Retention Intervention Essay Example | Topics and Well Written Essays - 1000 words

Retention Intervention - Essay Example To counteract a high turnover rate, a set of retention techniques can be used to avoid/resolve conflicts and improve the company image. Retention means retaining those employees who share the company values and fit with the company profile. When staff retention is a program, a workforce development program can be initiated. An organization cannot survive if its top performers quit. Loyal and dedicated workers are needed if the company’s strategic objectives are to realized. The management must retain valuable employees in order to ensure the long term success of the company. An employee who spends a longer duration with an organization becomes more familiar with its rules and guidelines and has less adjusting issues. This can save the company valuable time it will otherwise have to spend on training and helping adjust new recruits. Whenever an employee resigns, it is the responsibility of the HR to intervene and find the cause of resignation. There can be many reasons for a resignation which includes lesser salary, lack of growth, negative ambience etc. The primary role of the HR is to keep track of any trends or patterns which may emerge in resignation data which suggest that there is a problem for the employees. In order to ensure that the retention issue and resignation does not arise in the first place, the recruitment of the right candidate by the HR department is necessary. The HR department should recruit people who fit the company profile. It is enticing to hire a person by forcing him to stay for a lesser salary but this is a bad tactic. The person might stay for some time but will eventually leave. The recruitment process therefore should be tailor made to ensure the right people are hired who won’t cause a retention problem to arise in the first place. There are many retention techniques that an HR department can undertake. These include the launch of motivational

The Social Network Compare and Contrast Essay Example for Free

The Social Network Compare and Contrast Essay They are similar and different in the way that Eduardo is social and Mark is not, Mark can be naive and Eduardo is cautious, they both are emotional people, and they both defend each other. To begin with, Eduardo and Mark are different because Eduardo is not a very social person and Eduardo is a social person. Mark can be rude and blunt about what he has to say, he doesnt lie. The very beginning of the movie is a perfect example of his lack of social skills. In the beginning of the movie he has a girlfriend and they are talking about how he wants to get into a final club at his school. She talks to him about which one is the easiest to get into and right away he becomes offended as if shes implying that he cant get into a more difficult one. He begins to insult her and her intelligence basically telling her that she isnt as smart as he is. Another example is after he insults her she breaks up with him and leaves him at the bar to go home. He rushes home and starts blogging about all the things that are wrong about her. He calls her mean names, makes fun of her, and revels embarrassing details about her. This shows just how much his social skills are lacking. Eduardo on the other hand is a very social and likeable person. Eduardo makes friends easier than Mark does. One example is Eduardo got accepted into the Phoenix Club which is the one Mark wanted to get into. Those clubs consist of many social events and getting to know a lot of people. For Eduardo thats easy because during the first steps of getting into the club he knows all of his facts and sort of impresses the leader. In addition to, they are also different because Mark can be gullible and impulsive while Eduardo can be cautious and considers the consequences. Mark can be gullible because in one of the scenes he totally falls for Sean Parkers charm. In the scene where they first meet Sean Parker its easy to see that Mark believes every word he says and is also willing to do whatever he says. In that same scene Eduardo questions everything he says and doesnt want to give into what Sean Parker has to say. Its easy to tell that Eduardo is doubting him and pointing out all the things that have gone wrong with what hes done so far. An example of Mark being impulsive is when he hacks the school and sets up the face match up page. He doesnt even think about what the outcome and the consequences while hes doing that, he doesnt even really seem to care either. Also in the same scene again, Eduardo shows he does think of the outcomes and consequences when he asks Mark if he really wants to do the face match up page. He thinks about what people will think and how they will react to the page they are creating. Moreover, Mark and Eduardo are also similar to each other because they are both emotional people. They both show their feelings openly and its clearly shown when In the scene where Erika breaks up with Mark his emotional side shows up when he goes home and blogs about her. He doesnt think about how much he will hurt Erikas feeling because hes so angry at the moment. Another example of is when Eduardo freezes up the bank account and Mark doesnt like that at all. When Eduardo does that Mark cuts Eduardos share and basically takes him off as the co founder of Facebook. An example of Eduardos emotional side is when he goes to California to help Mark with Facebook and sees Sean Parker and the things they were doing. When Eduardo walks into that he gets really angry, tells Mark that he doesnt trust Sean, and goes to the bank to freeze his account so that they no longer have access the money. Last, they both defend each other and they have a real true friendship with each other. No matter the circumstances they always stand up for each other, even when they fight and during the law suit. In one scene during the movie Mark is in a lawsuit with Eduardo the lawyers accuse Mark of something and Eduardo stands up for him. Later when Marks lawyer talks about how Eduardo was accused to animal cruelty Eduardo gets so angry at Mark for telling his lawyers about that. Afterward, when Eduardo is done being shocked Marks lawyer points out that when he brought it up Mark actually stood up for Eduardo. They have an honest friendship and even when they are fighting they still try to protect each other. When in the lawsuit with the Winklevoss Brothers their lawyer brings up Marks lawsuit with Eduardo and Mark talks about how Eduardo is his best friend. They are in a way still friends even though they are fighting with each other. Furthermore, having to choose which character is more admirable it would have to be Edurado Saverin. Mark Zuckerburg really cares about Facebook and did everything he could for it but Eduardo is still more admirable. He had good judgment for the most part in the movie and only slipped up once when he signed that contract but he always doubted Sean Parker. He put forth so much money and effort into Facebook. He would go to meet with people to talk about Facebook to make it better. He actually cared about what other people thought and considered peoples feelings. It wasnt difficult to tell that being apart of Facebook actually made him very happy. He was made out to seem not as important as Mark but hes actually just as important because without his money it really wouldnt have happened. Mark and Eduardo are similar yet different and thats what makes them best friends.

