Answer questions from provided book and information Research Paper

Answer inquiries from gave book and data - Research Paper Example examinations, recognizing the firm’s upper hand, planning a serious system, and structuring an authoritative structure that fits the procedure (Spulber, 2009). The technique procedure in Scenario 1 could change as far as it being another participant as an innovative set-up; as stood out from Scenario 2 where the firm shows a quickly developing pattern. All things considered, objective setting is as yet the foremost worry for Scenario 1 while it could be found that under Scenario 2, the new leader of a division, recently set objectives are thought to be obviously set and the significant strides to consider in system the board are stages 2 to 5 to decide if there is a need to overhaul or update serious technique taking into account changing outer components and inner assets. As a director, objective setting must be planned in a generally proper and compelling way which incorporates the capacities of the association with the open doors presented in the market. Thusly, there ought to be a general authoritative objective that is unmistakably structured and imparted; not a progression of various sorts of objectives which could confound partners in figuring out which to accomplish. The procedure of outer and interior investigations for Scenario 1 and Scenario 2 would be unique; since Scenario 1 is a beginning up partnership with no chronicled data in regards to outside variables that sway its activities; nor any inward assets yet that characterize the organization’s qualities or shortcomings. For Scenario 2, authentic data flourishes and thusly, the degree and completeness of outer and interior investigations would be more prominent and additionally testing. Once more, for the investigation of upper hand and serious methodology, the two organizations would contrast as far as accessibility of chronicled data. For Scenario 1, the organization is still in the objective setting stage and subsequently distinguishing proof of its upper hand and system would be started on what it sees it could do to

Problem Solving Essay Topics and Content

Problem Solving Essay Topics and ContentWith the numerous choices of problem solving essay topics, it is sometimes difficult to choose the right one. In a given essay assignment, many students find themselves confused by the range of topics and situations that may come up in the coursework. But with a few tricks, you can be able to find out which essay topics are good for writing. After all, with a good essay topic, you will be able to win this type of assignment.One important aspect to consider is the title of the essay. In fact, there are a lot of people who confuse the title of the essay with the topic of the essay. It is better not to make this mistake. If you really want to use the title of the essay, then you should follow the topic of the essay. Otherwise, if you put the title before the topic, the readers will get the wrong idea.Even if some essay topics use the titles of the essays, it is not always the case. Some students write the titles as a sort of last minute idea. In s uch cases, it is best to opt for a normal article title to avoid a double entendre on your part.The title of the essay is only the first step to success. Once you have chosen the topic, you will have to think of the concept that the essay will be dealing with. By writing the essay in a logical manner, you will be able to fully comprehend the subject matter. To summarize, think of the topic, make sure that the content will fully describe the topic, and finally think of a good title for the essay.For essay topics that deal with nature, it is important to discuss its effects on man. That means, you will have to provide enough scientific proof to show that man has changed the environment and on how man has changed the environment. The nature essay is actually a good essay because it focuses on the uniqueness of man and how man has managed to influence the world around him.On the other hand, problem solving essay topics are much different from these types of essays. The problem solving e ssay, or just known as a problem essay, deals with college-level problems. The biggest advantage of this type of essay is that it is different from the regular essays because the writer does not focus solely on writing an essay. Rather, the essayist deals with his or her own issues and tries to solve the problem on his or her own. The essay helps in boosting the students' confidence level.Now that you know the difference between problem solving essay topics with content. How do you choose the best one? The best option would be the essay that asks students to make their own contribution to the overall article. So if you have difficulty writing essays and are looking for an opportunity to learn about writing, try this approach. Aside from giving you the chance to write on your own, it will also help you in the short term.Problem solving essay topics and content are very different, but they have one thing in common. They all require that you think and do research on your topic. With an average of 5 hours of essay writing, you will surely be able to hone your writing skills. So, if you are serious about writing, then you will definitely have to spend some time on this.

Food Insecurity and Soup Kitchens Research Paper

Nourishment Insecurity and Soup Kitchens - Research Paper Example Presentation Food security is the â€Å"consistent access to enough nourishment for a functioning, sound life† as per Nord, Hooper and Hopwood (p.1). Then again, â€Å"very low nourishment security† alludes to a decrease of nourishment admission and disturbance of eating designs in families because of an absence of cash and different assets for nourishment during specific seasons (Nord, Andrews and Carlson 5). Satisfactory nourishment is fundamental for acceptable wellbeing and great sustenance. Financial approach and program systems that help the major components identified with nourishment security are fit for lessening wellbeing disparities. On contrasting Canada and the United States on the effect of nourishment frailty, it was discovered that in Canada’s levels of nourishment instability are lower than that of the U.S., demonstrating that Canada’s is more nourishment secure because of different measures, and the accomplishment of administrative and pr ivate projects in easing hunger. Further, issues and arrangements identified with nourishment frailty conceptualized for Binghamton region of New York will be conceptualized based on an overview directed and evaluation data. Nourishment Insecurity in Canada and in the United States Canada and the United States essentially contrast in the extents of their populaces that have steady access to adequate nourishment for dynamic, solid living. ... family units twice as liable to be nourishment unreliable comparable to Canadian families with kids. The significant parameters that sway nourishment instability over the world incorporate salary sufficiency, instruction, family unit structure, nearness or nonattendance of kids, living arrangement territory, and different elements. Nord et al (p.16) express that these parameters ought to be considered with regards to the distinctive social, monetary, program and strategy frameworks of Canada and the United States, to accomplish a superior comprehension of the effect of these variables on family unit nourishment security. Canada’s Action Plan for Food Security in light of the World Food Summit pledge to decrease nourishment frailty by 2015, expands on a few existing global duties which influence nourishment security. These rise up out of current household projects, for example, Canada’s own â€Å"Nutrition for Health: An Agenda for Action; Gathering Strength: Canadaâ₠¬â„¢s Aboriginal Action Plan; modifications to enactment including the Fisheries Act† (Agriculture and Agri-Food, Canada 5) and Canada’s advancing financial, social and ecological projects and arrangements. A Joint Consultative Group (JCG) made out of both government and common society delegates have built up the Action Plan. In 2009 the Canadian International Development Agency (CIDA) â€Å"announced nourishment security as a need topic and promised an extra $600 million more than 3 years on the side of this theme† (CFSPG 1). The government’s program has been fruitful to a limited degree. To increase crafted by the administration, there have been private coordinators revitalizing powers under the standard of nourishment security. In this manner, nearby endeavors in Canada incorporate the setting up of nourishment storerooms, treatment of interminable illnesses identified with lack of healthy sustenance,

