dividend Declaration and Market Share Value Objective three sought to establish the effects of regularity of dividend declaration on the market share value through a set of statements. According to the study findings (Table 6), 77% of the respondents considered regularity of dividend declaration as major element in the value of shares they owned whereas 88% felt that regular dividend declaration caused an increase in share price. Further, 90% of the respondents submitted that regular dividend declaring firms have more shareholders and their share value is high. Table 6: Effects of Regularity of Dividend Declaration on Market Share Value Statement/ item Strongly Disagree Disagree Agree Strongly Agree Mean Fre % Fre % Fre % Fre % I consider regularity of dividend declaration a major element in the value of shares I hold at National Bank of Kenya 1 1.5 14 20.6 29 42.6 24 35.3 3.12 Regularity of dividend declaration causes an increase in share price 2 2.9 6 8.8 28 41.2 32 47.1 3.32 Regular dividend declaring firms have more shareholders and their share value is high. 0 0 7 10.3 7 10.3 54 79.4 3.69 I value my shares at NBK because of the regular dividend payments I receive 26 38.2 28 41.2 0 0 14 20.6 2.03 The results further revealed that majority of the respondents (79%) disagreed with the contention that they valued their shares because of the regularity of dividend declaration with a mean score of 2.03 out of a maximum of 5. In general, three out of the four attributes measuring the effect of regularity of dividend payments on share value received high mean scores of over 3 out of 5; implying that regularity of dividend payments is positively related to share price. It follows thereof that when dividends are not regular, the share value drops and vice versa. The study tested a hypothesis which stated that regularity of dividend declaration does not significantly affect the market value of National Bank of Kenya shares using Pearsons Moment Correlation. As shown in Table 7, the study established a positive correlation of 0.502 with P-value of 0.000, less than the alpha of 0.01; hence demonstrating a high and significant relationship between the two variables. Therefore, regularity of dividend declaration has a significant effect on market value of shares. The results agrees with Pettit (1972) observations that announcements of dividend increases are followed by significant price increases and that announcements of dividend decreases are followed by significant price drops. Table 7: Correlation Analysis on Regularity of Dividend Declaration and Market Share Value Regularity of dividend declaration Market value of NBK shares Regularity of dividend declaration Pearson Correlation 1 0.502(**) Sig. (2-tailed) . 0.000 N 68 68 Market value of NBK shares Pearson Correlation 0.502(**) 1 Sig. (2-tailed) 0.000 . N 68 68 ** Correlation is significant at the 0.01 level (2-tailed). When asked to rate the level of market share value (Figure 1), 3% rated the value as very low, 57% rated it low, with 36% rating the value as high and 4% as very high. This shows that majority (60%) of the shareholders considered the market value of the shares as low. Figure 1: Level of market share value Model Testing The model had hypothesized that regularity of dividend declaration, dividend growth rate and dividend payouts were responsible for variation in the market share value. To test this model multiple regression was run with market share value as the dependent variable and regularity of dividend declaration, dividend growth rate and dividend payouts as the independent variables. According to the study results in Table 8, the three independent variables account for 68% (R Square, 0.679) of the variations in market share value. Table 8: Regression Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .824(a) .679 .664 .530 Predictors: (Constant), regularity of dividend declaration, dividend growth rate and dividend payouts. The study conducted ANOVA to test determine whether the model works. As shown in Table 9, the F value was 45.110 at significance level of 0.00. Since the significance level (0.00) was far much less than the alpha level 0.05, it implies that the three independent variables (dividend payout, dividend growth rate and regularity of dividend declaration) contributed significantly to variations in the dependent variable (market share value). Table 9: ANOVA Results Model Sum of Squares df Mean Square F Sig. 1 Regression 38.060 3 12.687 45.110 .000(a) Residual 17.999 64 .281 Total 56.059 67 a. Predictors: (Constant): regularity of dividend declaration, dividend growth rate and dividend payouts; b. Dependent Variable: market value of NBK shares Regression analysis was conducted to determine the effects of dividend payout, dividend growth rate and regularity of dividend declaration on market share value. The study established that an increase in regularity of dividend payout, dividend growth rate and regularity of dividend declaration by one unit would increase market value of NBK shares by 0.615, 0.393 and 0.217 respectively. This implies that all the three independent variables significantly affect market share value, though dividend payout is more significant than the other two variables. Table 10: Regression Coefficient Model Un standardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta (Constant) .463 .239 1.939 .057 Dividend payout .615 .075 .758 8.161 .000 Dividend growth rate .393 .130 .218 3.015 .004 Regularity of dividend declaration .217 .057 .223 3.793 .000 a. Dependent Variable: market value of NBK shares Conclusions It is palpable that National Bank of Kenya had a dividend policy, which has been and continues to be important factor driving NBK share value. However, it was not well understood by the most of the shareholders. The NBK shareholders considered payment of dividends is as major element in the value of shares as it demonstrated that that the firm is strong enough and can pass up profitable investments. It is also evident that that an increase in a dividend payout causes an increase in share price. It is also clear from the results that dividend payments have been experiencing declining over the last five years. Although, maintenance of steady and growing dividend payments has been confirmed to increase the firms share value, adjusting dividend payments towards a target payout ratio will also increase a firms share value. Consequently, steady growth in dividend payments makes the shareholders value their shares more. Regularity of dividend declaration was also viewed as a major element w ith regards to the value of shares as shareholders believed that regular dividend declaration caused an increase in share price. Based on the results, dividend payout, dividend growth rate and regularity of dividend declaration significantly influenced the market value of National Bank of Kenya shares. Recommendations Based on the findings, the study made the following recommendation; Dividend policy has proven to be of paramount importance with regards to the market share value and thus NBKs management should avail the policy to its shareholders. This grants them an opportunity to contribute to the improvement of the policy. NBK must adjust its dividend policy to improve the market value of its shares. For an optimal dividend policy to be achieved and maintained, the bank management should maintain regular dividend payment, and also pay a special dividend or initiate a share repurchase programme. Any changes in policy should be shared with the shareholders.

Contents of the dead mans pocket :: essays research papers

In the story, â€Å"Contents of the Dead Man’s Pocket,† the main character is Tom Benecke. As the story progresses, he is faced with many decisions. He is forced to act quickly and because of this, many things about him change. In the story, Tom is ambitious, self-centered, and impatient. These three traits change significantly throughout the story.   Ã‚  Ã‚  Ã‚  Ã‚  Tom is a very ambitious person when it comes to his work. He is caught up in getting a promotion from work by doing a project. Tom just focuses on the â€Å"big picture,† which is his future, rather than the â€Å"small picture,† which is what his wife is doing. This trait changes at the end when he decides to go to the movies with his wife. When the paper flew out the window for the second time, he realized that he can do the paper over again but he can never take back that one specific night he could have spent with his wife.   Ã‚  Ã‚  Ã‚  Ã‚  At the beginning, Tom is very self-centered and preoccupied with his work. He finds what he wants to do more important than what his wife wants to do that night. Once faced with the reality of death, he realizes how important his wife is to him. This forces him to be strong and stay alive, for her sake. The only reason he made it back into his house was because of how much he cared for her. Tom then decides to go find her at the movies, which shows that he has become less self-centered and more aware of his wife’s feelings.   Ã‚  Ã‚  Ã‚  Ã‚  Tom knows that his project can wait, but he has to have it done so his boss can read it over the weekend. The fact that his work couldn’t wait until he got back from the movies shows what an impatient person he is. When Tom is out on the ledge retrieving his paper, he is forced to be very patient and to take things one step at a time.