Analysis Impact Of Principal Agency Relationship Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2671 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? INTRODUCTION Principal-Agent Relationships for Investment Purposes Principal-Agent relationships occur in many forms in business. Understanding these relationships is crucial for investors in order to make better investment decision. Theory of Principal-Agent Relationships The relationships between and among multiple stakeholders is complicated and provides many opportunities for one party to gain at the expense of another party. The Theory of Principal-Agent Relationships recognizes that there can be friction between relationships when one person acts for someone else. Don’t waste time! Our writers will create an original "Analysis Impact Of Principal Agency Relationship Finance Essay" essay for you Create order Principal-Agency Relationships Defined Agency Theory refers to analyses associate with the Principal-Agent Relationship which occurs whenever one person acts in the interests of another. Many situations create a principal-agent relationship between two people. Explicit relationships include those situations where one person acts in the interests of another through contractual agreements. For example, when owners of a corporation hire a manager to run the company using his/her expertise and experience, a formal contract is created where the managers act in the interests of the owners in exchange for compensation such as a salary, stocks, and even perquisites. Some principal-agent relationships do not operate formally but exist as though there is agency. For example, employees and managers in a corporation do not have a formal agency relationship. This is because the managers do not themselves compensate the employees for working on behalf of the managers. However, at some point in their relationship, the managers must rely on the employees without monitoring them all the time. This relationship can still be defined and governed by theories of agency (www.brighthub.com) BACKGROUND AND ANALYSIS Principal-Agent Relationships and the Conflicts That Can Arise Within Them Principal-Agent Relationships exist whenever one person or party works in the interests of another party. Some of these relationships arise through obligatory contractual relationships and some can be informal or even hidden relationships that only reveal themselves at a point in the future. The set of contracts model of Modern Corporation demonstrates that many stakeholders are affected, both formally and informally, by the corporate body. One of the moral problems managers of a firm face is which stakeholders to satisfy to keep the corporation profitable while at the same time remaining cognizant of the ethical dilemmas of maximizing shareholder wealth to the detriment of other stakeholders. Is the primary purpose of the principal-agent relationship to take into account only the owners interests? What would the owners think of reducing shareholder wealth to satisfy moral obligations to other stakeholders? The principle of self-interested behavior states that the managers of a firm will act in their own self-interest (www.brighthub.com). What happens when acting in their own self-interest creates moral problems to both stockholders and stakeholders? An Example of Principal-Agent Conflict Suppose a company enjoyed a particularly profitable quarter with record sales and retention of a large amount of cash from normal operations. This windfall is the direct result of the employees, the owners agents, who worked hard to maximize corporate and, consequently, shareholder wealth. The managers of the firm must decide what is the best use for the extra cash lying around as a liquid asset? The managers have decided that the money should be used for one of two purposes: employee wage increases to reward the hard work that created the extra income or a payment of a large dividend to the shareholders as a reward for investing the capital necessary to make the extra income. The principle of self interested behavior would suggest that the stockholders would want the dividend option since it means more wealth for them. Employees, however, would prefer the wage increases for the same reason. The self-interest principle would also suggest that the managers making the decision would want the wage increases because it would mean more money in their pockets. This example illustrates the conflicts that can arise in principal-agent relationships. In fact, imagine that as and incentive to make the firm as profitable as possible, part of the managers compensation package includes shares of stock in the firm. The complexity of agency theory becomes clearer still because the managers will benefit from either a wage increase or a dividend distribution. The shrewd manager will do a little calculating to determine which alternative or combination of the two alternatives will maximize his/her self-interest (www.brighthub.com). Characteristics One of the most important characteristics of Islamic financing is that it is an asset-backed financing. As compare to conventional financing, the banks and financial institutions normally deal in money and monetary papers. In Islam, however, money should not be used as a subject matter of trade to generate profit (except in some special cases); rather it is only a medium of exchange. Thus, profit is generated when something is sold for money or when different currencies are exchanged, one for another. The profit earned through dealing in money (of the same currency) or the papers representing money is considered as interest (riba) and therefore prohibited. Consequently, unlike conventional financial institution, financing in Islam is always based on illiquid assets which create real assets and