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40 International Journal of Management Vol. 30 No. 1 March 2013 The Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency Udoayang Joseph Offiong University of Calabar, Nigeria Uket Eko Ewa Cross River University of Technology, Nigeria The aim of this study was to determine the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency on the performance of Banks in Nigeria.Data were collected from thirteen Nigerian banks using a Four Point Scale Likert questionnaire and analyses using percentages and ratios. Multiple regressions were used in testing the hypotheses. The study revealed that top management equity interest influences the level of correct financial disclosures and transparency that Audit Committees are not effective and independent of management and members’ appointments are not based on integrity, competence and expert ise of individuals.The study concluded that forensic accounting practice if incorporated in the banking operations will improve top management transparency and good corporate governance in the Nigerian banking sector which ultimately will improve the performances of Nigerian Banks. Based on the findings, we recommend independence of bank’s audit committees as well as integrity, competence and expertise as pre-requisite for appointment as Audit Committee membership. IntroductionBusiness failures have an economic implication which is disastrous to the economy of any nation. In fact big investment frauds and trading scams have resulted in the loss of billions of dollars from gullible people. Nigeria is not an exception. There are various advanced fee frauds in Nigeria and other investment frauds that have bedeviled the Nigerian economy and the world. Bernard Ma doff, a former chairman of Nasdaq Exchange was arrested for running a $50 billion Ponzi scheme.It is alleged that his o peration is the largest ponzi scheme in history. (Nikhil, 2009). In Nigeria, we have experienced many failed banks and finance houses in the late 1980s and 1990s. Many of the banks chief Executives absconded abroad while some were tried due to their involvements in employee related frauds and money laundering scams. Nigeria has witnessed corruption in all facets of her polity and economy which includes the banking sector.Ajayi, (2005) as cited in Adegbaju and Olokoyo, (2008) maintained that banking sector reforms in Nigeria are driven by the need to deepen the financial sector and reposition the Nigerian economy for growth; to become integrated into the global financial structural design and evolve a banking sector that is consistent with regional integration requirements and international best practices. It also aimed at International Journal of ManagementVol. 30 No. 1 March 2013 41 addressing issues such as governance, risk management and operational inefficiencies which forensic accounting practices is geared towards achieving. After the appointment of Sanusi Lamido as Governor of the Central Bank of Nigeria, the Nigerian banking sector experienced turbulent crises as a result of the reforms introduced by him. Most banks that hitherto were adjudged liquid were declared insolvent.The management boards of many quoted banks were dissolved by the Central Bank of Nigeria and some top management staff were reported to the Economic and Financial Crime Commission for prosecution for fraud and mismanagement of funds and so constituting economic crimes. The Banks’ overall risk management was questionable. Against this background, the research is geared towards ascertaining the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency.Theoretical Framework Fraud or intentional deception is a strategy to achieve a personal or organizational goal or satisfy a human need. A threat to survival or satisfy a need may cause one to choose either dishonest or honest means. The fraud triangle theory propounded by Donald Cressey states that every fraud has three things in common: (1) Pressure sometimes referred to as motivation and usually a â€Å"un-shareable need†; (2) Rationalization of personal ethics; and (3) Knowledge and opportunity to commit the crime.Pressure according to Singleton et al (2006) in their work on the fraud triangle theory stated that pressure or incentive or motivation refers to something that has happened in the fraudster’s personal life that creates a stressful need for funds and thus motivates him to steal. This motivation centers on some financial strain but it could be the symptoms of other types of pressures. Other types of pressures or motivations include; social and political survival (egocentric and ideological motives) and psychotic.Kenyon and Tilton (2006), Management or other employees may find themselves offered incentives or pl aced under pressure to commit fraud. They sighted as an example that when remuneration or advancement is significantly affected by individual, divisional or company performance, individuals may have an incentive to manipulate results or to put pressure on others to do so. Likewise, pressure may come from the unrealistic expectations from investors, banks or other sources of finance.They therefore stated that incentives or pressures may take a variety of forms within an organization. These include; bonuses or incentive pay representing a large portion of an employee or group’s compensation, triggers built into debt covenants tied to share price targets and levels, significant stock option awards throughout the organization but particularly to top management, and aggressive earnings-per-share and revenue targets set by top management and communicated to analysts, investment bankers, and other market participants, ith resultant pressure from these groups. Rationalization and att itude according to Kenyon and Tilton, (2006) in their write up on Potential Red Flags and Fraud Detection Techniques stated that some individuals are more prone than others to commit fraud. That all things being equal, the propensity to commit fraud depend on people ethical values as well as on their personal circumstances. 42 International Journal of Management Vol. 30 No. 1 March 2013 They asserted that ethical behavior is motivated both by a person’s character and by external factors.External factors include job insecurity such as during a downsizing or redundancy or a work environment that inspires resentment such as being passed over for promotion. Also external environment includes the tone at the top – the attitude of management toward fraud risk and management’s response to actual instances of fraud. They posited that when fraud has occurred in the past and management has not responded appropriately, others may conclude that the issue is not taken seriou sly and they can get away with it.Instances may exist that create opportunities for management or other staff to commit fraud. When such opportunities arise, according to Kenyon and Tilton, (2006), those who might not otherwise be inclined to behave dishonestly may be tempted to do so. They stated that absent or ineffective controls, lack of supervision or inadequate segregation of duties may provide such opportunities. Also according to Cressey’s research (i. e. , the Fraud Triangle), fraudsters always had the knowledge and opportunity to commit the fraud.Tommie and Singleton et al stated that the ‘Report To The Nation (RTTN) (2004) research carried out by Association of Certified Fraud Examiners showed that most employees and managers who commits fraud tend to have a long tenure with a company. A simple explanation deduced by the scholars is that employees and managers who have been around for years know quite well where the weaknesses are in the internal controls and have gained sufficient knowledge of how to commit the crime successfully.Skalak, Alas, Sellitto (2006) in their contribution ‘Fraud: An introduction’ in the book â€Å"A Guide to Forensic Accounting and Investigation† stated that, the increased size and impact of financial reporting scandals and the related loss of billion of dollars of shareholder value have rightly focused both public and regulatory attention on all aspects of financial reporting fraud and corporate governance.They postulated that some of the issues upsetting investors and regulators – for example, executive pay that could be considered by some to be excessive are in the nature of questionable judgments, but do not necessarily constitute fraud. On the other hand, there have been more than a few examples of willful deception directed toward the investing community via fabricated financial statements, and many of these actions are gradually being identified and punished.They stated that t he investing public may not always make a fine distinction between the outrageous and the fraudulent – between bad judgment and wrongdoing. However, they stated that professionals charged with the deterrence, discovery, investigation and remediation of these situations, a systematic and rigorous approach is essential. They therefore formulated what they called ‘Fraud Deterrence Cycle’ which they opined without an effective regimen of it, fraud is much likely to occur.They acknowledged that even with fraud deterrence regimen effectively in place, there remains a chance that fraud will occur. Thus absolute fraud prevention is a laudable but unobtainable goal. Fraud deterrence elements include establishment of corporate governance, implementation of transaction-level control processes often referred to as the system of internal accounting controls, retrospective examination of governance and control processes through audit examinations and International Journal of M anagement Vol. 30 No. 1 March 2013 43 investigation and remediation of suspected or alleged problems.Corporate governance is an entire culture that sets and monitors behavioral expectations intended to deter the fraudster. In order to execute effective governance, boards and management must effectively oversee a number of key business processes including strategy and operation planning, risk management, ethics and compliance, performance measurement and monitoring, mergers, acquisitions, and other transformational t ransactions, management evaluation, compensation, and succession planning, communication and reporting, governance