Csr in Foxconn Essay

An ever increasing number of organizations are putting resources into China, to share the staggering benefit create from the 1.4 trillion individuals. One of the US based organization, which it’s going to contribute 35% of its stake, to a quickly developing China private-possessed lumber flooring organization. Like most neighborhood Chinese organization, CSR isn't executing in that organization just as no administration chipping away at it. As a rule, CSR (Corporate Social Responsibilities) is a type of corporate self-guideline coordinates into plan of action, in which an organization screens and guarantees its dynamic consistence with the soul of law, moral norm and universal standards. In spite of the fact that this wood organization has high development in the market and produce great benefit, it might handily represent a hazard to speculator in the event that they are not focus on social and natural issues. Beneath outlines might want to investigator the potential effects may emerge from various gatherings, for example, representatives, purchasers, condition, and networks and how they might be influenced by the choice. Above all else, it’s presumably that worker are the essential part of an industry. By taking measures from the Social Accountabilities 8000 (SA8000), they ought to consider if the organization has utilized youngster work. Youngster work is exceptionally mainstream in China and other creating nations like Guatemala particularly industry like including agrarian and producing that need high working power. It might disregard the law and harm the organization brand without any problem. Other than legitimate broaden, a fascinating figure demonstrated that (www.DoWellDoGood.net), â€Å"83% of the representative will leave the activity if their boss utilized youngster labor.† Obvious, kid work these days give more mischief than anything, rather, giving health program to worker and their families make certain common worth that they will cherish more the organization in both intellectually and genuinely. Besides, it’s additionally significant that the firm ought to give satisfactory wellbeing working condition just as sort out enough security preparing. It will surely diminish the quantity of mishaps happens. In the mid 80s, China had propelled Social Security Fund, all organizations must follow intently and give a wide range of protections to workers all together not to impede from the law and policy driven issue. Also, the organization ought to urge laborers to shape association and the individuals who include won’t be segregated. Since representative more include in the conversation with respect to finance, network government assistance and friends improvement will doubtlessly expand their dedication by any means. The financial specialist needs to survey all the working hours, compensation standard and punishment and ensure it’s reasonable for everybody. Furthermore, the financial specialist should worry to the consumers’ criticism in which the organization needs to make customer’s fulfillment to their items. Be that as it may, in this serious world, numerous organizations like to misrepresented the use and magnificence of their items to pull in more clients by methods for media as a correspondence stage. Hence, the financial specialist should survey every one of these items promotion that may make hurtful impact the item brand name. Notoriety of the lumber flooring organization takes a long time to go to the main five in China can be demolished in hours. One mishap consistently cause in deck enterprises might be the degree of formaldehyde is high to the point that cause poisonous to human. Heath issues consistently cause lethal to death of organization. One of large embarrassment happened as of late about executed AJISEN †one of the ramen café in which â€Å"has been blamed for making their stocks utilizing soup concentrate and modest enhancing powders, known for an assurance that every one of their soups originate from a stock of pork bones stewed to perfection.†(Patrick Keefe) Stock cost of AJISEN drops from HK$17.82 to HK$9.32 (51.7%) inside about fourteen days on the money after the outrage and never move back as of not long ago. Without a doubt, client are on the whole likely the equivalent, they just buy products they fell certainty by confidence as decisions are not alone. Above model shows an admonition signal that on the off chance that the organization has recorded in the financial exchange later on. They need to take care significantly more than now on the CSR issues as media can spread out news inside one day. Thirdly, the organization should invest more amounts of energy not to meddle nature. As of late, Chinese government has set up numerous laws to save ecological neighborly after enter the WTO, ISO14000 standard is essential administration standard that needs to follow. Because of their industrial facilities including manor, compound working for creation and crude material importation, there are a great deal of chances may experience to natural debate. As a financial specialist, other than ensure right documentations and permit for ecological issue, they additionally need to concentrate all the procedure as far as vitality use and coordinations. Considering the firm has half of wood source universally and 10% of their clients are abroad, overabundance bundling of items and ozone harming substances are exorbitant to nature as well as expensive to the business. â€Å"By diminishing it’s bundling and cutting 100 million miles from the conveyance courses of it’s trucks, Wal-Mart brought down carbon emanations and spared $200 million in cost†. (Harvard Business Review). Above model shows run of the mill how shared advantages on the off chance that we re-mastermind business choice and improve guideline changes even only basic as strategic. Furthermore, China has a great deal of duty decrease and financing ways to deal with accomplish government bolsters by urging individuals to secure the nature. Besides, the financial specialist ought to likewise focus on their providers. Not exclusively to check if the imported items are satisfy the guidelines yet additionally survey the accessibility and the simplicity of transportation as half re-appropriating of the organization is certifiably not a little figure to disregard. Most importantly, CSR is certifiably not a transient target, the speculator should set up a CSR group in the organization for advancing and working for long haul forthcoming. It’s obviously that CSR is assisting with working up the organization brand undeniably more effectively than performing promoting and deals on lumber flooring as it were. As indicated by Harvard Business Review, â€Å"Not all benefit is equivalent. Benefit including a social reason speak to a higher type of free enterprise, one that makes a positive pattern of organization and network prosperity†, it’s almost certainly that client will buy more if the lumber flooring shows â€Å"green† and if the organization foresee progressively social government assistance exercises. To close, the financial specialist ought to drench CSR into every representative and the network so as to upgrade share an incentive to frame a commonly gainful society.

