Money and Well Being Essay Example for Free

Cash and Well Being Essay Conceptual  â â â â â â â â â â Money and emotional prosperity are engaged in a few examinations. Individuals attempted to interface cash and emotional prosperity. They are diverse with one another yet they may have basic relationship. Cash and prosperity are concentrated to get succinct purposes behind such relationship or concur with its separation. Presentation:  â â â â â â â â â â What is the influence of cash? It can do anything. Be that as it may, what is its capacity to do such things? By what method can a solitary gem, as some considered controls people’s lives? Who gives it such force? For a few, it is valuable. However, we can't likewise deny that there are a few people who don’t give a lot of significant worth. In any case, for that purpose of the individuals who esteem it, will be it the parts which create it that makes it significant? How valuable truly cash is? These are instances of inquiries that we never attempted to pose however clearly exist. They are the issues that lie behind the portrayal of riches.  â â â â â â â â â â Before the presence of cash, individuals are occupied with exchanging; nourishments, garments, and so on. Individuals will go to a market to exchange their products. Everything has its own worth; each has its own identical. Individuals saw the burden of such method of exchanging. As time passes by, they made pennies made of gold and silver. Each coin has its own worth. A solitary coin may an incentive from a solitary slave to twelve one. Some will presently get the opportunity not to bring merchandise for exchanging as they will just bring coins. From that point forward, an ever increasing number of individuals desire to have progressively gold coins or a silver one. However, as what we’ve seen today, neither one of the golds coins or silver pennies do not exist anymore. Everything was changed into copper coins or a paper bill with incredible prints to guarantee its uniqueness. In any case, by what means can a paper or a copper secure force? What, then again, is the impact of it in our lives? How does cash control people’s lives? How might we decide whether we are being controlled? Estimating cash and abstract prosperity  â â â â â â â â â â How significant (esteem) cash is? Nearly everything can be associated with the contribution of cash. From everyday lives, cash is included. We never notice the association or it didn't give an incredible effect since we are utilized to its reality and inclusion. We experience a daily reality such that cash assumes an incredible job.  â â â â â â â â â â We can not measure the significance or estimation of cash except if we site its employments. What would money be able to do? We can gain great instruction through cash. We can have food in our fridges regardless of whether we didn't plant due to cash. Nearly everything in this world includes cash.  â â â â â â â â â â On the other hand, people’s bliss once in a while includes cash. There are a few purposes behind this yet can be summed up into one: it is on the grounds that, the necessities in life must be gained with the guide of cash uniquely the individuals who are living in a city. Cash speaks to material riches that you have. At the end of the day, purchasing through cash is another method of exchanging. Individuals exchanged their riches with the things they need. Exchanging/purchasing exists on the grounds that not all individuals can deliver the things that they need so as to endure. What's more, the individuals who have the ability to create need additionally to procure things which they don’t have. As it were, exchanging still exist. The individuals who are utilized in an office exchanged their quality with riches request for them to exchange it again with their necessities.  â â â â â â â â â â Now we will look at emotional prosperity. Endurance is the primary motivation behind why individuals participate in exchanging and why cash is included. Individuals are happy when their needs are met. In any case, they are cheerful when their needs are procured. When do we see individuals are fulfilled? Individuals are rarely fulfilled. For on the off chance that they will be, they will not long for anymore or work for additional. They will simply work the manner in which they are regular. They won't expect to have more. Accordingly cash is significant in one’s satisfaction since cash is the way to procure things that an individual needs. Relationship to cash and emotional prosperity  â â â â â â â â â â Money is legitimately corresponding to emotional prosperity. Some can't help contradicting this. Be that as it may, most, will even give a model or confirmation that will legitimize the contention. A great many people regularly said that cash isn't a device or key of their bliss. It just gives irrelevant measure of satisfaction, they said. Be that as it may, for what reason accomplish individuals work? For what reason do individuals never rest to have cash only for a solitary day? Albeit in a roundabout way it didn't contribute joy or emotional prosperity, it some way or another gives by addressing the necessities and needs of an individual. We didn't see it in light of the fact that possibly we are utilized to it or we just observe the top effect. We didn't burrow until we see the base.  â â â â â â â â â â Another unexpected among individuals is the mindset that they didn't consider cash as a supporter of abstract prosperity however then despite everything long for to have more. They are not mollified with what they have, as what they expected to be founded on their cases. Be that as it may, as cash persistently being utilized, cash is in every case legitimately relative to emotional prosperity. Salary Effect on People’s Happiness  â â â â â â â â â â Income is the primary worry of each person. It is the key or instrument for them to endure. An exploration directed by Wendy Johnson and Robert F.â Krueger ofâ the University of Minnesota entitled â€Å"How Money Buys Happiness: Genetic and Environmental Processes Linking Finances and Life Satisfaction† shows that those individuals who have low pay are in all likelihood be glad when an expansion in pay happens and that the individuals who have much frequently don't influenced with the expansion. One explanation behind this is, the individuals who have less have the chance to encounter the fulfillment and effectiveness of life when they have a lot. Then again, the individuals who as of now have, won't prone to perceive on the grounds that they are utilized to it or they have anticipated it. They are utilized to the sort of life plenitude can give.  â â â â â â â â â â Nevertheless, individuals are generally influenced with an expansion in pay so with its abatement. However, in person’s joy, cash contributes in a way that is incredible. Cash Effect on Well Being and Culture  â â â â â â â â â â Culture and cash have association. Cash added to the improvement of culture. A created nation has unexpected culture in comparison to those which are creating. Is cash associated with this? Indeed. Cash contributes a ton. The ascent of innovation impacts a culture in that country. Since culture is continually changing, people’s prosperity additionally changes.  â â â â â â â â â â Before the extraordinary ascent of human advancement, individuals are upbeat when they have food in their table. They are placated with what they have. In any case, today individuals are increasingly worried about life’s delight and effectiveness. They are not, at this point placated with the three dinners. They even need to have things that make each work or moves simple.  â â â â â â â â â â People from a created nation can't be influenced with an expansion in salary. Abstract prosperity won't be influenced. Be that as it may, for the individuals who are from creating nations, an expansion in pay or a major aggregate of cash has an incredible effect or impact to their abstract prosperity. This is additionally the motivation behind why more individuals discover approaches to work in creating nations. Since regular daily existences include cash, culture and abstract prosperity is legitimately influenced with cash. Will Money Increase Subjective Well Being? As what we’ve known, emotional prosperity is straightforwardly influenced by cash. An expansion can give an observable impact on it. We will site a model. An individual who has an occupation is bound to be more joyful than the individuals who are desiring or in any event, approaching penny professionally. Despite the fact that being utilized to the circumstance makes it unnoticeable, it despite everything gives an effect on someone’s emotional prosperity.  â â â â â â â â â â As what we’ve referenced from above proclamations, we state that cash increments emotional prosperity. Yet, it relies upon the status of the individual. On the off chance that he is a rich man living in a well off country, he no doubt not influenced with it and his joy is never increment with cash however when an individual originates from a poor country, impact of cash will enormously be notice. References: Diener, E. what's more, Biswas, R. (2001). Will Money Increase Subjective Well Being? : A Writing Review and Guide to Needed Research. Social Indicators Research, Vol. 57, Number 2. Netherlands: Springer Johnson, W. what's more, Krueger, R. (2006). How Money Buys Happiness: Genetic and Ecological Processes Linking Finances and Life Satisfaction. Diary of Character and Social Psychology, Vol. 90(4), pp. 680-691. US: American Psychological Association Kuan, D. (2005). Pay and Happiness: Earning and Spending as Sources of  â â â â â â â â â â Discontent. The Journal of Socio-Economics, Vol. 34(2), pp. 161-177. Netherlands: Elsevier Science Binswanger, M. (2006). For what reason does pay development neglect to make us more joyful? Looking for the treadmills behind the Catch 22 of bliss. The Journal of Socio-Economics, Vol. 35(2), pp. 366-381. Netherlands: Elsevier Science Diener, E. andâ Oishi, S. (2003). Cash and Happiness: Income and Subjective Well-Being Across Nations. Culture and Subjective Well-Being. US: The MIT Press