inventories. Looking into this perspective, of course, the most suitable and ideal instruments of financing in Shariah are musharakah and mudarabah. Under these two instruments, the money contributed by the financier is converted into the assets having intrinsic utility. Thus, profits are generated through the sale or trading of these real assets. Similarly, financing on the basis of salam and istisna also creates real assets. The financier in the case of Salam receives real goods and makes profit by selling them in the market. In the same way istisna financing also created real assets through manufacturing process, in which the financier earns profits. Financial leases (ijarah), murabahah and bay bithaman ajil, however, are not originally modes of financing in the Shariah (www.hijrahmedia.com). But, in order to meet some needs, these instruments have been restructure in a manner that they can be used as Islamic financing methods, in the sectors where musharakah, mudarabah, salam or istisna are not workable due to some reasons or another. Several western scholars have argued about remarkable shift in Islamic banking practices from the theory This argument came actually from Islamic economists. The problem is that they and their Western imitators put the carriage before the horse. They theorized a model that turned out to be unrealistic and inconsistent with financial intermediation. The Model they theorized is the two-tier Mudarabah but the practice used Murabahah and leasing on the use of funds side of the banking transactions. Both modes are more consistent with financial intermediation while Mudarabah is more of a venture capital approach rather than financial intermediation process. Obviously Mudarabah succeeded on the funds mobilization side, in investment deposits because banks are regulated financial institutions, businesses are different. This means that the theory was wrong. Yet many Islamic economists stick to it in a dogmatic manner because they accuse Murabahah to be less Islamic. This struggle is apparent in the five-year discussion of the newly adopted law of an Islamic banking in Kuwait. The law final ly went along with permitting the Islamic bank to enter directly in business venture on its own initiative. In spite of the restrictions and the discretionary authority the central bank may exercise, this approach loosen specialization and allow the Islamic bank to compete with business and to have its own stores for goods and services instead of remaining a financial intermediary only (www.financeinislam.com). FINDINGS Mudarabah is essentially an agreement between a financier and an entrepreneur the principals. However, taking account of the modern social structure and context, the pioneers of Islamic banking brought in an intermediary between the principals and created a two-tier mudaraba. This modified form of mudaraba was introduced into conventional commercial banking in the form of profit-and-loss-sharing (PLS) investment accounts and financing arrangements. The earned profit (which is an uncertain and unpredictable return on capital) was to replace the interest (a pre-determined fixed return) in the conventional setting. This, however, was not acceptable to the conventional banking authorities (www.islamicbanking.nl). Therefore, except in a few countries where rules were relaxed or special banking laws were enacted, it was not possible to establish and operate Islamic banks in most countries of the world. In such countries Islamic financial institutions, which did not come under deposit ban k regulations, were introduced. In both cases, while the deposit/investment side worked on mudaraba basis, mudaraba was only one of several modes used for financing. Though a preferred one in theory, in practice it became one of the least used. The most used forms are modes of trade, and this has led to questions of morality and ethics. In addition, Islamic banks are unable to provide all the financing services expected of a commercial bank ( ¾Ãƒâ€šÃ‚ ¾, Commercial Banking in the presence of Inflation: 1999). In Islam, there is a clear difference between lending and investing  ¾ lending can be done only on the basis of zero interest and capital guarantee, and investing only on the basis of mudaraba. Conventional banking does not  ¾ and need not  ¾ make this differentiation. But a system catering to Muslims has to take this into consideration and ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦provide for two sub-systems  ¾ one to cater to those who would lend a nd another for those who wish to invest. The first sub-system would cater to those who wish to put their money into a bank for safety and transaction convenience; and the bank would provide all current account facilities and short-term loans and advances (Saleh, Nabil A., 1986). ISSUES, CHALLENGES AND PROBLEMS Issues in implementation The implementation of this system requires the cultivation of new attitudes on the part of all the participants. This is a tall order but is an absolute necessity if we are to create a truly riba-free economy. It requires more from each participant, but it also offers more both to the individual and to the society as a whole. From the investor it requires the full understanding that he/she/it may incur loss and that he will have to wait longer to know the results, but it promises a truly riba-free income and possibly better profits. From the entrepreneur it requires complete and accurate bookkeeping and full disclosure of all his/her/its accounts and the sharing of his bounty with his financiers, but it provides him with capital without collateral and the guarantee that in case there is a loss he will not be required to make it up, provided he had been honest in his dealings and his books will substantiate it. The intermediary is both a banker