Friday, March 20, 2020
Why Oil and Water Dont Mix You may have experienced examples of how oil and water dont mix. Oil and vinegar salad dressing separate. Motor oil floats on top of the water in a puddle or in an oil spill. No matter how much you mix oil and water, they always separate. Chemicals that dont mix are said to be immiscible. The reason this happens is because of the chemical nature of oil and water molecules. Like Dissolves Like The saying in chemistry is that like dissolves like. What this means is the polar liquids (like water) dissolve in other polar liquids, while nonpolar liquids (usually organic molecules) mix well with each other. Each H2O orÃ water molecule is polar because it has a bent shape in which the negatively charged oxygen atom and the positively charged hydrogen atoms are on separate sides of the molecule. Water formsÃ hydrogen bonds between oxygen and hydrogen atoms of different water molecules. When water encounters nonpolar oil molecules, it sticks to itself rather than mingles with the organic molecules. Making Oil and Water Mix Chemistry has tricks for getting oil and water to interact. For example, detergent works by acting as emulsifiers and surfactants. The surfactants improve how well water can interact with a surface, while the emulsifiers help oil and water droplets mix together. Density and Immiscibility Oil floats on water because it is less dense or has lower specific gravity. The immiscibility of oil and water, however, is not related to the difference in density.
Wednesday, March 4, 2020
Canadian Inventor Organizations Who governs and decides intellectual property law in Canada? Where can you get intellectual property protection that provides coverage in Canada. The answer is CIPO - the Canadian Intellectual Property Office. Note: Does a patent in Canada protect rights in other countries? No. Patent laws are national so you must obtain a patent in each country in which you want protection. Did you know that 95% of Canadian patents and 40% of US patents were granted to foreign nationals? Canadian Intellectual Property Office English/French language The Canadian Intellectual Property Office (CIPO), a Special Operating Agency (SOA) associated with Industry Canada, is responsible for the administration and processing of the greater part of intellectual property in Canada. CIPOs areas of activity include: patents, trademarks, copyrights, industrial designs, and integrated circuit topographies. Canadian Patent LawThe Manual of Patent Office Practice (MOPOP) is maintained to ensure that it reflects the latest developments in the Canadian patent laws and practices. Patent and Trademark Databases If your idea has ever been patented before, you will not eligible for a patent. While hiring a professional is recommended an inventor should do at least preliminary search themselves and if capable a complete search. One purpose of a trademark search is to determine if someone has already trademarked your intended mark. Search Engine for Canadian PatentsThis database lets you access over 75 years of patent descriptions and images. You can search, retrieve and study more than 1,400,000 patent documents.International Patent SearchesSearch Engine for Canadian TrademarksThe search result(s) will contain the Trade-mark, Status, Application number, and Registration number (if it exists) of the document.International Trademark Searches Patent Classification Patent classification is a numbered filing system that helps manage the huge databases of patents. Patents are assigned a class number and name (not to be mistaken for issue number) based on what type of invention it is. Since 1978 Canada has used the International Patent Classification (IPC) which is maintained by the World Intellectual Property Organization (WIPO), one of 16 specialised agencies of the United Nations. International Patent Classification (IPC) Support, Funding Awards - National Industry CanadaPrograms and Services - By SubjectCanadian Technology NetworkIf you run a small or medium-sized technology related business in Canada, the Canadian Technology Network can give you access to a wide range of technology and related business assistance through a cross-country network of advisors.Industrial Research Assistance Program (IRAP)IRAP has four main components:Technology Expertise and Advisory ServicesFinancial Assistance for RD activitiesNetworkingPartnershipsCanadian enterprises with under 500 employees and industrial associations desiring to enhance their technological capability are eligible for support.Ernest C. Manning Awards FoundationAwards by nomination Canadians who have demonstrated recent innovative talent in developing and successfully marketing a new concept, process or procedure, may be eligible for one of these awards: Principal Award ($100,000), Award of Distinction ($25,000), Innovation Awards (2 at $10,000). Continue Provincial National Western Economic Diversification CanadaFunding and other help for western Canadians. Alberta Calgary Innovation CentreThe Calgary Innovation Centre is a unique mentoring service established to help early stage companies grow revenue, address immediate business problems, and understand which financing options are available to grow their business. The services of the Calgary Innovation Centre are available at no cost to entrepreneurs in the technology sector. Alberta Research Council ServicesFounded in 1921 as a provincial research council, the Alberta Research Council Inc develops and commercializes technology. ARC will perform applied research and development for you on a contract basis or co-venture with you to develop new technologies, earning a return on investment from the commercialization of products and processes. Their strengths are in the agriculture, energy, environment, forestry, health and manufacturing industries. Their investment focus is on technology platforms based on capabilities developed for these industries. ARC