Working Capital Management And Profitability For Listed Companies - Free Essay Example

Sample details Pages: 19 Words: 5750 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Essay any type Did you like this example? Working capital management (WCM) refers to management of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current assets and current liabilities, which is also a primary function that support firm daily operation such as used to funds its stock, credit sales, and credit purchases. The management of working capital is important in order to maintain its liquidity in day-to-day operation; to ensure it operation is running smoothly and meets its obligation (Eljelly, 2004). A firm without sufficient cash flow will have difficulties to survive in the future as it will be unable to pay its obligations. Don’t waste time! Our writers will create an original "Working Capital Management And Profitability For Listed Companies" essay for you Create order Therefore, if a firm does not manage their liquidity position well, it will affect firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth, survival and profitability (Shafii, 2010). The trade-off between profitability and liquidity are essential, however most of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s ultimate objective is to maximise profit, while disregarding the dilemma of liquidity. One objective should not be cost of the other because both of them have their important (Raheman Nasr, 2007). Jose et al. (1996) also point out this fact saying à ¢Ã¢â€š ¬Ã…“firms with glowing long term prospects and healthy bottom lines do not remain solvent without good liquidity managementà ¢Ã¢â€š ¬?. For these reason WCM should be given proper consideration. However, the management of working capital is complex as it needs to manage a number of different components which are inter-linked to each others. The management needs to concern on account receivables, account payables, inventories and cash, as altering one component w ill affect the others. Therefore, firms need to identify the optimal level of working capital that can maximise firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s value (Afza and Nazir, 2007). According to Ganesan (2007), optimization of working capital means minimisation of related costs and maximisation of related income. Efficient WCM will increase firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ free cash flow, which in turn increases the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ growth opportunities and return to shareholders. Consequently, efficient WCM is crucial in order to maintaining firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ survival, liquidity, solvency and profitability. Thus, WCM has enormous influence to firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. Research Question à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã…“Does the past evidence showing a relationship between WCM and profitability hold true in Malaysian Listed Companies à ¢Ã¢â€š ¬Ã¢â‚¬Å"manufacturing and services industries.à ¢Ã¢â€š ¬? 1.2 AIM The aim of this study is to provide empirical evidence of the relationship between WCM and profitability in a sample of Malaysian listed companies by looking at the manufacturing and services industries. The cash conversion cycle (CCC) will be the indicator of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidity which is a comprehensive measure, so that able to identify the most important variable that will affect CCC for two different industries. 1.3 OBJECTIVES OF THIS STUDY Examine the relationship between the CCC and firm profitability. Examine the relationship between CCC components which are account receivables, account payable and inventory turnover period with firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Investigate whether the two industries have the same effect on the relations. 1.4 RATIONAL OF THIS STUDY Extensive empirical research on WCM has been carried out around the world widely and those researches had given different results on the relationship between WCM and profitability. As the studies on the data undertake from Ernst Young, 2010 reveals that WCM vary across different industries. The study also gives significant evidence that different firms or sectors adopt different approaches to WCM. So, different firms will use different approaches and strategy to manage their working capital, such as those firms that is less competitive will choose to minimise their receivable in order to increase their cash flow. While for those firms that depends on supplier will maximise their payable account. Therefore, the impact of various working capital mechanisms on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance from Malaysia perspective might be different due to divergence business environment and culture between other countries. Besides that, there are few factors that may influence firm working capital such as nature of business, production policy, production cycle, credit policy, and availability of supply (Rama, 2009). Nature of Business The nature of business between different industries or firms is different. Thus, working capital requirement needed, also different among different industries or firm. For example, manufacturing is the productions of the product where the inventory can be keep in the warehouse. While services are the services provided to customer which cannot be stored. It also does not have investment in either raw materials, work in progress (WIP) or finished goods. Besides that, it also involves in immediate realization of cash after the services are provided, which means there will be less accounts receivables is exists. In here, it can be believed that services will have lower working capital requirement. [low wc, more risk n return] This is further proven by John Louie Ramos Production Policy The management of hospitality capacity (inventory) is difficult as compared to manufacturing firm due to fluctuating demand pattern. For example, for service industry their inventory is room availability. The number of rooms in a hotel is fixed, once the room is vacant, they will lose the chances of earning money and the inventory during the period is wasted. Meanwhile, the services provided to customer cannot be store. Besides that, if the demand for the room is more than supply, they had to lose the income as they cannot produce the inventory based on demand. While for the manufacturing firm, they can produce their inventory based on the seasonal demand. They can produce more inventories during the peak demand and less during off-seasons. Then, the firm will have low working capital during off-season. While for those firm that have fixed inventory production policy which means produce the same quantity of inventory to meet the peak demand, then the firm will have large accumul ation of inventory during the off-seasons. The large accumulation of inventory will increase the amount of working capital. Thus, the production policy will affect the firm and industry working capital requirement. Production Cycle The time and process involved in manufacture of goods will also affect firm working capital requirement as more fund is needed to invest, in order for the goods to be completed in time and in good quality. Credit Policy Credit policy also one of the factors that will affect firm or industry working capital requirements which it determine the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s receivables. For services industry, it will have low working capital as it involved cash sales while for manufacturing the working capital requirement will depend on the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s credit policy. If the firm offer short credit period, then it will only need low working capital and vice versa. Availability of supply The availability of inventory such as raw materials will affect firm working capital requirements. If the availability of raw materials is easily to obtain then firm can maintain low inventory which mean only need low working capital. However, if the level of supply is hard to predict or obtain then the firm had to keep a large amount of inventory in their warehouse in order to avoid the shortage of production. Thus, the firm need large amount of working capital. Therefore, this study is to examine the differences of the WCM between to the two industries and relationship between liquidity and profitability in Malaysia listed company. 