Discuss the importance of racialized space Annotated Bibliography

Talk about the significance of racialized space - Annotated Bibliography Example Both space and racialized space are amazing in forming the general public. This paper features on significance of race, space and racialized space. It likewise investigates on other related inquiries. As a matter of first importance, racialized space as hypothetical and handy device is instrumental to assessment of racialization of different urban communities in the United States. Racialization is a piece of everyone’s life subsequent to being recorded in space. In is vital that racial arrangement of benefit and abuse have consistently included impression of room, be that as it may, they shift in essentially in differed times. In the United States of America, especially in Virginia before racilaization of slaves, African slaves and English contracted hirelings remained in same quarters and performed comparative obligations (Barot and Bird, 2001). The African slaves and the American could likewise intermarry because of race and space. The improvement of racial belongings was planned for convincing the frontier rulers to isolate African slaves and English workers. By and large, the partition was social, monetary, and lawful. The estates in the late seventeenth century restric ted the degree of the spatial detachment of the races. One of the most significant occasions as saw during this period was that estate framework was the close physical space that the slave drivers imparted to the oppressed. As indicated by Virginia slave mandate, requested that slaves who were manumitted to leave the state (Eduardo, 1997). This was an implicit acknowledgment that liberated blacks living in the manor which would be inconvenient to subjugation. Also, geographic division of Native Americans from whites was an instrumental procedure in holding onto local peoples’ lands and changing over them to private property and United States an area. This partition was encoded in the approach of the US following the section of the Indian expulsion Act in 1830. This production of geographic

Writing Your Own Research Paper

Writing Your Own Research PaperIt is not uncommon for you to be asked to write a written research paper. It can be as simple as using a search engine to discover your university's requirements and to submit an application for a research assistant position. However, there are several other things that you should consider in writing your own research paper.First, when you write your own research paper, you will need to be able to make references. Before you begin writing, gather references to give to your advisor's supervisor. You can refer to the references in the body of your paper as well as in your conclusion. You should make sure that all references are current. Some of the easiest ways to do this is to email the references on your computer to yourself or to save them to your cell phone to yourself.Once you have gathered your references, you should spend some time researching potential topics for your paper. Be sure to research the topic thoroughly before writing. You should choos e a topic that interests you and that you feel passionate about. Make sure that you are thorough when it comes to researching the topic of your paper. You should always avoid plagiarism when it comes to writing.Your research should start with an overview of the topic that you are writing about. You should give a brief description of the topic. By giving a brief description, you will be able to keep yourself from taking too much time with a boring or dry description. You should also be able to do this in less than 30 minutes.Once you have started researching, you should now have an outline. You should begin with a basic outline for your paper. You should make sure that your outline is very general. You should not cover everything that you know. You should focus on one or two different topics.After you have an outline, you should then go back and begin to write a summary paragraph. You should include only the most important information and this should include a brief overview of the t opic. You should then use this summary paragraph to give your main points of the paper. This summary paragraph should also make sure that your summary paragraph is not too long.You should then move onto your main point. Your main point is what you are trying to get across through your paper. It should highlight the most important information in your paper. You should also be able to write about your main point in a sentence or two.When writing your main point, you should consider what type of response you want to get. Write about what the main point is and then what the benefits are to those who read your paper. You should also consider who your audience is. You should consider if they are going to like what you have to say, and what their reaction will be.

Personal Narrative - Athlete to Academia Essay - 668 Words

Athlete to Academia Instead of feeling pressure to conform as a student at the University of Georgia, I have found that being in college has made me value the importance of a higher education more so than I ever had before. During high school, my primary goal was to play well enough to receive a football scholarship. At that time, my focus was not on academics. However, since Ive arrived at the University of Georgia, my entire concept of the value of a college degree has slowly changed. Rather than seeing just football in my future, I can now picture myself as a football player with a college degree. Consequently, instead of having a negative impact on my personal growth, college has helped me broaden as a person. Contrary†¦show more content†¦In terms of value structure, the morals I held close before I first came to the University of Georgia have only strengthened during my stay here. For example, keeping close ties to my family has always been important to me. My family is tight-knit and I will always feel a strong bond to them. Being separated by my attendance at Georgia has not only diminished our bond, but, instead has made it stronger. We appreciate each other more because I am growing into an adult who can communicate with them as an adult and accept adult responsibilities. They now see facets of my character that they have never truly seen before. My increased interest in academics is one of these changes. They seem very pleased by my eagerness to learn of subjects that, up to now, I have never been exposed to. They have seen this dedication in relation to football, but never with my studies. Though I am still not the student I hope one day to be, always finding the time to concentrate on my classes, I have certainly come a long way. Surely, from this perspective, college has affected me in only a positive manner. No one should feel the pressure to become someone they are not simply because they leave behind their safe environment when coming to college. Anyone can have the strength of character to become an individual in a sea of thousands of students. Instead of finding this experience difficult, itShow MoreRelatedThe Role Of Sports For Athletes And Women Athletes1500 Words   |  6 PagesMarketisation and commoditisation provide leverage for powerful nations to assert their dominance over their sport competitors by, for instance, buying their best athletes from the dominated countries and sometimes offering those athletes citizenship. There are instances when international corporate entities sponsor and own clubs in other countries, make all management decisions, and secure profits which they return to their home countries thereby leaving host countries further impoverished (NaurightRead MoreTheoretical Ethnographic And Conceptual Background2393 Words   |  10 Pagesa disposition to do sports as in the case of any other technique of the body, the work done by the individual will be for practical collective reason (that underlines accepted theories of social action). In societies where athletes excel, the benefit is not for only the athlete but also the community as Brownell (1995:15) explains in ‘’training the body for China’’. Developing his ideas further, Mauss (1979) posited that there are instances where a ‘’physio-psycho-sociological’’ congregation of seriesRead MoreMastering Graduate Studies 1e32499 Words   |  130 Pagesyour life. These next steps in your personal and professional development will take your desire for learning and growth and shape it into a lifetransforming and world-impacting endeavor. This first chapter will deal with the big-picture understanding of where you are going and the fundamental components of success in this environment. You will gain an understanding of how your purpose, Grand Canyon University’s educational format, and the essential areas of personal responsibility will propel you forwardRead MoreOrganisational Theory230255 Words   |  922 Pagesoutcomes. These learning outcomes provide a guide to the different sections of the chapter. Stop and think Each of the chapters contains ‘stop and think’ boxes. These are designed to form the basis for brief discussion amongst group members or for personal reflection on some key issue raised in the text. Case studies These are designed to enable the reader to relate theoretical issues to organization practice, or to give a practical organizational example. Ideas and perspectives These are designed

