Environment Management for Sustainable Development Oil and Fas Compan

Question: Discuss about the Environment Management for Sustainable Development of Oil and Fas Companies. Answer: Background information The oil and gas companies in UN is facing a challenge related to climate change and global warming (Davis and Diffenbaugh, 2016, pp.016001). The operational activity like production and burning of fossil fuels is the key reason associated with climatic changes, which in turn is responsible for risk including floods, the rise in sea-level, and heat waves. The mentioned risks are more reflective especially in the areas where these companies are located for extraction, having stores, and are engaged in refining their products (Hiatt, Grandy and Lee, 2015, pp.1769). There is no doubt in the statement that if the current operational activities of oil and gas companies are continued, many of the nations across the globe will be sharing the prospect of severe economic effects that are resultant from climatic changes. In particular, the government organisation and corporates are likely to face consequences related to billion dollar infrastructure. In addition to this, the future situation ca n also create a disruption associated with the production and delivery of energy resources (Smith and Hayes, 2013). The issue of climate change and global warming is indeed a human-induced phenomenon that leads to rapid melting of glacier ice, variations in the ecosystem, and destruction and a decrease in the habitats of many species. The alarming issue was foreseen in late 1988 when the Intergovernmental Panel on Climate Change (IPCC) was created under the program of United Nations Environment and World Meteorological Organization, which focuses on the scientific assessment of the knowledge of global warming (Lofsted and Collier, 2014). Based on the report UN framework conventional on climatic change, it is important to seek change negotiation and action that can help in reducing the human-activity-induced impact on global warming (Lofsted and Collier, 2014). Scope of present report In conjunction with issues of global warming and climatic change, it is important for the oil and gas companies to seek diversion of the energy sources into renewable energy. The approach towards the sustainable development is thus of great importance that can contribute towards the minimization of these impacts on the environment (Hiatt, Grandy and Lee, 2015, pp.1769). The present report is thus based on an illustration of direct and indirect causes associated with the global warming thereby specifying the responsibilities of government, companies, communities, and individual itself. Note that this includes the debate over utilisation of renewable sources of energy like solar, wind, and hydraulic energy to product and supplies domestic and industrial consumable energies. Likewise, the economic and political issues are also critical importance in managing the overall implementation strategies. The problem of climatic change and global warming: Who is responsible? The high-level accumulation of carbon dioxide in the atmosphere act as a blanket that traps heat and is liable for the warming of the planet. The increased usage of oil and natural gas, burning of fossil fuels and cutting down forest contributes to this carbon accumulation that overloads the atmosphere (Lofsted and Collier, 2014). Scientific evidence dictates that increase in global average temperature for more than 3.6 degrees (oF) compared to the pre-industrial level is a serious risk to human health and natural ecosystem (Smith and Hayes, 2013). Over the last century, the global average temperature has increased by 1 degree (oF) that is responsible for comprehensive global temperature, recorded. This is further accompanied by a decrease in freezing days and increase in warm days (Smith and Hayes, 2013). While the record shows that some part of the world are warming faster than other, there exists an upward trend is unambiguous in the long-term global aspect. It is worth mentioning that the global warming has the potential to change rainfall and snow pattern, melting of glacial ice, disturbance in the ecosystem, severe storms, and increase in sea level (Smith and Hayes, 2013). Initiatives were taken by oil/gas companies and government/private organisations As an individual, we need to take action that can reduce the personal carbon emission, such as avoiding the use of chloro-fluoro carbons and aerosols (Heidari and Pearce, 2016, pp.899). On the other hand, to address the global threat, the demand action is requisite from political leaders to support the comprehensive climate solutions. In conjunction with the operational activities of oil and gas companies, it is necessary to implement a smart solution that is based on technological advances and available options in hand (Bulkeley and Betsill, 2013, pp.136). The prime objective of these smart solutions is to reduce the emission that contributes to heat-trapping into the atmosphere. These measures include Expanding the use of renewable energy and transforming the energy system that is cleaner. Avoiding dependence on coal and fossil fuels to reduce the carbon emission. An approach from coal to natural gas shift is worthy (Pfeiffer and Hepburn, 2016, pp.201). Building clean energy economy, which is possible with investment in energy efficient technologies and strategies (Bulkeley and Betsill, 2013, pp.136). Placing a lesser number of carbon emission units. Other approaches to government and private organisation that are necessary include: Placing a limit on carbon emission amount that the polluters are allowed to emit. Reducing the tropical deforestation (Pfeiffer and Hepburn, 2016, pp.201). Increasing the vehicle fuel efficiencies