Security Studies an Introduction and Facts about the Development

Question: Examine about the Security Studies an Introduction and Facts about the Development Answer: Planning: In planning for the instructional exercise a couple of realities about the advancement of the world as it stands today got engaged. At whatever point individuals talk about my nation or my country, the essential thing that gets passed on is that I or we mutually own this real estate parcel mass and you individuals who remain on this land mass are my subjects. Well that was the conventional standpoint. With majority rule government setting in and legislative issues taking a shape where there are no positive traditions of rulers, the announcement is nearly saying something very similar yet a little glossed over. It is currently said This real estate parcel has a place with us all. Henceforth let us mutually abuse it, for which it should be secured against perils. While the individuals are supposed to be the proprietors of the land a littler gathering calls the cards. Anything that endangers this stand is basically a security peril. Reflections: In the instructional exercise titled Security Studies an Introduction and composed by Paul D. Williams this idea has been proposed - in various words however. Security is expressed to mean distinctive to various individuals and that legislative issues assumes a significant job in characterizing and in this manner forming popular supposition. This works specifies that security id the wellbeing of genuine individuals in genuine spots and that establishes the pace of the sythesis that it will steer clear of the real issue, since it is marginally hard to imagine incredible individuals and spot. Over the span of conversation it makes reference to around four fundamental inquiries which are, first, what is security, second is whose security, third, what makes a security issue and fourth and last is the way to accomplish security. Security is supposed to be the way toward evacuating the danger to values that are appreciated and in the event that the danger strikes, at that point these loved qualities are lost. As to address of whose security it states in extremely circuitous manner that it is the country which may have numerous ethnic gatherings or potentially classes inside it. It talks about outside security as well as inner angles like economy, wellbeing and condition perspectives Is significant war outdated? Arrangement: Wars have been around since the time the start of the cultivated society. Outside powers have consistently attempted to remove the harvests of hard work from the nation which worked for it. So as to ensure their riches each country consistently keeps itself prepared to meet the outside dangers. Huge scope war including numerous countries isn't possible today since the arsenal of the whole world is adequate to obliterate the world many occasions over. That ought not be understood as the inclination to claim others property by certain methods not just fierce power has been disposed of. Huge scope war is not, at this point conceivable yet then enormous scope hostility monetary, mechanical, social and social is a lot of common right up 'til today. Rather than slashing off the leaders of the adversary armed force staff the accentuation has moved to starvation, hardship and mortification. Reflection: In the article Is significant war out of date? composed by M. Mandelbaum the beginning off is suggesting a similar conversation starter and continuing with the possibility that wars are simply methods for mass obliteration to life and property. It proceeds to make the feeling that war is not, at this point a practical choice and utilizations numerous wordings to safeguard its hypothesis. It has related numerous perspectives and has utilized numerous strange terms which don't increase the value of the essential recommendation of whether war is conceivable today or not. Reasonably the expense of war both immediate and circuitous or long haul has become so colossal that the universal network is against it. With the ascent of just powers the idea of war is gradually going into obscurity. In any case, it might be reminded that the article is importance wars in which one nation fires against another for typically financial advantages over the long haul. Most nations are conceived out of a war or if nothing else conflict. It is appropriately noticed that such nations which have appeared as a drop out or consequence of a war themselves do battle on different purposes. Explanations behind war change yet the outcome is the equivalent. Along these lines what has been so far called war gets changed to mean animosity of any sort propelled by one country on another to get hold of their monetary assets has supplanted war. Wars, which before, implied executing by method of utilization of weapons has been supplanted by murdering by removing the wellspring of enthusiastic hood of the populace. This sort of war proceeds with today and has become a pattern under different names like globalization and financial changes. The technique for murdering has just changed, the reality stays same. In this way wars will presently take an alternate structure and neglectful gore is en route to turn into a relic of past times. Atomic Zero the Best Option Planning: The idea of going absolutely atomic free is an idealistic idea in todays world. No reasonable initiative would even consider confiding in the main super intensity of today for example US of America about their remain of making an atomic free world. The littler and less noteworthy countries know the familiar axiom that Preparation for war is the best approach to accomplish harmony and they will keep themselves prepared to have the option to make a gouge on the off chance that America was to rake up any undesirable issue. Countries go to battle on obviously extremely unstable ground and America is no special case. They have been propelling offensives in the Middle East and Far East obviously on exceptionally feeble and unsound grounds. The war in Vietnam which cost America a clean fortune is an abundance of experience for the littler nations of the world. Every country must be in availability for confronting any hostile from the super force and this super force has the solidarity to re quest that others go non-atomic yet they might want to remain the one in particular who is certain. The fear based oppressor bunches have an extremely tremendous capacity to incur wounds on the super force however they may not be in a position today to assume control over the nation. The death toll and property to America by method of fear monger assaults make solid popular assessment against the state and subsequently are best dodged. Reflections: The discussion whether Nuclear Zero the Best Option has centered the two perspectives for and against the movement. While what is been expressed in the understandings for the movement reviews the different declarations by different head of province of United States of America about moving towards an atomic free world they have not had the option to validate with realities of this atomic super force beginning any exercises for guaranteeing non expansion of atomic arms. The contentions introduced by the individuals who have criticized the movement show up increasingly intelligent. That this super force has in the past been liable for propelling offensives against littler and more vulnerable countries on some appearance or different gets referenced clearly. They need demobilization just to fill their own need of staying liberated from the feelings of trepidation of any atomic strike by particularly the fear monger gatherings. Fear based oppressor bunches are very fit for propelling an a tomic strike just to utilize their muscles. This isn't what America would be prepared to acknowledge. New Weapons for Old Problems: Conventional Proliferation and Military Effectiveness in Developing States Readiness: The creating countries which are not so much in the class of genuine dangers to the effectively created nations are quick obtaining weaponries for making themselves more grounded and fitter to oppose any military animosity by their neighboring nations. Developing nations like India and Pakistan continue reinforcing their arms stockpile just to guarantee that they are sheltered from their neighbors. This is likewise found in the Middle East, where securing arms is nothing unfathomable. Reflections: This article with the heading New Weapons for Old Problems: Conventional Proliferation and Military Effectiveness in Developing States composed by Christopher S. Parker digs in the issues of groundwork for war in the immature nations. These various nations which all have some financial or social or land quality are ever on lumberjack sets out toward assortment of reasons. The arms sellers are dynamic in these territories and in a significant number cases the arms bargains are obfuscated in riddle. On the off chance that the super powers need the weapons contest to stop, at that point the arms and ammo producing associations must be confined and that is unspeakable in the worldwide economy of today. From kadesh to Kandahar Military hypothesis and the eventual fate of war Readiness: The immature nations which are outside the super force square is outfitting themselves alarmingly. Does the western and propelled nations effectively add to this circumstance is an inquiry which rings a bell. Reflections: An exceptionally appropriate inquiry has been attempted to be replied by the creator and that question is that can the fate of wars be anticipated particularly inside the setting of the present financial weights on the propelled nations which has approached the immersion point. The most significant thought that has been expressed here is that anyway confined a contention might be with the assistance of data innovation it before long takes the size of a worldwide issue. Subsequently this article is uncovering the odds of provincial clashes growing into wars where the super force square may need to get required because of social weight made by the spread of data by the worldwide media and data innovation. Mounted force to PC The example of military upheaval Readiness: These are days when the war is battled with information, shrewdness and innovation. Countless number of wars and fights has been lost because of the unrivaled innovation organization of the enemy. This has been the pattern in fighting as is obvious from the historical backdrop of humanity. Already the war was battled on the muscle intensity of the warriors however gradually the accentuation got put on method and backing from non human contenders. This included

Read Harder 2018 An Essay Anthology

Read Harder 2018 An Essay Anthology Sponsored by  Libby. The one-tap reading app from OverDrive. Meet Libby. The one-tap reading app from your library, powered by OverDrive. Downloading Libby to your smartphone allows you to borrow thousands of eBooks and audiobooks for free anytime and anywhere. You’ll find library books in all genres, ranging from bestsellers, classics, nonfiction, comics and much more. Libby works on Apple and Android devices and is compatible with Kindle. All you need is a library card but you can sample any book in the library collection without one. In select locations, Libby will even get your library card for you instantly. Learn more at  https://meet.libbyapp.com/. Happy Reading. While it can often be easy to find a great collection of essays from a single author, this task of the Read Harder challenge is a little more, well, challengingâ€"read an essay anthology, also known as a collection of essays with multiple authors. My first and best recommendation for finding a great general essay anthology is to visit the Best American Essays series from Houghton Mifflin Harcourt. A new edition in this series comes out every year, each one with a new guest editor, so each collection has a slightly different flavor. Scan the archive and find an author you loveâ€"Leslie Jamison! Ariel Levy! Cheryl Strayed! Mary Oliver! Susan Orlean!â€"then check out the essays they felt were amazing in a given year. Another general anthology I recommend is In Fact: The Best of Creative Nonfiction, edited by Lee Gutkind. Gutkind is the editor of a major journal of narrative nonfiction, and this book pulls together 25 of the best essays published in that journal over the last 15 years or so. There’s a lot of crossing genres, and some exploration of what the genre of creative nonfiction has done for journalism and writing. Those collections are, by design, pretty general. You’ll find yourself reading essays about a variety of topics, which can be fun but also more hit-and-miss if you’re a reader that seeks nonfiction that’s more focused. In that case, here are a few topic-specific essay anthologies (with a resistance/feminist spin) that also come highly recommended. Nasty Women, edited by Samhita Mukhopadhyay and Kate Harding I love the way that insults can be turned around into rallying cries, as the phrase “nasty woman” has been. This collection of essays is about how we got to a country that elected Donald Trump president, and what we can do to keep going. It’s a diverse and interesting group of contributors, which I love. Radical Hope, edited by Carolina De Robertis I’m in a little bit of resistance mood lately, so I imagine this list will reflect that. Radical Hope is a collection of letters written by novelists, poets, thinkers, and activists that tries to offer “a kaleidoscopic view of the love and courage needed to navigate this time of upheaval, uncertainty, and fear.” Double Bind, edited by Robin Rhom This collection brings together women from a range of fieldsâ€"law, television, dog sledding, writing, butchery, and moreâ€"to talk about what ambition means and how women grapple with the competing expectations the world has for working in the world. I appreciate that the book starts with a broad definition of ambitionâ€"“the desire to do good work in the world and have that work recognized by people who understand it”â€"and lets the contributors tackle that issue in any way they’d like. The Fire This Time, edited by Jesmyn Ward Inspired by James Baldwin’s groundbreaking 1963 essay collection, The Fire Next Time, this collection brings together many original thinkers to write about contemporary racism and race. The book “shines a light on the darkest corners of our history, wrestles with our current predicament, and imagines a better future.” This one has a slightly different format, including poems in addition to essays, which I think adds a lot to this discussion. Rereadings, edited by Anne Fadiman This collection is based around a question many readers have asked: Is a book the same book the second time around? Anne Fadiman, who I just love, collects the thoughts of 17 authors, all writing about the relationship we have with books and what it means to revisit the books that have shaped us. This one is perfect for readers (and very slimâ€"maybe a one-sitting book!). And finally, I’d be remiss if I didn’t mention an excellent collection edited by Book Riot’s YA expert, Kelly Jensen’s Here We Are: Feminism for the Real World. Don’t let the YA label fool you, this guide to feminism for young adults is great for all ages. Sign up for True Story to receive nonfiction news, new releases, and must-read forthcoming titles. Thank you for signing up! Keep an eye on your inbox.

The Wall - Picture Book About A Visit to Vietnam War Memorial

Author Eve Bunting has a gift for writing about serious subjects in a way that makes them accessible to young children, and she has done just that in her picture book The Wall. This childrens picture book is about a father and his young sons visit to the Vietnam Veterans Memorial. Its a good book to share on Memorial Day, as well as Veterans Day and any other day of the year. The Wall by Eve Bunting: The Story A young boy and his dad have traveled all the way to Washington, DC to see the Vietnam Veterans Memorial. They have come to find the name of the boys grandfather, his dads father. The little boy calls the memorial my grandfathers wall. As the father and son look for the grandfathers name, they meet others who are visiting the memorial, including a veteran in a wheelchair and a couple weeping while hugging one another. They see flowers, letters, flags, and a teddy bear that have been left at the wall. When they find the name, they do a rubbing and leave a school photograph of the boy on the ground below his grandfathers name. When the boy says, Its sad here, his father explains, Its a place of honor. The Books Impact This brief description does not do justice to the book. It is a poignant tale, made more so by the muted watercolor illustrations of Richard Himler. The boys obvious feelings of loss for a man he never knew, and his fathers quiet remark, He was just my age when he was killed, really bring home the impact of war on the families whose lives have been changed by the loss of a loved one. Yet, while the father and sons visit to the Vietnam Veterans Memorial is bittersweet, it is a comfort to them, and this, in turn, is a comfort to the reader. The Author and the Illustrator Author Eve Bunting was born in Ireland and came to the United States as a young woman. She has written more than 200 childrens books. These range from picture books to young adult books. She has written other childrens books on serious subjects, such as Fly Away Home (homelessness), Smoky Night (the Los Angeles riots) and Terrible Things: An Allegory of the Holocaust. In addition to The Wall, artist Richard Himler has illustrated a number of other books by Eve Bunting. These include Fly Away Home, A Days Work, and Train to Somewhere. Among the childrens books, hes illustrated for other authors are Sadako and the Thousand Paper Cranes and Katies Trunk. Recommendation The Wall is recommended for six- to nine-year-olds. Even if your child is an independent reader, we suggest that you use it as a read-aloud. By reading it aloud to your children, you will have the opportunity to answer any questions they may have, to reassure them, and to discuss the story and the purpose of the Vietnam Veterans Memorial. You might also put this book on your list of books to read around Memorial Day and Veterans Day.

Banning Smoking Due to the Serious and Fatal Side Effects...