Inflation and Stock Returns in Nigeria

Inflation and Stock Returns in Nigeria This study empirically examines the relationship between inflation and stock returns in Nigeria during 1997-2006. The study focuses on different econometric models to investigation this relationship using monthly data of the All Share Price Index from the Nigerian Stock Exchange and Nigerian Consumers Index. The simple OLS regression result suggests that the residuals are stationary, which implies that stock returns and inflation are co integrated. Therefore we can conclude that there is a long run relationship between stock returns (LOGASI) and inflation (LOGCPI).The Engel co-integration results reveals that there is long run relationship between inflation and stock returns .the study further goes on to the determine the causal long run relationship using the Error Correction Model (ECM). This article offers evidence of a positive relationship between stock market returns and inflation. This result confirms that stock returns act as a hedge against inflation. CHAPTER ONE INTRODUCTION 1.1 Background to the Study The advent of oil boom in Nigeria in the early 1970s, has led to the instability of stock prices. This has been attributed to many factors such as: budget deficit monetization, inflow of foreign capital from crude oil sales and financial markets creation of excess private domestic credit. Since early 1970s, inflation rates in Nigeria has been highly unstable; the high inflationary change was in excess of 30 percent. This is evident in the high correlation of money supply growth and high inflation due to the fact that real economic growth is less in real term to money growth. This can be observed from the growth in money supply and some structural factors such as; supply shocks arising from famine, unfavorable terms of trade and devaluation of currency. Furthermore, Structural Adjustment Program (SAP) introduced by the government in the late 1980s also accounted for the increase in price level in the economy. Consequently, inflation in Nigeria has overtime responded to structural changes. These changes can be characterized into four periods based on the pattern and events that occur at that period. The first period of inflationary increase in Nigeria was noticed from 1974 to 1976; inflation increased by 30 percent. This inflationary pressure was as a result of the following: High cost of agricultural produce caused by drought in the Northern part of Nigeria, Excessive oil revenue monetization, increase in wage rate based on the recommendation of the Udoji commission of 1974, Folawewo (2005), and political instability The second period was from 1983 to 1985 when inflation rate reached 40 percent. This period noticed very little economic growth, The Nigerian government was under intense pressure from debtor groups to accept International Monetary Fund conditionalitys of devaluation of domestic currency because government debt has increased above 70 percent while excess money growth was around 41and 43 percent. This period also witnessed poor external trade performance.CBN (, 2006) The third period was from 1987 to 1989 when inflation rate hovered around 35 percent. During this period, the economy experienced high inflationary pressure brought about by fiscal expansion noticed in the 1988 budget, the debt for equity swaps conversion method adopted by the Government of Nigeria and the drastic contraction in monetary policy, all accounted for this change that span through to the early 1990s. Finally, the fourth period occurred between 1993 and 2000, as a result of fiscal deficit expansion which caused a 70 percent increase in money supply with a knock-on effect on domestic credit of the private sector of the economy.CBN, (2006) Overall, inflationary pressure can be largely attributed to structural factors such as; real income reduction caused by fluctuation in oil revenue, high nominal wages and debt obligation in form of expansionary fiscal deficit. These invariably mean that over the years, fluctuation in commodity price is a normal feature of the Nigerian economy. One major commodity considered in this study is the capital market stock, i.e. the Stock market. Stocks listed in Nigeria are traded on the floor of the Nigerian Stock Exchange (NSE) while the Securities and Exchange Commission (SEC) is the apex regulatory body which oversees the activities and affairs of the major players on the floor of the Stock Exchange. The Nigeria Stock Exchange was established in September 15, 1960 but commenced business on June 5, 1961 with 19 securities listed and traded on the Lagos Stock Exchange. Based on the recommendation of the Government Financial System Review Committee in 1976, the Lagos Stock Exchange was renamed and made part of the Nigerian Stock Exchange in December 5, 1977. The Nigerian Stock Exchange has nine branches established in major commercial cities in Nigeria. The main exchange of stocks of large enterprises are traded in the Nigerian Stock Exchange while small and medium scale enterprises are listed and traded in the Second tier Securities Market (SSM). From 1963 to 1990, the Nigerian stock exchange witnessed an overwhelming increase in government stock which exceeded the equities of industrial companies; however this trend changed from 1991. The value of equities of industrial companies increased to billions of Naira, while government stock traded on the Nigerian Stock Exchange was worth millions of Naira this decrease continues till date, a development to the deregulation of the economy. Despite the increase in market capitalization noticed in the economy at that period, the ratio of this amount to the Gross Domestic Product and Gross Fixed Capital Formation was still low. This increase was between 4.8% and 25.4% for gross domestic product while the ratio for gross fixed capital formation is between 28% and 55% from 1963 to 1990 (CBN, 2006). The ratio of market capitalization in the gross domestic product and gross fixed capital formation increased geometrically from 1990 to 1995. Although there was decrease in the share of market capitalization in gross domestic product and gross fixed capital formation, the return on investment did not follow the same pattern. This decrease noticed at that period was caused by a banking crisis in which a total of 26 banks were liquidated in 1998. However, with the recapitalization of the banking sector in 2005, the industry remains the most active participant in Nigerian stock market up till date. The trend in Nigeria Stock Exchang e causes the price and return on stocks to be highly volatile. 1.2 Problem Statement Price stability is essential in determining whether an economy is stable or not. Inflation which is the constant increase in price creates uncertainty in the economy; uncertainty makes both domestic and foreign investors unwilling to invest. In Nigeria inflation has led to increase in nominal interest rates which affect the value of interest payment of banks and financial institutions. Furthermore, determination of the problem caused by inflation depends upon the degree in which inflation is anticipated correctly or not. If inflation is anticipated correctly and the monetary authority is seen to be credible, the fluctuation in price would be managed effectively but if inflation is unanticipated, some economic agents will gain while others will lose. Unanticipated inflation impact negatively on saving ability of the citizens and as a result, low saving leads to a fall in the demand for stocks and equities as financial wealth. This decrease in demand causes the price of equities to fal l thereby reducing returns on equities and stocks. Furthermore, the prices of stock determine how effective and efficient the stock market allocates shares and equities based on preference and availability of market information. Increase or decrease in price of stock create uncertainty for the investors and in turn affect the demand and supply of stocks. Therefore, general increase in price level may affect peoples potential investors investment decision which has negative impact on the total returns on stocks in the economy at large. This situation is prevalent in the Nigerian economy; therefore there is the need to examine the effect of inflation on stock returns and its implication on investment. The Fishers hypothesis (Fishers effect) suggests that stocks or equities hedge or evade inflation, empirical investigation suggest that inflation and stock returns are negatively related. This study will be looking at relationship between inflation and stocks in Nigeria. The study of this relationship is essential in improving and in the understanding of stock markets, thus providing standards for decision-making about asset allocation.This study contributes to the existing literature by providing evidence for whether inflation affects stock returns both in the long run and in the short run. 1.3 Justification for the Study Despite the large number of empirical studies on the relationship between inflation and stock returns, there is no general consensus on the causal direction of this relationship. Empirical works as; Nelson (1976), Shwarts (1977), Fama (1981), Geske and Roll (1983), Gultekin (1983), Marshall (1992), Bakshi Chen, (1996), Zhao (1999), Chatrath et al (1997), Spyrou (2001), Omran and Pointon (2001), Crosby (2001), Gallagher and Taylor (2002) and Floros (2002), suggested a negative relationship between inflation and stocks while Boudoukh and Richardson (1993), Graham (1996) and Choudlery (2001) in different studies take the opposing view, i.e. that there exists positive relationship between inflation and stock returns. However, most of these studies were carried out in industrial nations and some selected developing countries most especially Latin American countries. Specific studies on the exact relationship between inflation and stock returns in Nigeria have not been explored rigorously. Furthermore, considering the negative impact of inflation on prices of commodities in Nigeria coupled with the volatility of stock returns, this study seek to provide a rigorous analysis of the dynamics of inflation and its implication on stock returns in Nigeria using an Error Correction Model to create a parsimonious and encompassing model that would show both short-run and long-run relationship between inflation and stock returns in Nigeria. 1.4 Plan of Study Following the introductory remarks in chapter one, chapter two will review the existing literature on this subject. While chapter three will focus on the theoretical framework, methodology, model specification, estimation technique and sources of data. The summary of result of the empirical analysis is presented in chapter four while the study will be rounded up in chapter five with summary of findings, policy implication and conclusion. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Section 2.2 of this chapter discusses the underpinning theories of inflation and stock returns. Section 2.3 examines the empirical literature review on inflation and stock returns this is to help identify the link between inflation and stock returns. Finally section 2.4 examines the methodological literature on inflation and stock returns. 2.2 Theoretical Literature Review on Inflation and Stock Returns The Fisher hypothesis suggests that there is a positive relationship between interest rates and inflation. (Berument Jelassi, 2002) Fisher (1930) argues that nominal interest rate is entirely a sign of the existing information in relation to the likely future values of the rate of inflation. This hypothesis has come to be known as ‘‘the Fisher effect in the economic literature; it states that expected nominal rates of interest on financial assets should move one-to-one with expected inflation. Choudhry (2001) Fisher hypothesis, in its strict sense, predicts a positive homogeneous relationship of degree one between stock return and inflation. (Luintel Paudyal, 2008) The proxy-hypothesis was introduced by Fama (1981) to explain the predominance of negative stock return-inflation trend. The main principle on which Famas version of the proxy-effect hypothesis is based on is the observed negative relationship between inflation and stock returns which appears to be spurious since this relationship is a result of the positive relationship that exist between stock returns and expected economic activity and an inverse relationship between expected economic activity and inflation. Inflation simply serves as a proxy for expected economic activity in a statistical relationship between stock returns and inflation. (Lee U. , Monday, June 22 1998) The proxy hypothesis states that the negative relationship between inflation and stock returns is spurious and really only proxies for the positive relationship between stock returns and real variables. Previous testes of the proxy hypothesis have used actual values instead of forecasted values for the real activity variable. (McCarthy, Najand, Seifert, 1990) did not find a support for the proxy hypothesis using only forecasted variables. Gonedes (1981) the failure to use indexation means that real income tax rates will vary directly with rates of inflation. This substantive effect of mere bookkeeping methods is frequently predicted even though it is known to have some adverse implications. This is the tax effects of inflation hypothesis. 