2. LITERATURE REVIEW 2.1 WORKING CAPITAL MANAGEMENT Working capital represents safety cushion for providers of short term funds of the firm. Without a proper management of working capital, it will have cash shortages and will result in difficulty in paying its obligations, especially in the competitive business worlds nowadays (FPR, 2010). Besides that nowadays, most companies normally do not think of improving liquidity management until them faces financial crisis or becoming on the edge of bankruptcy. In order to make sound decision and survive in the long term, firm must combine strategic planning with comprehensive data by using both financial and non-financial data. Working capital and liquidity management is important for all businesses either are small, medium or large firm. As cash is the most liquid asset in a firm, therefore efficient liquidity management involves planning and controlling firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current assets meets its current liabilities is essential so that firm will not excessive invest in short ter m finance and avoid risk of inability to meet its short term obligation. Furthermore an efficient WCM enable firm to minimise the need for external financing as the external financing comprises of financial risk. By referring to the risk and return theory (Pettengill et al, 1995), higher risk investments will result in higher returns and vice versa. Hence, firms with low liquidity of working capital may have higher risk then high profitability. Conversely, high liquidity of working capital may face low risk then low profitability. Therefore, firm must take into consideration all the current assets and current liabilities when making financial decision making and try to balance the risk and return. As a result, in addition to profitability, liquidity management is vital for ongoing concern. Working capital management comprises of inventory management, cash management and credit management. A detailed of those components will be discussed below: 2.1.1 INVENTORY MANAGEMENT Inventory management is essential for businesses, without proper control and management of the inventory will lead to serious issues facing by the firm. For example, if the inventory does not managed properly or in an efficient manner, it may delay firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s production process, lost of important customer, customer dissatisfaction, and or result in working capital curtailment (Richard A, 1978). Inventory consists of raw material, WIP and finished goods (Adeyemi, 2010). By referring to (Marilyn, 2006) raw materials are used to make production scheduling easier, to take advantage of price changes and quantity discounts, and to hedge against supply shortages. If raw material inventories were not held, purchases would have to be made continuously at the rate of production. This would not only mean high ordering costs and less quantity discounts, but also production interruptions when raw materials cannot be procured in time. WIP serves to make the production process smooth er and more efficient. Besides that, it will provide a buffer between the various production processes. Finished goods have to be held to provide immediate services to customers and to stabilise production by separating production and sales activities. Firm can improve the inventory turnover or shortening the inventory turnover period by speeding up the WIP into finished goods, however it cannot be fully transformed. While for the raw material and finished goods is depend on management decision. Thus, it can be said every firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s inventory turnover level is significantly different from each other. High inventory holding in a firm will reduce the risk of shortage and decrease the ordering cost. However, hold too much inventories on hand there may be a risk of inventory obsolesces (Van Horne, 1995). Therefore, firm must find a trade-off between those risks by discovery an optimal inventory level. An optimal inventory level can be measured using the economic order quant ity (EOQ) as it minimise the annual holding costs and ordering costs (Adeyemi, 2010). The formula for EOQ is as below: A = Annual demand Cp = Cost to place an order Ch = Cost of holding an inventory in a year Besides that, EOQ can also be explained using graph in the Figure 1. The graph is plotted for total ordering cost, total holding cost and total cost for the quantities ordered. The point at which the line of total ordering cost intersects with the total holding cost is the EOQ. At the point of EOQ, it will show the minimum costs that will incurred when the firm placing the total amount of quantities. The graph also shows that the cost of ordering is decreased when the order quantity is increased. Then, the holding cost will increase when the order quantity is increased. In addition, when the order quantity is increased or decreased, the total cost will increased and decreased as well, where the total cost is the sum of total ordering cost and total holding cost. Hen ce, the optimal level of inventory cost is at the point of EOQ. According to Abraham (2005) inventory for services industries consists of two kinds of perishable inventory. One is room availability and the other is food beverages. The identification of fast and slowing moving of these inventories is within the total inventory is essential in order to avoid insufficient inventory. He also states that an optimal inventory is important in order to have a proper management of the inventory as those unused inventory will lead the firm suffer a lost. 2.1.2 CASH MANAGEMENT According to Van Horne (1995) cash management is involves managing the monies of the firm in order to maximize cash availability and interest income on any idle funds. Cash management also include the trade receivable of a firm which play an important role in managing working capital. By improving the trade receivable routine more efficient, firm can reached optimal receivables by having adequate credit policy and collection procedure. A credit policy specifies requirements to value the worthiness of customers and a collection procedure provides guidelines to collect unpaid invoices that will reduce delays in outstanding receivables (Richards Laughlin, 1980). An efficient cash management is essential as it can be an instrumental in preventing losing of cash, maintain sufficient cash to made payment and prevents unnecessary large amounts of cash from being held idle in banks account that produce little or no revenue. 2.1.3 CREDIT MANAGEMENT Lastly, the optimal payables can be achieved by extending its trade credit from supplier. Simona and Paul (2007) state that trade credit is a substitute financing choice of short term borrowing, where trade credit is à ¢Ã¢â€š ¬Ã…“freeà ¢Ã¢â€š ¬? while short term borrowing is à ¢Ã¢â€š ¬Ã…“costlyà ¢Ã¢â€š ¬? as it needs to incur interest cost. For example, when firm extends its credit period from suppliers it will save the cost of short term borrowings. This means that an increased in account payables, will lead to a decrease in the short term borrowing costs. However, by delaying the payments to supplier will damage the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s reputation and loss some of the cash discounts offered by supplier for early settlements. 2.2 LIQUIDITY MEASURES Corporate liquidity is examined from two distinctive dimensions either static or dynamic views (George, 1997; and Lancaster et al., 1999). 