Oil Taxes Essay Example | Topics and Well Written Essays - 3750 words

Oil Taxes - Essay Example Crude oil, as the raw material in the world market has effected changes that have affected the economic stability of countries. While price changes has its usual negative implications, adverse supply shocks unexpectedly has created a critical scenario in the reduced aggregate supply in the world oil market thereby increasing its prices. In the early 70's, OPEC's control and reduction of oil prices according to Mankiw(1998)1 has aroused the world oil price instantly that has resulted to double-digit inflation and high unemployment rates. The changing prices of crude oil have its usual implications on the economy that often results to a world oil crisis. At the moment, the world is witnessing a major oil crisis with the current war in Iraq and the ensuing conflict with the other large oil producing countries in the Middle East. It is startling to note that material changes in the price of oil can rapidly cascade to the whole economy thereby affecting the price structures of consumer go ods and services. The United States, as the highest consumer of the world's oil stands at the loosing end thereby carefully fielding studies to convince the Gulf and Europe to limit their cuts. Former US Energy Secretary Richardson2(2000)has suggested in a new measure to limit the drastic impact on world economic slowdown by discussing the relationship between the world oil price market and the heavy taxation imposed by the government of oil-producing countries on oil production. According to OPEC, the barrel of refined oil has been split in to three; crude oil price, industry margin and taxes. Governments who share the bulk of the profit are thereby enjoined to seriously observe their tax policies and exact measures to alleviate the prices of this main commodity. Mineral Taxation around the World The current moves to effective globalization aims to de-emphasize high tax rate, tie tax rate to additional profit or impose low but flat tax on all activities. Abu Dhabi, Dubai, Tunisia and Venezuela that have similar high tax rate do not share in production, while Qatar, Egypt, Yemen and Argentina that share in production have tax rate ranging from 0-40%.73 Most of these countries have done away with royalty while others have rates ranging from 1-12%, which is based on the sliding scale tied to production. Let us look into the different taxation measures imposed by Azerbaijan and Kazakhstan, two minor oil producers who have every potential for economic gains and their implementation of tax reforms. As international capital flows are guided by the prevailing fiscal regimes, there is a need for achieving some degree of harmonization. In this context, it is important to know what types of taxes can be expected on the oil sector industry. The dual nature further imposed on oil and gas as a special character of the mineral sector on other countries has equated the dual role of the government leading to the dilemma of whether taxation should be different in the mining sector and general system in terms of rate structure and administration. Taxes of general application may not always be suitable for mineral companies involving higher capital intensity and long-gestation lags. Further, it is difficult to prejudge whether the exemption of the mineral companies from

Education Systems Essay Example | Topics and Well Written Essays - 1000 words

Education Systems - Essay Example But over the years, it seems the geo-political circumstances have taken its toll on the education sector in Ethiopia. A study carried out UNICEF points out that the net primary schools enrollment for male students in Ethiopia during the period 2000-2007 was around 74 percent, while for females this percentage was 69 percent. The study indicates that the enthusiasm shown by parents could not be sustained for long, as the net secondary school enrollment percentage drops down to 29 percent while for female students this figures comes down to just 19 percent (UNICEF, 2008). This indicates towards a fundamental issue of sustaining the interest of the masses in sending their kids for higher education. This indicates towards a need for allocation of still better resources towards the education sector in the country. Amongst other things, the political climate and the war like situation with bordering Eritrea is also responsible for eating into the resources of the country and thus resulting into the adverse humanitarian situation prevailing in the country. International agencies like UNICEF have indeed done commendable work for addressing the needs of general population. For example, the international agency has earmarked US$3,800,000 for the education sector in Ethiopia for the current year (UNICEF, 2009). Ghana, an integral component o... International agencies like UNICEF have indeed done commendable work for addressing the needs of general population. For example, the international agency has earmarked US$3,800,000 for the education sector in Ethiopia for the current year (UNICEF, 2009). Ghana, an integral component of the Gold Coast, is historically known for its rich resources. But, over the years situation has changed to a great extent. In the 1950's it was known as a country with highest level of education in the entire Sub-Saharan Africa2. But the latest statistics point out that the dropout rate of youth while migrating from primary to secondary schools is substantially higher. The UNICEF statistics3 point out that during the period 2000-2007 the enrollment of male in primary schools was 73 percent and for females this figure was 71. But this figure sharply drops down to 47 percent and 43 percent respectively as the students march towards secondary schools education. Despite having a tuition free and mandatory primary and junior secondary school education in Ghana the enrollment in schools can certainly not be termed as satisfactory. Ghana has made a constitutional provision under article 39, which mandates the tenets of free, compulsory, universal basic educat ion (FCUBE) initiative4. Ghana has been getting international attention as well in support of the forward looking policies of the government. Aid from international organizations and foreign governments is helping Ghana in strengthening its educational system. Availability of resources certainly impacts the shaping of the overall picture of educational system. Ethiopia and Ghana are not the one's having best of resources but the respective governments need to accord more priority to

The Sme Growth Strategies Economics Essay