2.3 Empirical Literature Review on Inflation and Stock Returns The empirical literature on the impact of inflation on stock returns records major contribution by different scholars over the years. But the empirical evidence provided by most of these studies has been mixed, and a consensus has not yet emerged. While studies like Pierrel and Kwok (1992), Geske and Roll (1983), Floros (2002), Ugur (2005), Yeh and Chi (2009), Pesaran et al (2001), Den Haan (2000), Crosby (2001), Syros (2001), Roohi and Khalid (2002) among others have found a negative relationship between inflation and stock returns; Boudoukh and Richardson (1993), Graham (1996), Choudhry (2001), Patra and Posshakwale (2006) and Lee et al (2000) among others reported positive relationship between these variables. Concerning the review of the approaches of modeling the effect of inflation on stock returns, Pierrel and Kwoks (1992) estimates and tests the alternative versions of hypothesis that explain the relationship between these two variables. The study employs distributed lags in order to empirically arrive at a dynamic structure of inflation. Pierrel and Kwoks concluded that this dynamic structure conform to Fama (1981), Benderly and Zwick (1985), and Geske et al (1983) hypothesis that suggest a negative relationship between inflation and return on stocks. Yeh and Chi (2009) tested the validity of the various Hypotheses that explain this relationship. The empirical result of this study on 12 OECD countries shows that these countries exhibit a short-run negatively significant co-movement between stock returns and inflation. Moreover, countries like Australia, France, Ireland and Netherland do not display a long-run relationship between the two variables in equilibrium. This result is consistent with the hypotheses of Fama (1981), Modigliani et al (1979) and Feldstein (1980) which suggested that an increase in inflation reduces real returns on stock. This result is also in line with Caporale and Jung (1997) and Rapach (2002). They argue respectively that there exist a negative significant effect of inflation on real stock returns after controlling for output shock and that inflationary trends do not erode returns on stocks. The Fishers Hypothesis was tested by Spyros (2002). His results reflect a contrary view that returns on stocks hedges inflation. This study shows that there is negative but not statistically significant relationship between inflation and stock returns in Greece from 1990 to 2000. In this same vein, Floros (2002) carried the same study on Greece economy and concluded that inflation and stocks in Greece should be treated as independent variables because the result of the various test conducted show that there is no relationship between inflation and stock returns in Greece. Crosby (2001) investigates the relationship between inflation and stock returns in Australia from 1875 to 1996 and found out that the Australian economy does not experience permanent changes in inflation or stock returns. The result shows that there exist short-run negative relationships between these two variables that depend on the period of time that is considered. On the contrary, Lee et al (2000) examine the impact of German hyperinflation in the 1920s on stock returns. This result of this study show that the hyperinflation in Germany in early 1920s cointegrates with stock returns. The fundamental relationship between stocks returns and both realized and expected inflation is highly positive. They concluded that common stocks appear to be a hedge against inflation during this period. Choudhry (2001) in his study on the impact of inflation on stock returns in some selected Latin and Central American countries (Argentina, Chile, Mexico and Venezuela) from 1981-1996, reveal that there is one- to-one relationship between the current rate of nominal return and inflation for Argentina and Chile. Their result also reveals that the lag values of inflation affect stock returns and this result infer that stocks act as a hedge against inflation. Patra and poshakwale (2006) conducted a study on the impact of economic variables on market returns in Greece from 1990 to 1999. Empirical results show that some macroeconomic variable like money supply, inflation, volume of trade and exchange have both short-run and long-run relationship with stock price in equilibrium in Greece while there was no short-run or long run relationship noticed between exchange rate and stock prices. Ugur (2005) in a study on the effect of inflation on return on stocks in turkey from 1986 to 2000 reveal that expected inflation and real returns are not correlated. The results suggest there is a negative relationship between inflation and stock returns which may be caused by the negative impact of unexpected inflation on stock returns. This results did not contradict Fisherian hypothesis because of the non correlation of inflation and real returns but the results is in line with the proxy hypothesis since a negative significant relationship exist between the two variables. Aperigis and Eleftheriou (2002) results also concurred that there is negative link between inflation and stock returns in Greece than in interest rate and stock returns. Similar study like Adrangi et al (1999) and sellin (2001) also support the proxy hypothesis. Khil and Lee (2000) in their study on ten pacific-rim countries and the US that all the countries except Malaysia reveal negative relationship between in flation and stock returns. The tax-effects Hypothesis which asserts that there is negative relationship between inflation and stock returns was tested by Geske and Roll (1983). Empirical result from the reveal that random negative or positive real shock affects stock returns which in turn, signal higher or lower unemployment and lower or higher corporate earnings. This has effect on the personal and corporate tax revenue leading to increase or decrease in the treasury through borrowing from the public. The economy paid for this debt by expanding or contracting money growth and this would lead to higher or lower inflation. They concluded that random shocks on stock returns are both fiscal and monetary in nature in the U.S.A. Roohi and Khalid (2002) considered the Efficient Market Hypothesis and Rational Expectation Theory to investigate the effect of inflation on stock returns. Empirical results of the study suggest that the relationship between real stock returns, unexpected inflation and unexpected growth are negatively significant. They concluded that the control of real output growth makes the negative relationship between these two variables to disappear over time. 2.4 Methodological Literature Review on Inflation and Stocks Returns The empirical relation between inflation and stock returns has been investigated through various approaches since the 1970s. Spyros (2001), adopted Vector-Auto regressive (VAR) model and the cointegration test to confirm if there was any relationship between inflation and stock returns in Greece. Pierrel and Kwok (1992) investigated the relationship between stock returns and inflation in the United State between 1962-1992 using Vector- Autoregressive (VAREC) model, and Granger Causality, Crosby (2001), used Vector-Autoregressive (VAR) model, Ordinary Least Square (OLS) and correlation analysis to examine the relationship between inflation and stock returns in Australia from 1875-1996. Floros (2002), investigated the relationship between stock returns and inflation in Greece from 1988-2002 by considering both the lag and lead periods of inflation and stock returns using Ordinary Least Square (OLS), Johansen Cointegration Test and Pairwise Granger Causality Test. In this same vein, Ugur (2005) used the Ordinary Least Square (OLS) and Standard Granger Causality to examine the relationship between inflation, stock returns and real activity in Turkey. Choudhry (2001), estimate the impact of inflation on stock returns in some selected Latin and Central American countries using the Auto-Regressive Integrated Moving Average (ARIMA), unit root test and spectral regression model. Lee et al (2000); and Geske and Roll (1983), also used ARIMA, OLS and unit root test to investigate the effect of German hyperinflation and stock returns, and the impact of inflation on stocks returns in the USA respectively. Patra and Poshakwale (2006) on the other hand, used the Error Correction Model (ECM), Johansen Cointegration Test and Pairwise Granger Causality Test to show if economic variables such as money supply interest rate, exchange rate, volume of trade and stock prices have impact on stock returns. Yeh and Chi (2009) in their study on 12 OECD countries measures correlation at different forecast horizon by using Autoregressive Distributed Lag (ARDL) bound test, unit root test and confidence interval method to investigate the inflation illusion hypothesis that suggest that there is negative relationship between inflation and stock returns. Pesaran et al (2001) and Den Haan (2000) also employ the same technique and arrive at the same result. This study examines the relationship between inflation and stock returns in Nigeria. Furthermore a test is carried out to see if theres a cointegration and causality within these variables. Methods used in this study are explained in chapter three. This study fundamentally aims to analyses the above relationship for a period of 1st of January 1997-31st of December 2006 .monthly values of the Nigerian Stock Exchange (NSE) and Nigerian Consumers Price Index (CPI). CPI was collected from the Central Bank of Nigerian Statistical bulletin (2006), while (ASI) All Share Index was collected from Nigerian Stock Exchange data bank. The reviews of literature above reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are Fisherian hypothesis, proxy hypothesis, tax-effect hypothesis and inflation illusion hypothesis. Considering the level of price stability in Nigeria over the period of our study, the study seeks to adopt Fisherian hypothesis which suggest that stock hedges inflation. This is based on the fact that literature suggests that the price of stock is a major determinant of stock returns which is affected positively by expected or unexpected inflation (consumer price index). CHAPTER THREE MODEL SPECIFICATION AND METHODOLOGY 3.1 Introduction This chapter covers the theoretical framework, specification of the models utilized in the study as well as the methodologies that will be adopted. Accordingly, the estimation procedures, and data requirements; types and sources of data are also discussed in this section. 3.2 Theoretical Framework The reviews of literature in chapter two reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are; 1. Fisherian hypothesis 2. Proxy hypothesis, 3. Tax-effect hypothesis and; 4. Inflation illusion hypothesis. The Fisherian hypothesis is thus specified; Where is the real returns, is the actual inflation which is the combination of the unexpected and expected inflation. While is the error term that is distributed randomly and normally with zero mean and constant variance. This sign of determine if the specification is in line with the fisherian hypothesis. Thus; a significant and positive sign suggest that stock hedges inflation while a negative sign suggest contrary. 3.3 Model specification Based on the outcome of our theoretical framework which attempts to explain the relationship between real stock returns and inflation, we specify the model for estimation. Stock return represented by all share indexes (ASI) is the dependent variable while the explanatory variables are, one-period lagged inflation represented by consumer indexes (CPI) and one-period lagged stock returns (ASI). This is based on the common belief that stock returns (ASI) takes some time to react to inflationary changes (ΔCPI) and changes in all share indexes (ΔASI). In this study, it is assumed that stock returns depend on a set of variables denoted as: Therefore, our empirical specification is stated as: 1 3.4 Methodology and Estimation Procedures This study makes use of Augmented Dickey Fuller (ADF) unit root test to check for the stationarity of the series used in this study, Engle and Johansen cointegration tests is used to confirm if the series have long run relationship while causal long run relationship is determine using an Error correction Model (ECM) which will reveal both the short run and long run relationship between inflation (LOGCPI) and stock returns (LOGASI). 3.4.1 Unit Root Test Assume we have the following AR (1) process: (1) and is a white noise error term. We can manipulate the above expression by subtracting from both sides; Thus: (2) In practice, instead of estimating equation 1, we estimate equation 2 and test the hypothesis that =0. If =0 then that is we have unit root meaning the time series is non-stationary ( for unit root is non-stationary). Thus we can take the first difference of and regress on to see if () is zero or not in order to confirm if the series are stationary or not. Under the null, the estimation for ÃŽ ´ is not distributed T-student, so the Dickey Fuller test is required. We use the Augmented Dickey Fuller (ADF) table to correct for possibility of the error term () been auto correlated. The ADF test is specified in the equation below: 3 Where is a white noise Error Term. 3.4.2 Co integration Tests Trended data can be regarded as potentially a major problem for empirical econometrics. Trends may give rise to spurious regression and uninterpretable t- statistics. The stack reality is that in economics most time series are subject to some type of trend while differencing in series until it becomes stationary is one major solution. This has been shown that differencing can lead to loss of long run properties of a series. Based on this the combination of series that are difference once I(1) will give us a model that is stationary I(0). In achieving this aim this study consider two different co integration tests which are; Engle and Granger co integration test and Johansen co integration test. According to Engle and Granger (1987), a time series and are said to be co integrated of order db where d ≠¥ b ≠¥ 0 written as: CI (db) if: Both series are integrated of order d There exists a linear combination of these variables say; which is integrated of order d-b. The vector and is called a co integrating vector. The Engle and Granger co integration test involve two steps; the first step is conducting an OLS regression on the variables in the model specification. The second step is to conduct an ADF test on the residual from the regression if the residual is stationary, then the series are said to be co integrated. The Johansen co integration test on the other hand involves the use of a VAR model and the different maximum likelihood ratios are used to determine the co integrating vectors. These tests are; trace test and maximum eigen value test. Different information criteria such as Akaike Information Criterion, Schwarz information criteria (SIC), Hannan-Quinn Information Criterion, Final Prediction Error and Sequential Modified test Statistic are used in determining the lag length. 3.4.3 Error Correction Model Co integration analysis provides a test for spurious correlation. Finding co integration between apparently correlated I(1) series validate the regression but failure to find co integration is an indication that spurious correlation maybe present thus invalidating the inferences drawn from such correlation. Co integration analysis also helps in formulating the process of dynamic adjustment. However time series data lose their long run properties when they are differenced; allowing only for conclusions on the short run determinations. Therefore there is a need to construct a model that would combine both the short run and long run properties of the variables in the model. As suggested by Engle-Granger representation theorem that if two series are co integrated then they will be efficiently represented by an error correction mechanism. The Error Correction Model is used to capture both the short run and long run properties of the series. The method involves developing a model from it g eneralized form (over parameterized) to a specific form (parsimonious). In addition if the series are co integrated these dynamic specifications will encompass any other partial adjustment model. The error correction of the Auto regressive distributed lag (ADL) takes the form: where the long run properties are derived from the proportionality between and. The above specification relates the short run change in the dependent variable to the short run change in the explanatory variable.this is called the impact effect () but ties the change to the long run impact through a feed-back mechanism. 3.5 Data The study will utilize monthly time series data from 1997–2006. Data for the variables will be sourced from Central Bank of Nigeria Statistical Bulletin (2006) and the Nigerian Stock Exchange Annual Reports (2006). The variables of interest in this study are all in logs. These variables are; consumer price indexes (CPI) as inflation series and all share indexes (ASI) as stock returns. CHAPTER FOUR SUMMARY OF EMPIRICAL RESULTS The summary of the statistics used in this empirical study is presented in the appendix. As can be observed from the Table, (see pagexx) the mean value of stock returns is 9.359606 while inflation is 8.442205. It is also observed that both LOGCPI and LOGASI are positively skewed. The kurtosis value is positively low and Jarque-Bera (J-B) statistic test value is relatively high. These suggest that the two series are skewed to the right. Figure1below depicts the graphical illustrations of the data that were used in this empirical analysis. The figure reveals that stock return witnessed significant increase within the period of this study. Figure 1: Graphical illustration of statistics used in the analysis Table 1: Stationarity Test Result Variables Levels First Differences ADF 1 ADF 2 ADF 1 ADF 2 LOGASI 0.712327

