Male And Female Sentencing A Look Into Alternative...

Female V Male Sentencing A Look into Alternative Sentencing Ritchey, Christian American Military University Author Note This paper was prepared for CRMJ201. Abstract With incarceration rates rising and jail and prison populations at an all-time high, alternative sentencing is being used more often with non-violent offenders. This paper looks at male and female incarceration rates, the use of alternative programs for sentencing between the two and the effectiveness of such programs. During the paper we will analyze sentencing differences between male and female offenders. We will also analyze the use of alternative programs for sentencing and their effectiveness. Female V Male Sentencing A Look into Alternative Sentencing The sentencing†¦show more content†¦These A look at statistics According to the 1998 Census Bureau (which was revised in 2000) female offenders made up 51.6% of the population while male offenders made up 48.4%. This indicates that women account for more than half of the population age 10 and older. (bjs.gov) In order to look further into alternative sentencing we need to ask ourselves: 1. What is alternative sentencing? 2. Who is eligible for alternative sentencing? 3. What is the goal of alternative sentencing? 4. Does it work? What is alternative sentencing? â€Å"An alternative to incarceration is any kind of punishment other than time in prison or jail that can be given to a person who commits a crime†. (famm.org) These types of â€Å"punishment† have several benefits. They can help provide things for communities, lower prison and jail costs, help rehabilitate and treat offenders who are addicted to drugs or are mentally ill. Some forms of alternative sentencing are drug-court, probation, house arrest, community service, half-way houses and fines/restitution. Drug-courts are special branches of courts that exist within courts that already exist. Drug-courts provide offenders with court supervised treatment. Probation/parole allows the offender to be â€Å"free† of incarceration, but, keeps the offender from leaving the community. While on probation/parole the offender will have to report to the probation/parole officer. This keeps the offender accountable and helps deter them

Essay about HN205 Unit 6 - 1613 Words

Unit 6 Assignment Case Analysis This week, you are going to complete an Assignment in which you analyze two case studies. You will read each case and answer the questions included using the information you have gained from this course so far. Your answer should include an analysis of client strengths, possible interventions, and a reflection on the possible ethical issues and cultural influences as they might impact the case. The information below includes the case details as well as the analysis questions. Use this document to complete your Assignment. Your Assignment must be your original work; plagiarism will not be tolerated. Be sure to review the syllabus in terms of what constitutes plagiarism. Case Study 1: Romeo†¦show more content†¦Let’s take a look at some and see which one apply to your situation. Romeo: Thank, I would like that. What goals would you want to work the client on based on the information available? Explain why you chose those goals and how you think they will help meet the clients needs. Tip: remember that goals are different from case tasks and referrals you might make to benefit the client and their situation. Goals I would work on with Romeo is staying positive, staying away from negative people and negative situations. Take responsibility for your own actions. I would also let him know that I am there for him that he is not alone. I would find shelter for him away from gang and reconnect him with his Aunt. The above goals will help him in life and are what he needs most. It will be good for him to reconnect with his Aunt. Romeo is feeling lonely, he needs family support. Case Study 2: Gladys Gladys is a 25-year-old Vietnamese stay-at-home mother who has been married for 7 years and has three children by her husband. They are all girls with the oldest being 6 years old followed by a 4-year old and now a 3-month old. Gladys reports that her husband always wanted a son. She states that he has always been an angry man but after the birth of their third daughter, his violent behavior has increased. Gladys states that most of his violence and aggression has been directed at her or the house all these years, but now she fears for herShow MoreRelatedEssay about Marcy Alvarez Unit 6 Assignment HN205725 Words   |  3 Pagesï » ¿ Case Analysis Marcy E. Alvarez Kaplan University Case Study 1: Romeo What are the client’s strengths and how can you apply these strengths to appropriate interventions? Romeo’s strengths include the capability to open up to me about his attempted suicides, gang involvement, and drug use. Also, one other strength Romeo has, is that he has great aspiration to improve his life. Romeo is stepping outside of his barrier and speaking with me about the hardships in his life. Using