Financial Factors Affect Dividend Policy Food Beverage Malaysia Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5496 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? When a company earns a profit, some of this money is typically reinvested in the business and called retained earnings, and some of it distribute to its shareholders as a dividend. Dividend is the share of the after-tax profit of a firm, distributed to the shareholders of a corporation pro rata based on the number of shares and class of shares held by the shareholders (McLaney, USER2010-07-12T12:24:00 Business finance (textbook)2005a). Most of the corporations usually issued the dividends in cash but it may be issued in the form of stocks or property. The distribution of profit as cash dividends to shareholders reduces the amount of cash available to the business. However, companies which pay stock dividends will increase the additional stock shares held by shareholders. Don’t waste time! Our writers will create an original "Financial Factors Affect Dividend Policy Food Beverage Malaysia Finance Essay" essay for you Create order Smaller firms distributed dividend usually at the end of an accounting year, whereas larger such as publicly held firms usually distribute it every quarter (Anon, 2010USER2010-07-12T12:23:00 https://www.businessdictionary.com/definition/dividend.html). The amount of the dividend is determined every year at the companys annual general meeting, and declared as either a cash amount or a percentage of the companys profit. Further, the amount and timing of the dividend is decided by the board of directors, who also determine whether it is paid out of current earnings or the accumulated earnings (McLaney, 2005b)USER2010-07-12T12:25:00 Business finance (textbook) . The shareholders who held preference shares are receive dividend at a fixed rate and are paid first. Holders of ordinary shares are entitled to receive any amount of dividend, based on the level of profit and the firms need for cash for expansion or other purposes (Elliott, 2005USER2010-07-12T12:18:00 Financial accounting n reporting (textbook)). Corporate legislation generally forbids payment of dividend out of anticipated but not yet received profit or unrealized profit. 2.1.1 Type of dividend payment In distributing its wealth to shareholders, a firm must decide what type of dividend should pay to their shareholders. The different types of dividends payment include: Cash dividend Cash dividend involves a cash payment from a firm pay out their earnings to the firms shareholder (Levy, 1998USER2010-07-13T15:18:00 Corporate finance, textbook). This kind of dividends is most commonly paid in cash through a check or electronic funds transfer. Cash dividends give shareholders flexibility to choose how to use the money, including reinvestment if the company allows (Dawn, 2010USER2010-07-13T15:18:00 https://www.ehow.com/facts_5778738_stock-dividends-vs_-cash-dividends.html). Cash dividends considered a type of investment earnings, and are taxable (Maps of World Finance, 2009USER2010-07-13T15:19:00 https://finance.mapsofworld.com/dividend/definition.html). Generally, cash dividends are paid out of the profits earned by the firms during the period cited, although it is possible for a cash dividend to be paid even when there is no net profit for the fiscal period under consideration (Tatum, 2010USER2010-07-13T15:19:00 https://www.wisegeek.com/what-is-a-cash-dividend.htm). Scrip dividend Scrip dividend is provisional certificate issued at the option of individual shareholders by a company strapped for cash but having adequate retained earnings. This scrip dividend is a scrip issue made in lieu of a cash dividend. Generally, scrip dividend is an unusual type of dividend involving the distribution of promissory notes that call for some type of payment at a future date. It also called liability dividend. Stock dividend A stock dividend does not involve cash. A stock dividend is a dividend that is paid in shares of the companys stock. Normally, the shareholders of a company are offered on the basis of a prorate allotment (Maps of World Finance, 2009USER2010-07-14T11:39:00 https://finance.mapsofworld.com/dividend/definition.html). Those stock dividends provide the shareholders with additional share ownership in the company. Therefore, in generally, the shareholders will reinvest the share in the company at the current share price as of a predetermined closing date (Dawn, 2010aUSER2010-07-14T11:39:00 https://www.ehow.com/facts_5778738_stock-dividends-vs_-cash-dividends.html). The purpose of a company chooses to issue stock dividends in order to generate more interest and trading activity with the stock (Dawn, 2010b). Property dividend Property dividend is a type of dividend paid to shareholders in anything other than cash or with the companys own stock (Farlex, 2009aUSER2010-07-14T22:08:00 https://financial-dictionary.thefreedictionary.com/Property+Dividend). A property dividend generally is distributed in the form of physical assets in lieu of the cash by the issuing company or a subsidiary company (Tatum, 2010USER2010-07-14T22:08:00 https://www.wisegeek.com/what-is-a-property-dividend.htm). Commonly, property dividends include shipping the companys product to shareholders (Farlex, 2009b). As a result, shareholders will receive any number of physical assets instead of money (Financial web, 2010USER2010-07-14T22:09:00 https://www.finweb.com/investing/what-is-a-property-dividend.html). A property dividend is attributable to its face value in the market. The distributing of assets by the firms instead of cash allow shareholders to benefit directly from the market value of the dividend received (Anon, 2010USER2010-07-14T22:09:00 https://www.beginnermoneyinvesting.com/html/property_dividends.htm). In general, a property dividend is taxable at its fair market value (David, 2003USER2010-07-14T22:09:00 https://financial-dictionary.thefreedictionary.com/Property+Dividend). 2.1.2 Payment procedures of dividend A firm announces and schedules dividend payment as follow: Thursday, Wednesday, Friday, Monday, March March March April 15 28 30 16 Declaration Ex-dividend Record Payment Date date date date Figure 3: Example of the procedure for dividend payment Declaration date. The date on which the board of directors meets and declares the terms and timing of dividend payment. Ex-dividend date. The final stock trading date for entitlement to the dividend. This date is four business days before the holder record date. Holder record date. The date on which the firm compiles a list of all current shareholders entitled to dividends. Payment date. The date on which the firm mails the dividend by check to the shareholders listed on the holder record date. 2.2 Studies on dividend policy Nowadays, dividend policy is an important subject in corporate finance, and dividends are a major cash outlay for many corporations. At first glance, it may seem obvious that a firm would always want to give as much as possible back to its shareholders by paying dividend (Jordan et al, 2001). USER2010-07-23T10:59:00 Essentials of corporate financeIn establishing its policy, a firm must decide its dividend policy strategy and level of dividend such as the amount