Hemophilia Essay -- essays research papers fc

Hemophilia is the oldest known hereditary bleeding disorder. There are two types of hemophilia, A and B (Christmas Disease). Low levels or complete absence of a blood protein essential for clotting causes both. Patients with hemophilia A lack the blood clotting protein, factor VIII, and those with hemophilia B lack factor IX. A person with severe hemophilia has less than 1% of the normal amount of a clotting factor - either Factor VIII (8) or Factor IX (9). People without hemophilia have between 50-150% of the normal level of factor VIII or IX. There are about 20,000 hemophilia patients in the United States. Each year, about 400 babies are born with this disorder. Approximately 85% have hemophilia A and the remainder has hemophilia B. The severity of hemophilia is related to the amount of the clotting factor in the blood. About 70% of hemophilia patients have less than one percent of the normal amount and, thus, have severe hemophilia. A small increase in the blood level of the clotting factor, up to five percent of normal, results in mild hemophilia with rare bleeding except after injuries or surgery. This is not a problem when a person with hemophilia has a simple cut or scrape. He doesn’t bleed any faster than the average person. He can hold pressure on the cut and platelets in the blood will stop the bleeding. The problem for people with hemophilia is bleeding inside the body, especially bleeding into joints like the knees, elbows, and ankles. When bleeding happens inside the joint, it becomes very swollen and painful. Repeated bleeding into a joint can cause a type of crippling arthritis. Bleeding inside other parts of the body, such as the brain, throat, and abdomen can be life-threatening. A person with mild hemophilia may only have problems with bleeding when he has surgery, major dental work, or a severe injury. A person with moderate hemophilia will have those problems plus bleeding problems with more minor injuries such as a hard bump to the knee. A person with severe hemophilia can have what are called spontaneous bleeds - bleeding that starts inside the body for no known reason. Hemophilia is classified as mild, moderate or severe, depending on the amount of clotting factor a person has in his body. Severe hemophilia is actually the most common form. People with hemophilia are born with the disorder and have it all of their lives. You can't ca... ...ed HIV. Factor VIII gene is characterized and cloned. 1985 Viral-inactivated factor concentrates become available. ELISA and Western Blot Test are developed to test antibodies for HIV. 1989 Hepatitis C virus, previously called non-A, non-B, is identified. 1991 Testing for hepatitis C is introduced. 1992 First recombinant factor VIII products become available. 1995 First case of variant Creutzfeldt-Jakob disease, the human form of Mad Cow disease, is identified in the U.K. 1997 First recombinant factor IX products become available. 1998 Gene therapy trials on humans begin. Effective treatment for hemophilia is available, but as yet there is no cure. Bleeding can be treated with an injection of clotting factor that is made from blood or biotechnological ingredients called recombinants. Bleeding stops when enough clotting factor reaches the affected area. Works Cited I.  Ã‚  Ã‚  Ã‚  Ã‚  Principles Of Genetics 7th Edition, Robert H. Tamarin. 2002 II.  Ã‚  Ã‚  Ã‚  Ã‚  World Federation of Hemophilia. www.wfh.org III.  Ã‚  Ã‚  Ã‚  Ã‚  Hemophilia of Georgia. www.hog.org IV.  Ã‚  Ã‚  Ã‚  Ã‚  Hemophilia Village. Hemophiliavillage.com