The Sme Growth Strategies Economics Essay This paper focuses on factors affecting the growth and performance of small and medium enterprises. The aim was to identify strategic factors differentiating young and long-lived growth SMEs. The empirical data consisted of 32 young (8 years or less) and 33 long-lived (20 years or more) growth SMEs. A comparison of the two groups of growth SMEs revealed strategic differences with important implications between young and long-lived SMEs. The results suggest that firm age does matter for SME growth strategies. The results increase our understanding of the factors affecting SME growth and performance in two different contexts. Keywords: growth; performance; strategies; small and medium enterprises INTRODUCTION Firm growth is a central focus area in strategy, organizational and entrepreneurship research. Much research effort has been targeted particularly at investigating the factors affecting firm growth, but to date there is no comprehensive theory to explain which firms will grow or how they grow (e.g. Garnsey, 1996). It seems that not even very strong explanatory factors have been identified, though various explanatory approaches have been presented. The research community largely shares the view that growth SMEs have a special importance in the economy (see e.g. Storey, 1994). During the last ten years, the research on firm growth has largely focused on high-growth SMEs. It is argued that a relatively small proportion of all small firms are responsible for the major part of the small firm contribution to net new jobs (Storey, 1994; Birch et al., 1993). These firms have been described as gazelles, fliers, growers and winners, and the targeting of effort towards them has been described as picking, stimulating, or backing winners (see e.g. Gibb, 1997; Freel, 1998; Beaver Jennings, 1995). More recently, the role of fast-growing small firms has been questioned, and the issue is known as the mice vs. gazelles (Birch et al., 1993) or flyers vs. trundlers (Storey, 1994) debate. In other words, the debate has focused on the question: which of these actually has the major impact on net employment (Davidsson Delmar, 1998)? On the other hand, it has been recognized that attending exclusively to firm-level growth and jobs may be too narrow an approach. Firms, even very small and non-growing ones, can have different strategic roles or positions in the local economic system (Laukkanen 1999). Some are critical facilitators of other firms growth or of their very emergence, and thus are important for job creation at the local level. In fact, previous research reveals that firm growth is a multidimensional phenomenon. There is substantial heterogeneity in a number of factors associated with firm growth and related research (Delmar et al., 2003). The most recent research on firm growth has increased our understanding of different growth patterns. As Delmar et al. (2003) have shown, firm growth patterns are related to the demographic characteristics of firms such as firm age. SME growth is often closely associated with firm overall success and survival (e.g. Johannisson, 1993; Phillips Kirchhoff, 1989). Growth has been used as a simple measure of success in business (e.g. Storey, 1994). Also, as Brush and Vanderwerf (1992) suggest, growth is the most appropriate indicator of the performance for surviving small firms. Moreover, growth is an important precondition for the achievement of other financial goals of business (de Geus, 1997: 53; Storey, 1994; Reynolds, 1993; Day, 1992: 128; Phillips Kirchhoff, 1989). From the point of view of an SME, growth is usually a critical precondition for its longevity (Storey, 1994: 158). Phillips and Kirchhoff (1989) found that young firms that grow have twice the probability of survival as young non-growing firms. It has been also found that strong growth may reduce the firms profitability temporarily, but increase it in the long run (McDougall et al., 1994; cf. MacMillan Day, 1987). However, there are several conceptual and empirical challenges in the study of firm growth (see e.g. Davidsson Wiklund, 2000; Delmar, 1997). Firm growth in general refers to increase in size. In research, firm growth has been operationalized in many ways and different measures have been used. This may be one reason for the contradictory results reported by previous studies (Weinzimmer et al., 1998: 235), though other explanations have also been presented (see Delmar et al., 2003; see also Davidsson Wiklund, 2000). The most frequently used measure for growth has been change in the firms turnover (e.g. Weinzimmer et al., 1998: 238; Hubbard Bromiley, 1995; Hoy et al., 1992; Venkatraman Ramanujam, 1986). Another typical measure for growth has been change in the number of employees. However, it has been found that these measures, which are frequently used in the SME context, are strongly intercorrelated (North Smallbone, 1993; Storey et al., 1987). Such an intercorrelation may not exist among capital-intensive large companies. Most studies of firm growth have focused on large companies or new venture, while the growth of established, long-lived SMEs seems to have attracted much less attention. In fact, many organizational life cycle models present growth as one stage of development in the organizational life cycle. On the other hand, it has been shown that most new jobs are created by existing, not new, SMEs (e.g. Davidsson et al., 1993; see also North et al., 1992). However, previous studies of SME performance have focused on the performance of new ventures rather than on existing SMEs and on the factors behind their longevity and growth (e.g. Tsai et al., 1991; Duchesneau Gartner, 1990; Keeley Roure, 1990). This study takes a holistic and extensive approach to factors affecting SME growth and performance. Firm growth and performance are much affected by strategy, which involves choices along a number of dimensions and can be represented by a firms overall collection of individual business-related decisions and actions (Mintzberg, 1978; Miles Snow, 1978). Though there is a variety of definitions of the term of strategy, it can accurately be conceptualized as a pattern of strategic variables, because the elements of strategy the individual business-related decisions and actions are interdependent and interactive (Galbraith Schendel, 1983). It is argued that the identification of strategy patterns permits a more complete and accurate depiction of overall strategic behavior (see e.g. Hambrick, 1983; Robinson Pearce, 1988). Previous research has suggested that the paths to growth can differ systematically by firm-level factors such as firm age (Fisher and Reuber, 2003; Delmar Davidsson, 1998). In fact, already in the late fifties Penrose (1959) presented the view that a firms growth pattern is dependent on its age, size, and industry affiliation (see Delmar et al., 2003; also Stinchcombe, 1965). As Delmar et al. (2003) suggest, it is probable that different growth patterns have different implications for management