of the dividend. These two decisions together comprise the companys dividend policy (Levy, 1998USER2010-07-18T16:30:00 Corporate finance, textbook). Dividend policy is one type determination of the division of earnings between payment to shareholders and reinvestment in the corporation. The task of a firms manager is to allocate the earnings to dividends or retained earnings. Retained earnings are one of the most significant sources of funds for financing corporate growth. Corporate growth makes it eventually possibly to get more dividends.USER2010-07-28T08:45:00 Act info get from dividend puzzle a review of dividend theories (NEED TO FIND OTHER REFERENCE) In fact, dividend policy is the regulations and guidelines for firms to develop and implement as the means of arranging to make dividend payments to shareholders (Tatum, 2010USER2010-07-18T16:31:00 https://www.wisegeek.com/what-is-a-dividend-policy.htm). Dividend policy is also mean that the trade-off between retained earnings and paying out cash or issuing new share to shareholders. The dividend policy of a firm describes that the firms plan regarding both the amount and timing of dividends (Czelusta, 2010USER2010-07-18T16:31:00 https://www.ehow.com/about_6541106_nominal-dividend-policy.html). Establishing a specific dividend policy is to the advantages of both the firm and the shareholder. 2.2.1 Type of dividend distribution policy Regardless of a firms long-term dividend policy, most firms choose one of several year-to-year dividend payment patterns as below: Constant dividend payout ratio In this policy, there is a fixed percentage of earnings paid out in dividends is held constant every year. Then, the rest of retained earnings will reinvests by the company. Although the dividend-to-earnings ratio is stable, but earnings of a company usually fluctuate every year; therefore, the amount of the dividend naturally fluctuates from year to year as profit vary (Martin et al, 1999USER2010-07-18T18:35:00 Basic financial management). Constant dollar dividend per share This policy maintains a constant-dollar dividend per share over time; say $6 per share, regardless of the companys earnings. An increase in the dollar dividend usually does not occur until management is convinced that the higher dividend level can be maintained in the future. However, some companies may increase the dividend slightly every year to compensate for inflation. This kind of policy still called a constant-dollar dividend policy. Further, management of a firm also will not reduce the dollar dividend until the evidence clearly show that a continuation of the present dividend cannot be supported (Levy, 1998USER2010-07-18T18:35:00 Corporate finance, textbook). Low regular dividend plus extras Corporations that in adopting this policy are require paying a small regular dollar dividends plus a year-end extra dividend in prosperous years. The extra dividend is declared toward the end of the fiscal year when the firms performance or profit for the period can be estimated. The objective of a firm chooses this type of dividend policy is to avoid the connotation of a permanent dividend. However, this purpose may be defeated if recurring extra dividends come to be expected by investors (Brigham, 1995USER2010-07-18T19:10:00 Fundamental of financial management). 2.3 Studies on dividend policy theory In the world of finance, there are some areas which have puzzled researches. One of them is the dividend behaviour of a corporation. Dividend policy has been one of the first areas of corporate finance to be analyzed with a rigorous model. Besides, this dividend policy topic has been one of the most thoroughly researched issues in modern finance (Kinkki, 2001USER2010-10-31T21:41:00 Dividend puzzle a review of dividend policy theory). In fact, the topic of dividend policy also is one of the most enduring issues in modern corporate finance. This has led to the emergence of a number of competing theoretical explanations for dividend policy. No consensus has emerged about the rival theoretical approaches to dividend policy despite several decades of research (Al-Malkawi, 2007USER2010-10-31T21:41:00 Determinants of corporate policy in Jordan). However, at the same time, there is no generally accepted model describing the dividend payout policy. Moreover, empirical findings are often contradictory to interpret according to the theory (Stacescu, 2004USER2010-10-31T21:41:00 Dividend policy in switzerland). In this paper, there are some behavioral and economical theories mainly for used to explain the motives and determinants of dividend policy. The dividend literature proposes numerous theories such as dividend irrelevance theory, bird-in-the-hand theory, tax preference theory, signaling as well as clientele effects. 2.3.1 Dividend irrelevance theory The dividend irrelevance theory has been argued that dividend policy has no effect on either the price of a firms stock or its cost of capital. The principal proponents of the dividend irrelevance theory are Merton Miller and Franco Modigliani (1961). The dividend irrelevance theory by Modigliani-Miller (MM) is the basis for the theory indicating that investors are financially unaffected by a corporations decision to reinvest the earnings on distributes them as dividends to their shareholders (Kania Bacon, 2005USER2010-10-31T21:41:00 What factors motivate the corporate dividend decision). According to MM theory, the value of the firm is the determined only by its basic earning power and its business risk. Further, MM also argued that the value of the firm depends only on the income produced by its assets, but not on how this income is split between dividends and retained earnings (Brigham, 1995USER2010-10-31T21:41:00 Fundamentals of financial management (textbook)). Al-Kuwari (2009USER2010-10-31T21:41:00 Determinants of the dividend policy in emerging stock exchange: GCC countries) and Azzopardi (2004USER2010-10-31T21:41:00 Dividend irrelevance and clientele effetcs) states that, there are some basic assumptions of MM approach: There exists perfect capital market where all investors are rational. Information is available to all at no cost. Besides, there are also no transactions costs and floatation costs. There are no such investors as could alone influence market value of shares. There is absence of taxes. Alternatively, there is no tax differential between income on dividend and capital gains. Firm has uncertainty as to future investments and profits of the firm. Therefore, shareholders are able to predict future prices and dividend with certainty. Obviously, these assumptions do not hold in the real world. In reality, corporations and shareholders need to pay income taxes. Corporations do incur flotation costs as well as investors also do incur transactions costs. This both taxes and transactions costs may cause the cost of capital to be affected by dividend policy (Hickman et al, 2002USER2010-10-31T21:41:00 Foundations of corporate finance act info get from brigham (textbook)). 2.3.2 Bird-in-the-hand theory In a classic study, Gordan-Lintner (1956) showed that dividend-smoothing behaviour was widespread. Gordan-Lintner laid the foundation for the modern understanding of dividend policy (Harvey et al, 2004aUSER2010-10-31T21:41:00 Payout policy at 21st century). This theory also called bird-in-the-hand theory. Allen and Michaely (2002USER2010-10-31T21:41:00 Wharton payout policy) found that, Lintner started with over 600 listed companies and selected 28 to survey and interview. According to the Lintner, perceived stability of future earnings still effects dividend policy. However, based on past researches, Harvey et al (2004b) states that, the link between dividend and earnings has weakened after fifty years later. In their opinion, many managers are more tend to repurchase because firms are viewed as being more flexible than dividends and can be used in an attempt to time the equity market or to increase earnings per share. Bruner (1999USER2010-10-31T21:41:00 Case studies (Photostat) textbook (act get info fr Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model) states that, the bird-in-the-hand theory asserts that in a world of uncertainty and information asymmetry dividends are value differently to retained earnings or capital gains. The reason of uncertainty of future