Family Counsel Approach Essay

Within White’s therapy, the therapist adopts a position of consultant to those experiencing oppression at a personal level from their problems and at a political level from a mental-health discourse and set of practices which permeate western culture. Thus people with problems of living are viewed as requiring help in fighting back against these problems and practices which have invaded their lives. This positioning is described by White, drawing on ideas from the French philosopher Derrida (1981), as both deconstructionist and constitutionalist. A deconstructionist position entails empowering clients to subvert taken-for-granted mental-health definitions and practices. A constitutionalist position entails working from the premise that lives and identities are constituted and shaped by three sets of factors: †¢ The meaning people give to their experiences or the stories they tell themselves about themselves. †¢ The language practices that people are recruited into along with the type of words these use to story their lives. †¢ The situation people occupy in social structures in which they participate and the power relations entailed by these. The positioning of the clinician within narrative therapy involves addressing these three sets of factors by deconstructing the sense people make of their lives, the language practices they use, and the power relationships in which they find themselves. In deconstructing practices of power, White draws on the work of the French philosopher Foucault (1965, 1975, 1979, 1980, 1984). People are unconsciously recruited into the subjugation of their own lives by power practices that involve continual isolation, evaluation, and comparison. Eventually our clients internalize ludicrous societal standards, yet believe that in doing so they are justifiably aspiring to valued ideals of fulfillment and excellence. This leads, for example, to self starvation and anorexia, extreme self-criticism in depression, or a sense of powerlessness in the face of threat and anxiety. In turn, mental health professions have compounded this problem by developing global unitary accounts of these states that purport to be objective truths, such as the diagnostic categories contained in the Diagnostic and Statistical Manual IV (American Psychiatric Association, 1994) and the International Classification of Diseases, 10th Edition (World Health Organization, 1992). Furthermore, these professions support practices that prevent clients from questioning the socio-political contexts within which these so-called objective diagnostic truths emerged. The collaborative co-authoring position central to narrative practice is neither a one-up expert position nor a one-down strategic position. At a 1997 workshop White showed a clip of videotape in which he used turn taking at questioning to help a young girl with a diagnosis of Attention Deficit Hyperactivity Disorder to participate in an interview. Other professionals involved in the case had been unable to help the girl to do this and had labeled her as uncooperative. White made an agreement with her early in the meeting that for every question she answered, she could ask him a question. The girl stuck to this bargain because she was very curious about his perception of the world, since he told her at the outset of the meeting that he was color blind. This collaborative approach was highly effective in helping the girl tell her story about her difficulties in managing friendships and school work. Within White’s language in therapy there is an openness about the therapist’s working context, intentions, values, and biases. There is a privileging of the client’s language rather than the therapist’s language. There is a respect for working at the client’s pace that finds expression in regularly summarizing and checking that the client is comfortable with the pace. The therapist assumes that since social realities are constituted through language and organized through narratives, all therapeutic conversations aim to explore multiple constructions of reality rather than tracking down the facts which constitute a single truth. There is no room for questions like: †¢ From an objective viewpoint, what happened? All inquires are about individual viewpoints. †¢ How did you see the situation? †¢ How did your view differ from that of your mother/father/ brother/sister/etc? There is a constant vigilance for marginalized stories that might offer an opening for the person to engage in what White (1989, 1995) refers to as an â€Å"insurrection of subjugated knowledges.† That is, an opening that will allow the person to select to construct the story of their lives in terms other than those dictated by the dominant narrative which feeds their problem. This requires the therapist to privilege listening over questioning, and to question in a way that helps clients to see that the stories of their lives are actively constructed, rather than passively recounted and given. EXTERNALIZING THE PROBLEM Externalizing the problem is the central in counseling and supervision used by Michael White to help clients begin to define their problems as separate from their identities. A particular style of questioning is used to help clients begin to view their problems as separate from themselves. Central to this style of questioning is inquiring about how the problem has been affecting the person’s life and relationships. Of a young boy with persistent soiling problems Michael White asked the boy and his parents a series of questions about Mr. Mischief, an externalized personification of the soiling problem: †¢ Are you happy what Mr. Mischief is doing to your relationship? †¢ How is Mr. Mischief interfering with your friendships? Of a girl with a diagnosis of anorexia nervosa he asked: †¢ How far has anorexia nervosa encroached on your life? †¢ How did anorexia nervosa come to oppress you in this way? With people diagnosed as psychotic and experiencing auditory hallucinations he asked: †¢ What are the voices trying to talk you into? †¢ How will their wishes affect your life? In a health education project which aimed to prevent the spread of aids, AIDS was personified and participants in the project were asked: Where will AIDS be found? †¢ How will AIDS be recognized? This procedure of asking questions in a way that assumes the problem and the person are quite separate helps clients to begin to externalize the problem and to internalize personal agency (Carr,1997). It may also interrupt the habitual enactment of the dominant problem-saturated story of the person’s identity. In relative influence questioning the client is invited to first map out the influence of the problem on their lives and relationships, and second to map out the influence that they exert on the problem. Relative influence questioning allows clients to think of themselves not as problem-people but as individuals who have a relationship with a problem. Here are some examples of relative influence questions: †¢ In that situation were you stronger than the problem or was the problem stronger than you? †¢ Who was in charge of your relationships then? Were you in charge or was the problem in charge? †¢ To what extent were you controlling your life at that point and to what extent was the problem controlling your life? This type of questioning also opens up the possibility that clients may report that on some occasions the problem influences them to the point of oppression, whereas on others, they can resist the problem. Thus relative influence questions allow clients to construct unique outcomes which are the seeds from which lives may be re-authored. When it is clear that in some situations problems have a greater influence than people, whereas in other instances people win out, questions may be asked about clients’ views of contextual influences on this. Here are some examples of such questions: †¢ What feeds the problem? †¢ What starves the problem? †¢ Who is for the problem? †¢ Who is against the problem?

Gender and Sex Worksheet Essay

What is gender? What is sex in biological terms? Are gender and sex the same thing? Explain why or why not? Gender is your social configuration of male or female. In biological terms sex is your male or female parts and pyscial features. Sometimes gender and sex are not the same because there are so people that feel differently about who they are want to be so they have surgeries to change or alter their biological parts. How do gender and sex contribute to the concepts and constructions of masculinity and femininity? Gender and sex contribute to the concepts and constructions of masculinity and femininity because masculinity is the properties characteristic of the male sex, and feminity is the trait of behaving in ways considered typical for women. Typical meaning traditionally speaking. Do our concepts of gender and sex contribute to the ways we embrace gender and sex in diversity? Yes, I think that our concepts of gender and sex contribute to the ways we embrace gender and sex in diversity. Knowledge is power and I feel a lot of people for whatever reason whether because of ignorance or stereotyping etc†¦. People define the concepts of gender and sex inaccurately. Do our concepts of gender and sex contribute to our understanding of sexual orientation? Explain. Yes, I feel that for the last couple years this has been first a very sensitive topic and then and new and confusing topic as well. The lines seem to be blurring when it comes to what people want sometimes and how they feel. It use to be just male and female but now the 2 concepts are crossing cause a lot of people confusion because what they are for example males feeling feminine or females feeling more masculine.

Rennasiance essays

Rennasiance essays A booming economy along with the communes desire to obtain political power led to the formation of a new class in society which ultimately lead Europe into a period simply known as the Renaissance. Northern Italys thriving economy was a result of great advances in shipbuilding. Their ships were capable of sailing year round and could travel even greater distances, which meant they could eliminate middle men and make an even greater profit on their goods. Genoa and Venice also increased the size of their ships which allowed them to carry larger quantities of the goods. These factors lead to the development of the Florence wool industry in which thousands were hired to produce exquisite woolen cloth which, in turn, were sold at high prices. Florence bankers had also secured control of papal banking and the resulting profits from loans, investments, and money exchanges flooded into the economy. The period from 1050 to 1300 was a great time of prosperity so naturally men wanted economic freedom. The Northern Italian cities were communes in which men vowed to obtain political and economic freedom from the higher powers. These men were joined by nobles who saw an opportunity to gain wealth and power via maritime trade and availability of new public offices. This new class formed by feudal nobility and commercial aristocracy, was opposed by the popolo who felt they were being mistreated by the new communal government. They used violence to obtain power and they too mistreated those with less social standing. They were unable to establish social order so signori and constitutional oligarchies took their place. The Italian peninsula was now controlled by 5 powers during the Renaissance. These 5 powers successfully crushed revolts, collected taxes, and used large building programs to employ the masses. For years Italy was at war with itself as city-states battled one another. Eventually the idea of having resident ambassador was ...

Free Essays on Eleanor Roosevelt

Eleanor Roosevelt Although she won much respect as the first lady Eleanor Roosevelt gained a lot of her international esteem as a civil rights activist long before that. Eleanor’s interest in politics did not begin when her husband began his career in politics. Once he was named to the Democratic ticket, as Vice President Eleanor became interested in politics. While Franklin was becoming governor of New York she was campaigning for him unknowing that she was advancing her political career as well. Once Eleanor became first lady it was already done she had made a name for herself politically. Eleanor’s background in politics goes back to her Uncle Teddy who was once the President of the U.S. Eleanor married a young amiable Harvard student by the name of Franklin Roosevelt. But soon Franklin became bored with Business Law and Eleanor pushed him to go into politics. Aided by a Democratic landslide and his mom’s money he won State Senator from the Hyde Park District. But Eleanor hated Albany and was soon very happy to leave. Franklin liked his newfound success in politics and his career prospered swiftly. He soon became an early backer of Woodrow Wilson as he ran for president, for his efforts he was awarded the job of Assistant Secretary of the Navy, the same job that propelled Eleanor’s Uncle Teddy to presidency. Eleanor liked Washington about as much as she liked Albany and spent little time there. In the years after that Franklin contacted polio and it was now up to Eleanor to keep his name before the public. Aided by Louis Howe she went on a mission to salvage her husband’s career. Louis went to meetings that she spoke at and though it took much criticism he managed to get rid of her nervous giggle. Soon Eleanor gained confidence and accepted offers to write in magazines and appear on radio talk shows. She had joined many groups including the Women’s Trade Union League and was also the chair of ... Free Essays on Eleanor Roosevelt Free Essays on Eleanor Roosevelt Eleanor Roosevelt Although she won much respect as the first lady Eleanor Roosevelt gained a lot of her international esteem as a civil rights activist long before that. Eleanor’s interest in politics did not begin when her husband began his career in politics. Once he was named to the Democratic ticket, as Vice President Eleanor became interested in politics. While Franklin was becoming governor of New York she was campaigning for him unknowing that she was advancing her political career as well. Once Eleanor became first lady it was already done she had made a name for herself politically. Eleanor’s background in politics goes back to her Uncle Teddy who was once the President of the U.S. Eleanor married a young amiable Harvard student by the name of Franklin Roosevelt. But soon Franklin became bored with Business Law and Eleanor pushed him to go into politics. Aided by a Democratic landslide and his mom’s money he won State Senator from the Hyde Park District. But Eleanor hated Albany and was soon very happy to leave. Franklin liked his newfound success in politics and his career prospered swiftly. He soon became an early backer of Woodrow Wilson as he ran for president, for his efforts he was awarded the job of Assistant Secretary of the Navy, the same job that propelled Eleanor’s Uncle Teddy to presidency. Eleanor liked Washington about as much as she liked Albany and spent little time there. In the years after that Franklin contacted polio and it was now up to Eleanor to keep his name before the public. Aided by Louis Howe she went on a mission to salvage her husband’s career. Louis went to meetings that she spoke at and though it took much criticism he managed to get rid of her nervous giggle. Soon Eleanor gained confidence and accepted offers to write in magazines and appear on radio talk shows. She had joined many groups including the Women’s Trade Union League and was also the chair of ...