Deabte analysis free essay sample

The industrial Revolution occurred in Europe from 1750 to 1850. During this time there was also a huge increase in illegitimacy rate, which is the number of babies being born to unmarried women. The big question becomes, did the industrial revolution cause a sexual revolution or not? There are many historians and people with different views about topic. At the start of the industrial revolution there were close to zero babies being born the unmarried women and by the end in 1850 there was 1 in every 3 women having babies that weren’t married. There are two main points of view on this debate; one from Edward Shorter and the other from Louise Tilly, Joan Scott, and Miriam Cohen. Historian Edward Shorter states that the industrial revolution created many opportunities for women to work which he says led to a rise in the illegitimacy rate. He connects this to the sexual emancipation, or sexual freedom, of unmarried, working-class women. Historians Louise A. Tilly, Joan W. Scott, and Miriam Cohen counter that unmarried women started working during the industrial revolution to meet an economic need, not to gain personal freedom. They state that the rise in illegitimacy rates rose due to broken marriages and the absence of traditional support from family, community, and the church. With women starting to work this caused a change in people’s lifestyles. Shorter and Tilly, Scott, and Cohen both have a legitimate argument to if the industrial revolution was the cause of the sexual revolution. You raise the key issues here. It doesn’t need to be this long, but that’s OK. Edward Shorter agrees that women of the upper class in the nineteenth century underwent a female emancipation along with the slave emancipation, but he says that it doesn’t account for the women with families. Young, low status women underwent a radical movement in female emancipation in the late eighteenth century because of the involvement in the economy of the market place. This emancipation started with the young women of low status to older women of higher status. There were some general characteristics describing women during this time. There were many famous women making stands for women’s independence and rights, that it was hard to see the position of all women or the norms of women. One thing Shorter states is, except for the few  exceptions of famous women, most of them were still powerless and dependent. Female emancipation was all about becoming independent. Married women wanted household political power and a family where they have their own rights, sexual gratifications, and emotional freedom. Unmarried women started ignoring the strict views and opinions of parents and community to satisfy their personal needs. All women started disregarding outside controls for personal freedom and sexuality for individual self-fulfillment. Up to here is satisfactory, but more info than necessary and not completely clear. These changes may be linked to the economic changes towards capitalism, an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations. Good. One change was that capitalism made subcultures of wage-earning people. These people began to create their own rules and standards on how to run their community. Some of the rules where sexual behavior, target family size, and new techniques for contraception and abortion. The new young people were sexually active and it became a social norm to have sex before marriage. Shorter thinks that some aspect of industrialism must be held accountable for the expressly permissive sexual content of the subcultures. Another change dealing with capitalism was the mentality of the market place. As women began working in the market place they began to bring the principles of the market place into other areas of their lives. Shorter believes that the labor markets were the most direct source of personal freedom. Capitalism’s metal habits of maximizing one’s self-interest and sacrificing community goals to get individual profit was what women learned in the market place and it’s what they wanted in all aspects of life including their family and their freedom. Lastly, the industrial advance along with capitalism removed many external controls upon female sexual freedom. As women were bringing home paychecks meant they contributed to the family’s resources and would be entitled to a greater voice in how these resources were used. This lead to women being more equal and the premarital sex codes became more permissive as her status  was completely dependent on the husbands. Shorter came to state that capitalism entitled a source for females to be independent and have sexual freedom. The low wage, young people started the involvement in the market economy. The prosperous women soon followed in the nineteenth century. For unmarried women capitalism meant personal and sexual freedom. Young women were able to go against parental controls with her sexual and emotional independence because she knew the market would still hire her and give her self-sufficiency, and if needed, would move her to a town where she could work. This lead to the absence of birth control and therefore illegitimacy. You say more than necessary in the first paragraph of this section; your explanation of the argument could be stronger.