dynamics.Transaction-level controls or system of internal accounting Controls: They are accounting and financial controls designed to help ensure that only valid, authorized, and legitimate transactions occur and to safeguard corporate assets from loss due to theft or other fraudulent activity.These procedures the authors stated are preventive because they m ay actively block or prevent a fraudulent transaction from occurring. Retrospective Examination: According to Skalak, Alas, Sellitto (2006), the first two elements of the Fraud Deterrence Cycle are the first line of defense against fraud and are designed to deter fraud from occurring in the first place.Oyejide, and Soyibo, (2001) in their paper â€Å"Corporate Governance in Nigeria† cited (Rwegasira, 2000) stated that Corporate governance, as a concept, can be viewed from at least two perspectives: a narrow one in which it is viewed merely as being concerned with the structures within which a corporate entity or enterprise receives its basic orientation and direction; and a broad perspective in which it is regarded as being the heart of both a market economy and a democratic society (Sullivan, 2000).The narrow view perceives corporate governance in terms of issues relating to shareholder protection, management control and the popular principal-agency problems of economic theo ry. In contrast, Sullivan (2000), a proponent of the broader perspective uses the examples of the resultant problems of the privatization crusade that has been sweeping through developing countries since the 1980s, and the transition economies of the former communist countries in the 1990s, that issues of institutional, legal and capacity building as well as the rule of law, are at the very heart of corporate governance.Hamid, (2009) in his article ‘The impact of the Composition of Audit Committee on organizational and physical controls of Banks in Nigeria’ stated that there is no generally accepted definition of corporate governance which enjoys a consensus of opinion in all settings and countries of the world. That the concept is defined and understood differently in different parts of the world depending on the relative powers of the owners, managers and providers of capital.Klapper and Love (2002) as cited by Hamid, suggested four components of an effective Corporat e Governance; Board Composition, Board Size, Power Separation and Audit Committee composition. In its preface on the Code of Corporate Governance in Nigeria document, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission stated as follows: †¦ Long before the highly publicized corporate scandals and failures worldwide, the global community has shown increasing concern on the issues of corporate 44International Journal of Management Vol. 30 No. 1 March 2013 governance. The reason for this trend is not far to seek. There is growing consensus that corporate governance, which has been defined as the way and manner in which the affairs of companies are conducted by those charged with the responsibility, has a positive link to national growth and development. The Commission further stated that the importance of effective corporate governance to corporate and economic performance cannot be over-emphasised in today’s global market pla ce.Sir Adrian Cadbury Committee set up in May 1991 in its report â€Å"Report of the Committee on the Financial Aspects of Corporate Governance† on 1 December 1992 in an effort to stem the financial scandals and generally improve corporate governance of United Kingdom companies gave rise to accompanying Code of Best Practice which was adopted by the London Stock Exchange on 30 June 1993 and proposed a system of self regulation by listed companies.Ramaswamy, (2005) further stated that the failure of the corporate communication structure has made the financial community realize that there is a great need for skilled professionals that can identify, expose and prevent weaknesses in three key areas: Poor corporate governance, flawed internal controls and fraudulent financial statements.The author further said the recent corporate scandals came as a shock not just because of the enormity of failures like the Enron, Adelphia communications, WorldCom, Lehman Brothers, Stamford Group and AIG in the US, Cadbury in Nigeria and Parmalat in Italy, but because of the discovery that questionable accounting practice was far more insidious and widespread than previously envisioned. A definite link between these accounting failures and poor corporate governance is thus beginning to emerge.According to Ramaswamy (2005), presently an increasing number of researchers are finding that poor corporate governance is a leading factor in poor performance, manipulated financial reports and unhappy stakeholder. In their research on corporate governance and bank performance in the US, Spong, and Sullivan, (2007) stated that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risks they choose to take than managers with significant motivations and financial incentives.They asserted that the separation between management and ownership in financial theory is referred to as pri ncipal-agent problem which may lead hired managers to maximize their own utility rather than that of the firm. Glassman and Rhoades (1980) compared financial institutions controlled by their owners with those controlled by managers and found that the owner-controlled institutions had higher earnings. Allen and Cebenoyan (1991) found that banking holding companies were more likely to make acquisitions that added to firm value when they had high inside stock ownership and more concentrated ownership.Cole and Mehran (1996) discovered higher stock returns at thrifts that had either had a large inside shareholder or a large outside shareholder. In Nigeria in the contrary, Orogun, (2009) citing Adedeji stated that bank failures in Nigeria are attributed to inadequate capital base, fraudulent, self serving and corrupt practices of the owners and managers, meddlesome interference of board members in the day to day running of the institution and regulatory laxity. On the application of Audit Committees as components of good International Journal of Management Vol. 0 No. 1 March 2013 45 corporate governance in Nigeria, Hamid (2009) citing Wilson (2007) stated that Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, the Central Bank of Nigeria (CBN) Act of 1991, the various prudential guidelines issued by the Central Bank of Nigeria, the listing requirements of the Nigeria Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) rules and Securities and Exchange Commission code of corporate governance 2003, the Central Bank of Nigeria code of corporate governance for banks 2006 must be abided by banks.Hamid (2009) in his research published and titled, ‘The impact of the composition of audit committee on organizational and physical controls of banks in Nigeria’ observed that a number of banks did not adhere to the composition requirement for good corporate governance in the Banks and thus affects the quality of control mechanisms that are i nstituted to safeguard operations in the banking industry. Also the study revealed that unrestricted appointments of executive directors on audit committees decreased the monitoring provided by the committees and it’s effectiveness in checking management scandal and sustaining the effectiveness of ccounting and internal control systems. The study also revealed that the composition of audit committees have an impact on physical control of banks in Nigeria. This result is consistent with earlier findings by Uzun, Szewezyk and Varma (2004) which indicated that a higher degree of independence of the audit committee is associated with a higher control thus lower likelihood of corporate fraud. Transparency and accountability has been a hot debate in the management of businesses and governance all over the world. In fact it is a barometer for measuring business competitiveness among nation states.According to Oladoyin,, Elumilade, and Ashaolu, (2005), the issue of transparency and a ccountability in financial institutions is one that cannot be readily glossed over. That transparency and accountability constitute pivotal features of any respectable public official or professional practitioner. In recent years, there has been great concern on the management of banks’ assets and liabilities because of large scale financial distress. Adam,(2009). The banking sector has been singled out for the special protection because of the vital role banks play in an economy.Bank supervision entails not only the enforcement of rules and regulations, but also judgments concerning the soundness of bank assets, its capital adequacy and management. Volcker,(1992). In Nigeria, the rising cases of bank distress have also become a major source of concern for policy makers. McNamara, C (2009) stated that performance management is a relatively new concept to the field of management. That performance management reminds us that being busy is not the same as producing results. It re minds us that training, strong commitment and lots of hard work alone are not results.That the major contribution of performance management is its focus on achieving results — useful products and services for customers inside and outside the organization. Despite the recent attention to achieving maximum performance, McNamara (2009) stated that there is no standard interpretation of what 46 International Journal of Management Vol. 30 No. 1 March 2013 that means or what it takes to get it. However having stated what people are suggesting that it takes for organizations to achieve maximum performance he stated that, we should be aware of the various views and be able to choose our own.The efficiency and competitiveness of financial institutions cannot easily be measured, since their products and services are of an intangible nature. Idialu, and Yomere, in their article â€Å"Stochastic frontier analysis of the efficiency of Nigerian Banks† cited Berger, Hunter and Timme (1993) as defining efficiency as the ratio of the minimum costs that could have been expended to produce a given output bundle to the actual costs expended. Arshadi and Lawrence (1987) on the other hand, measures bank performance