A study on motivational factors influencing work place behaviour of employees

This project is entitled A STUDY ON MOTIVATIONAL FACTORS INFLUENCING WORK PLACE BEHAVIOUR OF EMPLOYEES with reference to â€Å"TAQA NEYVELI POWER COMPANY Pvt. , Ltd. ,†, located at Neyveli. In this company there are 145 employees including the staff members. For this study, I have chosen a sample size 30 employees through a systematic sampling. This study helps to know the factors that are influencing the motivational level of employees in the organization. This project had been undertaken by me to find out the needs and wants of the employees to motivate them. Under this Study a questionnaire that contained the questions relating to the employees expectations are given to them and their responses are recorded. The gathered data had been analyzed relating to employee motivations. CHAPTER-1 1. INTRODUCTION The project work titled as A STUDY ON MOTIVATIONAL FACTORS INFLUENCING WORK PLACE BEHAVIOUR OF EMPLOYEES with special reference to TAQA NEYVELI POWER COMPANY Pvt. , Ltd. ,, is mainly conducted to identify the factors which will motivate the employees in that organization. Management’s basic job is the effective utilization of human resources for achievements of organizational objectives. The personnel management is concerned with organizing human resources in such a way to get maximum output to the enterprise and to develop the talent of people at work to the fullest satisfaction. Motivation implies that one person, in organization context a manager, includes another, say an employee, to engage in action by ensuring that a channel to satisfy those needs and aspirations becomes available to the person. In addition to this, the strong needs in a direction that is satisfying to the latent needs in employees and harness them in a manner that would be functional for the organization. Employee motivation is one of the major issues faced by every organization. It is the major task of every manager to motivate his subordinates or to create the ‘will to work’ among the subordinates. It should also be remembered that a worker may be immensely capable of doing some work; nothing can be achieved if he is not willing to work. A manager has to make appropriate use of motivation to enthuse the employees to follow them. Hence these studies focus on the employee motivation among the employees of Premier Buildings Materials Ltd. , The data needed for the study has been collected from the employees through questionnaires and through direct interviews. Analysis and interpretation has been done by using the statistical tools and data’s are presented through tables and charts. 1. 1INDUSTRY PROFILE: Energy has been universally recognized as one of the most important inputs for economic growth and human development. There is a strong two-way relationship between economic development and energy consumption. On one hand, growth of an economy, with its global competitiveness, hinges on the availability of cost-effective and environmentally benign energy sources, and on the other hand, the level of economic development has been observed to be reliant on the energy demand. Coal India now ranks third amongst the coal producing countries in the world. Being the most abundant fossil fuel in India till date, it continues to be one of the most important sources for meeting the domestic energy needs. It accounts for 55% of the country’s total energy supplies. Through sustained increase in investment, production of coal increased from about 70 MT (million tonnes) (MoC 2005) in early 1970s to 382 MT in 2004/05. Most of the coal production in India comes from open pit mines contributing to over 81% of the total production while underground mining accounts for rest of the national output mainly from Neyveli (MoC 2005) 1. 2COMPANY PROFILE: TAQA Abu Dhabi National Energy Company, PJSC (TAQA) Type state-owned Traded as ADX: TAQA Industry Energy Founded 2005 Headquarters Abu Dhabi, United Arab Emirates Owner(s) Government of Abu Dhabi Employees 2,800 (Aug 2011) Subsidiaries TAQA North, TAQA Bratani Website www. taqa. ae The Abu Dhabi National Energy Company, PJSC (TAQA) (ADX: TAQA) is a government controlled energy holding company of Abu Dhabi, United Arab Emirates. TAQA is one of Abu Dhabi’s flagship companies and as such has an important role to play in helping to deliver the economic strategy of the Emirate of Abu Dhabi. [citation needed] History TAQA was founded in June 2005 pursuant to the provisions of Emiri Decree in 2005 as a public joint stock company. In May 2006 TAQA appointed Mr. Peter E. Barker-Homek, an American businessman, as its first CEO. TAQA expanded quickly under the guidance of Mr. Barker-Homek, making several key acquisitions in Africa and North America In Canada, TAQA acquired Northrock Resources Ltd. (US$ 2 billion) Pioneer Natural Resources Canada Inc (US$ 540 million) and PrimeWest Energy Trust (US$ 5 billion). In 2008 TAQA acquired several North Sea assets from Shell U. K. Limited and Esso Exploration and Production (UK) Limited. The purchase included all equity, associated infrastructure and production licenses relating to the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields. [citation needed] In late 2009 Mr Barker-Homek relinquished his position as CEO and was replaced by Carl Sheldon. Operations TAQAs main focus of investments is the companies engaged in power generation, water desalination, and production and storage of oil and gas. In addition, it has invested in mining, metal, and services sectors. TAQA has investments in over 60 companies. Its principal wholly owned subsidiaries include Emirates Power Company, Gulf Power Company, Arabian United Power Company, Al Shuweihat Power Company, Taweelah United Power Company, Union Power Holding Company, TAQA Bratani Limited, TAQA Energy B. V. , TAQA North Ltd. and Takoradi International Company, operator of the Takoradi Power Station II. TAQA owns majority stakes in assets that provide about 85% of Abu Dhabis power generation and 90% of its water desalination capacity. In addition to the Persian Gulf region, TAQA has assets in Europe, Asia and Africa. It has interests in the Tern Alpha, Eider Alpha, Cormorant North, Cormorant Alpha, Kestrel and Pelican fields and related sub-sea satellite fields in the North Sea. On 3 August 2009, TAQA took over operatorship of the North Sea Brent Oil Pipelines System. In addition, in 2006 TAQA acquired BP Nederland Energie B. V. Through this acquisition, TAQA get onshore and off-shore production assets, including the Piek Gas Installatie facility in Alkmaar, the project of the largest offshore LNG Regas facilities utilizing the depleted field P15/P18 just off the port of Rotterdam, and partnership in the Bergermeer gas storage project. In August 2009, it bought a 15% interest in North Sea assets from the L11b Group took over the operatorship of the L11b-A production platform. Through the acquisition of CMS Generation, TAQA has assets in the UAE, Ghana, Morocco, Saudi Arabia and India. On January 3, 2013, TAQA signed an agreement with Turkey to invest about $12 billion to develop the coal fields in the Southern Turkey. This deal is considered as the second biggest Arab investment in Turkey in the energy sector. Shareholders TAQA is listed on the Abu Dhabi Securities Exchange. The company is 75. 1% indirectly owned by the government of Abu Dhabi. The government of Abu Dhabi through ADWEA owns 51%, ADWEA transferred 24. 1% of its shareholding to the Fund for the Support of Farm Owners in the Emirate of Abu Dhabi. The balance (24. 9%) is traded publicly on the Abu Dhabi Securities Market. Finance Standard Poors has assigned A+/A-1 corporate credit ratings to TAQA. Moodys has assigned a rating of Aa3 to TAQAs long term foreign and local currency obligations. Combining world-class expertise and a dynamic and exciting portfolio of assets, TAQA has been transformed from a start-up into a truly global operator within the space of seven years. TAQA AT A GLANCE Full name Abu Dhabi National Energy Company PJSC Nature of business Oil and gas exploration and production, power generation and water desalination and Energy Solutions 2012 revenue AED 27. 8 Bn USD 7. 6 Bn 2012 profit AED 649 Mn USD 176. 7 Mn Total assets as at 31 Dec 2012 AED 122. 6 Bn USD 33. 4 Bn Number of employees 2,800 Operating in North America, Europe and Greater MENA (Middle East, North Africa and India) Founded June 2005 Listed August 2005 Abu Dhabi Securities Exchange Principal shareholders Abu Dhabi Government and Government agencies 72. 5% Public shareholders 27. 5% Power generation capacity 16,395 MW Water desalination capacity 887 MIGD Oil Gas production 135,400 boe/d * US$1. 00 (United States dollar) = AED3. 6725 (UAE dirhams) 1. 3 OBJECTIVES OF THE STUDY: PRIMARY OBJECTIVE: To study , analyze and to understand the motivational factors of employees of TAQA NEYVELI POWER COMPANY Pvt. , Ltd. , that affects their work place behavior. SECONDARY OBJECTIVE: To identify the various motivational schemes that already exists in the organization. To measure the level of motivation experienced by the employees in the organization 1. 4 NEED FOR THE STUDY: To study and know the employee motivation scenario in TAQA NEYVELI POWER COMPANY Pvt. , Ltd. ,, To know that the employees satisfaction level with the motivation factors undertaken by the company. To identify steps taken by the organization to motivates its employees. To identify the factors that influence the work place behavior of employees. 1. 5 SCOPE FOR THE STUDY: This study helps the researcher to realize the importance of effective employee motivation. This study explores the views expressed by the Respondents about the motivation and providing solutions in an attempt to develop a better system. The importance of studying employee motivation is to understand the internal satisfaction of every employee. The findings of this study help the company to fulfill the expectations of the employees. It helps to provide insights to support future research regarding strategic guidance for organizations that are both providing and using reward/recognition programs. 1. 6 LIMITATIONS OF THE STUDY: The limitations of the study are the following As the data was collected through questionnaire, the responds from the respondents may not be accurate. The sample taken for the study was only 30 and the results drawn may not be accurate. Another difficulty was very limited time-span of the project. Lack of experience of Researcher. CHAPTER-2: 2. REVIEW OF LITERATURE 2. 