cash flow, shareholders will often tend to prefer dividends to retained earnings. As a result, higher payout ratio will reduce the required rate of return which is also called cost of capital, and hence increase the value of the firm. 2.3.3 Tax preference theory The tax preference theory refer to the low dividend payout ratios lower the required rate of return and thus increase the market valuation of a firms stock. Due to the relative tax advantages of dividend compared to capitals gains, shareholders require a higher before-tax risk adjusted return on stocks with higher dividend yields (Kalay Michaely, 2000USER2010-10-31T21:41:00 https://findarticles.com/p/articles/mi_m4130/is_2_29/ai_67720681/). Further, another distinct benefit exists in this tax preference theory is for capital gains vis-a-vis dividend income. Taxes on dividend income are paid when the dividend is received. At the same time, taxes on price appreciation are deferred until the stock is actually sold. Therefore, when it comes to tax consideration, most shareholders prefer the retention of a firms earnings as opposed to the payment of cash dividends. Majority of shareholders are subject to taxes, therefore, certain investment companies, trusts, and pension plans are exempt on their dividend income. This theory suggests that a policy of paying low dividend will result in a higher stock price. As a result, a high dividend does not benefit shareholders, whereas low dividends and high retention benefit the shareholders. This is the logic of advocates of the low-dividend policy. 2.3.4 Residual dividend theory Servaes and Tufano (2006USER2010-10-31T21:41:00 The Theory and Practice of Corporate Dividend and Share Repurchase Policy) note that, a residual distribution policy is one type of investment decisions make by a firm based on opportunities and available funds. If a firm does not have sufficient funds available to make investment, then one of the issues is consider accessing capital markets. Once a firm has excess funds and the manager do not believe that the funds will need in the near future, then the remainder of funds will distribute to shareholders. Investors should want the firm to retain any earnings it can invest at a rate of return that is at least as high as the shareholder opportunity cost. Firms that agree with this concept is following a residual dividend policy where dividends are paid only if earnings are greater than what is needed to finance the equity portion of the firms optimal capital budget for the year. Therefore, if the residual dividend policy is followed, the firms should not pay dividends when it is necessary to issue new common stock to provide equity financing for the current capital budgeting needs.USER2010-10-31T21:41:00 Find author get fr CAPITAL STRUCTURE AND DIVIDEND POLICY Those firm that wishes to avoid issue of shares, will have to rely on internally generated funds to finance new positive NPV projects. Under the concept of residual dividend policy, dividends can only be paid out of what is left over. When the firm treats dividend policy as strictly a financing decision, the payment of cash dividends is a passive residual. The amount of dividend payout will fluctuate from period to period in keeping with fluctuations in the number of acceptance investment opportunities available to the firm. If those investment opportunities abound, then there will be zero percentage of dividend payout. However, on the other hand, when the firm is unable to find profitable investment opportunities, dividend payout will be 100%.USER2010-10-31T21:41:00 Find author get fr dividend policy theory 2.4 Studies on the relationship of dividend and related financial factors 2.4.1 Dividends and earnings The essential of dividend policy is actually referred to the balances earnings distribution between shareholders and future investment which after paying income tax and keeping back all kinds of reserve funds (Wang et al, 2006USER2010-10-31T21:40:00 Fr RS). As dividends are paid out of the net earnings of a firm, thus, there could be ways to look at this matter. One view is that dividends can be used as a predictor of earnings whereas another view is that earnings can also be used as a predictor of dividends. Therefore, both of these concepts are interrelated as both determine each other (Eriotis et al, 2007USER2010-10-31T21:40:00 act get fr zafar et al but use other reference (a bird eye view)). Zafar et al (2010USER2010-10-31T21:40:00 Earnings Management and Dividend Policy An Empirical comparison between Pakistani Listed Companies and Chinese listed Companies) examined a study of the impact of earnings management on dividend policy for two countries that is Pakistan and China. The study show that both Pakistan and China are neighboring developing economies however growth rate of China economy is far better than Pakistan. These two countries have recently started emphasizing on corporate governance practices, despite of very different business environment of two countries. The result shows that for both countries, earning management has no impact on dividend payout policy. Another view of impact on dividend policy such a permanent increase in profit may lead to an increase in dividend, but not necessarily to an increase in the payout ratio. However, if the aggregate profit increase were a cyclical increase that could be expected to be followed by a decline, then the payout ratio might fall. The reason is due to firms do not generally raise dividends in response to a short-run profit increase. 2.4.2 Dividends and liquidity Funds management is the core of sound firm planning and financial management. Liquidity of a company represents the ability to efficiently and economically accommodate decreases in deposits and other liabilities, as well as fund increases in assets. Firms have liquidity potential in dividend distribution policy when it has the ability to obtain sufficient funds, in a timely manner, at a reasonable cost (MBA resource, 2008aUSER2010-10-31T21:40:00 Change author , fr RS). A dividend represents a cash outflow, therefore, the greater the funds as well as the liquidity of a firm, the better the ability to pay dividend. The dividend distribution policy of a firm is depends very much on the liquidity position. A firm might lose liquidity, it will exercise influence upon dividend policy (Kumar, 2008aUSER2010-10-31T21:40:00 RS). As an example, a firm that experiences sudden unexpected cash outflows by way of large deposit withdrawals, large credit disbursements, unexpected market movements or crystallization of contingent obligations. Besides, it may also caused by some other event causing counterparties to avoid trading with or lending to the firm (Kumar, 2008b). Therefore, a firm dividend policy will be affected when the firms exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. A profitable firm may have adequate earnings but it may not have sufficient cash to pay dividends. Thus, the important for the management to take into account the cash position and the overall liquidity position of the firm before and after payment of dividends while taking the dividend decision. USER2010-10-31T21:40:00 Fr dividend policy theory Company dividend distribution policy is highly dependent upon liquidity position such as particular circumstances of each institution, reflecting differences in capital levels and growth rates as well as regulatory issues. The board members of a firm must weigh the value of retaining capital to grow the firm against returning the capital to shareholders in the form of dividends (Glowasky Giese, 2003). USER2010-10-31T21:40:00 RsIn a dividend policy, stock dividend will be distributed when the cash position is weak. If cash position is good, company may distribute the dividend in form of cash (MBA resource, 2008bUSER2010-10-31T21:40:00 Change author). Mirza and Afza (2010USER2010-10-31T21:40:00 Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan) described that, cash generated from operations play an important role in deciding the amount of payout. Those companies which have greater cash flow generated from operations are expected to be in a better position to pay cash dividends rather than companies having negative operating cash flow. From the cash flow sensitivity point of view prior studies reported by Khurana et al (2006USER2010-10-31T21:40:00 Find this reference) stated that, financially constrained firms accumulate higher cash holdings and retain greater portion of the cash earned during the period. It means that liquidity is more important when firms cannot raise funds from external market and liquid resources are required for investment in future profitable projects. Thus, the dividend payout policy of a firm may affected or reduced. 