and other solution that can reduce the oil usage (Bulkeley and Betsill, 2013, pp.136). Advantage and disadvantage associated with shifting to renewable source of energy According to Paris 2015 UN climate change conference, countries have submitted their plans to control the greenhouse gas emission that emphasis on the steps that can be implemented by oil and gas companies (Lybk, Hansen and Andersen, 2016, pp.65). The responsibilities of these companies are thus aligned with two prime objectives (Thornton, 2014, pp.3313): Reduce the consumption of fossil fuels and oils and making a shift towards renewable energy Complementing the energy requirement across the globe with minimal impact on climatic risk. The key challenges that are associated with these requirements include: A change in the infrastructure that uses renewable energy supply such as solar system, wind energy, and electricity generated from hydraulic units. Change in the work procedure such that technological support can support the change of energy sources (Ellabban, Abu-Rub and Blaabjerg, 2014, pp.748). Making a shift from coal to natural gas that can reduce approximately half of carbon dioxide and absolutely zero level methane gas release (Stigka, Paravantis, and Mihalakakou, 2014, pp.100). Implementing strong commercial influence with the introduction of global carbon pricing policy. Companies like BG group, Royal Dutch Shell, Eni, Statoil, and BP have already implemented internal carbon price of $50/tonne that in turn had reduced half of the emission (Ellabban, Abu-Rub and Blaabjerg, 2014, pp.748). Carbon capture and storage system is another approach that motivates the carbon price as well as offer sustainable clean energy portfolio to the companies. The major challenge in the mentioned approach includes cost consideration and implementation of change in the work procedure (Hiatt, Grandy and Lee, 2015, pp.1769). It is important for the companies to make collaboration and combined decision for the industrial practices that in turn must be based on economic consideration and life cycle of fuel (O'Driscoll and O'Donnell, 2013, pp.53). Common example of these measures can be accounted based on below mentioned points (Chaubey, Sahu, James and Maity, 2013, pp.443): Shell Company have supported the infrastructure change to control carbon dioxide release with making the sustainable approach in four key areas. These include biofuels, carbon capture and storage, use of natural gas, energy efficiency. ExxonMobil Company has reduced their operational procedure that in turn reduces 40% of carbon emission. The clean fuel project enables a reduction in 98% of sulphur level within the diesel and gasoline supply. British Petroleum supports the clean and efficient policies of lower carbon limit implemented by EU. The operational procedure includes a change in flaring and venting provision that contribute to reduces carbon emission. Likewise, the carbon cost of their investment appraisal is also a practical The advantage of implementing these change is evident in terms of reducing the carbon emission and contribution towards the greenhouse gas accumulation in the environment. The change in the climatic condition has a significant impact on the industrial procedure and requirement. Thus a change in the working process and a shift in the use of energy sources falls within the scope of Environmental Protection Agency - cleaner power policy (Suberu, Mustafa and Bashir, 2014, pp.499). The mentioned changes and other futuristic steps are necessary to be taken by the oil and gas companies, as because they have wealth as well as experience to tackle such problem on large engineering. Can the sustainable approach of oil and gas companies have the potential to bring shift in money? Reducing the use of oil and other relevant change in the operational activity can cause the high cost to the consumers. The common policies such as carbon tax and emission control related carbon price have the potential of increasing the fuel/oil cost. The possible solution is to monitor the cost and regulates the price of fuel production by the government (Aghaei and Alizadeh, 2013, pp.64). Likewise, the government policies also need to have effort in promoting the technological development such that combination of fuel and buying efficient vehicles can be implemented. This means a regulation is necessary to maintain the revenue flow balance between the fuel industry, oil companies, and vehicle industry (Suberu, Mustafa and Bashir, 2014, pp.499). Similarly, a paradox for the government policies also exists that drive substantial revenues from fuel taxes. If the consumption of fuel falls, the revenues will also fall which can impact the overall nations GDP. The solution to this problem is that oil and gas companies can adopt suitable means to produce the energy based on renewable sources and that can be supplied by the community and industrial use (Aghaei and Alizadeh, 2013, pp.64). Of note, this shift can account for huge investment, which needs to be implemented in near future. Additionally, the government and private sector organisation also need to identify other significant changes that can reduce the carbon footprint. This is important because only focusing on the operational activity of oil and gas companies can cause pressure in terms of conduct for these companies as well as in terms of financial (revenue) management. Another sector like transport and municipal solid waste nearly contribute to 22 and 25 percent of greenhouse emission. Additionally, they also contribute to 40 and 19 percent of the black carbon (soot) contribution that adds to the global warming (Dale, Osegowitsch and Collinson, 2014, pp.487). Thus, in developing economies, it is important to share the responsibility