and an entrepreneur. As an entrepreneu r, he too is required to be honest in his dealings, and accurate and transparent as to his bookkeeping and accounts (www.islamicbanking.nl). Bankers are trained to be very cautious, because their first concern is to guarantee the safety of the funds deposited with them. But in this system they are relieved of that concern because the investors have agreed to take the risk, and therefore if they persist with the bankers attitude they will miss many opportunities at the investors expense. On the other hand, too much adventurism can bring about low profits or even loss, and that may lead to the loss of customers. They must have an entrepreneurs natural talent to spot profitable projects and to avoid bad ones, and should develop it into a professional tool. The intermediarys staff will have to be carefully picked and trained to bring out inherent entrepreneurial talent. Such intermediaries will have ample reward, as they will share in the profits. It requires a new culture, a culture of entrepreneur-financiers and of professionally run partnership companies. The system is heavily dependent on proper and accurate bookkeeping, accounting and auditing. That requires the availability of trained bookkeepers and their wide use, as well as professionally responsible and well-trained accountants and auditors. They are the bedrock of the system. The system requires a high level of integrity from these personnel, and it is in the interest of all the participants in the system to respect it. Substantial investment is necessary in the training of such personnel, and legal protection is necessary to safeguard the independence of the auditors. The comprehensive system presented in the four books groups the entire spectrum of business activities into three broad categories: at one end is the one-man-owned-and-operated small enterprises, including the ones financed or supported by loans and advances from commercial banks, and at the other end are the large enterprises fi nanced entirely by shareholders and managed by professionals. In between are the proposed participatory-financed enterprises. The size of the enterprise is an important factor in this categorisation, and the type of financing and the type of organisation must generally match the size. Presently in all developing countries  ¾ to which group most of the Muslim economies belong  ¾ the distribution is highly skewed towards the smaller end. To achieve a better and stable economy, it is necessary to bring about a more even distribution (www.islamicbanking.nl). The mudaraba principle is applicable to a range of situations, from a simple local two-person partnership to a multiparty international corporation. A shareholder company works essentially on the mudaraba principle. But the participatory financing scheme envisaged in this article aims at the middle section of this range. It brings in the intermediary, and provides the investors with a unit trust type of investment o pportunity. The scheme is ideally suited to medium scale new enterprises. However, it is possible to modify it slightly and bring in some of the running businesses too into the participatory financing system. The enterprise is a running business and has debts owing to, say, a commercial bank. In this case, the investment bank/company will pay up all the debts and go into partnership with the enterprise, as in the first case, with this amount as its capital contribution (Yasseri, Ali, 2000). In establishing the new institution of mudaraba-based investment and finance, using the participatory financing scheme as described above, it is preferable to start with medium size running businesses. This will provide a stable base for the new institution to test the theory and to gain experience. CONCLUSION Principal-Agent Relationships range from the simple to the complex. In corporations, the set of contracts view of the firm illustrates the complexity of multiple agency relationships across many stakeholders. When an investor values a firm, the evaluation always takes into account the risk associated with the separation of ownership and control. Investors must ask: what assurances are in place to make certain agents in the firm are working for the best interest of the owned. In order to bring about a riba-free economy, the countrys banking system has to be riba-free, its commercial enterprises have to be financed by equity capital, and its investments have to be on a profit and loss sharing basis. This article has dealt with investment and financing, and has introduced a mudaraba-based system called participatory financing that takes into account present-day realities. This is a new institution specifically developed to address the concerns of Muslims. It has no parallel in the conventional economy, but the individual tools and techniques it uses are ones tested and proved in the conventional setting. Thus, while re-invention of the wheel has been avoided, proving the viability of the new institution and benefiting from it are challenges specific to Muslims. It is for the Muslim intellectuals, professionals, investors, entrepreneurs, and other concerned individuals, institutions and organisations to take up the challenge. Conflicts arise in Principal-Agent relationships when alternatives faced by the agent can affect his/her own personal interests. Some principals go to great lengths to monitor and limit the power of agents to ensure that the principals interests are properly adhered to. However, it is nearly impossible to monitor and limit the agent to a point where no conflicts are possible. In addition, these steps taken by the principal may limit the agent so much that he/she can not ensure that the interests of the principal are acted upon in a man ner where positive outcomes are maximized.