Millions of people are smokers in the United States. â€Å"In 2011, an estimated 19.0% (43.8) million United States adults were current cigarette smokers† (â€Å"Cigarette Smoking in the†). This number does not include all the underage smokers that are unaccounted. Cigarette smoking has very serious and fatal side effects. Some of these side effects include asthma, cancer, diabetes, heart disease and stroke, COPD, and Buerger’s disease. Tobacco use is a preventable death sentence. Smokers are not only harming themselves but the people around them breathing the second-hand smoke. â€Å"Each year, about 46,000 nonsmokers in the United States die from heart disease caused by second-hand smoke† (â€Å"Cigarette Smoking in the†). This number is†¦show more content†¦People that try to quit smoking may experience withdrawal symptoms. Some of these symptoms may be nicotine cravings, irritability, frustration, anger, mood swings, anxiety, d epression, and weight gain. Many people are afraid to quit smoking for fear of gaining weight. The thing people do not realize is that there are steps they can do to prevent weight gain. These steps include exercising regularly, have plenty of healthy snacks, use sugar free gum, or candy to satisfy oral fixation, do not use alcohol, and drink plenty of water. Nicotine destroys everything it meets. Nicotine yellows teeth, fingernails, walls, ceilings, and curtains. Nicotine also turns your lungs black for tar and leaves your house, hair, and car smelling like smoke. Many self-help programs and devices for quitting the smoking habit have become available. Smoking patches are available that stick to your arm and release different levels of nicotine. A gum or lozenge is also available on the market for smokers who want to quit. These work by calming nicotine cravings, lowering anxiety and irritability levels. Another source available to smokers is Nicotine Anonymous. â€Å"Nicotine anonymous welcomes all those seeking freedom from nicotine addiction, including those using cessation programs and nicotine withdrawal aids† (â€Å"One day at a†). The e-cigarette is another device available to smokers that want to quit the habit. The e-cigarettes come in several different forms,Show MoreRelatedLegal vs. Illegal Drugs1288 Words   |  6 Pagesand illegal. Legal drugs include alcohol, tobacco, and pharmaceutical drugs, while illegal drugs include marijuana, amphetamines and heroin. The media often portrays a biased, negat ive view on illegal drugs, however legal drugs often have the same effects as illegal drugs, if not worse. Illegal drugs can cause severe damage to the body, especially those of a teenager, whose bodies are still growing. The brain, heart, and other important organs are all affected by drugs. . 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George Killed Lennie for Merciful Reasons Free Essays

Of Mice and Men: George Killed Lennie for Merciful Reasons A true friendship is one in which friends care deeply enough to anticipate one another’s needs and are willing to put their friend’s needs before their own. Their mutual love enables them to make sacrifices only to protect each other. In the novella, Of Mice and Men, by John Steinbeck, George killing Lennie is a merciful kill to save others from Lennie’s unintentional acts of aggression, to spare Lennie from suffering a cruel death, and instead ensuring a peaceful and quick departure one that will cause George the least regrets. We will write a custom essay sample on George Killed Lennie for Merciful Reasons or any similar topic only for you Order Now George begins to see a pattern of aggression coming from Lennie and wants to put it to an end because Lennie is hurting too many others unintentionally and he sees Lennie is quick to frustrate and panic and is lacking in the ability to control his violent reactions. Lennie has killed many mice, a pup, and finally a woman. Although Lennie may not want to kill any other living beings, it is in his nature to become aggressive and angry when frustrated. He typically believes he â€Å"Wasn’t doin’ nothing bad’ † (Steinbeck 9) with the mice and he was â€Å"Jus’ strokin’ it’ † (Steinbeck 9). He cannot contain his anger and that often leads to an unrestrained use of his strength. Because Lennie never has the intention to kill anything, he can feel an immense amount of guilt and remorse as seen when he runs out of the barn crying, â€Å"l done a real bad thing†¦ I shouldn’t of did that† (Steinbeck 92), after killing Curlers wife. Despite Lennie’s remorse, he does not grasp the severity and the consequences of his actions. This is not so much due to Lennie’s slowness but more because of George’s protective nature, preventing Lennie from ever having to face any consequences. Nonetheless, George sees that Lennie is unable to learn from his mistakes and fears the pattern is going to continue and that he is unable to change Lennie. George feels Justified in killing Lennie because he knows that in the long run he would be able to spare many other lives and prevent Lennie from all the pain and anguish from the remorse Lennie feels after his aggressions. George’s decision to kill his best friend is to prevent a horrific and undeserved fate that awaits Lennie unless there is some intervention. He does not want Lennie to be killed by Curley or sent to Jail. George clearly can sense Curleys anger and vindictive nature about Lennie killing his wife. It is quite apparent that Curley wants Justice and revenge and is determined to make Lennie suffer: â€Å"Curley’s face reddened. ‘I’m goin’†¦ I’m gonna shoot the guts outta that big bastard myself† (Steinbeck 98). Shooting Lennie in the gut would cause he him to slowly bleed to death, ensuring a long, painful death. Even if Curley is not to succeed in killing Lennie in this gruesome manner, the other likely outcome is that Lennie is sentenced and put in Jail for potentially a lifetime. Initially, in light of the possibility of Curlers revenge, George considers Jail to be a safe haven: â€Å"Guess†¦ We gotta tell the†¦ guys. I guess we gotta get ‘im an’ lock ‘Im up. We can’t let ‘im get away†¦ ‘ And he tries to reassure himselt, ‘Maybe they’ll lock ‘im up and be nice to ‘im† (Steinbeck 94 However, upon further consideration, George realizes that Lennie is incapable of living on his own and fending for himself in Jail and will not last. Either outcome would result in a miserable and slow death for Lennie, and George could not allow his to happen to his best friend. This is how he reaches the conclusion that it is necessary for George, himself, to kill Lennie in a humane fashion in order to give him a quick and peaceful death. By shooting Lennie himself, George minimizes his own pain for not letting Lennie die at the hands of a stranger and can also control Lennie’s last thoughts and feelings. Earlier on in the novella, Candy feels deep regret for not being the one to end his dogs life and he tells George, â€Å"l oughtta shot that dog myself†¦ I shouldn’t oughtta let no stranger shoot my dog† (Steinbeck 61). Candy and his dog were lifelong friends and companions, as were Lennie and George. Candys regret makes a lasting impression and Georges recognizes that he too cannot live letting anyone else take Lennie’s life. Moreover, he ensures that Lennie last moments are filled with Joyous thoughts as he strikes up a conversation about Lennie’s favorite topic: â€Å"And I get to tend the rabbits. † (Steinbeck 105) said Lennie, â€Å"An’ you get to tend the rabbits. â€Å"(Steinbeck 105) responded George, then â€Å"Lennie giggled with happiness. † (Steinbeck 105). And lastly, as George’s last act of friendship, he eassures Lennie with his final words that is he is not mad at Lennie nor that he’s ever been. This is to award Lennie with as much peace as a friend could. Overall, Lennie is in a much better place once he dies. He does not to suffer a long and painful death; he would not hurt any other humans or animals and is spared the resulting remorse. George feels great loss and is shaken afterward despite knowing he is Justified in actions. This is a compassionate homicide and George is a true friend. He looks out for Lennie’s needs and makes sacrifices to the end. How to cite George Killed Lennie for Merciful Reasons, Papers

Street Children - Bangladesh free essay sample

Children in Bangladesh have to face many challenges. In Bangladesh over 40 million people are living below the poverty line and most of these families do not have own land. They are living and farming in flood-prone areas and face yearly natural disasters, inefficient agricultural technologies, low education, a polluted environment. These family did not get proper health services and is in limited employment. Undernourishment is the common issue for the children. 50 percent of children under age 5 are undernourishment. Children are facing imperative problem with schooling. Very small percent of them complete their primary education. Among them only 40 percent girls complete their primary education. In this situation they need our help. Help the children. This is my very small step to help the Street Children in Bangladesh. They need our help. So we should forward our good hand to help hem. For doing this kind of great job money is not only the solution, we need the people with good heart and I think you are the one of them. We will write a custom essay sample on Street Children Bangladesh or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I hope your cooperation to do something good for the children. So come on and cooperate with us with your good think, knowledge, even with a single word. Help the children. If you are stuck for a few minutes at a traffic signal in the Bangladesh capital Dhaka, you will probably see children rushing up to the windows of your vehicle. Some of these children carry flowers; some have a stack of books in the crook of their arms, some carry bundles of newspapers and some have candy for sale. They try their best to earn sympathy from commuters to sell their goods. This painful scene is ubiquitous on the streets of Dhaka. These street children are known as Pothoshishu. The street is where they earn their living. The total number of street children in Bangladesh is estimated at 400,000. Almost half of these children live in Dhaka city alone. A very large percentage of these children are young girls. These female street children are especially vulnerable to abuse and exploitation. On March, 2012 Unnayan Onneshan published a report titled â€Å"social connection of the street girls in the context of Dhaka city, Bangladesh† [pdf]. The research shows that the majority of the street girls (37. 50%) sell flowers for a living. 18. 80% of these young girls are forced into prostitution, 6. 25 % work in the clothing industry, 6. 25% become beggars, 12. 50% start as shopkeepers and 6. 25% are paper-hawkers. Almost half of these girls have a measly daily income of Tk. 101-299 ($1. 25-$3. 75). The daily income of 43. 75 % of the girls is Tk. 300 (US$3. 75) and above. But they seem to be the lucky ones, because 6. 25 % of the street girls earn less than Tk. 100 ($1. 25) per day. Almost 45% of these girls do not receive any treatment from government medical facilities or clinics. 3 out of 10 of these girls have never been enrolled in any type of educational institution. Most women in Bangladesh are vulnerable to fall victim to abuse such as rape, murder, eve teasing, dowry and acid attacks. But the street children who spend their childhood under the open skies of Dhaka face such risks on a daily basis. This graph is taken from the above report, which shows statistics of violences inflicted upon street girls:

