The Role Of Audit Committees And Corporate Governance Accounting Essay

In order to ameliorate bodied nerve, explanation organic structures, commercialize regulators and committees has recommended the conceptualisation of take memory placarded account consignments. In 2001, after the creative playivity of Douala origin transfer ( DSX ) , the Cameroon jacket crown trade set ascendency requested either(prenominal) listed companies to dance orchestra up size up bursting charges. This sketch focuses on the function of analyze outfitings and in bodily face in Cameroon listed companies.Particularly, how pukevas guidances ope cut backs in a exploitation frugal g oerning body bid Cameroon and how these patterns outhouse be comp argond with those in the western scotch systems what invariably snatch pricy as separate(a) emerging sparing systems, the descent of analyse instructions with trouble, inwrought and international heargonrs.The take in processments and ch altoget herenges confronting study complain ts.This field revealed that AC in Cameroon be ch exclusivelyenged with unequal human resource strength, the intervention of the politics and kiping sh beowners any snap genuine the fast changing heavy and pass offing environment. thus far, there has been a humular betterment on the dependability of pecuniary describing and so vouching investor s assurance.Key words Audit commissions, corporal formation, Cameroon, listed companies, deputation, internal he ber, distant he ber, OHADA ( governing body for harmonisation of meet jurisprudence in Africa ) , CMA ( superior market dictum ) , Decision devi piffle.Table of ContentDeclarationRecognitionList of FiguresList of AbbreviationsList of TablesAbstr satisfyChapter 1 Introduction1.1 Introduction1.2 Background1.3 Motivation1.4 The look into nonsubjective and Questions1.5 The report bea1.6 The restrictions.7 The survey performionChapter 2 Conceptual stumper2.0 -IntroductionSection A bodied Administration2. 1- The Definitions of corporal formation2.2- The Background of Corporate regime2.3- Corporate Governance jurisprudence2.4 Corporate Administration implement2.5 Corporate validation Environment2.6 The Development of the construct of Corporate GovernanceSection B Audit Committee2.7 The Operationss of Audit Committees2.7.1- The Charter2.7.2 Composition of the commission2.7.3 -Qualification and Experience2.7.4- Meetings and Reports2.8-The Relationship surrounded by Audit Committees, the attention, internal he arrs and international hearers2.9 The major(ip) Accomplishments and Challenges confronting Audit Committees.2.10- Conclusion.Chapter 3 Theoretical Frame wrenchs for Corporate validation and Audited accountCommittees3.1 de simply3.2 The self-assurance system3.3 Evidence on struggle of amour mingled with stockholders and directors3.3.1 divergence over Compensation3.3.2 Conflict on variegation and wealth step- low-spirited investing3.3 the Stewardship theory3.3.1 syno psis of the theoriesChapter 44.1 Corporate Governance teleph angiotensin-converting enzyme numbers in growing advances. ( Cameroon )4.2 The legitimate and Regulatory model for Corporate nerve of listed companies inCameroon.4.2.1The exercise of Douala stock supervene upon ( DSX )4..2.2- The Board of Directors4..2.3 The Audit Committee4.2.4- The Stockholders4. 2.5.The Role of the Governance4.3- The Actors of Corporate Governance Stockholders and DirectorsChapter 5 Research Methodology5.1 de scarcely5.2 Questionnaire study5.3 Administration of Questionnaires study5.4 Responses of the questionnaire study5.5 Interview Survey5.5 Administration of consultation studyChapter 66-Findings and Discussion6.1- Operation of Audit Committees6.2- Relationship of Audit commissions with direction, internal and foreign hearers6.3- Accomplishments and ChallengesChapter 7, Conclusion, Refrences and AppendixChapter 1 Introduction1.1-IntroductionIn the past twain decennaries, there has been tour attendings on collective regime notably after the bodily prostration of mettlesome win income companies in the world identical the Enron and WorldCom. Corporate brass section is now a scratch order issue largely in economical systems where companies are run by commanding stockholders ( Albuquerue and Wang, 2008 ) and a outstanding fig of companies are sampleing to watch over better bodied plaque patterns ( Garay and Gonzalez, 2008 ) .Traditionally, embodied presidential term is regarded as a mean by which companies apology the worldly attention avail of its moneymans such as its investors, creditors and loaners.Today, with the current recession and pla remunerationary monetary hurt, issue of merged politics patterns in companies and the functions of different commissions are been studied. Audit commission is going the just near widely employ mechanism to batten cheeseparing collective validation in companies ( Chen et al, 2008 ) .The examine commiss ion is an direct commission of the caller s menu of managers that cause roughly thought slightness duties such as the pecuniary reportage, fiscal manifestation, external hearers, internal scrutinizeing all(prenominal) routine advanced as operate.A dear figure merged organization surveies has macrocosm carried out in developed stirs of Europe, United states of the States and Japan ( Joshi and wakil,2004 ) .Very few surveies has being carried out and effected in little developed countries.Tsamenyi, Enninful-Adu and Onumah ( 2007 ) observes that corporal disposition surveies in slight develop states are special(a) and are available alone on single state footing.This survey tries to bridge the spread in anterior survey by adding much than in our alarm of the operations of scrutinise commission and the major get throughments of scrutinize commissions in Cameroon. Further more, old inquiry in maturation states did non intercommunicate the issue on how study commissions tinge with the direction, internal hearers and external hearers.In this survey, we seek to read full in this spread by estimate intoing on how examine commissions in Cameroon listed companies relate with the direction, internal hearers and external hearers1.2 BackgroundJensen and Meckling ( 1976 ) delimit delegacy relationship as a contract under which one or more unmarrieds ( principals ) engages an different(prenominal) ( agent ) to exert a service on their behalf. Directors or agents are being delegated the daily determination devising by stockholders. Directors are thus charged with the duties of utilizing and commanding the suffer s economic resources.How ever so the directors may non chance on ever to the stockholders surmount battle due to uncomely choice and virtuous jeopardy ( Anthony and Govindarajan,2007 531 ) . Therefore, stockholders has to supervise directors activities in order to guarantee that they live up to the commissariats of th eir contracts ( Goddard and master,2000 )To avoid direction disasters, Moldddoveanu and Martin ( 2001 ) argued that stockholders must(prenominal) ordain confirmation, supervise to each one smear serious as countenance ( hires and penalization ) mechanisms. Moldoveanu and Martin ( 2001 ) defined confirmation mechanisms as the tools used in formalizing the determinations of the agent, in hand whatever concluding veto for an enterprise, directive or the action program of the agent. monitor mechanisms ( both ongoing and separate monitoring ) are use to detect, go in and to mensurate the end product of the agent s attempts. Furthermore, approving mechanism keep up selective wagess / or penalties to agents for/ or for non alining their attempts with stockholders flummoxs or stockholders pursuit.A legal figure of corporal judgeship surveies has being carried out in developed states of Europe, United provinces of America and Japan ( Joshi and wakil,2004 ) .Very few surve ies has being carried out and completed in little developed states.Tsamenyi, Enninful-Adu and Onumah ( 2007 ) observes that merged plaque surveies in less develop states are limited and are available merely on single state footing.1.3 MotivationProper corporate brass is a really commanding mechanism to reconstruct investor s assurance, to enlarge the private sector, and to excite economic growing. It piss been predicted that sound face of companies forget shortly go as substantial to the universe economic system as proper administration of single states. some people may see this as overly early to hold, provided this anticipation was suggested with grounds, if non evidently current today, so, is really credibly to be true in the hereafter. The planetary recognition of the impact of events sing corporate societal irresponsibleness s such as the fiscal crises in Asia, the corporate dirts in the universe high net income companies equivalent Enron and WorldCom and the fiscal crisis in nigh African states in the last decennary.All these cases disconfirmingly ventureed the public serve wellance and the lives of many such as the employees, the pensionaries, preindication s creditors and loaners. These raised the pressing film for effectual and efficient polity of corporations and excessively led to fear in market adorns, and a decrease in stock monetary comforts. In nigh underdeveloped states, worry in Africa, the acknowledgment of lost chances to mobilise fiscal resources in national and international hood markets via faithful corporate administration took the fight of well-nigh African Heads of State. This so inspired the African Heads of State to include good corporate administration as one of the quadruplet brain thematic countries subjected to reexamine under the African Peer Review Mechanism ( the APRM ) .The four selected countries include, political administration and democracy, economic administration and direction, soc io-economic development, and good corporate administration.The crave to closely supervise the operations of corporations can be justified by the succeeding(prenominal) ii grounds -The increasing involvement of the investors in developing states to put in listed companies.-The Potential additions or losingss that hinge on good direction of corporations can be financially profitable or economically annihilating1.4 Research aim and QuestionsThe research aim is to add more in the apprehension of the operations of take stock commissions in footings of their composing, rank, independency, meeting and coverage, pursue signpost any bit good as the accomplishments and challenges. The research in addition aims at analyzing the relationship amidst study commissions with the direction, internal hearer and external hearers. last we leave compare our learnings with those in western and former(a) emerging states. To accomplish these purposes, the research proletarian seek to beg the sentiments of four bunchs of respondents in the triplet listed companies in DSX ( SEMC, SOCAPALM, and SAFACAM ) . ( I ) the presidents of canvass commissions, ( two ) the high society secretaries, ( three ) the pay caputs and ( four ) the external hearers of all the companies listed in the Douala Stock Ex spay ( DSX ) .The undermentioned research inquiries bequeath be address a ) How the canvass commission operates in less states corresponding Cameroon and how these patterns are compared with those in developed statesB ) How audited account commissions relate with direction, internal hearers and external hearersdegree Celsius ) What are the chief accomplishments and challenges confronting audit commissions1.5 The survey rangeThe range of this survey is to analyze the function of audit commissions and corporate administration in developing states queerly in companies listed in the Douala stock exchange ( DSX ) Cameroon.The analyses pass on focus on on the operations of audi t commissions in listed companies in DSX by looking at their demeanor of choice, composing, frequence of the commission meeting, coverage, making and experience, the accomplishments and challenges confronting audit commission.The old research in developing states did non communicate the depict on how audit commission relate with the direction, internal hearer and external auditor.In this survey, the research worker seek to make full in this spread by look intoing how audit commissions in listed companies in Cameroon relate with the direction, internal and external hearers1.6 Restrictions.It is imperative for the research worker and the users of this research to be qui vive of the pertinent restrictions as they try to progress and see to it the consequences of this survey ( Anderson and Poole, 2001 ) . We should acknowledge that the order of questionnaire study is entitled to built-in restrictions. Harmonizing to Matthews ( 2002 ) all studies are entitled to some built-in failin gs as some respondents give responses which they believe are expected of them, or which portray themselves and the organisation in the best(p) visible radiation. This can be the instance of the responses of the participants in this survey which included AC presidents, partnership secretaries and pay caputs. They may hold enlarged their appraisal of the AC patterns as this was seen to be more of import than the other group of the participants ( external hearers ) . Besides, it can be probably that the questionnaires were non illume, this causes respondents to construe some inquiries otherwise or on their ain manner. This survey was excessively limited by the occurrence that the interview study sample size was excessively little ( merely 5respondents opted ) as carry oning more interviews would hold guaranteed a immenseer apprehension of the research issue, just the interview study was merely to equilibrise the questionnaire study to acquire a deeper penetration of the take noteings1.7 The survey constructionThis paper impart be do up of seven chapters, chapter one introduces the subject of corporate administration and audit commissions, it at any rate give the first apprehension of the thesis background, motive, research aims, research inquiries and the restrictions.chapter two which is conceptual model is in two subdivisions. Section one allow for be based on corporate administration definitions, its background, corporate administration codifications, mechanism, corporate administration environment and in conclusion the development of the construct of corporate administration. Section two of this chapter impart establish foremost on the operations of audit commissions ( maps ) , subsequently focuses on the charter, composing which has to make with the inquiry of independency ( Joshi and Wakil,2004 ) , the factor of fiscal accomplishments as a requirement for audit commissions member is besides examined every bit good as audit commission meetin gs and studies. good-for-naught Ribbon commission ( 1999 ) ) gave testimony that audit commissions members must be financially literate. Second, this subdivision will chatter about the relationship of the audit commissions with direction, internal hearers and external hearers. Last, this subdivision will speak about some of the major accomplishments and challenges confronting audit commissions.Chapter three will seek to analyse some theoretical models like the part theory and stewards theory. And so look at the some of the office staff jobs between directors and stockholders. This chapter will in conclusion give a belief sum-up of the two theories ( berth and stewardship theory )In chapter four, the research worker will speak about corporate administration issues in developing states ( Cameroon ) , the legal and regulative model of corporate administration in listed companies in the Douala stock Exchange ( Cameroon ) concentrating on the function of the Douala stock exchange, t he authorities of Cameroon, the circuit card of managers, stockholders and audit commission, This chapter will look in conclusion at the histrions of corporate administration which involves the stockholders and directors.Chapter five which is research methodological analysis, the research worker will establish his research method on questionnaire and interview study morsel toing the survey objectives.This questionnaires will be based on the operations of audit commissions, composing, independency, fiscal literacy, relationship, self-evaluation every bit good as the major accomplishments and challenges.they will largely be true or false type inquiries while others will ask the respondents to rate the commissions achievement with a mark of 4 ( to a gravider extend ) to a mark of 1 ( non at all )Chapter six will reduce on the findings and treatments sing the research consequences. The findings and treatments will focus on on the operations of audit commissions, the relationship with direction, internal and external hearers every bit good as the accomplishments and challenges.Figure 1.thesis argumentation.Chapter 2 Conceptual Frameworks2.0-IntroductionScandals, Frauds, every bit good as corporate failures has increase the postulate for reforms and better ordinances more particularly in the Fieldss of corporate administration. In the early 1990s, in social united land, a good figure of issues like the prostration of maxwell concern imperium, hireed to the stimulation of treatments and statements refering the constructions for commanding executive power ( power2002 ) .In declination 1992, a codification of best patterns was published ( the Cadbury codification ) .this codification gave recommendations to companies to constitute audit commissions consisting of free non-executive managers ( power2002 )In United provinces of America, the addition figure of net incomes restatements in public traded companies, together with the fiscal statement fraud alleg ations every bit good as deficiency of responsible corporate administration in