Frida Kahlos Influence Essay - 1067 Words

Frida Kahlos Influence Frida Kahlos influence still lingers around the world. Even with Frida dead for almost two decades, she is still celebrated and thought of as an idol. Frida Kahlo was an artist in many different ways. Besides Fridas incredible talent to paint surrealist thoughts and emotions on canvas, she also was and artist in her mind and body. Fridas attire of traditional Mexican clothing, which consisted of long, colorful dresses and exotic jewelry, and her thick connection eyebrows, became her trademark. To the public, Frida Kahlo appeared to be full of spirit and joy. She walked through life happily, with a smile glued to her face. However, her feelings of anguish, anger, unhappiness of her painful miscarriages, and†¦show more content†¦Alejandro Gomez, Fridas boyfriend at the time described the accident and said that among the iron rods of the train, the handrail broke and went through Frida from one side to the other at the level of the pelvis (104). Frida Kahlo was left with a broken spinal column, a broken collarbone, several broken ribs, a broken pelvis, and eleven fractures in her right leg. In addition her right foot was dislocated and crushed, and her shoulder was out of joint. For a month, Frida was forced to stay flat on her back, encased in a plaster cast and enclosed in a boxlike structure. The steel handrail from the tram had literally gone through her body at the level of the abdomen; entering on the left side, it had gone out through the vagina. Due to this accident, Frida underwent thirty different operations and three miscarriages. It was during this time that Frida Kahlo discovered her talent for painting and drawing, also during this challenging time for her she produced The Broken Spine. Having to depend on everyone but herself, Kahlo portrays herself as weak and helpless. She depicts her self-portrait with metal rods supporting her broken s pine. 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The Denver Museum Of Nature And Science Essay - 1393 Words

I visited the Denver Museum of Nature and Science on the 23rd of November. This museum is located in Denver, Colorado but its history starts in Breckenridge, Colorado. Edwin Carter moved to Breckenridge in 1868. Edwin Carter’s passion for wildlife and science shaped the beginning of a collection that would change many lives. Edwin began to collect and assemble three displays that primarily included birds and mammals, butterflies and moths, and crystallized gold. This passion was for the scientific study of birds and mammals of the Rocky Mountains, which shaped his collection of Colorado wildlife. Folks from all over this area became increasingly interested. His collection turned into a display that he sold for $10,000. The idea of the Colorado Museum of Natural History was born on December 6, 1900. This idea grew until July 1, 1908, when it was open to the public. Ever since then it has developed into a huge building, preserved many Colorado finds and finds from other places, added on numerous exhibitions, but most importantly it has â€Å"housed compelling programs and experiences for millions of guests and schoolchildren that inspire a passion for exploring and understanding our natural and cultural world† (Museum History, 1). I chose to focus on a specific artifact in the â€Å"Egyptian Mummies† exhibition of the Museum of Nature and Science. The overall theme of this exhibition was of course, Egyptian mummies and culture pertaining to their religious beliefs of the afterlife.Show MoreRelatedMod Assistants : A Service Company1503 Words   |  7 PagesIntroduction A. Description of the business MOD Assistants is a service company who is headquartered in downtown Denver and whose clients are in the Denver Metro area. 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Crossing the social boundaries and limitations would only bring void and controversy in the createdRead More`` Beloved `` By Toni Morrison Essay1726 Words   |  7 Pagesstudy of literature, because ecology (as a science, as a discipline, as the basis for human vision) has the greatest relevance to the present and future of the world† (Rueckert). â€Å"Ecocriticism can explore what we can call a discursively manipulated nonhuman world in literature, and discuss how it gets marginalized or silenced by, or incorporated into the human language† (Oppermann Ozdag Ozkan Slovic). Ecocriticists ask questions such as â€Å"How is nature represented in the novel?†, â€Å"What is theRead MoreArt : The Art Of Art1631 Words   |  7 Pagesand science seems to have progressed, to a point were even now their colanders are accurate to this day . 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(Delvin p.143) Although Euclids work attempted to base the geometry on axioms rather then intuition, he still believed that his foundational concepts wereRead MoreLogical Reasoning189930 Words   |  760 PagesVegas; Shirley J. Bell, University of Arkansas at Monticello; Phyllis Berger, Diablo Valley College; Kevin Galvin, East Los Angeles College; Jacquelyn Ann Kegley, California State University-Bakersfield; Darryl Mehring, University of Colorado at Denver; Dean J. Nelson, Dutchess Community College; James E. Parejko, Chicago State University; Robert Sessions, Kirkwood Community College; and Stephanie Tucker, California State University Sacramento. Thinking and writing about logical reasoning hasRead MoreStephen P. Robbins Timothy A. 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Total Care Nursing Home s ( Tcnh ) Rehabilitation Therapy...