Changes In Culture Business Organisations â€Myassignmenthelp.Com

Question: Discuss About Changes In The Culture Of Their Business Organisations? Answer: Introduction The Australia and New Zealand Banking Group Limited, also known as the ANZ, is one of the five largest successful companies in Australia. The bank is also the largest company in New Zealand. The company was formed out of the Bank of Australasia, while it established its first Melbourne office in 1838 and its headquarters in New Zealand. The bank provides a range of services to a diverse pool of clients. As of today, the company is publically listed with almost 376,813 shareholders and a workforce of 35,000 people. The company serves more than six million customers throughout the world. The company demonstrated excellent performance results in 2008 even when the year was tough for the global financial industry. ANZ was never this successful throughout its foundation. During the early 1990s, the bank was facing a number of issues, such as bad debts, poor organisation, employee morale and poor customer satisfaction rates. After experiencing such poor performance and workplace conditions, the company appointed John McFarlane as the CEO of the bank in the late 1990s. It was under the leadership of the new CEO and his freshly formed management team that the bank was able to revive its market position and become successful through a series of planned changes and transformations. Main features of organisational transformation during McFarlanes tenure at ANZ Bank One of the biggest reasons behind the worldwide success of ANZ Bank was the planned changes or the organisational transformation that the new CEO of the company, McFarlane, was about to introduce over a period of time. The change program implemented by the new CEO, along with his new management team, had certain features that helped the management in ensuring a successful transformation and reinforce the changes in the longer run. Some of the features of the organisational transformation program implemented by McFarlane are given below: First of all, the transformation program implemented during the tenure of McFarlane was a well-designed change management program that targeted the entire organisation on the whole. The transformation program involved all the stakeholders in the change and was properly designed before it was implemented. The new CEO of the company was able to understand the role that the culture of the workplace plays in the overall performance of the employees and considered organisational culture to be a topmost priority while planning the change program. By inviting a research company to conduct a survey on the discrepancies between the existing bank values and culture, the new CEO made sure that they could identify those areas where the company required changes. Through such initiatives, the new management was able to discover that there was too much bureaucracy and hierarchy in the organisation, which was hindering the performance levels of the employees. as a result, the transformations program was designed to bring about changes in the values of the organisation on the basis of employee inputs while the existing values had been incorporation into the culture by the senior managers. Secondly, the new management formulated a dedicated breakout and cultural transformation team to assist the management in implementing the planned transformation strategies. Breakout workshops were arranging in which the employees were made more aware of their values, the values of the organisation and how they had an influence in driving their behaviour. Such breakout units helped the new management in continuously diagnosing the behaviour of the employees and identifying the effect that the transformations were having on the stakeholders. Further, the breakout teams acted as change facilitators, which are a necessity for increasing the chances of success of a change program. Thirdly, the new management of the company was able to implement a performance management system, which helped it in increasing the success rate of its transformational strategies. The company used performance scorecards and key performance indicators to assess the performance levels of the employees across various fields, such as financial, customer, etc. The performance management system was divided into three parts i.e. performance planning, performance coaching and performance assessment (Henshaw, 2011). The management designed an effective performance management plant that measured the right performance objectives using the right performance indicators and metrics. Such an effective performance management system helped the company in ensuring greater chances of success in its change management initiatives (OGBA, 2009). Finally, the management followed an effective approach to ensure organisation wide support from the stakeholders during the transformational program, which could otherwise lead to the failure of the program. The new management at the ANZ company followed a top-bottom as well as a bottom to top change implementation strategy that ensured greater trust and communication amongst the stakeholders (Cummings, 2013). Thus, the ability of the management to establish trust and communicate the transformation program clearly to the stakeholders helped it in ensuring a greater success rate for its change program. Challenges for managers in implementing transformation strategies It is often said that a change is not the problem, resistance to change is. An organisation can experience a variety of changes that can have an effect on individual units, processes and sometimes on the entire organisation as a whole. Cultural change is an organisation wide change that has an impact on the entire organisation as a whole and is considered to be one of the most difficult changes to be implemented in any organisation. Cultural changes can bring about changes in job roles and responsibilities, operations, dealing with clients, buyers and suppliers, etc. As a result, cultural changes receive a great deal of resistance from the stakeholders and the managers responsible for implementing a cultural change has to face a number of challenges in their attempts to achieve a successful transformation. Some of the challenges that the managers working in companies like the ANZ and trying to implement a cultural changes face are discussed below: First of all, when the change is related with the culture of an organisation, it becomes very difficult for the managers to build organisation wide trust and establish effective communication networks, which was also a challenge that the management of ANZ Bank faced while attempting to bring about changes in their organisation culture. Building trust and communicating the change program is one of the most important pillars of success while trying to transform the culture of an organisation and in their absence, the stakeholders can create panic due to fear of the unknown and can offer a great deal of resistance to the change program (RICK, 2015). As a result, it can become difficult for the managers to implement a cultural change successfully