extremely profitable companies like Enron, Global crossing, World com In USA, Leisurenet in south Africa devote sharpened the increasing attending in corporate administration every bit good as audit commissions in gay. The diminution of these companies raised much concerns sing the deficiency of argus-eyed superintendence by boards of managers and audit commissions in fiscal coverage process scrutinizing maps ( Rezace et al,2003 ) .George W Bush, USA president in the province of the brotherhood reference, mentioned the gravitational force of this job by saying that Through stricter accounting standard and tougher revelation requirements. Corporate America must be made accountable to employees and stockholders and held to the highest standard of behavior ( Bush,29th January 2002 ) .In USA a good figure of committees, ordinances and audit commissions has been organize to turn to corporate administr ation issues in USA. some of these include move manner committee ( 1987 ) , the Blue Ribbon commission ( 1999 ) .Further more, the 2002 sarbanes-oxely act was sign-language(a) in to jurisprudence and one of its chief proviso were that all listed companies mass up audit commissions ( Joshi and wakil,2004 )Rezace, Olibe and Minmier ( 2003 ) tell that good corporate administration conjure up relationships of answerability between primary corporate participants and this will travel a long manner to rise corporate public presentation as direction holds answerability to the board and the board is held accountable to the stockholders. One of the board chief map is to guarantee quality accounting policies, internal have gots every bit good as independency. This will cut down fraud and fiscal hazard are anticipated every bit good as advancing accurate, high quality and timely revelation of fiscal and other cultivation to the stockholders.CMA ( 2002 ) defined corporate administration a s the mapping and the construction used to direct and hustle off concern personal businesss of the company towards heightening prosperity and corporate answerability with ultimate aim of recognizing stockholders long-run value while taking in to account the involvement of other stakeholders.In Cameroon, corporate administration issues has been taken really serious.the Cameroon capital market authorization ( DSX ) in concurrence with commonwealth association for corporate administration has produce a sample codification for best patterns in corporate administration in June 2001.One of the cardinal recommendations in the Douala stock exchange ( DSX ) ( 2001 ) is that all listed companies establishes audit commissions consisting of commutative non-executive managers which has to maintain under reappraisal the range and consequences of audit, their effectivity, independency and hearers objectivenesss. The codification further stated that separate audit commissions enables the board in deputing to the sub-committee the handicraft for thorough and item reappraisal of the audit personal matters, besides to enables non-executive managers in lending independent judgement and have a absolute function to play in an country in which they are peculiarly fitted and offer the hearers a direct nexus with non-executive managers ( CMA,2002 )In south Africa, mangema and chamisa ( 2008 ) raise out that the likeliness of a put up to be suspended from the stock exchange is higher(prenominal) in offers without audit commission. This so suggest the immenseness and the necessity of audit commissions in Africa.This chapter will be divided in to two subdivisions. Section A will concentrate on conceptual model for corporate administration while subdivision B will concentrate on conceptual model for audit commissions.Section A. Corporate Administration2.1 The Definitions of Corporate GovernanceStates are different from one other in footings of engineering, well-manneredizati on, political system, economic and historical development ( Roman,2001 ) .There differences make the definition of corporate administration to change from state to state thence doing it really dangerous to came out with a universally acceptable definition of corporate administration.Shleifer and Vishny ( 1997 ) defined corporate administration while looking at the ways in which the providers of fundss to the steadfast assures themselves of good return for their investing. However this definition merely laid more punctuate on the providers of fundss, it fails to acknowledge the relationship that exist between the can s directors and stakeholders since every theatre has many stakeholders with different involvements that must be taken attention of by the house. It is in this respect that corporate administration is besides looked upon as a corporate group of people united as one individual who has the power or authorization to command an organisation ( Ruin,2001 )Australian criter ion ( 2003 ) defined corporate administration as a pattern in which companies are controlled, directed and held to account. Harmonizing to Australian criterion ( 2003 ) corporate administration consequently comprises of power, answerability, leading, stewardship way every bit good as control. This definition takes in to consideration the demand of cheques and balances in organisation direction procedure, therefore it can be regarded as more world-wide ( Gregory,2000 ) .The Australian criterion definition is besides similar to other definitions like that habituated by audit committee ( 2009 ) which emphasis the importance of answerability and control in organisational administration.The presence of many different definitions for corporate administration shows that every writer formulates a definition that suit his or her subject. ( Deunb and neubeuer,1992 ) .For case, harmonizing to Turnbull ( 1997 ) corporate administration influences all houses activities that produces good and or service, harmonizing to Colley et Al ( 2004 ) corporate administration is the act of regulating whereas Cadbury ( 2000 ) specify corporate administration harmonizing to the system by which the house is directed and controlled. However Wallace and Zinkin ( 2005 ) commited out clearly that the term good corporate administration is really easy to give voice but tough to understand and appreciate.2.2 The Background of Corporate GovernanceThe construct of corporate administration is been used both in economic sciences and in jurisprudence, and it is understood to intend enforcement of contract, security of belongings right every bit good as corporate action ( McNutt,2010 ) , once and for all, corporate administration is associated with people runing within the organisation, unless the organisation has to be decently governed in order to accomplish their set aims.This construct of corporate administration became more commonly used and intercommunicate in 1980s ( parker,1996 ) a s yet it originated in 19th century when incorporation was advocated for as a agency of restricting liability ( fletcher,1996.vinten,2001 ) .The creative action of registered companies is being perceived as the existent starting point for the treatment on corporate administration ( Adams,2002 ) .This enrollment of companies was supported by the correlative stock companies act of 1844 ( Uk ) .The silver demand of modern corporation lead to the separation of control map from ownership ( Berles and means,1967 ) .With this separation, house s proprietors no longer exert control over the house s action because it was seen as a function of professional directors or agent ( kiel and Nicholson,2003 ) .This so propose the demand of corporate administration to protect house s proprietors from the actions of directors.In respond to this demand, the limited liability act 1855 ( UK ) was created to protect stockholders from debts above their moveFrancis ( 2000 ) argued that the demand for co rporate administration patterns became more pronounce in 1980s.This was because during this period, some(prenominal) parts of the universe were sing stock market clangs every bit good as corporate failures in some cooperation due to scummy administration. Harmonizing to united nation,1999 ) corporate prostration was the cardinal driver for renewing to corporate administration codifications. In 1980, as more and more corporate entities impact to fall in in assorted parts of the universe, there were alteration of attitude with greater public presentation outlooks on the house s direction board.It was besides realized here that the house has to be run by the director whereas the board ensures that the house is being run efficaciously ( Adams,2002 ) .The acceptance of the thought of corporate administration can besides be supported on a positive note. There was a turning recognitions that improve corporate administration is indispensable for growing and the development of the state s economic system ( Carkr,2004, Department of Treasury,1997 ) .A survey that was carried out in United States of America by Gompers, Ishii and Metricck,2003 ) reveals that there is a strong correlativity ship between good corporate administration patterns and stockholders public presentation. This survey further reveals that over 60 % of investors were prepared to pay pore on portion of companies with good corporate administration patterns.2.3 Corporate Administration Code ( CGC )In most states, the best mechanism to heighten choice corporate administration reforms is finished the execution of corporate administration codification to supplement the already bing concern Torahs. Corporate administration codification can be defined as paperss which stipulate the regulations and processs for regulating and pull offing organisations ( Dabor and Adeyemi, 2009 Ugoji and Isele, 2009 Scott, 2007 Classeens and Bruno, 2007 ) .While corporate administration involves the procedure by which organisations are governed and controlled with the purpose of adding stockholders values every bit good as meeting stakeholders outlook ( CBN, 2006 Iyang, 2009 ) , corporate administration codifications on its portion, flatly stipulates the regulations, rules and the best patterns for pull offing and regulating organisation s efficaciously ( Okhealam and Akinboade, 2003 Amstrong, 2003 Gatamah, 2008, Andreason, 2009 ) . Most of these codifications are utilize by self-professional regulation bureaus but under the thoughtlessness of authorities regulative organic structures. However, the province for companies to bond and implement these codifications depends on the company s board of managers ( Elebute, 2000 Iyang, 2009 Sanusi, 2003 Soludo, 2004 ) .Therefore, the chief duties of the board of managers are to vouch choice administration public presentation, add stockholders values, keep up the involvement of stakeholders, protect the environment and warrant precise fiscal co verage ( Alo, 2003, WILSO? 2006.dabor and Adeyemi, 2009 Roe 2003 Ahmed 2007 Olusa, 2007 Elebute, 2000 Iyang 2009 Sanusi 2003 Soludo, 2004 )2.4 Corporate Administration MechanismCorporate administration mechanism involves the procedures through which a state s concern Torahs and corporate administration codifications are been imposed. ( Reed, 2002 ) .Corporate administration mechanism consist of agencies to supervise, nevertheless the effectivity of the corporate administration mechanism lies on the regulative models and public administration strategy in each state. ( Wilson, 2006 Dabor and Adeyemi,2009 Ro, 2003, Ahmed, 2007 Olusa,2007 ) .the best enact of corporate administration codification is achieve through modulating professional organic structures in confederation with the authorities modulating bureaus and with the stock market governments ( Vintem, 2002, Reed, 2002 Wilson,2006 oe, 2003 )The premise or the thought that, the presence of many corporate administratio n mechanisms will frequently allow to good corporate administration has been be incorrect by the high degree of corruptness, fraud and dirts in Cameroon and in other parts of the universe. The credence of corporate administration codification by most companies in the private sector is merely a union and non an indicant that the companies will oblige themselves to good ethical concern patterns ( Rossouw, 2005 Gatamah, 2008 Iyang,2009 ) .In Cameroon, over 70 % of the companies listed in the Douala stock exchange have a choose the corporate administration codification but there are politic incidences of frauds, embellzement, deficiency of answerability and unity.2.5 Corporate Governance EnvironmentHarmonizing to Li and Nair, ( 2009 ) , corporate administration environment takes in to consideration the consequence of factors like the state s political system, the economic stableness and socio-cultural factors that can heighten good administration or prevent unethical concern opera tions ( Li and Nair,2009 ) .Therefore corporate administration environment embodies the state s political, economic, technological, societal and legal systems that affect ethical concern patterns in corporations ( Amaeshi and Amao, 2008 Wilson, 20006 ) .Corporate administration so serves as a barometer to mensurate the company s overall public presentation, their strategic pick, determinations and actions. though the political, economic and socio-cultural consequences of the freshly formed corporate administration codifications in Cameroon are still under probe, the codifications are created or formed to safeguard companies against pallid duties like corruptness, environmental maltreatment, and companies misdirection ( Gatamah, 2008 Andreason, 2009 ) .2.6- The Development of the Concept of Corporate GovernanceDue to cultural, political, economic and technological differences between states, the thought of corporate administration was adopted but with major fluctuations, as a cons equent, a assortment of corporate administration model was realized. However two major attacks of corporate administration patterns is finalize with fluctuation originating merely on the different legal systems at work in assorted statesHarmonizing to Solomon and Solomon, ( 2004 ) , Department of Treasury ( ,1997 ) states that patterns common jurisprudence like united provinces of America, united land, Canada, and Australia develop a type of corporate administration construction which focuses on stockholder s involvement ( return ) .In this respect, corporate administration has to guarantee that the company achieves the aims set by the stockholders. This type of corporate is is known as foreigner theoretical account of control as it recognizes the spread between the troughs of a house and its proprietors ( Department of Treasury,1997 ) .On the contrary, states with courteous jurisprudence such as Germany, France, and Netherlands develop their corporate administration which focu ses on stakeholders. In this respects, corporate administration has to equilibrate the involvement of cardinal groups like the employees, directors, creditors and clients ( Solomon and Solomon,2004 ) .This attack is called insider theoretical account of control since it recognizes that the greater control in the house is held by those closer to its existent working ( Department of Treasury,1997 )However the two attacks have some similarities. For case, they both opted for the fact that the direction boards of the house were to be elected by the house s stockholders to put policies and so depute to the direction the full authorization to pull off the house ( Hilmer,1998 ) .Anyway, it was realized that most states adopted a system of corporate administration with the mixture of the two extremes ( Solomon and Solomon,2004 )Nowourdays, corporate administration is an international issue because of concern globalistion.3It is seen to play a major function in the direction of companies in both developed and less developed states. However, Davis and schlitzer ( 2008 ) pointed out that corporate administration patterns are non unvarying across states, that each state tend to follow corporate administration processs based on factors like the state legal system, the fiscal system of the state, the state cultural and economic state of affairs and the corporate ownership construction of the state ( the organisation for economic cooperation and development,1998 ) .Section B Audit Committee2.7-The Operationss of audit commissionsThe audit commissions has as it premier map to serve well the board in carry throughing its scorn duties. By so making, they come off the fiscal information that has to be provided to the stockholders, other stakeholders and to the system of internal controls that has been effected by the boards of managers and the direction ( Bean, 1999 )Bean ( 1999 ) pointed out some of the general duties of audit commissions-The audit commission has to supply an unfastened ambiance for communicating between internal hearer, independency hearers and the board of managers.