2.2.1 CURRENT AND QUICK RATIO The static view is normally based on traditional measure of current ratio and quick ratio which is calculated based on information at the balance sheet and incorporates no cash flow variables. The underlying behind why these two ratios are well-known in used is due to its simplicity. Current ratio is defined as the relationship between currents assets and current liabilities. It is calculated by dividing the total of the current assets by total of the current liabilities. The current ratio represent margin of safety to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s creditor, an index to the firm stability. While for quick ratio is the ratio of liquid assets to current liabilities. Kamath (1989) argues that the information generated from the ratios is inadequate to measure the liquidity and future cash flow due to their static nature which measures liquidity at a given point of time. George (1997) assert that it will be more appropriate and accurate to evaluate effectiveness of WCM by CCC, rather than the traditional measures of liquidity à ¢Ã¢â€š ¬Ã¢â‚¬Å" current ratio and quick ratio. 2.2.2 CASH CONVERSION CYCLE (CCC) Whereas dynamic CCC measures ongoing liquidity from the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s operation is define as more comprehensive measure of working capital and as a supplement to current ratio and quick ratio (Richards and Laughlin, 1980). CCC shows the time lag between expenditure for the purchases of raw materials and the collection of sales of finished goods (Schilling, 1996). This CCC measures also has been highly recommended by Kamath (1989), and others. CCC is a measure for the efficiency of WCM as it indicates how quickly the current assets are converting into cash. CCC comprise three components of days inventory outstanding (DIO), days sales outstanding (DSO) and days payables outstanding (DPO) [CCC = DIO+DSO-DPO]. DIO is a key figure that measures the average amount of time that a firm hold its inventory. It is calculated by inventory/cost of sales x 365 days. A decrease in the DIO represent an improvement, increase is deterioration (Ross et al, 2005). DSO is the key figure that measures the average amount of time that a firm hold its account receivables. It formula to calculate is account receivables/sales x 365days. A decrease in DSO represents an improvement, whereas increase represents deterioration (Ross et al, 2005). DPO is the key figure that measures the average amount of time that a firm hold its trade payables. It is calculated by trade payable/cost of sales x 365days. For DPO, an increase in days represents an improvement, whereas decrease indicates deterioration (Ross et al, 2005). The traditional view on CCC and profitability highlight that the shorter the CCC, the superior the firm profitability. The firm can shorten their CCC by improving the inventory turnover, collects cash from receivables more quickly and slowing down the payments to suppliers. This will increase the efficiency of firm internal operation and result in greater profitability (Mohammad, 2010). This can be seen in the case of Dell manufacturer in American, which i t mainly business is sales of its own brand (Dell) computer and computer accessories through internet and open door sales. Their primary focus is on student market and home user. Richard (2003) had analyse on the Dellà ¢Ã¢â€š ¬Ã¢â€ž ¢s working capital showing that the increase in inventory turnover and receivable turnover days were affect Dellà ¢Ã¢â€š ¬Ã¢â€ž ¢s overall profitability. Later in the year 1997, Dell had made some changes on its business operation by only producing those computers when the order is placing by customers and thus, the company able to reduce its CCC to negative working capital due to low inventory turnover. The negative CCC show that Dell able to collect payments from customers before they made payment to their supplier. On the other hand, shortening the CCC could harm firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability as reducing the inventory conversion period could increase the shortage cost, reducing the receivable collection periods could makes the companys lo using its good credit customers, and lengthening the payable period could damage the firms credit reputation. Therefore, shorter cash conversion cycle associated with high opportunity cost, and longer cash conversion cycle associated with high carrying cost. By achieving the optimal levels of inventory, receivable, and payable will minimize both carrying cost and opportunity cost of inventory, receivable, and payable and maximises sales, and profitability of firms. In this regards, an optimal cash conversion cycle as more accurate and comprehensive measure of working capital management. Schilling (1996) mentions optimum liquidity position, which is minimum level of liquidity necessary to support a given level of business activity. Briefly, he says it is critical to deploy resources between working capital and capital investment, because the return on investment is usually less than the return on capital investment. Therefore, deploying resources on working capital as much as to main tain optimum liquidity position is necessary. Then he sets up the relationship between CCC and minimum liquidity required such that if the CCC lengthens, the minimum liquidity required increases; conversely, that if the CCC shortens, the minimum liquidity required decreases. 2.3 EMPIRICAL EVIDENCE There are numerous empirical research had done on the relationship between WCM and profitability in different countries and industries by using different variable selection for analysis. Some of the research prove that there is a positive relationship between profitability and CCC such as Dell, however there also had research shows that there are negatively related. Richards and Laughlin (1980) concluded that there is a positive relationship between the current and quick ratios and the cash conversion cycle. Besides that, Chowdhury and Amin (2007) also had found positive correlation between working capital and profitability which examine on the pharmaceutical industry in Bangladesh. The study done by Lazaridis and Tryfonidis (2006) using the sample of listed company from Athens Stock Exchange for the period 2001-2004 showed that there is a significant relationship between CCC and profitability, which use gross operating profit as a measure of profitability. It same apply for Gan esan (2007), analysis on the WCM efficiency in telecommunication equipment industry, found that there is negative relationship between working capital and profitability. It can be said that management of working capital have significant impact on profitability and liquidity in different countries and industries. Besides that, an empirical research on Pakistani firms done by Raheman and Nasr, (2007) with a sample of 94 firms listed on Karachi Stock Exchange from period 1999-2004, shows that there is a negative relationship between variables of WCM and debt with profitability of the firm. In addition, a study in Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s hospital for the period 2005-2006 by Christopher and Kamalavalli, (2010) the correlations and regression analysis signifying that working capital component namely current ratio, cash turnover ratio, current assets to operating income and leverage negatively influence profitability of the firms. Lastly, the recent study in 2009 by Uyar (2009), he used t he ANOVA and Pearson correlation to analyse the relationship between CCC and return on asset for the firm listed in the Istanbul Stock Exchange for the year 2007. The research showed that there is a significant negative correlation between those two variables. Belt (1985) examined for US companies the trends of cash conversion cycle and its components during the period 1950-1983, for those lines of businesses for which Quarterly Financial Report for Manufacturing, Mining and Trade Corporations (QFR) . He found that retailing and wholesaling firms both had cash conversion cycles shorter than those of manufacturing firms. Mining firms had the shortest cash conversion cycle because this type of industry has the longest payment deferral period of all the major business types. Besley and Meyer (1987) evaluated empirically the interrelationships among the working capital accounts and cash conversion cycle, the firms industry classification and the rate of inflation for US companies for the period 1969-1983. Using the Spearman rank correlation coefficient they found that the cash conversion cycle was most correlated with the average age of inventory and