using normal correlation analysis.Srinivane (2009) capsulate that banks are exposed to credit risk, liquidity risk, interest risk, market risk, operational risk and management/ ownership risk. He stated that it is the credit risk which stands out as the most dreaded one. Considering the Nigerian banking history and customers attitude to credit obligations, this is the most dreaded risk in Nigeria. Though often associated with lending, credit risk arises whenever a party enters into an obligation to make payment or deliver value to the bank.Srinivani (2009). The nature and extent of credit risk, therefore, depend on the quality of loan assets and soundness of investments. Based on the income, expenditure, net interest income and capital adequacy one can comm ent on the profitability and the long run sustenance of the bank. Research Methodology The study employed the survey research method using the technique of interview to complement the questionnaire administration and review of documentary sources.The questionnaire was structured in a four point likert scale model where strongly agreed was assigned 4 points, agreed assigned 3 points, disagree assigned 2 points and strongly disagreed assigned 1 point. Scope of Research Area Thirteen publicly quoted commercial banks were selected as the study population from the twenty four commercial banks operating in Nigeria. The selection covers both the first generation Banks, second generation Banks and Banks that emerged from mergers of more than one bank during the recent bank consolidation in Nigeria. Their choices are premeditated on their size and their banking coverage.Model Specification To examine the impact of bank board composition, top management equity interest and audit committee eff ectiveness on top management transparency in the Nigerian banking sector, hypothesis formulated was developed into models and was subjected to empirical test using multiple regression analysis, percentages comparison and ratio analysis. y = ? 0 + ? 1x 1+ ? 2Ãâ€"2 + †¦+ ? nxk +? ijk Where ? 0 = Regression Constant and ? 1, ? 2, ? 3 †¦ ? n are = regression coefficients Where ? 0 and ? 1 are obtained by solving simultaneously the equations: International Journal of Management Vol. 30 No. 1 March 2013 47 y = ? 0N+ ? 1? X ?XY = ? ? X + ? ?X2 0 1 Where y = Dependent variable, x = Independent variables Estimation and validation To determine the use-ability of the questionnaire on the Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency in the Nigerian banking sector, the questionnaire was built on a four point Likert scale on one hundred and forty eight respondents. To determine the use-ability, item-te st correlation coefficient were computed. All item-test correlation lie in the range r=0. 6  ±0. 1. They were considered significant and useable.Analysis of Data Table 1 shows that 50(34%) respondents strongly agreed that their top management equity interest in their banks influences their level of financial disclosure. 46(31%) respondents also agreed that their top management equity interest in their banks influences their level of financial disclosure while 52(35%) respondents strongly disagreed that their top management equity interest in the bank influences their level of financial disclosure. Table 1. Top Management transparency, Banks Board composition, Top Management equity interest and Audit Committee effectiveness Research Question Whether top anagement equity interest in the Bank influence her level of financial disclosures. Whether Audit Committees are effective, efficient and independent of management. Whether the composition of Bank boards is based on director’ s individual integrity, knowledge of industry and competence high? Whether top management is transparent in her decision making? Opinion of Respondents Strongly (%) Agreed (%) Disagreed (%) Strongly (%) Total Agreed disagreed 50 34% 46 31% 52 35% 0% 148 0 0% 50 34% 98 66% 0% 148 4 3% 48 32% 96 65% 0% 148 0 0% 35 24% 113 76% Source: Data from questionnaire analysis based on responses 0% 0% 148 48International Journal of Management Vol. 30 No. 1 March 2013 In a related matter, 35(24%) respondents agreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 113(76%) respondents however disagreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 50(34%) respondents agreed that their banks audit committees are effective, efficient and independent of management while 98(66%) respondents disagreed that their banks audit committees are effective, efficient and independent of management.Also, 4(3%) respondents strongly agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. 48(32%) respondents also agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. However, 96(65%) respondents disagreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. HypothesisNull (N0): Top management transparency does not depend significantly on Bank board composition, top management equity interest and audit committee effectiveness. Alternate (N1): Top management transparency depends significantly on Bank board composition, top management equity interest and audit committee effectiveness. Let y = represent dependent variable and Let x1-3 = represent independent variables Variables in the Hypothesis Dependent Variable (y) = Top management transparency Independent variable (x1) = Top management equity interest. Independent variable (x2) = Audit Committee effectiveness Independent variable (x3) Bank board composition To test the hypotheses, multiple regression analysis was used with top management transparency variable as the dependent variable and bank board composition, top management equity interest and audit committee effectiveness as independent variables. The means are not equal, at least among the predictor variables suggesting that they may not have the same predictive ability. The standard deviation though small gives us the assurance that there is variation in the variables as we move from bank to bank as reflected in table 2. The inter-variable correlations were computed via the Pearson product moment formulae.These correlation coefficients are given in tabl e 3. From table 3, we observed that the three independent variables correlates significantly International Journal of Management Vol. 30 No. 1 March 2013 49 with the dependent variable (first row and column) since the associated probabilities are all less than the chosen level of significance. The inter correlations among the independent variables are also significant. Though this phenomenon is desirable in a multiple regression analysis, it validates our claim that they are all elements of the one variable called good corporate governance in forensic accounting practice.The significance of their correlation with the dependent variable suggests that they may be significant predictors of top management transparency. To test the significance of their predictive ability collectively, the prediction model parameters were estimated and tested for significance using the F-ratio test. The results are presented in table 3. From table 4, the estimated F-value (77. 233) is greater than the cr itical F-value (2. 600) with 3,144 degrees of freedom and at 0. 05 levels. Also, the probability associated with the observed F-value (0. 000) is less than the chosen level of significance.Consequently the null hypothesis is rejected in favor of the alternative. This means that top management transparency depends significantly on top management equity interest, audit committee effectiveness and bank board composition as elements of good corporate governance in forensic accounting practice. The R-squared value of 0. 617 and its adjusted form of 0. 609 together indicate that between 60. 9% and 61. 7% of the total variation in top management transparency is accounted for by top management equity interest, audit committee effectiveness and bank board composition with a standard error of estimate of 0. 67. Table 2. Mean and standard deviation of the four variables Variable Top management transparency Top management equity interest Bank Boards Composition Audit Committee effectiveness Mea n 2. 237 2. 987 2. 378 2. 338 Standard deviation 0. 426 0. 833 0. 540 0. 475 Source: Data from questionnaire analysis based on responses Table 3. Inter correlation among Top Management transparency, Management equity interest, Board composition and Audit Committee effectiveness. Variable Y X1 X2 X3 Y 1. 000 0. 680* 0. 779* 0. 762* X1 0. 680* 1. 000 0. 872* 0. 829* X2 0. 779* 0. 872* 1. 00 0. 932* *Significant at 0. 05 level, p < 0. 05 Y = Top management transparency X1 = Top management equity interest. X2 = Audit Committee effectiveness X3 = Bank board composition Source: Data from questionnaire analysis based on responses X3 0. 762* 0. 829* 0. 932* 1. 000 50 International Journal of Management Vol. 30 No. 1 March 2013 The relative contribution of each of the independent variables to the prediction of top management transparency is estimated as regression coefficients and tested for significance using the t-test. Table 5 is summary of the results.From the table, the computed t-value for the regression constant (5. 336) and audit committee effectiveness (3. 320) are greater than the critical t-value (1. 976). Their associated probabilities (0. 000 and 0. 001) for the regression constant and audit committee effectiveness respectively are less than the chosen level of significance. This means these are the significant contributors to the prediction of top management transparency. The contribution of the other two variables: top management equity interest and bank board composition do not contribute significantly to the prediction of top management transparency.All the same, the obtained prediction model is: y= 0. 616 – 0. 009Ãâ€"1 + 0. 487Ãâ€"2 + 0. 215Ãâ€"3 Where y= x1 = x2 = x3 = Top management transparency Top management equity interest Audit Committee effectiveness Bank Board Composition. Table 4. Model summary and ANOVA for the prediction of top management transparency. R R-Square 0. 785 Source of variation Regression Residual Total 0. 617 Sum of S quares 16. 480 10. 243 26. 723 Adj. R-Square 0. 609 Df. 3 144 147 Std Error 0. 267 Mean Square 5. 493 0. 071 R. Square Change 0. 617 F Sig. 77. 233* 0. 000 * Sig. at 0. 05 level. F(3,144) = 2. 