of reducing environmental impact to all sector such that the pathway of sustainability can be smoother for oil and gas companies. Implications for the oil and gas industry downstream The expectation of implementation measures is remarked with the assumption that oil prices can reach to newer competitive level. The incentive that is being offered to the oil and gas companies is based on the knowledge available for framing government policies, contributed to public perception and is based on information from interest groups (Mitchell and Mitchell, 2014, pp.36). In particular, for the oil and gas companies the volume matter, which is linked with that downstream. The volume in this consideration is related to use of vehicles and other industrial practices that render an increased demand for the energy sources. According to combined summit (Howarth, 2015, pp.46) by US, EU, and Japan, the future estimated demand for the fuel requirement based on petroleum as fuel, will not be reliable until a sustainable solution for the climatic conditions are determined. The idea of adjustment to lower the oil consumption by 2020 is a significant step forward that can reduce the pressure of climatic sustainability on the oil and gas companies. Thus, these companies must focus to maintain the refineries, distribution, and other retail structures that can supplement the needs of small industries (static and slowly growing market) (Howarth, 2015, pp.46). On the other hand, public and private sector organisation must make robust technological solutions implement disruptive technology, for an industrial solution and automotive demand of world population. It is important to mention that the cost of keeping going is not a negligible factor. The reason is associated with the continual requirement of revenue investment that is attributed to the changes of mix production and newer environmental standards. Potential recommendation in this downstream for the UN include the following consideration: Concentrating core of oil refinery plant, managing networking, and using technology are important, but companies need to secure segmentation of market in terms of chemical sites, the advantage of handing crude material and investing in other sources of energy to gain profit revenue (Jenner and Lamadrid, 2013, pp.442). Closing refineries and selling to smaller industries can show a profit to acquisition cost and biofuels, and waste management is also an effective alternative. On the other hand in many geographical locations, these options may not be possible such as in Europe. Hence, implementing a pattern of change in the trades of products will be effective (Dale, Osegowitsch and Collinson, 2014, pp.487). It is also important to govern the policies related to retail and supply chain involving supermarkets, such that practice for environmental sustainability can be managed. Hence, carbon price and fuel selling price for all oil and gas companies across the globe can be managed (Seelke, 2015, pp.199). De-integration of the companies is another useful The demerged downstream in terms of volume demand and consumption of fuel across the world needs to be regularised with the implementation of disruptive automobile technologies. The strategic management in conjunction with increased technological demand of consumers, growing demand for energy sources by increasing population, and increased pressure for a sustainable approach towards a climatic solution is thus required (Dale, Osegowitsch and Collinson, 2014, pp.487). Reflective Log The present coursework was based on analysis of environmental issue related to global warming and climatic changes. The prime reason associated with this subject is the human-based activity such as emission of carbon, emission of gases like carbon dioxide and methane, and deforestation. As a result of these events, the consequences lead to increase in the overall temperature of the planet, which is referred to as greenhouse effect (Heidari and Pearce, 2016, pp.899). Based on the reading and learning, it is also learned that increase in global average temperature for more than 3.6 degrees (oF) compared to the pre-industrial level is a serious risk to human health and natural ecosystem. Importantly, the average increase in temperature over last decade has been accounted for 1 degree (oF) that is responsible for melting of glacial ice and rise in the sea level (Smith and Hayes, 2013). The research process for the completion of this reflective log includes searching and acquisition of knowledge for the said topic from peer reviewed sources. This involves the use of specific keywords such as oil and gas companies effort towards sustainability, approach to reducing global warming, sustainability for negotiating climatic change, government and private sector approach to climate change management. The next method of filtering the retrieved literature was based on year of publication, which renders a selection of literature from last 5 years of publication (Booth, Sutton and Papaioannou, 2016). In addition to this, information has also been collected from blogs and other internet sources, which was first compared with information present in literature and finally included within the report. This approach is effective as it helps in collecting information that includes rationale behind the approach, historical notes, and future planning from the related summit by collabo ration with international agencies (Booth, Sutton and Papaioannou, 2016). Likewise, it is also learned that the sustainability approach of oil and gas companies needs to be implemented in conjunction with activities of other sectors such as an automobile, disruptive technology, and minimization of deforestation. The effort of today is necessary, so as to manage