and possibly also for the long-term performance of the firm. In this light it seems useful to compare young growth SMEs and long-lived growth SMEs and determine whether they differ in characteristics and strategies. The central research question is, how do young and long-lived growth SMEs differ in their strategic attributes? In other words, the aim of this paper is to investigate whether firm age plays a role in firm characteristics and strategies. The findings will increase our understanding of the factors associated with firm growth and performance in these two different contexts. FACTORS AFFECTING SME GROWTH Although there has been much interest in understanding small firm growth during the last ten years (e.g. Davidsson Delmar, 1999; Delmar, 1997; Wiklund, 1998), there is still not much of a common body of well-founded knowledge about the causes, effects or processes of growth (Davidsson Wiklund, 2000). Moreover, although several determinants of firm growth have been suggested, researchers have been unable to achieve a consensus regarding the factors leading to firm growth (Weinzimmer, 2000). Most of the research work in this area fails to provide convincing evidence of the determinants of small firm growth as a basis for informing policy makers (Gibb Davies, 1990: 26). Attempts to build models for predicting the future growth of the firm, i.e. picking winners, have not been particularly successful. Moreover, as Spilling (2001) reminds us, the status of being a growth firm may be rather temporary. Early studies of growth focused on large companies and their diversification strategies. However, small firms are not small big firms. In large companies the role of diversification, for example, may be significantly bigger than in the case of SMEs. Indeed, growth through diversification may be necessary for the growth of a large company (Kay, 1997). The existing research on the growth and strategy of SMEs has focused mainly on new ventures (Olson Bokor, 1995). There are few studies of the growth of established SMEs: one instance is Davidsson (1989), who studied the subsequent growth of an SME from the psychological point of view. Maybe the most comprehensive compilation of results of previous studies focusing on small firm growth is that presented by Storey (1994). Several classifications of factors affecting firm growth have been presented. The general preconditions for growth have been suggested to be (1) entrepreneurs growth orientation; (2) adequate firm resources for growth; and (3) the existence of the market opportunity for growth (cf. Davidsson, 1991). Storey (1994: 158) claims that there are three key influences on the growth rate of a small independent firm: (1) the background and access to resources of the entrepreneur(s); (2) the firm itself; and (3) the strategic decisions taken by the firm once it is trading. The most important factors associated with an entrepreneur are motivation, education, the firm having more than a single owner, and the firm having middle-aged business owners. The growth of the smallest and youngest firms is the most rapid. The location and industry sector also affect the growth. The most important strategic factors are shared ownership, an ability to identify market niches and introduce new products, and an ability to build an efficient management team. Storey argues that these three components need to be combined appropriately for growth to be achieved. Gibb and Davies (1990: 16-17), on the other hand, have grouped the factors explaining growth into four types of approach (Gibb, 1997: 2-3; Pistrui et al., 1997; Poutziouris et al., 1999). These are: (1) personality-dominated approaches, which explore the impact of personality and capability on growth, including the entrepreneurs personal goals and strategic business aspirations (e.g. Chell Haworth, 1991; 1992); (2) firm development approaches, which seek to characterize the growth pattern of the firm across stages of development and the influence of factors affecting growth process (e.g. Scott Bruce, 1987); (3) business management approaches, which pay attention to the importance of business skills and the role of functional management, planning, control and formal strategic orientation in terms of shaping the growth and performance of the firm in the marketplace (e.g. Bamberger, 1989; 1983); and (4) sectoral and broader market-led approaches which focus largely on the identificati on of growth constraints and opportunities relating to small firm growth in the context of regional development or the development of specific industrial sectors such as high-technology small firms (e.g. Smallbone et al., 1993). The entrepreneur and growth intention The behavior of entrepreneurs is strongly affected by intentions (e.g. Krueger Carsrud, 1993: 315; Bird, 1988: 442). The firms strategic behavior and subsequent growth is understandable in the light of its growth intention. Therefore, firm growth is based not merely on chance, but on the managements conscious decision making and choice. Naturally, the firm can grow even though it is not the managements aim, but in such a case the growth is not planned and so may include more risks. Planning helps in managing growth. In general, goals and objectives can be divided into two categories. On the one hand, there are final goals which are valuable as such. On the other hand, there are goals which have instrumental value for achieving some other goals. Growth can be regarded as the second most important goal of a firm, the most important one being firm survival, i.e. the continuity of the business. Moreover, growth is an important precondition for a firms longevity. Negative growth of an SME is often a sign of problems, while stagnation, i.e. a situation where growth has stopped, is usually indicative of problems that a firm will face in the future. As a matter of fact, growth often has instrumental value. For new ventures, firm growth is needed to ensure an adequate production volume for profitable business. Growth can serve as an instrument for increasing profitability by enlargening the firms market-share. Other similar goals include securing the continuity of business in the conditions of growing demand or achieving economies of scale. Moreover, growth may bring the firm new business opportunities (cf. the corridor principle, Timmons 1999), and a larger size enhances its credibility in the market. Also, achieving a higher net value of the firm can be regarded as a motive for firm growth. In SMEs, growth objectives are often bound up with the owner-managers personal goals (e.g. Jennings Beaver, 1997), and so it is important that they support each other. Much has been written about the importance of the entrepreneurs growth motivation (e.g. Perren, 2000; Davidsson, 1991; Miner, 1990). The close connection