-They have to describe actions to the BODs and do some recommendations-The commission have the power to transport out or lead probes in affairs within the commission s range of responsility.The audit commission has to retain an independent advocate and comptroller if needed to supporter in an probe2.7.1- The charterIn developing states, audit commission s faces a push-down list of troubles in transporting out their maps because of deficit in accounting accomplishments ( waweru, Hoque and Uliana, 2004 ) .A potty of writers have undertaken surveies on the inadvertence duties of audit commissions.Most of these surveies reveals that there is a broad fluctuations in sensed and declared duties.According to Kalblers and Fogarty ( 1993 ) survey, the duties of audit commission include inadvertence of fiscal coverage, internal controls and external hearer. Peter coopers and Lyb rand ( 1995 ) and Dezoort, Hermanson, Archambeault and Reed ( 2002 ) in their survey establish out that the duties of audit commissions revolved chiefly in countries of fiscal coverage, scrutinizing and overall corporate administration.It has being argued by Guy and Burke ( 2001 ) that all companies with audit commissions must develop a seamster made charter that describes the commissions composing and specifies entree to allow resources. The charter has to be approved by the board which so serves as a usher to the commission in transporting out the assorted duties delegated to them by the full board of managers.According to Bean ( 1999 ) , comprehensive charter enhances effectual public presentation of the audit commission, serves as a roadmap for members of the commissions by doing a clear definition of the duties and supply a systematic treatment construction among the commission and the direction every bit good as public comptroller ( Bean,1994 ) . A charter helps scrutinize c ommissions members to concentrate on their specified duties and besides the charter enable or assist stockholders in measuring the function and duties of audit commissions ( KPMG,1999 ) . In Cameroon, audit commissions authorization is gotten from capital market act which requires that some authorization has to be delegated to the audit commission by the board.2.7.2- The composingHarmonizing to Joshi and Wakil ( 2004 ) , one of import variable of composing of the audit commission is the inquiry of independency ( joshi and wakil, 2004 ) . Br aiotta ( 1999 ) pointed out that the effectivity of an audit commission depends on the background of the commission s members which have to sojourn of both fiscal and non fiscal instruct people ( Braiotta,1999 ) .The succeeder or failure of the commission s operation relies on the president, hence great attention has to be taken when taking the president ( Braiotta,1999 ) .According to Braiotta ( 1999 ) , the figure of audit commission member depends on the duties and authorization of the commission and besides on the size of the board and the company. The figure of the members vary from one state to another ( Braiotta,1999 )There are turning statements on whether the commission members should be independent as advocated by Bean ( 1999 ) , the Blue Ribbon ( 1999 ) every bit good as it was adopted in Cameroon by the Capital commercialise Act in 2001 ( Hussein,2003 ) or should it depend on the environing fortunes of a peculiar company ( Attwood,1986 ) .According to Bean ( 1999 ) , an independent manager is one who is free from any relationship that can act upon his or her judgement as a member of the audit commissions ( Bean,1999 ) .However this is concentrated to find ( Pomeranz,1997 )In Cameroon, the issue of independency of most managers is been affected by that fact they serves as managers in more than one listed company. This is as a consequence of deficit in skilled human resources capacity in Cameroon and besides due to the fact that most listed companies in Cameroon are little in size therefore doing it hard to pull people with qualified accomplishments.2.7.3-The Qualification and Experience.There are different point of views on the demand of fiscal literacy as a making for audit commission members. The Blue Ribbon commission ( 1999 ) recommended that all audit commission members has to be financially literate. Harmonizing to Rezaee et Al ( 2003 ) , fiscal literate is define as the ability to read and understand fiscal statement. However Herdman ( 2002 ) questioned the issue of whether the demand about fiscal literacy of audit commission members by the capital markets went far plenty. On the contrary, Jonathan and Carey ( 2001 ) argue on whether in a universe of of all time more complicated accounting criterion, where even to the full trained comptroller can fight to understand, if this is a realistic and a necessity demand as a member of the audit commission ( Jonathan and Carey,2001 ) . In USA, surveies were carried out in countries of experience and expertness. The United states General Accounting routine ( GAO ) ( 1991 ) piece out that over half of the 40surveyed audit commission chairs from bighearted US Bankss reveals that their audit commissions were runing with no members with expertness in accounting, scrutinizing and jurisprudence inadvertence ( GAO,1991 ) .2.7.4- Meeting and ReportsHarmonizing to Guy and Burke ( 2001 ) , audit commissions have to schedule meetings two to four times per twelvemonth depending on their range of activities and the company size. Graziana ( 2004 ) argued on the point that audit commission has to run into more often, both formally and informally.Formal meeting has to be held a least 4 times and sometimes up to 12 times per twelvemonth, this 4 meetings are in individual and last for about 4 hours. ( Graziana,2004 ) .These meetings must include the senior direction, external hearer and the internal hearer ( Graziana,2004 ) .Furt hermore, the board has to depute the authorization ot the audit commission to keep particular meetings as needed ( Guy and Burke,2001 ) .Some surveies have being carried out on the frequences of audit commission meetings.Menon and Williams ( 1994 ) made a research on 200 companies and found out that the figure of audit commission meeting was increasing as the figure of outside managers increased ( menon and Williams,1994 ) .Studies have shown that meeting frequence is positively related to the company s size, monitoring and the demand of audit commission meeetings. Price WaterHouse cooper ( 1999 ) saw that audit commissions in European companies meet averagely 3 to 4 times per twelvemonth.The audit commission s study has to be addressed to the BODs and must include their findings and recommendations sing the effectivity of the maps of internal and external hearers and other countries within the commission s legal power as stated in the charter. Besides, the study has to establish o n the engagement of the members in audit panning procedure and their monitoring activities ( Braiotta,1999 ) .2.8-The Relationship with Management, Internal hearer and External hearer.Harmonizing to Blue Ribbon commission ( 1999 ) , a company can merely accomplish quality fiscal coverage when there is an unfastened and blunt communicating every bit good as a co-working relationship between the board of managers, audit commissions, the direction, internal and external hearers. It has being argued Rezaee et Al ( 2003 ) that the most effectual attack is for the audit commission to work in collaborationism with the direction and the hearers to enable them place complex activities of the company, identify and asses the comparative hazards, find the accounting intervention and besides to acquire a complete apprehension of their impact on free and just presentation of fiscal public presentation in order to cut down deceitful activities ( Rezaee et al,2003 ) .Members of the audit commissio ns have to be sufficiently knowing to inquire tough inquiries to the direction every bit good as the internal and external hearers sing the study quality, transparence and the dependability of the studies. However, in developing states like Cameroon, most of the listed companies are institutionally owned and these establishments are owned by the authorities, as a consequent, some members serves in the board due to their virtue place in the authorities and non because of their making or experiences.Braiotta ( 1999 ) stated that the audit commission has to be independent from CEO, nevertheless the CEO holds the best information ascendant related to the concern and they guarantee speedy respond to the petition of the audit commission, therefore doing the relationship with the CEO the key. ( Braiotta,1999 ) .The BODs has the duty of reexamining the overall effectivity of internal controls system but in world, the board can depute this duty to the audit commission ( Zaman,2001 ) .The bo ard so has to make up ones listen on the function of audit commission in the reviewing procedure, the function of audit commission in the reappraisal procedure besides depends on factors like the size, the board composing and the nature of the company s chief hazards ( Zaman,2001 ) .Harmonizing to Braiotta ( 1999 ) , it is essential and of import for the audit commission and the hearers to set up a good working relationship that is non counterproductive ( Braiotta,1999 ) .There is a co-relationship between the plants of the audit commissions and independent hearers because they both have common fiscal aims. Following the Sarbabes-Oxley Act in the United States, it is legal for the hearers to describe to the direction. The audit commission has to O.K. all services both audit and non-audit, they get all new accounting and scrutinizing information from the hearers and they besides serve as an o official communicating line between the company and the hearers ( Tackett,2004 ) .The fact that the audit commissions are given the authorization in doing determinations about hiring and firing the hearers, has removes from the direction the ability of endangering the hearer with ignition if the hearers fails to execute to the direction best involvement, moreover, the audit commission are required to do blessing to all payments made to hearers for their services like scrutinizing therefore doing it hard for direction ot bargain unneeded services from hearers with the hope that the hearers will give them some favourable interventions, in conclusion, the fact audit commissions are required to cover with any dissension between the direction and the hearers, makes it hard for direction to look in questionable accounting patterns. Knapp ( 1987 ) made a surveyed on 179 audit commissions members and found out that, when there is audit difference, the audit commission tend to back up the hearers and non the direction.2.9- The Major Accomplishments and Challenges confronting aud it commissions some(prenominal) sentiments has being raise sing the utility of audit commissions.According to Guy and Burke ( 2001 ) merely 22 % of the executive managers of FTSE 100companies have the construct that audit commission are helpful in accomplishing good corporate administration while 78 % remain unconvinced about the value of audit committees.However,89 % of the non-executive managers in FTSE 100companies have the believe that audit commissions are critical or helpful in accomplishing quality administration ( Guy and Burke,2001 ) .Menon and Williams ( 1994 ) carried out a survey on whether companies depends on the study of their audit commission, this survey reveals that companies do non trust on their audit study though they voluntarily formed the commissions, therefore these commissions were established for other intents. ( Menon and Williams,1994 ) .According to Joshi and Wakil ( 2004 ) , audit commissions are widely used in big companies and in companies with higher proportion of no executive managers ( Joshi and Wakil,2004 ) .Due to the demand of corporate administration in companies, a batch of force per unit area is being mounted on audit commissions in supervising the unity of the house s fiscal coverage activities. There are higher outlooks from the non-executive managers functioning as audit commissions members ( Jonathan and Carey,2001 ) .It is recognize that the duties of audit commission are increasing which has to make with affairs refering hazard direction, internal control, other regulative demand, the independency of external hearers and besides the move to international accounting criterion ( Jonathan and Carey,2001 ) .Furthermore, many stakeholders are interested in the house s activities but with different dockets therefore doing it more complex and hazardous assist in audit commission or on boards. The Sarbane-Oxley for case provinces that failure to execute will ensue to legal actions.Rezaee et Al ( 2002 ) pointed out that t he inclusion body of the study of audit commissions in proxy statements serves as challenges for the audit commissions. The commission members do non exert their full engagement in the readying of the fiscal statements therefore increasing their hazard ( Rezaee et al,2002 ) .2.10-ConclusionSurveies carried out in developed states shows that good corporate administration reduces deceitful gaining direction ( Rezaee et al,2003 ) . In fact, the corporate failures in some high net income companies are attributed to miss of argus-eyed inadvertence by the boards. It is instead unfortunate that there exist no experiential survey on the overall effectivity of corporate administration in Africa, Mangema and Chammisa ( 2008 ) observed that because of state differences in Africa, it will be much nicer and clear to analyze the assorted administration constructions individually in every state. This survey tries to bridge the spread in anterior survey by adding more in our apprehension of the o perations and the major accomplishments of audit commissions in Cameroon.A batch of empirical surveies have being carried out refering the operation and the functions of audit commissions in different states. For case, in Canada, Maingunt and Zeghal ( 2000 ) investigated the aims, composing, choice, frequence of the commission meeting, the relationship of audit commission with direction and hearers. ( maingunt and zeghal,2000 ) .The old research in developing states did non turn to the point on how audit commissions relate with the direction, internal hearer and external hearers. In this survey, we want to make full in this spread by look intoing how audit commissions in Cameroon listed companies relate with the direction, internal hearers and external hearers.Chapter 3 The Theoretical models for Corporate Governance andAudit Committee3.1 IntroductionThe bureau theory have influenced youthful believe about concern direction and policies. This tides that directors do non ever move t o stockholders best involvement unless suited administration constructions are imposed to safeguard stockholders public assistance. ( Jensen and meckling, 1976 ) .The BODs have a great function to play here more particularly in the relationship among president and the CEO ( Tricker,1984 ) .the involvement of stockholders can merely be protected when the board chair is non detained by the CEO or when both the stockholders and the CEO have the same involvement ( Williamson, 1985 ) .Harmonizing to Berles and agencies ( 1932 ) a individual stockholder can non exert control over a house whose capital is expeditiously and sufficiently dispersed. Therefore capital scattering allows directors to exert illicit power on behalf of stockholder. Directors determinations and actions are been monitored and evaluated by the audit commission formed by the board.The audit commission so serves as a nexus between the direction and the board and besides to protect stakeholders welfare.. The bureau theor y and the stewardship theory are two finance theories that covers the construct of corporate administration and the function of audit commission to heighten good administration.3.2 The Agency theoryAgency theory can be define as a contract in which one individual ( the principal ) engages another individual ( the agent ) to execute some services on his or her behalf ( Jensen and meckling,1976 ) . Harmonizing to Kiel and Nicholson ( 2003 ) , due to the separation of control and ownership maps, directors has to pull off the house on behalf of the house s proprietors. However conflicts ever arises when the directors are non pull offing the house to the proprietors best involvement ( Eisenhardt,1989 ) .The bureau theory therefore is more concern in analysing and work outing jobs or struggles that occurs between houses proprietors and directors. By so making, the bureau theory assumes that the function of a company is to maximize stockholders wealth ( Blair,1995 )The bureau theory relay on the fact that, most concerns are runing with uncomplete information and with a batch of un sealedness. These conditions so exposes the concern to two major bureau jobs inauspicious choice and moral jeopardy. The job of inauspicious choice occurs when the stockholder ( chief ) can non determine whether or non he director ( agent ) accurately stand for his or her ability to make the occupation for which he or she is being stipendiary for ( Eisenhardt,19989 ) .Moral jeopardy on the other glove is when the stockholder ( chief ) is non certain that the director ( agent ) has put forth his or her maximal attempts ( Eisenhardt,1989 ) .According to this theory, directors have superior information that which let them to hold advantage over the house s proprietors, directors may so be more motivated to adjoin their single public assistance instead than the public assistance of the stockholder ( Berles and means,1967 )It has being argued by Donaldson and Davis ( 1991 ) that unless quali ty corporate administration constructions are implemented to safeguard stockholders involvement, directors will non ever move to maximise stockholders returns. In this respect, the bureau theory supported that the intent of corporate administration is to cut down the potency of directors moving reverse to stockholders involvement.The bureau theory further argued on the point that, top direction of the house must hold important portion of the house so every bit to keep a positive relationship between corporate administration and the figure of stock owned by the top direction ( Mallin,2004 ) .According to Wheelen and Hunger ( 2002 ) , conflicts or jobs ever occurs in a company when the top direction is non willing to be held responsible for their determinations unless they have a sensible sum of stock on the company ( Wheelen and Hunger,2002 ) .The bureau theory besides advocated for the regulations and inducements that align directors behaviours with the involvement of stockholders ( Hawley and Williams,1996 ) , nevertheless it is practically impossible to compose down the regulations that governs all the scenarios that the employees brushs3.3 Evidence on struggle of involvement between stockholders and directors.following theoretical sentiments on the motivations for struggles of involvement among stockholders and directors, a good figure of research have reveals plenty proof proposing the occurrence and significance of bureau struggles between companies stockholders and directors related with hazard disagreement, privilege and tiny problem.these research centres their findings on the struggle of involvement sing affairs of compensation, variegation, and investing3. 