least correlated with the age of spontaneous credit. The conclusion suggests that inventory activity is the most important input to the cash conversion cycle. The age of inventory, the average collection period and the age of spontaneous credit proved to be highly correlated. The cash conversion cycle and its components for the examination period differed from industry to industry, but did not vary from year to year. By looking at the empirical literature on WCM, there is limited research study on the consequences of WCM from Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s firm perspectives. Irene Lee (2007) research results show that the Malaysian public listed firms have positive relationship between profitability and working capital to a certain extent. Besides that, the recent study by Mohammad (2010) explores the relation bet ween WCM and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. He measures the relationship by selecting 172 listed companies in Bursa Malaysia for the period 2003-2007. Using the Pearson correlation and multiple regression analysis, he found significant negative associations between working capital variables with firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s market value and profitability. Therefore, he highlights the importance of managing working capital requirements to ensure an improvement in firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s market value and profitability and must consider the working capital when making companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategic. It can be seen from the above that many studies have done on the WCM, its component and profitability by using different variable to test those relationship. From those studies, different countries, industries and strategies gives different results, some are positively related between WCM and profitability while some are negatively related. Since the previous studies of WCM in Mal aysia, is focusing on the relationship between WCM and profitability. Therefore, in studies will further study on the relation of the both variables by making comparison on the two listed industries of manufacturing and services industries in Malaysia. 3. RESEARCH METHODOLOGY The objective of this study is to look at one parts of financial management which known as WCM with reference to Malaysia. Here, will see the relationship between WCM practices and its effects on profitability of two industries in Malaysia; 16 firms listed on main board of Bursa Malaysia for the period of three years from 2007 to 2009. This section of the study will discuss on the sample selection, variables, and statistical techniques that will be used to examine the relationship between firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ WCM and profitability. 3.1 DATA SET SAMPLE In this study secondary data; firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statements will be used to examine the research question. Those secondary data will be collected from Bursa Malaysia. A sample of eight companies will be randomly select for both manufacturing and services industries for the period of three years from 2007-2009. The reason for selecting this period was that latest data that will be available for investigation. Manufacturing and services industries are selected for this study because they reveal district difference in term of nature and management of the business. The services industries have a seasonal period and profit as they unable to predict the sales and demand from customers as services industries are people-oriented and people-driven, it is more difficult to effectively automate and control the service costs than in other non-services business sectors. Whereas the inventory for the manufacturing can be stored in the warehouse in order to avoid shortage but for t he services industries unable to stored their capacity (inventory) as it will affect their firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Therefore, a comparison of the WCM between the two industries will be look at in this study. Primary data will not be used as the data that has not been gathered before and the collection of data is time consuming, and high cost. Besides that, the primary data is not able to measure the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial strength and weaknesses. The measurement of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial wealth can only be measures and compare by using quantitative data. In addition, this study is to examine the relationship between WCM and profitability which required the quantitative information. 3.2 VARIABES This study had identified key variables that will influence Malaysia firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s WCM. Choice of variables is influenced by previous study on WCM and also to further study on the previous study on Belgianà ¢Ã¢â€š ¬Ã¢â€ž ¢s WCM by Deloof. CCC will be used as a comprehensive measure of WCM which also used as independent variables. CCC is simply DSO plus DIO  less  DPO. Profitability is measured by gross operating income (GOI), which is defined as sales minus cost of sales, and divided by total assets minus financial assets. Why it was divided by total assets minus financial assets? As from the list of companies that are randomly selected from Bursa Malaysia, their financial asset is a significant part of its total assets, where financial asset include cash and bank balances, stock and securities that can be readily converted into cash. This also the reason why return on assets is not considered as a measure of profitability in this research, as if firm ha s mainly financial assets in its balance sheet; its operating activities will contribute little to the overall return on its assets. Besides that, sales growth ([this yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales à ¢Ã¢â€š ¬Ã¢â‚¬Å" previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales]/previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales) will be used as control variable in the regression analysis. 3.3 HYPOTHESIS TESTING As the objectives of this study are: Examine the relationship between WCM and profitability. Examine relationship between the DSO, DIO, DPO and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Investigate whether the two industries have the same effect on the relations. The following hypothesis will be formulated and attempt to find statistical evidence for the two industries to support those hypothesis. Hypothesis H1: The CCC is negatively related to firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability (ROA) à ¢Ã¢â€š ¬Ã¢â‚¬Å" higher CCC, lower the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢ profitability and vice versa. Hypothesis H2: Shortening the DSO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Hypothesis H3: Shortening the DIO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Hypothesis H4: Lengthening the DPO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. 3.4 ANALYSIS USED IN STUDY In this study, two types of analysis are performed; there are descriptive and quantitative analyses. 3.4.1 DESCRIPTIVE ANALYSIS The initial analysis in this study is descriptive statistic, which will provide detailed information of each relevant variable and describe the relevant aspects of cash conversion cycle. All the relevant variables were calculated using balance sheet value, rather than using market value, it is because the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial statement did not provided market value on the variables that is required in this study. Besides that, the measurement of profitability à ¢Ã¢â€š ¬Ã¢â‚¬Å" GOI could only be based on value in income statement values as there is no way to measure it at so-called market values. In addition, if the market values are used, there will a question on which date the à ¢Ã¢â€š ¬Ã‹Å"market valuesà ¢Ã¢â€š ¬Ã¢â€ž ¢ are referred to. Thus, in this study the book values of the variables in the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statement will be used. 3.4.2 QUANTITATIVE ANALYSIS Two methods had been applied in quantitative analysis. Firstly, correlation analysis is carried out, which specifically to measure the possible linear relationship between different variables under consideration. Secondly, is regression analysis, which is to estimate the relationship between liquidity, profitability and other selected variables. We have used Pooled Ordinary Least Squares and Generalized Least Squares (cross section weights) methods for analysis. We used panel data in a pooled regression, where time-series and cross-sectional observations were combined and estimated. In other words, several cross-sectional units were observed over a period of time in a panel data setting. For this purpose of analysis the E views software was used to analyze financial data and especially in case of pooled data. 4. DATA ANALYSIS AND DISCUSSION The results of the two types of analysis will be discussed below. 