between an owner-manager and the firm is the dominant characteristic of small firms (Vesalainen, 1995: 18). Instead of profit maximization or growth, a firms primary goal may be the entrepreneurs independence or self-realization (see e.g. Foley Green, 1989). Moreover, there may be no adequate resources for growth, or the expected increase in business risks may limit a firms growth willingness. However, aversion to growth has been said to be the principal reason why most SMEs stagnate and decline (Clark et al., 2001). In several typologies, entrepreneurs and firms are categorized by their business goals, so growth has been a widely used dimension in many typologies. There are two broad approaches in the studies of small firm success: (1) the business professionals model, and (2) the small business proprietors model (Bridge et al., 1998: 140-142). These two approaches can be identified in several typologies of entrepreneurs (e.g. Smith, 1967; Stanworth Curran, 1976). According to the business professionals model, a successful firm is one that achieves its highest potential in terms of growth, market share, productivity, profitability, return on capital invested or other measures of the performance of the firm itself. In the small business proprietors model, the owner-managers main concern is whether the firm is providing them with the benefits they want from it. These benefits are often associated with a lifestyle and an income level to maintain it. In the latter model, firm success therefore mean s being able to reach a level of comfort rather than achieving the businesss maximum potential. Firm development In firm development approaches, firms are seen as temporal phenomena which are born, grow, mature, decline and die. Firm growth is the basic dimension of the models of organizational life cycles (e.g. Greiner, 1972; 1998; Mintzberg, 1979; Churchill Lewis, 1983; 1991; Miller Friesen, 1983b; Scott Bruce, 1987). Numerous models of organizational life cycles have been presented, e.g. a three stage model (Smith et al., 1985), four stage models (Quinn Cameron, 1983; Kazanjian, 1988), five stage models (Greiner, 1972; Galbraith, 1982; Churchill Lewis, 1983; Scott Bruce, 1987), and a seven stage model (Flamholtz, 1986). These multistage models use a diverse array of characteristics to explain organizational growth and development. Organizational life cycle models is one application of the configurational approach in describing the stages of life cycles and the transformation from one stage to another (Mintzberg et al., 1998). Common to these growth pattern models is the claim that changes in an organization follow a pattern characterized by discrete stages of development (Dodge et al., 1994). Typical of these patterns are the sequence of events that show how things change over time, a hierarchical progression that is not easily reversed, and a composite of a broad range of organizational activities and structures. Organizational life cycle models are important in understanding the differences in success factors of the firm between the stages of the life cycle. However, organizational life cycle models have been criticized because of their extreme simplification of reality: in some cases not all stages of development are found, some stages of development may occur several times, the stages of development may occur in an irregular order, and there is a lack of empirical evidence to support the theories (e.g. Gibb Davies, 1990; Bridge et al., 1998: 105; Eggers et al., 1994; Birley Westhead, 1990; Miller Friesen, 1983a; Vinnell Hamilton, 1999; cf. Dodge et al., 1994). In addition, on the basis of the results of their study of high-growth firms, Willard et al. (1992) concluded that the applicability of conventional wisdom regarding the leadership crisis in rapid growth entrepreneurial firms may no longer be valid, if, in fact, it ever was. Despite the critiques of organizational life cycle models, strategic management and entrepreneurship research has demonstrated life cycle theory to be one of the most powerful tools for understanding and predicting venture performance. According to Greiner (1972; 1998), for example, a firms failure to adapt to a series of crises caused by growth is one of the principal causes of firm failure. Growth strategies Several growth strategies related to business management approaches have been presented in the literature. Managing growth is a major strategic issue for a growing firm (see e.g. Arbaugh Camp, 2000). Strategy is the most important determinant of firm growth (Weinzimmer, 2000). Among high-growth firms, Dsouza (1990) identified three primary strategic clusters: (1) build strategy, i.e. emphasis on vertical integration; (2) expand strategy, i.e. emphasis on resource allocation and product differentiation; and (3) maintain strategy, i.e. emphasis on market dominance and/or efficiency. Thompson (2001: 563-565) presents four growth strategies: (1) organic growth; (2) acquisition; (3) strategic alliance; and (4) joint venture. On the other hand, when looking at the product/market strategy, four options can be seen: (1) market penetration; (2) new product development; (3) new market development; and (4) moving into new markets with new products (Burns, 1989: 47). However, there is a lack of agreement in empirical findings concerning product- and market-based strategies. While Sandberg and Hofer (1987) argue that product-based strategies work better than focused strategies, Cooper (1993) claim that focused strategies outperform differentiated product strategies (Pistrui et al., 1997). Perry (1986/87) investigated growth strategies for an established small firm, and concluded that the most appropriate growth strategies are niche strategies, i.e. market development and product development strategies, in that order. However, it seems that most empirical studies focus on new venture strategies. Studies of competitive strategies related to firm growth have been carried out in the new venture context by McDougall and Robinson (1990), McDougall et al. (1992), Carter et al. (1994), and Ostgaard and Birley (1995), among others. As opposed to the organic growth strategy, acquisitions are regarded rather as a large company growth strategy which can be either synergistic or nonsynergistic (Anslinger Copeland, 1996). Forward or backward vertical integration means that the acquired firm is located at a different level of the value-addition chain, i.e. the acquired firm is a customer or supplier of the firm. In contrast, horizontal integration refers to a firm which is at the same level of value-addition, i.e. it is a competitor. Lateral integrations refer to unrelated businesses which represent a diversification strategy. In addition to becoming bigger and thus acquiring greater market power, there might be several other