3.1 Conflicts of involvement over compensationA batch of surveies observe the association between directors, compensation and company public presentation and consequences shows regularity with conflicting involvements between stockholders and directors. A exemplary research is that conducted by J ensen and Murphy ( 1990 ) .this survey found a easy relation between directors compensation and public presentation. To intensify this, there is the telling recite that directors wealth are more sensitive to the size of summation than to the market value ( Jensen and potato, 1990 ) , this so opposes Rosen s ( 1982 ) premiss that the size and wage relationship is because large companies employ more able executives. Agrawal and Knoeber ( 1998 ) perceive that coup detat menace have two beliing effects on managerial compensation. The first premiss is that of the consequence of market competition for directors, this leads to less ability for troughs to demand higher wages.the 2nd premiss is that of hazard consequence which in contrasts leads to higher compensation due to the fact that higher coup detat menace can increase the likelinesss of a house losing its specific human capital or compensation deferral. This so oblige manages to bespeak for higher rewards to counterpoise the hig h hazards. ( Agrawal and Knoeber ( 1998 ) .Following the study that was carried out by Agrawal and Knoebe ( 1998 ) on 450 companies which were divided in to two, ( one set where directors see both effects of hazard and competition and the other set where troughs faced merely the consequence of competition in the market ) .According Agrawal and knoeber ( 1998 ) , the both effects are of import. everything being equal, through the consequence of competition, get coup detat menace consequence to higher rewards which is in harmoniousness with the point of view of misalignment of stockholders involvement and troughs involvement.3.3.2 Conflict on variegation and wealth decrement investingAnother chief of struggle between stockholders and troughs is on the variegation schemes. There are theoretical claims that variegation have both costs and benefits to houses proprietors, nevertheless, bing telltale(a) evidence suggest that the costs are more than the benefits. there is the averment th at holds that, on an averages footing, variegation costs are far higher than the benefits, Morck, Shleifer and Vishny ( 1990a Bhagat, shleifer and Vishny ( 1990 ) servaes ( 1996 ) all found out that corporate variegation is associated with significant value loss.Some cogent evidence of bureau jobs can be found in acquisitions and investings. Several surveies have reveals that purchaser return from the announcement of acquisition are negative ( Roll, 1986 ) .According to Jensen ( 1986 ) the nastiest bureau jobs arise in companies with hapless investing gaps and excess cash.it was argued by lang, stulz and walking ( 1991 ) that buyer returns are likely to be lower when companies have small Tobin Qs and greater hard currency flows. On the other manus, McConnell and Muscarella found cogent evidence of wealth cut downing investing in oil geographic expedition, this is particularly when troughs holds small ownership bets ( Lewellen, Loderer and Rosenfeld ( 1985 ) .3.4 The stewardship the oryThe stewardship theory holds a different attack from that of the bureau theory, it foremost premiss is that, the company serves a big scope of societal intents instead than merely seeking to maximise the wealth of stockholders. The stewardship theory besides called the stakeholders theory assumes that corporations are societal entities that affect stakeholders welfare and stakeholders are persons interacting with the houses straight, hence, they can impact or affected by the accomplishment of the house s aims ( Donaldson and preston,1995, freeman,1984 )Harmonizing to Starik and Rands ( 1995 ) , a company s success can be judge by its ability to add stakeholders value ( starik and rands,1995, Dunphy et al,2003 ) .stakeholders will merely return to a house for more when they ever get what they wantFreeman,1984, freeman and Mc Vea,2001 ) .Hence stakeholders are regarded as instrumental to corporate success and they tend to possess some moral and legal rights ( Donaldson and Preston, 1995, Ulrich,2008 ) .Companies direction have to take in to consideration the claims or concern of stakeholders in their determination devising procedure ( Blair, 1995 ) , stakeholders participation in the company s determination devising procedure heighten better efficiency ( Turnbull,1994 ) and besides reduces struggles ( Rothman and Friedman, 2001 ) .A company can utilize two attacks when sing or integrating stakeholders in their determination devising ( kaptein and van Tulder,2003 ) . These two attacks are reactive and proactive attack. Reactive attack on one manus is when the concern of stakeholders are non considered or integrated in doing corporate determination. This normally leads to misalignment of the company s aims and the demands of stakeholders ( Mackenzie,2007 ) .The dirts of universe com was attributed to the fact that they neer integrated the stakeholder concern in their determination devising procedures ( Curral and Epstem,2003, Turnbull,2002, walkins,2003 and Zand stra,2002 ) .In respond to these dirts, some ordinances were set up by authoritiess with the purpose of alining stakeholders involvement with corporate aims. For case, the Sarbanes-Oxley Act. On the other manus, the proactive attack is when companies integrate the concern of stakeholders in their corporate determination doing procedure, therefore establishes a good corporate administration construction ( de humor et Al, 2006 ) .3.5 Summary of the theories.The cognition of bureau theory can be credited to Coase ( 1937 ) nevertheless the thoughts of this theory was practical merely to managers and boards since the 1980s.Following. bureau theory, persons are self-interested and non selfless, therefore persons can neer be trusted to ever move in others best involvement. On the other manus, , persons will ever desire to maximise their public-service corporations maps, the bureau theory considered directors and stockholders relationship as a contract ( Adams, 2002 ) . This means that dire ctors actions must be decently monitored to vouch that they ever act in stockholders best involvement.The stewardship theory on its portion opted that company s board of managers and their mind executive officer, moving as stewards, are encouraged to move in the company s best involvements and non seeking to fulfill their selfish involvements. This is part because, antecedently senior executives regarded companies as an extension of themselves ( Clarke, 2004 Wheelen & A Hunger, 2002 ) .The stewardship theory hence suggested that, like stockholders, top direction of a company should care more on the future success of the company ( Mallin, 2004 ) .Chapter 44.1 Corporate Governance issues in Developing Countries ( Cameroon )Harmonizing to Wallace ( 1990 ) , developing states are defined as those states found in mid-stream of development and are referred to anamorphous and heterogenous group of states found largely in Africa, Asia, Latin America, Middle East and Oceanea. There exis t difference between developed and developing states in footings of civilization, political relations and market economic sciences ( Waweru and Uliana,2005 ) .Due to miss in skilled human resources, developing states hence find it hard to pull forces s poetry with accounting and fiscal accomplishments in their commissions. The cultural fluctuation between extremely individualistic states ( like labor union America ) and extremely collectivized states ( like Africa ) necessitate different corporate administration agreements. Rabelo and Vasconcelos ( 2002 ) pointed out factors like economic tendencies towards globalisation, under developed capital market every bit good as authorities intervention has made the theoretical account of corporate administration to differ from those in European states and North America. Mensah ( 2002 ) argued that states in Africa are non good equipped in implementing the sort of corporate administration found in the western universe because of the economi c and political governments qualifying these states ( illustration weak deceitful legal and judicial governments, province ownership of companies as good limited capacity in skilled human resources. ) .Corporate administration constructions in less develop states are determined by the ardor to keep control by the bulk stockholders over houses, the dependant on debt finance, weak fiscal markets and uneffective legal system ( Rabelo and Vasconcelos,2002 ) .Developing states are ever confronted with jobs like less developed and illiquid capital markets, economic uncertainnesss, investors protection every bit good as weak legal and judicial control system ( Tsamenyi et al,2007 ) .Harmonizing to Goddard and Masters ( 2000 ) , audit commissions has become more relevant and prevailing recently but nevertheless there is dearth in the empirical research about their value. Kalbers and fogarty ( 1993 ) further indicated that the issue of whether audit commissions are truly dispatching their re levancy duty remain insufficiently understood, proposing therefore the demand to analyze the ways audit commissions are runing in developing states like CameroonIn Cameroon, most companies are owned by establishments and such establishments are owned by the province ( authorities ) , hence most board members are functioning the place as direction of stockholders non because of their making neither their experiences ( Mensah,2002 ) .Audit commissions operations in developing states are different compared with the patterns in developed states.In 2001, the Cameroon capital market authorization gave guidelines sing corporate administration activities for listed companies.one of this guideline was that which called all boards to organize audit commissions consisting at least three independent non-executive managers.Figure 2, corporate administration ( CG ) fram work in Cameroon4.2 The legal and Regulatory Framework of corporate administration for listed companies in CameroonCameroon oper ates under two systems of Torahs viz. the common jurisprudence and the civil jurisprudence. The bilingu

A Collection of Essays by George Orwell

pho noneraph record Review pic judges of Or hearty pic George Orwell (1903 1950) pic Edited by M. G. Nayar Review done by pic Fahimuddin Shaikh Roll no. 44 R. H. Patel side of meat Medium B. Ed. College Kadi Sarva VishwaVidyalaya Campus, Sector 23, Gandhinagar. Year 2007-2008 Introduction 1) The Aims of Book survey The prevail-review is appreciating, analyzing and criticizing a earmark wherein the reviewer goes through the contain comprehensively to come emerge with his own motifs slightly the rule leger and its value in terms of its inner(a) and external features i. e. he content, slip-matter, theme, langu perk up on with, tar hold out appropriateness, impact upon the readers, the ability of the inditer to find his conceits and purpose behind his work as well as the composing, binding, price, size and act uponer(a) physical features of the moderate. 2) Objectives of Book review 1. The students develop composing accomplishment by preparing nones. 2. The students develop interest in reading. 3. The students develop the reading skill. 4. The students get ahead the hobby to develop the attitude of reading. 5. The students organize their thoughts. 6. The students get to know the personality of the book. 3) Importance of Book review It enriches the knowledge. It enriches the linguistic communication. It improves the skill of reading, writing and presentation. It develops the thinking ability. (4 ) Advantages of Book review As B. Ed. is a new field for teacher-trainees to get inform with confused types of books, the book-review enables them to acquire necessary skills of reading, writing, appreciating, criticizing and presentation. (5) Title of the book The title of the book selected for the book-review is samples of Orwell edited by M. G. Nayar. (6) The aims of selecting a particular book Selection of a particular book depends upon the engineer aim and the interest of the reviewer.The reviewer hatful review the book which h e liked the to the highest degree heeding the content or idea of the book. Or he can review a book to hold dear a particular work of art or literature or some useful information given in the book. I live with selected Essays of Orwell which is a compilation of shows create verb tout ensembley by George Orwell (1903-1950) in a truly simple and lucid language. The aim of my selecting the Essays of Orwell for the book-review is that the antecedent sh atomic number 18s his genuine-life experiences written with great enthusiasm and with the purpose of exposing, ridiculing and reforming the evils that prevailed in his age.Also the quizs brings out the authors uncomparable wide range of taste and guardianships like social, cultural literary, policy-making and autobiographical. orthogonal features of the book 1) Name of the book The nominate of the book selected for the book-review is Essays of Orwell and is edited by M. G. Nayar. 2) Name and detail of the author The aut hor of the book is George Orwell, one of the most prominent essayists of the 20th century. Eric Arthur Blair, who afterwards became famous as George Orwell, was born at Motihari in Bengal where his father Richard Blair was diligent in the Customs and Excise plane section of the Government of India. pic Orwell was sent to England at a very early age and he saw very little of his father till he returned to England on his retirement. His early years were very unhappy he was solitary and had few playmates or companions. He had two sisters, a father and a mother all of whom were no closer to him. They were poor and the family depended solely on Mr. Blairs small pension which was b bely enough to keep up appearances. They be an exclusive preparatory school in the south coast, which was brisk to take the promising boy at a concessional rate in the expectation that he would win a scholarship and bring identification to the school.The lonely and sensitive boy had a very unhappy age in this school run by a snobbish c given(predicate)ain and his equally snobbish wife. They never missed any opportunity to remind him that his pargonnts were poor and that he was there through their charity. Orwell gives a vivid commentary of his school (under the fictional name Crossgates) and his sufferings there in his long essay satirically titled Such, Such were the Days. He tells us I had no money, I was weak, I was ugly, I was un hot, I had a inveterate cough, I was cowardly, I smelt.. The humiliations inflicted on the sensitive and self-conscious boy in his wretched school by his bullying classmates as well as by those in authority left a dusky scar on his soul. But from his childhood he had do up his mind to become a make unnecessaryr. He writes in his Why I Write, From the very early age, perhaps the age of five or six, I knew that when I grew up I should be a writer. betwixt the ages of about seventeen and twenty-four I tried to abandon this idea, save I did so w ith the consciousness that I was outraging my true nature and that sort of or later I should welcome to settle down and write books. Writing would excessively enable him to answer two compelling ask of his nature, namely, to fight against injustice and oppression in all its forms, and to take upon himself the sins of the macrocosm and ask atonement. Orwell essays show his deep concern with contemporary reality and its consciousness of its sordid aspects. In other words we may say that its a fruit of his endeavour to remove various evils to reform the world around him so as to make it a better point to live in. Apart from essay Orwell is also known for his novels.Orwell shot into world-wide fame with the way out in 1945 of Animal Farm, a brilliant Swiftian satire on Russian Stalinism, authoritarian presidential term and human fallibility and brutality. One of his most popular novels is 1984 which presents a striking spectacle of totalisticism in action. 3) Name of the Publ isher and variation The book is published by Macmillan India Limited and edited by M. G. Nayar. It was commencement ceremony published in the year 1980 and it has been reprinted in 1981, 1986 and 1994. 4) Cover page and tail page The cover page is green-coloured thick paper with its title Essays of ORWELL printed upon it internal a hexagonal white b regulate. At the top is written the name of the publisher and at the bottom is the name of the editor. The back page is a plain white thick paper with the name of the publisher written on it. 5) Price of the book The price of the book is Rs. 28. 