and can fail in their attempt to achieve a successful transition. Secondly, cultural changes can also involve alterations in the job roles and responsibilities of certain employees, which can further result into a change in their power status or status quo. Such a condition can trigger a lot of resistance to the change program as the employees working on the topmost position might feel a threat to their powers and can offer very strong resistance to the change management program (BRADFIELD, 2006). Further, cultural changes can also involve elimination of certain job profiles from the organisational hierarchy, which can generate stress amongst the employees and can have an effect on their performance levels. As a result, it becomes an important challenge that the managers face while trying to transform the culture of their organisations. Thirdly, it is a natural tendency of human beings to resist changes as they bring them out of their comfort zones. In case of cultural changes, it is obvious that the entire organisation will have to undergo a major change, which will definitely bring a lot of employees out of their comfort zones (Ryan, 2014). As a result, the employees offer a higher resistance to such changes that can have a huge and a long lasting impact on their jobs. Therefore, this is another challenge that the managers trying to transform the culture of an organisation are bound to face. Lastly, cultural changes also become a challenge for the managers because a talk about cultural change can initiate a lot of group dynamics and politics within the organisation. A culture of an is defined as the way in which an organisation carries out its work operations and how the things are done in a company. The culture of an organisation is the only thing which binds the entire workforce together and when there is a change being planned for the culture of an organisation, the stakeholders can create panic and can become part of group dynamics, which can make it difficult for the managers to implement the transformation strategies successfully. Attributes of key leaders at the ANZ Bank and role of leaders in managing change programs A leader is a person who has the skills to make the other people follow and get things done by keeping them motivated. A great leader is the one who has the potential to bring the best out of his followers and contribute more towards the overall success of an organisation. The way in which, under the leadership of John McFarlane, the ANZ Bank emerged as one of the top companies in the areas where it had its operations clearly proves the efficiency and effectiveness of John as a leader. During his ten-year tenure, John proved to be successful in increasing the customer satisfaction rates, higher staff engagement, community recognition and above all, turning around the financial performance of the company and delivering on the promises that were made to the shareholders. John McFarlane proved to be a successful leader and even at the end of his tenure, most of the stakeholders did not want him to leave the company and felt that his tenure should be extended. John McFarlane had a great deal of knowledge about the operations of the bank and knew how to involve all the stakeholders, which helped him in ensuring higher engagement levels. Further, as a leader of a company, John also had the ability to analyse the market trends and undertake strategies that would help the company in becoming more successful in the times to come. He followed a futuristic approach and made some important decisions that helped the company in grabbing a greater market share and reviving its position in the market. Organisational leaders have a great role to play in the implementation of change management programs and can bridge the gap between success and failure. John, as the leader of ANZ Bank, played an important role in influencing, directing and managing the change process at ANZ. First of all, John worked hard to carry out extensive research and surveys through professional organisations so that they could identify the areas where the organisation required changes. It helped the company in identifying those operational areas which were inefficient and prepare change management programs to deal with the inefficiencies identified. Secondly, John worked hard with his management so that they could avoid situations that could give rise to resistance to the change program. They implemented strategies that enabled them to establish trust in the organisation and communicate the change program to the stakeholders in the best possible manner. The decision to improve communication and establish trust helped the management at ANZ to effectively manage resistance to change. Thirdly, John also designed and implemented a performance management system that helped the management to continuously analyse the progress that it had been making in the implementation of the change program. It also helped the management in identifying the areas that were proving to be ineffective and turning them effective by performance coaching. Furthermore, the system of performance management also helped the company in reinforcing the changes that had been successfully implemented so that the employees could not switch back to their previous cultural values or behaviour. Conclusion Managing a change program is never an easy task as many organisations have lost their market share to their competitors because of their failures to implement changes successfully. ANZ Bank is a perfect example of how leadership can play an important role in ensuring success for a change management program as it was able to greatly revive itself under the efficient leadership of John McFarlane. The ability of the company to successfully transform its cultural values was made possible by the leader of their organisation, who worked hard in influencing, directing and managing the change process. References Henshaw, J., 2011. Performance Management: Are you clear on what you want from your employees?. [Online] Available at: https://managing-employee-performance.com/clear-what-want-from-employees/[Accessed 11 September 2017]. OGBA, C. N., 2009. MANAGING CHANGE THROUGH PERFORMANCE MANAGEMENT. [Online] Available at: https://www.unn.edu.ng/publications/files/images/OGBA,%20CHIKA%20NGOZI.pdf [Accessed 11 September 2017]. Cummings, K., 2013. Trust, Communication, and Leadership: The Three Laws of Influence. [Online] Available at: https://www.td.org/Publications/Blogs/Management-Blog/2013/04/Trust-Communication-and-Leadership-the-Three-Laws-of-Influence [Accessed 11 September 2017]. RICK, T., 2015. WHY IS ORGANIZATIONAL CULTURE CHANGE DIFFICULT. [Online] Available at: https://www.torbenrick.eu/blog/culture/why-is-organizational-culture-change-difficult/[Accessed 11 September 2017]. BRADFIELD, ., 2006. Challenges of changing culture. [Online] Available at: https://www.bizcommunity.com/Article/196/18/10447.html[Accessed 11 September 2017]. Ryan, R., 2014. The Challenge of Changing Organizational Culture. [Online] Available at: https://icma.org/articles/challenge-changing-organizational-culture-0[Accessed 11 September 2017]