Unbroken Essay Research Paper Unbroken I free essay sample

Unbroken Essay, Research Paper Unbroken I wouldn # 8217 ; t cognize how to depict a picture or a sonata, but I can state person how I feel, though they seldom know what I mean. Wordss fail me frequently, but cipher notices. They aren # 8217 ; t listening anyhow. One individual knows me. When I talk to him I feel like a knife in a drawer, because my words have power. The possible harm would be irreparable. He and I are like a house falling apart. Our pavement is awry and our letter box is losing. It is painted pink and xanthous. We love it, it # 8217 ; s unique. Last dark I stomped my pess through the floor boards because I wanted to experience my toes in the Earth. I pushed my custodies through the ceiling and kicked down the walls. I cognize he wonders why I do things like that. I merely wanted to allow some air in. We will write a custom essay sample on Unbroken Essay Research Paper Unbroken I or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I said, # 8220 ; Look hon, now we can see the stars. # 8221 ; He brushed off the dust and set me to bed. He won # 8217 ; t kip tonight. His ideas stay up with the Moon seeking to exert the devils in his head. Too intelligent, excessively religious for his ain peace. A priest-doctor, unstuck in clip. A shot of mastermind and a smack in the face of this universe. Always restless, seeking for replies. Impulsive and inspired, composing down his ideas. Funny narratives about Elvis and his followings, the Elvi, or soiled poesy. Painting his visions on sheets that hang from the eaves or painting me with psychedelic designs. It doesn # 8217 ; t affair which. All of it makes me desire him more. Some things I say to him are like rancid notes played excessively frequently. I # 8217 ; m out of melody. He ever sings along. Our walk-in is better than most, I suppose. We cognize the stairss by bosom. The universe moves rapidly around us and our quiet bibulous gait, but we don # 8217 ; t attention. Our heads move rapidly despite Thursdaies is world’s junior-grade distractions. It # 8217 ; s us and them, and we # 8217 ; re the lone two sane people left. He makes me nervous, still. His dreams are bigger than both of us. When we speak the words autumn from my lips. They aren # 8217 ; t adequate to explicate who I want to be. I am so blemished. He says, # 8220 ; Sometimes people have imperfectnesss that are deserving populating with. You # 8217 ; re a small bizarre. It # 8217 ; s portion of your charm. # 8221 ; This adult male knows me, and loves me anyhow. He is crazier than I am. Eight old ages might every bit good be a thousand where we # 8217 ; rhenium concerned. History has roots that go deep. They go to the centre of the Earth and back and wrap around memories that will neer pine away. Images of him burn into my head. Visions of him carefully seek to equilibrate me on the tip of his finger, but it # 8217 ; s excessively unstable and I ever fall. I laugh when I look up at him, grateful to be sitting on the floor. I write awful poesy all the clip for him. I # 8217 ; m stronger with a pen in my manus. My head spins with ideas that are like rain, I can # 8217 ; t catch them all. I wish I could, I feel a drouth coming. I # 8217 ; ll weed through the muss subsequently. Right now I have pails to make full. Our roof is leaking, it # 8217 ; s so bracing. You I dream a dream of better things and minutes yet to be. In my head you linger. Keep my manus, move with me in the flowers, they grow, so beautiful, like us, so delicate. They bend in the zephyr, I arch my dorsum. Can you experience me? We connect in freedom, resignation in love. Come with me, in this life, in this dream. Whisper in the moonshine. Scream in the dark. Move in my beat. Let me experience your music.

The Definition of an Angle

The Definition of an Angle In mathematics, particularly geometry, angles are formed by two rays  (or lines) that begin at the same point or share the same endpoint. The angle measures the amount of turn between the two arms or sides of an angle and is usually measured in degrees or radians. Where the two rays intersect or meet is called the vertex.   An angle is defined by its measure (for example, degrees) and is not dependent upon the lengths of the sides of the angle. History of the Word The word angle  comes from the  Latin  word  angulus, meaning corner. It is  related to the  Greek  word ankylÃŽ ¿s  meaning crooked, curved, and the  English  word ankle. Both Greek and  English  words come from the Proto-Indo-European  root word ank-  meaning to bend or bow.   Types of Angles Angles that are exactly 90 degrees are called right angles. Angles less than 90 degrees are called acute angles. An angle  that is exactly 180 degrees is called a straight angle  (this appears as a straight line). Angles that are greater than 90 degrees and less than 180 degrees are called  obtuse angles. Angles that are larger than a straight angle but less than 1 turn (between 180 degrees and 360 degrees) are called  reflex angles. An angle that is 360 degrees, or equal to one full turn, is called a full angle or complete angle. For an example of an obtuse angle, the angle of a typical house rooftop is often formed at an obtuse angle. An obtuse angle is greater than 90 degrees since water would pool on the roof  (if it was 90 degrees) or if the roof did not have a downward angle for water to flow.   Naming an Angle Angles are usually named using alphabet letters to identify the different parts of the angle: the vertex and each of the rays. For example, angle BAC, identifies an angle with A as the vertex. It is enclosed by the rays, B and C. Sometimes, to simplify the naming of the angle, it is simply called angle A. Vertical and Adjacent Angles When two straight lines intersect at a point, four angles are formed, for example, A, B, C, and D angles. A pair of angles opposite each other, formed by two intersecting straight lines that form an X-like shape, are called  vertical angles  or  opposite angles. The opposite angles are mirror images of each other. The  degree of angles will be the same. Those pairs are named first.   Since those angles have the same measure of  degrees, those angles are considered equal  or  congruent.   For example, pretend that the letter X is an example of those four angles. The top part of the X forms a v shape, that would be named angle A. The degree of that angle is exactly the same as the bottom part of the X, which forms a ^ shape, and that would be called angle B. Likewise, the two sides of the X form a and an shape. Those would be angles C and D. Both C and D would share the same degrees, they are opposite angles and are congruent. In this same example, angle A and angle C and are adjacent to each other, they share an arm or side. Also, in this example, the angles are supplementary, which mean that each of the two angles combined equals 180 degrees (one of those straight lines that intersected to form the four angles). The same can be said of angle A and angle D.

Recycling in Australia and China Essay Example | Topics and Well Written Essays - 1000 words

Recycling in Australia and China - Essay Example In fact, many Chinese people are relying on garbage and unwanted materials in order to make both ends meet everyday (Jazeera, 2010). The ultimate goal of China is to create a big industry for its recycling industry, but Australia is more into regulating the balance flow of its materials economy. One important distinction between Australia’s recycling industry and China’s can be depicted in their major objectives towards their recycling programme. Both of these countries seek to optimise the full advantage of the proper handling of waste materials that in return will help sustain their economy. As a result, common to their strategy when it comes to their varying recycling programme is their goal to achieve economic sustainability. In Australia for instance, the Australian Council of Recycling (ACOR) seeks to achieve efficient, sustainable materials economy. Part of this organisation’s function is to help the government addressed society’s internal issues to wards the handling of their waste materials. In China, there is a remarkable recycling market. ... y Unlike Australia, China is still in its infancy stage when it comes to organising its entire recycling industry that is why it needs to come up with relevant incentives and motivating forces to influence the stakeholders (Mo et al., 2009). Australia is highly organised when it comes to its implementation process on its recycling programme. This is due to various collaborations of its stakeholders which eventually have resulted to positive support and impact on its entire recycling industry. Remarkably, unlike China, Australia has become so focus with sufficient time to concentrate on specific objectives. For instance, to ensure maximisation of recovery and re-use, copper and zinc recycling in Australia are targeted to reach in their discard flow by about â€Å"105% and 155% to 150 Gg Cu/year and 145 Gg Zn/year† (Beers and Graeded, 2007). Furthermore, upstream and downstream sorting of residues is an integral part of Australia’s policy instrument for recycling. Part of this is to manage wood waste which has â€Å"taken a large amount of landfill space† and is said to contribute to â€Å"global warming as the process of decomposition takes place resulting to the emission of carbon dioxide and methane gases† (Taylor et al., 2009). These clearly indicate that Australia has clear and specific goals in its overall plan for its recycling strategy. In addition, there were â€Å"Industry-led initiatives collaborating with national government: Australia’s National Packaging Covenant ensures market for new materials recovered from recycling; Aluminum can industry helps encourage the community for recycling by paying people for using aluminum cans delivered to the centre; drumMuster helps to initiate collection of empty, cleaned and non-returnable crop protection and animal health

INFORMATION SYSTEMS PROPOSAL Assignment Example | Topics and Well Written Essays - 500 words

INFORMATION SYSTEMS PROPOSAL - Assignment Example This helps to ensure that orders from customers are hence met in due period, and that the shareholders and the suppliers are settled and hence can make their payments by following proper procedures. Hence, the transaction-processing arena has now grown and become a very important aspect of better commercial management. The term enterprise resource planning also summarised as ERP, is that process or aspect which tries to merge all of a firm’s departments, objectives and the various functions, into one existing computer system. This also services every department’s requirements by virtue of being specific. It merges by bringing together persons, software and the crucial hardware, into an effective service and an efficient delivery and production system. This hence generates profit for the firm (Peter, 1992). Even though this idea has the ease to be explained theoretically, its truth has been of a varied nature. Most firms do conglomerate varied systems and processes for meeting their own requirements. Office automation system does refer to the different machinery of a computer and its software that is utilised to make, make a collection, store, carry out manipulation of data, and finally convey office information required for the purpose of finishing tasks and objectives that are of a basic nature (Peter, 1992). For example, storing data in raw form, transferring electronically, and the prior managing of e-commerce information, does constitute the activities that relates to office automation system The term management information systems, is a set of commands and procedures that carries out the function of collecting, processing, storing and conveying the vital information to the support part of decision making and the control system. Mostly, information systems do appear to be of a formal nature that is only involved in playing the integral task in firms. Although these systems are