Description of Organization: Total Care Nursing Home’s (TCNH) rehabilitation therapy program is designed to produce positive outcomes in the restoration of patients’ lives by providing Physical Therapy, Occupational Therapy, and Speech Therapy. TCNH provides treatment specifically tailored to patients’ needs and capabilities. During the admission process TCNH designs a personalized treatment plan by conducting a rehabilitation therapy screening that takes into consideration each patient’s medical condition and their ability to undertake rehabilitation therapy. The facilities rehabilitation therapy program is designed to produce positive outcomes, including but not limited to: †¢Improving patients’ mobility †¢Assisting in the ability to do self-care tasks †¢Tools needed to prevent further/future complications †¢Assisting patients’ in managing pain †¢Most importantly providing hope and encouragement to those patients in the facility Types of Rehabilitation Therapy Physical Therapy: Probably the most commonly known form of rehabilitation therapy, physical therapy is the treatment of disease or disability through therapy and exercise. The programs include assistance with gait training, bed mobility, wound care, restraint reduction and wheelchair positioning. Occupational Therapy: Occupational therapy is designed to help patients regain skills related to activities of daily living. Individuals may require this therapy if, as the result of an illness or injury, they have

Ethical Dilemmas at Willowbrook Mental Institution

Willowbrook State School was an institution for children with mental retardation located in the Willowbrook neighborhood of Staten Island in New York City from the 1930s until 1987. Originally this school was designated to house 4,000 mentally retarded; however by 1965 it had a population of a little over 6,000. This large number of occupants named this the largest state-run institution for the mentally handicapped in the United States. (Bursztyn, 2006) After Kennedy took a tour of the institution he stated there were â€Å"questionable medical practices, and experiments† thus labeling this institution a â€Å"snake pit† and proclaimed that individuals in the overcrowded facility were living in filth and dirt, their clothing in rags, in rooms less†¦show more content†¦Feeding live hepatitis virus to mentally disabled children in order to deliberately infect them does not respect them as persons. (Boylin, Scott, 2006) References: A Guide to Willowbrook State School Resources at Other Institutions Retrieved February 2, 2011 Boylin, J, Scott, J. (2006). Practicum internship: textbook and resource guide for counseling and psychotherapy [Fourth Edition]. (Google E-book), Retrieved from http://www.google.com/search?hl=enq=Fusillo,+Maureen+C.+The+Willowbrook+State+School:+An+Oral+History.+Student+Project.+%5BS.I.+s.n.,+1994%5D.tbo=utbs=bks:1source=ogsa=Ntab=sp#sclient=psyhl=entbs=bks:1q=APA+Ethical+Principles+of+Psychologists+and+Code+of+Conductaq=0paqi=p-p2g2g-o1aql=foq=pbx=1fp=1cad=b Hevesi, Dennis. Robert W. McCollum, Dean of Dartmouth Medical School, Dies at 85,The New York Times, September 25, 2010. Accessed February 3, 2011 Marsden, S, Malander, M. (2001). Historical cases of unethical research. Unpublished manuscript, University of North Dakota, North Dakota. Retrieved from http://www.und.edu/instruct/wstevens/PROPOSALCLASS/MARSDENMELANDER2.htm Milestones in OMRDDs History, OMRDD, (2001-09-19). Retrieved on 2011-02-03- Powers, Ron (1977), The Newscasters: The News Business as Show Business, New York: St. Martins Press, p. 185, ISBN 0-312-5707-7 Rivera, Geraldo. Willowbrook: A Report on How It Is and Why It Doesn’t Have to Be That Way. New York: Random House, 1972. ISBN

Corporate Governance of Large Companies against Family Business

Question: Discuss Between Corporate Governance of Large Companies against Family Business? Answer: Introduction Corporate Governance includes regulations, practices and norms according to which a company functions and is directed or controlled(Bhagat, 2008). The field of corporate governance is necessary as it includes attaining a balance amongst various stakeholders interests which includes customers, suppliers, management, financiers, community and government such that companys greater objectives can be attained. Therefore, it includes internal controls for measuring of performance and various corporate disclosure norms especially those relating to accounting disclosures. Though there are specified norms in internal disclosures and accounting disclosures, corporate governance of large companies as against family businesses(Kolk, 2008). The hospitality industry in Australia is characterized by immense issues and scandals that has given rise to evaluate several corporate governance norms. The scope of the current report discusses contemporary issues and practices in corporate governance in fam ily businesses as against those of large companies in a specific industry. While large hotels in the industry follows Anglo-US model clearly other smaller organizations and hotels have failed to follow such norms creating stakeholder dissatisfactions and failure to adhere to corporate governance norms. Literature Review Contemporary businesses are facing major issues in relation to corporate governance that arises from role of board, quality of financial reporting, auditing, risks management, remuneration of directors, corporate social responsibility and so on(Brezeanu, 2008). These pertinent issues can be discussed according to pertinent theories and models of corporate governance that highlights the relevant roles and regulations for each member. There are three prominent models of corporate governance as Anglo-US model, Japanese model and German model. The Anglo-US model identifies share basis ownership of individuals who are separated from the corporation(Dittmar, 2007). Hence, there is a defined relation of management, shareholders and directors according to legal framework thus; there remains a clear and uncomplicated interaction between the corporation and its shareholders. This model of corporate governance is a much clearer framework and allows for special investment funds, there are clear expectation from shareholders within the organization as can be understood