the resource and climatic condition for a future time. The importance of above-mentioned research approach is reflective of fact that updated approach has been collected regarding environmental sustainability. Additionally, the implementation and strategic planning that has been undertaken by various companies like BP, Royal Dutch Shell, and Eni can also be accounted. The module writing requires extensive analysis in conjunction with sustainability approach, profit-loss analysis, and economic shift that is probable to effect with managing change in infrastructure and work procedure (Suberu, Mustafa and Bashir, 2014, pp.499). Likewise, the module also demands justification associated with all the recommendation sets for the environmental sustainability approach to UN, which must be added with references. The information related to this recommendation and their associated rationale was thus collected using peer reviewed sources. The challenge related to this research work is linked with a collection of information that can dictate the fina ncial management of companies with the arrangement of shift to infrastructure and work procedure (Heidari and Pearce, 2016, pp.899). It is still unclear, how the price and profitability negotiation can be managed by oil and gas companies when they will adopt a change in the source of energy to renewable form. Since this strategic analysis were kept confidential by many companies, thus they were not published in literature sources. References: Booth, A., Sutton, A. and Papaioannou, D., 2016. Systematic approaches to a successful literature review. Sage. Heidari, N. and Pearce, J.M., 2016. A review of greenhouse gas emission liabilities as the value of renewable energy for mitigating lawsuits for climate change related damages. Renewable and Sustainable Energy Reviews, 55, pp.899-908. Suberu, M.Y., Mustafa, M.W. and Bashir, N., 2014. Energy storage systems for renewable energy power sector integration and mitigation of intermittency. Renewable and Sustainable Energy Reviews, 35, pp.499-514. Smith, K.R. and Hayes, P., 2013. The Global Greenhouse Regime: Who Pays?. Routledge. Aghaei, J. and Alizadeh, M.I., 2013. Demand response in smart electricity grids equipped with renewable energy sources: A review. Renewable and Sustainable Energy Reviews, 18, pp.64-72. Bulkeley, H. and Betsill, M.M., 2013. Revisiting the urban politics of climate change. Environmental Politics, 22(1), pp.136-154. Chaubey, R., Sahu, S., James, O.O. and Maity, S., 2013. A review on development of industrial processes and emerging techniques for production of hydrogen from renewable and sustainable sources. Renewable and Sustainable Energy Reviews, 23, pp.443-462. Dale, C., Osegowitsch, T. and Collinson, S., 2014. Disintegration and de-internationalization: changing vertical and international scope and the case of the oil and gas industry. Advances in International Management, 27(1), pp.487-516. Davis, S.J. and Diffenbaugh, N., 2016. Dislocated interests and climate change. Environmental Research Letters, 11(6), p.061001. Ellabban, O., Abu-Rub, H. and Blaabjerg, F., 2014. Renewable energy resources: Current status, future prospects and their enabling technology. Renewable and Sustainable Energy Reviews, 39, pp.748-764. Heidari, N. and Pearce, J.M., 2016. A review of greenhouse gas emission liabilities as the value of renewable energy for mitigating lawsuits for climate change related damages. Renewable and Sustainable Energy Reviews, 55, pp.899-908. Hiatt, S.R., Grandy, J.B. and Lee, B.H., 2015. Organizational responses to public and private politics: An analysis of climate change activists and US oil and gas firms. Organization Science, 26(6), pp.1769-1786. Howarth, R.W., 2015. Methane emissions and climatic warming risk from hydraulic fracturing and shale gas development: implications for policy. Energy and Emissions Control Technologies, 46. Jenner, S. and Lamadrid, A.J., 2013. Shale gas vs. coal: Policy implications from environmental impact comparisons of shale gas, conventional gas, and coal on air, water, and land in the United States. Energy Policy, 53, pp.442-453. Lofsted, R.E. and Collier, U., 2014. Cases in climate change policy: political reality in the European Union. Routledge. Lybk, R., Hansen, O.E. and Andersen, J., 2016. The Development of Non-fossil Energy Systems in the Absence of Strong Climate Change Global Governance. Rethinking Climate Change Research: Clean Technology, Culture and Communication, p.65. Mitchell, J.V. and Mitchell, B., 2014. Structural crisis in the oil and gas industry. Energy Policy, 64, pp.36-42. O'Driscoll, E. and O'Donnell, G.E., 2013. Industrial power and energy meteringa state-of-the-art review. Journal of Cleaner Production, 41, pp.53-64. Pfeiffer, A. and Hepburn, C., 2016. Facing the Challenge of Climate Change. Global Journal of Emerging Market Economies, 8(2), pp.201-215. Seelke, C.R., Villarreal, M.A., Ratner, M. and Brown, P., 2015. Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States. Current Politics and Economics of the United States, Canada and Mexico, 17(1), p.199. Smith, K.R. and Hayes, P., 2013. The Global Greenhouse Regime: Who Pays?. Routledge. Stigka, E.K., Paravantis, J.A. and Mihalakakou, G.K., 2014. Social acceptance of renewable energy sources: A review of contingent valuation applications. Renewable and Sustainable Energy Reviews, 32, pp.100-106. Suberu, M.Y., Mustafa, M.W. and Bashir, N., 2014. Energy storage systems for renewable energy power sector integration and mitigation of intermittency. Renewable and Sustainable Energy Reviews, 35, pp.499-514. Thornton, P.K., Ericksen, P.J., Herrero, M. and Challinor, A.J., 2014. Climate variability and vulnerability to climate change: a review. Global change biology, 20(11), pp.3313-3328.