Recycling Behavior Among University Students

Recycling Behavior Among University Students The purpose of our study is to find the factors affecting multimedia students to recycle. We have four independent variables which are health consciousness, health consciousness, rewards convenience, and one dependent variable which is students recycling behavior. What appears unavailable is documentation on critical issues involved and how to address them. This paper, therefore, examines the attitudes portrayed by students towards recycling. We used survey questionnaire to collect data from 100 respondents. The government and the community can use our findings to find ways to make people recycling more and save energy. CHAPTER 1 INTRODUCTION Chapter Overview This chapter clearly provides much insight into the importance of the current research. It begins with a quick study on the background of the research. It includes the question in detail and how to get to the answer or solution. There will be an interpretation of what this study is all about and also the scope of the study. This chapter will finally conclude with a brief overview of the research. Background of the research Recycling is a much needed thing in order to keep this planet from turning into a trash dump. A lot of people feel that recycling is a waste of time and insignificant, but it takes less than a minute to throw a paper in a recycle bin just like it take a minute to open a wrap and eat a sweet. But they should know that whatever recycling they do can make a difference for instance one aluminum can saves enough energy to run a T.V for 3 hours, a single glass jar saves enough energy to light a light bulb for 4 hours.    So for everything you recycle it does save energy.   In Malaysia tones of waste are produced, 19000, and all them end up in landfills and there are 230 landfills in Malaysia. And 80 percent of this landfills will be filled in two years, which is really bad because if the landfills reach that capacity in only two years, what capacity would they be in another two years to come?(David Gutierrez, December 2010) What people believe is that not many things can be recycled; maybe years ago it could be believed to be true but not today. Nowadays anything can be recycled; paper can be bound into newspapers, manuals, school books and paper boxes, metals like aluminum, sauce cans and tins, plastics, glass, beverage cartons etc. And there are companies in Malaysia that encourage recycling and they provide recycling machines SMIC (M) Sdn Bhd which provide recycling services of waste, Nikkhsin Sdn. Bhd. Which recycles Aluminum Claddings Automotive Engines : Export Automotive Parts Accessories : Export Disposal Services Garbage Disposal Service, Lian Hong Trading, Kent Soon Recycle Centre Sdn. Bhd, Ganapathy Metals, GMS Purna Impex and Edar Bagus. Mentioned above are the recycle centers that could be found in Malaysia. Recycling is a lesson that one should be taught in a young age, but I shows that most people know about recycling when they are old enough to understand and able to make their decisions. MMU would find ways in which to get through to the students and how the students respond to the information is up to them, thats what our research would be mostly looking, how Multimedia students respond to the education given about recycling. Recycling  does not cost anything, it takes only a little extra time, and one can make an amazing difference to the world. In many regions  recycling boxes  are not provided which people can use to collect recyclable materials for collection at the same time as their domestic waste. 1.3  Objective The research question and also the objectives are established in order to provide a sense of direction on the topic that is being investigated. The research question of this study is to find out: What are the factors affecting MMU students to recycle? The main objective or the reason why we are doing this research is for us to examine the To determine problems faced by students in recycling? To identify factors affecting students to recycle 1.4 Scope of study In accordance of the topic we are studying which is recycling; since this topic is wide we have to narrow it down to the students studying in Multimedia University. The main focus of this study is to find out the effects of recycling, as in the positive of recycling and also the negative of recycling among the students. This study is limited to students only. The geographic scope is limited to the country of Malaysia. These limits nevertheless offer a reasonable base and rationale for the scope of study. The data was collected through a questionnaire survey which was completed by students with the intention of measuring the effects of recycling among students in MMU. Organization Research This part is going to make more factual information by using the following chapter that are given by the textbook and also an order from our perspective lecturer/tutor. Chapter 1: The research is lead by studying the effects ofà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ which are related to the research objectives and justifications. And it may lead us to a conclusion why recycling is important to our environment and also to our health. Chapter 2: This chapter is going to present a review of the definition of recycling and ways to increase education relating to reuse reduce and recycle, basically programs adopted by MMU to encourage its students to recycle. Chapter 3: This chapter will present the research methodology that was employed in the research, it clarifies how we get the data, and analysis this raw data to organize it into a useful and easy way to make others fully understand it. Chapter 4: The major findings and insights that are emphasized by us in this research which are to discover the basic reasons why some students recycle while others do not recycle at all, and the effectiveness of the programs that were offered by the university in encouraging recycling. Chapter 5: This is the final chapter, conclusion from the research findings and discussions. And also it highlights the limitations associated with the research and a proper recommendation for future research in the specific area, because nowadays everything can be recycled therefore there wont be any excuse students will give for not recycling and many programs provided to learn about recycle and how to do it. 1.6 Justification for Research Looking at the fact that not so many people do not recycle, and thats because the majority do not know anything about recycling , it could that some of them do not know the importance of recycling and finally some will want to recycle and because of lack of resources that will be hindered. That is why we do this study to find the answer to all those questions and to put the 3R perspective .into use. This 3 concept are the main purpose of the recycling which is 3R. From this perspective, we intend to study the recycling behavior among the MMU students. Nowadays, almost all universities is applying environmental friendly concept. Due to this concept, we are looking deeply into these experiences, to learn from the MMU undergraduates and start revealing how the students can inform us to move into the realm of wide-spread institutional transformation. The reason we agreed together to have recycling as our project is mainly because nowadays almost all universities in the world had organize several campaigns about the recycling. MMU also joined in organizing campaign relating to environmental friendly. For example, MMU Convocation 2010s ConvoFests theme is green. Hence, our objective is to know how actively MMU undergraduates feel towards environmental-friendly concept. Apart from it, we will use survey method to gather information that needed by collecting raw data from MMU undergraduates. For the importance, recycling no doubt is really vital nowadays. This is because this will affect the industry future and the environment. At current, we are mainly focused on the undergraduates in the university. If we found out that undergraduates are actively involved in this field, shows that in future there would be more people involved in recycling. This will contribute to environmental-friendly. Our study will benefit a lot of people mostly the government and the community in the vicinity will be benefited. The government will be benefited in terms of the fact that now the environment will be less polluted thus more industries will be built,   The more materials recycled, the less energy is expended to create new materials, the more resources conserved and the more trash and pollutants are kept from entering the environment. Recycling helps to keep water and air clean, saves the wildlife and keeps trash off the streets.   Recycling also helps to control Municipal Services Fees by reducing the total amount of trash to be taken to landfills. And the community will be benefited in terms of clean air to breath and less trash in their streets, good health will also be a benefit to the community because the trash now is recycled rather than being thrown all over. CHAPTER 2 LITERATURE REVIEW 2.1 definition of recycling is processing used materials into new products to prevent waste of potentially useful materials, reduce the consumption of fresh raw materials, reduce energy usage, reduce air pollution (from incineration) and water pollution by reducing the need for conventional waste disposal, and lower greenhouse gas emissions as compared to virgin production. Or plainly it is returning an item back to its original condition so that it can be reused. Recycling behavior includes environmental consciousness, health consciousness, rewards and convenience. Some of these attributes can be measured objectively while others, in our case, are measured according to students perception. Recycling is so important to the welfare of our community.Majority students already know that recycling helps conserve natural resources, and also know that recycling saves space in our landfills. On the other hand, few know that recycling waste products conserves water, energy, trees, and helps reduce pollution in our drink ing water and air. But for some products its crucial to conserve them example conserving energy by way of recycling is a crucial environmental benefit because it takes far less energy to make new products and put them into working order using recycled waste than it does to make them from entirely new material. In dealing with students more reinforcement should be taken into consideration, like ways to encourage them to recycle, and research shows that rewards work for students. Nevertheless, it seems hard to match the evidence that the reward reinforcement is one of the most effective promotion techniques (Geller et al., 1975; Witmer and Geller, 1976; Luyben and Bailey, 1979; Hamad et al., 1980; Vining and Ebreo, 1990; Needleman and Geller, 1992. 2.2 Definition of students recycling behavior From todays perspective, modern recycling behavior would appear to have commenced in the seventies, when households were exhorted to save paper, cardboard, metals and other materials in an attempt to combat the energy crisis (Ackerman, 1997). The recycling drive involved not only a general urge to take action and reduce wastefulness, but also more specific reactions to the spread of litter, and to the threat of pollution from landfills. Hence, it seemed logical to assume that recycling was not only a high involvement form of behavior but also that there would be many differences between recyclers and non-recyclers (Lansana, 1992). The recycling behavior of students differs with every student, some recycling because they fill it is important in their lives and some of them do not recycle because they see no need to recycle. Recycling behavior is considered as a high commitment since it is considered a environment conduct and in addition the predominant environmental literature emphasizes the idea that individuals who are reluctant to recycle, or who neither recognize the importance of, nor express interest in, recycling waste are the same individuals who are most interested in extrinsic stimuli such as prizes, gifts and financial rewards (Vining and Ebreo, 1990; Oskamp et al., 1991; Dahle and Neumayer, 2001) the study explains that some students recycling behavior is encouraged by rewards or extrinsic value rather than recycling because it is the right thing to do. Study shows that students who behave (focus on external reinforcement) that way have less information about recycling. To be more specific, the response to the reward technique is explained by pointing out that consumers have not assimilated good enough knowledge and evaluations, such as ecological conscience (Bohlen et al., 1993); beliefs ab out recycling (Scholder, 1994); ecological concern (Dunlap and Van Liere; 1984; Bohlen et al., 1993); a favorable attitude toward recycling (Biswas et al., 2000) and recycling involvement (McGuiness et al., 1977; Black et al., 1985. 2.3 factors affecting students to recycle There are lots of factors that affect students to recycle; some factors can be controlled while others cannot be controlled, these factors include collection method (segregated or mixed materials) ,space for collection and storage of reusables and recyclables ,geographical location, particularly in relation to markets for reprocessing materials ,size of institution and volume of recyclable material ,other important factors include local authority facilities, charging structure and support  only to name a few. In fact, consumers learning requirements regarding recycling are easily satisfied since beliefs about recycling have already been acquired by the average citizen and the waste-collection system has reached a high standard of convenience which reduces its perceived cost (Ackerman, 1997). Study shows that educating students about recycling could help also, the factors given above could all exist but when students do not know anything about recycling then everything becomes vague. Education on recycling in fact is one of the major factors affecting recycling, the knowledge gained by students through that education can help them choose whether they want to recycle or not. The question is whether or not recycling continues to be of the high involvement category, and if it is not, whether to assume that responders and no responders to the reward technique display significant differences in terms of knowledge and evaluations. To understand this seemingly paradoxical framework it must be appreciated that nowadays recycling is often not high involvement behavior, since recycling has long since become part of contemporary culture and is no longer regarded as a novelty (Rogers, 1995). 