600Source: Data from questionnaire analysis based on responses Table 5. Regression constant and coefficients for the prediction of top management transparency. Variable Constant Top Management equity Audit effectiveness Bank Board Composition Un-standardized Coefficients B Std Error 0. 616 0. 115 -0. 009 0. 054 0. 487 0. 147 0. 215 0. 113 Standard Coefficients Beta * Significant at 0. 05; p < 0. 05. Source: Data from questionnaire analysis based on responses -0. 02 0. 542 0. 272 T Sig. 5. 336* -0. 172 3. 320* 1. 903 0. 000 0. 864 0. 001 0. 059 International Journal of ManagementVol. 30 No. 1 March 2013 51 Findings The study revealed that top management equity interest in the banks influences the level of correct financial disclosures of the banks and their level of transparency. This ran contr ary to recent research findings in the United States where it was revealed that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risk they choose to take. Audit Committees are not effective, efficient and independent of management of the banks.Likewise, the appointment of the committee members is not based on integrity, competence and expertise of candidates. Conclusions The Nigerian Banking sector which constitutes over 70% of volume trading in the past four years being the most active sector in the capital market will strive for better if the issue of good corporate governance and ethical conduct by bank directors and management is addressed. The study therefore recommended that the composition of banks audit committees should be based on integrity, competence and knowledge or expertise of individuals and it should be independent of management.Those banks should have as one of their reporting requirements a statement on compliance to good corporate governance. References Ademola, T O and Soyibo A (2001), Corporate governance in Nigeria. Paper presented at conference of Corporate Governance, Accra, Ghana. 20-30 Adegbaju, A. A and Olokoyo, F. O (2008), Recapitalization and banks’ performance: A Case study of Nigerian Banks, African Economic and Business Review, Vol. 6 No. 1 Ajayi, M. (2005), Banking sector reforms and bank Consolidation: conceptual framework, Bullion, Vol. 29. No 2 Anthony, M O, Elumilade, D. O. nd Ashaolu, T. O. (2005), Transparency, accountability and ethical violations in the financial institutions in Nigeria. Journal of Social Sciences, 11(1):21-28. Allen, L. and Cebenoyan, A. S. (1991), ‘Bank acquisitions and ownership structure: theory and evidence,’ Journal of Banking and Finance, 15: 425-48 Berger, W. C, Hunter and Timme, S (1993), â€Å"Efficiency of financial institutions: A review and preview of resea rch past, present and future†, Journal of Banking and Finance, Vol. 17, 221-249. Central Bank of Nigeria-CBN (2006), Code of corporate governance for banks, From www. enbank. org 52 International Journal of Management Vol. 30 No. 1 March 2013 Cole, R. A. and Mehran, H (1996), ‘The effect of changes in ownership structure on performance: evidence from the thrift industry’, Board of Governors of the Federal Reserve System, Finance and Economic Discussion Series 96-6. Crumbley, D. L (2008), What is forensic accounting? Journal of Forensic Accounting, R. T. Edwards, Inc. An International Scholarly Publisher. Crumbley, D L (2003), Forensic accounting: The evidentiary nature of accounting data, Journal of Forensic Accounting, R.T. Edwards, Inc. An International Scholarly Publisher. Glassman, C. A and Rhoades S. A. (1980), ‘Owner vs manager control effects on bank performance’, The Review of Economics and Statistics, 62: 263-70. Hamid, K. T (2009), The impac t of the composition of audit committee on organizational and physical controls of banks in Nigeria, Nigeria Research Journal of Accountancy, Vol. 1 No 1 Hamid, K. T (2008), An assessment of the relationship between corporate governance and internal control system in the Nigerian banking industry. PhD.Accounting Thesis submitted to the Department of Accounting, BUK, Kano (Unpublished) Idialu, Jeremiah Uwaifo and Yomere, Gabriel O (2010), â€Å"Stochastic frontier analysis of the efficiency of Nigerian banks† Indian Journal of Economics and Business Kenyon, W and Tilton, P. D (2006) Potential red flags and fraud detection techniques, A Guide to Forensic Accounting Investigation, (First Edition), John Wiley & Sons, Inc, New Jersey. Klapper, L. F. and Love, I. (2002), Corporate governance, investor protection and performance in emerging markets, Journal of Corporate Finance, 195. p 1-26 Nikhil, P (2009). The world’s biggest frauds. networking with anti fraud professionals , Indiaforensic Antifraud Forum. Orogun, W. (2009), Bank distress in history, burningpot. com. Ramaswamy, V (2005), Corporate governance and the forensic accountant, The CPA Journal. From http//www. nysscpa. org/cpajournal/2005/305/essentials/ p68. htm Sheridan, L, Jones, J and Marston C(2006), Corporate governance codes and the supply of corporate information in the UK. Journal compilation  © 2006 Blackwell Publishing Ltd, 9600 Garsington Road, Oxford, UK Singleton T W , Bologna, G. J and Lindquist, R.J and Singleton A J (2006), Fraud auditing and forensic accounting (Third Edition), John Wiley & Sons, Inc, New Jersey. Skalak, S. L, Alas, M. A and Sellitto, G (2006), Fraud: an introduction, A Guide to Forensic Accounting Investigation (First Edition), John Wiley & Sons, Inc, New Jersey. Spong, K R and Sullivan R. J. (2007). Corporate governance and bank performance, Social Science Research Network. Uzun, H. , Szewezyk, S. H. and Varma, R. (2004), Board composition and corporate f raud, Financial Analysts Journal, 60(3), 33-43 International Journal of Management Vol. 30 No. 1 March 2013 3 Wilson, I. (2007), Regulatory and institutional challenges of corporate governace in Nigeria post consolidation. Nigerian Economic Summit Group (NESG) Economic Indicators, April-June, Vol. 12, No 2. Contact email addresses: [email  protected] com [email  protected] com Copyright of International Journal of Management is the property of International Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.

Dirty Facts About Black History Month Essay Topics Revealed

Dirty Facts About Black History Month Essay Topics Revealed The Benefits of Black History Month Essay Topics Several have questioned the demand for a month dedicated exclusively to black history and this is sometimes answered quite simply, since it is needed. A person's story, and a historical story, can likewise be told through art. Do not increase your probability of being discontinued from your studies due to trusting people who cannot even aid with choosing history essay topics for high school students. Occasionally it seems like they don't get the honor that's due, and someone else receives the credit. And if you're searching for more Black History month ideas, take a look at our free posters here. Writing an essay on this important topic is a significant way for students to find out more about a number of the incredible individuals who took action and helped to really make a difference in Canadian history. 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It is possible to browse their remarkable collection on the internet by topic, date, or place. If you like it is possible to look online and find one which you like. Show this video to provide a succinct summary of the period. Just make sure it is something which you require, not just something that you want in the brief term. If you are thinking about purchasing an item you will still have next calendar year, look at pulling out the card but you need to be careful. A Black man goes to find an apartment after calling the landlord to make sure it was still offered. Thus, start looking for something which is comfortable but also something which meets your style. Choosing Black History Month Essay Topics When reading through such materials, it's important to take note of the crucial points which you would utilize to support your argument. Doing something is much better than doing nothing, even if you've got to modify your curriculum. Because of this, we don't wish to overburd en you financially. Woods is often known as the black Edison, which I think is truly a shame. The purpose is to get mainstream'' America to understand that there's still much more to be done to get rid of the crimes that were perpetrated and perpetuated against so-called minorities within this democracy. Anyway, adequate research and knowing of the material also play an essential role in writing an excellent essay. Now, there's a much higher intellectual expectation than simply paraphrasing a couple of authoritative sources. There ought to be a very clear distinction between the content in the debut, in the principal body, and in the conclusion. To begin with, the paper is passed through Copyscape application to make sure that it isn't plagiarized. Anyway, you might not have a dependable supply of income for a student. Otherwise, all of the research you have done will go to waste if you can't describe it comprehensively. So far as the students are involved, writing a research paper is among the toughest and frustrating endeavor in their opinion. Ideas, Formulas and S hortcuts for Black History Month Essay Topics Results are announced the subsequent February. However, in the event the paper fails to fulfill your requirements, you're permitted to request a refund. Editors then proofread it to make sure it follows all of the formatting requirements expected. Furthermore, you get unlimited revisions. Whatever They Told You About Black History Month Essay Topics Is Dead Wrong...And Here's Why The end result was outstanding. If that's the case, list some situations in which one ought to be demonstrated. All individuals have a distinctive story, but all stories, like all individuals, have several things in common. Tell about the scenario. Here are a few of my beloved Ruby Bridges activities for children. Years prior to a grown black man would be regarded as as a guy and not a boy. Others might say that it's merely a month, no different from the rest of the eleven. For the subsequent four decades, my students read poems including Paul Lau rence Dunbar's We Wear the Mask to comprehend the idea of double consciousness.