Approaches for Predicting Corporate Bankruptcy

Question: Describe about the Approaches for Predicting Corporate Bankruptcy. Answer: Abstract The report explores about financial statement analysis and how it is not the only approach to rely to predict financial crisis by exploring the examples of Lehman Brothers, WorldCom and Enron. How Lehman Brothers breached US standard for leverage ratio, how WorldCom window dressed its financial statements and how did Enron deceive its shareholders all is explained in the given repot below. Further, report will give an idea that there are certain non-financial approaches available like corporate governance and support the argument by discussing corporate governance. Introduction Financial statement analysis is an essential skill in a variety of occupations including investment management, corporate finance, commercial lending and the extension of credit. (Alvarez, Fridson 2002). On elaborating the term financial statement analysis, it is analysis of various financial terms like ratios, cash flows, balance sheet of the firm to know the strengths and weakness of the firms in terms of finance. The major objective of the report is to give an idea about how financial statement analysis determines the bankruptcy of firm through various methodologies. Further to bring in view that financial statement analysis is not the only approach to predict bankruptcy of firms by enlightening the financial crisis of three major economic scandals like Enron, WorldCom, Lehman Brothers and discussing non-financial approach like corporate governance. Further, describing the corporate governance and how corporate governance help in predicting financial distress. To summarize, we say that we support the argument that financial statement analysis is not the only approach available there are various non-financial approaches like corporate governance is there and same should be applied by corporates to predict financial crisis. Further discussion is also done regarding composition of board of directors, segregation of duties of board of directors and proportion of independent directors. Financial statement analysis not the only approach for predicting bankruptcy From the view of financial statement analysis, it is the process of reviewing and analyzing a companys financial statement to make better economic decisions. It includes balance sheet, cash flow statements, and a statement of change in equity. To describe failure of corporates two technical words are insolvency and bankruptcy. A firm is considered as insolvent whenever its book value of assets is less than those of its liabilities. In this case a company is considered insolvent when it files for bankruptcy in court. However, as per economic conception, insolvency is defined as failure to repayment of debt, inability to pay dividends etc. In this situation a firm can or cannot lead to judicial proceedings (Levratto, 2013). On the note of discussing the major corporate scandals Enron, WorldCom and Lehman Brothers, the major reason of their bankruptcy was misinterpreted financial statements. Major cause for the collapse of Lehman Brothers was extending subprime mortgage loans to customers, who were otherwise not extended due to poor credit score. But, due to boom in 2007 Lehman extended these kinds of loans. Thus, two major blunders identified were one Lehman has no accurate future projections and secondly, even if management was known about possible changes, they were busy in increasing shareholders wealth. Another financial fraud which appeared was its leverage ratio was 31:1 which was against the set U.S. regulations of not more than 15:1.This high leverage ratio raised a question on the liquidity of Lehman Brothers. Another major financial fraud made by Lehman Brothers was repurchase agreement transactions (repos). REPOS denote percentage of assets sold in comparison to cash received. Lehman showed r epos of 105 and 108 which means assets sold were 5% and 8% more than cash received, thus it was window dressing of financial statements to deviate shareholders of the company. However, on various other aspects Lehman Brothers auditors Ernst Young defended quoting that the international accounting standards supported company transactions. (Gyamfi, 2016). Similarly, in case of fall of Enron also basic fundamental principal of preparing financial statements was not followed i.e. true and full disclosure of facts. Enron executives never disclosed to its employees about selling of stock, it was only when Enron bankruptcy news evolved employees came to know about companys selling out the stocks. Also, it was seen that failure of Enron was due to massive accounting errors like enhancing accounting for special purpose vehicles and strengthening internal accounting system. (Li, 2010). WorldCom was again involved in questionable accounting practices. WorldCom has huge amount of contractual ob ligations and when went under reconstruction it was found that vendors, creditors would not be able to generate revenues. Thus, again a big financial fraud was there. (Gertmenian and Chuvakhin, 2003). Thus, with this discussion we can say that financial statement analysis is not the only option available to predict the bankruptcy of corporates. With discussing above financial frauds, we analysis that not only quantitative factors considered but also qualitative factors. With considering qualitative factors along with quantitative factors for credit risk analysis it helps to correctly classify the companies. Qualitative factors or non- financial factors are generally selected with the help of management discussions and business policies. However, corporate governance is a good qualitative factor. Corporate Governance is the structure that is intended to make sure that right questions asked and that checks and balances are in place to make sure that the answers reflect what is best for the creation of long term, sustainable, renewable