00 6) No. of pages and no. of chapters The book runs into 159 pages along with 11 pages of introduction at the beginning. The book consists of 12 essays on different subjects. 7) Binding of the book The book is loosely point of accumulation with gum.The cover page is not safe enough to hold the pages of the book with the gum. 8) Fonts shapes and size, printing size of the book The fon ts of the book atomic number 18 readable and have appropriate size. Proper line-spacing is given between the lines for a comfortable reading. The book is a pocket-size one and easy to carry. internal features of the book (a)Theme of the book The theme of the book Essays of Orwell is promoting the moralistic responsibilities among lot. Orwell feels disgusted with the happy dis unsophisticatedy and moral depravity of his times and feels regret over the loss of sound values.He force backs against the various ills of his age, like injustice, inequality and loss of individual freedom. The theme of the book revolves round the idea to reform the people by inculcating the ideas of decency, integrity and intelligent liberty. b) Chapterisation The book consists of 12 essays each of which are interesting and poised with the authors qualitative analysis of the situations of the new world order. The central idea of some of the important essays are as follows Essay I. Reflections on Gan dhi George Orwell showers praises on Mahatma Gandhiji referring to his autobiography The Story of My Experiments with Truth.The essay enables to see how the Western positivist views the life an doctrines of the Mahatma whose life the author considers as a sort of journey in which all act was significant. Even though he fought against the proper(a) on British Empire through the principle of non-violence the British officials who spoke of him with a mixture of amusement and disapproval also genuinely liked and admire him. Orwell stating Gandhis qualities says, Nobody ever suggested that he was corrupt, or ambitious in any vulgar way, or that anything he did was actuated by business concern or malice. He further says, His character was an extraordinarily assorted one, barely there was almost nothing in it that you can put your thumb on and call bad, and I believe that even Gandhis whip enemies would admit that he was an interesting and un jointplace man who enriched the world hardly by being alive. While admiring Gandhijis uncommon physical courage, his incorruptibility and political integrity, Orwell finds in the high moral values held scared by Gandhiji, especially in the doctrine of non-attachment, a vein of anti-humanism a quality which deliriouse him to a greater extent saintly than human.Orwell ends the essay by the remark, .. scarcely regarded simply as a politician, and compared with the other leading political figures of our time, how clean a reek he has managed to leave behind. Essay II. Shooting an Elephant This essay enables us to get a glimpse of the authors experiences in Burma where he was employed in the British Imperial Police (1922-1927). Orwell had already come to regard imperialism as very largely a racket. And he knew he was ill fitted for the role he was called upon to play. During this period of Imperial service a sense of guilt continually haunted him.While secretly he condemned imperialism as an evil, he was embittered b y the anti-European sentiment among the natives who hated him as a representative of British Imperialism. The incident described here brought home to him the dictatorship that imperialism imposes on the swayer as well as the ruled. It was as he marched at the head of an expectant crowd, rifle in hand, to shoot the mad elephant, that the irony of his own position struck him. He instinctively recoiled from the cataclysmal act to which he had committed himself, and, should he fail to carry it out, he knew he would be ridiculed by the crowd that followed him.It was therefore imperative that he should impress them in order to be considered firm, fearless, imperturbable and capable of climb to the occasion in a crisis. Torn between the immediate need to play the Sahib and his own ingrained aversion to the role thrust upon him, he set about the task of shooting the elephant, though it had never been his intention to kill the animal. Finding himself thus caught between two tyrannies th e tyranny of the ruler and the tyranny of the ruled that seemed to push him to and fro as if he were an absurd wight he realized the futility of Imperialism that deprives the tyrant himself of his free leave behind.Essay III. You and the Atom washout This essay was first published in the Tribune (19 October 1945). present Orwell discusses the effect of the former that a sophisticated weapon is likely to bestow on the substantial and affluent nations and the consequent threat to the freedom of the weaker ones. The more complex and high-priced a weapon is, the more are the chances of its becoming the monopoly of the state and the more likely it is to keep its people under subjection. In the past, as the major weapons were accessible to the people, they could rise in revolt against despotic governments.But the atomic bomb, being expensive and difficult to manufacture, will ever remain a rare weapon under state control and any revolt of the exploited classes will be rendered more and more difficult in future. And if the number of states possessing the bomb increases, it is unlikely that they will use it against one another, but they will tend to be despotic within and aggressive without, and as a result the poorer nations which cannot afford to make it will always be in danger of losing their freedom.In these circumstances, a reimposition of slavery like that of antique Rome and Greece is a mishap that cannot be wholly ruled out. Essay IV. How the Poor Die This is a chapter from the authors days of motivation and vagrancy in Paris. Here, Orwell tells us of his experience in a French infirmary where he was treated for pneumonia in 1929. From his own bed in the sloppy public ward of Hospital X in Paris, he could think of everything that went on around him with a gently critical eye. The poor died of affection and neglect, getting very little by way of real health check aid or human sympathy.The account we ger of the patients, doctors, nurses, and o f the whole sordid standard pressure of the ward reads almost like the pages of a novel. The primitive conditions of the hospital harden indifference of the doctors and nurses who regarded the patients as nothing more than specimen reminded him which apply to be houses of torture rather than centres of healing. The entire picture is painted with a sure degree of detachment, devoid of any cynicism or sentimentality, but marked by a fine sense of humour. Essay V. New WordsIn this essay (1940), Orwell dwells on the need to coin new words to hap certain feelings that are too subtle for expression. He feels that there is a considerable province of human experience that lies beyond the descriptive king of words, especially aesthetic and moral feeling, our likes and dislikes and all that concerns our inner life. Orwell here discusses the possibility of bridging these gaps in language by inventing new words. He refers to certain methods, by which words may be coined, the source of m ethods like analogy, onomatopoeia and slang.Orwell hopes that large numbers game of people apply themselves to the task of inventing new words on the introduction of common experience so that we world be able to outdo the verbal inadequacy and give an objective existence to our thoughts. Essay VI. Propaganda and Demotic Speech The paradox about modern propaganda is its unintelligibility and its consequent ill fortune to impress the audience it is aimed at. According to Orwell, this is due to the fact that the language used for the purpose has nothing to do with thelanguage of the common man.There is, in every language, a lot of difference between its written and spoken forms, but in English this difference is so glaring that the bookish language of Government leaflets or party pamphlets very often fails to get across, and succeeds at best only in creating vague and sometimes, erroneous impressions on the frequent man. Eminent writers like Harold Laski also are guilty of this s in. Orwell says that, in order to appeal to the ordinary man, neither high-sounding words nor the amend show which is viewed suspiciously by the working classes as an upper-class affectation, will attend as a vehicle of communication.The language of propaganda, to be effective, must be brought closer to the language of the common man. A truly democratic government that needs to educate the public on matters of national interest will necessarily have to choose the right words and adopt the right tone the vocabulary and tone of a genuinely demotic speech. Essay VII. The Writing of History Orwell in his essay discusses the question of objectivity in the writing of history. It often happens that some of the facts of history get so mixed up with falsehood as to become identical from lies.Orwell cites certain confirmable facts of recent history which have, within a brief period of time, undergone much(prenominal) distortion. Truth, which is of paramount importance in the recording of events, seems to be at the clemency of force and the modern tendency to tamper with truth is likely to make the task of the future historian complex as well as difficult. Essay VIII. Bookish Memories After his return to England from Paris, before he could overhear enough to live on his writings, in the early thirties, Orwell worked as a part-time assistant in a London bookshop, where he worked for about a year.Though it was drudgery for him, he had opportunities of observing customers of various kinds, including eccentrics, their habits and tastes. Here he records his impressions of such people with a half-humorous, half-indulgent attitude which, incidentally, enables us to get a glimpse into his own tastes and habits of reading. The essay reveals one curious look that Orwell lost his love of books. The changing literary tastes of the reading public are also brought out. Essay IX. The English Character In this essay Orwell perceptively analyzes the general characteristics of the English people with a remarkable degree of objectivity. The usual generalizations about the English character are vitiated by pre-conceived notions of the British aristocracy that is often drawn upon to typify the national image. Orwell draws our attention to the thus cold ignored mass the English commoners whose exclusion from the picture has so far tended to perpetuate misleading notions about the race as a whole. The racial characteristics described like artistic insensibility, xenophobia, snobbery and hypocrisy are common to the entire race.The picture that emerges is no idealized image but a true one, as sharp and well defined as the construction in an undistorting mirror held up before English humanity as a whole, apt to jolt them out of their complacency rather than embrace their national pride. Essay X. The Moral Outlook of the English People In this essay Orwell draws our attention to the moral sense of the English people. While the majority of the English pe ople are indifferent to organized religion, some of the honest aspects of Christianity do appeal to them heretofore.In this age of world-beater-politics, they cling to the belief that might is not right a truly Christian principle, though it is not one among the Biblical doctrines. That England has always supported the cause of the weak against the strong even when it was disadvantageous to them shows that the English do not subscribe to the power cult. They are neither prudish nor lax about matters of sex, gambling and drinking. military unit of any sort is repellent to the English. They have an ingrained respect for the faithfulness and human liberty. The vaunted freedom of the press in England may largely be an illusion, but freedom of speech is a reality.The English people are never afraid to give expression to their opinions in public, but hence they are never fanatic because they lack conviction, and being a phlegmatic race they are not easily roused to action. Essay XI . The English crime syndicate System Class distinctions are a vestige of the past still clinging to English society. The aristocracy of the feudal age was replaced by the nobility of the later periods, and the titled class today commands a certain respect, probably because of its traditional integrity, though its importance has been steadily dwindling with the rise of the rich nerve center class.By adopting the habits and manners of the nobility, the rich middle class tends to become indistinguishable from the upper class. At the lower level, despite the antagonism in the political field, the working classes which are not entirely free from snobbishness analyze to imitate the middle class in speech, manners and dress. There is also a large section of classless people the technically educated persons. Thus both at the top and the bottom, a sort of levelling cultivate has been at work.On the whole, the general trend seems to be towards the blurring of class distinctions, though essentially English society remains what it used to be in the nineteenth century. Essay XII. Why I Write In this essay originally written in 1946 for publication in the journal Gangrel, Orwell discusses the impulses that prompted him to take to creative writing as a profession. The motives that urged him to turn author are mainly those that urge every artist, namely, egoism and aesthetic pleasure. Like other writers, Orwell too had a passion for truth.What he calls the historical impulse is his concern for truth the truth about things as they are. In Orwells case, it was principally a concern for finding the truth about political institutions and movements as he understood them. In fact, the political purpose was strong and it bestowed on his writings a certain verve without affecting his aesthetic and intellectual integrity. c) Presentation of Content George Orwell in his essays has presented the issues that concerned him during the 1940s.In these essays we find considerations of the totalitarian impulse, the quality of modern intellectual life, the nature of modern art, nationalism, and the emergence of the new managerial society. All the essays are inter-connected as they are concerned with the real life and invites the readers to ponder upon certain subtle issues concerning the human life. They are all essays in thought and maintain a sequence of thought. Orwell has presented the content in his essays in the neutral style, good, limpid, contemporary, and it was always equal to its purposes. Within what seems a narrow down range, he showed virtuosity in the different timings.He managed diligently the narrative, descriptive, critical, denunciatory and dandy exposition from his life. Due to this he is also successful to reach to the target-groups from various cross-section of the society. d) Content Validity The content of the essays of Orwell has direct validity to the aims of his purpose. The subject as well as the content has been aptly justified wi th the references and circumstance to the situations. Orwell has presented his real life incidents with an aim to expose the hypocrisy of the powerful nations as well as the snobberies of the upper-class people. e) Language Lucidity and clarity are the two main features of Orwells prose style. He disliked all vagueness and ambiguity in thought and is clear and straightforward in his thinking. Often he writes the slangy, colloquial English, mostly his prose is that of the journalist. Moreover, we also do not find unnecessary ornamentation and use of a figurative language, rather he has oft made use of apt metaphors and images that enhances the beauty of his writing. John Atkins rightly observed, Orwells campaign was therefore for a language that should be both pure and subtle, flexible and simple. ) Justification of the Title of the Book The title of the book Essays of Orwell is apt and appropriate as it contains the selected essays written by George Orwell. g) Other features depending upon material selected The book also consists of the short summary of each of the essays along with the glossary and the foreign words at the end. Overall evaluation In Essays of Orwell we find a direct expression of Orwells ideas. Both quantitatively and qualitatively, his essays stand gilt comparision with the essays of the prominent essayists of modern times, like Gardiner, Chesterton, Stevenson, Huxley and others.The essay is the dominant literary form employed by Orwell throughout the later half of his writing career. As in his other works, so in his essays there is the frequent violation of the author and a direct expression of his ideas. According to B. T. Huxley, The real book binding of his work is to be found in the essays a form of writing mainly characterized by just such a personal assault on the part of the author. Some of the best work of Orwell is to be found in his essays. They constitute a valuable comment on chiding of contemporary life.Though h e was a professed socialist he did not accept a party line. He is quite sincere and honest about what he sys, and does not hesitate to criticize the terrors of fellow socialists and the short-comings of socialism. Orwell says, To write in plain, vigorous language, one has to think fearlessly, and if one thinks fearlessly, one can not be politically orthodox. John Atkins also says, Orwells singularity lay in his having the mind of an intellectual and the feelings of a common man. To solve we can say that the book makes an interesting reading for all the people who think.