Rakesh Soni

Priorities before Soni Rakesh Soni is a chief compliance officer (CCO) to the Indian information technology (IT) company appointed in July 2009. This company is managed by a board of six members assigned by the federal government as caretakers the same year. Soni was allocated the responsibility of controlling the corporate governance of Mahindra Satyam Limited. This was implemented to enable the company’s progress without increasing the workload from the preceding year 2008 (Pradipta Mukherjee).Advertising We will write a custom essay sample on Rakesh Soni specifically for you for only $16.05 $11/page Learn More As the chief compliance officer, Soni was to come up with a new outline on code of ethics and instill principles of corporate governance at Mahindra Satyam Limited, which was formerly recognized as Satyam Computer Services Limited. Soni was supposed to report his ideas to the vice chairman of Mahindra Satyam named Vineet Nayyar. Soni also served as the company’s chief operating officer with the profit center. He was accountable for business verticals, which he reported to C. P. Gumani who was chief executive officer (CEO) at Mahindra Satyam Limited. In a bid to carry out this responsibility effectively, he solicited assistance from Sucharita Palepu. Palepu was the head of talent management in Human Resources (HR) at Mahindra Satyam. Managerial Issue before Soni Soni was to ensure that there would be no additional violation, overt or covert of corporate governance standards. Mahindra and Mahindra Company had outlined these standards as follows; introduction of strong cooperate best practices, review of key processes, and implementation of suggestions from forensic accounting/investigating authorities. Soni was responsible for ensuring that everyone worked with integrity, which was greatly backed by Mahindra’s reputation. However, information available to the independent directors was limited. Soni had t o make a decision on substitution of Satyam since it was tainted as an individual brand. It was important to give the brand a lower profile among the stakeholders even though it was the dominant source of value creation.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In fact, this brand recorded higher revenues, larger number of employees, and higher economies of scale than Tech-Mahindra. In addition, it was more recognized in the global technology industry than Tech-Mahindra. On the other hand, Tech-Mahindra was offering an opportunity to force entry into the market. In addition, Soni faced the managerial issues of integration among people who were the motivating forces in the IT industry. Signals Indicating that Independent Directors Missed at Satyam As per the suggested code of conduct, the directors were to represent the interests of shareholders and consult them when making important decisions such as in acquisitions. However, the chairman of the board of directors (Raju) approved the purchase of 100% stake in Maytas Properties and 51% in Maytas Infrastructure (Maytas Infra) on an investment of $1.3 billion and $0.3 billion respectively. These infrastructure companies were controlled by Raju’s sons. Maytas Properties established in 2005 was involved in the development of such urban space infrastructure as integrated townships and special economic zones. On the other hand, Maytas Infra was involved in building highways, metros and ports (Bartlett and Beamish 67).The directors were expected to demonstrate high standards of integrity, devotion, independence of thought, and judgment. In this light, the described approval and purchase were out of context. The chairman and managing director of Mahindra and Mahindra Company made a commentary that, â€Å"it is not as though we did not have a plan to go in. It was not as though once we won the bid; we scratched o ur heads and said, â€Å"Okay†, what do we do next?† When we took over the company, we had a road map of what to do from day one. We were like commandos hitting the ground with a battle plan. The key message was: the past is, by definition, gone, so let’s pick up the pieces, the good ones, and start running† (Taneja 44). This shows explicitly that due care was not considered. Another code of ethics was that all directors had to dedicate adequate time, energy, and attention to ensure diligent performance of his/her duties inclusive of making all reasonable efforts to attend board or committee meetings. In the standing issues of the company against its accounts’ books, it was overstated leading to false and unfair view of the shareholders and the public in general.Advertising We will write a custom essay sample on Rakesh Soni specifically for you for only $16.05 $11/page Learn More The directors claimed to have no previous knowledge, which was a clear expression of neglecting responsibility. In summary, the directors were required to comply with every provision of this code. However, they had gone against this code in a precise and explicit manner. Personal Idea on Role of Auditors In my opinion, the roles of auditors are as indicated in the following list. Scrutinizing the financial statements and the announcements of a company in order to examine whether they are the true and fair representation of the business. Assessing internal financial controls and risk management system within the company. Scrutinizing and examining internal auditing operations. Endorsing external auditors’ appointments and replacements, and analyzing their work efficiency Fostering and instigating guidelines on the use of auditors for non-audit services (Leung, Barry and Robertson 43). Works Cited Bartlett, Christopher and Paul Beamish. Transnational management: text, cases, and readings in cross-border management. 6th ed. New York: McGraw-Hill/Irwin, 2011. Print. Leung, Philomena, Barry J. Cooper and Peter Robertson. The role of internal audit in corporate governance management. Melbourne: RMIT Publishing, 2003. Print. Taneja, Nawal. Looking beyond the runway airlines innovating with best practices while facing realities. Burlington, VT: Ashgate Pub. Co., 20102009. Print. This essay on Rakesh Soni was written and submitted by user Aubrey Goff to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Europe between Wars essays