reasons for acquisitions, e.g. acquiring synergies, industry restructuring, reduction of business risk, acquiring new knowledge and other necessary resources, overcoming barriers to entry, and entering new markets quickly (see Vermeulen Barkema, 2001; Empson, 2000; Birkinshaw, 1999; Tetenbaum, 1999; Chatterjee, 1992). Despite the fact that growth through acquisitions is more typical of larger firms than smaller ones (see e.g. Davidsson Delmar, 1998), it is one option for the growth of an SME. However, it seems that few studies focus on acquisitions made by small firms. Also, one often neglected way of growing is by setting up new firms. Studies using a firm as the unit of analysis have not been able to identify growth through a portfolio of firms as one way of growing (see Scott Rosa, 1996). However, it has been found that portfolio entrepreneurship appears to be more common than suspected, and that it is characteristic of entrepreneurs who own and manage growth firms (Pasanen, 2003b). Wiklund (1998: 239) concluded that growth through portfolios of firms does not seem to be an alternative to growing a single firm, but entrepreneurs leading rapidly growing firms tend more often to start subsidiaries and independent new firms and to grow these firms. Small business growth through geographic expansion is a challenging growth strategy, as during the course of opening a new geographical site an entrepreneur will be confronted with the task of managing an existing business and a start-up at the same time (Barringer Greening, 1998). Penrose (1959) proposed already in the late fifties that firm growth is constrained by the availability and quality of managerial resources. Many studies draw attention to the important role of an entrepreneurial team for firm growth (see Birley Stockley, 2000). Also, in their study of technology-based ventures, Eisenhardt and Schoonhoven (1990) found an association between a strong management team and firm growth (see also Weinzimmer, 1997). In addition to the importance of favourable firm-internal conditions, the strategies should be in harmony with the environmental conditions. Different growth environments may require different business strategies for SMEs. For instance, Chaganti (1987) found that for small manufacturing firms, different growth environments required distinctly different strategies. Interestingly, this was contrary to the findings concerning large companies. It was concluded that strategic flexibility is a critical requirement for small firms (Chaganti, 1987). Growth barriers Sectoral and broader market-led approaches focus largely on the identification of growth constraints and opportunities. It has been found, for instance, that economic fluctuations strongly affect the growth probability of small firms (Kangasharju, 2000). Also, for firm growth, it seems that aiming at growing market niches is more important than taking market shares from competitors (Wiklund, 1998). However, growth can happen only if there are no growth barriers. Such barriers can be related to firm-internal and firm-external factors (see e.g. Barber et al., 1989; Smallbone North, 1993a; Vaessen Keeble, 1995; Jones-Evans, 1996; Vesper, 1990: 174-175; Hay Kamshad, 1994). The growth barriers characteristic of small firms in peripheral locations have been presented by Birley and Westhead (1990: 538). In the study carried out by the Cambridge Small Business Research Centre (1992), the most common growth barriers were related to factors on the macro level. The most important growth barriers were related to difficulties in obtaining finance and the price of money, the level of and decrease in demand (also Perren, 2000), and tightening competition (also Hay Kamshad, 1994). Other growth barriers were caused by restrictions determined by authorities, problems in obtaining a skilled workforce, and the small number or lack of potential cooperation partners in the area. The firm-internal factors affecting unwillingness to grow include the entrepreneurs fear of losing her or his autonomy, difficulties in fitting together personal and the firms goals, and weak managerial or marketing skills (see also MacNabb, 1995; Perren, 2000). These issues are particularly ty pical when an entrepreneur transfers from the role of entrepreneur to that of manager, or when the firm hires a new manager. DATA AND METHODS This paper is based on data from a larger exploratory study of the factors affecting SME performance (Pasanen, 2003a). Empirical data were collected from 111 growing SMEs in Eastern Finland. The sample was split into quartiles, based on firm age. Lower and upper quartiles of firms were chosen for the final samples, in order to compare the firms in these quartiles with each other. The lower quartile consisted of 32 SMEs aged eight years or less (young firms), whereas the upper quartile consisted of 33 SMEs aged twenty years or more (long-lived firms). A growth firm was defined as a firm with actual growth in turnover during the past five years. Growth was measured as a change in turnover between two time points ignoring the regularity or irregularity of growth over time (see Delmar et al., 2003; Weinzimmer et al., 1998; Delmar, 1997). A mail questionnaire was directed to the CEOs of SMEs operating in the sectors of manufacturing, business services, and tourism. The response rate was 5 3.7 %. Firms in the samples shared the following features: (1) size: SMEs, i.e. they employed fewer than 250 persons; (2) performance: growth firms, i.e. they had grown in terms of turnover during past years; (3) location: peripheral, i.e. outside major cities and not in core areas; (4) ownership: independent firms, not subsidiaries of other companies; and (5) industry sector: operated in the sectors of manufacturing, business services, and tourism. The age of young firms ranged from 2 to 8 years, the average being 5.5 years with standard deviation of 1.7 years. The age of long-lived firms ranged from 20 to 120 years, the average being 40.4 years with standard deviation of 24.9 years. Half of the long-lived firms were less than 35 years old. A comparison of the two groups of SMEs was based on data referring to the characteristics of entrepreneurs and enterprises, their life cycles, the strategic choices made, the success factors of SMEs, and the nature of their environment (see Pasanen, 2003a). Several factors in these areas are associated with firm performance. The characteristics of entrepreneurs consist of variables relating to entrepreneurs education, experience and other demographic factors. Variables related to the characteristics of SMEs and their life cycles include the firms demographic characteristics and growth behavior indicators. For the strategic choices made by the firm, the focus was on innovativeness, internationalization, specialization and