Monday, July 6, 2020

An Analysis Of Spectrum Manufacturing Company Finance Essay - Free Essay Example

Spectrum Manufacturing Company is a public limited company. The Company was incorporated on 15th June 2000 in the United Kingdom. The Company has subsidiaries in the United States of America, France, Germany, Japan and China. The strategic plan of the Company is to acquire three textile companies and four commercial companies in Russia, Singapore, Japan and Germany. The Company also plans to establish six branches in India, Spain, Singapore and South Africa. We have been given the task to analyse the performance of Spectrum Manufacturing Company (PLC) using the profitability ratios, leverage and current assets ratios. We have explain the reasons why we have used these ratio, what are the advantages and shortcoming of these ratios and also discussed four additional financial and non financial techniques that Spectrum Manufacturing Company could use. We have been asked to explain the term Agency Theory and also discuss the implications of agency theory with regard to the Board of Directors of Spectrum Manufacturing Company with the shareholders. At the end of the project we have explained in detail the dividend policy and the three main positions on question, Does dividend policy matter? And the last question was to comment on why it is generally held by several analysts that debt financing is often encouraged relative to equity financing and three main sources of financing a public company. SPECTRUM MANUFACTURING COMPANY BALANCE SHEET AT 31st DECEMBER 2006, 2007 AND 2008 2008 2007 2006 ASSETS (amonts in million  £) CURRENT ASSETS Cash 45 355 210 Accounts receivable 4,545 4,403 3,150 Inventories 3,932 4,089 2,025 Prepaid expenses 234 291 134 Total current assets 8,756 9,138 5,519 Plant equipment, net depreciation 4,640 2,979 2,275 TOTAL ASSETS 13,396 12,117 7,794 LIABILITIES EQUITY CURRENT LIABILITIES Accounts payable 3,360 2,783 806 Taxes payable 465 735 855 Accrued expenses 720 789 255 Bank loan 225 Total current liabilities 4,770 4,307 1,916 Long term debt 3,686 3,302 1,779 Total liabilities 8,456 7,609 3,695 SHAREHOLDERS EQUITY 4,940 4,508 4,099 TOTAL LIABILITIES + EQUITY 13,396 12,117 7,794 SPECTRUM MANUFACTURING COMPANY PROFIT LOSS ACCOUNT AT 31st DECEMBER 2006, 2007, 2008 SALES 21,015 27,450 21,900 COST OF GOODS SOLD Materials 10,785 16,695 13,395 Direct labour 2,880 3,075 2,220 Manufacturing overhead 1,455 1,455 960 GROSS PROFIT 5,895 6,225 5,325 OPERATING EXPENSES Selling expenses 1,593 1,676 1,440 Depreciation 470 327 108 General administrative expenses 2,000 2,000 1,400 NET OPERATING PROFIT 1,832 2,222 2,377 INTEREST EXPENSE 389 363 142 EARNING BEFORE TAXES DIVIDENDS 1,443 1,859 2,235 Taxes 324 576 829 Dividends 567 447 46 NET INCOME (NET PROFIT) 552 836 1,360 Analising Spectrum Manufacturing Companys performance using the key ratios From the above results of Spectrum Manufacturing Company I have critically examined its performance using the following key ratios: Profitability Ratios: Profitability ratios are used to assess the business ability to generate earning of business as compare to expenses over a specific period of time. The tutorials define the ratios and walk you through the calculations including where on the financial statement the numbers can be found.1 The analysts can assess a companys business i.e. its sales, assets or equity using the profitability ratio. While using the profitability ratios analysts not only can check the current status of a companys business but also can foresee signs for its future problems. There are many ways to calculate the profitability of an organisation through profitability ratios, some of these which I have used are as under: Fig 1 PROFITABILITY RATIOS Gross Profit Ratio (GP) GP x 100% Net Sales Operating Ratio OC x 100% Net Sales OC = Operating Cost Return on Sales (ROS) Net Profit x 100% Net Sales Operating Profit Ratio (OP) OP x 100% Net Sales ROCE Return on Capital Employed Operating Profit Total Assets Current Liabilities 1 According to the above Fig 1 the figures for Spectrum Manufacturing Company as outcome as under: Gross Profit Margin: 5895 x 100% = 28.05 (2008) 21015 6225 x 100% = 22.68 (2007) 27450 5325 x 100% = 24.32 (2006) 21900 Operating Profit Ratio 1832 x 100% = 8.72 (2008) 21015 2222 x 100% = 8.09 (2007) 27450 2377 x 100% = 10.85 (2006) 21900 Return on Sales (ROS) 552 x 100% = 2.63 (2008) 21015 836 x 100% = 3.05 (2007) 27450 1360 x 100% = 6.21 (2006) 21900 Operating Ratio 19183 x 100% = 91.28 (2008) 21015 25228 x 100% = 91.91 (2007) 27450 19523 x 100% = 89.15 (2006) 21900 Return on Capital Employed (ROCE): 1832 x 100 = 21.24 (2008) 8626 2222 x 100 = 28.45 (2007) 7810 2377 x 100 = 40.44 (2006) 5878 Leverage Ratio: Financial leverage ratios provide an indication to the long-term solvency of the firm and are concerned with short-term assets and liabilities. These ratios measure the extent to which the firm is using long term debt.  [2] We use leverage ratio to evaluate the borrowing of an organisation compared to the total capital employed. A higher degree of this ratio mean the company is considered more risky and is more vulnerable to downturns in the business because the company must continue to service its debts regardless of how bad sales are. There are two major ratios normally used within this ratio, as under: Debt ratio Debt ratio is defined as total debt divided by total assets. Debt Ratio Total debt Total assets 8456 = 0.631 (2008) 13396 7609 = 0.628 (2007) 12117 3695 = 0.474 (2006) 7794 Debt-to-equity The debt-to-equity ratio is total debt divided by total equity Debt-to-equity Total debt Total equity 8456 = 1.71 (2008) 4940 7609 = 1.69 (2007) 4508 3695 = 0.90 (2006) 4099 Current Assets Ratio: This ratio provides the acid test of whether the company has sufficient liquid reserves (debtors and cash) to settle its facilities. The norms for the quick ratio range from 1 to 0.7. Similar to the current ratio it is important to consider the nature of the business when using the current assets ratio. It also takes into account those assets which are bank, cash, and short-term investments. The ratio also includes trade debtors. The ratio excludes prepayments and stock. Quick liabilities include bank overdraft which is usually repayable on demand. Trade creditors, tax and social security and proposed dividends. Corporation tax is usually excluded.  [3] This important ratio measures any business ability to pay its debts that are due soon with those available assets that should raise cash quickly. Current Assets Stock Current liabilities Current Assets = Closing stock + bills receivable + cash in bank + cash in hand + marketable securities + investments + prepaid expenses + net debtors (gross new provision) Current Liabilities = bank draft + bills payable + creditors + outstanding expenses + final dividend + provision for tax Current Assets Ratio 8756 = 1.84: 1 (2008) 4770 9138 = 2.12: 1 (2007) 4307 5519 = 2.88: 1 (2006) 1916 WHY WE USED THE RATIOS TO ANALYSE COMPANYS PERFORMANCE As shown above I have used profitability ratios, leverage ratio and current assets ratio to measure the performance of Spectrum Manufacturing Company PLC. There are many reasons why I have used these ratios and I have explained each of the ratios as under: PROFITABILITY RATIOS: I have used six different ratios under profitability section and each one of them is described as under: Gross Profit Margin Gross profit margin is used to assess the profitability of Spectrums core activities, excluding fixed costs. Gross profit margin shows how well each pound of business revenue is available to meet its expenses and profit earned after paying for the goods or services that were sold. A high gross profit margin during the year 2008 Spectrum earned indicates that it can make a reasonable profit on sales, as long as it keep overhead costs in control. The gross profit margin ratio provides clues to the companys pricing, cost structure and production efficiency. The gross profit margin ratio is a good ratio to benchmark against competitors.  [4] Operating Profit Ratio To measure that how much proportion of an organisations revenue before taxes and other indirect costs such as rent, bonus, interest etc is left over we use operating profit ratio and this all is after deducting the costs of production i.e. wages, raw materials etc. A high price and high margin will result in lower sales as we have seen for the year 2006, while year 2007 was a good year for operating profit for Spectrum. A good operating profit margin shows the ability of a company that it can pay for its fixed costs such as interest on debt. So if we look into year 2006 where the operating profit ratio indicates 10.85%, this means that Spectrum made  £0.10 before interest and taxes for every pound of sales. Return on sales (ROS) We use return on sales (ROS) to measure an organisations operational efficiency. ROS is also known as a firms operating profit margin because it shows the management how much profit is produced per pound of sales. An increasing return on sales ratio means that Spectrum was sufficiently growing in year 2006 and we see it was making profit for that year of  £6.21 of each  £1 of sales and when we look at the very recent years this figure was decreased especially in 2008 where it was dropped to  £2.63 of each  £1 sale, which is an alarming signal of the financial troubles for Spectrum Manufacturing. Operating Ratio: The profit before interest and tax (PBIT) is also known as operating profit. Operating ratio is a very important ratio for analysts because it calculates the profitability of a business before incurring other financing costs. It shows the profit a business earns by each  £1 of turnover, so as we seen that Spectrums operating profit the year 2007 was 91.91 which is higher than the other two financial years. Return on Capital Employed (ROCE): Return on Capital Employed (ROCE also known as Return on Investment (ROI) is very important and key ratio in profitability. It shows the total capital employed in any business and measures the efficiency of the business to the total capital employed. Thus this ratio is very important assessing the financial achievement of an organisation because it shows the earning strength of the operations of a business. The objective of an investor when invests in any business is to get reasonable and satisfactory return on its investment, so Return on Capital Employed (ROCE) is used to evaluate the success of a business to realise the objectives and it creates a relationship between the profit and capital employed and it not only shows the total profitability of the business but also reflects its efficiency over the specific time. So after calculating Return on Capital Employed for Spectrum Manufacturing we have noticed that the company was performing well during the year 2006 where ROCE wa s 40.44% but it dropped down in 2008 to 21.24% and in 2007 it was standing on 28.45%. LEVERAGE RATIO: Leverage ratio is also known as gearing ratio and we use this ratio to measure how much financial leverage a firm has taken on. When an organisation borrows money from any financial institution or from any other available sources, it is committed to make series of interest payments on that borrowed money and then to repay the amount that it has borrowed at an agreed time. The debtors regularly receive the fixed interest payment during the time when organisation is generating profit and during the bad time where organisation is struggling and not making any profit at all and debtors do not receive the interest payment, this is the time when shareholders have to bear all the pain. For example if the company is going through hard time and not been able to pay its debts, the company is then bankrupt and shareholder lose their entire investment, because debt increases returns to the shareholders when a company is generating good profit and reduces them in bad times, so it is said to cre ate financial leverage. This ratio measure how much financial leverage an organisation has taken on for its operations. As we have used two further ratios under leverage ratio so please read the following: Debt ratio Debt ratio shows us that how much company relies on debts to finance its assets. If the debt ratio is higher than 1 this alarms that the company has more liabilities than its assets and on the other side if its less than 1 that mean the company has more assets than its debts. So in Spectrums case we have noticed that in year 2006 the companys debt ratio was really low to 0.47 which went up in 2008 but as its still under 1 so there are no threats for the company. Debt-to-equity Same in all other leverage ratios if the debt to equity ratio is higher that is alarming signals for a company that company is using debts to finance its assets. So lower this ratio is better for the organisation and we seen in our result for debt to equity ratio that in 2006 it was only 0.90 but higher in 2008 where it went upto 1.71. CURRENT ASSETS RATIO: We use current assets ratio to analyse the overall liquidity of an organisation. This ratio shows the cash position of an organisation and reflects the ability to meet the organisations short term obligations. This ratio basically assesses and indicates of an organisations market liquidity and its ability to meet the demands of its creditors. It is strongly considered that if an organisations current liabilities are higher than its current assets the organisation can have some problems to meet the short-term obligations of the organisation. So if the current asset ratio is too high that means that the organisation is not using its current assets properly. As we notice that current assets ratio is showing that for every  £1 Spectrum owes it had  £2.88 available in current assets during the year 2006 and during the year 2008 it has been dropped down to  £1.84. Advantages and shortcomes of using these ratios Profitability Ratio Advantages Profitability ratios help the management to know about the earning capacity of the business concern and these ratios reflects the actual performance of the business and quickly tell how much profit is being made for every  £1 invested. So when profitability ratios are high that means that an organisation can grow itself by reinvesting its earnings and on the other hand when these ratios are low the organisation have to borrow money or issue more shares to get finance growth. Shortcomes Profitability ratios are limited to assess the profit of a business only whereas it doesnt shows the losses as it is only dependent on the balance sheet which is produced once a year by a business. Profit and capital employed are arbitrary figures and they depend on the accounting policies adopted by an entity. Further shortcomings and limitations of profitability ratios are as follows: Ratios do not tell us what is going right or wrong they merely invite further questions. They do not show how a business earned or spent its money. Ratios relate to a particular point in time. Ratios are only as reliable as the underlying data Ratios relate to the past-not the future Accounting ratios do not take qualitative factors into account Figures can be window dressed A monthly PL can be misleading if a business generates a majority of its receipts in particular months Profitability ratios do not show cash flow dont assume that the bottom line represents cash prof it from trading Remember sales are recorded when invoices are issued not when the money is received. Leverage Ratio Advantages: Leverage/Gearing has important implications for the long term stability of a company because of its impact on financial risk. Companies closely monitor their leverage/gearing ratios to ensure that their capital structure aligns with their financial strategy. Disadvantage The calculation used in these ratios is based on past performance so these may not reflect the current position of an organisation. Performance ratio analyses can also sometimes be misleading if their interpretation does not also consider other factors that may not always be easily quantifiable and may include non financial information, for example customer satisfaction and delivery performance.  [5] There may be inconsistencies in some of the measures used in ratio analysis. Calculation of the ratios for one company for one year is also very limited. It is more relevant to compare companies operating in the same market and to analyse how a company has changed over the years. However difficulties inevitably arise because it is sometimes impossible to find another company that is strictly comparable with the company being analysed. CURRENT ASSETS RATIO ADVANTAGES: Current assets ratio is to assess a companys liquidity status instead of the static. It is often calculated alongside the quick ratio and the cash ratio, to provide analysts with a more complete picture of the short-term liquidity of the company being analyzed. Although these ratios have their flaws, the dynamic current ratio has several advantages compared to the quick and cash ratios. SHORTCOMES: The drawback of the current ratio is that we do not know how liquid inventory and accounts receivable really are. This means that a company with a very large part of its current assets tied up as inventory could show a relatively high current ratio but still exhibit a rather low level of liquidity FOUR FINANCIAL TECHNIQUES TO MEASURE A COMPANYS PERFORMANCE There are many other ways to analyse a companys performance as in financial techniques we can use: BUDGET BUDGETARY CONTROLS BALANCED SCORECARD ACTIVITY BASED MANAGEMENT (ABM) CASHFLOW STATEMENT We define each of the above financial techniques are under: BUDGET BUDGETARY CONTROL Budget is usually prepared once a year to carry out organisational activities within an organisation and an estimated allocation of fund is provided for and the exercise of control in any organisation with the help of these budgets is called budgetary control. Budget budgetary control are helpful to measure a companys performance because: Budgets are prepared in advance and are developed for the long-term strategy of the organization. It relates to future period not for the past and show which objectives or goals have already been set out by the organisation. It represents the overall planning of an organisation and shows us the efficiency and improvement in the working of an organisation and it minimises the possibilities of buck passing. An organisation cannot run its business smoothly unless the performance of the managers is not upto the required level so with these control it shows and evaluate the performance of managers. BALANCED SCORECARD The balanced scorecard is the most and widely applied performance technique these days. This system was originally introduced and developed as financial technique to measure the performance of a company in 1992 by Dr.Robert Kaplan and Dr.David Norton at the Harvard Business School. The balance scorecard measures a companys performance from different perspectives i.e. financial, customer, internal business process, and innovation perspective and provides more balanced view of an organisations performance. QUALITY MANAGEMENT These days many organisations are adopting various quality programmes, such as Total Quality Management (TQM), Six Sigma, European Foundation Quality Management (EFQM), and The Bald Ridge National Quality Program. Such programmes aim to assist organizations to improve their quality of the manufacturing and service offerings. The programmes measures businesses and focus on their continuous improvement. CASH FLOW STATEMENT A financial statement that reflects the inflow of revenue vs. the outflow of expenses resulting from operating, investing and financing activities during a specific time period  [6] Cash flow statements show us an organisations results in terms of cash in and out of their respective business, without any adjustment for accrued revenues and expenditure. The cash flow statement doesnt predict the profitability but it shows the cash position of the business at any given point in time by measuring revenue against outlays. This statement tracks the cash position of an organisation on monthly basis so a good positive cash flow shows the good performance of a company. FOUR NON FINANCIAL TECHNIQUES TO MEASURE A COMPANYS PERFORMANCE There are many non financial techniques to measure a companys performance and few of them are as under: MARKETING EFFECTIVENESS SERVICE QUALITY PERSONNEL PRODUCTION PERFORMANCE We define each of the above non financial techniques are under: MARKETING EFFECTIVENESS To see what trend in market share Total number of customers Client contact hours per sales person SERVICE QUALITY What proportion of repeat business What is client turnover What has been customer waiting time What was deliveries and how many were late and how many were on time PERSONNEL Staff turnover Training time per employee Day lost through absenteeism Number of complaints received PRODUCTION PERFORMANCE Number of suppliers Manufacturing lead times Output per person Adherence to delivery dates met AGENCY THEORY The relationship between the shareholder and companys manager is called agency theory. The Forbes Digital Company INVESTOPEDIA explains the term agency theory as under: Agency theory is a very academic term. Essentially it involves the costs of resolving conflicts between the principals and agents and aligning interests of the two groups.  [7] It is always considered that managers main objective in any organisation is to maximise the shareholders wealth and whether this happens in practice it is another matter. The problem occurs when manager make decisions which are not in consistent with the objective of shareholder wealth maximisation. There are three main important features that contribute when agency problem exists within public limited companies as follows; Divergence of ownership and control where by those who own the company (shareholders) do not manage it, but appoint agents (managers) to run the company on their behalf. The goals of the managers differ from those of the shareholders and as human nature being what it is managers are more likely to look to maximise their own wealth rather than the wealth of shareholders of the company. Manager who run the companys business on a day to day basis have more access to management accounting data and financial reports rather than the shareholders who only receive annual reports which may be subjects to manipulation by the management. Whereas these three conflicts are occurred together it should be clear that managers are in a position to maximise their own wealth and without necessarily being detected by the owners of the company. Jensen and Meckling (1976) argued that the company can be viewed as a whole series of agency relationships between the different interest groups involved. These agency relationships are shown in exhibit in Fig 2: Creditors (including banks suppliers bondholders) FIG 2 Shareholders Customers Management Employees The company IMPLICATIONS OF AGENCY THEORY According to the strategic plan of Spectrum Manufacturing Company is to acquire three textile companies and four commercial companies in Russia, Singapore, Japan and Germany, the company would need huge investments and one of the main source of the financing will be shareholders money. So according to the agency theory the management of the company have a fiduciary duty to act in the best interest of the shareholders and only then shareholders will be happy and confident to reinvest in new projects and the management will receive bonuses for their hard work. So the strategic plan of Spectrum indicates that the shareholders have a good relationship with the companys management and the management is running companies operation upto their requirement i.e. maximising shareholders wealth. We have noticed this from the financial data of the company that the dividend was paid every year to the shareholder as under: 2008 2007 2006 ( £ in millions) Dividend paid 567 447 46 So we have come to this conclusion after studying Spectrums strategy that the company is in a position to expand their business as the relationship between the shareholders and the management of the company are sound and they are working hard to achieve their objectives. DIVIDEND POLICY When deciding within an organisation that how big a dividend payment should be made is called dividend policy. Dividend policy may be explicitly stated, or investors may infer it from the dividend payments a company has made in the past. If a company states a dividend policy it usually takes the form of a target pay-out ratio.  [8] The investor can infer in if a company has not stated a dividend policy and investors are likely to make the assumptions that dividend per share will be maintained at least previous years level unless dividend cover is very low or company has already given the warning that dividend cut is possible. It is seen that companies do not increase dividends unless they are confident that the increase is sustainable and this means that when dividend is increased this is a sign that management of a company can signal the investors that they are confident. Conversely, some permanent deterioration in a companys business is often an acknowledgement for divide nd cuts. it only reflects a need sometimes to keep cash for capital expenditure. THREE MAIN POSITIONS ON DIVIDEND POLICY DOES DIVIDEND POLICY MATTERS? It is stated in Companies Act 1985 that A company may only pay dividends out of profits available for dividends. There are three main opposing views on dividend policy which effect on firm value. There are three types are as under: Dividend policy is irrelevant in a competitive market High dividends increase firm value Low dividend increase firm value All these three dividend policies are described in details as under: Dividend policy is irrelevant in a competitive market Dividend irrelevance proposition means that in a perfect capital market the policy is irrelevant be there will be no market imperfections as no taxes and no transaction costs. The argument is that investors do not need dividends to convert their shares into cash. Thus as the effect of the dividend payment can be repeated by selling the shares, investors will not pay higher prices for firms with higher divided payouts. High dividend increase firm value This is another important position of dividend policy and it reflects that high dividends will increase firm value. The main explanation is that there exists natural clienteles for dividend paying stocks, to maintain a steady source of cash many investors invest in stocks. If paying out dividend is cheaper than letting investors realise the cash by selling stocks, then the natural clientele would be willing to pay a premium for the stock. One reason to this is the transaction costs that why it is comparatively cheaper to payout dividends. Anyhow this does not follow that any particular firm can benefit by increasing its dividends. Low dividend increase firm value As we have already discussed that high dividend increase firm value so here we discuss how low dividend increase firm value too. The main reason is that dividend income is often taxed, so organisations can convert the dividends into capital gains by shifting their dividend policies and if dividends are taxed heavily than capital gain then taxpaying investors should welcome such a move. As a result firm value will increase since total cash flow retained by the firm and held by shareholders will be higher than if dividends are paid. Thus if capital gain are taxed at a lower rate than dividend income, companies should pay the lowest dividend possible. DEBT FINANCING VS EQUITY FINANCING WHAT IS DEBT FINANCING? Debt financing is the money which a company borrow in the shape of secured or unsecured loan to run its businesses. Based on the type of loan you are seeking, the debt financing is divided into two categories: LONG TERM DEBT FINANCING Long term debt financing is used to finance the assets of the company i.e. equipment, machinery, building and land and its term is usually more than one year. SHORT TERM DEBT FINANCING Short term debt financing is used to generate the finance to meet the day to day operation of the business such as stock, supplies, or pay the wages of workers. Short term debt financing repayment takes place in less than on year. WHAT IS EQUITY FINANCING? When a company issue more shares of common or preferred stock to generate money is know as equity financing and this is normally used when companys per share prices are high so the most money is raised by selling a small number of shares. ADVANTAGE OF DEBT FINANCING OVER EQUITY FINANCING It is implied truth that companies need finance (money) to run their business. As there are two main categories of generating the finance i.e. debt finance and equity finance, so now a days several analysts says that debt financing is better than equity financing, the question arises why, so we explain it as under: THE ADVANTAGES There are three main advantage of debt financing over equity financing as source of finance for a business: In debt financing the lender cannot claim to equity in the business and debt does not dilute the investors ownership interest in the company. The lender is entitled to repayment only which is agreed upon principal of the loan and interest and cannot claim any future profit of the business. If the company generate a good profit the owners can enjoy the larger portion of the profit and on the other hand if equity financing is used to generate the money then the owner have to share the profit. As under debt financing the total amount of repaying back loan and interest is agreed upon principal and it can be easily forecasted and planned for the payments. As the interest on the loan can be deducted on the companys tax return and it lowers the actual cost of the loan to the company. Debt financing is less complicated because there are not many complications with stat e and federal securities laws and regulations. The company dont have to send letters to a large number of investors and dont have to hold many meetings of shareholder and neither to seek the vote of the shareholders before taking any actions. THE DISADVANTAGES The disadvantages of debt financing over equity financing are as under: Debt financing must be repaid at some point. As the interest over the borrowed amount is a fixed cost to the company which raises the companys break even point, so high interest can cost the risk of insolvency during the difficult financial period. So many companies finds its really difficult to grow because of the high cost of servicing their debts especially the companies who are highly geared. Cash flow must be budgeted for to pay the principal and interest amount of the borrowed debt. As a business has limitation to the amount of debt it carries, so the larger a businesss debt into equity ratio the higher risk is considered for company by its lender and investors. For debt financing sometime in the case of secured loans the company is required to pledge its assets to the lender as security and sometimes the owners of the company also required personal guarantee for the repayment of the princi pal amount. MAIN SOURCES OF FINANCING A PUBLIC COMPANY There is a vast range of funding alternative available to the company and many new developments occurs everyday. The few mostly used sources of financing a public company are as under: Retained earnings (internally generated) The capital markets (this applies where a company acquires a stock market listing for new issue of shares) Bank borrowings and borrowings from other institution Right issues Issue of loan capital Retained earnings Government sources grants and other support funding Business expansion scheme funds Venture capital The international money and capital markets such as euro commercial paper, euro bonds, Eurocurrency As per the question, we discuss here the three main sources of financing as under: RETAINED EARNINGS When a company generate profit, it always reserve some part of this profit for future use and its known as retained earnings and also called as internal generated because it is generated within the company. This is the cheapest way to finance a company. THE CAPITAL MARKET As all the public limited companies have to be listed on the stock exchange so when in need the public companies can acquire help from stock exchange and can raise the finance these companies can issue the ordinary shares. The cost of issuing more shares is very low and attractive to many companies. BORROWINGS FROM BANK (OVERDRAFTS) Overdraft is a credit facility, provided to a set limit, to provide working capital. The level of the facility is usually limited to the security offered.  [9] Overdraft is the great way to finance a public company as compared to the loans, as in overdrafts the interest rate is very low and a company gets a limit through this facility and as longer that agreed limit is not exceeded the company can use this money as desires.