Analysis Of The Book The Devil - 1080 Words

(Part the Third: Almost The End) THE DEVIL IS IN THE SUBJECTIVELY OBJECTIVE DETAILS When The Devil Went Down to Georgia - looking to steal a soul, I found that I preferred the fancy fiddle playing of Satan over the more mundane instrumental performed by Johnny! While considered an unpardonable sin in Southern circles, this unabashedly conceited and conceded musical bias on my part is my first consciously remembered lesson in subjectivity. Although unquestionably ruining the general narrative of the song by the Charlie Daniels Band, give the golden fiddle playing Devil his due, everything ultimately boils down to a case of subjective opinion. So choose your side: Tea or Coffee; Diamond or Cubic Zirconia; Serving in Heaven vs. Ruling†¦show more content†¦And similar to one’s musical preferences, taste in all its forms is a subjective choice and doubly so with hors d’œuvres. Nevertheless, my grape leaf, flat bread, and tabouli salad devouring Father nonetheless married my Mother, even after learning of her Polynesian palate’s pr edilection for fresh fish eyes, sea cucumber intestines, and sea urchin roe. Moreover, to continue feeding her insatiable seafood habit, he regularly and repeatedly dove deep, down to the ocean’s black sandy fickle bottom, to retrieve for her bà ªche-de-mer and sharp-spined sea urchin - all the while vainly eyeballing her shapely, round okole! As a Lebanese-American, the culturally dominant American side of my Father pronounces these tempting cutlery free treats â€Å"Horsey-Derves. Whereas the more aesthetically sensitive Lebanese half calls them â€Å"moqabbelat† or (مقØ ¨Ã™â€žÃ˜ §Ã˜ ª), an Arabic term meaning: things which make one accept what is to come. Fundamentally, I question whether he could have ever anticipated the unabridged consequences and repercussions of marrying a Tongan or she of marrying a Palangi, just as Kenyon Admissions may not yet entirely appreciate what I bring to their table! Nor could I have fully foreseen the bellyaching anim us of my aged French teacher and her haughty disdain for the superfluous use of the unappetizing, English plural form of hors d’œuvres, - since in the French spelling the singular and the plural forms areShow MoreRelatedAnalysis Of The Book The Devil Of The White City Essay1331 Words   |  6 PagesHaley Triplett Tyler Johnson World History 25 November 2016 The Devil in the White City Non-Fiction Book Report That night that the Titanic sinks, on board the Olympic on April 12, 1912, Daniel Hudson Burnham search mindfully for quite a while at his years arranging the Chicago World s Fair of 1893, held to respect the 400th commemoration of Columbus disclosure of America. 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Everything revolves around snakes in this story, Slytherin, Voldemort snakes that is one of the horcruxes which is very special , and Voldemort himself he looks like a snake. â€Å"While the serpents in theRead MoreAnalysis Of The Book The Devil On The Shape Of A Woman By Carol Karlsen Essay1637 Words   |  7 PagesConversely, Carol Karlsen who was a Professor of History and Women’s Studies at the University of Michigan had a different take on the trials. Karlsen wrote The Devil in the Shape of a Woman: Witchcraft in Colonial New England in 1987, a book examining the role of women in the Salem Witch Trials. Karlsen was â€Å"concerned with the meaning of witchcraft for New England’s first settlers†¦ and why most witches in early American society were women.† Karlsen obviously felt that there was a disparity ofRead MoreAnalysis Of The Book Young Goodman Brown And The Devil And Tom Walker 1219 Words   |  5 PagesFaith. 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New Method Of Ultrahard Material Synthesis - 1048 Words

New Method in Ultrahard Material Synthesis: CS2 Catalyzed Ultrahard Fullerite Ultrahard materials is a broad category define by materials that are harder than diamond. Diamond, thought to be the hardest material for centuries hasn’t been the hardest material seen by scientists in a long time. Many materials have been developed or discovered recently that surpass the 150 GPa hardness of diamond by as much as 100%. There are many ways to measure the hardness of a material, from the classic scratch test to more complicated bulk modulus calculations. Other tests of hardness include indentation and rebound tests, or measurements of the elastic and shear modulus. Ultrahard fullerite is one such material that has surpassed diamond with values†¦show more content†¦Structural studies of fullerite are hampered by its lack of a 4 or 6 fold axis, so long-term periodicity in fullerite’s crystal lattice isn’t possible for covalently-bonded fullerene molecules in three dimensions. TEM studies have shown a sequence of FCC phases that have been ex plained by bonded fullerene chains formation. Because of this difficulty, researchers have turned to Raman spectroscopy to study the polymerization, which has features explained by the C60 phonon spectra perturbations by intermolecular covalent bonding. The 3D polymerized phases produced in ultrahard fullerite synthesis are phase IV and V, where phase V is the desired ultrahard fullerite. Phase V is translucent in the near IR or visible range having a Raman spectrum containing two broad peaks around 1550 cm-1 and around 500 cm-1. Prior to research by Popov et al., the synthesis conditions of ultrahard fullerite depended on a degree of plastic deformation and stress tensor variation of a sample under compression. The minimum required pressure for synthesis was 13 GPa at 1100 K, or 18 GPa at room temperature, both of which aren’t suitable for industrial production without a catalyst. The polymerization of fullerene molecules starts under sunlight irradiation at ambient temperatures to create dimers. These simple conditions for these intermolecular bonds to form led researchers to hypothesize

Different Types of Literature Review Free Essays

Discuss types of literature review, sources of information in literature review and the process of conducting literature review? Literature Review According to the royal literature fund, literature review is a search and evaluation of the available literature in a given subject or a chosen topic area. It documents the state of the art with respect to the subject or the topic one is writing about. Literature review surveys the literature material in the chosen area of study and critically analyses the information gathered by identifying the gaps in the current knowledge synthesizing the information in that literature into a summary and presenting the literature in an organized way. We will write a custom essay sample on Different Types of Literature Review or any similar topic only for you Order Now Narrative/Traditional Literature Reviews These Critique the literature and summarize the body of the whole document. Also, they draw conclusions about the topic and identify gaps or inconstancies in a body of knowledge. Consequently, the narrative versions can also assist in identifying gaps in research by helping to define and also refine research questions. Systematic Quantitative Literature Review According to Catherine Pickering, an academic staff member of Griffith University, the method requires more rigorous and well defined approaches compared to most other types. It’s comprehensive and details the time frame within which the literature was selected: It can be divided into two: Meta-analysis Meta- synthesis Meta-Analysis This is where Patterns and relationships are detected and conclusions are drawn .Its associated with deductive research approach. Meta synthesis Based on non-statistical techniques, these methods integrate, evaluate, and interpret findings of multiple qualitative research studies .Meta synthesis literature review is conducted usually when following inductive research approach. Argumentative Literature Review It examines literature selectively in order to support in favor of or against an argument, deeply embedded assumption or philosophical problem already established in the literature. Integrative Literature Review Reviews The above method Critiques and synthesizes secondary data about research topic in an integrated way such that new framework and perspectives on the topic are generated .If the research does not involve primary data collection and analysis, then the option will be to use integrative literature review Theoretical Literature Review It focuses in the pool of theory that has accumulated in regard to an issue, concept, theory or phenomena. Usually it plays an instrumental role in establishing what theories already exist, the relationship between them, to what degree the existing theories have been investigated, developing new hypothesis to be tested. Historical Review The focus is of examining research for a period of time, often starting with the first time an issue, concept, theory or phenomena emerged in the literature then tracing its evolution within the scholarship of discipline .The purpose is to place research in a historical context to show familiarity with the state of the art developments and identify the likely direction for the future research. Scoping Literature Review Scoping reviews are quite similar to Systematic literature reviews though the key distinction being that there are no restrictions on the materials resourced. The purpose of the scoping review is finding the materials on the topic. When undertaking a scoping review, it is important to systematize your search strategies to ensure you can replicate your searches and to attend to any gaps that appear in the results. Sources of Information in Literature Review Primary Sourses This is an original piece of work on which other research is based on. This presents the native thought processes, reports a discovery or share new information. Results in physical, print or electronic format are the first formal appearance. Characteristics Primary sources have high level of details. Primary sources require little time to publish. Examples of primary sources of information. Literary creation e.g. Novel, short stories, Poems etc. Artifacts e.g. coins, plant specimens, Furniture, tools, clothing. Audio recordings e.g. radio programs Diaries Internet communication on emails Interviews e.g. oral histories, telephone, emails Letters Newspapers articles written at that time. Journal articles published in peer –reviewed publications. Original Documents e.g. Birth certificate, will marriage license Photographs. Meeting proceedings, conferences and symposiums. Speeches Survey Research e.g. market survey or public opinion polls. Video recording. Website. Records of organizations, Government agencies e.g. annual reports, constitution etc. Secondary Sources Secondary sources are stories written after the fact with the benefit of the occurrence. They are explanations and assessments of primary sources. They bear no evidence, only that they describe and report on evidence. Characteristics of secondary sources. They bear ordinary level of details. They require little more time to publish. Examples of secondary sources. Bibliographies (also considered tertiary). Biographical works. Commentaries, criticisms. Dictionaries, Encyclopedias (also considered tertiary). Histories. Literary criticism such as Journal articles. Magazine and newspaper articles. Monographs, other than fiction and autobiography. Textbooks (also considered tertiary). Web sites (also considered primary). Tertiary Sources This is information which is refined and accumulated from primary and secondary sources. Characteristics of Tertiary sources. The detail level is low. They require a lot of time to publish. Examples of tertiary sources of information. Almanacs. Bibliographies (also considered secondary). Chronologies. Dictionaries and Encyclopedias (also considered secondary). Directories. Fact books. Guidebooks. Indexes, abstracts, bibliographies used to locate primary and secondary sources. Manuals. Textbooks (also be secondary) The Process of Conducting a Literature Review According to Wikipedia, literature review also narrative review is a scholarly paper which includes the current knowledge including substantive findings, as well as theoretical and methodological contributions to a particular topic. Research process consists of series of steps necessary to effectively carry out research and the desired sequencing of these steps. Choose a topic. This means defining a research question. The researcher should single out the problem he wants to study, the research question not too broad or too narrow, write down terms that are related to the question, discuss the question with the supervisor. Wide literature survey on the scope of review. This is from abstracting and indexing journals and published or unpublished bibliographies, academic journals, conference proceedings, government reports and books. Development of working hypotheses. Hypothesis is tentative assumption made in order to draw out and test its logical or empirical consequences. The role of the hypothesis is to guide the researcher by delimiting the area of research and to keep him on the right track. Preparing the research design. Stating the conceptual structure within which research would be conducted. Determining sample design. At this stage the researcher develops a definite plan determined before any data are actually collected for obtaining a sample from a given population Collecting the data. In context of money costs, time and other resources at the disposal of the researcher, data are collected by observation, through personal interview, through telephone interviews, by mailing of questionnaires or through schedules. Execution of the project. The researcher should see that the project is executed in a systematic manner and in time and that the data to be collected is adequate and dependable. Analysis of data using tabulation and then drawing statistical inferences. Hypothesis-testing. At this the researcher is in a position to test the hypotheses, if any, he had formulated earlier. If the researcher had no hypotheses to start with, generalizations established on the basis of data may be stated as hypotheses to be tested by subsequent researches in times to come Generalizations and interpretation: If a hypothesis is tested and upheld several times, it may be possible for the researcher to arrive at generalization but if the researcher had no hypothesis to start with, he might seek to explain his findings on the basis of some theory. Preparation of the report or the thesis with three parts: a. The preliminary pages. b. The main text. c. Summing up. References Martyn Shuttle worth (Sep 16, 2009). What is a Literature Review? Retrieved Jul 18, 2018 from Explorable.com: https://explorable.com/what-is-a-literature-review Source: Grant, M. J., ; Booth, A. (2009). A typology of reviews: an analysis of 14 review types and associated methodologies. Health Information ; Libraries Journal, 26(2), 91-108. http://doi.org/10.1111/j.1471-1842.2009.00848.x De Souza, M. T., da Silva, M. D., ; de Carvalho, R. (2010). Integrative review: What is it? How to do it? Einstein (16794508), 8(1), 102-106. Forward, L., ; Hobby, L. (2002). A practical guide to conducting a systematic review. Nursing Times, 98(2), 36-37. Baglione, L. (2012). Writing a Research Paper in Political Science. Thousand Oaks, California: CQ Press. Systematic Literature Reviews for Education https://libraryguides.griffith.edu.au/c.php?g=45 Literature review sources retrieved from https://research-methodology.net/research-methodology/literature-review-sources/. Comparative Literature: Primary, secondary ; tertiary sources by Yale university library as retrieved from https://guides.library.yale.edu/complit. FLORIDA A;M UNIVERSITY. Retrieved from library.famu.edu Literature review Retrieved from https;//libguides.uwf.edu Literature review Retrieved from https;//libguides.uwf.edu How to cite Different Types of Literature Review, Papers

Macro and Microenvironment Analysis of Bindle

Question: Describe about the Macro and Microenvironment Analysis of Bindle. Answer: Introduction Market Environment Analysis is a vital step that assists to understand the national, international, external and internal environment of an organization that directly or indirectly affects the business. The factors that have direct control can be managed by the companies but same factors are not in the control of the business. The management of such factors in a proper way results as an opportunity. Companies whose management is strong, converts the challenges into opportunities. It enhances the potential of the organizations and protects from the threat available in the environment. There are many tools that can help organizations to analyze the environment like- SWOT analysis, PESTLE analysis, STEEP analysis, STEEPLE analysis, PEST analysis, etc. A PESTLE analysis is the most used and effective analysis used by the companies. It stands for: Political, Economical, Social, Technological, Legal and Environmental analysis. It also analyzes the opportunities and threat of an organizatio n. A Political analysis means all the government regulations and rules imposed by the same, which impact the businesses of a particular country or state. For example- Taxes on imports and exports, quotas, tariffs, etc. Economic factors are those factors related to the money. It can be in the form of tax, duties, etc. for which the businesses are obliged to pay. Society refers to the social surrounding in which a business is running. The changes in the society and the norms, culture, ethics, morals of the people, that creates an impact on the business. Legal environment means laws and duties of the government that should be followed by the organization to work smoothly. Environmental factors are the factors that are not controlled by anyone. Like- Weather, seasons, disaster etc. In this way, all these factors influence the working of the business. Industry Overview and Product Description Bindle Bindle is a company that sells their products online. It is situated in Australia. The company manufactures gift items using differ styles. They believe that eco-friendly production sustains the business for a longer period of time. Hence, the company blends its products with sustainability. They have eco-friendly gift stores located in various parts of Australia. Bindle has replaced the artistic license and gift hampers into attractive gifts and pickings. This company designs and presents its consumers with beautiful gift boxes and baskets. Bindle prepared gifts not only for women but also, it has a wide variety for men, babies, clients, corporate people, Christmas, birthday parties etc. The items of the gifts are manufactured by boutique Australian who prepare food, wines, cakes, desserts, cookies, and also design gift items for the company. The gifts from Bindle are the remarkable alternative of traditional gifts and hampers. Bindle is a perfect choice for those who want to keep t he environment in their minds while purchasing gifts and presents for their loved ones (Upadhyay, 2014). Products and Packaging The gifts from Bindle came in a fully packed hand-made Bindle signature baskets or boxes. The packing is done by rich quality packing paper. The packaging of each bundle of gifts is done through stylistic nod according to the Japanese art. The tie-up of gift boxes and folding is not done by using tapes and staples which give the present holder a different experience of unfolding the gifts. The packing in itself is a valuable part of the gifts by Bindle. Vision of the Company A Bindle is bundles of possession carried by the hobo. Hobo means a person who is homeless, a vagrant. The company said, I have had my hobo chapters and lived nomadically with very few possessions. Bindle said that unlike hobos who do not have any possessions and prescribed boundaries, the company has a sense of place and locate. Everyone faced a nightmare before going to a party or many occasion to search perfect gifts for the loved ones. Bindle was born with a vision that due to globalization the world is becoming smaller and the choice for gifts and the features is also less. With this vision, it engaged the local artisans of Australia to produce hand-crafted gift packs. They have a wide variety of gifts from every part of Australia. Their creation is unique and matched the culture over here- the gifts, its wrapping and the boxes in which they are wrapped. Each gift item produced by Bindle is a compilation of many talented people who tried to bring his or her own creativity. The inter-relationship between the artisans, friends, families, farmers, etc. makes the Bindle unique. Each delivery of gift influences the whole organization (Pierce, 2012). Bindle is not a simple gift-packing service. Each box from this company has handmade cookies. If you want to have the goodies from Bindle, you do not have to put mush efforts to find gifts. All the gifts are carefully and uniquely chosen. Example- ties pattern packing, coffee beans, cosmetics, gourmet jams, etc. Basically, this company and its products are a shortcut to find quality presents with lesser efforts (Uddin, 2012). The packing of the gifts is done by a