2.4 Relationship between recycling and students behavior Nevertheless, according to recent research, the high involvement decisions model is not the only one which is valid for explaining both ecological (Hartmann et al., 2002) and recycling behaviors (Ratneshwar et al., 2003) and it therefore seems possible to represent recycling behaviors by using other hierarchies of effect (Diaz and Beerli, 2004). Such approaches are based on the fact that (1) much previous evidence points to the existence of associations or correlations, and not of cause and effect relationships, in recycling adoption models (Schlegelmilch et al., 1996) and (2) no works have been found that contradict the protocol of classic effects. Basically the above writers explain that there is a difference between recycling and the behavior of students or their attitude. Some students or in this case majority feel there is an importance in recycling and they want to learn more about recycling because they will like to recycling in the future. But because of less education given about it they Havre no choice but not to recycle. Another group is those students with negative attitude; they feel there is no need to recycle because is none of their business to recycle but some of them need a nudge or a push for them to recycle. And to push students to recycle is through extrinsic benefits or rewards, they need that for them to change their attitude towards recycling, and research shows that rewards are a good way to make students recycle and they respond to that more than anything else involved. According to Petty and Cacioppos elaboration likelihood model, the individual is not motivated to think about recycling but about the promised reward. Therefore, responders engage in recycling via the so called peripheral route and thus show little interest in recycling itself (Young, 1984; Katzev and Pardini, 1987; Vining and Ebreo, 1989).The predominant environmental literature emphasizes the idea that individuals who are reluctant to recycle, or who neither recognize the importance of, nor express interest in, recycling waste are the same individuals who are most interested in extrinsic stimuli such as prizes, gifts and financial rewards (Vining and Ebreo, 1990; Oskamp et al., 1991; Dahle and Neumayer,2001). CHAPTER 3 RESEARCH METHODOLOGY 3.1 Introduction This chapter explains about the design and research method. Firstly, research question has been identifying by the review, hypotheses and theoretical framework. The dependent variable of the research is recycle behavior while the independent variables are; environmental consciousness, health consciousness, rewards/ incentives, nearness or convenience. Second part of this chapter, it will discuss the hypothesis development. 3.2 Research Framework Environmental consciousness STUDENTS RECYCLING BEHAVIOUR Nearness/convenience Rewards/incentives Health consciousness Based on the theoretical framework, it have total of 4 independent variables which will be analyzed towards one dependent variable in this study. The dependent variable which is, Recycle Behavior would be affected in a positive or negative manner based on the independent variables influences. 3.3 Hypothesis Development Hypothesis 1: H0= Environmental Consciousness does not influence Recycle Behavior. H1= Environmental influences Recycle Behavior. Hypothesis 2: H0= Health Consciousness does not influence Recycle Behavior. H1= Health Consciousness influences Recycle Behavior. Hypothesis 3: H0= Rewards/ Incentives does not influence Recycle Behavior. H1= Rewards/ Incentives influences Recycle Behavior. Hypothesis 4: H0= Nearness or Convenience does not influence Recycle Behavior. H1= Nearness or Convenience influences Recycle Behavior. Dependent Variable Dependent Variable is a variable that can be change by the Independent variables or the variable that is being measured in an experiment. Recycle Behavior is our study dependent variable. A habit had by the people to process used material into new products to prevent waste of potentially useful material. It saves a lot of sources. (Environmental Assistance Office (EAO), Infrastructure, Design, Environment, and Sustainability (IDEAS) Center, UNC Charlotte, 2009). Independent Variable Independent and dependent variables are related to one another. The Independent part is what you, the experimenter, changes or enacts in order to do your experiment. The dependent variable is what changes when the independent variable changes. The dependent variable  depends on the outcome of the independent variable. From the study we have 4 Independent variable; Environmental Consciousness, Health Consciousness, Rewards/ Incentives, and Nearness or Convenience. Environmental Consciousness: mean that there is no better measure of environmental responsibility than direct observation of young people, over a significant period where people are minimizing their environmental impact, reducing consumption and reusing and recycling materials. (Bill Hampel and Roger Holdsworth, 1996). H1= Environmental Consciousness influences Recycle Behavior. Health Consciousness: recycle behavior relationship for health consciousnesses is for good health. (Debasmita Chanda, 2006) Example: To have a better life environmental with less pollution problem. H1= Health Consciousness influences Recycle Behavior. Rewards/ Incentives: the expectation of reward when you to do the recycle. Example: Jenny take the 1kg of the tin to recycle, there have a return of RM 3 for the 1kg tin as the reward. H1= Rewards/ Incentives influences Recycle Behavior. Nearness or Convenience: Convenience was determining when students will recycle or not. (Environmental Assistance Office (EAO), Infrastructure, Design, Environment, and Sustainability (IDEAS) Center, UNC Charlotte, 2009) H1= Nearness or Convenience influences Recycle Behavior 3.4 Data Sources We are collecting our study data sources through the internet. Variable Name Description Sources Recycle Behavior A habit had by the people to process used material into new products to prevent waste of potentially useful material Environmental Assistance Office (EAO), Infrastructure, Design, Environment, and Sustainability (IDEAS) Center, UNC Charlotte, 2009 Environmental Consciousness there is no better measure of environmental responsibility than direct observation of young people, over a significant period who are minimizing their environmental impact, reducing consumption and reusing and recycling materials Bill Hampel and Roger Holdsworth, 1996 Health Consciousness recycle behavior relationship between the health consciousness for good health Debasmita Chanda, 2006 Rewards/ Incentives the expectation of reward when you to do the recycle Nearness or Convenience Convenience was determining when students will recycle or not Environmental Assistance Office (EAO), Infrastructure, Design, Environment, and Sustainability (IDEAS) Center, UNC Charlotte, 2009 3.5 Data Collection Method Data collection is simply how information is gathered. There are various methods of data collection such as personal interviewing, telephone, mail and the Internet. There are several data collection methods, each with its advantages and disadvantages. Data was gathered through questionnaires. The items for the questionnaire have formulated according to the questionnaire design. A questionnaire is a set of the question which to record the respond of the answers. According to this research, we decide to use questionnaires that we personally administer to suit the topic of our study. Through the knowledge, we know that questionnaires are popular means of collecting data, but difficult to design and often require many rewrites before an acceptable questionnaire is produced. A questionnaire is composed of questions or statements. A way to learn how to write questionnaires is to look at other samples of questionnaires. Questionnaires may be designed to gather either qualitative or quantitative data. Quantitative questions are more exact then qualitative. Any question must be carefully crafted, but in particular questions that assess a qualitative measure must be phrased to avoid ambiguity. Qualitative questions may also require more thought on the part of the participant and may cause them to become bored with the questionnaire sooner. In general, we can say that questionnaires can measure both qualitative and quantitative data well, but that qualitative questions require more care in design, administration, and interpretation (Schmidt, H. J., 2000) Our study is finding out the recycle behavior among the student, therefore we have formulated the questions to the student in MMU. 3.6 Questionnaire Design Our questionnaire has been distributed to the student in MMU. The questionnaire has been divided into three parts: Part A, B, and C. As Part A of the questionnaire is focus on the personal detail of the student, however the second part is look on the student frequency of recycle. Part C is the independent variables of the study. 3.7 Sampling Method Sampling is the act, process, or technique of selecting a suitable sample, or a representative part of a population for the purpose of determining parameters or characteristics of the whole population. From the study, we decide to use convenient sample as our sampling method. A convenience sample results when the more convenient elementary units are chosen from a population for observation. 3.8 Sample Size We are selecting our study sample size is 100 of MMU student. We felt it was the best and was suitable for the population this is so because in research it has been stated that a sample size between the range larger than 30 and less than 500 is appropriate. The smaller the group size, the harder it is to be certain that the normal curve assumptions have not been violated (Todman and Dugard, 2001). Sample size is one of the four inter-related features of a study design that can influence the detection of significant differences, relationships or interactions (Peers, 1996). 3.9 Unit of Analysis In our study we are interested and gather the information of MMU students. In case of our research we will be focusing to collect the data from the MMU student. Unit of analysis of our research is an individual. 3.10 Pilot study This study is conducted among 4 random students to find out whether it is easily understand by the respondents. The study also knows the recycle behaviour of the respondent. It helps the young generation to create a better future and save the resource to re-use. This study was very successful, because all students understand the questionnaire without confusing when the respondent questioning. The only issue through the study is some of the questions are quite like similar, but meanings of the questions are difference. 3.11 Data analysis Techniques Once the questionnaire is completing gather, the data is done according to the dissertation. We are using SPSS software through the computer to do the data analysis. Regression and correlation analysis was applied to analyze data. The data after the analysis we show it in the table in the next chapter of this. CHAPTER 4 RESEARCH FINDINGS AND DISCUSSION 4.1 Introduction We have distributed 100 copies of questionnaires for our survey. Statistical Package for Social Sciences (SPSS) was used to analyze the data. Frequencies for each demographic variable were computed. We are using Cronbachs Alpha to assess our reliability (Cronbach, 1951; Hayes, 1998). Higher Alpha coefficients indicate higher scale reliability (Santos, 1999). In addition, Nunnally (1978) suggests that scales with 0.70 Alpha coefficients and above are considered acceptable. Demographic Profile of Respondents Respondents for this study are typically undergraduates of Multimedia University (MMU). As described in Table 4.1.1, majority of the respondents are male (54%), their age is between 21-30 years old (65%). Apart from that, they are taking undergraduate program in MMU (94%), and their income is below RM1000 (59%).Most of them are Malaysian (85%). Besides the race of Chinese (31%), from the Faculty of Business and Laws (79%), are single (99%). From the Table 4.1.2, generally, Majority of the MMU student are recycling (80%). Most of them recycles every month (45%), recycles for years (50%). In Addition, mainly for them to recycle is to save the environment (90%). Most of them recycle plastics (72.5%). For MMU students, they often (29%) recycle in campus. For those who are not recycling, (85%) of them will start to recycle. TABLE 4.1.1 GENERAL OVERVIEW OF THE SAMPLES DEMOGRAPHIC PROFILE Variable Frequency Percent (%) Gender Male 54 54.0 Female 46 46.0 Age Below 21 years old 35 35.0 21-30 years old 65 65.0 Education SPM / STPM / equivalent 5 5.0 Diploma / Degree / equivalent 94 94.0 Master / Doctorate / equivalent 1 1.0 Income RM1000 and below 59 59.0 RM1001-RM2000 30 30.0 RM2001-RM3000 9 9.0 RM3001 and above 2 2.0 Nationality Malaysian 85 85.0 Non-Malaysian 15 15.0 Ethnicity Malay 37 37.0 Chinese 31 31.0 Indian 19 19.0 Others 13 13.0 Marital Single 99 99.0 Married 1 1.0 Faculty FOSEE 1 1.0 FBL 79 79.0 FIST 10 10.0 FET 8 8.0 Others 2 2.0 Table 4.1.2 PORTRAYS AN OVERVIEW OF THE SAMPLES DEMOGRAPHIC PROFILE Variables Frequency Percent (%) Do you recycle? Yes 80 80 No 20 20 If yes, How often do you recycle? Every day 9 11.3 Every week 23 28.8 Every month 36 45 Every year 12 15 How long have you been recycling? Days 3 3.8 Weeks 7 8.8 Months 30 37.5 Years 40 50 Why do you recycle? To save the environment 72 90 For fun 4 5 For tradition (my family does it) 4 5 Others 0 0 What do you recycle? Plastic 58 72.5 Paper 5 6.3 Cardboard 8 10 Cans 6 7.5 Bottles 3 3.8 Others 0 0 If you dont recycle, will you start? Yes 17 85 No 3 15 If you ever lived on campus before(i.e. dorms), how often did you recycle when you live campus? Never 12 12 Rarely 19 19 Often 29 29 Always 23 23 I have never lived on campus or recycling was not available 17 17 4.2 profile of respondents Figure 4.2.1 shows the gender of respondents, and according to the pie chart the most respondents are males with 54% secondly is females with 46%.Reason being that the study way conducted inside the university and Multimedia University is dominated by males than females. Figure 4.2.2 shows the age of respondents, and according to the pie chart the most respondents are those who age from 21-30 . The second largest age of respondents are those whose age is below 21 . Basically all of the respondents age from 21-30 the reason being that all of the respondents are students as the research was conduted in MMU. Figure 4.2.3 illustrates the Educational level of the respondents; most of the respondents of the questionnaire survey are doing degree the reason being most of the students in Multimedia University are from Secondary school and they are not at that satge of doing masters or doctorate yet. is shown by the pie chart just a few number of respondents are doing SPM or they already did their them. F