Tuesday, May 19, 2020

The Definition of Hydrophobic With Examples

To be hydrophobic means to fear water. In chemistry, it refers to the property of a substance to repel water. It isnt that the substance is repelled by water so much as it has a lack of attraction to it. A hydrophobic substance exhibits hydrophobicity and may be termed hydrophobic. Hydrophobic molecules tend to be nonpolar molecules that group together to form micelles rather than be exposed to water. Hydrophobic molecules typically dissolve in nonpolar solvents (e.g., organic solvents). There are also superhydrophobic materials, which have contact angles with water greater than 150 degrees. Surfaces of these materials resist wetting. The shape of water droplets on superhydrophobic surfaces is called the Lotus effect, in reference to the appearance of water on a lotus leaf. Superhydrophobicity is considered a result of interfacial tension and not a chemical property of matter. Examples of Hydrophobic Substances Oils, fats, alkanes, and most other organic compounds are hydrophobic. If you mix oil or fat with water, the mixture will separate. If you shake a mixture of oil and water, the oil globules will eventually stick together to present a minimum surface area to the water. How Hydrophobicity Works Hydrophobic molecules are nonpolar. When they are exposed to water, their nonpolar nature disrupts hydrogen bonds between water molecules, forming a clathrate-like structure on their surface. The structure is more ordered than free water molecules. The change in entropy (disorder) causes nonpolar molecules to clump together to decrease their exposure to water and thus decrease the entropy of the system. Hydrophobic vs. Lipophilic While the terms hydrophobic and lipophilic are often used interchangeably, the two words dont mean the same thing. A lipophilic substance is fat-loving. Most hydrophobic substances are also lipophilic, but exceptions include fluorocarbons and silicones.