networking. These strategic choices include three important elements affecting SME performance: markets, products, and the way of doing business (Normann, 1976). Innovativeness refers to the products of the firm, internationalization to its markets, and specializatio n and networking to the way of doing business. The environment was approached by studying the characteristics of the customer, industry and location. The success factors of SMEs were presented as statements describing their importance in the firms competitive advantage. In identifying the differences between young and long-lived SMEs, approximately 150 variables were tested using appropriate statistical tests, depending on the variable: the t test, non-parametric Mann-Whitney U test, or chi-square test. These tests were conducted to test the differences between the two groups for each of the individual variables. In some analyses, the U test was used instead of the t test due to the skewness of the data. RESULTS A number of differences in characteristics of the owner-managers and firms and their success factors were found between young and long-lived growth SMEs. Three variables related to the characteristics of the owner-managers showed statistically significant differences between the two groups of SMEs (Table 1). Almost all young firms were led by the founder(s) of the firm, whereas this was the case for only half of the long-lived SMEs. Among young SMEs, owner-managers had less experience and were younger than their counterparts in long-lived SMEs. TABLE 1 Differences in characteristics of owner-managers between young and long-lived SMEs (p Variables Test p value Founder  Ã‚ £2 = 6.705 (df = 1) p = .010 Total length of experience as owner-manager U test (z = -2.546) p = .011 Age U test (z = -2.459) p = .014 Fourteen variables characterizing the SMEs showed statistically significant differences between young and long-lived SMEs (Table 2). Young firms had had more founders (means 3.3 vs. 2.1) and had more founders still involved in the firm at the time of the survey than long-lived SMEs had (means 2.9 vs. 1.1). Almost all young firms were founded by a team of owners, whereas half of the long-lived SMEs were founded by a single owner. Being a family firm was more typical of long-lived SMEs (58%) than of young firms (19%). Long-lived SMEs were bigger in size than their younger counterparts: the average full-time personnel was 84 employees in long-lived SMEs and 21 in young firms. Moreover, the number of establishments was bigger in long-lived SMEs than in young firms, averaging 3.5 and 1.7, respectively. Acquisitions or mergers were more typical of long-lived SMEs (39%) than of young SMEs (13%). Owner-managers in long-lived SMEs were more satisfied with their firms success than those in young firms. On a scale of 1 (fully satisfied) to 4 (not at all satisfied), owner-managers in the long-lived SMEs had an average satisfaction of 1.7, whereas among young firms the average was 2.1. During their life cycle, more than half of the long-lived SMEs (55%) had at least once faced a situation where the firms existence, i.e. survival, had been threatened, while only one fifth of the young SMEs (22%) reported that their existence had been threatened. Managerial know-how was considered to be higher in long-lived SMEs than in young firms. In long-lived SMEs, principles and practices of management had changed more than in young firms. Among young SMEs, almost all firms (91%) had stayed close to their original business, whereas among long-lived SMEs seven out of ten firms (70%) had stayed close to their original business. There were also differences in products and customer structures between young and long-lived SMEs. The proportion of products with declining volume was higher in long-lived SMEs (6% of their products), whereas such products accounted for 2% of the young firms products. Among young firms, the cumulative proportion of turnover due to the five biggest customers was 59% of the firms total turnover, whereas in long-lived SMEs it was clearly lower, 41%. TABLE 2 Differences in characteristics of firms between young

Revenge and Emotions Essay -- Literary Analysis, Shakespeare

In the world today, many people face family problems every single day, but there are few people who face adversities as tough as those in William Shakespeare’s plays. Coping with family problems can cause a person to do vile things to themselves as well as to others. Shakespeare’s famous play revolves around revenge, which is the desire to do harm in return for a wrong. His play shows how the loss of loved ones can affect people. He builds up the idea that people do harmful things through anger rather than reasoning. In the play Hamlet, the characters face emotions that lead to revenge because they are unable to cope with the death of love ones. Hamlet’s Uncle Claudius kills his father, but he has no knowledge of this. The ghost says, â€Å"I am thy father’s spirit, doomed for a certain term to walk to the night, and for the day confined to fast in fires, till the foul crimes done in my days of nature are burnt and purged away† (I.v.9-33). The ghost tells Hamlet that he is his father and that a foul crime has been committed. He also tells him that the crime is forgotten. Hamlet finds out that his uncle kills his father by pouring poison in his ear while he is sleeping. Ghost says, â€Å"List, list, O, list! If thou didst ever thy dear father love —† (I.v.21-23). At this point, the ghost is saying to Hamlet if he has any love for his father he will avenge his death. The ghost states, â€Å"Revenge his foul and most unnatural murder† (I.v.25). Hamlet’s father is telling him to get revenge for his death. Hamlet ‘s initial reaction is to avenge his father, a reaction that is brought on by a sudden shock of the ghost’s confession.To prove that Hamlet has love for his father he is going to avenge his father’s death. â€Å"Haste me to know’t, that... ...and wounds the king. Hamlet finds out that the king poisoned the drink that killed his mother. Hamlet is full of rage and runs his uncle through with the poisoned sword. Hamlet states, â€Å"Here, thou incestuous, murd’rous damned Dane, drink off this potion. Is thy union here? Follow my mother† (V.ii.304-306). Hamlet makes the king drink the same drink that kills his mother. Hamlet has fulfilled the ghost’s wishes. The theme of revenge reaches its conclusion when Hamlet kills Claudius. Revenge is the core theme in Shakespeare’s Hamlet. Death of loved ones cause the characters to act blindly through anger and emotion which cause them to carry out revenge. Hamlet has opportunities to kill Claudius, but he waits until the time is right to kill him. Hamlet, and the Laertes both accomplishes their task. Their obsession and need for revenge lead them to their downfalls.