4.1 DESCRIPTIVE ANALYSIS Initially, descriptive statistics is the first step analysis in this research. It will provide a useful summary of central tendency; mean and median, and variability such as standard deviation, minimum and maximum. Table 1 and Table 2 presents descriptive statistics for the components of working capital efficiency for eight manufacturing firms and services firms in Malaysia for the period of three years starting from year 2007 to 2009. Based on Table 1, manufacturing firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ gross operating income is on average of 40%, and the standard deviation of 32%. It means that the value of profitability can deviate from mean to both sides (left and right) by 32%, where the standard deviation is a measurement of dispersion from its mean. The larger standard deviation, the more disperse the data over a large range of values. Whereas the maximum value of gross operating income is 124% for a company in a year while the minimum value is 9%. CCC which is a proxy used to as sess how a firm manage their working capital efficiency. The average CCC for manufacturing firms in Malaysia is on average of 66 days, and standard deviation of 59 days. Manufacturing firms receive payment on sales after on average of 45 days and standard deviation is 40 days. The maximum time that a manufacturing firm needed to collect payment from receivables is 143 days while the minimum time taken to collect the payment is 16 days. Besides that, it takes on average of 71 days to sell its inventory and standard deviation of 36 days. The maximum time taken for manufacturing firm to convert their inventory into sales is 126 days while the minimum time is 6 days. Manufacturing firms wait an average of 50 days to pay their purchases to their suppliers with standard deviation of 30 days. Here, the maximum time take to made payment to suppliers is 108 days, and the minimum time is 6 days. While based on Table 2, services firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ gross operating income is on averag e of 45%, with standard deviation of 28%. The maximum value for the service firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s gross operating income is 117% for a year, and the minimum value is 1%. The average of CCC for services firm is 60days, and standard deviation of 105 days. Besides that, services firms in Malaysia will receive payment on sales after on average 33 days and standard deviation of 27days. The maximum time that service firm need to take to collect cash from receivable is 98 days, while minimum time is 2 days. Services firms also needed on average of 67 days to provide their services to customers. Whereas the maximum time taken to provide the services to customers is 276 days, which is a very large period of time to convert their services to sales, it is because some of the services firmà ¢Ã¢â€š ¬Ã¢â€ž ¢ have marketing strategy such as promotion for à ¢Ã¢â€š ¬Ã‹Å"early birdsà ¢Ã¢â€š ¬Ã¢â€ž ¢ booking. The minimum time taken to provide service to customers is 1 days. Lastly, service fir m wait an average of 42 days to pay purchases with standard deviation of 31 days. Here, the maximum time taken to made payment is 96 days, and the minimum time is 6 days. The standard deviation of CCC for services firm in Malaysia is 105 days which indicates a wide dispersion in CCC among the two industries; manufacturing and services industries. Table 1 Descriptive Statistics 8 Manufacturing Firms, 2007 2009  Mean Std. Dev. Min Max   GOI 0.40 0.32 0.09 1.25 DSO 45.32 40.30 0.16 143.40 DIO 71.29 36.46 6.47 126.00 DPO 50.43 30.00 5.81 107.74 CCC 66.18 59.00 (7.29) 198.53 Sales growth 0.10 0.14 (0.16) 0.42 Table 2 Descriptive Statistics 8 Services Firms, 2007 2009  Mean Std. Dev. Min Max   GOI 0.45 0.28 0.01 1.17 DSO 32.68 27.39 1.92 98.67 DIO 67.17 79.83 0.17 275.96 DPO 42.42 30.46 6.24 95.65 CCC 60.23 105.26 (63.15) 291.08 Sales growth 0.13 0.42 (0.25) 1.97 4.2 QUANTITATIVE ANALYSIS Two methods had been chosen for quantitative analysis. First, correlation is used to measure the possible linear relationship between different variables under consideration. 4.3 CORRELATION ANALYSIS Correlation analysis is carried out to test those variables with profitability; GOI, DSO, DIO and DPO. As the correlation analysis is to measure how strength is the relationship between those variables. The result of coefficient correlation (r) is between -1 and 1. A value of 1 indicates perfect positive correlation as one variable increases, the second increases in a linear fashion. Likewise, a value of -1 indicates perfect negative correlation as one variable increases, the second decreases. A value of zero indicates zero correlation. The shortcoming of correlation analysis is that they do not allow identifying causes from consequences. From Table 3, correlation analysis on listed manufacturing firms in Malaysia for the period of three years from 2007 to 2009 had been analysed. Table 3 Correlation Coefficients 8 Manufacturing Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.932 1  DIO 0.909 0.889 1  DPO 0.187 0.236 0.119 1  CCC 0.962 0.983 0.946 0.224 1  SV 0.907 0.972 0.939 0.267 0.975 1 Correlation Coefficients 8 Services Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.543 1  DIO 0.546 0.967 1  DPO 0.517 0.977 0.926 1  CCC 0.520 0.983 0.979 0.964 1  SV 0.438 0.749 0.779 0.631 0.719 1 4.4. REGRESSION ANALYSIS Regression is a generic term for all methods attempting to fit a model to observed data in order to quantify the relationship between two groups of variables. Regression analysis also helps in understanding how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed. Therefore, in here the independent variable will be CCC and the dependent variable will be ROA as for the Hypothesis H1. While for the Hypotheses H2, H3 and H4 the dependent variable will be CCC and the independent of variables will be DSO, DIO and DPO. In addition, firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales, sales growth ([this year sales à ¢Ã¢â€š ¬Ã¢â‚¬Å" previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales]/ previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales) are included as control variables. Correlation Coefficients 8 Manufacturing Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.932 1  DIO 0.909 0.889 1  DPO 0.187 0.236 0.119 1  CCC 0.962 0.983 0.946 0.224 1  SV 0.907 0.972 0.939 0.267 0.975 1 Correlation Coefficients 8 Services Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.543 1  DIO 0.546 0.967 1  DPO 0.517 0.977 0.926 1  CCC 0.52 0.983 0.979 0.964 1  SV 0.438 0.749 0.779 0.631 0.719 1

Existence of Crime - 2232 Words