Wednesday, May 6, 2020

Segregation in The Color Purple Essay examples - 464 Words

In the film â€Å"The Color Purple†, segregation plays an important role and the differences between black people and white people are shown through race and life. The Color Purple focuses on the lives of several African American women who are faced with abuse, violence, and cruelty. The fim is set in Macon County Georgia and there are two main characters’ Celie and her sister Nettie. Celie is the character the movie is centered around and she is also the film’s narrator. The story is based on Celie’s life and the many different issues along the way that she has encountered such as being raped by her father over and over again, abused by her father and forced into marriage at fourteen to another abusive man†¦show more content†¦Celie was beaten and raped so much that she become so used to not fighting back or even crying. Celie was always a religious person and someone who refused to lose faith even through all the violent things she had endured. She always talks to God asking him to give her strength. From the moment Celie walks into Mister’s house she is expected to clean, cook, raise his kids, and have sex with him whenever he chooses. Along the way Celie meets two women who support her and constantly remind her that she is worth more than she thinks and that she does not deserve the live that she is living with Albert. As more time passes by Celie finally begins to realize her self that she does not have to continue living her life in constant fear and violence and she builds the courage to leave Albert. From there on everything starts to come together for Celie and her loved ones while Albert looses everything he has. Albert eventually realizes how cruel he has treated Celie and what a terrible person he has been his whole life, he finally does something to make Celie happy and he uses all the money he has saved to bring Nettie back to reunite with Celie. I enjoyed this film because it has a real story behind it and is something I can relate to as a women and also can relate to the characters from the film. While watching the film is almost feels as if it isShow MoreRelatedEssay on Plant Genetics Labpaq679 Words   |  3 Pagescomparing only one trait color. We are also showing Mendel’s law of segregation with a Dihybrid cross comparing two traits of color and texture. Introduction Three purposes: 1. To predict the genetic frequency off offspring. 2. To predict the outcomes of genetic crosses using punnett squares. 3. Statistically analyze the results of a genetic cross. Hypothesis: 1. Monohybrid cross—Predict that 75% of the tobacco seeds will sprout and that green 80% will be the dominant color. 2. Dihybrid cross---InRead MoreAnalysis Of Gregor Mendel s The Mid 1800 S1182 Words   |  5 Pagesto rest. Mendel did experiments on two different colored pea plants. 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The movie shows the trials and tribulations that Southern black womenRead MoreThe Color Purple By Alice Walker1655 Words   |  7 Pagesmore relatable to the readers, while a fairytale novel involves coincidental and convenient events with happy endings. In the novel, The Color Purple, Alice Walker presents the life of a 14 year old African American girl Celie, through letters to God and her sister Nettie, who she fears she will never see again. The impractical events that occur in The Color Purple demonstrate fiction. Although there are some realistic elements such as the Jim Crow Laws, the events between Celie and her daughter areRead More Gregor Mendel Essay584 Words   |  3 Pages1884. In 1857, Mendel began breeding garden peas in the abbey garden to study inheritance, which lead to his law of Segregation and independent assortment. Mendel observed several characteristics of the garden peas which include: plant height (tallness/shortness), seed color (green/yellow), seed shape (smooth/wrinkled), seed-coat color (gray/white), pod shape (full/constricted), pod color (green/yellow), and flower distribution (along length/ at end of stem). Mendel keep careful records of his experimentsRead MoreA Research Report On The Wisconsin Fast Plant Essay1148 Words   |  5 Pagesthe four Wisconsin Fast Plants provided by analyzing the offspring and observing the phenotypic variation within them. Predicting that the parent plant was heterozygous with the first generation also displaying heterogeneous characteristics of non- purple stem/ Green leaves. And discovering that the null hypothesis was rejected for the chi-square being less than 5% meaning the observed phenotypes were due by chance. Introduction The Wisconsin fast plant also known as the Brassica rapa belongsRead MoreA Quick Looks Shows Childrens Toys are Gender Specific Essay894 Words   |  4 Pagesschool age with a focus on girls toys. Infant toys were the one age group where the genders comingled. My first selection is the Laugh and Learn Love to Play Sis. This plush dog displays dominate colors of pink and purple, has a bow in her hair and is wearing a skirt. Sis has some non specific colors including blue, green, yellow and the dog is brown. This toy is marketed as a toy that can sing and teach the alphabet, numbers and songs. The company is conveying to the consumer this toy will entertainRead MoreHistorical Background of The Color Purple, I know why the caged bird sings, and The Awakening1383 Words   |  6 PagesHistorical Background of The Color Purple, I know why the caged bird sings, and The Awakening In a stereotypical society, the reader expects for the protagonist of a novel to be a strong, heroic male who saves the day and gets the girl. However, in the classic works â€Å"The Awakening† (Kate Chopin), â€Å"The Color Purple† (Alice Walker), and â€Å"I Know Why the Caged Bird Sings† (Maya Angelou), a different kind of protagonist is portrayed. In these novels, the protagonist is a heroine who grows throughoutRead MoreAlice Walker s The Color Purple1460 Words   |  6 PagesElements of Alice Walker’s Life Portrayed in The Color Purple An artist stands in the studio before a blank canvas on an easel, with a palette of colors in hand. 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Death Euphemisms Between Chinese and English free essay sample

A. Context of Culture According to Malinowski (1923), context can be distinguished into three types: context of utterance, context of situation and context of culture. The context of utterance here is similar to the linguistic context that later scholars argue, which refers to the words and sentences in which a particular words or sentences embeds. Malinowski further argues that the concept of context has to be broadened and that the situation in which words are uttered can never be passed as irrelevant to the linguistic expression. Therefore, he put forth the term â€Å"context of situation to refer to the wider idea of context or the general conditions under which a language is spoken. † And the context of culture, Malinowski observes that it is the reality of the culture, the life and the customs of a person in which language is essentially rooted. To sum up, Malinowski find that to understand the meaning of what is said, we should not only consider the particular context of utterances, but also take into account the culture characteristic of the society. We will write a custom essay sample on Death Euphemisms Between Chinese and English or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Later, J. R. Forth maps the notions of context of situation into a general theory of levels of language. Forth makes very little use of context of culture. The notion of culture as a context for a language is more fully articulated in the work of his contemporaries Sapir and Whorf. Sapir does not adopt the expression of context of culture, but he does interpret the language as expressing the mental life of its speakers. Both of Sapir and Whorf. Sapir developed their powerful view called â€Å"Sapir-Whorf hypothesis† which the culture provides the context within words are interpreted.