hires permanent, temporary, casual and sea sonal employees (inventors and engineers). Advanced Education and TechnologyLook under Technology Priorities to learn about innovative scientific research, development and application activities happening in Alberta. Other sections include information on scholarships, careers, trades, and more. British Columbia British Columbia Institute of TechnologyProvides support and funding for BCIT students and faculty.Innovation Resource CentreProvides support to new and established entrepreneurs through both one to one advising as well as workshops and seminars. BC Innovation CouncilFunds a range of programs that support and encourage established and emerging innovators.Kootenay Association for Science Technology (KAST0)Sci-Tech NorthVancouver Enterprise Forum (VEF)SmartSeed IncT-Net British Columbia Local Community Clubs Groups British Columbia Inventors SocietyVancouver Electric Vehicle AssociationVancouver Robotics ClubSouth Vancouver Island Inventors c/o John A. Mayzel 1931 Hampshire Road, Victoria, BC Canada V8R 5T9 Manitoba Manitoba InventorsÃ¢â¬â¢ Society Saskatchewan National Ontario QuÃ ©bec Monde des Inventions QuÃ ©bÃ ©coisesLAssociation des inventeurs du QuÃ ©bec est un organisme sans but lucratif dont la mission est daider, encadrer et soutenir les inventeurs quÃ ©bÃ ©cois, dÃ ©fendre leurs droits et protÃ ©ger leurs intÃ ©rÃ ªts. National New Brunswick Newfoundland Nova Scotia Nova Scotia Innovation CorporationInNOVAcorp is a Nova Scotia company that promotes, stimulates and encourages the successful development of technology products and services for emerging entrepreneurs in the life sciences and IT industry. Supporting all of these activities is InNOVAcorps Corporate Services group. They source new projects, facilitate corporate planning, organize corporate marketing and maintain the corporations IT architecture. Prince Edward Island
Sunday, February 16, 2020
Economics Coursework - Essay Example In the economic boom many invested in real estate and rented houses at a higher price to add consistent income. Such investments were centrally made in the business cities. However, the recession has caused unemployment and therefore demand for the rented houses has declined as people on being jobless moved back to their respective cities. In such cases, cost of retaining empty house increased such as maintenance cost etc. Therefore, the decline in income from rented houses caused by the decline in its demand had a positive shift in the demand of the owner occupation housing. Government to meet the challenge of crisis and budget deficit has been exploiting higher income people. In such case government can identify rental income as an additional source of income for people and therefore increases tax on the rental income. This measure of government to increase income would have a positive outward shift in the demand of the owner occupation of housing. People will prefer to self occupy houses than renting it out for additional income to benefit from tax escape. The mechanism can also be in contrast. Such as government reducing the subsidies to people that have been hit by the recession but are living in own houses can have negative shift in the demand of the owner occupation housing. People in such case can would then prefer to live in rented houses and therefore demand of the higher subsidies from government. In contrast to above proposition, in case government takes measure to generate the economic activity in certain areas to deal with affects of global crises. Among such measures can be a scheme of providing business loan at lower interest rate to the people that wishes to start own small business venture in local areas. The scheme also offering concession in the electricity and water bills to such people can have positive shift in the owner occupation in that particular area. Therefore, people to take the
Sunday, February 2, 2020
A comparative analysis of international business environment in china and russia to determine which of these countries is in better position to succeed in the new global economy - Essay Example In light of this, globalization refers to the progression towards unifying business interactions across the global platform as opposed to within a given country or organizationÃ¢â¬â¢s locality. It is the framework upon which international business is structured, and is the direction that business transactions are taking in recent times. However, there are various conditions that define the international business environment, and as such, this affects the success rates of various nations in succeeding in the new global economy. To this end, a comparative evaluation between Russia and China can highlight their viability in the new global economy. As such, Russia stands a better chance of succeeding in the international business environment and being the future of the new global economy when analyzed against China. For a start, RussiaÃ¢â¬â¢s foray into the international platform started with its rich history as highlighted by its supremacy during the cold war. The cold war was a period of military and power tussle between the countries of the eastern and western blocks after the end of the 2nd World War (Bellacqua 2010, p. 99). The Western Bloc was largely represented by the United States while the Eastern Bloc was represented by Russia, then known as the USSR, and its allies. The cold war was largely psychological and never developed into a full-blown war. However, by being part of it, Russia gained a lot of exposure and experience in worldly relations and overall familiarity with international participation in matters of both national and international interest (Levin 2008, p. 154). As such, this gives it a much needed head start in being a globalization and international business powerhouse, as it has better experience in international relations. In order to succeed in globalization, inte rnational relations is of particularly significant importance as international business involved relations between nations and regions in