value. (Minow, and Monks, 2011). Corporate Governance include large number of variables like Board of Directors characteristics, Board Committee, internal control factors, shareholders influence on Board of Directors. As financial scandals were increasing over number of years, the requirement to consider non- financial factors and provide an interaction between financial and non-financial factors became important. From early eighties only discussion regarding corporate governance and its influence in financial distress or bankruptcy are there. In corporate governance, conflicts arise among shareholders and management regarding assigning of roles. Basically, it is ethical conflicts among management and shareholders as in case of financial distress management prioritize their personal aim rather than overall companys objective. Now, there are two ways to analyze financial distress from corporate governance point of view. Firstly, firms with high ownership concentration are likely to have high financial distress and secondly, firms with high board ownership have less risk to financial distress. Firm having high institutional ownership they try to focus more on long term benefits rather than short term benefits as management do. However, if there is high ownership of institutional investors they try to control the management. Coming on second aspect that is where there is high board ownership. With respect to board it is seen as ability of directors to act efficiently, has been regarded as major factor in determining corporates financial distress. Thus, if a company has poor or weak board of directors, it increases the opportunity of management controlling shareholders and extracting money from shareholders. Thus, as per corpor ate governance board of directors should have independence. This independence can be defined as separating the role of chairman, chief executive directors, and independent directors. In separating the roles of chairman and chief executive directors is to ensure the effectiveness and independence of the board. However, other theories say that instead of separating the role of chairman and chief executive officer it should be accumulated in one power i.e. CEO, so as to reduce the cost and to avoid conflicts of interest. Apart from segregating the role of chairman and CEO another aspect is to increase the proportion of number of independent directors in board. Independent directors are basically directors who have no financial interest in company. Their work is to monitor the directors and to avoid selfish motive of management so that they can work in the interest of the shareholders. However, proportion of independent directors depends on the size of the board. A board having large si ze with less number of independent directors is likelihood of having more financial distress due to imbalance in board and conflict of interest, while a firm having smaller board size and large number of independent directors increases transparency of corporates thus preventing corporates from financial distress. However, corporate governance mechanism, ethics code, legal system to predict financial distress varies according to the country. Example of this is Spain. In Spain, corporate governance methodology was different regarding ownership concentration, unitary board system and voluntary good corporate governance practices lead agencies to conflict of financial distress. Thus, we can support argument that beyond financial statement analysis also there are non-financial factors to predict bankruptcy of corporates. (Elshahat, Elshahat, Rao, 2015). Conclusion On concluding the above discussion we see that financial statement include balance sheet, cash flow statement, and ratio analysis. For long time corporates were relying on financial data for predicting the corporates financial position. However, with major scandals like Enron, WorldCom, and Lehman Brothers who all were involved in financial frauds through window dressing their financial statements brought out an argument that whether financial statement analysis is the only approach to predict corporates financial situation. On, further study we support the argument that financial statement analysis is not the only approach to rely upon. Various journal articles supported the arguments and concluded that while analyzing corporates position not only financial aspects but also non-financial aspects should be considered. One of such non-financial aspect is Corporate Governance which focus not on financial aspect of the firm but it is basically considering management, board of directors and their influence in board and level of independence We further concluded that firm having small board size with large number of independence directors, will be less exposed to financial distress as there will be consistent monitoring over board of directors by independent directors. Thus, we support the argument that corporate should consider other aspects to predict bankruptcy of corporates. References Alvarez, F., and Fridson, M.S. (2002) Financial statement analysis: A practitioners guide. 3rd ed. New York: John Wiley Sons. Elshahat.I., Elshaht.A., Rao.A. (2015) Does Corporate Governance Improve Bankruptcy Predicition. Academy of Accounting and Financial Studies Journal 19(1). Gretmenian, L.W., and Chuvakhin, N.V. (2003) Predicting bankruptcy in the WorldCom age. Graziadio business Review, 6(1). Gyamfi, M.A. (2016) The Bankruptcy of Lehman Brothers: Causes, Effects and Lessons Learnt, Journal of Insurance and Financial Management, 1(4), p.132-149. Li, Y. (2010) The Case Analysis of The Scandal of Enron. International journal of business management, 5 (10). Livratto.N. (2013) From failure to corporate bankruptcy- a review. Journal of Innovation and Entrepreneurship, Available from DOI:10.1186/2192-5372-2-20. (Accessed on 05-10-16) Minow.N. and Monks, R.A.G. (2011) Corporate Governance. 5th ed. United States: John Wiley Sons.