Cemetery billing and mapping system Essay

1.0 INTRODUCTION Technology has grown over the years and has made the life of mankind much easier. Technology is all around us and shows no sign of disappearing. It helps enhance the quality of life and business by doing many of our everyday tasks, which leaves more time to spend on more demanding and tedious matters. Computers are a great aid for businesses in terms of making a system from different aspects faster, proficient, and reliable. Computerized systems can generate reports and records in a fraction of the time compared to manual methods. Today, many of the world’s successful companies use computers for record keeping and report generations. Only a few have yet to adapt to the idea of computerized systems and continue to use a manual method of writing and recording in logbooks. Paraiso Memorial Park, Inc. is a privately owned cemetery located in Ampid II San Mateo, Rizal. Their main office is located at Door No. 12 Marietta Arcade MR Center, Marcos Highway, San Roque Marikina City. The cemetery first opened in November, 1973, by Mr. Romeo M. Liamzon. It is currently being led by their president Marietta Liamzon, the wife of the late Mr. Romero M. Liamzon. Paraiso Memorial Park, Inc. offers memorial services and lots for the deceased. Having a computerized Billing and Tracking system will help provide a proficient way to record, organize, and store data, regarding the client’s information. The system will help lessen the time and workload of the companies’ employees by giving faster, organized, accurate, and reliable information and records. 1.1 Background of the Problem In today’s modern age, computer has become a way of life; it is very evident that a majority of the country’s businesses still have not yet adapted to high technology. Particularly in most independent companies, daily transactions are still done on paper or old computer practices. We all know that modern offices are now operating at great pace striving to serve as many clients as possible with the best of their abilities. Although, as the years roll by, the number of clients and customers have grown and various record cases arise from these manual methods of managing clients’ records. Paraiso Memorial Parks, Inc. is a private cemetery located at San Mateo, Rizal. It was formerly founded by Mr. Romeo M. Liamzon, the late husband of President Marietta Liamzon, on November 1973. It currently has more than 20,000 customers and still continues to increase. It has (28)twenty-eight hectares of lot which are classified into five different types of memorial lot (1) lawn lot, (2) court, (3)presidential, (4) family estate, and (5)apartments (see attachment D-all. ), and are classified into 3 kinds of lots which is (a)Regular lot (b)Special (c)Premium Special. Paraiso Memorial Park, Inc. has surely grown over the years and along with it, its customers; the increasing numbers has been neglected over the years and therefore some of the processes of Paraiso Memorial Park, Inc. are in need of modification or update. Paraiso Memorial Park, Inc. is currently using a manual method of Billing and Tracking system. This manual method is prone to human errors and requires a considerable amount of time and effort. When computing the payments of a customer, wrong input into a ledger due to human errors can result in creation of a new entry, which consumes valuable time and effort. This leads to the delay of posting on the payments of a customer. There have also been cases where a page or the whole ledger is lost, damaged, or misplaced. It can be troublesome in finding the misplaced page or reproducing a damaged page. The filing of records is also a manual method of writing down information and then storing them into file cabinets. Records can be lost or misplaced from not being properly inserted into the file cabinets. If a request is made to view the record of a specific client, the employee must search through each folder of the file cabinet, which is very time consuming. Records and data lack security. Customer information is at risk to unauthorized viewing. Since there is no lock on the ledgers or file cabinets, anyone can gain access and view records or customer information. Once a customer has been issued a customer booklet, there have been cases where in a customer will forget to bring their customer booklet when giving a payment of installment. The employee will have a hard time finding the account of the customer since the contract number is unknown. They will search manually through each ledger, name by name. This becomes a problem since their ledgers are not organized in alphabetical order. In tracking a specific grave for customers, relatives, or visitors who do not know or remember the address of the lot, Paraiso Memorial Park, Inc. will search through several blotters for the name or address of the requested lot. The blotters are not arranged in alphabetical order, so the employee must search thoroughly name by name. The tallying of the available lots in Paraiso Memorial Park can be strenuous with the large number of overall lots in Paraiso. In order to find out how many lots are still available for sale, employees must compile the information gathered from numerous blotters. 1.2 Overview of the Current State of the Technology Paraiso Memorial Park, Inc. has valid agents that are authorized to assist old customers and especially new clients that are willing to buy. There are 20 transactions averaging per day and Paraiso Memorial Park, Inc. has 20,000 customers (already fully paid) to serve. There are two ways to inquire a lot in Paraiso Memorial Park Inc.; these are the following; Inquiring to avail a lot in Paraiso Memorial Park First customers inquire through an agent in the park which is called â€Å"The Officer of the Day†. This agent usually holds a Plan of the Park, Pricelist of the kind’s lots in Paraiso Memorial Park, Sales Application Form, Individual Application for Creditor and Contract to Sell. Customers may then ask about the price of the lot, kinds and classification of lot, terms and condition of payments, and how the customer will pay (cash or check) and where. The Agent will occasionally