2.4.3 Dividends and investment opportunities Investment opportunities of a firm represent the Net Present Value (NPV) investment of a particular firm. The NPV of an investment is the present discounted value of future cash inflows minus the present value of the investment and any associated future cash outflows (Anthes, 2003). It investment opportunities important in determines the dividend policy since it involve the cash flow which is factor influence of dividend policy. The high growth firms which that need great amounts of funds for positive NPV investments, it usually pay relatively low amounts of dividends when compared to firms with few positive NPV investments and vice versa. Braggion and Moore (2008) USER2010-10-31T21:40:00 RSstates that many shareholders would like to constrain the cash available to managers for fear that the companys resources would be used in wasteful activities of the companies with few investment projects. As a result, shareholders associate reductions or omissions of dividend payments with a rise of managers wasteful activities which leads to a negative abnormal return. Therefore, according to the past researches, many companies with the relatively few investment opportunities were more likely to pay a dividend. As point out by Porta et al (1999), a country with good shareholders protection and is compare two companies in that country which one with good investment opportunities and growth prospects, and another with poor opportunities. In this situation, the shareholders would accept low dividend payouts but with high reinvestment rates from a company with good investment opportunities. The reason is due to the shareholders know that when the companys investment pay off, they could extract high dividends. In contrast, a mature company with poor investment opportunities would not be allowed to invest unprofitably. As a consequence, with good shareholder protection, high growth companies should have significantly lower dividend payouts than low growth companies. 2.4.4 Dividends and taxations High taxation will reduce the earnings of companies and consequently the rate of dividend is lowered down. Sometimes government levies dividend-tax of distribution of dividend beyond a certain limit. The changes in corporate dividend payout would be expected whenever the government changes its income tax policy. Companies are obligated to make payment for corporate tax including other statutory taxes to the government when the profits are made (Nnadi Akpomi, 2008aUSER2010-10-31T21:40:00 RS). This is an essential corporate responsibility particularly profit making companies. The taxes no doubt reduce the profits available at the disposal of the organizations, either to be retained or distributed as a dividend to shareholders of the company (Nnadi Akpomi, 2008b). There are two types of taxation system on the dividend policy which is full imputation system and single tier system. According to the Tax system Malaysia (Khoo Lim, 2008), the taxation of company is based on single tier system which profit earned by companies are only taxes one, that is on the company that gained those profit. When company declares dividends, the profit thus distributed is no longer taxable on the shareholders of the company. In another word is dividend received by shareholders are completely tax free and will not need to be declare as taxable income (Chong, n.d.). The benefit of single tier system is companies with capital gains and non taxable accounting profits are able to declare dividend without any constraint. Thus, it might bring higher dividend yields to shareholder. Chen and Dhiensiri (2009) USER2010-10-31T21:40:00 Determinants of Dividend Policy: The Evidence from New Zealandconducted the study on determinants of the corporate dividend policy of firms listed on New Zealand Stock Exchange (NZSE). In this research has show that, the taxation of dividends in New Zealand was reformed with the introduction of a full imputation system which is similar to the imputation systems of Australia and the UK. Profits were taxed at the corporate level and then again as dividend income at the personnel level before reformation. The benefit behind an imputation system, apart from avoiding double taxation on the same income, is to tax the taxable income of companies at the marginal tax rate of their shareholders. This can be argued that upon the declaration of dividends, the shareholders are taxed on the grossed dividends at their own respective tax rates. A full imputation system will discourage payment of dividend, especially in the case of family controlled companies. The above different taxation system will bring different impact on dividend policy. 2.5 Studies on other dividend policy issues 2.5.1 Signaling effects Signaling theory posits that dividends can convey information about the current or future level of earnings. Gilbert et al (2008USER2010-08-01T21:58:00 Dividend policy in South Africa) states that, firms that announce changes in the dividend policy, they are conveying information to the market. In the concept of signaling theory, firms that with good future prospects should take actions that are not easily duplicated by those firms with poor prospects. One of the way to achieve this is by paying cash dividend, since the firm is making a long-term commitment to future dividend payments. Manager in struggling firms will be reluctant to divest themselves of cash in order to send a false signal of prosperity. As a result, investors are more likely to interpret positively an increase in dividends from management. Most of the favorable behavioral reactions of stockholders to positive signal dividend convey as well as the economic rationale for a reliable dividend policy suggest the underlying value of dividends. The stability in dividend policy is often necessary to eliminate uncertainty and the potential poor market valuation by investors associated with unpredictable dividend payments, as well as a decrease in dividends often results in a negative market response as seen by a reduction in the price of stock.USER2010-08-01T21:59:00 Find author (get fr WHAT FACTORS MOTIVATE THE CORPORATE DIVIDEND DECISION? The information content of dividends signaling predicts that dividends can be used to signal firms future prospects and only good quality firm can use such a device. A potential proxy for the degree of information asymmetry is the trading volume of a firms shares. In general, investors tend to invest in securities that are better known in the market such as with less information asymmetries. Therefore, other things being equal, the higher the information asymmetry of a security, the lower its trading volume.USER2010-08-01T22:00:00 Find author get fr Determinants of Corporate Dividend Policy in Jordan: An Application of the Tobit Model 2.5.2 Clientele effects Clientele effects is the tendency of a firm sets a particular dividend payout policy, which then attracts a clientele consisting of those investors who like this particular dividend policy. For instance, some investors such as university endowment funds and retired individuals more tend to prefer current income to future capital gains, so this group of investors wants the firm to payout a higher percentage of its earnings. Other group of investors has no need for current investment income may simply reinvest any dividend income received after first paying income taxes. Therefore, these investors favor a low payout ratio.USER2010-08-03T12:08:00 Fundamentals of financial management (textbook) Azzopardi (2004) surveyed a studied of dividend irrelevance and the clientele effect. In the studied, investors are attracted to different company dividend policies, and will adjust their stock holding accordingly when the company dividend policy changes. The adjustment of the stock holdings will cause the move of the stock price. Unfortunately, this may