1 THEORETICAL REVIEW Rensis Likerthas called motivation as the core of management. Motivation is the core of management. Motivation is an effective instrument in the hands of the management in inspiring the work force . It is the major task of every manager to motivate his subordinate or to create the will to work among the subordinates . It should also be remembered that the worker may be immensely capable of doing some work, nothing can be achieved if he is not willing to work . creation of a will to work is motivation in simple but true sense of term. Motivation is an important function which very manager performs for actuating the people to work for accomplishment of objectives of the organization . Issuance of well conceived instructions and orders does not mean that they will be followed . A manager has to make appropriate use of motivation to enthuse the employees to follow them. Effective motivation succeeds not only in having an order accepted but also in gaining a determination to see that it is executed efficiently and effectively. In order to motivate workers to work for the organizational goals, the managers must determine the motives or needs of the workers and provide an environment in which appropriate incentives are available for their satisfaction . If the management is successful in doing so; it will also be successful in increasing the willingness of the workers to work. This will increase efficiency and effectiveness of the organization . There will be better utilization of resources and workers abilities and capacities. 2. 1. 1 The concept of motivation The word motivation has been derived from motive which means any idea, need or emotion that prompts a man in to action. Whatever may be the behavior of man, there is some stimulus behind it . Stimulus is dependent upon the motive of the person concerned. Motive can be known by studying his needs and desires. There is no universal theory that can explain the factors influencing motives which control mans behavior at any particular point of time. In general, the different motives operate at different times among different people and influence their behaviors. The process of motivation studies the motives of individuals which cause different type of behavior. 2. 1. 2 Definition of Motivation â€Å"Motivation in the real world is the art of getting the extra effort from everyone including yourself†. Management Research, October 2007, ICFAI University press. 2. 1. 3 Saul W. Gellerman According to â€Å"Saul W. Gellerman†, â€Å"Motivation is the process of attempting to influence others to do their work through the possibility of gain or reward†. HRM Review, July 2008, by Saul W. Gellerman . 2. 1. 4 Motivation According to Webster’s New Collegiate Dictionary, a motive is â€Å"something a need or desire that causes a person to act†. â€Å"Motivate, in turn, means â€Å"to provide with a motive,† and motivation is defined as â€Å"the act or process of motivating†. Consequently, motivation is the performance or procedure of presenting an intention that origin a person to capture some accomplishment (Shanks. N. H. ). According to Butkus Green, motivation is derived from the word â€Å"motivate†, means to move, push or influence to proceed for fulfilling a want Business Management and Strategy ISSN 2157-6068 2012, Vol. 3, No. 1 2. 1. 4 Significance of Motivation Motivation involves getting the members of the group to pull weight effectively, to give their loyalty to the group, to carry out properly the purpose of the organization. The following results may be expected if the employees are properly motivated. 1. The workforce will be better satisfied if the management provides them with opportunities to fulfill their physiological and psychological needs. The workers will cooperate voluntarily with the management and will contribute their maximum towards the goals of the enterprise. 2. Workers will tend to be as efficient as possible by improving upon their skills and knowledge so that they are able to contribute to the progress of the organization. This will also result in increased productivity. 3. The rates of labor’s turnover and absenteeism among the workers will be low. 4. There will be good human relations in the organization as friction among the workers themselves and between the workers and the management will decrease. 5. The number of complaints and grievances will come down. Accident will also be low. 6. There will be increase in the quantity and quality of products. Wastage and scrap will be less. Better quality of products will also increase the public image of the business. 2. 1. 5 Motivation Process. 1. Identification of need 2. Tension 3. Course of action 4. Result –Positive/Negative 5. Feed back 2. 1. 6 Theories of Motivation. Understanding what motivated employees and how they were motivated was the focus of many researchers following the publication of the Hawthorne study results (Terpstra, 1979). Six major approaches that have led to our understanding of motivation are Mcclelland’s Achievement Need Theory, Behavior Modification theory; Abraham H Mallows need hierarchy or Deficient theory of motivation. J. S. Adam’s Equity Theory, Vrooms Expectation Theory, Two factor Theory. McClelland’s Achievement Need Theory. According to McClelland’s there are three types of needs; Need for Achievement ; This need is the strongest and lasting motivating factor. Particularly in case of persons who satisfy the other needs. They are constantly pre occupied with a desire for improvement and lack for situation in which successful outcomes are directly correlated with their efforts. They set more difficult but achievable goals for themselves because success with easily achievable goals hardly provides a sense of achievement. Need for Power It is the desire to control the behavior of the other people and to manipulate the surroundings. Power motivations positive applications results in domestic leadership style, while it negative application tends autocratic style. Need for affiliation It is the related to social needs and creates friendship. This results in formation of informal groups or social circle. Behavioral Modification Theory; According to this theory people behavior is the outcome of favorable and unfavorable past circumstances. This theory is based on learning theory. Skinner conducted his researches among rats and school children. He found that stimulus for desirable behavior could be strengthened by rewarding it at the earliest. In the industrial situation, this relevance of this theory may be found in the installation of financial and non financial incentives. More immediate is the reward and stimulation or it motivates it. Withdrawal of reward incase of low standard work may also produce the desired result. However, researches show that it is generally more effective to reward desired behavior than to punish undesired behavior. Abraham H Maslow Need Hierarchy or Deficient theory of Motivation. The intellectual basis for most of motivation thinking has been provided by behavioral scientists, A. H Maslow and Frederick Herzberg, who’s published works are the â€Å"Bible of Motivation†. Although Maslow himself did not apply his theory to industrial situation, it has wide impact for beyond academic circles. Douglous Mac Gregor has used Maslow’s theory to interpret specific problems in personnel administration and industrial relations. The crux of Maslow’s theory is that human needs are arranged in hierarchy composed of five categories. The lowest level needs are physiological and the highest levels are the self actualization needs. Maslow starts with the formation that man is a wanting animal with a hierarchy of needs of which some are lower ins scale and some are in a higher scale or system of values. As the lower needs are satisfied, higher needs emerge. Higher needs cannot be satisfied unless lower needs are fulfilled. A satisfied need is not a motivator. This resembles the standard economic theory of diminishing returns. The hierarchy of needs at work in the individual is today a routine tool of personnel trade and when these needs are active, they act as powerful conditioners of behavior- as Motivators. Hierarchy of needs; the main needs of men are five. They are physiological needs, safety needs, social needs, ego needs and self actualization needs, as shown in order of their importance The above five basic needs are regarded as striving needs which make a person do things. The first model indicates the ranking of different needs. The second is more helpful in indicating how the satisfaction of the higher needs is based on the satisfaction of lower needs. It also shows how the number of person who has experienced the fulfillment of the higher needs gradually tapers off. Physiological or Body Needs: The individual move up the ladder responding first to the physiological needs for nourishment, clothing and shelter. These physical needs must be equated with pay rate, pay practices and to an extent with physical condition of the job. Safety: The next in order of needs is safety needs, the need to be free from danger, either from other people or from environment. The individual want to assured, once his bodily needs are satisfied, that they are secure and will continue to be satisfied for foreseeable feature. The safety needs may take the form of job security, security against disease, misfortune, old age etc as also against industrial injury. Such needs are generally met by safety laws, measure of social security, protective labor laws and collective agreements. Social needs: Going up the scale of needs the individual feels the desire to work in a cohesive group and develop a sense of belonging and identification with a group. He feels the need to love and be loved and the need to belong and be identified with a group. In a large organization it is not easy to build up social relations. However close relationship can be built up with at least some fellow workers. Every employee wants to feel that he is wanted or accepted and that he is not an alien facing a hostile group. Ego or Esteem Needs: These needs are reflected in our desire for status and recognition, respect and prestige in the work group or work place such as is conferred by the recognition of one’s merit by promotion, by participation in management and by fulfillment of workers urge for self expression. Some of the needs relate to ones esteem e. g. ; need for achievement, self confidence, knowledge, competence etc. On the job, this means praise for a job but more important it means a feeling by employee that at all times he has the respect of his supervisor as a person and as a contributor to the organizational goals. Self realization or Actualization needs: This upper level need is one which when satisfied provide insights to support future research regarding strategic guidance for organization that are both providing and using reward/recognition programs makes the employee gives up