Marriott Corporation: Business Overview

Harvard Business School 9-282-042 Rev. September 15, 1986 Marriott Corporation The idea of repurchasing shares was no stranger to Bill Marriott by January 1980. Almost five million shares of common stock had been repurchased on the open market by Marriott Corporation during 1979 at a total cost of $74 million and an average price of $15. 16 in the belief that they were undervalued—a belief that still was not fully reflected in the market price. At $19 5/8, the stock was selling at only six times cash flow per share; and its price/earnings ratio of nine was a far cry from historical multiples as high as fifty times as recently as 1973.Its low price seemed to offer once again an obvious opportunity to benefit shareholders. However, the proposal to repurchase 10 million of the 32 million still outstanding shares aroused some uneasiness. If successful, it had the potential of enhancing Marriott's EPS and of increasing family and management control from 20% to 29% of outstanding sh ares. However, it represented a move that was almost entirely financial—one that would run the debt well above the levels advocated before the Board of Directors only two years earlier.The repurchase would also necessitate renegotiation of restrictive covenants in existing loan agreements. Lastly, the huge size of the proposed program would require a tender price of $23 1/2, a hefty premium of $4 over the current market price. All of this seemed somewhat out of character for a corporation known for caution and stability. Background Marriott Corporation was founded as a nine-seat A Root Beer Stand in Washington, D. C. , in 1927 by J. Willard Marriott. Mr.Marriott had a gift for anticipating, or helping to create, trends in public eating habits. Shortly after the first stand opened, a second was built, and soon a chain of Hot Shoppes was underway. In 1934, industrial cafeterias were opened at a General Motors plant in Georgia and at the Ford Motor Company plant in Virginia. In 1937, the airline industry was revolutionized when Mr. Marriott established an airline catering service, providing box lunches from a Hot Shoppe next to the old Hoover Airport, on the site of what is now the Pentagon. Seven years later, Mr.Marriott led the company into the hotel field, opening the Marriott Twin Bridges just over the Potomac River from Washington. It became known as a motor-hotel and helped to revolutionize the lodging industry, for it offered a drive-in registration desk, a restaurant on the premises, and a convention center. By 1964, there were 77 restaurants, 4 hotels, and 9,600 employees generating total sales of $85 million. This case was prepared for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation.Copyright  © 1981 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 1 282-042 Marriott CorporationBill Marriott assumed the presidency from his father in 1964 and initiated further diversification into theme parks, cruise ships and international host services. In 1967 the company acquired the Big Boy Restaurants franchise based in the Los Angeles area. A year later, Marriott opened its first Roy Rogers Roast Beef Sandwich outlet, which would grow into the Roy Rogers Family Restaurant chain. Since 1964, growth was little short of phenomenal. From sales of $85 million 16 years earlier, sales in 1979 exceeded $1. 5 billion.Operations expanded to 476 company-operated restaurants, 55 hotels and resorts, a cruise ship line, two theme parks , and 66,000 employees. (See Exhibit 1 for financial information on Marriott's various businesses. ) Hotels (35% of sales)—Marriott Hotels was one of the world's leading and most successful operators of hotels and resorts. By 1980, more than 23,000 rooms were offered through 55 hotels and resorts located primarily in the U. S. Approximately 70% of company-operated rooms were owned by outside investors and managed by Marriott under agreements averaging 70 years in length.These management agreements contributed approximately $40 million to operating profits in 1979—profits that tended to rise with inflation. Contract Food Service (32% of sales)—Marriott operated almost 300 contract food units, providing a wide range of food service capabilities to a variety of clients. It was the world's leading supplier of catering services to airlines, with 62 flight kitchens serving domestic and international air travelers. The Food Service Management Division also managed rest aurants, cafeterias, conference centers and other facilities for over 200 clients, including business, health care, and educational institutions.Restaurants (25% of sales)—Marriott's Restaurant Group consisted of 476 company-owned units offering a variety of popularly priced food in 46 states. Roy Rogers fast food restaurants and Big Boy coffee shops accounted for 92% of the total units. Theme Parks and Cruise Ships (8% of sales)—The two Great America theme parks, located in Gurnee, Illinois, between Chicago and, Milwaukee, and in Santa Clara, California, were opened in 1976. Both parks combined a wide variety of thrill and family rides, live musical productions and stage shows, arcades and games, merchandise and food.The attractions were set in five authentically recreated areas of America's past and have strong appeal for the entire family. The Sun Line fleet, consisting of three vessels, offered luxury sailing in both the Aegean/Mediterranean and Caribbean cruise ma rkets, and was widely recognized as the leader in quality in the Aegean market. Past Performance Marriott had always been a strong performer in profit terms. Over the entire 25 years ended 1979, there were only two down years and only three other years in which earnings per share grew at less than a 15% rate.Profits doubled on average every 3 to 4 years. A major return on investment improvement program, initiated in 1975, accelerated the earnings growth. The program consisted of three parts: (1) the sale or liquidation of $92 million of marginal assets, including land, 38 restaurants, a security services business, 2 European airplane flight kitchens, and a travel division, (2) a major effort to turn around the Sun Line operation and to develop volume in the recently opened Theme Parks, and (3) the shift of Marriott's hotel strategy from ownership to leasing and management contracts.The shift in the hotel strategy reflected management's belief that its comparative advantage was in ho tel development and management, and not in long-term hotel ownership. 2 Marriott Corporation 282-042 The results were dramatic. Net income as a percentage of sales rose from 3. 1% to 4. 7%. The company's return on average equity improved from 9. 5% in 1975 to 17. 0% in 1979. Earnings per share soared from 69? to $1. 95. (See Exhibit 2 for a summary of Marriott's historical performance. ) Profitability—An Elusive NotionWhile the trend in profitability seemed clear and encouraging, the actual level was a matter of debate and uncertainty for Marriott, as well as for American business in general. Double-digit inflation cast doubts on the usefulness of numbers based on historical costs, and the Financial Accounting Standards Board (FASB) recently issued guidelines which required firms to present, beginning in 1979, supplemental financial information that reflects the effects of general inflation. Marriott even though they reported these adjustments as required by Financial Account ing Standards No. 3 felt the numbers were misleading since they only adjusted for general inflation. Marriott also reported a second method of adjusting for inflation which they called Current Value and which they explained in the annual report: The Financial Accounting Standards Board has recently addressed the problem of financial reporting during inflationary periods. However, each industry and company is impacted differently by inflation and the choice of measurement must reflect the specific situation. Current Value is the best method for tracking Marriott's economic performance, and it differs from either historic costs or the present FASB definition.According to Current Value accounting, the value of shareholders' equity increased by $125 million in 1979 alone, and the increase would have been $199 million more if not for the $74 million share repurchase. (See Exhibit 3 for Current Value Figures). Current Value accounting differs from historic cost accounting in four areas. F irst, it values most fixed assets on a discounted cash flow basis, net of anticipated future capital requirements, thereby eliminating the valuation distortions caused by conventional depreciation accounting.In contrast with manufacturing facilities, Marriott's high-quality building structures, properly maintained, do not physically wear out at the depreciation rates assumed by industry accounting standards. In fact, Marriott's real estate assets actually increase in value during inflation, as demonstrated by actual property sales. For example, Marriott's Essex House Hotel is 50 years old, yet it remains one of America's finest real estate values due to its location in New York City and its excellent maintenance program.Second, Current Value reports an improved measure of annual economic profit— Discretionary Cash Flow—which disregards accounting depreciation and substitutes the actual required capital expenditures made for maintenance of property, plant and equipment. Third, Current Value accounting recognizes the annual gains in purchasing power from repaying debt in cheaper, inflated dollars. Accounting convention charges the inflation component of interest against current earnings, but does not reflect the benefits of debt.Fourth, Current Value reflects the gains from holding debt borrowed at comparatively low interest rates. According to Marriott's calculations the current value price per share of Marriott's stock was $27. 83 versus the historic book value of $12. 88. Prospects Stock price, of course, is based on more than book or replacement value; it is also based on future earnings potential. Marriott's prospects for growth and profitability seemed excellent. Marriott's major chain competitors were not expanding on an ownership basis and only selectively on 3 282-042 Marriott Corporation management basis; and independents were unable to obtain financing for new hotels without a chain affiliation and a management contract from a successful national operator. This presented management with a major opportunity to accelerate the planned annual hotel room growth to 20%-25% per year. There were already over 50,000 hotel rooms, representing nearly 100 properties, in the development â€Å"pipeline. † This was 2 1/2 times the current number of company-operated rooms. Management was optimistic about the future and expected profitability to improve from an aftertax return on assets of 6. 6% in 1979 to 8. 7% by 1983.Furthermore the company seemed ahead of schedule in achieving its goal of a 20% ROE by 1983. Main contributors would include a continued buildup of attendance at the two Theme Parks and a continued shift from hotel ownership to outside ownership and Marriott management contracts. All management contracts provided at a minimum a constant percentage of hotel profits, and most new contracts would provide Marriott with an increased share in profits after achieving certain targeted levels. Financial Policies Marri ott's success seemed certain to present management with a problem of too much cash and underutilized debt capacity. . . a situation almost totally the reverse of what Gary Wilson, chief financial officer, found when he joined Marriott as treasurer in 1974. At that time, he found a company with a high debt burden, heavy debt repayments due to short maturities, and access to only a limited number of funding sources. Wilson immediately went to work at broadening the potential lenders, opening up the commercial paper market, refinancing with longer maturities, and reducing the total debt load from 55% of total capital in 1975 to 41% at year-end 1979.His financial policy guidelines won approval by the board of directors in 1978 and included the following: 1. Maintain senior funded debt to total capital in the 40%-45% range; maintain this ratio including capitalized financing leases below 50%. 2. Maintain the P-1 Moody's commercial paper rating, as it lends credibility to Marriott's claim of prime credit worthiness and impacts the availability and rate of its commercial bank and privately placed bond debt. Among the 500 companies with P-1 rated commercial paper and rated bond debt, only one has a bond rating of less than â€Å"A. â€Å") 3. Position the company further in the domestic, unsecured, long-term, fixed-rate bond market as the principal source of future debt financing. 