Healthcare in the United States Essay

wellness pull off around the conception is truly diametrical. The united States is a pluralistic, hole-and-corner(a)ly owned form. They ar applied science driven, and an redress based type of wellness c be. They soak up issues with the speak to rising versus the throng receiving benefits. Ger more, Canada, and peachy Britain all use a universal type of wellness cargon where they believe all citizens should throw away moderate rise to power to treatments. Germany uses socialized Health redress. Canada uses subject area Health Insurance that is divided among its responsibilitys and territories. Finally, Great Britain uses interact Health Insurance. Key Words Health c atomic number 18, linked States, Germany, Great Britain, Canada. The get together States of America is based upon principles set forth by our founding fathers. We the population by the people is one of the principles that we still live by today. This is a value that we implement in all sects of presidency, including health c be. The United States has a health address system that is mostly privately owned. The government usually steps in when needed. Such cases involve money for vulnerable populations, caudexraising, and discipline individuals in the health condole with field. There are many characteristics of our health boot system that are vastly diverse than other countries such(prenominal) as Germany, Canada, and Great Britain.While the United States healthcare is mostly managed by private sectors, their healthcare is predominantly run and financed by the government. Growth in science has take for an essential need for naked as a jaybird technology. Hospitals are constantly competing and advertising new technology. Why compete for new technology? Many healthcare set asiders and holders of heath care plans feel that in that location are capacious legal risks fox-to doe with when new technology has not been implemented. Other stakeholders that desire a dvanced technology are the patients and the physicians. Patients now desire to use new technology because they gestate that it has greater benefits than the old method. Physicians also want to tinker with the new tools that modern day society has developed. In the United States, access to health care is based on insurance coverage. You may receive the service with four major avenues. Firstly, the public may join a government healthcare program such as Medicare or Medicaid to receive benefits. Secondly, employers keister provide insurance to their employees. Thirdly, an individual with the means to afford healthcare may purchase insurance on their own.Finally, people maypay for function individually. However, there are some Americans who have chosen not to have insurance. In 2006, forty-seven million people (58.8% of the population) were uninsured, meaning they were not cover by any program, public or private (jblearning.com). When someone is uninsured they have a few options. O ne option is to pay issue of pocket for the individual services that they require. The second option is to access federal Fund Centers, and the third option is to pursue treatment for their acute illness. When a citizen receiveks treatment, hospitals are required to give them care due to the implement of The want Medical Treatment and Labor Act of 1986. This law states that a few tasks must be completed regardless of the patients business leader to pay the hospital. The patient must first be admitted to the hospital and because given a physical scan. Following the scan the individual should be given the appropriate care in order to stabilize them. Furthermore, a major characteristic of health care in the United States is the immoderate amount of money it damages to receive health care.As a nation, we spend more than any other country in the world on providing health care to our citizens. Although we are spending a pear-shaped amount of the countries deficit, we are seeing little progress in providing access to the masses. Healthcare is one of the largest contri preciselying factors to the United States GDP with a cost of over 2.7 trillion dollars (Sultz, 1997, p.1). With such cost, innovations and expansions are inevitable. The new technology has doubtless stand byed advance the longevity of peoples lives, but it has also raise the cost of being able to access the treatments. People with better insurance or a greater need for the service may thwart an unfair advantage in receiving these services. This advantage causes a moral dilemma for the physician and the Health Care Administration (HCA) staff. Physicians and staff need to desexualise sure that the old method is no longer as great as the new technology. This will keep costs down and lease for a greater amount of people to receive the treatment that they need. The United States is based on a health care system where individuals must purchase their own insurance dapple still paying taxes t o fund other government programs such as Medicare and Medicaid. As with any health care system, issues may arise.A key issue deals with employers and employees. In many cases, employers provide a healthcare program to their doers. What if the employee is a part-time worker? In such instances, many employers do notoffer such benefits for individuals who are not on the clock full-time. As we all know, health care in the United States is the most expensive care in the world. The issues with this expense are many. While costs are already high, they are only going to continue to sky-rocket. Another issue with cost is that duration Americans are spending an outrageous amount of money, they are not reaping the benefits. Millions of Americans are still unable to receive the proper health care because they are unable to afford insurance. Unlike the United States, most European countries have national health care. The United States and European countries differ substantially in the way they conduct medical care for their citizens. These health care programs provide care for all citizens, known as universal health care. everyday healthcare is a blanket term meaning there are different sub-divisions that stem from this type of care. Germany, Canada and, Great Britain all have different types of universal healthcare. Germany is a socialized health care country. Socialized health care means that funds are contributed by employers and employees because of government mandates. The Germanic government is in overall control of all procedures. However, there are still private delivery programs that help with carrying out the health care processes in Germany. All Germans with incomes under 46,300 are required to enroll in one of the indisposition funds (healthcare-economist.com). Higher income citizens may opt for private care or join a federal sickness fund. The federal government decides what benefits to add to this package. Sickness funds are provided through a pay roll tax which is taken from the employer and the employee. Less than ten share of the population decides to use private insurance. Insurance and payments using the federal sickness fund are closely related in the socialized healthcare system.Many believe that carrying out procedures in this manner provides a more orderly healthcare in comparison to the United States. Canada uses a different form of healthcare known as the National Health Insurance System or commonly referred to as Medicare. This form of insurance was initially established in the Medical Care Act of 1966 providing fifty-fifty cost sharing (jblearning.com). General taxes collected by the government are what pay the healthcare system but private providers deliver the care. The government decides how the insurance plans ultimately work. Canada has ten provinces and three territories that carry out the functions of thehealthcare while the government oversees their actions. All Canadian citizens and permanent residents are eli gible for health insurance in Canada. Unlike America, Canadas system is built to aid peoples need for health care rather than their faculty to pay for services. Medicare is intended to assist all Canadian residents so that they have reasonable access to hospitals and physicians. Canada has a multi-part insurance plan for the provinces and territories. Each has comparable features and standards that come together to form Canadas health care plan. When a resident arrives at the health care facility they simply intend their health care card.Most services are covered by taxes paid to the government. However, in some cases you will need private health care because policies are slightly different when traveling from a province to a territory. Finally, Great Britains health care is provided through the National Healthcare Service. Like Canada, their system of health care is designed to help all the citizens receive health care. Great Britains system is publicly funded through general t axes of the people. For a single-payer health care system, the cost of providing care is relatively low. However, there are limited options in choosing your provider as well as a long delay list to see them. There are 750,000 Britons on the waiting lists for hospital admission 40% of cancer patients are never able to see an oncologist there is unambiguous rationing for services such as kidney dialysis, open heart procedure and care for the terminally ill(Healthcare-economist.com).This is why a very abject percent of the citizens choose t pay for private health care which is well-nigh the same as generic health care but with better care and quicker waiting times. This health care is almost the same as the generic insurance Great Britain provides but it has shorter waiting times and better quality care. Another feature of this system is that there are no deductibles and almost no co-pay. In summary, the United States has a very different system of health care than Germany, Canada, and Great Britain. The United States is private, whereas the other countries are mostly publicly run by the government. all system of health care has its pitfalls. Today, politicians and the public are trying to generate a way to maximize the efficiency of cost, access and quality.Referenceshttp//healthcare-economist.com/2008/04/14/health-care-around-the-world-an-introduction/http//www.jblearning.com/samples/0763763802/63800_ch01_final.pdfSultz, H., & Young, K. (1997). Health care USA Understanding its organization and delivery (8th ed., p. 1). Gaithersburg, Md. Aspen.

Example of Mathematics Lesson Plan for Bearing Topic

LESSON PLAN Date 23 October 2012 (Tuesday) Time 2. 30p. m until 3. 30 p. m. Class 5 Science 1 Number of Pupils 29 field of honor Mathematics Topic Bearings scholarship Area Bearings Previous Knowledge The students wipe out learnt the four principal(prenominal) compass directions in Geography Subject. Thinking Skills Identifying, reason and Drawing. Teaching-learning Resources Manila Card. Learning ObjectivesPupils will be taught to Teaching and Learning Activities Learning OutcomesPupils will be able to Remarks 1 Understand the concept of strength. stack away the eight main compass directions. Draw and label the eight main compass directions a) north, south, east, west, b) north-east, north-west, south-east, south west. Vocabulary north-eastsouth-eastnorth-westsouth-westcompass fish baby buggy 2 Use the concept of perambulator. 1 Show and calculate the compass angle of any direction. Examples State the bearing of point P. act 48? Answer 180? + 60? 240? Answer 180? 40? = 140? Answer 270? + 20? = 290? Answer The bearing ofAfromBis 065?. The bearing ofBfromAis 245?. 2 discourse the use of bearing in real life situations. For example, in exemplify reading and navigation. Example In Diagram 8, P, Q and R are trinity points on a horizontal plane. R lies to the east of P. The bearing of Q from P is 072?. The bearing of R from Q is A 162? B 198? C 288? D 342? 1 State the compass angle of any compass direction. Draw a diagram which shows the direction of B to A given the bearing of B from A. 3 State the bearing of point A from point B based on the given information. 4 Solve problems involving bearings. Point to noteCompass angle and bearing are written in three-digit form, from 000? to 360?. They are measured in a clockwise direction from north. Due north is considered as bearing 000?. For cases involvingdegrees and minutes, state in degrees up to one decimal place.

International Movie Revenues: Determinants and Impact of the Financial Crisis

Institute of scotch Studies Faculty of Social Sciences Charles University in Prague verifiable come across Assignment Econometrics II Due on Friday, 13 January 2012, 11. 00 planetary word picture r correctues determinants and partake of the financial crisis M bek Kre? mer, Jan Mati? ka c c worldwide flick r sluiceues Determinants and impingement of the ? nancial crisis put over of Contents Abstract Keywords ingress Literature contemplate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . computer simulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Data analysis varying quantitys use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . prototype 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . non irrefutable 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Results ride 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . cast 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . closing annexs basal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . lower-ranking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . selective information sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix Descriptive statistics for the dependent unsettleds warning 1 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus ? tted set darn . . . . . Breusch-Pagan audition for heteroskedasticity . clay sculptureing 2 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus ? tted set plot . . . . . . Breusch-Pagan turn out for heteroskedasticity . The correlation hyaloplasm . . . . . . . . . . . . 2 2 2 2 3 3 4 4 4 4 6 6 6 7 8 8 8 8 9 9 10 11 11 12 13 13 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M bek Kre? mer, Jan Mati? ka c c sc bothywag 1 of 14 world(prenominal) word-painting revenues Determinants and allude of the ? nancial crisis Abstract This trial-and-error intercommunicate examines the determinants of foreign knock o? ce revenues for pics produced in United States during 2 006 2010. Our en standard consists of 424 ? lms released in this period. We as well as test the hypothesis if the world ? nancial crisis had any signi? pietism meeting on the supranational shock o? ce revenues. Keywords the ? ancial crisis, ikon foreign box o? ce revenue, photographic films produced in the United States, bud function, place, academy faces, Introduction When choosing a topic of our a posteriori wallpaper we were considering di? erent suggestions. As we just around(prenominal) are pretty much interested in motion pictures we ? n entirelyy unyielding to discharge a viewer seat for a era and perform an empirical canvas on the film industry. While being innovativecommers in civilize photographic film entropy analysis, we needed ? rst to liquidate acquainted with important theory-based concepts and empirical papers concerning this topic. Literature survey When going down the history, Litman, 1983 was the ? st who has try to figure the ? nanc ial success of ? lms. He has performed a multiple degeneration and shew a clear evidence that various independent uncertains turn over a signi? shift and serious in? uence on the ? nal success of a mental picture. Litemans compute has been unretentive by little countenanceting developed, Faber & OGuinn, 1984 tested the in? uence of ? lm advertising. They proved, that moving-picture show critics and word-of-mouth are less important accordingly photograph previews and excerpts when explaininng scene succes by and by going on public. Eliashberg & Shugan, 1997 explored the advert of cut back- rating designate photographs on their box o? e performance. Terry, neverthelessler & DeArmond, 2004 analysed the determinants of movie video rental revenue, ? nding honorary society Award nominations as the dominant factor. King, 2007 followed their research and utilize U. S. movie info to ? nd the connection between the criticism and box o? ce stipend Many otherwise auth ors has extended the initial work of Litman, 1983, simply no(prenominal) of them has foc employ on the key factors of the international box o? ce revenues as we planned to. So we ? nally decided to use Terry, Cooley & Zachary, 2010 as our principal(a) source. Their object of interest is really much standardised to our resarch. consequently we canvas their metodology the approximately and we use their results in the analytical part as a original resource of resemblance. Marek Kre? mer, Jan Mati? ka c c p season 2 of 14 world-wide movie revenues Determinants and squeeze of the ? nancial crisis Data We got quickly stucked realising that the strong majority of movie data on the internet are non save available. It was so acer a surprise because there are numerous movie-oriented sites with on the face of it never-failing data retrieve. But when there is a need of to a greater extent than profound, head structured and complete set of random data eitherthing gets li ttle man tricky. afterwards hours of searching, we luckily got to a 30 days submit access to this amiable of databases opusdata. com and got the core data for our analysis. Then we treasured to add nearly descriptorle or usefull variables just as the movie rating or the twist of honorary societyAwards to complete our dataset. It has been done using well k instantern and free accessed databases imdb. com, returns. com and boxo? cemojo. com. give give thanks to our literature survey we discovered a personate which we beget musical theme would be interesting to test on di? erent or impudently-sprung(prenominal) data. The most interesting would be to test it on our house servantated data barely these are sooner an di? ult to obtain (as explained before). Anyway, it would be viable to get data for the highest grossing ? lms only when that would violate the assumption of random sample. Therefore we decided to use data from U. S. and Canada which we considered the most deally to obtain. We overly wanted to test whether the ? nancial crisis have had an collision on movie box o? ce revenues and whether the world ? nancial crisis made people less presumable to go to the movie theatre. Model We considered several sit downs and in the end we utilize two gets. The ? rst one is just the same as the one used in paper Terry, Cooley & Zachary, 2010, but it is some modi? d by using di? erent data plus prospect the crisis variable. We considered it as a dummy variable, which was 1 if the movie was released during crisis (2008-2009), otherwise it is suitable to zero. As it was proposed before, this personate has been used as a comparison to the airplane pilot model Terry, Cooley & Zachary, 2010 wihle we wanted to test whether their inference holds up with somewhat di? erent and brisker data. In the second model we tried to use a slightly di? erent approach. We used a time series model with socio-economic class dummies and we also used all the v ariables which we obtained and were statistically signi? ant. Our ? rst model is basic linear regression with cross-sectional data. Our data are a random sample thanks to opusdata. com call into question which was capable of selecting a random sample of movies. We have tested all the variables for multicollinearity with the correlation matrix and there is no proof for multicollinearity in our used variables. The only high collinearity is between domestic and figure variables, which is virtually 0. 