Europe between Wars essays In this compelling account of Europe between the wars, Martin Kitchen outlines the intensifying crisis by looking at the peace settlement, followed by the economic and social troubles of the interwar period. Many of Martins books relate to the wars fought in the twentieth century, from World War I to the origins of the cold war. Europe between the wars starts off with a solid background of how the peace movements took place in the early 1900s followed by Martins profound discussions of the economic repercussions. Later in the book, he discusses the situation in France and Eastern Europe and concludes his book with a chapter on the origins of the Second World War. President Woodrow Wilsons peace movements were seen as sparkling to some while others, including Martin, referred to his fourteen points as vague, impractical and largely unacceptable to his allies. But later in the book he suggests that Wilsons fourteen points were not properly studied and his views and speeches were ignored by the majority. The author then points out the Sykes-Picot Agreement, in which Syria was to go to France and Palestine to Britain. The situation was further complicated by the Balfour Declaration of 1917, which accepted the Zionist demand for a Jewish homeland in Palestine. Even though the book was written in 1988, there was much tension going on in the Israeli occupied areas at that time. Martin does not discuss the background and the eventuality of the treaties in full as these conflicts in the West Bank are key concerns in todays politics. The most absorbing and enthralling chapter of the book is the one that discusses the post war economic situation in Europe. Martin has elaborated the situation by giving facts and statistical figures that include almost every economic aspect and terms used in the modern world. From unemployment to inflation, exchange ...

Skills Development Essay Example | Topics and Well Written Essays - 6250 words

Skills Development - Essay Example Skills need to be upgraded if the individual or organization wants to survive in the global competition of today. Organizations offer extensive training to their employees for specific skill sets. However, individuals can also choose to develop their skills by carrying out a self analysis. The result of self analysis will highlight those areas which need to be developed for personal growth and sustenance. Areas for Improvement After carrying out a self analysis and building a strong understanding of the concept of organizational behavior, I have come to the conclusion that my skills need to be developed in five areas. These areas are mentioned below: 1) Communication 2) Managing Change 3) Coping up with Emotions and Managing Stress 4) Conflict Management 5) Motivation Reasons for Picking These Areas For Improvement After bringing to your attention the areas which I feel need improvement, I would like to justify my choice with reasons Communication What on the earth would we do if we were unable to get our message across? How would we inform others what we want and respond to their messages without communication? Communication is equally important on individual and organizational level. In the absence of communication, every human being would become isolate. Communication is a way of expressing thoughts, ideas and feelings. It is due to communication that two persons are able to exchange views; and also understand what the other person wants. Timely and effective communication is required to make a better society. On the organizational level, communications helps employees understand the vision of the Chief Executive Officer. It is important for organizations to communicate the policies and strategies to employees within the organization so that they follow it and reach the defined goals. On the other hand, organizations also need to communicate their performance to the stakeholders outside the organization for building brand awareness, loyalty and enticing inve stors. Managing Change I see change as an idea or process introduced into any organization. Change, as we see it, is a transition from present to future state. Naturally, the first reaction to change is resistance. Even on individual level- whenever we are exposed to change, we respond by showing reluctance. Change is natural and should be welcomed. In reality, when we are faced with change, we get disturbed because we are coping well in our comfort zone and don’t want any outside force to act. Philosophically, things never remain stagnant- change is required to bring them into motion so that they develop and attain a better state. Coping up with Emotions and Managing Stress Emotions and stress are probably the two aspects that leave negative impacts on a personality. Emotions and stress need to be managed very carefully because these two factors are clearly those which are known to interfere with the individual/organizational growth and success. Emotions distract attention a nd may provoke an individual to take illogical or irrational decisions. In the same way, stress which arises due to various reasons needs to be controlled because it also affects the individual/employee’s thinking and focusing abilities. In case stress is left untreated, it may prolong and result in chronic health and mental diseases. Conflict Management The literal meaning of conflict is disagreement, dissension and divergence. At individual level, we are exposed to a number of situations