from the diagram below. Figure 1: Anglo-US Model Source: (asci.org.in, Retrieved on 1st May 2017) The Japanese model of corporate governance there is a high level of stock ownership from banks and companies which provides the shareholding patterns(Huse, 2008). In this model there is a multiplicity of services as accordance to their industrial policy which is prohibited in many countries worldwide especially in the US. Bank, Affiliate Company, management and government functions as the main players in the corporate governance, hence the model is relatively inapplicable in other parts of the world due to its key features. The German model of corporate governance is applicable across multiple countries across Europe however it remains inapplicable around the world due to its features. In this model there is a reliance on the two tier-board structure with voting rights restrictions and cannot be altered by the supervisory board. Thus, the primary focus of discussion across International Corporation is the Anglo-US model which has immense applicability and well-defined structures(Adam s, 2010). Analysis Corporate governance clearly has an indispensible role in functioning of businesses hence hospitality industry needs to abide by such norms to overcome issues faced in their businesses. Drawing from necessary literature review it can be well understood that while corporate governance might include clear cut regulations and disclosure norms often the selection of inappropriate models causes issues(Bowen, 2008). Evaluating the impacts and possible issues form Anglo-Us model it can be understood that as the model has clear format for instructions it is mostly followed across international and professional companies around the world especially in Australia. Large multinationals as Rydges Hotels follows this model such that there are no legal litigations and challenges faced in their businesses, however in smaller and family run businesses this is not the case. Issues in businesses especially arises in family run as there is no clear instructions that separates roles of shareholders as ag ainst multinational corporations. Australia Hotel is an Inn that is functioned by the family, friends and relatives of the family members(Bebchuk, 2009). Often the head of the business cooks when the chef remains absent and also doe house cleaning, with no clear defined roles there is a high level of challenges in services faced. Duties of Directors: The duties of a director though remains clearly defined in large hotel chains and international hotels but is not clearly defined in smaller hotels. Australia Hotel Inn director often faces issues that contradict his roles and responsibilities of being a director. He has to often play the role of a HR manager, Accountant and various other roles that hinder him from carrying out his defined roles(Hind, 2009). Composition and Balance of the Board: While in family businesses there is lack of board composition and even if they exists they are not professionally defined which results in their failure in the future(Larcker, 2007). As for example the Ridges has its Board members clearly defined and well structured, but in case of Australia Inn it is not. All family members are the members of the board hence there is an imbalance in the board creating improper composition and advice from people. The business functions according to direction and in accordance to what a member feels right or wrong. Remuneration and Reward of Directors: The Directors in family run businesses have often been seen to withdraw funds from the business for their personal usage. Such withdrawing of funds is against corporate governance rules and regulations. These arbitrary funds withdrawing occur as there is relatively less control over their roles. Reliability of Financial Reporting and External Auditors: Small businesses often make their financial reporting by family personnel or familiar personnel who can easily divert funds(Brennan, 2008). Such auditing and funds appropriation relatively holds less to no value causing little implication on corporate governance. Boards Responsibility for Risk Management and Internal Control: While in larger businesses responsibility for handling risks and incorporating for internal control is clearly laid out, in smaller businesses such appropriation is often handled by owners. This might result in increased and unforeseen risks and loss of internal control for the business. Shareholders Rights and Responsibilities: The shareholders rights and responsibilities are not clearly not spelt out in family businesses. While in larger firms responsibilities are clearly laid out and rights are defined no such barriers exists in smaller organisation creating challenges for shareholders. Corporate Social Responsibility and Business Ethics: There is a low perception regarding CSR and ethics in smaller businesses as compared to that of larger businesses. Smaller businesses often avert CSR norms and business ethics overlooking their importance altogether. Recommendation and Conclusion Corporations especially those family run businesses to conform to better corporate governance needs to abide by specific rules and regulations. While the field of corporate governance exists and various professional models and disclosure models are available the following recommendations will help accommodate specific regulations for better corporate governance practices. The duties of Directors in every type of businesses especially in family run businesses need to be clearly defined. Defining of roles of directors will allow them to accommodate for specific roles and there will be no overlap in the functionality and structure for such roles and responsibilities, which generally occurs in family businesses. The board member composition and balance of the Board has to be attained for clearly attaining of corporate governance. Remuneration and Reward of Directors are generally arbitrary in nature in family run businesses. In such businesses director withdraws amounts as and when he feels like and decides to which results in challenges while financial reporting. Reliability of Financial Reporting and External Auditors are clearly not defined and compliance requirements need to be met. Boards Responsibility for