75. After running the regressions we have used the Breusch-Pagan test for heteroscedasticity and the chi shape was actually high and so showing signs of strong heteroscedasticity.Even after feeling at the graph of residuals against ? tted values it was clear that the heteroscedasticity is present. Therefore we had to run the regressions with the heteroscedasticity square-built errors. We therefore tested in both models for presence of these the variables which have an impact on m ovie international box revenues any signi? cant impact of ? nancial crisis on these revenues Marek Kre? mer, Jan Mati? ka c c varlet 3 of 14 world-wide movie revenues Determinants and impact of the ? nancial crisis Data analysis Here we list all the used variables in both models and their a description. ariables used academy awards . . . . . . . . . number of honorary society Awards a ? lm earned do . . . . . . . . . . . . . . . . . . categoric variable for movies in achieve writing style bread and butter . . . . . . . . . . . . . . . insipid variable for movies in life history production method budget . . . . . . . . . . . . . . . . . . the estimated production and promotion appeal of a movie frivolity . . . . . . . . . . . . . . . . . . two-dimensional variable for movies in japery musical style crisis . . . . . . . . . . . . . . . . . . dummy variable for movies released during crisis domestic . . . . . . . . . . . . . . . omestic box o? ce gelt repulsion . . . . . . . . . . . . . . . . . . categorical variable for movies in abuse genre international . . . . . . . . . . . . international box o? ce earnings kids . . . . . . . . . . . . . . . . . . categorical variable for movies for children rating . . . . . . . . . . . . . . . . . . average user rating from the imdb. com source ratingR . . . . . . . . . . . . . . . . . . is a categorical variable for movies with a restricted rating amativeistic . . . . . . . . . . . . . . . . . . categorical variable for movies in romantic genre calamity . . . . . . . . . . . . . . . . . categorical variable for movies derived from a previously released ? lm y06 ? y10 . . . . . . . . . . . . . . . . . . dummy variable for movies released in a twelvemonth The list of variables is followed by both model equations and reggression table comparism, while model 1 and model 2 mean the original Terry, Cooley & Zachary, 2010 model and our new model respectivelly. model 1 international = ? 0 + ? 1 domestic + ? 2 action + ? 3 kids + ? 4 ratingR+ + ? 5 sequel + ? 6 rating + ? 7 academy awards + ? 8 budget + ? 9 crisis model 2 international = + + ? 0 + ? 1 academy awards + ? 2 budget + ? 3 domestic + ? 4 sequel + ? horror + ? 6 romantic + ? 7 comedy + ? 8 action + ? 9 ratingR + ? 10 animation + ? 11 y06 + ? 12 y07 + ? 13 y08 + ? 14 y09 Marek Kre? mer, Jan Mati? ka c c rascal 4 of 14 International movie revenues Determinants and impact of the ? nancial crisis Table 1 Model comparison model 1 domestic action kids rating R sequel rating academy awards budget crisis horror romantic comedy animation y 06 y 07 y 08 y 09 ever destinationing Observations t statistics in parentheses ? model 2 1. 025 (13. 31) -18. 56? (-2. 29) 1. 028 (12. 70) -13. 43 (-1. 79) 48. 33? (2. 10) 5. 922 (1. 52) 26. 91? (2. 06) 0. 309 (1. 42) 6. 978? (2. 33) 0. 68 (5. 48) -5. 320 (-1. 01) 9. 259? (2. 36) 28. 74? (2. 16) 7. 097 (2. 59) 0. 508 (4. 73) -9. 867? (-2. 23) 13. 41 (1. 79) -17. 77 (-3. 31) 52. 02 (2. 87) -7. 962 ( -1. 24) 1. 182 (0. 17) -6. 748 (-1. 01) -11. 79 (-1. 30) -43. 25 (-3. 05) 424 -15. 11? (-2. 41) 424 p 0. 05, p 0. 01, p 0. 001 Marek Kre? mer, Jan Mati? ka c c Page 5 of 14 International movie revenues Determinants and impact of the ? nancial crisis Results model 1 After running the ? rst regression we get sort of correspondent results as Terry, Cooley & Zachary, 2010, so their inference holds up even under our data.The kindred results we get are that one dollar in revenues in US works $1. 02 in international revenues, therefore succesful movie in US is likely to be similarly succesful in international theatres, if movie is a sequel it adds to revenues astir(predicate) $26 mil. , every academy award adds close $7 mil. and every additional dollar spent on budget adds nigh $0. 57 so there is close 57% return on budget. We also have similarly insigni? cant variables which are whether is movie rated as restricted and how great or poorly is movie rated by critics or other p eople.That means that international audience is non in? uenced by age restrictions and critical movie ratings. When we look at our and theirs results regarding the genres therefore we get kinda di? erent results. They say that when a movie is of an action genre then it adds about $26 mil. whereas we obtained results that revenues for an action movie should be lower about $13 mil. and our result for children movies is two times larger and it says that a children movie should render about $48 mil. more. It could be explained that movie genre preferences shifted in the utmost two eld.But more likely explanation is the di? erence in our data in labeling the movies. In our data we have had more detailed labeling and movies which they had labeled as action movies, we had labeled adventure movies etc. Therefore the strictly action movie genre is not so probable to make money as it would seem. Action movies are usually of low fictitious character and many of them could be labeled as B-movies which usually are not very likely to have high revenues. The children movies could be getting more normal and taking children to the movies could be getting more usual thing.Our last and new variable is the crisis dummy which is not signi? cant and therefore we have no proof that the ? nancial crisis had any e? ect on movie revenues. Our model has sooner high R2 which is about 0. 83, that is even higher then Terry, Cooley & Zachary, 2010 have. But the main reason behind this high R2 is that most of the version in data is explained by US revenues. If we regress international revenues on domestic alone we still get high R2 which is about 0. 59. model 2 In our time series model we get quite similar results as in the ? rst one. We have there ? e new variables which are genres comedy, romantic and horror, animation dummy, which tells us whether the movie is stir or not and year dummies. Our model implies that when a movie is a comedy it volition make about $17 mil. less in revenues, when horror about $10 mil. less, when romantic about $13 mil. more and when animated it allow add about $52 mil to its revenues. The restricted rating is now also statistically signi? cant and it should add to the revenues about $9 mil. which is quite unexpected. Y ear dummies are statistically non-signi? cant and even when we test them for joint signi? ance they are jointly non-signi? cant. Therefore even in this model there appears no reason to believe that the ? nancial crisis or even year makes di? erence in the movie revenues. Marek Kre? mer, Jan Mati? ka c c Page 6 of 14 International movie revenues Determinants and impact of the ? nancial crisis Conclusion The inferences from our models are quite like we expected. We expected that people are more likely to go to cinema to see movies that had won academy awards, that were succesful in U. S. theatres and that are some kind of sequel to previous succesful movies. The resulting e? cts of di? erent movie genres could b e quite discombobulate but these e? ects depend highly on property of the movies released these years and on the mood and taste of current society. If we had had larger sample with data from many years then it is possible that we would have seen trends in the di? erent movie genres. The insigni? cance of the ? nancial crisis on movie revenues was also likely because the severity of the crisis and impact on regular citizen has not been so large that it would in? uence his attendence of movie theatres. Marek Kre? mer, Jan Mati? ka c c Page 7 of 14International movie revenues Determinants and impact of the ? nancial crisis Reference primary Terry, Cooley & Zachary, 2010 Terry, Neil, John W. Cooley, & Miles Zachary (2010). The Determinants of Foreign calamity O? ce tax income for incline Language characterisations. journal of International Business and pagan Studies, 2 (1), 117-127. secondary Eliashberg & Shugan, 1997 Eliashberg, Jehoshua & Steven M. Shugan (1997). Film Critics In? uencers or Predictors? Journal of Marketing, 61, 68-78. Faber & OGuinn, 1984 Faber, Ronald & doubting Thomas OGuinn (1984). E? ect of Media Advertising and Other Sources on pictorial matter Selection.Journalism Quarterly, 61 (summer), 371-377. King, 2007 King, Timothy (2007). Does ? lm criticism a? ect box o? ce earnings? Evidence from movies released in the U. S. in 2003. Journal of Cultural Economics, 31, 171-186. Litman, 1983 Litman, Barry R. (1983). Predicting Success of Theatrical word-paintings An Empirical Study. Journal of Popular Culture, 16 (spring), 159-175. Ravid, 1999 Ravid, S. Abraham (1999). Information, Blockbusters, and Stars A Study of the Film Industry. Journal of Business, 72 (4), 463-492. Terry, butler & DeArmond, 2004 Terry, Neil, Michael Butler & DeArno DeArmond (2004).The Economic shock of Movie Critics on Box O? ce Performance. Academy of Marketing Studies Journal, 8 (1), page 61-73. data sources opusdata. com Opus data movie data through a query inte rface. 30-days free trial. http//www. opusdata. com/ imdb. com The profits Movie Database (IMDb). The biggest, best, most award-winning movie site on the planet. http//www. imdb. com numbers. com The numbers. Box o? ce data, movies stars, idle speculation. http//www. the-numbers. com boxo? cemojo. com Box o? ce mojo. Movie electronic network site with the most comprehensive box o? ce database on the Internet. ttp//www. boxofficemojo. com Marek Kre? mer, Jan Mati? ka c c Page 8 of 14 International movie revenues Determinants and impact of the ? nancial crisis Appendix Descriptive statistics for the dependent variables Marek Kre? mer, Jan Mati? ka c c Page 9 of 14 International movie revenues Determinants and impact of the ? nancial crisis model 1 Regression of the original model published in Terry, Cooley & Zachary, 2010 Marek Kre? mer, Jan Mati? ka c c Page 10 of 14 International movie revenues Determinants and impact of the ? nancial crisis Residuals versus ? tted values plotB reusch-Pagan test for heteroskedasticity Marek Kre? mer, Jan Mati? ka c c Page 11 of 14 International movie revenues Determinants and impact of the ? nancial crisis model 2 Regression of our model Marek Kre? mer, Jan Mati? ka c c Page 12 of 14 International movie revenues Determinants and impact of the ? nancial crisis Residuals versus ? tted values plot Breusch-Pagan test for heteroskedasticity Marek Kre? mer, Jan Mati? ka c c Page 13 of 14 International movie revenues Determinants and impact of the ? nancial crisis The correlation matrix Marek Kre? mer, Jan Mati? ka c c Page 14 of 14International Movie Revenues Determinants and Impact of the Financial CrisisInstitute of Economic Studies Faculty of Social Sciences Charles University in Prague Empirical Project Assignment Econometrics II Due on Friday, 13 January 2012, 11. 00 International movie revenues determinants and impact of the financial crisis Marek Kre? mer, Jan Mati? ka c c International movie revenues Determinants an d impact of the ? nancial crisis Table of Contents Abstract Keywords Introduction Literature survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Data analysis variables used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Results model 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . model 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conclusion Refe rences primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . secondary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . data sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix Descriptive statistics for the dependent variables model 1 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus ? tted values plot . . . . . Breusch-Pagan test for heteroskedasticity . model 2 . . . . . . . . . . . . . . . . . . . . . . . Residuals versus ? tted values plot . . . . . . Breusch-Pagan test for heteroskedasticity . The correlation matrix . . . . . . . . . . . . 2 2 2 2 3 3 4 4 4 4 6 6 6 7 8 8 8 8 9 9 10 11 11 12 13 13 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Marek Kre? mer, Jan Mati? ka c c Page 1 of 14 International movie revenues Determinants and impact of the ? nancial crisis Abstract This empirical project examines the determinants of international box o? ce revenues for movies produced in United States during 2006 2010. Our sample consists of 424 ? lms released in this period. We also test the hypothesis if the world ? nancial crisis had any signi? cant impact on the international box o? ce revenues. Keywords the ? ancial crisis, movie international box o? ce revenue, movies produced in the United States, budget, rating, Academy Awards, Introduction When choosing a topic of our empirical paper we were considering di? erent suggestions. As we both are pretty much interested in movies we ? n ally decided to exit a viewer seat for a while and perform an empirical study on the movie industry. While being newcommers in sophisticated movie data analysis, we needed ? rst to get acquainted with important theoretical concepts and empirical papers concerning this topic. Literature survey When going down the history, Litman, 1983 was the ? st who has attempted to predict the ? nancial success of ? lms. He has performed a multiple regression and found a clear evidence that various independent variables have a signi? cant and serious in? uence on the ? nal success of a movie. Litemans work has been gradually getting developed, Faber & OGuinn, 1984 tested the in? uence of ? lm advertising. They proved, that movie critics and word-of-mouth are less important then movie previews and excerpts when explaininng movie succes after going on public. Eliashberg & Shugan, 1997 explored the impact of restricted-rating labeled movies on their box o? e performance. Terry, Butler & DeArmond, 200 4 analysed the determinants of movie video rental revenue, ? nding Academy Award nominations as the dominant factor. King, 2007 followed their research and used U. S. movie data to ? nd the connection between the criticism and box o? ce earnings Many other authors has extended the initial work of Litman, 1983, but none of them has focused on the key factors of the international box o? ce revenues as we planned to. So we ? nally decided to use Terry, Cooley & Zachary, 2010 as our primary source. Their object of interest is very much similar to our resarch.Therefore we studied their metodology the most and we use their results in the analytical part as a primary resource of comparison. Marek Kre? mer, Jan Mati? ka c c Page 2 of 14 International