designed cloth which is neatly and beautifully wrapped. They have many themes and designs depending on the gifts and the occasion on which the gift needs to deliver. Tagline: We assemble it, you take the credit. Macro and Microenvironment of Bindle There are two types of marketing environment that influence Bindle i.e., micro and macro environment. Such factors are not in the control of the management but (PESTLEanalysis Contributor, 2015)still influence the process of strategic planning and decision making for marketing strategy (Wilson and Piper, 2010). Macro environment Demographic Environment This environment comprises of all the demographic forces that influence bindle. It includes the country, region, the age of the target customers, education level, the lifestyle of people, the culture of that area, etc. The Demographic environment for Bindle is very comfortable and accessible. As the company situated in Australia, the people over there are very educated and elegant. Economical environment Economic Environment has an important impact on bindle. This factor results in trading of products from the market. The tools of an economic factor are inflation, deflation, taxation policy, interest rates on loans, etc. that affects Bindle. These factors become more impactful at the time of new entrants and emerging enterprises (Ghose, 2015). Natural environment It is an important factor of the macro factor of environment. This environment includes the natural resources used by the company as an input to get the outputs. The concern for Bindle enterprises is the declining rate of natural resource, pollution, depletion in the supply of raw material, government policies, etc. As the company, uses a big amount of natural resource in their company. Technological environment Technology is one of the major forces that influence the companies. Though, Bindle believes in the eco-friendly production of the products, still, they also need some technology. It is a pervasive factor of the environment. Technology means the application of updated knowledge that the science provides. The fact is that the technology helped the business to bring revolution in the business operations. Consequently, Jindle has applied to knowledge and application that are changing rapidly (Romero, 2011). Political Legal Environment The political and legal issues are very similar to the social environment because the law and regulations are passes due to the problems arise in the society. There are certain laws that regulated the political environment like- fiscal policies, monetary policies, control on the emission from the industries into air and water, work and health, price control, wages, and salaries, etc. Other factors that come under the same are equal opportunity to all, employment contract, laws for the collective bargaining, etc. Such factors influence the business either in a positive way or negative. Socio-Cultural Environment Social environment refers to the environment that creates many types of obligations to the company. Bindle usually frames their decisions in accordance with the culture of Australia. Social cultural environment deals with the beliefs and values of the society. According to this, the decisions making takes shape. It is one of the biggest challenges to the managers Microenvironment Customers Customers are the most important part of marketing environment. Customers are the individuals or the group of people who buys the goods and services of the company. Bindle in an organization who takes care of their customers and produce goods that provides maximum satisfaction to the same. Suppliers The suppliers are also the group of people or individuals who supplies the raw material used by Bindle to (Gordon, 2014) manufacture fine products like- coffee beans, wood, sugar cane, etc. The effective supply leads to long-term survival of the organization. Intermediaries Intermediaries are the creditors and the debtors that may directly or indirectly influence the bindle. Competitors Competitors are the individuals who manufacture the same product as Bindle. In other words, the organization whose target customers are similar as your organization in known as customers. Competitors are the rivals present in the market that influence the business on a high level. Publics Public refers to the individuals present in the market. The opinion of public plays a vital role as it affects the organization and its reputation. Market segmentation Table showing market segmentation of Bindle S. No. Basis of Segmentation Category Identifies segment Importance/ Relevance 1. By Behaviouralistic Beverages (coffee, tea, etc.), bouquet, chocolates, etc. Youth, corporate people, business meetings, family vacations, special occasions, etc. The basis of this segment is the lifestyle of the people and their behavior. It also includes the loyal behavior of the customers towards any brand. 2. By Physiographic Cosmetics, consumer goods, etc Young individuals, middle aged people, status conscious, etc. The basis of this segmentation is also lifestyle of the people. The attitudes of the individuals, attitude, interest, value, etc. assist bindle to identify their potential customers. 3. By Demographics Daily use products, basic products like toiletries, etc. (Wasserman, 2016) Young, young families, middles aged people, retired people. old age people, etc. The basis of this segmentation is according to the age, size, income, educations, ethnicity, etc. 4. By occasion Show pieces, accessories, chocolates, etc The identified segment includes all age people. The basis of this segmentation is the festivals and occasions according to which the customers demand for the products. Summary of the above Table Bindles market segmentation is very easy and simple for the company. There market segment of this company depend on the products they manufacture. Marketing segmentation refers to a strategy of market that includes division of market into sets of consumers, business, and countries, perceptions, who have similar needs, interests, preferences, priorities, etc. and then implement those strategies to target them. This process in takes place to search the target customers in the market place and to position the marketing strategy on them such as positioning so that an organization can achieve objectives. Many organizations opt for product differentiation policies and indifferent approaches that include product line, specification in products, which depend on the market segment. There are various types of market segmentation depending on the nature and type of market and product. Market targeting and consumer profile Target market for Bindle As we know, that Bindle is an organization that produces gift products and presents of various types. The target market for Bindle is the youth of Australia. Because they are the one who exchanges the gifts items. There are many occasions on which the youth need to exchange gifts, like- Valentine day, valentine week, birthdays, parties, anniversaries, marriages, ceremonies, etc. ( Blackford, 2015). Consumers profile Generation Y (age 10-24) generation X (age 24-37) - The young generation and the middle age people of Australia will be the target market for Bindle and its products. As they are the one who demand the most for such products. Generation X refers to the married people, raising children, individuals who are buying home for the first time, building the corporate, job class people, etc. Generation Y refers to the people who are in a frowning age and experiencing the power to spend money for others. They are career orientated and have enough money to spend on other to give gifts and present for their loved ones (Patidar, 2012). Differentiation and positioning The products differentiation and positioning of Bindle products to its target market is an easy process. Product Bindle has to produce unique products to attract more customers. It can be through special packaging, cost of the product can be a factor of differentiation factor, antique designs, styling, and attractive colors, advertisement strategies, etc. (Suttle, 2016) may help Bindle to differentiate their products for the competitors. Image Bindle can obtain completive advantage by using image differentiation strategy in their organization. It can be achieved through services, channels, people, etc. The image can be differentiated by understanding the actual needs of the target segmentation and producing goods in accordance with the same (Recklies, 2015). Service Service is a vital factor to impress your target market and set an image in the eyes of them. It can be through after sale services, unique services, additional services, guarantee warrant y, free services, etc. People The customers are the back bone of any market. Bindle has to analyze the market and research on the needs and desires for the customers in Australia. Afterwards, they have to design their product that matches the same. Channel It refers to the channels of the goods and services. It includes, free delivery, delivery on time, accurate delivery of products, etc. Conclusion Under this study, we have done marketing analysis for bindle. The companys reputation is good with a wide range of products. The marketing strategy o this company is also very approachable. It has a completive advantage as there is no such company found in Australian markets. So the company is enjoying a type of monopoly. The company has a strong brand position in the markets of Australia. The significance of this study is that the learners will learn a lot about Bindle. They also learn to do market study for any organization. There is a description on product differentiation and brand positions are also discussed. The study is providing detailed profile of all the customers and the target segment for Bindle. References Blackford, C., (2015), Bindle, [Online], Accessed on: 17 September 2016, Available on: https://bindle.com.au/blogs/bindle/73477893-bindle-testimonial-love Ghose, S., (2015), Marketing Environment, [Online], Accessed on: 17 September 2016, Available on: https://www.yourarticlelibrary.com/marketing/marketing-environment-study-notes/50811/ Gordon, A. (2014). The Empire Of Dreams Mindset. Cork: BookBaby. Patidar, M., (2012), Marketing Environment, [Online], Accessed on: 17 September 2016, Available on: https://www.enotesmba.com/2012/12/mba-notes-marketing-environment.html PESTLEanalysis Contributor, (2015), What is Marketing Analysis?, [Online], Accessed on: 17 September 2016, Available on: https://pestleanalysis.com/what-is-marketing-analysis/ Pierce, F., (2012), Top 10 supply chain organizations, [Online], Accessed on: 17 September 2016, Available on: https://www.supplychaindigital.com/top10/2520/Top-10-Supply-Chain-Organizations Recklies, D, (2015), Market Segmentation- Why is it Important?, [Online], Accessed on: 17 September 2016, Available on: https://www.themanager.org/2015/02/market-segmentation/ Romero, E. (2011). Compete outside the box. [U.S.?]: Compete Outside the Box Press. Suttle, R., 2016, What is a product mix?, [Online], Accessed on: 17 September 2016, Available on: https://smallbusiness.chron.com/product-mix-639.html Uddin, M. (2012). Journal And Confrence Paper On (Enviornment) E Waste Management. IOSRJMCE, 2(1), pp.25-45. Upadhyay, A. (2014). Social Concentration on Boards, Corporate Information Environment and Cost of Capital. Journal of Business Finance Accounting, 41(7-8), pp.974-1001. Wilson, E. and Piper, J. (2010). Spatial planning and climate change. London: Routledge. Wasserman, E., (2016), How to price your products?, [Online], Accessed on: 17 September 2016, Available on: https://www.inc.com/guides/price-your-products.html