4. Issue no convertible debt or preferred stock. In addition, while Marriott had begun paying a cash dividend in 1977 and had increased it twice, the firm's policy was not to increase payout substantially as explained in its Annual Report: 5. The company has a good record of reinvesting cash flow at high returns.Marriott will continue this reinvestment strategy, so that shareholders should profit through share appreciation taxed at advantageous capital gains rates, rather than through higher dividends taxed at ordinary rates. Too Much Cash By 1979, Marriott's four-year-old program of impro ving its returns through hotel management fees and the divestiture of low return operations was working so well that it was producing an embarrassment of cash-flow riches. The company was rapidly moving in the direction of unused debt capacity, which Wilson deemed â€Å"imprudent† in an inflationary environment. 4 Marriott Corporation 82-042 By 1983, the debt to capital ratio would fall to roughly 20% if the projected excess cash flow, $125 million over the 4-year period, were merely used to pay down debt while the equity base continued to grow through the retention of earnings. Wilson explained his dislike for low debt ratios: I'm a great believer in prudent leverage. Many other companies aren’t. But in the next decade, inflation will make them come around to my viewpoint. Leverage is attractive for a very simple reason. Capital, which is the stuff by which investments are made, is comprised of two components—equity and debt.Equity in the case of Marriott costs about 17% after tax; that is, the investor expects to earn 17% on an investment in Marriott's stock. Debt costs only about 5% after tax. Given an investment that earns 10% after tax, it is evident that the more debt that I have in my capital structure, the lower will be the cost of my capital, and the more return I will have left over for the holders of my common stock. Since debt is so cheap relative to equity, it would seem attractive to use as much debt as possible in a capital structure. In fact, if cost were the sole criteria for selection, one would use 100% debt.This brings us to the second component of the determinants of capital structure and that is coverage. Debt unlike equity has a fixed interest charge that must be met or the equity holders' investment will be jeopardized. It is common to speak of the firm's ability to meet its interest payments in terms of coverage, or the number of times the pretax cash flow from the firm meets the interest charges. Coverage is proba bly the most important quantitative measure used in the rating of debt instruments by rating agencies; as coverage rises, so does the bond rating.Highly rated firms also tend to have low debt ratios which are more representative of the fact that these firms tend to be exceedingly large, in mature industries, with limited reinvestment opportunities, rather than demonstrative of prudent financial policy. It can be reasonably argued that growth companies should be positioned in the triple-B range or lower, as opposed to the higher ranges. The firm's annual report expanded on this theme by stating: Maintaining excess debt capacity is inconsistent with the goal of maximizing shareholder wealth for three reasons; (1) Unused debt capacity is comparable to unused plant capacity.Fully utilizing this capacity maximizes shareholder's returns. (2) High proportions of debt reduce a company's weighted cost of capital and increase the real returns to shareholders. (3) Debt-financed real estate pro vides distinct advantages in an inflationary environment. Repurchase of 10 million shares would, with one move, eliminate Wilson's concern. In fact, it would push the debt ratio back above the 1975 high and also above the policy guidelines passed less than two years before. Further, it would result in interest coverage of less than three times—well below the six times deemed necessary for an â€Å"A† rating. See Exhibit 4 for pro forma statements based on the proposed share repurchase. ). Bill Marriott's Concerns Bill Marriott had great respect for the judgment of his financial team. However, a $235 million debt issue used to repurchase 10 million shares would put Marriott's debt ratio well outside the range of other food and lodging firms, and would necessitate renegotiation of several restrictive covenants under existing loan agreements. (See Exhibits 5 and 6 respectively for financial information on competitors and for information on restrictive covenants. ) Repurch ase also seemed to 5 282-042 Marriott Corporation be a negative move. . . a cutting back of resources . . . . very different from the tone of aggressive expansion of operations. Maybe Finance was right about the potential leverage benefits; maybe the proposal to repurchase all shares held outside of the family and management was more than jest. But was it obvious that paying a premium of $4 per share to bring in 10 million shares was wise? What was the correct price for Marriott's stock and would a repurchase help increase it? The Street certainly seemed divided on the attractiveness of the stock at $19 5/8. (See Exhibit 7 for a summary of the forecasts and opinions of several leading analysts on Wall Street. 6 Marriott Corporation 282-042 Exhibit 1 Sales Summary of Operations by Principal Business Segment (dollars in millions) 1975 $238 256 268 – 14 $776 1976 $281 289 296 64 17 $947 1977 $335 342 317 72 24 $1,090 1978 $408 388 347 76 31 $1,250 1979 $535 480 377 84 34 $1,510 Hotel group Contract food Restaurants Theme parks Cruise ships and other Total Operating Profit Hotel Group Contract food Restaurants Theme parks Cruise ships and other Total Interest (net) Corporate expenses Income before taxes $33 19 22 – (3) 71 23 8 $40 $38 19 20 15 1 93 27 13 $53 $54 21 26 10 4 115 30 16 $69 $66 23 28 12 5 134 24 15 $95 87 32 29 17 6 171 28 20 $123 Net Assets 1978 Hotel Group Contract food Restaurants Theme parks Cruise ships and other Corporate Total $304 99 162 161 32 69 $827 Employed 1979 $372 124 175 158 32 31 $892 Capital 1978 $63 11 34 9 0 22 $139 Expenditures 1979 $81 20 45 6 1 5 $158 Depreciation 1978 1979 $15 8 12 9 2 1 $47 $16 8 15 9 1 2 $51 7 282-042 Marriott Corporation Exhibit 2 Summary of Historical Performance (dollars in millions, except per share amounts) 1975 1976 $ 947 32 3. 4% $ 326 378 48% 3. 0 10. 4% $ . 86 0 8. 95 13. 54 36. 5 14,765 52,900 1977 $1,090 39 3. 6% $ 366 370 45% 3. 3 11. 1% $ 1. 04 . 03 10. 02 11. 75 36. 15,383 56,100 1 978 $1,250 54 4. 3% $ 419 310 38% 5. 0 13. 9% $ 1. 43 . 13 11. 40 12. 13 36. 7 17,987 63,600 1979 $1,510 71 4. 7% $ 414 365 41% 5. 4 17. 0% $ 1. 95 . 17 12. 88 17. 38 32. 1 20,956 65,700 Sales Net Income % of sales Shareholders' equity Senior debt and capital lease obligations % of total capitala Times interest earnedb Return on average shareholders' equity after taxes Earnings per sharec Cash dividends per share Book Value per share Year-end market price Number of shares outstanding (millions) Company-operated hotel rooms Employees $ 776 24 3. 1% $ 264 406 55% 2. 7 9. 5% $ . 69 0 7. 68 15. 46 34. 4 12,987 47,600 Total capital is defined as total assets less current liabilities. b Times interest earned is calculated by dividing earnings before interest and taxes by interest expense net of interest on projects under construction. c Fully diluted earnings per share based upon the average number of shares outstanding for the year. 8 Marriott Corporation 282-042 Exhibit 3 Current Value Statement (dollar figures in thousands) Changes in Shareholders' Current Value Equity for 1979 Current value, December 28, 1978 Increase in current value of assets Discretionary cash flow Reduction in current value of debt Cash dividends Purchase of sharesCommon stock issued Current value, December 28, 1979 Change in current value during 1979 Change in current value during 1979 before cash dividends, share repurchase and issuance of new common stock $ 767,719 77,227 99,123 25,287 (5,776) (74,187) 3,810 $ 893,203 $ 125,484 201,637 Shareholders' Equity Historical Cost Non-monetary assets (primarily plant and equipment) Less: net monetary liabilities Senior debt and capital leases Convertible debt Other monetary liabilities Shareholders' equity, December 28, 1979 $ 927,287 365,279 26,918 121,587 $ 413,503 Current Value $1,356,244 320,736 20,718 121,587 $ 893,203 282-042 Marriott Corporation Exhibit 4 Pro Forma Financial Statements Based on Repurchase of 10 Million Shares of Common Stoc k, Funded with a $235 Million Debt Issue (dollar figures in millions, except earnings per share) Year Ended December 28, 1979 Actual Pro Forma Earnings before interest and taxes Interest: existing debt $235 million in new debt Profit before tax Income taxes Net income Average number of shares (millions) Earnings per sharea $ 151 28 – $123 52 $71 36 $1. 96 $151 28 31 $92 36 $56 26 $2. 14 Consolidated Balance Sheet, December 28, 1979 ASSETS Cash & Mkt.Securities Accounts receivable Inventories Other Total current Net fixed assets Other Total Actual $ 21 100 47 10 $ 178 825 77 $1,080 Pro Forma $ 21 100 47 10 $ 178 825 77 $1,080 LIABILITIES & EQUITY Short-term loans Current portion, longterm debt Accounts payable Accrued liabilities Income taxes payable Total current Senior debt Capital lease Subordinated debt Other liabilities Equity Total a Fully diluted based upon the average number of shares outstanding for the year. Actual $ 4 10 72 80 22 $ 188 341 24 27 86 414 $1,080 Pro Fo rma $ 4 10 72 80 22 $ 188 576 24 27 86 179 $1,080 10 Marriott Corporation 282-042 Exhibit 5Financial Information on Competitors Holiday Inns $17 1/4 1. 75 9. 9 3. 50 4. 9 . 66 17. 50 Marriott Stock Price January 1980 1979 epsa P/E Ratio 1979 Cash Flow per share a Price/Cash Flow Dividend per share Book Value per share Avg. Annual Growth (1974-1979) Sales Earnings Return on Equity, 1979a Total Long term debt % Book Capital Times Interest Earned Rating of Senior debt Beta a Estimated Hilton $29 1/2 3. 75 7. 9 4. 80 6. 1 1. 09 14. 91 McDonalds $ 44 4. 70 9. 4 6. 80 6. 4 . 51 23. 69 Disney $ 45 3. 50 12. 9 4. 80 9. 4 . 48 29. 75 $19 5/8 1. 95 10 3. 80 5. 2 . 17 12. 88 18. 7% 23. 4% 17% 45% 5. 4 NR 1. 25 6. 2% 41. % 26% 24% 15. 0 NR 1. 30 2. 45% 11. 4% 9% 33% 5. 6 BBB 1. 45 21. 6% 22. 9% 20% 50% 5. 2 A 1. 05 13. 1% 18. 7% 12% 0% – NR 1. 15 Note: Yields on 91-day Treasury bills, 5 yr. Treasury notes and 30 yr. Treasury Bonds were 12. 5%, 10. 4%, and 10. 1%, respectively, as of Janu ary 1980. 11 282-042 Marriott Corporation Exhibit 6 Selected Restrictive Covenants Under the $40 Million Loan Agreement Dated 1977 With Six Life Insurance Companies, 8-3/4% Rate, Due in 15 Equal Annual Installments Beginning December 15, 1983 1. Total book assets shall be at least 155% of the sum of consolidated funded debt plus consolidated capital leases.Funded debt shall mean all indebtedness having a final maturity of more than one year. 2. Consolidated net working capital shall be at least equal to $6 million. 3. Consolidated senior funded debt shall be less than the sum of 66 2/3% of consolidated net hotel assets plus 50% of all other consolidated assets. 4. Consolidated tangible net worth shall be maintained at all times in an amount of least equal to the sum of $240 million plus 25% of consolidated net income for the period from July 31, 1976. Tangible net worth shall mean shareholders' equity minus all intangible items. 5.Net income available for fixed charges for the past year shall have been at least 175% of pro forma annual fixed charges. Net income available for fixed charges shall mean EBIT plus the imputed interest in all capital leases. Source: Casewriter 12 Marriott Corporation 282-042 Exhibit 7 Summary of Forecasts and Opinions of Several Leading Analysts from Major Investment Firms Firm A Est. 1980 eps Est. 1983 eps Est. 1980 return on equity Est. 1983 return on equity Est. long-term eps growth Riskiness of stock $1. 95 3. 00 14% 14% 15% average Firm B $2. 20 3. 80 16% 17% 20% average Firm C $2. 0 3. 25 14% 15% 16% average Firm D $2. 10 3. 60 15% 16% 20% low Firm E $2. 15 3. 25 15% 15% 15% low Avg. $2. 08 3. 38 14. 8% 15. 4% 17. 2% – Recommendation Long-term Hold Long-term Buy Long-term Hold Hold Long-term Hold – Marriott and Market Information Marriott Return on Equity Earnings per share Dividends per share Price/Earnings (Average) Market value/Book value (Avg. ) Standard & Poor's Industrials Return to Equity Earnings per shar e Dividends per share Price/earnings Market value/Book value Interest Rates (Year-end) 91-Day Treasury Bill 5-Year Treasury Note 30-Year Treasury Bonds 7. % 7. 2% 8. 0% 5. 3% 7. 4% 8. 0% 4. 4% 6. 2% 7. 3% 6. 3% 7. 5% 8. 0% 9. 6% 9. 3% 8. 9% 12. 5% 10. 4% 10. 1% 14. 8% $9. 69 4. 72 10 1. 4 12. 3% $8. 55 3. 78 11 1. 4 14. 5% $10. 68 4. 25 11 1. 5 14. 6% $11. 57 4. 96 9 1. 3 15. 2% $13. 12 5. 35 8 1. 2 17. 1% $16. 08 6. 04 7 1. 2 1974 10. 6% $ . 70 0 18 2. 1 1975 9. 5% $ . 69 0 17 1. 6 1976 10. 4% $ . 86 0 17 1. 8 1977 11. 1% $1. 04 . 03 12 1. 2 1978 13. 9% $1. 43 . 13 10 1. 3 1979 17. 0% $1. 95 . 17 8 1. 2 13