IELTS Essay Samples

IELTS Essay SamplesBand IELTS (Intermediate Level IELTS) is the exam most likely to determine if a person is good enough to pass out of the school. This exam has proven to be very difficult as each level, there are harder questions that one needs to answer to score high. Most students wait until after they've already passed out of school before they take on this difficult exam.When taking the band IELTS exam, students have to write three essay samples and submit them to the teacher at the end of the class. To help students out with writing samples, the instructor always requires the students to complete this section of the exam with full concentration. To do so, the student should practice what they wrote in order to become comfortable with it. In other words, they should create practice essays.The band IELTS essay samples are a written word study that helps the student to learn vocabulary. The test might ask the student to write the sentence based on a certain word or phrase that th ey'll be tested on. Students must choose the correct wording for each of the syllables based on their words and phrases that they would know. Students will have to learn which syllables must be used and the other words in the sentence.In order to get familiar with this kind of IELTS essay samples, students should read several newspaper articles or watch television programs that have been created based on the words in their syllable choices. In addition, they should try to write down as many words that are frequently used. This will make them more prepared for the band IELTS exam.This is not a simple task to write an essay. Students must identify the main ideas that they need to state and think about how the sentences can fit together. The main idea should be related to the rest of the sentence and if possible, the sentences must not only build upon each other but must also fit together. Otherwise, it's likely that the student would not be able to answer the questions and the grade w ould be diminished.Be sure to choose the best options. Choosing an incorrect option will make the student fail the test. Usually, band IELTS essay samples will be about two minutes long. Students should aim to answer at least 40% of the questions correctly.After a student is done with this part of the exam, he/she will have to write an essay that can pass the test. This is all the preparation that's required to score high and pass out of the school. For more information, visit the website of the International English Language Testing System.

Mapleton Education Foundation Scholarship free essay sample

Mapleton Education Foundation Scholarship 1. Tell us something about you. 2. What are your future goals and dreams? 3. How will this scholarship help you meet those dreams? 4. Why should YOU be chosen for this scholarship? I am a charro that is basically like an American cowboy. I have inherited this from my dad and his dad. I am one of the few teenagers that I have seen participate here in Colorado. I ride bulls, mares, and do trick roping. I have only competed twice; we placed second both times out of four teams. The first time I competed my team was low on points. It was my turn to ride the bull and it wasn’t able to buck me off, after that I had to ride the mare which luckily did not buck. Finally I had to do what is called â€Å"El Paso De La Muerte† this is where I have to jump from my horse bare back to another horse while they are running and I did it. We will write a custom essay sample on Mapleton Education Foundation Scholarship or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This scored my team a lot of points and everyone was impressed. The second time I competed I broke my foot when I was getting ready to ride the bull which made me have to quit the team. I didn’t ever really join until I stopped hanging out with a group of gangsters which was at the end of the tenth grade. I knew that what I was doing was bad and that I had to stop because I was giving a bad example for my younger brothers and cousins. â€Å"What would you like to be when you grow up?† I have always been asked this question and it didn’t change until about four years ago. I always wanted to work in construction like my father, until I realized it’s not a fun job. The pay is fine but the work is tough. My father comes home eats a snack and waits for dinner to be ready. He tells me about how exhausted he gets after working more than 40 hours. After noticing that this is all he does I knew that I would never want to work his job. My plans changed and I didn’t know what I wanted to become. The day I heard about a construction manager, I knew that that was what I wanted to become and that college is what would get me there. This scholarship will help me get through college because if I get through one I will know that I can finish. If I had to start working right after high school and still go to college it would be extremely hard for me. My parents are divorced and I am living with father. It has been difficult on me because I am the second oldest and I have to watch the younger ones. My dad is living with my auntie, and my mom has her own place. They don’t have much money to help me with college. So I will be depending mostly on financial aid, scholarships and a part time job. I don’t want to get a lot of student loans because I hear that they put people in debt. That will give a good example for my younger brothers and sister and my family will be very proud of me. I should be chosen for this scholarship because I knowing that I have a greater chance at going to college I will take the opportunity to do something great with my life. I want to prove to my parents that I can go to collage and graduate from collage which is something that no one in my family has done. I am already on track by taking two college level classes while being a junior. I changed myself around from failing classes to passing them all and even getting accepted for the college classes. That’s why I think I should be chosen for this scholarship.