accompany their client throughout the park if requested; if the customer is willing and agrees to buy the lot, the agent checks the lot plan if the requested lot is available or not, then double checking it by calling the main office located in San Roque, Marikina City. If the availability of the lot requested is confirmed available, the agent will then present the Sales Application Form and Customer Data Sheet, Application Form for Individual Application for Creditor, and Contract to Sell to be filled up by the customer. The said forms stipulate the policy of the company regarding lot utilization, rules, and regulations. The agent and the customer will begin scheduling a date and time for when they will go to the main office for verification of data and issuance of a deposit slip. This deposit slip will be presented to the bank (Life Saving Bank besides the main office) upon payment. Afterwards, they will return to the Main Office for the issuance of official receipt, and the customer booklet depending if customer is in installment basis. Inquiring to avail a lot in Paraiso Memorial Park Inquiry through the Paraiso Memorial Park main office; located in San Roque, Marikina City. There is also an agent there called â€Å"The Officer of the Day†. Customers inquire through this agent and follow the same steps and procedures as if at the park office inquiry, except the customer cannot survey the memorial lots. The checking of availability of the requested lot is also quicker, since the main office holds the blotter. Issuance of the â€Å"Certificate of Ownership† will be given within a month after the full payment to have it prepared and signed by the official signatory and a PHP500.00 fee will be charge. The Contract to sell will be given to the buyer once it is signed by the official signatory that is within a month of the first payment. Along with the Contract to Sell is the Perpetual Care Fund in a form of trust amounting to PHP 5, 500.00 to PHP 132, 000.00 depending on the lot. (See Attachment C-7) Paraiso Memorial Park accepts all kinds of Check, whether Post-Dated Check or Personal Check. When a customer gives a post-dated check Paraiso Memorial Park prints out in a paper the information on the post-dated check and signs it saying Paraiso Memorial Park Inc. receives the post-dated check. The Individual Application for Creditor is a form of Insurance wherein if the conditions are met, a PHP 20,000.00 will be deducted to the remaining balance of the buyer. (See Attachment C-3.) If the customer is unable to pay according to the payment terms, a penalty will be given depending on how long the customer is overdue. A three (3) month grace period is given before charging for the penalty interest. Paraiso Memorial Park, Inc. offers up to six (6) terms of payment. (See Attachment C-21 and C-22). If the customer needs to use his/her memorial lot for burial purposes (Interment), she/he must pay in full or in cash in order for the lot to be used or utilized. Paraiso Memorial Inc. will provide an Interment Form which is only provided in the Main Office. The authorized (beneficiaries) customer will fill-out the interment form and apply for an interment. Issuance of deposit slip is also given by the cashier at the main office for paying the interment fees at the bank (Life Saving Bank beside the main office of Paraiso Memorial Park Inc.). After paying, the customer will then return to the main office for the issuance of Official Receipt. Then Information is now recorded into the interment sheet. When a customer is at-need (customer needs a memorial lot for immediate burial), he/she must pay in full or in cash in order for the lot to be used or utilized, take note that in this kind of transaction, the lot price is much higher than pre-need sales. The Sales Application Form, Customer Data Sheet and Contract to Sell are now manually recorded into two (2), one is the â€Å"Blotter† and the other is the â€Å"Subsidiary Ledger†. The Subsidiary ledger contains information about a single account, while the â€Å"Blotter† contains the information of the purchased memorial lot. The Tracking process or finding the availability of lots in Paraiso Memorial Park Inc. is done by manually scanning the lot plan and blotters. The lot plan is the map of Paraiso Memorial Park; this is categorized by Area and Garden, and is arranged by blocks/lots (see attachment C-25). Availability of the lot can also be seen here. The Blotter contains lot area, contract no., name of buyer, date availed and the remarks (if lot is fully paid or not). Paraiso Memorial Park, Inc. constantly updates their lot plan and blotters to remove the occurrence of double sales. The Park checks once a year the overall number of available lots up for sale. Currently Paraiso Memorial Parks has 25,000 lots. 1.3 Project Rationale A computerized billing and tracking system is very important in the succession of adaption on monitoring billings and customers of Paraiso Memorial Park Inc. This brings vast opportunities for development of Memorial Companies whereas data is already in their grasps. To the company, it is intended to take full advantage of current technologies that provide you with the ability to maximize your resources, increase productivity, improve accuracy and promote great cost effectiveness. To the employee, it is developed with functions which help save time and effort. It also provides an easy access to the authorized personnel only and performs automatic computation for billing. To the customer, the best information and services are ready to serve and a faster billing process is given, creating less hassle on paying bills. To the future researcher, this will guide them as a reference for their future subjects related in this study and can then be improved as technology and knowledge is growing. To STI College Marikina, this will serve as a reference to future students and will give them idea in creating or building a system of their own. This project aims to design and provide a methodology and its associated tools in order to support the integration of applications and process which have not necessarily been designed to coexist for memorial parks and competitive business.