Goals of this paper are to discuss the conflict model and the consensus paradigm and explain the relation they have to crime. An in depth description of hate crimes that falls under the violent crime typology will be given and references to a few high profile cases that relate to this focused crime will be assessed. A consensus interpretation in regards to the strain theory will be elaborated upon, and then an interpretation based on the conflict paradigm will be offered. Definition Consensus view is one way a criminologist studies crime in a society. With this view it is understood that laws are needed and are seen as an agreement amongst the public to enforce social norms or acceptable behavior. Supporters of this view would also agree†¦show more content†¦Next, an incidents motivation bias on religion totaled 2. Following was an incidents motivation bias on sexual orientation totaling 4. Lastly the incidents motivation bias on ethnicity was zero and so was a motivation bias on someone who had a disability. When viewing the 2011 UCR statistics of Pennsylvania the total amounts of incidents motivation bias were different. Race was 30 and religion was 8. Sexual orientation was one less than religion with a total of 7 and ethnicity was the same as religion with a total of 8. The disability motivation bias was the same as Georgia with a zero total. Application In 2012, February 4th two men said to have been affiliated with a gang committed a hate crime on the bases of not liking the victim’s sexual orientation. Christopher Cain, a 19 year old male, and Dorian Moragne, a 20 year old, brutally attacked a 20 year old gay man Brandon White as he walked out of a grocery store in Atlanta, Georgia. During the attack the offenders shouted anti-gay slurs and even went as far to hit the victim with a tire. Somehow the attack was recorded by a buildings surveillance system and posted for the public’s viewing. The two offenders confessed to their wrong doings and acknowledged their unconstitutional behavior. They were both found in violation of the federal hate crime law that ultimately criminalizes certain crimes. â€Å"This case is the first in Georgia to charge a violation of the sexual orientationShow MoreRelated The Existence of Crime Culture Among Certain Social Groups Essay3545 Words   |  15 PagesAlbert Cohen’s thesis is that class based status frustration is the origin of subcultures. Crime culture existed in certain social groups and the individuals learned the value of the delinquent subculture through participation in gangs. Delinquent subcultures have values that are in opposition to those of the dominant culture. The strain is rooted by low economical conditions, poor parental relations, and low school standards, with no chance of succeeding in the future. 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The Symbolism Of Birds Throughout Chopin s The Awakening

The Symbolism of Birds in Chopin’s The Awakening In the 1899 novella, The Awakening, Kate Chopin illustrates the social oppression that women experienced during the Victorian Era (1837-1901). The protagonist in the novella, Edna Pontellier, reflects the progressive women of the late 1800s who began to question the traditional gender roles of society. In contrast to customary women such as Adele Ratignolle, the model character in the story who displays very high standards of being a wife and a mother, Edna acknowledges her sexuality and individual identity. These recognitions give Edna a sense of freedom that other women in her society are unable to experience. However, Edna realizes that her position as a woman in her husband’s southern, creole culture prevents her from advancing into complete independence, which results in her tragic fate of suicide (Chopin 652). Edna could only escape her oppression by swimming out â€Å"where no woman had swum before† (Chopin 583). Chopin suggests that the only way for Edna to def eat her role as a domesticated woman was to seek death. This reveals the cultural limitations placed on women that are viewed as possessions rather than people; for Edna knew that she could never truly live in freedom during a time when she was valued only for childbearing and housekeeping. To demonstrate the evolving women in the late nineteenth century who began to seek rights further than customary gender roles enabled, Chopin uses birds to symbolize theShow MoreRelated The Transformation of Edna Pontellier in The Awakening Essay950 Words   |  4 Pagesshe did not know what† (Chopin). In Kate Chopin’s novel, The Awakening, the reader is introduced to Edna Pontellier, a passionate, rebellious woman. Throughout the novel, it becomes apparent how unsettled Edna feels about her life. The reader can identify this by her thoughts, desires, and actions, which are highly inappropriate for an affluent woman of the time. 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Macbeth and Oedipus Rex Comparison Essay free essay sample

Hero, as defined by Aristotle, is a man of noble reputation who is admired by society but has a tragic flaw, which leads to his downfall. Shakespeare and Sophocles were both inspired by the theme of Tragic Heroes and have used this theme in their plays Macbeth and Oedipus Rex, respectively. These plays teach us moral lessons and it is imperative to decide which character best fits the title of a Tragic Hero. Undoubtedly, Macbeth and Oedipus are both Tragic Heroes but in different ways. Hamartia is a tragic flaw, which leads to a reversal of good fortune. An analysis of the two characters’ hamartia, the sympathy they gain from the audience, the characters’ roles in their inevitable downfall, and the role of the supernatural will emphasize why Macbeth and Oedipus are both Tragic Heroes in different ways. Macbeth and Oedipus both had a hamartia. On the one hand, Macbeth’s hamartia was his ambition for power and gullibility in trusting the witches. This ambition made him commit heinous crimes and led him to trust the witches. He kept going back to the witches for more prophecies ever since the first two predictions made by them came true. He said to Lady Macbeth, â€Å"I will tomorrow—/ And betimes I will—to the weird sisters. / More shall they speak, for now I am bent to know,/ By the worst means, the worst. For mine own good,/ All causes shall give way. I am in blood/ Stepped in so far that, should I wade no more,/ Returning were as tedious as go oer. / Strange things I have in head, that will to hand,/ Which must be acted ere they may be scanned. /† (Macbeth, Act III, Scene 4, Lines 158-166) Macbeth’s flaw was that he became overconfident because of the witches’ predictions and made impulsive decisions based on these prophecies. He was gullible to believe that the witches were helping him; whereas the truth was that they were his real enemies. He also thought that he could control his fate based on the prophecies but he was mistaken because his downfall was inevitable. On the other hand, Oedipus’ hamartia was his lack of knowledge about his own identity and the curse that was given to him when he was a child. His determination to find out the truth was also a tragic flaw in him. Tiresias said to him, â€Å"I say that you have secretly have lived most foully with those who should be most dear nor do you see to what extent of evil you have come. (Oedipus, Lines 385-387) He had been cursed that he would kill his father and marry his mother. As a result, he was sent away by his birth parents in fear of this evil prophecy. Oedipus was raised by a shepherd and unknowingly killed his birth father and married his mother. He was completely unaware of the crime that he had committed and no amount of foresight or preemptive action could remedy Oedipus hamartia, unlike Macbeth. Macbeth was well aware of what he had done and his hamartia could have been remedied if he had been satisfied with what he had. He was greedy and had an increasing desire for more power. Macbeth became king by murdering King Duncan in cold blood, which was a horrific crime, whereas Oedipus becomes king by saving the city of Thebes from the Sphinx, which was a noble deed. Macbeth became king by choosing the wrong path of murder, but Oedipus gained kingship with the help of his unselfish deeds. Macbeth and Oedipus both had a tragic flaw, which eventually caused a reversal of their fortunes. Oedipus and Macbeth are Tragic Heroes, but in different ways. They both deserve sympathy from the audience. The audience can sympathize with Oedipus because his downfall was set before him by the Gods and he had no control over his fate. He had unknowingly killed his father and married his mother but the fact that he had to go into exile for the rest of his life makes the audience feel sympathy for him. He had committed a huge mistake and he had to suffer for the rest of his life, alone in banishment despite the fact that his crimes were unintentional. He says, â€Å"For if I had died then, I would not have brought so much pain to my friends or me! (Oedipus, Lines 1379-1381) Oedipus feels guilty for hurting his family and friends and wishes that he could go back and change it. He also punishes himself for his crimes by putting his eyes out and insisting that he deserves to go to exile. The audience sympathizes with Oedipus despite his wrongdoings. Similarly, Macbeth also has sympathy from the audience, but in a different manner. Macbeth initially