Tuesday, April 21, 2020

Zakes Mda redressing the past Essay Example For Students

Zakes Mda: redressing the past Essay South African playwright Zakes Mda has the outward calm and practiced smile of one who has answered the same obvious questions many times before. In a cool, dark office on the Yale University campus, he sits rather uncomfortably across the table from me, his speech reserved, his hands extended palms downward on the tabletop in a strangely formal gesture. Only occasionally does he raise his fingertips or his voice to punctuate his carefully chosen words. And yet Mdas passion is obvious when the topic turns to American impressions of South African drama. South African theatre is notthe voice and the fingertips come momentarily to lifea homogeneous monolith. What Americans see as representative of South African drama, Mda explains, are plays written purely for export and in a manner which is acceptable to overseas audiences but which fails to depict the rich and varied cultural and political context of contemporary South Africa. What is seen outside of South Africa, touring European and American venues, represents only one or two categories of what makes South African theatre. Outline1 Pocket of resistance  2 No happy endings  3 A taste for sexual equality  4 Bitter stalemate   Pocket of resistance   We will write a custom essay on Zakes Mda: redressing the past specifically for you for only $16.38 $13.9/page Order now For the past year, Mda has been a visiting fellow at Yales South African Research Project. Although his work is virtually unknown in this country (with the notable exception of The Road, which won the American Theater Associations Christina Crawford Award in 1984), Mdas reputation as a political playwright, poet, painter and educator is well established in Europe and in Africa, especially in his native country, where his political writings for the stage have seen frequent production since the late 1970s at the Peoples Space Theatre in Capetown, the Market Theatre in Johannesburg and the Grahamstown Festival. His three volumes of published dramatic works include We Shall Sing for the Fatherland (1978), The Hill (1979)both winners of major writing awards and the highly acclaimed And the Girls in Their Sunday Dresses. Born in South Africas impoverished rural Cape Province, Mda was forced as a teenager to follow his parents into political exile in nearby Lesotho, a tiny independent sovereignty surrounded on all sides by South Africa and heavily dependent on the larger nation for economic survival. Lesotho is widely known as a pocket of political resistance in southern Africas landscape, a place of exile for many black refugees. It is also at the heart of South Africas sprawling rural outlands: desolate areas of inhuman living conditions, abusive mining practices and slave-like farm labor which constitute a kind of South African Siberia far from the urban and industrial hubs of Capetown, Johannesburg and their adjacent black townships. It is primarily these urban areas and the experience of the township dwellers (particularly young, unattached males) which serve as the focus of South African drama and literature seen in the U.S. By comparison, Mdas plays evoke a South Africa of rural hardship and exile little known to Americans. Plays such as The Road, The Hill and Dark Voices Ring (1979) document the miles of open, unpaved road and the hostile terrain traversed by mine workers and migrant laborers in search of employment; they are peopled with the unwilling itinerant, the relocated and dispossessed, the political-refugee. Mdas latest play, The Dying Screams of the Moon, written while he was in residence at Yale, dramatizes a controversy regularly making the news in post-apartheid South Africa and, not incidentally, serves as the playwrights response to what he sees as the limited political and racial perspective of another contemporary public event: Athol Fugards most recent work, Playland. Like that drama, Mdas The Dying Screams of the Moon depicts an interracial encounter between two strangers in present-day South Africa. I have always enjoyed Athol Fugards work, says Mda. But at the same time I have vehemently disagreed with him in almost everything he has written. My South Africa is different from Athol Fugards South Africa. Thats the crux of the matter. .u6ff8599ba4eb54252e42eda60a29e69b , .u6ff8599ba4eb54252e42eda60a29e69b .postImageUrl , .u6ff8599ba4eb54252e42eda60a29e69b .centered-text-area { min-height: 80px; position: relative; } .u6ff8599ba4eb54252e42eda60a29e69b , .u6ff8599ba4eb54252e42eda60a29e69b:hover , .u6ff8599ba4eb54252e42eda60a29e69b:visited , .u6ff8599ba4eb54252e42eda60a29e69b:active { border:0!important; } .u6ff8599ba4eb54252e42eda60a29e69b .clearfix:after { content: ""; display: table; clear: both; } .u6ff8599ba4eb54252e42eda60a29e69b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u6ff8599ba4eb54252e42eda60a29e69b:active , .u6ff8599ba4eb54252e42eda60a29e69b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u6ff8599ba4eb54252e42eda60a29e69b .centered-text-area { width: 100%; position: relative ; } .u6ff8599ba4eb54252e42eda60a29e69b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u6ff8599ba4eb54252e42eda60a29e69b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u6ff8599ba4eb54252e42eda60a29e69b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u6ff8599ba4eb54252e42eda60a29e69b:hover .ctaButton { background-color: #34495E!important; } .u6ff8599ba4eb54252e42eda60a29e69b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u6ff8599ba4eb54252e42eda60a29e69b .u6ff8599ba4eb54252e42eda60a29e69b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u6ff8599ba4eb54252e42eda60a29e69b:after { content: ""; display: block; clear: both; } READ: Court clashes over free speech Essay No happy endings   Mda feels that in Playland as well as earlier plays, Fugard has depicted black South Africans as meek, humble, pitiable people who just accept all with stoic endurance. Mda refuses to corroborate this fatalistic typing of his people; he also refuses what he calls the happily ever after ending of Playland, a piece which one South African critic labeled theatre of reconciliation. Reconciliation, nods Mda. Thats a very wishful situation, but the play does not address the crucial issues in South Africa now. The ownership of landand the difference between current government attempts at reconciliation and true reparation for injustices of the pastis the subject of The Dying Screams of the Moon. In Mdas words, The past must be addressed. And not only must it be addressed, it must be redressed as well. Under the Group Areas Act of 1912, the South African government forcibly removed black communities from their ancestral lands, declaring those lands white only areas for purposes of, among other things, economic development. Such development frequently meant that white commercial farmers were given exclusive right to purchase the confiscated property at extremely reasonable prices. Since the repeal of the Act in 1989, thousands of displaced and homeless blacks have redoubled their ongoing attempts to reclaim what was forcibly taken from them. A taste for sexual equality   People have wanted to return to their ancestral lands from day one, insists Mda. They didnt just move away like Boesman and Lena and start wandering around. They refused to move. But the government prevailed because it was all too powerful. Now, explains Mda, the problem is even more complex because the land legally belongs to white farmers, some of whom have been living on it for generations. In The Dying Screams of the Moon, a middle-aged black woman identified only as Lady has returned to the Valley of the Moon to reclaim the land from which she was forcibly removed as a child. The valley is now known as Victory Farms, a title given it by the white landowner whose family purchased the land decades earlier and who has turned it into a highly profitable commercial farm. The farmers interests are represented in the play by his daughter, Missy, a young woman who, like the white veteran Gideon le Roux in Playland, is a former soldier of the South African Defense Force, the military body responsible for forcibly putting down black resistance and for fighting the bloody and long-standing war of occupation with neighboring Namibia. Lady, it turns out, is also a veteran of South Africas violent race struggles, but from the opposite side: She is a former freedom fighter who has planned and executed guerrilla attacks on South African targets while living in forced exile. Bitter stalemate   What these former warriors share, they eventually discover, is a taste for the relative sexual equality they experienced as women given ranking positions of authority in the military. However, that taste has been tainted by the professional jealousy of male comrades and of lovers. Both women have lost their male companions by refusing to resume subservient female roles when returning to civilian life. This shared experience of personal potential cut short by sexual jealousy and oppression becomes a point of bonding between the interracial pair. Like the two men in Fugards Playland, these women enact a communal bearing of witness and a mutual absolution of sins in the course of the play. And yet, Mda ends Dying Screams on a note of bitter stalemate between these two newfound friends over their mutually exclusive claims to the land. In the words of Lady, Healing and redemption will only come when the pain of the past, which is in fact our present pain, has been addressed. .ub982d9578f150ea203410dcac644c999 , .ub982d9578f150ea203410dcac644c999 .postImageUrl , .ub982d9578f150ea203410dcac644c999 .centered-text-area { min-height: 80px; position: relative; } .ub982d9578f150ea203410dcac644c999 , .ub982d9578f150ea203410dcac644c999:hover , .ub982d9578f150ea203410dcac644c999:visited , .ub982d9578f150ea203410dcac644c999:active { border:0!important; } .ub982d9578f150ea203410dcac644c999 .clearfix:after { content: ""; display: table; clear: both; } .ub982d9578f150ea203410dcac644c999 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub982d9578f150ea203410dcac644c999:active , .ub982d9578f150ea203410dcac644c999:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub982d9578f150ea203410dcac644c999 .centered-text-area { width: 100%; position: relative ; } .ub982d9578f150ea203410dcac644c999 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub982d9578f150ea203410dcac644c999 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub982d9578f150ea203410dcac644c999 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub982d9578f150ea203410dcac644c999:hover .ctaButton { background-color: #34495E!important; } .ub982d9578f150ea203410dcac644c999 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub982d9578f150ea203410dcac644c999 .ub982d9578f150ea203410dcac644c999-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub982d9578f150ea203410dcac644c999:after { content: ""; display: block; clear: both; } READ: Violet - A Musical by Jeanine Tesori and Brian Crawley EssayWe would like to have that wishful ending that Playland has, Mda laments, but the perspective of the black people is that as long as justice has not been served, there will never be any true reconciliation. The raised hands now come to rest once more on the tabletop. The voice, which has gradually climbed to a high pitch of insistence, returns to its clear and measured tones. But Mdas practiced smile has disappeared, as have other signs of his earlier discomfort. In the new smile which spreads across his face, one can read the artists desire to engage another in the passionate convictions which have given birth to his work.