Saturday, January 25, 2020
Trench Warfare In 1914 World War I began in 1914 and lasted up until 1918; the war involved two sides which were entitled the Central Powers and the Allies. The Allied powers consisted of: France, the British Empire, the Russian Empire, Italy, United States, Japan, Romania, Serbia Belgium, Greece, and Portugal. The Central Powers consisted of: the German Empire, Austria-Hungary, the Ottoman Empire, and Bulgaria. Many factors led up World War I such as nationalism, imperialism, and the assassination in Sarajevo. The Western Front was quickly lined with trenches producing a stalemate for most of the war. With the introduction of these deadly trenches it soon brought new devastating tactics such as poison gas, hand grenades, tanks, and heavy mortar attacks.Ã Ã During World War I trench warfare had significant and lasting effects on soldiers due to the devastating and horrid conditions. Over two hundred thousand men died in the trenches during World War I.Ã Ã Trench warfare was first started during the development of rapid firing small firearms and artillery strikes. With these new developments it made infantry charges a lot less effective and impracticable, thus bringing stalemate to both sides. Trench warfare was a type of fighting were soldiers on both sides stayed in trenches to avoid enemy fire. The soldiers built their beds into the side of the trenches. They dug holes in the ground to use as bathrooms. In order to get around in the trenches they needed to walk on boards to keep from sinking in the soft soil. If a solder should lift his head above the trench he would risk being shot by an enemy sniper. The trenches that were constructed were made in a zigzag pattern, never being in a straight line, and were approximately twelve feet deep. By being dug in a zigzag pattern it made it so it was not possible to see more then ten feet down the trench. The re ason being was so that if the trench was infiltrated with enemies the enemy would not be able to gain access to the hole trench, but rather only one point Another reason for the zigzagged trenches was to compress a bomb or bomb shell if it landed in the trench. Death within the trenches was a continuous cycle that never ended, even with the absence of any raids that were launched by the enemy. Nonstop artillery attacks were set out by the enemies directed at the trenches brought unsystematic death to men that were either relaxing in the dugout and laid flat down in the trench.Ã Ã New soldiers that had never been in trenches were often killed due to curiosity while looking over the trenches into no mans land. Millions of rats infested trenches of World War I. With so many rats infesting the trenches they were eventually classified into type types of rats, the brown rat and the black rat. The rats could grow up to the size of a cat by crawling into the corpses of dead bodies and eating their internal parts, completely changing the dead soldiers appetence.Ã Ã Soldiers, becoming exhausted and afraid of the rats, tried many different ways to kill them such as hitting them to death, shooting them, and even using the bayonets at the end of their guns. Rats could produce up to nine hundred offspring a year which would later on spread infections within the trenches and contaminate foods. Lice were among many of the other problems faced in trench warfare. Lice would breed and lay eggs in fine seem of the soldiers clothing, causing them to start to itch. Although clothes were washed from time to time this did not stop the spread of lice eggs. As soon as the clothes were washed the eggs would still remain hidden in the seams and hatch because of the steamy weather. Trench Fever was a diseased caused by the lice. The disease first started off with excruciating pain and then progress into a high fever. To recover from Trench Fever soldiers had to be sent away from the trenches to recuperate, which took around twelve weeks. It was not until the end of the war until lice were finally identified as the cause of Trench Fever. Another diseased cause by trench warfare was Trench Foot. The cause for Foot Fever was the unhygienic conditions of the trenches and the cold, wet ground. If it got worse enough the foot many times, would have been amputated. By 1915 the sanitary conditi ons of trenches improves and the cases of Trench Foot went down.Ã Ã The soldiers were under heavy watch by snipers and enemy look outs during the day which required them to keep their heads down and limit activity. When nightfall arrived men continued on with their assigned duties, once done they were aloud to go and concentrate on more personal issues. Soldiers would writer letters home, write diaries and read books to cure their boredom in the trenches. No synopsis of trench warfare can skip generalization of the deadly smell in the trenches in which the soldiers first encountered when they got to the trenches for the first time. There were thousands upon thousands of dead bodies lining the battlefield rotting giving off a horrible stench. For instance, two hundred thousand bodies lay out in No Mans Land after the Battle of Somme. The feet were told to give off the most horrific smell of all, because men most times, did not have shoes that were in good condition, if they had a pair at all. Areas designated for the soldiers to go to the bathroom were overflowing, consequently giving off a horrible order. Soldiers who had not been able to have the comfort of bathing themselves would give off a reeking smell of dried sweat. The smell of creosol and chloride of lime, used as disinfectants, stained the disgusting air. Include the smell of cordite, the persistent aroma of poison gas, rotting sandbags, heavy mud, cigarette smoke and cookin g food even though it overwhelmed the newcomers to the trenches, many of the men soon got use to it. