The Iliads Ending Essay - 895 Words

Homers Iliad is commonly understood as an epic about the Trojan War, but its meaning goes deeper than that. The Iliad is not only a story of the evolution of Achilleus persona, but at times it is an anti-war epic as well. The final book proposes many questions to the reader. Why not end with the killing of Hektor? Most stories of war conclude with the triumphant victory of good over evil, but in the Iliad, the final thoughts are inclined to the mourning of the defeated Hektor, which accentuates the fact that good has not triumphed over evil, but simply Achilleus triumphed over Hektor. Ending with the mourning of Hektor also brings to center stage for the first time the human side of war and the harsh aftermath of it. We see that war†¦show more content†¦The pain is exemplified even further with the speech of Andromache, wife of Hektor. With this we see for one of the first times the importance of family to the Trojans. Andromaches suffering is extreme and harsh. When she say s, But for me passing all others is left the bitterness and the pain, it shows the importance of the husband to the wife. This speech is very pivotal in depicting the bleak future for the widows whose husbands left them behind to die in search of honor. Now that the husbands are dead, the once noble wives and children must go work as slaves, once their city is sacked. Andromache and Astyanax are doomed to lead a wretched life, because their protector is dead. Such is the nature of war. Were Homer to end with the killing of Hektor and Achilleus triumph, the melancholy aftermath would be totally neglected. Another effect of Homers final book of the Iliad is it affirms the thought that neither Achilleus nor Hektor are the bad guy, but both are worthy of glory and praise. A fair generalization about heroic stories is that the good guy always win. It is clichà ©, and very common, but it is a fact. The Iliad goes beyond this commonplace, by pitting two forces against each other, none of which can be characterized as the good guy or the bad guy. While the entire poem is about the glory of Achilleus and his god-like superiority to all men, Hektor needs someShow MoreRelatedAnalysis Of Homer s The Iliad 966 Words   |  4 Pagesthe battles like they were happening right in front of them. The Iliad’s legends are so infamous that even after hundreds of years they are still being told in the 21st century. Between the fighting and the glory however, there are scenes with the hero’s wives and families pleading with their loved ones to cut these stories short. If the hero of Troy, Hector, would have listened to his wife, Andromache, there would be no dramatic ending to his life and he would have lived out his days in shame. LuckilyRead MoreSimilarities Between The And The Epic Of The Iliad1570 Words   |  7 Pagesnot staying true to portraying the epic poem, Troy was presented in an interesting way. In the movie, thousands of warriors and ships were shown along with the special effects and graphics which gave the movie an authentic feel. For instance, the Iliad’s fighting and battle scenes are incredibly gruesome such as†Patroclus put his heel; on Sarpedon’s chest and pulled out his spear. ;The lungs came out with it, and Sarpedon’s life.† This image would be close to impossible to display on a movie theater

Bullying Are All Victims Of Bullying And Today

Tyler Clementi 18, freshman in college. Phoebe Prince 15, high school sophomore. Jamey Rodemeyer 14, freshmen in high school. Megan Meier 13, eight grade middle school student. Mitchell Wilson 11, sixth grade middle school student. Ashlynn Conner 10, fifth grade elementary school. They are all victims of bullying and today they are all dead from suicide because of being bullied. Bullies are in elementary/middle/high/ schools, colleges, universities, and in the workplace. Being able to identify a situation that can be defined as bullying is of the upmost importance but it is equally as important to understand when a situation is not bullying. Understanding the signs and properly identifying bullies (or not) are the first keys to help stop victims from being bullied. â€Å"Bullying is repeated verbal, physical, social or psychological aggressive behavior by a person or group directed towards a less powerful person or group that is intended to cause harm distress fear.† (What is bullying) Both boys and girls are victims of bullying. It has a negative affect on self esteem and can even lead to suicide or violent retaliation. Because most kids do not tell anyone that they are being bullied, parents, teachers and school administrators need to be aware of the signs of a child being bullied. School should be a safe place, but it is the primary place bullying occurs. With the documented instances of bullying in school continuing to grow, it can be argued that the school systems are notShow MoreRelatedPersuasive Essay On School Bullying1714 Words   |  7 Pagesthe significance of school bullying. For victims of bullying, they go to school every day facing harassment, taunting, and humiliation. Kids today come home and kill themselves or never wa nt to go back to school because of BULLYING. â€Å"Studies show that 25-35% of teens encountered some type of bullying in their lifetime (Nansel et al,).† Bullying is a form of violent behavior that happens not only in the schools but everywhere. Kids everywhere have been exposed to bullying in school for generationsRead MoreThe Effects Of Bullying On Children And Young Adults Essay1528 Words   |  7 Pagesis by bullying others. Bullying is a huge problem in younger teens and young adults. It causes people to have low self esteem, depression, loneliness, suicidal thoughts,making them not want to go to school anymore, anger and hurt, and many more causes.Bullying isn t only hard for the victim it is hard as well for those who are surrounded by the victim.Most teachers and parents who are trying to fix or solve the bullying can t do it in just one step. They have to detect what type of bullying it isRead MoreBullying Is A Threat From A Parent Or Guardian888 Words   |  4 Pagesbeen a victim of bullying? If you were ever asked what the greatest adversity most teens have to overcome today what would your answer be? In my opinion the greatest adversity most teens overcome today would have to be bullying. Despite all the programs and laws against it, bullying is a continuing adversity for many children and teens as most schools will not do anything to resolve the problem without a threat from a parent or guardian. â€Å"Over 3.2 million students are victims of bullying each yearRead MoreBullying As An Acceptable Schoolyard1486 Words   |  6 Pagestheir homework comes to mind. However, this perception of bullying as an acceptable schoolyard â€Å"rite of passage† is incredibly antiquated and hardly encompasses the seriousness of the issue that â€Å"bullying† has become. Bullies today are much crueler; they may carry weapons on school campuses, and thanks to social media, can follow the victim into their homes. In some of the most extrem e cases in the last few decades have resulted in young victims who have attempted/succeeded in committing suicide. TheRead MoreBullying Argumentative essay970 Words   |  4 PagesArgumentative Essay 25 November 2013 Bullying Have you ever seen or experienced bullying and the dramatic effects it has on its victims? Unfortunately nine out of every ten students have experienced bullying in school or online. Many people believe that bullying is a part of growing up and kids do not know any better. Bullies are intentionally causing mental and or physical damage to their victims, which will affect them for the rest of their lives. Bullying has shown that it can cause self inflictedRead MoreBullying Is A Type Of Unwanted Aggressive Behavior Among Individuals1110 Words   |  5 PagesBullying Jonae Herring PSY 150- 5152 Introduction What is bullying? There is no universal definition of the term bullying. However, it is widely agreed upon that bullying is a type of unwanted aggressive behavior among individuals. A bully is defined as one who uses superior strength or influence to intimidate. It is common for us to think that bullying most likely takes place at school but now, bullying can be found anywhere. Bullying has recently been blamed for the increasing number of suicidesRead MoreThe Social Issues Affecting Our Children1304 Words   |  6 PagesAn Introduction of the Topic One of the top social issues affecting our children in schools is bullying. In recent reports, one out of every four students reports being bullied during school (National Center for Education Statistics, 2015). Bullying is very important to me because I have been bullied through my schooling career. I remember how it was not only the bullies that made my time in elementary hard but also the bystanders that did nothing to stop them or stand up for me. This issue has definitelyRead MoreBullying in Schools Today839 Words   |  3 Pagesthink of bullying they think of the big guy picking on the little guy, but in most cases the victim is a bully themselves. Bullying will not go away all together, but determining if the situation is actually bullying or not, and standing up to the bully is a great start to decrease bullying in schools today. Drama sometimes is difficult to differ from bullying, and it is important to understand the difference. (1b: SV, and SV.) Bystanders need to become involved to start the end of bullying. Also,Read MoreThe Big Bad Bully On The Playground915 Words   |  4 Pagesthe bully. Bullying is a whole new experience for kids in school today. Advancements made in technology have advanced the method bullies use to harass, threaten, and humiliate their victims. The use of the internet to attack others is sweeping through schools and homes with devastating consequences. Cyber bullying is more harmful than traditional bullying because of the anonymity factor, easier access to victims, and it has greater consequences. A cyber bully terrorizes their victim from behindRead MoreBullying Is The Act Of Aggressive And Unwanted Behavior1351 Words   |  6 PagesWhat is bullying? Bullying is the act of aggressive and unwanted behavior that involves intimidating and/or physically harming another person. Among school age children, bullying involves a power imbalance of the stronger attacking the weaker. Children who are victims of bullying often feel alone and powerless to change their situation. When a child is bullied he can feel isolated, and clinical depression and low self-confidence may develop. As a parent, you may not realize that your child is being

Social mechanism, class or money in Washington square Free Essays

The novel consists of four main characters; Dr. Sloper, a rich doctor and brilliant professional who was married to an heiress who died of complications of child birth. He has Catherine has his only living child, another major character who has fallen in love with Morris Townsend, yet another major character. We will write a custom essay sample on Social mechanism, class or money in Washington square or any similar topic only for you Order Now Morris has wasted his inheritance for traveling and is putting up with her sister Mrs. Montgomery. Mrs. Montgomery is poor, a window with five children. Sloper pays her a visit to discuss her brother Morris, and she is persuaded by him to admit that Morris takes money from her, returns very little and makes her suffer. Morris is handsome and tall and attracted to Catherine, but Lavinia Penniman, another major character, lazy and a soap operas fun, tries to manipulate and lead their relationship into romantic melodrama. Sloper refuses to allow the relationship between her daughter and Morris to survive. He even withdraws her to New York for twelve months. Catherine does not accept to end her love with Morris and her father announces that she would withdraw financial support if they marry. He rejects Morris on the basics of him being after Catherine’s money and poor background. After return from the exile, Catherine convinces Morris that her father would not accept, and Morris withdraws. Catherine is devastated by this and as a result she is unwilling to be married afterwards. The damage is too much that she finally rejects the proposal by Morris, who resurfaces after the death of her father Sloper, who has left reduced amount of money for fear that Morris would return. Issues of social class, relationships and finances are brought out in this book. Sloper means to stop the relationship between her daughter and Morris, but only that love was stronger that it does not end. He feels that Morris is after her daughter’s finances and considers her poor background. Athough she can’t avoid sympathy for her own daughter, one can deduce that he feels it unfair for her to have been married by a poor man. This can be perceived as to be what is happening between the rich and the poor. One can almost see the judgment in the sentences mentioned that social class and the financial stature marry. Catherine is torn between pleasing her father, and her fiancà ©. She finally chooses her fiancà ©. One can feel that because of money, Sloper causes Mrs. Montgomery, who is poor; to admit what is false thus the ‘rich misleading the poor’ concept comes into play. One can add that the rich and the poor may interact on the basis of money acting as an exchange to various favors. Although the rich are largely not willing to let such interactions as marriage to occur between their high social class and the poor low social class, they can make efforts to relate with the poor using their social wellbeing and money-such an unfair play. Fears of certain interaction by the rich, who worry for their daughters like in this case, sometimes make them to suffer. They find themselves torn between the world of the rich and that of poor people. Social disparities are largely influenced by the way of life of people, and this may be determined by how rich or poor a person could be. Sometimes, the poor who must live find themselves having no options than to choose what is available for their survival or benefits. How to cite Social mechanism, class or money in Washington square, Papers

Skater die or lost in boston Essay Example For Students

Skater die or lost in boston Essay Thump, thump thump, thump thump, thump, rattled through my head like the beating of a Native American drum as the car charted across the highway 93 bridge into Boston. I was with three of my friends who lived in Massachusetts. We entered the city. The buildings were so huge, they were hypnotic, all I could do was stare in awe at the mighty achievements. This is gonna be dope, Ive been waiting all summer to skate Boston! I said. I hope we dont get pinched. I heard the cops in Boston didnt especially care for skateboarders. I heard plenty of stories about kids getting arrested and/or getting their boards taken away, neither of those sounded like much fun to me. Where do I park? said Adam, who was driving. A symphonic I dont know came from the three of us. Luckily it was about 8 o clock on a Tuesday night so the traffic was only awful. After about thirty minutes of looking, we finally found a parking spot. We began skating to the financial district. As we rolled up to the first stop we were advised to leave by a lowly security guard. So we headed up the block to a gargantuan building with marble ledges glimmering everywhere. I felt like a kid in a candy store. We wasted no time assaulting the ledges because we knew we could be kicked out at any moment. The sound of clicking, clacking, and grinding filled the midsummer nights air as if it was in Bose Surround Sound. Like four sharks lost in a feeding frenzy, we were racing this way and that, but constantly on the look out for cops. I was surprised at how long we skated there. It was a good twenty minutes before another security guard informed us that we werent allowed to skate there. We then skated around the area randomly doing tricks on this or that, pretty much just having a good time when I came up with a brilliant idea. Why dont we skate Copley Square? I asked. Copley Square had a thirty foot long ledge that would grind as smooth as ice. It was in all the skate videos and had always been a renowned skate spot. That place is swarming with cops, stated my friend Chris whom was no stranger to the long arm of the law. So, lets just check it out, I said. The group agreed and we were on our way to Copley. We decided to take the subway since it was too far to skate. We got to the turnstile and I hear Chris ask: Hey Doug, do you think I could borrow eighty-five cents?I need to get some too Please, Added Adam. I spent my last buck on the water, Said Mike. Broke ass little bitches, I thought to my self. This is it; Copley! I said. The po folk and I quickly unloaded off the T-rail and walked across the street to find a lovely boy in blue parked right in front of Copley Square who was protecting it from all the murderers and rapists who hang out there. Mike decided to inform the group that we couldnt skate there. Which was quickly followed by a sarcastic,No *censored*, from Adam. Who then said, Lets go skate the library. Those kids over there are, and the cop isnt kicking them out. So we proceeded to skate the City of Bostons library. I put my bag down and began skating a small set of three stairs. This is cool, I thought. Hes letting us skate here. I cant believe hes not kicking us out. I was having a lot of fun. I had just finished landing a kickflip off of the three stairs when everything started flashing blue and white, lighting up the darkness of the city. .u96a8c40c737f0ee48fbf282cd4c86cd7 , .u96a8c40c737f0ee48fbf282cd4c86cd7 .postImageUrl , .u96a8c40c737f0ee48fbf282cd4c86cd7 .centered-text-area { min-height: 80px; position: relative; } .u96a8c40c737f0ee48fbf282cd4c86cd7 , .u96a8c40c737f0ee48fbf282cd4c86cd7:hover , .u96a8c40c737f0ee48fbf282cd4c86cd7:visited , .u96a8c40c737f0ee48fbf282cd4c86cd7:active { border:0!important; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .clearfix:after { content: ""; display: table; clear: both; } .u96a8c40c737f0ee48fbf282cd4c86cd7 { 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; } .u96a8c40c737f0ee48fbf282cd4c86cd7:active , .u96a8c40c737f0ee48fbf282cd4c86cd7:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .centered-text-area { width: 100%; position: relative ; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .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; } .u96a8c40c737f0ee48fbf282cd4c86cd7:hover .ctaButton { background-color: #34495E!important; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u96a8c40c737f0ee48fbf282cd4c86cd7 .u96a8c40c737f0ee48fbf282cd4c86cd7-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u96a8c40c737f0ee48fbf282cd4c86cd7:after { content: ""; display: block; clear: both; } READ: Challange class EssayCops! someone yelled. We all scattered, like when you touch a potato chip that is being engulfed by hundreds of famined ants. It took me one half of a second to gather my thoughts. Stay, run, stay equals jail, run equals freedom Run! my brain finally decided. I have heard stories from my friends about spending the night in jail. That was definitely not a story that I wanted to be telling anytime soon. Before I even finished making that fateful decision, my board was in my hand and my feet where already gliding back up the small set of three marble stairs. I quickly grabbed my backpack off of the dull white statue of a lion that guarded the entrance to the Boston Library. It was doing a good job, it already had one of Bostons finest after us to enforce the ferocious laws forbidding skateboarding. I took off as if it was life or death. The air was hot and humid, not the best for running, I quickly found out. My lungs felt full when I would only take half of a breath of air. My three friends and I rounded the corner, hot on the trail of the two other skaters running in front of us. The flashing lights from the squad car chasing us beamed off of everything in front of me, turning the dark city street into a cascade of blue and white lights. It seemed like a disco, although there was no sign of any Saturday night fever. We were straight up running our asses off! It was not looking good. I knew the cop saw us, and he was also in a car. Its going to take a miracle to pull this off, I thought to myself. As I was coming around the corner another set of flashing lights reached my eyes. However, this was a new set, in front of us. These lig hts were orange; they transformed the disco into a dark orange sunset. The street was blocked off due to construction about a hundred feet in front of us. That meant that the cop couldnt follow us. We also had way too much of a lead for that fat old man to catch us on foot. I couldnt believe our luck, the first time running from the police and I thought I was going to make it. Hey! Hey Stop right there! said the police officer standing directly in front of us. We came to a screeching halt as if we had just seen a ghost. One of the lead kids got past and was seen rounding the next corner and disappearing from sight. Then confusion quickly set in. We all looked at each other dumbfounded, silently pleading for a way out. There wasnt one. There happened to be a cop stationed at the construction site, who saw the lights flashing and us running, so he decided to step out and stop us. There were now five of us left in the group. Then we heard the scariest thing a skateboarder could ever hear, Real smart, put all the boards in a pile right here. Now! oinked the pig that was chasing us in his pig mobile. We also learned the second scariest sentence, What the *censored* is wrong with you little retards? You ready to spend the night in jail? No one answered. Huh? Are ya?Well then why were you running from me?A bunch of muffled excuses came out, none of which really m ade any sense; they really werent supposed to anyway. This is a crucial point, boys, the officer stated. Do I arrest you? Take your boards? Let you go?If we were dogs our ears would have perked up at the last question. But our hopes were quickly crushed when he took out a notepad, recorded our names and addresses and rubber banded them to our boards. The cop and his new buddy then threw our boards into his trunk. It wasnt looking good. All those stories about jail began to race through my head. He then came over and told us what the deal was. There must have been an angel with us that night. I was preparing myself to be cuffed and thrown in the car. I could tell we were going to be arrested by the look in his eyes. He spoke, like a king to his silenced people; Can you guys get a ride back here tomorrow?The group answered with a hopeful, Sure, no problem!O.K., if you guys want your boards back then you have to come back here tomorrow. Come down to the precinct and get them from me. If you dont, youll be subpoenaed and brought up on tresp assing charges. He then told us to get lost. We took the T-rail back to our car and headed home. .u46ac745a460cf823c423b45b3daf5f35 , .u46ac745a460cf823c423b45b3daf5f35 .postImageUrl , .u46ac745a460cf823c423b45b3daf5f35 .centered-text-area { min-height: 80px; position: relative; } .u46ac745a460cf823c423b45b3daf5f35 , .u46ac745a460cf823c423b45b3daf5f35:hover , .u46ac745a460cf823c423b45b3daf5f35:visited , .u46ac745a460cf823c423b45b3daf5f35:active { border:0!important; } .u46ac745a460cf823c423b45b3daf5f35 .clearfix:after { content: ""; display: table; clear: both; } .u46ac745a460cf823c423b45b3daf5f35 { 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; } .u46ac745a460cf823c423b45b3daf5f35:active , .u46ac745a460cf823c423b45b3daf5f35:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u46ac745a460cf823c423b45b3daf5f35 .centered-text-area { width: 100%; position: relative ; } .u46ac745a460cf823c423b45b3daf5f35 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u46ac745a460cf823c423b45b3daf5f35 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u46ac745a460cf823c423b45b3daf5f35 .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; } .u46ac745a460cf823c423b45b3daf5f35:hover .ctaButton { background-color: #34495E!important; } .u46ac745a460cf823c423b45b3daf5f35 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u46ac745a460cf823c423b45b3daf5f35 .u46ac745a460cf823c423b45b3daf5f35-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u46ac745a460cf823c423b45b3daf5f35:after { content: ""; display: block; clear: both; } READ: Family Values EssayThe general consensus of the group was that At least we werent in jail. The next day we made good on our promise to come get the boards. We showed up at the instructed time and claimed our boards. Getting out of Boston was a nightmare. I thought the cop told us that specific time to coincide with rush hour traffic. After about forty-five minutes of inching our way to the edge of Boston we were on the highway, bitching and moaning about how much that whole ordeal sucked. It certainly sucked enough to change my mind about running from the police. Now I dont run from cops trying to kick me out anymore. Ive learned that it only makes things worse. If we wouldnt have ran, he probably would have given us a little grief or simply told us to leave. Instead we got reamed, our boards taken, and a tour of Boston during rush hour. Bibliography:none

Slides for Mba E Business Essay Example

Slides for Mba E Business Essay PIDE Working Papers 2010: 57 Corporate Governance in Pakistan: Corporate Valuation, Ownership and Financing Attiya Y. Javid Pakistan Institute of Development Economics, Islamabad and Robina Iqbal Freelance Researcher PAKISTAN INSTITUTE OF DEVELOPMENT ECONOMICS ISLAMABAD All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior permission of the Publications Division, Pakistan Institute of Development Economics, P. O. Box 1091, Islamabad 44000. Pakistan Institute of Development Economics, 2010. Pakistan Institute of Development Economics Islamabad, Pakistan E-mail: [emailprotected] org. pk Website: http://www. pide. org. pk Fax: +92-51-9248065 Designed, composed, and finished at the Publications Division, PIDE. CONTENTS Pages Abstract Chapter 1. Introduction 1. 1 Background 1. 2 Objectives of the Study 1. 3 Organisation of the Study Chapter 2. Overview of Corporate Governance in Pakistan 2. 1 Introduction 2. 2 Institutional Framework 2. 3 Code of the Corporate Governance 2. 4 Assessment of Corporate Governance 2. 5 Corporate Governance under Concentrated Ownership 2. Corporate Governance in South Asia 2. 7 Summary and Conclusion Chapter 3. Determinants of Corporate Governance 3. 1 Introduction 3. 2 Review of Previous Literature 3. 3 Corporate Governance Index 3. 4 Determinants of Corporate Governance 3. 5 Estimation Technique 3. 6 Empirical Findings 3. 7 Summary and Conclusion Chapter 4. Corporate Governance and Corporate Valuation 4. 1 Introduction 4. 2 Review of Previous Empirical Literature 4. 3 Data and Methodological Framework 4. 4 Empirical Findings 4. 5 Summary and Conclusion vii 1 1 3 4 4 4 5 9 10 12 13 16 16 16 17 18 20 21 22 24 25 25 26 29 31 36 Pages Chapter 5. Corporate Governance and Corporate Ownership 5. 1 Introduction 5. 2 Review of Previous Literature 5. 3 Data and Methodological Framework 5. 4 Empirical Findings 5. 5 Summary and Conclusion Chapter 6. Corporate Governance and External Financing 6. 1 Introduction 6. 2 Review of Previous Literature 6. 3 Data and Methodological Framework 6. 4 Empirical Evidence 6. 5 Summary and Conclusion Chapter 7. Conclusion Appendi ces References List of Tables Table 2. 1 Table 2. 2 Table 2. 3 Table 2. 4 Table 2. 5 Table 2. 6 Table 2. 7 Table 2. 8 Table 2. 9 Table 3. 1 Table 3. 2 Table 4. Year Wise Distribution of Companies Provincial Wise Distribution of Companies Capitalisation Break Down for the Year 2007 KSE Performance at Glance Ownership Concentration of 50 Random Companies for Pakistan for 2003-2007 Inventors Composition in Listed Private Companies Ownership Composition of Pakistan’s Top 40 Listed Companies Basic Statistics of Corporate Sector of India Types of Financial Institutions in Bangladesh Summary Statistics of Corporate Governance Index Evidence on Determinants of Corporate Governance Evidence on Corporate Governance and Firm Performance (Tobin Q) 8 8 9 9 12 13 13 15 15 15 22 23 33 60 62 64 64 69 72 37 37 39 45 48 55 55 55 Table 2. 10 Dhaka Stock Exchange Select Statistics Pages Table 4. 2 Table 4. 3 Table 5. 1 Table 5. 2. 1 Table 5. 2. 2 Table 5. 3. 1 Table 5. 3. 2 Table 5. 3. 3 Table 5. 4 Table 6. 1 Table 6. Evidence on Corporate Governance and Firm Performance (ROA) Evidence on Corporate Governance and Firm Performance (D/P) Determinants of Concentration of Ownership by Top Five Shareholders Relation between Tobin Q and Ownership by Top Five Shareholders Relation between ROA and Ownership by Top Five Shareholders Evidence on Performance and Ownership Identity Evidence on Performance and Ownership Identity Evidence on Performance and Ownership Identity Evidence on Performance and Manager-Ownership Determinants of External Financing throu gh Equity Evidence on Firm Performance and Need of External Finance 33 34 49 51 51 53 53 54 55 62 63 69 70 71 Table A1 Corporate Governance Index (CGI) Components Table A2 Description of Variables Table A3 List of Companies ABSTRACT In this study the relationship between corporate governance and corporate valuation, ownership structure and need of external financing for the Karachi Stock Market is examined for the period 2003 to 2008. We will write a custom essay sample on Slides for Mba E Business specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Slides for Mba E Business specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Slides for Mba E Business specifically for you FOR ONLY $16.38 $13.9/page Hire Writer To measure the firmlevel governance a rating system is used to evaluate the stringency of a set of governance practices and cover various governance categories: such as board composition, ownership and shareholdings and transparency, disclosure and auditing. The sample consists of 60 non-financial firms listed on Karachi Stock Exchange and comprises more than 80 percent of market capitalization at Karachi Stock Market in 2007. The results confirms the theoretical notion that firms with better investment opportunities and larger in size adopt better corporate governance practice. The proposition that ownership concentration is a response to poor legal protection is also validated by the results. The more investment opportunities lead to more concentration of ownership and the ownership concentration is significantly diluted as the firm size expands. The findings are consistent with theoretical argument claiming that family owners, foreign owners and bring better governance and monitoring practices which is consistent with agency theory. The results suggest that firms which need more equity financing practice good governance. The results show that firms with high growth and large in size are in more need of external finance. The relationship between external financing and ownership concentration is negative. The results reveal that the firms which practice good governance, with concentrated ownership, need more external finance which have more profitable investment opportunities and are larger in size are valued higher. The interaction term of any variable with law enforcement term are not significant in any model suggesting that firm performance is not affected by rule of law in countries where legal environment is weak. These results adds an important link to the explanation of the consequences weak legal environment for external financing, corporate valuation and corporate governance. The results show that Corporate Governance Code 2002 potentially improves the governance and decision making process of firms listed at KSE. JEL classification: G3 F3 Keywords: Ownership Concentration, Corporate Governance, Firm Performance, External Financing, Panel Data Chapter 1: INTRODUCTION* 1. 1. Background Good corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to outside capital. In emerging markets good corporate governance serves a number of public policy objectives. It reduces vulnerability of the financial crises, reinforcement property rights; reduces transaction cost and cost of capital and leads to capital market development. Corporate governance concerns the relationship among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. In Pakistan, the publication of the SECP Corporate Governance Code 2002 for publicly listed companies has made it an important area of research of corporate sector. A corporate governance system is comprised of a wide range of practices and institutions, from accounting standards and laws concerning financial disclosure, to executive compensation, to size and composition of corporate boards. A corporate governance system defines who owns the firm, and dictates the rules by which economic returns are distributed among shareholders, employees, managers, and other stakeholders. As such, a countys corporate governance regime has deep implications for firm organisation, employment systems, trading relationships, and capital markets. Thus, changes in Pakistani system of corporate governance are likely to have important consequences for the structure and conduct of country business. In its broadest sense, corporate governance refers to a complementary set of legal, economic, and social institutions that protect the interests of a corporation’s owners. In the Anglo-American system of corporate governance these owners are shareholders. The concept of corporate governance presumes a fundamental tension between shareholders and corporate managers [Berle and Means (1932) and Jensen and Meckling (1976)]. While the objective of a corporation’s shareholders is a return on their investment, managers are likely to have other goals, such as the power and prestige of running a large and powerful organisation, or entertainment and other perquisites of their position. In this situation, managers’ superior access to inside information and the relatively Acknowledgements: The authors are Professor of Economics, Pakistan Institute of Development Economics, Islamabad and freelance researcher respectively. The authors wish to thank Dr Rashid Amjad, Dr Tariq Javed and Dr Idrees Khawaja for their valuable comments. They are grateful to Hafeez Ahmed and Shahab-u-Din for providing assistance in compiling data and Yasir Iqbal for computer assistance. Any remaining errors and omissions are the authors’ sole responsibility. 2 powerless position of the numerous and dispersed shareholders, mean that managers are likely to have the upper hand. The researchers have offered a number of solutions for this agency problem between shareholders and managers which fall under the categories of incentive alignment, monitoring, and discipline. Incentives of managers and shareholders can be aligned through practices such as stock options or other market-based compensation [Fama and Jensen (1983a)]. Monitoring by an independent and engaged board of directors assures that managers behave in the best interests of the shareholders [Fama and Jensen (1983)]. Chief Executive Officer (CEO)’s who fail to maximise shareholder interests can be removed by concerned boards of directors, and a firm that neglects shareholder value is disciplined by the market through hostile takeover1 [Jensen and Ruback (1983)]. The code of corporate governance introduced by SECP in early 2002 is the major step in corporate governance reforms in Pakistan. The code includes many recommendations in line with international good practice. The major areas of enforcement include reforms of board of directors in order to make it accountable to all shareholders and better disclosure including improved internal and external audits for listed companies. However, the code’s limited provisions on director’s independence remain voluntary and provide no guidance on internal controls, risk management and board compensation policies. The main focus of this study is to examine the relationship between corporate governance and corporate performance, corporate ownership, corporate financing for publicly listed Karachi Stock Exchange (KSE) firms. Therefore, we attempt to identify the relationship between corporate governance proxies and firm value in our sample of KSE firms. This emphasises the importance of legal rules and the quality of their enforcement. In Pakistan, with traditionally low dispersion of ownership, the primary methods to solve agency problems are the legal protection of minority investors, the use of boards as monitors of senior management, and an active market for corporate control. In contrast to developed markets in Pakistan corporate governance is characterised by lesser reliance on capital markets and outside investors, but stronger reliance on large inside investors and financial institutions to achieve efficiency in the corporate sector. In this case, outside (smaller) investors face the risk of expropriation in the form of wealth transfers to larger shareholders. According to Shliefer and Vishny (1997) corporate governance mechanisms are economic and legal institutions that can be altered through the political process. As regards governance reform, product market competition would force firms to minimise costs, and as part of this cost minimisation to adopt rules, including corporate governance mechanisms, enabling them to raise external capital at the lowest cost in the long run. On this evolutionary theory of A takeover which goes against the wishes of the target company’s management and board of directors. 1 economic change [Alchian (1950); Stigler (1958)], competition would take care of corporate governance. Corporate governance in agency theory perspective is referred to as separation of ownership and control [Barle and Means (1932)]. There are two most common approaches to corporate governance to protec t investors’ rights. First approach is to give investors power through legal protection from expropriation by managers. Protection of minority rights and legal prohibitions against managerial self-dealing are examples of such mechanisms. The second major approach is ownership by large investors (concentrated ownership): matching significant cash flow rand control rights. Most corporate governance mechanisms used in the world-including large share holdings, relationship banking, and even takeovers- can be viewed as examples of large investors exercising their power. We discuss how large investors reduce agency costs. While large investors still rely on the legal system, they do not need as many rights as the small investors do to protect their interests. For this reason, corporate governance is typically exercised by large investors. Despite its common use, concentrated ownership has its costs as well, which can be best described as potential expropriation by large investors of other small investors and stakeholders in the firm [Shliefer and Vishny (1997)]. 1. 2. Objective of the Study The main focus of the study is to investigate does corporate governance matters in Pakistan equity market? What are its implications for corporate valuation, corporate, ownership and corporate financing? The first dimension of this issue is measuring the corporate governance in Pakistan. Corporate governance is interpreted as mechanism–both institutional and market based, that induces the self-interested managers (controllers of the firm) to make decisions that maximise the value of the firm to its shareholders (owners of the firm) [OECD (1999)]. The aim of these mechanisms is to reduce agency costs that arise from principle agent problem; and they could be internal and/or external in nature [Klapper and Love (2002)]. Internal mechanism deals with the composition of the board of directors, such as proportion of independent outside directors, distinction of CEO and chairperson etc. another important mechanism is ownership structure, or the degree at which the ownership by managers obvious trade-off between alignment and entrenchment effects. External mechanism on the other hand rely on takeover market in addition to regulatory system, where as the take over market act as a treat to existing controllers in that it enable outsiders to seek control of the firm if bad corporate governance results in significant gap between potential and actual value of the firm. So given these mechanisms, it is investigated that the legal system is the only way to ensure good corporate governance. It is also examined that effective presence of these mechanisms positively associated with firm value. 4 The second dimension of this issue is to investigate the determinants of concentrated form of ownership structure in Pakistan and its affect on firm performance. The reason is that when the legal framework does not offer sufficient protection for the outside investors, entrepreneurs and original owners are forced to maintain large position in their companies which results in concentrated form of ownership [La Porta, Shleifer, and Vishny (1999)]. The third dimension of this study is to assess the determinants of firms to raise external finance through equity and to examine that the firms that rely more on external financing sources are performing better. 1. 3. Organisation of the Study Rest of the study is organised as follows. Chapter 2 provides overview of corporate governance in Pakistan and it also discuses the data used in the subsequent chapters. Chapter 3 measures the corporate governance by using 22 factors which constructs aggregate corporate governance index, and this index is divided in to three sub-indices. This chapter also discusses the determinants of corporate governance in Pakistan. In Chapter 5, the determinants of ownership structure are explored. The effect of ownership structure with firm performance is also investigated. The identity of owners is then related to firm value. In the Chapter 6 examines the factors that influence the need of external finance in Pakistan and its effect on firm value. Chapter 7 concludes the study. Chapter 2: OVERVIEW OF CORPORATE GOVERNANCE IN PAKISTAN 2. 1. Introduction Corporate governance matters for the financial development by increasing the flow of capital to the capital market. East Asian financial crisis attract serious attention to importance of corporate governance in developing countries. The OECD has established a set of corporate governance principles in 1999 that have become the core template for assessing a country’s corporate governance arrangements. La Porta, et al. (2000) Defined, â€Å"Corporate governance is, to a certain extent, a set of mechanisms through which outside investors protect themselves against expropriation by the insiders. † They define â€Å"the insiders† as both managers and controlling shareholders. â€Å"Corporate governance comprises the private and public institutions (both formal and informal) which together govern the relationship between those who manage corporations and those who invest resources in corporations. These institutions typically include a country’s corporate laws, securities regulations, stock-market listing requirements, accepted business practices and prevailing business ethics† [Omran (2004)]. Thus, changes in Pakistani system of corporate 5 governance are likely to have important consequences for the structure and conduct of country business. The issue of Corporate Governance of banks has also fundamental importance for emerging Economies. SBP restructured the regulatory framework governing the commercial banking industry and issued some guidelines for corporate governance. The study of Kalid and Hanif (2005) provides an overview of development in the banking sector and measures of corporate governance in Pakistan. Their study observes that SBP rganised its role as a regulator and supervisor and make the central bank relatively more effectively in recent years. Moreover, the legal and regulatory structure governing the role and functions of commercial banks has b een restructured. However, as the process of corporate governance of banks in Pakistan is very recent, not enough information is available to make an assessment of the impact of these policies such as an evaluation of the improvement in bank efficiency or reduction in bank defaults. Securities and Exchange Commission of Pakistan issued Code of Corporate Governance in March 2002 in order to strengthen the regulatory mechanism and its enforcement. The code of corporate governance is the major step in corporate governance reforms in Pakistan. The code includes many recommendations in line with international good practice. The major areas of enforcement include reforms of board of directors in order to make it accountable to all shareholders and better disclosure including improved internal and external audits for listed companies. However, the code’s limited provisions on director’s independence remain voluntary and provide no guidance on internal controls, risk management and board compensation policies. The plan of the chapter is as follows. The institutional framework is presented in Section 2. Section 3 briefly reviews the code of corporate governance of Pakistan. The assessment of the code of corporate governance is provided in Section 4. Section 5 explores corporate governance under ownership structure of Pakistan. Section 6 concludes our discussion. 2. 2. Institutional Framework East Asian financial crisis and corporate failure like Enron have brought to light the importance of an effective institutional framework. In order to the improve value of the corporate governance for finance development of a country attention must be given to strengthen the institutional framework. That strong institutional framework would help in effective corporate management and for developing advanced capital markets that increases shareholder value and enhance corporate governance. The establishment of the Security and Exchange Commission of Pakistan represents an important milestone in the development of the regulatory framework of the capital market in Pakistan. The S ecurities and Exchange 6 Commission of Pakistan (The Commission) was established in pursuance of the Securities and Exchanges Commission of Pakistan Act, 1997 and became operational on 1st January, 1999. It succeeds the Corporate Law Authority (CLA), which was a Government department attached to the Ministry of finance. It was initially concerned with the regulation of corporate sector and capital market. In accordance with the approved Corporate Plan, the Commission has been organised into the following six Divisions: †¢ †¢ †¢ †¢ †¢ †¢ Company Law Division. Securities Market Division. Specialised Companies Division. Finance and Admin Division. Human Resource and Training Division. Insurance Division. Each of division is divided into Departments and Wings for effective administration. The Departments are headed by Executive Directors, with oversight by commissioners. 2 The continuing challenges of the Commission include: based on the regulatory principles develop a modern and efficient corporate sector and capital market; based on international legal standards. In order to foster principles of good governance in the corporate sector and protect investors through responsive policy measure and enforcement practice develop an efficient and dynamic regulatory body. The SECP is governed by the Securities and Exchange Commission of Pakistan Act, 1997 which encompasses the constitution of the Commission appointment and terms and conditions of the Chairman and Commissioners, functions and powers of the Commission and financial arrangements. The Securities and Exchange Commission of Pakistan is administering many laws. These includes: insurance Ordinance, 2000 (previously as Insurance Act, 1938; The Securities and Exchange Commission of Pakistan Act,1997; The company ordinance, 1984 (amended and implemented in 2002); The Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980; The Securities and Exchange Ordinance, 1969. The Policy Board is established by the Securities and Exchange Commission of Pakistan Act, 1997 in order to provide guidance to the Commission in all matters relating to the functions of the Commission and formulation of the policies. The Policy Board consists of maximum nine members appointed by the Federal Government. Out of nine members five members would be as ex-officio members and five members would be from private sector. See official website of securities and Exchange Commission of Pakistan for detail; www. secp. org. pk. 2 7 A number of significant amendments in corporate laws were made with the objective of updating these laws to keep pace with developments in the corporate sector. These include: amendm ents in Securities and Exchange Ordinance, 1969; Modaraba Companies and Modaraba (floatation and control) Ordinance, 1980; Companies Ordinance, 1984; the securities and exchange commission of Pakistan Act, 1997. Amendments in company ordinance, 1984, suggested by the SECP have been approved by the cabinet in 2002. The amendments mainly relates to incorporation of single member company. Because of this amendment an individual trader or manufacturer would be able to establish a company having its own separate entity and thus enjoying the privilege of limited liability. This new concept will help for expansion of a discipline corporate sector. The companies have been provided the period of four months in order to present audited account before shareholders. The private companies which convert into public companies after one year of their incorporation have been exempted to hold their statutory meetings. The new amendments make it compulsory that copies of minutes of meetings will be provided to every director within 14 days of the date of such meetings. Appointment of a whole time qualified company secretary by a listed company has been made mandatory for efficient corporate compliance. Through these new amendments a company may remove its auditors through special resolution mean by the majority of 75 percent. However, appointment of new auditors in place of removed auditors will be made with the approval of the Commission. Quorum of a general meeting of a public listed company has been increased from three members to ten members present in person representing not less than 25 percent of total voting power. Stock markets are important as a source of investment finance for corporations in developing countries. At present, three stock exchanges are functioning in Pakistan, namely Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE). Trading on all the three stock exchanges is fully automated (for performance see Table 2. 4). The three stock exchanges are also linked to the Central Depository System (CDS). Since the last decade, the capital markets of Pakistan have witnessed a substantial growth leading to a manifold increase in the trading volume. The custody and safe keeping of physical certificates required maintenance of huge vaults by the individuals and institutions and the physical settlement of certificates was no longer feasible. Moreover, the manual system was also plagued by lengthy delays, risks of damage, forgeries and considerable time and capital investment. Central Depository Company of Pakistan Limited (CDC) was incorporated in 1993 and subsequently became operational in 1997 to manage and operate the Central Depository System (CDS). CDS is an electronic book entry system to record and transfer securities. Electronic book entry means that the securities do not physically change hands and the transfer from one client account to another takes place electronically. CDC provides the backbone for smooth and efficient settlement operations of the Pakistani capital market. Almost all of the total settlement of the stock exchanges is now done through the CDS. 3 To encourage corporate governance the institute of corpora te governance of Pakistan a non-profit organisation is established under Section 42 of company ordinance, 1984. It is public private partnership. Securities and Exchange Commission of Pakistan, State Bank of Pakistan, three stock exchanges and banking and insurance institutions are founding members of this institution. In 2006 PICG in collaboration with IFC and State Bank of Pakistan conducted a conference of banking reforms in Pakistan. The conference aspired to create increased understanding of the need for good governance among Pakistan’s banking sector. Charged Table 2. 1 Year Wise Distribution of Companies Financial Year 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 Incorporated Companies 968 1074 1169 1183 1553 2207 3078 6186 4703 No. of Equity Issue to Public (Rs bill) 0. 44 0. 00 2. 03 1. 99 5. 97 0. 98 48. 88 24. 34 9. 60 Source: Annual Report of SECP 2006-07. Table 2. 2 Provincial Wise Distribution of Companies 2005 2006 Province / Territory (% Share) (% Share) Punjab Sindh NWFP Baluchistan Islamabad Territory 43 39 11 1 6 39 29 9 4 19 2007 (% Share) 46 34 6 1 13 Source: Annual Report of SECP 2005, 2006, 2007. 3 See official website of CDC www. CDCPakistan. com. 9 Table 2. 3 Capitalisation Break Down for the Year 2007 Listed Com Paid Up Capital (Rs) Up to 10,000 1 100,000 to 500,000 1 500,001to1,000,000 0 1,000,001 to 10,000,000 34 10,000,000 to 100,000,000 226 1000,000,001 to 500,000,000 236 500,000,001 to 1,000,000,000 45 1,000,000,001 and above 69 Source: Annual Report of SECP 2007. Unlisted Private Public Com Com 448 20,607 343 7,037 105 4,566 343 10,804 662 3,168 224 319 32 29 36 18 SMCs 373 100 59 48 28 2 0 0 Total 24,429 7,481 4,730 11,229 4,084 799 106 123 Percentage 42. 87 14. 97 9. 46 22. 47 8. 17 1. 60 0. 21 0. 25 Table 2. KSE Performance at Glance 2004 KSE 100 Index 5,279. 18 Market Capitalisation (Rs bill) 1,421. 58 Turnover (Shares Mill) 389 Source: Annual Report of SECP 2004,2005,2006,2007. 2005 7,450. 12 2,068. 19 343 2006 9,981. 40 2,801. 28 321. 10 2007 13,772. 26 4,019. 46 367. 96 2. 3. Code of the Corporate Governance Many new financial instruments are introduced by the SECP in order to enhance corporate governance. The code of corporate governance was issued in March 2002 by the Security and Exchange Commission of Pakistan in order to improve transparency, governance and protect the interest of the investors by improving the disclosure in financial reporting of companies. The Code of Corporate Governance is the results of the joint effort of Securities and Exchange Commission of Pakistan and Chartered of Pakistan in collaboration with Institute of Cost and Management Accountants of Pakistan (ICMAP) and three Stock Exchanges. The code includes many recommendations in line with international good practice. All listed companies publish and circulate a statement along with their annual reports to set out the status of their compliance with the best practices of corporate governance. The Code primarily aims to establish a system whereby a company is directed and controlled by its directors in compliance with the best practice so as to safeguard the interest of diversified stakeholders. It proposes to restructure the composition of the board of directors in order to introduce broad based representation by minority shareholders and by executive and nonexecutive directors. 4 ’5 The Code emphasised openness and transparency in 4 All listed companies shall encourage effective representation of independent non-executive directors, including those representing minority interest, on their Boards of Directors so that the Board as a group include core competencies considered relevant in the context of each listed company (Clause (i) of Code of Corporate governance, 2002). 5 Implementation of the clause of non-executive directors is voluntary not mandatory. 0 corporate affairs and the decision making process and requires directors to discharge their fiduciary responsibilities in the larger interest of all stakeholders in a transparent, informed, diligent, and timely manner. The salient feature of the Code includes setting up of audit committees and internal audit funct ions by all listed companies [Code of Corporate Governance (2002)]. In August 2002 SECP launch a project on corporate governance in collaboration with UNDP and Economic Affairs Division of Government of Pakistan. This project is launched mainly for the implementation of code of corporate governance and strong regulatory frame work for the corporate sector in Pakistan. In 2007 the Security and Exchange Commission of Pakistan, International Financial Corporation (IFC) and Institute of Corporate G overnance of Pakistan (PINCG) conducted a Survey on â€Å"Code of Corporate Governance of Pakistan†. The survey targeted the local listed and large local non-listed companies and financial sector institutions. Among the key findings in the survey, a major one is the need for creating awareness amongst the directors of companies about the benefits of the Code, so that they could go further than the tick-box approach to implementing the Code, and understand and implement the Code in its true spirit. Security and Exchange Commission of Pakistan developed a board development series (BDS) with the help of IFC. PICG conducted many workshops for the purpose of understanding corporate governance and responsibilities of boards of directors. 2. 4. Assessment of Corporate Governance The SECP is enforcing corporate governance regulations SECP is receiving technical assistance from Asian Development Bank to improve corporate governance enforcement programme and also from World Bank is build awareness and training. Other elements of enforcement regime are not so strong ICAP has some self regulatory function and stock exchanges are lacked the resources and expertise to effective monitor implementation of the code. Karachi Stock Exchange has set up a Board Committee on the Code of Corporate Governa

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Civil Rights and Civil Liberties Civil rights and civil liberties are two common statements that sometimes are used inadvertently with one another. The two statements do coincide with each other, but mean different things. Civil rights â€Å"are the rights belonging to an individual by virtue of citizenship, especially the fundamental freedoms and privileged guaranteed by the 13th and 14th amendments to the U.S. Constitution and by subsequent acts of Congress, including civil liberties, due process, equal protection of the laws, and freedom from discrimination† (American Heritage). The 14th amendment states that â€Å"no State shall make or enforce any law which shall abridge the privileges or immunities of citizens†¦ No State shall deprive any person of life, liberty, or property without due process of law† (Articles-website). Civil liberties on the other hand are â€Å"fundamental individual rights such as freedom of speech and religion protected by law against unwarranted governmental or other interference† (American Heritage). Civil rights and civil liberties may seem like the same exact thing but when you break them down, the difference between the two is clear. Civil rights are the rights that are given to U.S. citizens that make ‘everyone created equal.’ Civil rights have to do with slavery, racial discrimination, women’s equal rights, gender-based discrimination, equal protection, affirmative action, and the rights of gay males and lesbians, as well as many more. Civil liberties are the protected laws given to everyone – even people that are not citizens – who is in the United States such as freedom of speech, freedom of religion, freedom of the press, as well as the other rights stated in the 1st amendment. The focal point of this paper will be on racial discrimination; specifically to Arab-Americans since the tragedy of September 11, 2001. One year ago, our nation was faced with one of its biggest chall... Free Essays on CIVIL RIGHTS AND CIVIL LIBERTIES Free Essays on CIVIL RIGHTS AND CIVIL LIBERTIES Civil Rights and Civil Liberties Civil rights and civil liberties are two common statements that sometimes are used inadvertently with one another. The two statements do coincide with each other, but mean different things. Civil rights â€Å"are the rights belonging to an individual by virtue of citizenship, especially the fundamental freedoms and privileged guaranteed by the 13th and 14th amendments to the U.S. Constitution and by subsequent acts of Congress, including civil liberties, due process, equal protection of the laws, and freedom from discrimination† (American Heritage). The 14th amendment states that â€Å"no State shall make or enforce any law which shall abridge the privileges or immunities of citizens†¦ No State shall deprive any person of life, liberty, or property without due process of law† (Articles-website). Civil liberties on the other hand are â€Å"fundamental individual rights such as freedom of speech and religion protected by law against unwarranted governmental or other interference† (American Heritage). Civil rights and civil liberties may seem like the same exact thing but when you break them down, the difference between the two is clear. Civil rights are the rights that are given to U.S. citizens that make ‘everyone created equal.’ Civil rights have to do with slavery, racial discrimination, women’s equal rights, gender-based discrimination, equal protection, affirmative action, and the rights of gay males and lesbians, as well as many more. Civil liberties are the protected laws given to everyone – even people that are not citizens – who is in the United States such as freedom of speech, freedom of religion, freedom of the press, as well as the other rights stated in the 1st amendment. The focal point of this paper will be on racial discrimination; specifically to Arab-Americans since the tragedy of September 11, 2001. One year ago, our nation was faced with one of its biggest chall...

Wal-Mart Research Paper Example | Topics and Well Written Essays - 1000 words

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Downsizing Strategy Is Being Used Management Essay

Downsizing Strategy Is Being Used Management Essay Given the issues relating to this research field are introduced and research objectives are also be proposed carefully in Chapter 1. In Chapter 2, the researcher would like to continuous introduces the concepts, definitions and theories relevant to the issues that already mentioned in Chapter 1, through that, Chapter 2 will provide and build research hypothesis for research. Basically, Chapter 2 includes the main parts as follows (1) The definition of downsizing, (2) The definition of Survivors Syndrome, (3) The research hypothesis (4) Chapter summary. Definition of Downsizing In the economic context of continuos competitive, developing, changing and unpredictable, organizations suffering severe downturns in their business or facing difficulties, downsizing strategy is being used by many organizations in every industries and sectors with different goals and visions, their perception regarding the implementation of the downsizing policy within their organization also be different. There is not a single downsizing definition accepted by all researchers (Davis, Savage, Steward Chapman, 2003). There are many different definitions or understanding about downsizing, for example Cameron, (1994:194) defines downsizing as a positive and purposive strategy for organizations: a set of organizational activities undertaken on the part of management of an organization and designed to improve organizational efficiency, productivity, and/or competitiveness. Businesses for a long time that no longer considered downsizing as a situation solution in the hard time period, but they considered downsizing as an effective strategy to reduce costs, human focus, create job opportunites, increased job challenge and promotion. The right sizing contributes to better decision-making and the control of human resource so that the cost of expenditure can be cut short effectively. It develops a value system of proactive work culture where the members in the organisation get opportunity for better participation and involvement in the decision making process. It develops an ownership mentality among members and they shoulder forward an organization with more collaboration, fidelity, and accuracy. According to Mishra and Spreitzer (1998) defines downsizing has become the strategy favored by many organizations attempting to cope with fundamental, structural changes in the world economy. Or Freeman and Cameron (1993) defined downsizing as a set of activities, undertaken on the part of the management of an organization, designed to improve operational efficiency, productiv ity, and/or competitiveness. Downsizing as a deliberate reduction in size or complexity of a firms activities intended to improve the profitability, productivity, and/or competitiveness of the firms continuing operations(Legatski II, 1998). But in conclusion, most researches have defined downsizing as any reduction in the size of the organization (e.g. Budros, 1999; Cascio, 1993; Freeman Cameron, 1993; Kozlowski, Chao, Smith Hedlund, 1993). Downsizing, in general, refers to the reduction of work for certain organization. For employees, downsizing is considered as a management weapon to enforce greater control over the workforce. To management, it is a strategic measure to bring optimized operation efficiency and productivity in organization. Cameron and colleagues (e.g Cameron et all., 1991, 1993; Cameron, 1994b) have identified three organizational strategies to achieve downsizing: workforce reduction strategy, work redesign and systematic change. The first strategy is workfo rce reduction is typically a short-term strategy, which simply focuses on reducing organizations headcount. In a confirmatory study, Mishra and Mishra (1994) found that such strategy might lead to loss in valued organizational competency or negative outcome of those who remains. Human resource is essential and is a factor that makes the decision for the development of organizations. Lack of human resource will increase workload, anxiety about losing their jobs at any time, and these feeling leads to insecurity psychological, these are reasons that cause labor productivity reduced. Work reduction is applied by organizations through some programs such as attrition, early retirement or voluntary severance packages, layoffs and terminations. The second and third strategies are work redesign and systematic change strategies. While work reductions resulted is lead to reduction, rather than improvement, the work redesign and systematic change are positively related to organizational perfor mance in term of both cost reduction and quality improvement (Cameron et all.,1993; Mishra and Mishra, 1994) and to survivors (people who remains) of downsizing having a positive learning orientation (Farrell and Mavando, 2004). Many previous researches indicated that the use of workforce reduction is increasing and become popular despite the harmful impacts may arise for organization. Workforce reduction or simply called workforce downsizing is becoming the most popular strategy and a plethora of workforce reduction strategies for downsizing of employees has been proposed (e.g. Greenhalgh et al., 1988; Gutchess, 1985; Leana Feldman, 1992; Price, 1990). Whenever reduce equipments, machinesà ¢Ã¢â€š ¬Ã‚ ¦ organizations can find out the outcome and its impact through simple calculations, but in workforce downsizing, the emotions, loyalty, and human effort can not simply calculate. In an organizational context, employees not only contribute their individual skills and knowledge, they also collaborate and integrate their separate skills toward creating firm capabilities. As such, both human and social capital-and therefore the commitment and the loyalty of employees-play an important role in dictating a firms c apacity to create competitive advantage. Reducing headcount may lead to immediate labor cost savings, but it can also seriously erode employee commitment and loyalty, with negative consequences for firm competitiveness and performance. So the questions are what the impacts of workforce downsizing to organizations are, how it effects, and what the advantage and disadvantage of the impact are? Some researches indicated the opinion that organizational downsizing produce better result in performance and productivity, while, others indicate downsizing as a threat to the human resources and existing organizational culture. Downsizing has been defined as an attempt to increase organizational effectiveness(Kozlowsky, et. al. 1993). Freeman Cameron (1993) and Tomasco (1990) indicate from their findings that the presumed benefits of downsizing include faster decision making, greater flexibility, and improvements in quality and increased efficiency and productivity. Cascio (1993:97) suggested that proponents of downsizing generally expect the following benefits: lower overheads, less bureaucracy, faster decision making, smoother communications, greater entrepreneurship and increases in productivity. Downsizing can suggest to financial markets or government funding agencies that an organization is cutting costs and reducing waste, which may increase availability of capital for subsequent activities (Cascio, 1993; Dial Murphy, 1995; Palmon, Sun Tang, 1997). Downsizing has been defined as an attempt to increase organizational effectiveness (Kozlowsky, et. al. 1993). It develops a value system of proactive work culture where the members in the organization get opportunity for better participation and involvement in the decision making process. It develops an ownership mentality among members and they shoulder forward an organization with more collaboration, fidelity, and accuracy. However, many others strongly disagree with those arguments and indicate that it has devastating effect on human morale, motivation, and productivity. Downsizing may provide a decrease in operating expenses in the near term, but the long term impacts may not be so positive (Difrances, 2002). Downsizing can lead to a loss of knowledge and experience base because of some laid off will be the people who worked for a long time with organization, old people, who may not have a fast and efficient action in work like young people, but they have extensive knowledge, experiences that young people learn in short time, loss available mentors for existing and new employees, loss of corporate culture, and downsizing can have direct impaction to the customers such as loss of established customer service and contacts. Therefore, whenever workforce downsizing is chosen by organizations in hard time or peaceful time, there is definite and obvious impact good or bad on organizations. But in all the affected elements, the human factor is probably the most affected element. They are staffs of organization, they dedicated their soul to the development of organization, they are people who be laid off or people who lucky enough to keep their job. The individuals who lose their jobs (called victims) are obviously the most affected by downsizing. Numerous researchers have focused on the impact of downsizing on workers whose employment is terminated due to reasons independent of job competence (Cappelli, 1992). These individuals are often known as the victims of downsizing due to research that documents the devastation of job loss, focusing on negative consequences in terms of psychological and physical well-heing (e.g., Bennett, Martin, Bies, Brockner, 1995; Cappeili, 1992; Fallick, 1996; Leana Feldman, 1 992). The real pains of downsizing cannot be minimized. Careers change, families struggle, and downsized victims suffer loss of prestige, income and security. While a few downsized individuals may be victims of their own past inefficiency, the vast number are those who have performed well and played by the rules but have become the victims of a changing economic environment. However, several researchers have analyzed those who remain in the downsized organization called survivors (e.g., Allen, Freeman, Russell, Reizenstein, Rentz, 2001; Appelbaum Donia, 2001; Brockner, 1988a; 1992; 1995; Brockner, Grover, OMalley, Reed, Glynn, 1993; Cascio, 1993; Mollica Gray, 2001; Noer, 1993; ONeill Lenn, 1995; Shah, 2000). The survivors of downsizing are not the happy campers, grateful to have their jobs, but rather that surviving is so difficult that continuing employees experience higher levels of stress than displaced employees (Collins-Nakai, Devine, Stainton Reay, 2003). The downsizing has more effect on the psychological contract that exists in between management and workers within the organization. Many researches reported that it would develop stagnation, deterioration, low morale, low trust and productivity. The fear and anxiety of the retainers of the organization is more, as there is more uncertainty and insecurity feeling among them. This is called a s survivors syndrome. Definition of survivor syndrome The literature suggests a condition referred to as survivor syndrome, or a set of attitudes, feelings and perceptions that occur in employees who remain in organizational systems following involuntary employee reductions (Collins-Nakai, Devine, Stainton Reay, 2003 p.109-110). Survivor syndrome is defined by some human resource professionals as being the mixed bag of behaviors and emotions often exhibited by remaining employees following an organizational downsizing (Appelbaum, Close Klasa, 1999 p.424-436). Survivor syndrome has become known as the emotional and attitudinal characteristics of those who have survived from a downsizing (Mossholder et al., 2000; Iverson and Pullman, 2000; Allen et al., 2001). The emotional responses of each survivor are different. There are not many previous researches confirmed the positive response for survivor when downsizing occurs, some note that concentrating on core operational competencies can reduce unnecessary management layers and increase the speed of decision-making (DeWitt, 1993; Tomasko, 1989), somes even suggest that fear of termination may increase individual effort among employees who wish to retain their jobs (Kraft, 1991). A few active survivors feel themselves so lucky because they still have their job, survivors may work more hours without compensation to help the organization through the transition. They believe that they quite understand the difficulties as well as the main reasons why organizations choose to apply downsizing strategy, they are willing to stick with organization for a long time and continue add their efforts to the development of organizations. Contrary to a few positive responses, a stream of research, both laboratory and field, has provided a lot of evidences of the h armful effects downsizing can have on survivors, these effects have been described in terms of lower morale (e.g., Armstrong-Stassen, 1993), high stress (e.g., Leana and Feldman, 1992), and anger, envy, and guilt (e.g., Noer, 1993). According to Collins-Nakai, Devine, Stainton Reay (2003) consistent with the terminology of a syndrome, this collection of symptoms includes anger, depression, fear, distrust, and guilt, or Baruch and Hind (2000) indicates that survivors exhibit a plethora of problems, such as de motivation, cynicism, insecurity, demoralization and a significant decline in organizational commitment. Termination of co-workers may lead to perceptions of organizational injustice and distrust of top management (e.g. Brockner Greenberg, 1990; Mishra Spreitzer, 1998; Noer, 1998). A lot of research shows that in case of downsizing, the organization breaks the implicit psychological contract between employer and employee-a contract that implies lifetime employment in return for hard work and loyalty. As a result, the feeling of dependency that may have evolved into entitlement is transformed into a sense of betrayal. Downsizing survivors often curious about management and spend their times to observe the intention of management after downsizing occurs; they have greater concern on their future with the organization. It leads to stress and strain among members in the organization; it affects their next attempt and the willing to stay with the organizations. With survivors, organization may thinks they are lucky, but in the reality of many people, their emotions are anger, loneliness, feel lost in broken team work because of missing their colleages, they do not feel confident enough for work due to their wondering about their job. Downsizing occurs that means org anization is left with fewer employees who are expected to put in their best effort in a manner that enhances organizational productivity (Kets de Vries Balazs 1997). They are the ones who organization put their faith in; expect long term commitment, but with fews people, it may lead to workload, role conflict, and role ambiguity tend to be high among the remaining staff after downsizing (Hellgren et al. 2005; Parker et al. 1997; Tombaugh White 1990). Workload reflects the perception of having too much work to do in the time available (Beehr, Walsh Taber 1976). Workgroup membership changes also may be associated with the loss of important organizational knowledge (Fisher White, 2000). Role conflict concerns the experience of having to deal with conflicting terms, instructions, and demands in the work environment (Rizzo, House Lirtzman 1970). Role ambiguity relates to the individuals experience of not knowing what is expected of her at work (Caplan 1971). Beside that, survivors may view downsizing as a threat to their job security, an indication of poor organizational performance, or a symptom of unfair management behavior. Survivors may also develop negative feelings toward the organization, as well as perceiving that organizational goals are difficult to achieve. According to Isabella (1989) has noted that while organizations are usually prepared to meet the needs of those being laid off, they are often unprepared for the strong emotions, lengthy adjustment periods, diminished morale and lower productivity often experienced and expressed by survivors. Managers may expect survivors not only to be grateful they were spared and to forgive what happened to their friends, but also to put their feelings aside and work harder. But the reality is not that, a bag of survivor behaviors or called survivors syndrome has always existed, it is like a contract between employees and organizations, the contract gives survivors psychological control over their work enviro nment, which lets them freely invest themselves in caring for customers. Trust Granovetter (1985) and Lewis and Weigert (1985) define trust as a willingness to be vulnerable to others, based on the prior belief that those others are trustworthy. Another definition of trust is offered by Mayer, Davis and Schoorman (1995), who proposed that trust is the willingness of a party to be vulnerable to the actions of another party based on the expectation that the other will perform a particular action important to the trustor, irrespective of the ability to monitor or control that other party. Or according to Mishra Spreitzer (1998) trust is related to psychological contracts since trust is the expectation of a future action based on the action in the past by observing the rules of behaviors in relationships. If these expectations are not met, the expecter becomes hopeless, frustrated and will lose confidence, distrust will appear instead of trust (Robinson, Kraatz Rousseau, 1994). The trust is an essential part of managing people and building a high performance, pro ductivity organization. Trust is the foundation of all relationship from top to bottom in the organization. If employees believe in their manager, their organization, this relationship will always help to create good working conditions, employees are willing to stand up for their organization at any situations, they will naturally want to do a good things, contribute their best effort for the success of their organization. Conversely, if there is no trust between employees and managers, employees will have negative actions, will not devote their energy to the development of their organization, the relationship is broken. Downsizing organizations appear to suffer a deterioration of trust (Buch Aldridge, 1991; Cascio, 1993) and an increase in fear (Buch et al., 1991). The occuring of downsizing makes employees feel uncertain about organization, stress à ¢Ã¢â€š ¬Ã‚ ¦ the responses tends to score lower in problem solving, creativity and the ability to learn new skills, uncertainty and anxiety reduces the focus of work. Trust between employees and organization also reduced because downsizing is usually a headful though of managers, they need along time for making the decision, but with employees, downsizing is just a sudden result, sometimes they do not have a chance to prepare or may not believe that they will be the one who be laid off. According to ONeill Lenn (1995), survivors who believe that management is competent and reliable, may view downsizing as less threatening because they believe that the managers will keep their promise, be honest và   open và ¡Ã‚ »Ã¢â‚¬ ºi what is going on with their employees. Trust is instrumental in overcoming resistance to change, for it shapes how individuals interpret the implementation process (Kotter Schlesinger, 1979). If they have trust, survivors are willing think that all the things that organization do, have a reason, it is a good thing for them, for organization, downsizing just helps organization stand in difficult time as well as creating opportunities for employees in the future. In other words, trust in top management minimizes the categorization of threat by helping survivors to understand and believe in managements intentions and expected behavior. If they do not have trust, survivors wil have negative thinking such as the decision of manager is wrong, or managers put their personal interests above the interests of employees. Without trust, employees are likely to feel threatened by downsizing, leading to resistance and retaliation, rather than the constructive cooperation that is necessary to facilitate deep change (Quinn, 1996). Commitment There are a lot of definitions about employee commitment such as A force that stabilizes individual behavior under circumstances where the individual would otherwise be tempted to change that behavior (Brickman, 1987), or The relative strength of an individuals identification with and involvement in a particular organization (Mowday et al, 1979) or simply A psychological state that binds the individual to the organization (Allen Meyer, 1990). Commitment is loyalty to the organization. A loyal employee identifies with an organization and is involved in being an employee of that organization (Price Mueller, 1986). Committed employees feel that there is a tight string between them and the organization, which, in the positive form, makes them more willing to perform their job. Organizational commitment is the driving force behind an organizations performance (Suliman and Iles, 2000, p. 408). The multidimensional approach poses that organization commitment is influenced by three constru cts: emotional attachment (affective commitment), perceived costs (continuance commitment) and moral obligation (normative commitment) (Allen and Meyer, 1990). Affective commitment is mean that employees stay with organization because they want to, they believes in organization and feel it like their home. Normative commitment is mean that employees stay with organization because they feel obligated to continuew to work for many different reasons and purposes. Continuance commitment is mean that employees stay with the organization because cost of giving up the job is too high for them. (European Motivation-Index.com). It has also been proposed that different types of commitment can have different effects on behaviors and attitudes (Iles et al., 1990). For example, continuance commitment can have detrimental effects on job satisfaction compared to the beneficial effects of affective commitment (Suliman and Iles, 2000). Affective commitment has been shown to be the best predictor of intention to leave (Stallworth, 2004) and found to be more important than job satisfaction in determining service quality of customer-contact employees (Malhotra and Mukherjee, 2004). It can be seen that in human resource management process, organizations should pay attention to the affect commitment group because these people will add value, increase productivity and quality to the organization, but they also be the most affected by downsizing, or in other word maintaining a high level of employees affective commitment to the organization is assumed to be a critical factor for successful downsizing, but downsizing tends to reduce employees affective commitment to the organization (Lee Jaewon, 2002). According to many research about employee commitment, in downsizing context, employees commitment to an organization is challenged. Moreover, commitment has been shown to positively influence other variables related to survivor syndrome, such as job satisfaction (Liou, 1995; Fletcher and Williams, 1996; Mowday et al., 1974; Wong et al., 1995; Vandenberg and Lance, 1992), performance (Hartmann and Bambacas, 2000) and perceived organizational support (Eisenberger et al. , 2001). A negative relationship has been shown for absenteeism (Iverson and Deery, 2001; Metcalfe and Dick, 2000) and turnover intention (Schnake and Dumler, 2000) Stress According to Casico Wynn (2004) stated that the downsizing create a breach of an unwritten rules that constitute the psychological contract between employer and employee leads to a rise in stress and a decrease in satisfaction, commitment, intention to stay and perceptions of an organizations trustworthiness, honesty, and caring about its employees. Stress has been defined as a stimulus, a response, or the result of an interaction between the two, with the interaction described in terms of some imbalance between the person and the environment (Cooper, Dewe ODriscoll, 2001). When downsizing occurs, like the victims, the survivors often lose control over their employment status and work situation. Survivors often feel angry and overwhelmed by the sudden disruption of the workplace, similar to people who be laid off, survivors also have feelings of betrayal and fury when downsizing occurs. Research also indicates that other stressful characteristics tend to emerge when work has to be carried out by fewer employees (Hellgren Sverke 2001; Hopkins Weathington 2006; Pfeffer 1998). The lack of people to work become overwhelmed, constant anxiety because of imbalance as well as job lossed can be happened anytime that creates stress to survivors. Employee stress can take many forms and significant impact on both employees and organizations; it can manifest as anxiety, irritability, dependency, depression and it results in reduced productivity, employee burnout, absenteeism (Valueoption.com). It has been suggested that layoff survivors experience stress that is as great, or even greater than, the stress felt by those who have been laid off (Kaufman 1982). Job insecurity Job insecurity is the exact opposite of job security, is defined as the perceived powerlessness to maintain desired continuity in a threatened job situation by Greenhalgh and Rosenblatt (1984). Job insecurity represents one of the most frequently investigated stressors in the context of organizational change and downsizing (e.g., De Witte 1999; Sverke/Hellgren 2002). The string sticks employees with organizion is job, in other word, any organization keeps their employees by proper job with many opportunities to learn, to develop, and above all of them, the job has to be durable and security. When downsizing occurs, survivors feel like the promise of organization has broken down, they see their colleagues lose their job and they fear of losing their jobs at anytime, fear of instability of income, loss of status or self esteem. They believe that their work will no longer be safe, if the organization was willing to let the employees go in the past, they would be willing to do it again i n the future. Job insecurity leads to dissatisfaction, people intent to leave the organization and come to a safer place; it also leads to greater absenteeism, higher turnovers and disability claims (Boroson and Burgess, 1992; Koco. 1996; Mishra and Spreitzer. 1998; Tombaugh and White. 1990). Previous studies such as Moore, Grunberg Greenberg (2006); Ashford, Lee Bobko (1989); Brockner et al. (1992) or Hellgren Sverke (2003) have concluded that job insecurity are related with organizational downsizing both in short and long term perspective and the worried about future job loss is associated with impaired work attitudes and well-being. Theorists have emphasized that job insecurity is a multidimensional phenomenon (Ashford, Lee Bobko, 1989; Greenhalgh Rosenblatt, 1984; Jacobson, 1991). The first dimension, called severity of threat, consists of the range of work features at risk, the valence of these features, probabilities of losing each feature, and the number of sources of threat. The second dimension is perceived powerlessness, or ones ability to respond to risks. Job insecurity can also be thought of in terms of expectancy (i.e. probability of loss) and valence (i.e. value of job features) from expectancy theory (Jacobson, 1991). Job insecurity is a broad concept , including threats to any desired work features including opportunities for career development or wages. perceptions of job insecurity also can be considered as stress inducing, so reports of worry and stress are sometimes used as proxies for perception of job insecurity. Results showed that perceived job insecurity increased over time as layoffs unfolded but no new information arrived. Job insecurity was lowest among those employees who had no contact with workforce downsizing, with higher insecurity among those who had friends or co-workers laid off, and the highest insecurity among those who had been warned that they would be laid off or who had been laid off and then rehired. Hypothesis Many organization managers apply workforce downsizing strategy for their organization, often focus their attention and effort for those employees who be laid off and pay little attention to those who remain with organization As the large bank in Vietnam, VietinBank is also applying workforce downsizing like many other organizations to overcome the current difficulties. Get to know the survivors syndrome is very important not only for VietinBank but also for many other organizations. The future of the organization can be at stake if these warning signs take hold and start to have a long-term effect. Organizations that understand and combat the causes of survivor syndrome at an early stage have a far better chance of weathering the storm and moving forward after the period of unsettling change. Based on the previous studies, in the scope of this research, researcher would like to find out the impact of workforce downsizing to the behavior such as trust, commitment, and stress and job insecurity of Vietinbanks staffs to see how they were affected by downsizing and which elements of fours will be the most impacted by downsizing. Through this research, researcher hopes to put some help for VietinBank managers in order to have a better understanding about their employees so that they can looking for an appropriate direction as well as specific plan to minimize the harmful impacted may arises from downsizing. Based on the above theory discussion, the Hypothesis is formulated as following: (H1) There is a significant relationship between downsizing and VietinBank survivors trust. (H2) There is a significant relationship between downsizing and VietinBank survivors stress. (H3) There is a significant relationship between downsizing and VietinBank survivors commitment. (H4) There is a significant relationship between downsizing and VietinBank survivors job insecurity. (H5) There is a survivors symptom that be strongest impacted by downsizing in VietinBank Chapter Summary Through out the chapter, researcher give a deeped review of previous research on downsizing and its impacted on survivors. There are many different opinions about the effects of downsizing on organizations, somes indicated that downsizing is an effective stratefy for organization, which may lead to increase innovation, human resource focusing. However, numerous previous studies have concluded that there are adverse effects of downsizing on organizations, especially for survivors, who is considered to be lucky one for remaining their job. Previous researchs have come up with a term survivors syndrome to describe the behaviors or attitudes of survivors during and after the workforce downsizing occurs. And by understanding the attitudes, emotions and viewpoints of the survivors, a clear perspective on the true short and long term benefits, gains or losses of downsizing for corporations can be derived. Even in early survivor syndrome literature there was some evidence that effective mana gement of downsizing can control for negative effects on the survivors (Brockner, 1990; Brockner et al., 1992) The next section of the research studied further the impact of downsizing on trust, stress, commitment and job insecurity of VietinBanks survivors. This research enables better understanding about the perspective and behavior of VietinBanks survivor when downsizing situation occurs.