The marketing communications plan Essay Example | Topics and Well Written Essays - 1500 words

The marketing communications plan - Essay Example The second stage of the plan spells out the strategies that will be used in the segmentation, targeting, and positioning processes. According to Malone (2007), the technology industry is busting with innovations in an un-choreographed time schedule, which means that failure to innovate timely product is likely a recipe for failure by the technological companies. The competition is high such that manufacturers in the industry have to continually research and create new products that are more suited to customers’ needs and expectations. Hewlett-Packard Company is a perfect example of a successful company in the global technological industry. The company specializes in the providing technologies, products, software services and solutions for consumers, small and medium term enterprises, and large enterprises. The major products lines that the company deals in include a wide range of printers and their associated by-products, personal computers, networking products, industry and enterprise servers, storage devices, and software products. In the past year, the company was ranked as the world’s largest PC vendor in terms of units that were sold; this is according to Fetterman (2012). ULTIME HP TV is a digital media receiver that has network appliances, which are designed to play digital content from varying sources such as Movie-TV programs, video calling , social networking apps. Twitter, Skype, face book, Video , YouTube , bbc I player movie streaming , 3D , free view , Hd , Memory Hard- 7506b, Multimedia , audio playback. Input devices Wireless WIFI , Bluetooth 40Hs , Ports 3 HDMI 2Usb , SCART Input, HP Wireless audio system , Â   From a wider perspective, it can be stated that the marketing communication plan is mainly intended to competitively position Hewlett-Packard Company within the in-home entertainment systems sector. The plan aims to ensure that the new ULTiME HP TV generates high sales revenues and is a favorite among the

Term Paper Essay Example | Topics and Well Written Essays - 1000 words

Term Paper - Essay Example Here, we are talking about US. It is said that GDP grows with time. This is because of the reason that the needs of a country are rising day by day due to an increase in the population. Therefore, it becomes necessary to fulfill those needs, and manufacture products and offer services so that the lives of people are made better. Obviously, there has to be a specific number of people working to undergo this process and they would be paid as well. The overall demand would be met and supply would be increased. The bigger picture would then show that the gross domestic product would definitely increase. It is clearly understood from the above process that when GDP grows, the unemployment rate falls. The reason is that more people would be hired to fulfill a country’s needs and those employees would be paid for their services in the end. It can be said that both these factors, GDP and unemployment rate, are indirectly related to each; when one rises, the other falls. If we look at the World Bank data and make some cross country comparisons, we can better understand how US has been performing when these three major macroeconomic factors are concerned. According to the data presented in 2009, if the whole world’s GDP is taken to be 100 percent, then out of that US takes the second place after Europe. Europe has 22 percent of the GDP’s proportion while US 20 percent of it. (Suranovic, 2013) Similarly, if we look at the unemployment and inflation rates then US has 10 percent unemployment while Europe has 9.8 percent. The inflation rates for both of the countries are positive but relatively stable. Europe has 0.5 percent inflation rate while US has 1.8 percent till year 2009. It is said about the inflation rate that if they are too high, the situation can have bad impacts on the economy while if they are too low, the situation can deflate the economy. Moreover, if the unemployment rates are too low they will create problems as well. The aggregate

Study on the Determinants of Corporate Borrowing

Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Study on the Determinants of Corporate Borrowing Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29.