Risk Management and Internal Control has to be established in family run businesses. Responsibilities needs to be given to members within the business such that they can handle risks and regulate internal controls. Shareholders Rights and Responsibilities: While shareholders rights remain defined within legal documents they are not applied. The corporate governance rules and procedures books need to define them appropriately. Corporate Social Responsibility and Business Ethics: Family run businesses for gaining sustainability have to accommodate for CSR norms and ethics such that they can create and generate a greater impact for their businesses. Reference Lists Adams, R. B. 2010. The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 58-107. asci.org.in. (Retrieved on 1st May 2017). Anglo-American model of Corporate Governance. https://asci.org.in/journal/Vol.27(1998)/V27_byraju.html. Bebchuk, L. C. 2009. What matters in corporate governance? Review of Financial studies, 783-827. Bhagat, S. . 2008. Corporate governance and firm performance. Journal of corporate finance, 257-273. Bowen, R. M. 2008. Accounting discretion, corporate governance, and firm performance. Contemporary Accounting Research, 351-405. Brennan, N. a. 2008. Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing Accountability Journal, 21(7), 885-906. Brezeanu, P. a. 2008. Corporate governance models. VIII (I), 15. Dittmar, A. .-S. 2007. Corporate governance and the value of cash holdings. . Journal of financial economics, 599-634. Hind, P. W. 2009. Developing leaders for sustainable business. Corporate Governance: The international journal of business in society, 7-20. Huse, M. 2008. The value creating board: Corporate governance and organizational behaviour. Routledge. Kolk, A. 2008. Sustainability, accountability and corporate governance: exploring multinationals' reporting practices. . Business Strategy and the Environment, 1-15. Larcker, D. F. 2007. Corporate governance, accounting outcomes, and organizational performance. . The Accounting Review, 963-

Social Determinants of Health for NZ Strategy - myassignmenthelp

Question: Discuss about theSocial Determinants of Health for NZ Health Strategy. Answer: Introduction Social determinants of health (SDOH) are the situations in which people live, learn, work and age. These conditions are the major causes of health inequalities in New Zealand. This assignment will discuss the concept of SDOH in relation to a selected research article and pertinent literature. Firstly, the assignment will explore the concept of SDOH. Secondly, it will discuss how SDOH influence health with reference to the selected research article. Finally, it will explain how the NZ Health Strategy (2016) intents to improve health and wellness in Aotearoa New Zealand. The concept of SDOH SDOH consist of different overlapping that influence health and wellbeing. Most of the factors begin at birth including biology and genetic traits, gender, culture and family effects on healthy child growth. Some of the elements have a greater effect on health and wellbeing than others. The family factors include the socio-economic resources for the parents to provide basic needs for children, education level of parents and sufficient social support (McMurray Clendon, 2015, p. 10). For better social support, the parents should have access to employment opportunities or adequate income source. It is evident that some of these SDOH are rooted in the political and economic environment since policy decisions affect community life. Consequently, there are various structural conditions within the SDOH. For instance, the social development of a community requires structures to create employment as well as an environment that supports healthy lifestyles (McMurray, Clendon, 2011, p. 11). Pe ople within the community require access to clean water, air and nutritional foods at affordable prices. Besides, hospitals and health professionals who are accessible on demand create the larger structure of a social environment (McMurray Clendon, 2015, p. 10). Evidently, the concept of SDOH is broad and encompasses factors within the control and beyond the control of the people, and that is why some of the SDOH are addressed through government policies. How SDOH may influence health Gunasekara, F. I., Carter, K., Mckenzie, S. (2013). Income?related health inequalities in working age men and women in Australia and New Zealand. Australian New Zealand Journal of Public Health, 37(3), 211?217. doi:10.1111/1753?6405.12061 This section investigates how SDOH might influence health with reference to the research by Gunasekara and colleagues. The authors aimed to evaluate income-linked inequalities in health in working-age males and females in Australia and New Zealand. They utilised data from two longitudinal studies to compare concentration indices that evaluate the distribution of general and mental health-linked quality of life (QOL) scores across income in working-age males and females. Additionally, decomposition evaluations of the concentration indices were performed to determine the influence of different factors on the income-related health inequality. This study unraveled that income, regional deprivation and inactiveness in the workforce were primary causes of income-associated health inequality. In conclusion, the authors note that income and employment are the leading causes of health inequality in New Zealand (Gunasekara, Carter, Mckenzie, 2013, p. 211). This research is relevant to essay t opic since it is founded on the disparities in health status and inequalities in health with a focus on socioeconomic position. The findings of this research are similar to several other studies that have found that SDOH influence health directly. One recent study found that the Maori, Pacific and other people with low socioeconomic status (SES) are at a higher risk of developing chronic illnesses compared to those with high SES. This difference results in high mortality and morbidity among the Maori and Pacific people (Sheridan et al., 2011, p. 45). Apart from these impacts, the difference in incomes also causes other health inequalities. Shamshirgaran et al. (2013, p. 1223), conducted a study to determine the influence of SES on the occurrence of type