mean that the shareholders may incur cost of adjustments. Therefore, an easily identifiable dividend pattern may avoid such costs to the shareholders. At the same time, the company may incur consequential costs in the form of missed investment opportunities or costs of raising finance due to free cash flow shortage. Thus, the probably best way for a firm follows a consistent dividend policy that will hopefully attract the suitable clientele and minimize both adjustment costs for the investors and also the discussed consequential costs. USER2010-08-03T12:08:00 Dividend irrelevance and clientele effects This clientele effects study assumes that some group of investors may prefer different levels of dividends due to their different levels of taxation. Many hypothesis states that low-dividend firms attract investors with a high tax rate while that the high-dividend firms attract investors with a low tax rate. A studied result conducted by Lease-Lewellen-Schlarbaum (1976) show that, private investors preferred long-term capital gains, followed by dividend income and then short-term capital gains. USER2010-08-03T12:09:00 Kikki- dividend puzzle a review of dividend theory 2.5.3 Agency theory Jensen and Meckling (1976USER2010-08-03T14:43:00 Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure) examined the separation of ownership and management in a company gives rise to potential agency conflicts between managers and shareholders. This agency conflicts can be mitigated through an increase in ownership and monitoring by large shareholders with a significant equity stake in the company. Dividend may be viewed as one way of imposing discipline on managers, for their payment deprives the firm of some of the cash it would otherwise have available for re-investment. Thus, firms that wishing to grow will have to approach the suppliers of capital to raise the funds for new projects. It will enables those investors to monitors the use to which this capital is being invest in order to ensure that managers are making value adding investment and not just simply growing the firm. Rozeff (1982) study demonstrates that a model in which dividends serve as a mechanism for reducing agency costs, thereby offering a rationale for the distribution of cash resources to shareholders. In Rozeffs model, an optimal dividend policy is the outcome of a trade-off between equity agency cost and transaction cost. Consistent with such trade-off model, Rozeff reported the evidence of a strong relationship between dividend payouts and a set of variables proxy for agency and transactions costs in a large sample composed of one thousand US firm for the period 1974 to 1980 (Farinha, 2002USER2010-08-03T14:44:00 DIVIDEND POLICY, CORPORATE GOVERNANCE AND THE MANAGERIAL ENTRENCHMENT HYPOTHESIS: AN EMPIRICAL ANALYSIS). 2.6 Summary The brief review of literature shows a basic concept and understanding of dividend policy and the factors affecting the corporate dividend policy. To sum up, there are several credible explanation for the existence of dividends policy theories, although none of them is generally accepted or above criticism. In view of these facts, the present study aims to identifying the factors or financial variables affecting corporate dividend policy in food and beverage industry in Malaysia.

Gay Marriage Is The Last Drive For Gay - 2622 Words

Gay marriage has been a major social and political issue in America for the past decade. The gay rights movement was believed to have started after the Stonewall Riots in 1969. It has gained momentum over the past forty years to expand both gay rights and increase greater acceptance to homosexual relationships. This momentum inevitably resulted in a demand for the rights of gays to marry legally. Today, gay marriage is the last drive for gay rights. The history of the gay rights movement wasn’t as publicly known until the Stonewall Riots in 1969. The riots were a sequence of violent protests that were committed by the gay community. The Stonewall Riots are known as one of the most important events known to date that has lead to the gay†¦show more content†¦The riots started an entirely new outlook on gay rights. In San Francisco during 1978 Harvey Milk made a difference that would forever change the United States. Harvey was the first openly gay government worker that the United States had. He was elected city commissioner in 1970 and he served only 11 months in office. Before Harvey was assassinated he passed a bill that outlawed sexual orientation discrimination. Dan White was the man who assassinated Harvey Milk and Mayor Moscone. Although Harvey Milk’s time in office was extremely short-lived he was one of the few people who wanted to publicly make a difference for other people who were just like him. The White Night Riots happened on May 21, 1979 in San Francisco. The riots were a series of violent events that happened because of the verdict of Dan Whites conviction. Dan White was the man the assassinated Mayor Moscone and Harvey White. White had been convicted of voluntary manslaughter, the lightest possible conviction over first-degree murder. It outraged the gay community so much that it set off the most violent reaction sine the Stonewall Riots. The gay community refused to apologize for their actions during White Night Riots. This increased the political power in the gay community. In November Dianne Feinstein was elected Mayor and she had made a promise to appoint a pro-gay Chief of Police. This increased recruitment of gay people in the police forced and

Strategic Communication Practices

Question: Discuss about theStrategic Communication Practices. Answer: Introduction: The article emphasizes on continues degrading sales of the retail sector for past few years. The introduction of online sales or e-commerce sector hits the conventional purchasing decision concept of the customers in a significant manner. The availability of online sales has enhanced the convenience level of the customers at the time of purchasing any particular product or service. It has also allowed customers to minimize the required time for purchasing specific products or services. For that reason, it has provided a better alternative option for the customers for fulfilling their needs and requirements on regular basis. The article has highlighted that the online sales volume has increased by up to 22% that reflects around $3.34 billion (businessinsider.in 2017). It has induced prime retail stores like JCPenney and Macy to shut down their branches or run on decreasing sales volume in future. The study will look to focus on identifying potential clients for developing effective co mmunication system. It will also look to demonstrate the understanding of present problem in an effective manner. Potential Client from the Article: From the assessment of the article, it is clear JCPenney is the prime client that has contributed to the loans estimated around $48 billion. Now, JCPenney is regarded as one of the largest American departmental stores. It is present in around 1014 locations across Puerto Rico and USA (jcpenney.com 2017). Therefore, it holds significant percentage of the total sales volume within the retail sector. JCPenney has established its presence almost in all the popular shopping malls for getting close to the desired level of customers. Majority of the stores of JCPenney holds considerable amount of space of the malls that require huge investments from the investors. Therefore, JCPenneys decision of closing stores is likely to create massive impact on the overall sales of the retail sector. Moreover, it has put the massive investment by the investors of developing shopping malls at extreme risk. For that reason, it is essential to develop effective strategic communication consulting plan for J CPenney for inducing them to keep running the all the stores in future as well. Credential Document of Strategic Communication Consultancy to that Client: As illustrated by Downs and Adrian (2012) strategic communication allows clients to understand all the positive and adverse affect of current situation. Now, the increasing popularity of online sales or e-commerce network is likely to grow in future as well. Therefore, it will be very difficult for the traditional departmental stores to keep their revenue at the desired