Monday, March 16, 2020

Académie Française, the Moderator of the French Language

Acadà ©mie Franà §aise, the Moderator of the French Language The Acadà ©mie Franà §aise, often shortened and simply called  lAcadà ©mie, is an organization which moderates the French language. The primary role of the Acadà ©mie Franà §aise is to regulate the French language by determining standards of acceptable grammar and vocabulary, as well as adapting to linguistic change by adding new words and updating the meanings of existing ones. Due to the status of English in the world, the Acadà ©mies task tends to be focused on lessening the influx of English terms into French by choosing or inventing French equivalents. The Primary Function of the Acadà ©mie Officially, the Article 24 outlines that The primary function of the Acadà ©mie will be to work, with all possible care and diligence, to give our language definite rules and to make it pure, eloquent, and capable of dealing with art and science. Maintaining a Common Linguistic Heritage The Acadà ©mie fulfills this mission by publishing an official dictionary and by working with French terminological committees and other specialized organizations. Strangely, the dictionary is not sold to the general public, so the Acadà ©mies work must be incorporated into society by the creation of laws and regulations by the above-mentioned organizations. Perhaps the most notorious example of this occurred when the Acadà ©mie chose the official translation of email. Obviously, this is all done with the expectation that French speakers will take these new regulations into consideration, and in this way, a common linguistic heritage can theoretically be maintained among French speakers around the world. In reality, this is not always the case. Created by Cardinal Richelieu in 1635 The Acadà ©mie Franà §aise was created by Cardinal Richelieu under Louis XIII in 1635, and the first Dictionnaire de lAcadà ©mie ranà §aise was published in 1694 with 18,000 terms. The most recent complete edition, the 8th, was finished in 1935 and contains 35,000 words. The next edition is currently underway. Volumes I and II were published in 1992 and 2000, respectively, and between them cover A to Mappemonde. When complete, the 9th edition of the Acadà ©mies dictionary will include approximately 60,000 words. Its important to note that this is not a definitive dictionary, as it generally excludes archaic, offensive, slang, specialized and regional vocabulary. Linguistic and Literary Patronage The secondary mission of the Acadà ©mie Franà §aise is that of linguistic and literary patronage. This was not part of the original purpose of lAcadà ©mie, but thanks to grants and bequests, the Acadà ©mie now offers about 70 literary prizes per year. It also awards scholarships and subsidies to literary and scientific societies, charities, large families, widows, underprivileged persons and those who have distinguished themselves by courageous acts. Peer-Elected Members Essentially a linguistic jury, the Acadà ©mie franà §aise is a group of 40 peer-elected members, commonly known as Les Immortels  or  Les Quarante. Being chosen as an Immortel is considered a supreme honor and, except in extreme cases, is a life-long commitment.Since the creation of lAcadà ©mie Franà §aise, there have been more than 700 Immortels who were  chosen for their creativity, talent, intelligence and, of course, particular linguistic adeptness. This range of authors, poets, theater people, philosophers, doctors, scientists, ethnologists, art critics, soldiers, statesmen and churchmen assembles at lAcadà ©mie into a unique group of people who make decisions on how French words should be used by analyzing how they actually are, creating new terms, and determining the beneficiaries of the various awards, scholarships, and subsidies.In October 2011, the Acadà ©mie launched an interactive feature called Dire, Ne pas dire on their website in the hopes of bringing pure French to the cyber masses.

Saturday, February 29, 2020

Overview of Theories Essay Example | Topics and Well Written Essays - 750 words

Overview of Theories - Essay Example By understanding the numerous theories, it thus becomes possible to understand the behavior of children. The discussion below is an over view of three vita theories that explain the cognitive development of children. The three include Piaget’s Cognitive-Developmental Theory, Vygotsky’s Sociocultural Theory and Bronfenbrenner’s Ecological Systems Theory. Each of the three just as hinted above offers a varied view to the development of children. The discussion is therefore an over view of the three with the view of portraying the fundamental features of the theories and the ideas that each theory foster. By analyzing such, the discussion thus portrays the essence of the environment among other factors in the development of the children. The theory strives to explain the nature of knowledge. It explains the process of acquiring knowledge, its construction and subsequent use of knowledge in humans. The theory therefore portrays the fundamental factor that influence the definition of knowledge and the factors that influence the relevance of such. The theory asserts that children begin by understanding the world around them before experiencing the discrepancies that exist between their knowledge and the actual features of the environment as they interact with the people. The theory underscores the importance of language. It explains that language is a contingent on the process of cognitive development. The theory therefore explains the factors that influence the cognitive development of individual by explaining the development of children. The people that a child interacts with first influence the nature of their development. Such people as the family members influence the child’s understanding of the society. Furthermore, the theory provides language as a means of assessing the cognitive development of a child. Using language