II diabetes. They found that the incidence of diabetes was higher in retirees and unemployed people compared to those who were employed. Further, the incidence of diabetes was generally high in individuals with low incomes. This study concluded that SES is an independent predictor of diabetes. Low SES can result in the occurrence of diabetes due to various factors. Individuals with low incomes might lack health literacy on the prevention of chronic illnesses (Benjamin, 2010, p. 784). They may also lack access to proper diets and exercises that help to prevent the occurrence of diabetes. This argument is supported by research performed by Grant and colleagues. In their study, they investigated the burden of communicable diseases in Maori children and non-communicable conditions among the adults in relation to poverty. Poverty was found to be an important contributor to c ommunicable and non-communicable diseases in this population. Due to poverty, pregnant women lack access to nutritious foods resulting in poor health of their children. A Recent study also asserts that area deprivation in New Zealand leads to poor health. It has been found that a significant number of the Maori people live in regions considered to be deprived in the country and this factor results in health inequalities (Bcares, Cormack, Harris, 2013, p. 76). Area deprivation is directly associated with poor health because of unequal access to health services and employment opportunities. How the NZ Health Strategy (2016) plans to support health and wellness in Aotearoa New Zealand The NZ Health Strategy (2016) consists of five pillars meant to enhance the health of the New Zealanders. The five pillars also outline a plan to support health and wellness in Aotearoa New Zealand. People-powered: This pillar is consistent with the Maori Health Strategy. The strategy proposes that individuals using health care services require ways to meet their immediate and future needs. As such, the people-powered strategy champions the contribution of Maori in decision-making on health care services. Closer to home: This strategy advocates for bring care closer to the people. It argues that different approaches can be used to offer care to the people who live in remote areas. For instance, the use of telehealth, outreach clinics and mobile vans can be used to reach the deprived areas (Minister of Health, 2016, p. 19). This strategy plans to use non-governmental organisations to bring care closer to the people. It cites the example of Maori and Pacific approaches and models, which can be embraced to make care affordable and accessible. Another plan is to use the Maori health network. The Maori health network would entail the use of population-based strategies to prevent long-term illnesses and promote healthier choices. Value and high performance: For Aotearoa New Zealand, this strategy aims to focus on Pacific community group. It plans to enhance the quality of health care for the population groups that face inequalities specifically the Maori people. This strategic plan would be achieved by eliminating infrastructural, physical and financial barriers to offer high-quality health services. One team: This strategic plan realises the need to minimise barriers that inhibit people from utilising their skills fully. It targets to empower Maori health providers. The support for Maori health providers might include the provision of health literacy education. Also, it could entail offering individuals opportunities to contribute in the designing of the health system (Minister of Health, 2016, p. 29). Smart system: The health system envisions the use of smart systems to offer care to the disadvantaged communities. The smart system would entail the use of technology such as telehealth, which can be used to reach people in rural areas (Dinesen et al., 2016, p. e53). Conclusion As evident in this assignment, SDOH result in health inequalities in New Zealand. Based on the selected article, income, regional deprivation and inactiveness in the labour force are significant causes of health inequalities. People from low SES are likely to experience poor health compared those from high SES. The NZ Health Strategy of (2016) intends to reduce these inequalities by improving access and designing culturally sensitive health services. References Bcares, L., Cormack, D., Harris, R. (2013). Ethnic density and area deprivation: Neighbourhood effects on M?ori health and racial discrimination in Aotearoa/New Zealand. Social Science Medicine, 88, 76-82. doi: 10.1016/j.socscimed.2013.04.007 Benjamin, R. M. (2010). Improving health by improving health literacy. Public Health Reports, 125(6), 784- 785. doi: 10.1177/003335491012500602 Dinesen, B., Nonnecke, B., Lindeman, D., Toft, E., Kidholm, K., Jethwani, K., ... Gutierrez, M. (2016). Personalized telehealth in the future: a global research agenda. Journal of medical Internet research, 18(3), e53. doi: 10.2196/jmir.5257 Grant, C. C., Wall, C. R., Yates, R., Crengle, S. (2010). Nutrition and indigenous health in New Zealand. Journal of paediatrics and child health, 46(9), 479-482. doi: 10.1111/j.1440-1754.2010.01842.x. Gunasekara, F. I., Carter, K., Mckenzie, S. (2013). Income?related health inequalities in working age men and women in Australia and New Zealand. Australian New Zealand Journal of Public Health, 37(3), 211?217. doi:10.1111/1753?6405.12061 McMurray, A., Clendon, J. (2015). Community health and wellness: Primary health care in practice (5th ed.). Chatswood, Australia: Elsevier Australia. McMurray, A., Clendon, J. (2011). Community health and wellness: Primary health care in practice. Chatswood, Australia: Elsevier Australia. Minister of Health. (2016). New Zealand Health Strategy: Future Direction. Wellington: Ministry of Health. Shamshirgaran, S. M., Jorm, L., Bambrick, H., Hennessy, A. (2013). Independent roles of country of birth and socioeconomic status in the occurrence of type 2 diabetes. BMC public health, 13(1), 1223. doi: 10.1186/1471-2458-13-1223 Sheridan, N. F., Kenealy, T. W., Connolly, M. J., Mahony, F., Barber, P. A., Boyd, M. A., ... Dyall, L. (2011). Health equity in the New Zealand health care system: a national survey. International Journal for Equity in Health, 10(1), 45. doi: 10.1186/1475-9276-10-45