level. However, closing of the stores is not the only option left for JCPenney from avoiding of occurring loss. In fact, closing on stores is related with huge investment made by the several parties that can affect the overall business even further. The investors need to share the impact of closing one prime store from shopping mall on the business level of the other stores as well. For that reason, the strategic communication will have to be focused towards identifying the best possible way to counter the popularity of online sales. For that reason, CMBS will have to focus on developing long-term business collaborati on with the entire business opening at a particular shopping mall. As per the article by Linke and Zerfass (2012), strategic communication reflects a communication of a process, concept or data for fulfilling long-term strategic goals of an organization. Now, in the present complex business situation, CMBS will have to focus on developing long-term contract with all the stores opening at the malls in order to enhance the security level of the investment considerably. Commercial investments focused towards ensuring profitable returns. However, continues degrading situation of the retail sector has putted entire lending procedure of CMBS at risk. Without guarantee of profitable return, it is unlikely for CMBS or any other lending organizations to invest big amount of any particular project. Therefore, it might enhance the risk level associated with the other investment as well. Thus, it is necessary for both the authority to make proper business collaboration for ensuring each other success in the competitive market. The Morningstar has highlighted that around 48 billion in loans backed by the shopping mall property at serious risk. For that reason, the strategic communication will have to focus on highlighting the closing decision of other retail organizations like Macy's and Sears as well. Therefore, it is likely to reduce the competition associated with the retail procedure as well. As a result, it would likely to provide more opportunity to JCP enney to keep the revenue level at the desired order (Macnamara and Zerfass 2012). The strategic communication have to focus on developing long-term planning of countering present adverse situation associated with the business procedure. Thus, the strategic communication would also focus on identifying the best possible way to regain customers from the increasing popularity of the online sales. Many retail stores have focused on enhancing the convenience level of the shops for attracting the attention of the customers in an effective manner. Therefore, JCPenney will have to focus on developing cafeteria and also providing free Wi-Fi to the customers in order to ensure they spend quality time with their friends and family. The strategic communication would also focus on highlighting continues increase in the regulatory burden. As a result, sudden decision of closing stores is likely to create legislative challenges for the business procedure, which is also likely to create adverse impact on the overall sales volume (Thomas and Stephens 2015). Hence, strategic communication needs to develop strong long-term relationship with all the businesses capturing the space of a specific mall in order to back massive investment of developing malls. Demonstration of the Problem or Concern of the Client: On the other hand, increasing popularity of online sales has created challenges for JCPenney to keep the revenue level at the desired order. The overall sales volume of the retail sector has dropped by 5%, which has also reflected the decreasing profit level of JCPenney. For that reason, the management of JCPenney feels that it would be very difficult to keep the present number of stores open in future as well. It is actually increasing the operating cost associated with the business procedure in a significant manner. For that reason, it would be critical to close all the worst performing retail outlets for keeping the profit at the desired level. Several studies have identified that popularity of online sales will keep on increasing in future as well (Falkheimer and Heide 2014). Increasing popularity of internet has allowed people to buy any product as per their linking from anywhere. Moreover, online sales technique provides more alternative option for the customers at the time of selecting a particular product. Therefore, it would provide very little opportunity for the traditional retail organizations like JCPenney to enhance the sales volume. For that reason, management of JCPenney perceives that it will be unwise to invest bigger amount on those stores that are not performing at the expected level. Hence, closing down all these stores will allow the organization to minimize the cost associated with the operational procedure in a major way. However, opening of any retail outlets within the popular shopping malls requires massive investment. As a result, organizations have to depend on long-term business in order to cover up all the investment comprehensively. Closing of different outlets will not provide the opportunity to the organization to recover entire amount of investment. As a result, it is likely to create impact on the long-term investment procedure. Still, the management of JCPenney has expressed their concern of acquiring relatively lesser loss by closing down different shops. In fact, the management of JCPenney has expressed the fact that they are not the only one who has taken decision of closing down different shops present in different geographical locations. Rather organizations like Macy and Sears have also taken similar decision in order to keep its existence in the market. Still, closing down of different outlets will also minimize the targeted customers of the organizations (Fredriksson and Pallas 20 15). Therefore, those customers will also look for different alternative options like online sales in order to fulfill their daily needs and wants. Hence, closing of retail outlets is eventually likely to boost the popularity level of online sales platform, which will decrease the business level of the organization even further. Conclusion: From the analysis, it can be illustrated that retail stores are likely to face massive challenges in order to keep the sales volume at the desired level. For that reason, security backed commercial lending organizations will have to be extremely careful at the time of making decision on investing massive amount on shopping malls and other commercial sectors. Moreover, the article has also highlighted the significance of maintaining appropriate legislative collaboration with all the retail entities that are purchasing space of the shopping mall. The legislative regulation should focus on developing log-term relation where no businesses can take sudden decision of breaching the investment procedure. Otherwise, it can put the entire investment made on developing a shopping mall in severe risk. References: businessinsider.in, 2017.The shopping mall apocalypse is creating a $48 billion disaster in American finance. [online] Business Insider. Available at: https://www.businessinsider.in/the-shopping-mall-apocalypse-is-creating-a-48-billion-disaster-in-american-finance/articleshow/57546096.cms [Accessed 30 Apr. 2017]. Downs, C.W. and Adrian, A.D., 2012.Assessing organizational communication: Strategic communication audits. Guilford Press. Falkheimer, J. and Heide, M., 2014. From Public Relations to Strategic Communication in Sweden.Nordicom Review,35(2), pp.123-138. Fredriksson, M. and Pallas, J., 2015. Strategic communication as institutional work.The Routledge handbook of strategic communication, pp.143-156. jcpenney.com, 2017.JCPenney: Window Home Decor, Bedding, Appliances Clothing - JCPenney. [online] JCPenney. Available at: https://www.jcpenney.com [Accessed 30 Apr. 2017]. Linke, A. and Zerfass, A., 2012. Future trends in social media use for strategic organisation communication: Results of a Delphi study.Public Communication Review,2(2). Macnamara, J. and Zerfass, A., 2012. Social media communication in organizations: The challenges of balancing openness, strategy, and management.International Journal of Strategic Communication,6(4), pp.287-308. Thomas, G.F. and Stephens, K.J., 2015. An introduction to strategic communication.