The Negative Effects of Child Beauty Pageants free essay sample

Beauty pageants have been around in America for decades; however, they have not gained notoriety until the show Toddlers and Tiaras aired on national television. The airing of Toddlers and Tiaras has brought child pageants to the attention of many Americans. Not many people were aware of what took place in beauty pageants, but ever since the show debuted in 2009 there has been an intense controversy about children as young as newborns being entered into pageants. Some people say that pageants raise self-esteem and teach responsibility, whereas others say that pageants are necessary and children should take advantage of their youth. Although pageants teach etiquette and communication skills, ultimately they carry a vastly high risk of potentially damaging the psychological and physical health of the participating children, as well as their development of strong morals. A child that participates in pageants is at risk for developing mental disorders for several reasons. We will write a custom essay sample on The Negative Effects of Child Beauty Pageants or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The children are constantly being compared to each other and given negative criticism. A child, especially a female that is going to pay so much attention to her looks and that knows she is being assessed for it, is very prone to develop eating disorders, such as anorexia or bulimia (Grosaru). Eating disorders start mentally, but once the victim loses control of their thoughts, it is highly likely that it will develop into a physical illness. They are competing solely based on physical beauty; therefore, they are likely to feel inferior about their appearances, which leads to misconceptions about themselves. Beauty pageants unknowingly expose the misconception that to be perfect one must be slim, tan, poised, and facially gifted. When a child steps on the stage to perform in front of the judges, they sense that they must be perfect in order to win, and this perfection is based on a fake and impossible standard to reach. Losing a beauty contest can make a child feel inferior because they lose for things outside of their control, like facial beauty or skin tone. Low self-esteem leads to numerous psychological disorders such as depression or anxiety (Tighe). Depression and anxiety can be fatal if not treated properly at a reasonable time. These children are constantly castigated by the people in their environment causing them to develop self-deceptions that can provoke more serious illnesses. Participation in a beauty pageant requires many sacrifices that endanger the bodily health of the contestant. Through societys eyes, being tan makes a person attractive. Parents take their children to get spray tans before pageants to make them look more appealing. Spray tans are not likely to risk skin cancer because the external layer of skin on our body is dead cells, which give no damage to the skin. Nevertheless, when the child is being spray tanned she is breathing in dihydroxyacetone (DHA), a potential carcinogen because it damages DNA (our genetic code) and causes mutations (Ginsberg). Chemicals such as DHA, are extremely toxic when breathed by children whose lungs have not fully developed. Spray tanning children appear to be harmless as well as advantageous to their success in pageants; however, the deceptive truth is that the chemicals contribute damage to the body in a discreet way. Another major factor that causes a threat to the childrens body is their lack of sleep throughout the pageant, as well as the preparation need for a pageant. Child beauty pageants are time consuming and exhausting; therefore, the children are deprived of sufficient sleep. Cartwright, a registered dietitian and adjunct professor in the University of Arizonas department of nutritional sciences (Blue), attended a child beauty competition with kids as young as 4 months to as old as 15 years old. She witnessed a mass display of emotion along with parents forbidding their kids to rest or take breaks concerned that napping would mess up their childs image (Blue). In the study, the research team from the Bambino Gesu Childrens Hospital in Rome, Italy, found that children with GHD (Growth Hormone Deficiency) got substantially less sleep and lower quality sleep than their normally growing peers. GHD impairs a childs immune system, making the child more vulnerable to illness, as well as weakens the strength of the childs heart and lungs. Children that are deprived of enough sleep are more likely to have stunted growth than children that get enough sleep. Watching their children slowly lose energy due to no rest, parents feed them excessive amounts of sugar and caffeinated drinks to keep them vivacious throughout the whole pageant. Frequent consumption of such components in children puts their health at risk. Caffeine causes a childs body to excrete nutrients such as caffeine and magnesium in their urine. When this happens too often, a childs body does not have the nutrients it needs to produce strong bones (Wonderly). When children consume caffeine, it contributes to the lack of nutrients to develop a strong body structure. Parents who feed their pageant child pure sugar and energy drinks ignore the future consequences of their childs health, and only focus on the situation at hand. Pixie Sticks and energy boosting drinks such as Mountain Dew or Red Bull, are commonly used pageant drugs to aid children to stay energetic and alert. These, among many others, indicate the clear deleterious effects engendered by the parents of beauty pageant children; this proverbial dark side of child beauty pageants cause critics to question whether any prospective gains are worth the tremendous cost to the child. Figure 1: Child Beauty Pageants Controversy On an online survey, the question Do you think the values that child beauty pageants are beneficial or harmful to the participant? was asked. Out of 15 people, 2 said that pageants are beneficial and 13 said they were harmful. Lee, Ahram. Child Beauty Pageant Controversy. Survey. www. facebook.  com. Publisher, 6 Mar. 2013. Web. 8 Mar. 2013 Children who frequently participate in pageants involuntarily develop different values of the way of life due to their surroundings. In figure 1, the number of people who said that beauty pageants teach harmful values outweighed the number of people who said that beauty pageants teach beneficial values. The looking-glass self is a collaborative process that says that people unfold images of themselves based on what they think others view them as. Individuals opinions of themselves consistently change as their perceptions of how others view them shift (Thomas). According to the looking-glass self, if a child beauty pageant contestant is constantly told to that she is perfect, beautiful, and the best, eventually she will result in thinking that she is perfect, beautiful and the best. Those kinds of children will become more demanding and disrespectful because they create their own sense of superiority above others. Toddlers and Tiaras star Eden Wood, age 6, threw a tantrum at the Allure Fashion Week Lounge in New York when she could not get her teeth whitened, the New York Post reported Thursday (Toddlers and Tiaras). It is not ethical for six-year old toddlers to be asking to get their teeth whitened. Eden is a very well-known and adored pageant star, consequently she takes advantage of her place in the pageant world by demanding things not suitable for her age and throwing fits when she does not get what she desires. Children that are always being uplifted and admired become full of themselves and disregard any respect that should be given to others. Eden Wood, age 7, referred directly to a grown woman as gurl and interrogated Wendy Williams about her wig and if it was superficial or not (Gorgan). As childrens experience in the pageant world expands, they develop greater risks for learning inappropriate and unethical morals which will create problems when they have to interact and compromise with different people who possess different values. Teaching children how to expose themselves at a high maturity level, beauty pageants exploit a large amount of sexuality to their child participants. In the situation that a child with a more revealing outfit, than the other children have, wins the Ultimate Grand Supreme title, immediately the rest of the children will start to question why they didnt win the title. Once the kids realize that the more sexual appeal they give to the judges, the more they have a chance of winning, some will make an effort to imitate the gestures, facial expressions and tricks that they have been shown (Kaeser). The children begin to process that to be successful in anything, one must reveal herself in a superficial and sexual way; they become narrow minded and grow up into adolescence falsely thinking that there is only one important thing in this world: physical attractiveness. Some have said that beauty contests are good for children because they boost confidence, teach how to present themself and interact with different people, but as demonstrated in this paper, the risks are simply too high and outweigh those benefits. Child participation in beauty pageants is morally wrong because it twists the childrens malleable minds into troublesome issues that have the potential to endanger the safety of them and their family. Pageants promote unethical behavior that leads to unintentional psychological and corporeal defects that may be imperishable.