had everything that a man could wish for: high status, popularity, and a loving wife. He was brainwashed by Lady Macbeth into killing King Duncan to attain the throne. Macbeth was hesitant at first, but once he killed Duncan, he was full of guilt. He had hallucinations and was constantly paranoid about anyone who may be a potential threat to his place on the throne. When Lady Macbeth died, he was briefly saddened by her death and realised that she should have lived longer, but he accepted the fate. Macbeth says, â€Å"She should have died hereafter. / There would have been a time for such a word. / Tomorrow, and tomorrow, and tomorrow,/ Creeps in this petty pace from day to day/ To the last syllable of recorded time,/ And all our yesterdays have lighted fools/ The way to dusty death. Out, out, brief candle! / Life’s but a walking shadow, a poor player/ That struts and frets his hour upon the stage/ And then is heard no more. It is a tale/ Told by an idiot, full of sound and fury,/ Signifying nothing. /† (Macbeth, Act V, Scene 5, Lines 19-28) Macbeth felt unable to grieve his wife’s death since he himself was dead on the inside and was void of emotions. There was no meaning left in his life and he felt that it had become worthless. At the end of the play, Macbeth chose to fight Macduff instead of running away like a coward. These actions of Macbeth make the audience feel that there was still some humanity left in him. He had not completely become a monster, and was still capable of human feelings despite the murders committed by him. The audience felt more sympathy and pity for Oedipus than Macbeth because Oedipus did not deserve such a harsh punishment for a crime that had been committed unintentionally, whereas Macbeth had complete knowledge of his wrongdoings but this did not stop him from committing several horrific crimes. Macbeth and Oedipus both initially had a high status, but they lost their status and this led to their unavoidable downfall. Macbeth was responsible for his own downfall because he allowed himself to be influenced by others. He ignored his conscience, which told him to not kill Duncan. Even before he killed Duncan, Macbeth knew what he was doing was wrong but he allowed Lady Macbeth and his ambition to cloud his judgement. Macbeth also trusted the witches and believed what they were saying was the truth and in his interest. Macbeth could have shrugged off the prophecies like Banquo did, but he chose to believe in the misinterpreted predictions, which ultimately led to his downfall. When the first two prophecies made by the witches came true, they initiated Macbeth’s desire to become king. Nobody told Macbeth to kill Duncan; but he was solely responsible for allowing Lady Macbeth to influence him. When the second prophecy came true, the first thought that came to Macbeth’s mind to attain the throne, was of murdering Duncan. He said, â€Å"I am Thane of Cawdor. / If good, why do I yield to that suggestion / Whose horrid image doth unfix my hair† (Macbeth, Act I, Scene 3, Lines 145-147). On the other hand, Oedipus also caused his downfall but in a different way. He was determined to discover the true identity of his birth parents and this determination led to his downfall. He, like Macbeth, thought that he could control his fate. He said, â€Å"For not on behalf of more distant friends, but as if from myself I shall dispel the stain. † (Oedipus, Lines 148-149) Oedipus believed that he could find Laius’ murderer but he did not know that he was the murderer himself. This determination to discover the truth led Oedipus towards his downfall. Even when he was told that he did not need to know the truth he coaxed Tiresias into telling him the truth. Oedipus took the first step towards his downfall by thinking that he could escape his fate. It is ironical that Oedipus made unknowing decisions, which took him closer to his fate of killing his father, marrying his mother, and going into exile as a â€Å"blind beggar†. The harder he tried to flee, the closer he moved towards his fate. Oedipus unknowingly killed his father and married his mother, but when he learned of this horrific crime, he put his eyes out and is was sent to exile as a â€Å"blind beggar†, thus proving that fate is inescapable. Macbeth and Oedipus both caused their own downfall. The difference between the two is that Macbeth’s greed made him commit crimes, whereas Oedipus committed the crimes unintentionally. The supernatural had a great impact on Macbeth and Oedipus’ downfall and was a vital part of both the plots. In Macbeth, the supernatural appeared to the audience in many varied forms – Macbeth hallucinated a dagger and Banquo’s ghost, which gave Macbeth’s character intensity. When Macbeth went to the witches to seek more advice prophetic apparitions made appearances, which enhanced the supernatural effect. The three witches were the strongest supernatural force in the play. They told Macbeth his future but did not show him the path towards his future. They gave him predictions and then left it to him to interpret them. There was a supernatural theme, which was present throughout the play. The witches say, â€Å"Fair is foul, and foul is fair† (Macbeth, Act I, Scene 1, Line 11) which means that what Macbeth thought was good turned out to be bad, and what he thought was bad turned out to be good. Nothing was what it seemed like because the witches were irredeemably evil and were Macbeth’s enemies, but Macbeth trusted them and thought that they were his allies. Macbeth’s irrevocable trust on the witches and misinterpretation of their predictions led him towards his downfall. The witches used Macbeth’s trust in them as a weapon against him by playing on an important aspect of his character, which was his ambition. Apart from Macbeth’s greed and gullibility, the supernatural force in the play, the witches, was the cause of his downfall. Similarly, a supernatural force led Oedipus to his downfall as well. Like Macbeth, Oedipus also received a prediction, but from a Delphic Oracle. Oedipus wanted to know the true identity of his birth parents from the Oracle. He did not get a straight answer to his question but instead the Oracle prophesized that Oedipus would kill his father and marry his mother. Oedipus said, â€Å"But telling me other awful things that I must sleep with my mother, and that I would bring to light a brood unbearable for men to see, and that I must be the slayer of the father who sired me. I heard and fled, henceforth to share with Corinth only the stars, where I would never see completed the disgrace of those evil oracles of mine. (Oedipus, Lines 814-821) Oedipus believed in prophecies and so he fled in an attempt to control his fate and also to prevent him from committing ghastly crimes. The Oracle used this belief and predetermined Oedipus’ fate. Oedipus also visited Apollo’s shrine where he learned that the murderer of King Laius must be identified and punished. He decided to find the murderer, not knowing that he was the mu rderer himself, and also determined a punishment of execution or exile. Oedipus therefore foredoomed his tragedy when he discovered that he was the killer of his birth father and husband of his birth mother. The Gods had predetermined Oedipus’ fate and no matter what he did, he was unable to escape it. The supernatural force played an important role in Oedipus’ downfall because it was the predictions that drew him closer to his fate and helped him recognize his role in his downfall. Oedipus and Macbeth both initially had a lot of power and popularity but were unable to keep it for a very long time. They both committed ghastly crimes but Macbeth did them intentionally whereas Oedipus did not. Oedipus and Macbeth both had tragic flaws, which led to a reversal of fortune but their flaws were different from each other as Oedipus had determination to eek the truth while Macbeth was consumed with greed. They both tried to control their fate. Macbeth did so to attain power whereas Oedipus tried to control his fate in order to save his family from being hurt by the curse. These two Tragic Heroes teach us the lesson that irresponsible use of power ultimately causes loss of authority and inevitable downfall. Therefore, it is evident that Shakespeare’s Macbeth and Sophocles’ Oedipus both fit the criteria of a Tragic Hero but in different ways.