Free Essays on Nietzsche And Freud

Nietzsche and Freud both had the same idea that society was a major factor effecting ones behavior. However they differed in their perception of the innate qualities of humans and how human progress is best achieved. It will be shown in this paper how Nietzsche and Freud differ in their perception of the innate qualities of humans. Nietzsche believed that humans were innately good and that the essence of humans lied within their will. Freud believed that humans’ innate qualities were bad and it was society which was needed to suppress these qualities. Nietzsche felt that society had too much control over individuals. He states that society had adopted a type of slave morality. Nietzsche felt that if the individual wanted to succeed he or she had to break free of society to better him or herself. The basis of this idea was the theory of the will. Nietzsche believed the will was the human essence. Will is an innate quality because it is not conscience from what society says. Nietzsche believed that individuals were basically born good and it was society that made one bad. In order to avoid society corrupting an individual, one had to follow their will. He wanted the will to be unobstructed by society and in order to do this one had to do away with conscience and consciousness. Conscience is ones sense of right or wrong which comes from what society says. Nietzsche believed that ones consciousness is an illusion and it must be abandoned. By leaving behind what society said and following ones will the individual could achi eve greatness. Success and progress is best achieved, according to Nietzsche, only when there is an infinite expression of the will present. Freud felt it was society that was beneficial to the individual. Contrary to Nietszche, Freud believed that individuals were naturally born bad and it was society which made him or her bad. Freud believed that individuals were born with an id. The id is basica... Free Essays on Nietzsche And Freud Free Essays on Nietzsche And Freud Nietzsche and Freud both had the same idea that society was a major factor effecting ones behavior. However they differed in their perception of the innate qualities of humans and how human progress is best achieved. It will be shown in this paper how Nietzsche and Freud differ in their perception of the innate qualities of humans. Nietzsche believed that humans were innately good and that the essence of humans lied within their will. Freud believed that humans’ innate qualities were bad and it was society which was needed to suppress these qualities. Nietzsche felt that society had too much control over individuals. He states that society had adopted a type of slave morality. Nietzsche felt that if the individual wanted to succeed he or she had to break free of society to better him or herself. The basis of this idea was the theory of the will. Nietzsche believed the will was the human essence. Will is an innate quality because it is not conscience from what society says. Nietzsche believed that individuals were basically born good and it was society that made one bad. In order to avoid society corrupting an individual, one had to follow their will. He wanted the will to be unobstructed by society and in order to do this one had to do away with conscience and consciousness. Conscience is ones sense of right or wrong which comes from what society says. Nietzsche believed that ones consciousness is an illusion and it must be abandoned. By leaving behind what society said and following ones will the individual could achi eve greatness. Success and progress is best achieved, according to Nietzsche, only when there is an infinite expression of the will present. Freud felt it was society that was beneficial to the individual. Contrary to Nietszche, Freud believed that individuals were naturally born bad and it was society which made him or her bad. Freud believed that individuals were born with an id. The id is basica...

Design and Installation Assignment Example | Topics and Well Written Essays - 750 words

Design and Installation - Assignment Example In carrying out these activities, the engineer will use a combination of the User Experience Model and the Visual (model) types. This will help in inviting the active human interaction as the engineer aspires to realize a more extensive research that will obviously lead to a more profound result as per the demands of the client. When the engineer opts for the user experience model, a combination of tools and materials are used. The material used in this prototype is plywood and CNC machined components and the RP processes. It is not constructed using from scratch, but using industrial CT scanning techniques. On the other hand, the use of the visual prototype will help in creating a more aesthetic appeal to make the structure have an attractive color, appearance, and texture that will, of course, make the product be appealing to the intended users to admire it properly. This is the surest way through which the prototype specialist will ensure that the real product is simulated. Hence, it will be so cheaper to have this prototype in place than it would be practically possible if the product is designed. The computer software can be used to help in creating the computer model prototype that will help in making a good prototype for the product intended to be made. This in itself is essential in helping to design a more appropriate product with the required weight and appropriate size and shape to aid in an admirably good final product (Howard A. P., 2009). On the other hand, the in situ concrete is the type of slab that is constructed at the exact site of the building. It requires the investor to avail all the required materials (sand, cement, and hardcore) together with the essential tools (spade, trowel, plump bob and others) and the necessary expertise required in this process.

Human Resources Essay Example | Topics and Well Written Essays - 250 words

Human Resources - Essay Example If this would not suffice, it is time to consider some disciplinary actions suitable for the offense. 2.) Upon receiving the cease and desist letter, the company needs not to respond immediately; instead it should take more time to analyze the situation and formulate a planned response. It is necessary that the concern will be discussed to the legal counsel who is expert in the field of infringement claim (Landy, 2008, p. 131). Likewise, the company should establish a new version of policy that will strongly regulate the usage of internet. The company should also be stricter in monitoring the usage of office supplies by conducting an accurate inventory. 3.) I would consider the idea of terminating Karen at the end of her probationary period. This is not because other employees had told me to do so but this is based on the monitoring and review of criteria. The criterion that makes her not suitable is the ‘timely and regular attendance at work’ which will definitely affect her productivity (Smithson, n.d.). The case of Jackie is different from Karen in terms of their employment status. Although the offense is more or less the same, Jackie’s situation needs to have a form of just cause otherwise damages will be