the dependence on others or on the environment. He becomes growth oriented, self oriented, directed, detached and creative. This need reflects a state defined in terms of the extent to which an individual attains his personnel goal. This is the need which totally lies within oneself and there is no demand from any external situation or person. J. S Adams Equity Theory Employee compares her/his job inputs outcome ratio with that of reference. If the employee perceives inequity, she/he will act to correct the inequity: lower productivity, reduced quality, increased absenteeism, voluntary resignation. Vrooms Expectation Theory Vroom’s theory is based on the belief that employee effort will lead to performance and performance will lead to rewards (Vroom, 1964). Reward may be either positive or negative. The more positive the reward the more likely the employee will be highly motivated. Conversely, the more negative the reward the less likely the employee will be motivated. Two Factor Theory Douglas McGregor introduced the theory with the help of two views; X assumptions are conservative in style Assumptions are modern in style. X Theory Individuals inherently dislike work. People must be coerced or controlled to do work to achieve the objectives. People prefer to be directed Y Theory People view work as being as natural as play and rest People will exercise self direction and control towards achieving objectives they are Committed to. People learn to accept and seek responsibility Types of Motivation. Intrinsic motivation occurs when people are internally motivated to do something because it either brings them pleasure, they think it is important, or they feel that what they are learning is morally significant. Extrinsic motivation comes into play when a student is compelled to do something or act a certain way because of factors external to him or her (like money or good grades) Incentives An incentive is something which stimulates a person towards some goal. It activates human needs and creates the desire to work. Thus, an incentive is a means of motivation. In organizations, increase in incentive leads to better performance and vice versa. Need for Incentives Man is a wanting animal. He continues to want something or other. He is never fully satisfied. If one need is satisfied, the other need arises. In order to motivate the employees, the management should try to satisfy their needs. For this purpose, both financial and non financial incentives may be used by the management to motivate the workers. Financial incentives or motivators are those which are associated with money. They include wages and salaries, fringe benefits, bonus, retirement benefits etc. Non financial motivators are those which are not associated with monetary rewards. They include intangible incentives like ego-satisfaction, self-actualization and responsibility. INCENTIVES Financial Incentives Non-financial incentives Wages and Salaries. * Competition Bonus * Group recognition Medical reimbursement *Job security Insurance *Praise Retirement benefits *Workers participation *Suggestion systems Motivation is the key to performance improvement There is an old saying you can take a horse to the water but you cannot force it to drink; it will drink only if its thirsty so with people. They will do what they want to do or otherwise motivated to do. Whether it is to excel on the workshop floor or in the ivory tower they must be motivated or driven to it, either by themselves or through external stimulus. Are they born with the self-motivation or drive? Yes and no. If no, they can be motivated, for motivation is a skill which can and must be learnt. This is essential for any business to survive and succeed. Performance is considered to be a function of ability and motivation, thus: Job performance = f (ability) (motivation) Ability in turn depends on education, experience and training and its improvement is a slow and long process. On the other hand motivation can be improved quickly. There are many options and an uninitiated manager may not even know where to start. As a guideline, there are broadly seven strategies for motivation. There are broadly seven strategies for motivation. Positive reinforcement / high expectations Effective discipline and punishment Treating people fairly Satisfying employee’s needs Setting work related goals Restructuring jobs Base rewards on job performance Essentially, there is a gap between an individual’s actual state and some desired state and the manager tries to reduce this gap. Motivation is, in effect, a means to reduce and manipulate this gap. 2. 2 RESEARCH REVIEW The research problem here in this study is associated with the motivation of employees of TAQA NEYVELI POWER COMPANY Pvt. , Ltd. ,. There are a variety of factors that can influence a person’s level of motivation; some of these factors include 1. The level of pay and benefits, 2. The perceived fairness of promotion system within a company, 3. Quality of the working conditions, 4. Leadership and social relationships, 5. Employee recognition 6. Job security 7. Career development opportunities etc. Motivated employees are a great asset to any organization. It is because the motivation and Job satisfaction is clearly linked. Hence this study is focusing on the employee motivation in the organization. 2. 3 RESEARCH HYPOTHESIS A hypothesis is a preliminary or tentative explanation or postulate by the researcher of what the researcher considers the outcome of an investigation will be. It is an informed/educated guess. It indicates the expectations of the researcher regarding certain variables. It is the most specific way in which an answer to a problem can be stated. Research hypotheses are the specific testable predictions made about the independent and dependent variables in the study. Hypotheses are couched in terms of the particular independent and dependent variables that are going to be used in the study. The research hypothesis of this study is as follows. HYPOTHESIS: There is significant relationship between income and motivation level of the employees CHAPTER -3 3. RESEARCH METHODOLOGY. Research is a systematic method of finding solutions to problems. It is essentially an Investigation, a recording and an analysis of evidence for the purpose of gaining knowledge. According to Clifford woody, â€Å"research comprises of defining and redefining problem, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, reaching conclusions, testing conclusions to determine whether they fit the formulated hypothesis. † 3. 1 RESEARCH DESIGN: A Research design is plan that specifies the objectives of the study, method to be adopted in the collection of the data, tools in analysis of data and helpful to frame hypothesis. â€Å"A research design is the arrangement of condition for collection and analysis of data in a manner that aims to combine relevance to research purpose with economy in procedure†. Research design is needed because it facilitates the smooth sailing of the various project operations, thereby making the project as efficient as possible yielding maximal information with minimal data collected. 3. 2 Sampling Design. A sample design is a finite plan for obtaining a sample from a given population. Simple systematic sampling is used for this study. 3. 3 Universe. The universe chosen for the research study is the employees of TAQA NEYVELI POWER COMPANY Pvt. , Ltd. , 3. 4 Sample Size. Number of the sampling units selected from the population is called the size of the sample. Sample of 30 respondents were obtained from the population. 3. 5 Sampling Procedure. The procedure adopted in the present study is probability sampling, which is also known as chance sampling. Under this sampling design, every item of the frame has an equal chance of inclusion in the sample. 3. 6 Methods of Data Collection. The data’s were collected through Primary and secondary sources. 3. 6. 1 Primary Sources. Primary data are in the form of â€Å"raw material† to which statistical methods are applied for the purpose of analysis and interpretations. The primary sources are discussion with employees, data’s collected through questionnaire. 3. 6. 2 Secondary Sources. Secondary data’s are in the form of finished products as they have already been treated statistically in some form or other. The secondary data mainly consists of data and information collected from records, company websites and also discussion with the management of the organization. Secondary data was also collected from journals, magazines and books. 3. 6. 3 Nature of Research. Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. Descriptive research answers the questions who, what, where, when and how. Although the data description is factual, accurate and systematic, the research cannot describe what caused a situation. Thus, descriptive research cannot be used to create a causal relationship, where one variable affects another. In other words, descriptive research can be said to have a low requirement for internal validity. 3. 6. 4 Questionnaire. A well defined questionnaire that is used effectively can gather information on both overall performance of the test system as well as information on specific components of the system. A defeated questionnaire was carefully prepared and specially numbered. The questions were arranged in proper order, in accordance with the relevance. 3. 6. 5 Nature of Questions Asked. The questionnaire consists of closed ended, dichotomous questions and open ended question. 3. 6. 6 Pre-testing A pre-testing of questionnaire was conducted with 10 questionnaires, which were distributed and all of them were collected back as completed questionnaire. On the basis of doubts raised by the respondents the questionnaire was redialed to its present form. 3. 6. 7 Sample A finite subset of population, selected from it with the objective of investigating its properties called a sample. A sample is a representative part of the population. A sample of 30 respondents in total has been randomly selected. The response to various elements under each questions were totaled for the purpose of various statistical testing. 3. 6. 8 Variables of the Study. The direct variable of the study is the employee motivation, Indirect variables are the motivational schemes, motivational level and job satisfaction and effectiveness of employees. 3. 6. 9 Presentation of Data. The data are presented through charts and tables. 3. 6. 10 Tools and Techniques for Analysis. Statistical method: Percentage method Bar chart Statistical tool used: To arrange and interpret the collected data the following statistical tool used is ANOVA. CHAPTER-4 4. DATA ANALYSIS AND INTERPRETATION: 4. 1 PE

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