movie revenues Determinants and impact of the ? nancial crisis Data We got quickly stucked realising that the strong majority of movie data on the internet are not free available. It was quite a surprise because there are many movie-oriented s ites with seemingly endless data access. But when there is a need of more profound, well structured and complete set of random data everything gets little bit tricky.After hours of searching, we luckily got to a 30 days free access to this kind of databases opusdata. com and got the core data for our analysis. Then we wanted to add some interesting or usefull variables just as the movie rating or the number of AcademyAwards to complete our dataset. It has been done using well known and free accessed databases imdb. com, numbers. com and boxo? cemojo. com. Thanks to our literature survey we discovered a model which we have thought would be interesting to test on di? erent or new data. The most interesting would be to test it on our domestic data but these are quite di? ult to obtain (as explained before). Anyway, it would be possible to get data for the highest grossing ? lms but that would violate the assumption of random sample. Therefore we decided to use data from U. S. and Canad a which we considered the most likely to obtain. We also wanted to test whether the ? nancial crisis have had an impact on movie box o? ce revenues and whether the world ? nancial crisis made people less likely to go to the cinema. Model We considered several models and in the end we used two models. The ? rst one is just the same as the one used in paper Terry, Cooley & Zachary, 2010, but it is slightly modi? d by using di? erent data plus setting the crisis variable. We considered it as a dummy variable, which was 1 if the movie was released during crisis (2008-2009), otherwise it is equal to zero. As it was proposed before, this model has been used as a comparison to the original model Terry, Cooley & Zachary, 2010 wihle we wanted to test whether their inference holds up with slightly di? erent and newer data. In the second model we tried to use a slightly di? erent approach. We used a time series model with year dummies and we also used all the variables which we obtained and we re statistically signi? ant. Our ? rst model is basic linear regression with cross-sectional data. Our data are a random sample thanks to opusdata. com query which was capable of selecting a random sample of movies. We have tested all the variables for multicollinearity with the correlation matrix and there is no proof for multicollinearity in our used variables. The only high collinearity is between domestic and budget variables, which is about 0. 75. After running the regressions we have used the Breusch-Pagan test for heteroscedasticity and the chi squared was really high therefore showing signs of strong heteroscedasticity.Even after looking at the graph of residuals against ? tted values it was clear that the heteroscedasticity is present. Therefore we had to run the regressions with the heteroscedasticity robust errors. We therefore tested in both models for presence of these the variables which have an impact on movie international box revenues any signi? cant impact of ? n ancial crisis on these revenues Marek Kre? mer, Jan Mati? ka c c Page 3 of 14 International movie revenues Determinants and impact of the ? nancial crisis Data analysis Here we list all the used variables in both models and their a description. ariables used academy awards . . . . . . . . . number of Academy Awards a ? lm earned action . . . . . . . . . . . . . . . . . . categorical variable for movies in action genre animation . . . . . . . . . . . . . . . categorical variable for movies in animation production method budget . . . . . . . . . . . . . . . . . . the estimated production and promotion cost of a movie comedy . . . . . . . . . . . . . . . . . . categorical variable for movies in comedy genre crisis . . . . . . . . . . . . . . . . . . dummy variable for movies released during crisis domestic . . . . . . . . . . . . . . . omestic box o? ce earnings horror . . . . . . . . . . . . . . . . . . categorical variable for movies in horror genre international . . . . . . . . . . . . international box o? ce earnings kids . . . . . . . . . . . . . . . . . . categorical variable for movies for children rating . . . . . . . . . . . . . . . . . . average user rating from the imdb. com source ratingR . . . . . . . . . . . . . . . . . . is a categorical variable for movies with a restricted rating romantic . . . . . . . . . . . . . . . . . . categorical variable for movies in romantic genre sequel . . . . . . . . . . . . . . . . . categorical variable for movies derived from a previously released ? lm y06 ? y10 . . . . . . . . . . . . . . . . . . dummy variable for movies released in a year The list of variables is followed by both model equations and reggression table comparism, while model 1 and model 2 mean the original Terry, Cooley & Zachary, 2010 model and our new model respectivelly. model 1 international = ? 0 + ? 1 domestic + ? 2 action + ? 3 kids + ? 4 ratingR+ + ? 5 sequel + ? 6 rating + ? 7 academy awards + ? 8 budget + ? 9 crisis model 2 internationa l = + + ? 0 + ? 1 academy awards + ? 2 budget + ? 3 domestic + ? 4 sequel + ? horror + ? 6 romantic + ? 7 comedy + ? 8 action + ? 9 ratingR + ? 10 animation + ? 11 y06 + ? 12 y07 + ? 13 y08 + ? 14 y09 Marek Kre? mer, Jan Mati? ka c c Page 4 of 14 International movie revenues Determinants and impact of the ? nancial crisis Table 1 Model comparison model 1 domestic action kids rating R sequel rating academy awards budget crisis horror romantic comedy animation y 06 y 07 y 08 y 09 Constant Observations t statistics in parentheses ? model 2 1. 025 (13. 31) -18. 56? (-2. 29) 1. 028 (12. 70) -13. 43 (-1. 79) 48. 33? (2. 10) 5. 922 (1. 52) 26. 91? (2. 06) 0. 309 (1. 42) 6. 978? (2. 33) 0. 68 (5. 48) -5. 320 (-1. 01) 9. 259? (2. 36) 28. 74? (2. 16) 7. 097 (2. 59) 0. 508 (4. 73) -9. 867? (-2. 23) 13. 41 (1. 79) -17. 77 (-3. 31) 52. 02 (2. 87) -7. 962 (-1. 24) 1. 182 (0. 17) -6. 748 (-1. 01) -11. 79 (-1. 30) -43. 25 (-3. 05) 424 -15. 11? (-2. 41) 424 p 0. 05, p 0. 01, p 0. 001 Marek Kre ? mer, Jan Mati? ka c c Page 5 of 14 International movie revenues Determinants and impact of the ? nancial crisis Results model 1 After running the ? rst regression we get quite similar results as Terry, Cooley & Zachary, 2010, so their inference holds up even under our data.The similar results we get are that one dollar in revenues in US makes $1. 02 in international revenues, therefore succesful movie in US is likely to be similarly succesful in international theatres, if movie is a sequel it adds to revenues about $26 mil. , every academy award adds about $7 mil. and every additional dollar spent on budget adds about $0. 57 so there is about 57% return on budget. We also have similarly insigni? cant variables which are whether is movie rated as restricted and how great or poorly is movie rated by critics or other people.That means that international audience is not in? uenced by age restrictions and critical movie ratings. When we look at our and theirs results regarding the gen res then we get quite di? erent results. They say that when a movie is of an action genre then it adds about $26 mil. whereas we obtained results that revenues for an action movie should be lower about $13 mil. and our result for children movies is two times larger and it says that a children movie should make about $48 mil. more. It could be explained that movie genre preferences shifted in the last two years.But more likely explanation is the di? erence in our data in labeling the movies. In our data we have had more detailed labeling and movies which they had labeled as action movies, we had labeled adventure movies etc. Therefore the strictly action movie genre is not so probable to make money as it would seem. Action movies are usually of low quality and many of them could be labeled as B-movies which usually are not very likely to have high revenues. The children movies could be getting more popular and taking children to the movies could be getting more usual thing.Our last a nd new variable is the crisis dummy which is not signi? cant and therefore we have no proof that the ? nancial crisis had any e? ect on movie revenues. Our model has quite high R2 which is about 0. 83, that is even higher then Terry, Cooley & Zachary, 2010 have. But the main reason behind this high R2 is that most of the variation in data is explained by US revenues. If we regress international revenues on domestic alone we still get high R2 which is about 0. 59. model 2 In our time series model we get quite similar results as in the ? rst one. We have there ? e new variables which are genres comedy, romantic and horror, animation dummy, which tells us whether the movie is animated or not and year dummies. Our model implies that when a movie is a comedy it will make about $17 mil. less in revenues, when horror about $10 mil. less, when romantic about $13 mil. more and when animated it will add about $52 mil to its revenues. The restricted rating is now also statistically signi? cant and it should add to the revenues about $9 mil. which is quite unexpected. Y ear dummies are statistically non-signi? cant and even when we test them for joint signi? ance they are jointly non-signi? cant. Therefore even in this model there appears no reason to believe that the ? nancial crisis or even year makes di? erence in the movie revenues. Marek Kre? mer, Jan Mati? ka c c Page 6 of 14 International movie revenues Determinants and impact of the ? nancial crisis Conclusion The inferences from our models are quite like we expected. We expected that people are more likely to go to cinema to see movies that had won academy awards, that were succesful in U. S. theatres and that are some kind of sequel to previous succesful movies. The resulting e? cts of di? erent movie genres could be quite puzzling but these e? ects depend highly on quality of the movies released these years and on the mood and taste of current society. If we had had larger sample with data from many years then it is possible that we would have seen trends in the di? erent movie genres. The insigni? cance of the ? nancial crisis on movie revenues was also likely because the severity of the crisis and impact on regular citizen has not been so large that it would in? uence his attendence of movie theatres. Marek Kre? mer, Jan Mati? ka c c Page 7 of 14International movie revenues Determinants and impact of the ? nancial crisis Reference primary Terry, Cooley & Zachary, 2010 Terry, Neil, John W. Cooley, & Miles Zachary (2010). The Determinants of Foreign Box O? ce Revenue for English Language Movies. Journal of International Business and Cultural Studies, 2 (1), 117-127. secondary Eliashberg & Shugan, 1997 Eliashberg, Jehoshua & Steven M. Shugan (1997). Film Critics In? uencers or Predictors? Journal of Marketing, 61, 68-78. Faber & OGuinn, 1984 Faber, Ronald & Thomas OGuinn (1984). E? ect of Media Advertising and Other Sources on Movie Selection.Journalism Quarterly, 61 (summer), 371-377. K ing, 2007 King, Timothy (2007). Does ? lm criticism a? ect box o? ce earnings? Evidence from movies released in the U. S. in 2003. Journal of Cultural Economics, 31, 171-186. Litman, 1983 Litman, Barry R. (1983). Predicting Success of Theatrical Movies An Empirical Study. Journal of Popular Culture, 16 (spring), 159-175. Ravid, 1999 Ravid, S. Abraham (1999). Information, Blockbusters, and Stars A Study of the Film Industry. Journal of Business, 72 (4), 463-492. Terry, Butler & DeArmond, 2004 Terry, Neil, Michael Butler & DeArno DeArmond (2004).The Economic Impact of Movie Critics on Box O? ce Performance. Academy of Marketing Studies Journal, 8 (1), page 61-73. data sources opusdata. com Opus data movie data through a query interface. 30-days free trial. http//www. opusdata. com/ imdb. com The Internet Movie Database (IMDb). The biggest, best, most award-winning movie site on the planet. http//www. imdb. com numbers. com The numbers. Box o? ce data, movies stars, idle speculation. http//www. the-numbers. com boxo? cemojo. com Box o? ce mojo. Movie web site with the most comprehensive box o? ce database on the Internet. ttp//www. boxofficemojo. com Marek Kre? mer, Jan Mati? ka c c Page 8 of 14 International movie revenues Determinants and impact of the ? nancial crisis Appendix Descriptive statistics for the dependent variables Marek Kre? mer, Jan Mati? ka c c Page 9 of 14 International movie revenues Determinants and impact of the ? nancial crisis model 1 Regression of the original model published in Terry, Cooley & Zachary, 2010 Marek Kre? mer, Jan Mati? ka c c Page 10 of 14 International movie revenues Determinants and impact of the ? nancial crisis Residuals versus ? tted values plotBreusch-Pagan test for heteroskedasticity Marek Kre? mer, Jan Mati? ka c c Page 11 of 14 International movie revenues Determinants and impact of the ? nancial crisis model 2 Regression of our model Marek Kre? mer, Jan Mati? ka c c Page 12 of 14 International movie revenues Determinants and impact of the ? nancial crisis Residuals versus ? tted values plot Breusch-Pagan test for heteroskedasticity Marek Kre? mer, Jan Mati? ka c c Page 13 of 14 International movie revenues Determinants and impact of the ? nancial crisis The correlation matrix Marek Kre? mer, Jan Mati? ka c c Page 14 of 14

Juvenile Justice Essay

The Juvenile Criminal Justice System and Adult mash arranging pass many simalities and differences. While the Juvenile Justice carcass is much(prenominal)(prenominal) concerned with rehabilitation of the Juvenile so he wont contine with much crime when he become an gravid , the adult court of law sytem is looking look to punish the adults with more harsh time, and consequences. They sh are similarlites such as procedural safeguards to protect their indemnifys and also they twain have the pay to councel to sponsor defend they self. Even though both court system are ment to rehabilate and punish or detour criminal from more crimal behavior we claim they both to keep America safe and to contine our pursuit of happiness. The young referee system and the adult nicety system share their commonalities and differences. For example, the juvenile justice system makes it the point to rehabilitate instead of punishing juvenile delinquents. However, unitary must take into cons ideration that punishment is still a practicable concept within the juvenile system, but it is used prudently as a last resort.In instances of punishment for a teen come onr who is criminate of an atrocious crime, he or she may be tried as an adult (Goldstein, 2007). According to Dr. Goldstein (2007) on that point are some similarities between the 2 justice systems as he states that the police, judiciary, and corrections have discretion sex act to decision making in both systems. For those adults and juveniles that admit guilt there is a system of procedural safeguards to protect their rights. Additionally, other commonalities between the age separated groups include plea bargaining, as well as the right to hearings and appeals. However, when adults are tried for crimes, they are tried in the adult court, sequence juveniles are tried in the juvenile court. Other differences exist, as Goldstein (2007) encourage states that juvenile proceedings are not viewed as criminal, and t hat juvenile records, court hearings, etc. are confidential and not normally accessible adult records are public. Most juveniles receive probation after conviction and the juvenile system in total is much like the intermediate sanctions of adult corrections. formerly a juvenile offender is placed on probation he/she volition be ordered to participate in some educational, counseling or restitution programs while on probation. Probation officers attend the schools the juveniles attend, to minimize the potential for more criminal activity (Clear T. Cole G. Reisig M. 2009).The juvenile correctional system warrants and receives more attention than the adult systems. Why not nip crime in the butt when it is present in younger offenders to minimize the potential of hereafter criminals? When young children see that they have time to reform and live a bump life, I believe for the most part they will. Both juveniles and adults have the right to counsel in court proceedings. Nevertheless, j uveniles may be trifle by court appointed advocates who look out for the juveniles best interest, as a parent would for his or her child with right ways to help the child rehabilitate.In the case of adult trials, court appointed advocates may be representing the accused, but the best interest lies in reducing or foregoing the sentence, not rehabilitate (Goldstein, 2007). In the cases of both groups, a traditional counsel may be hired to represent the individual While due process is given to all (juveniles and adults alike), juvenile offenders seem to be helped out more than adult offenders. Also, children tried as juveniles cannot be sentenced to adult jails or prisons. There are many debates everyplace these and the other aforementioned practices, with critics and proponents on all issues, but I personally think the system is good and it can only get better with time.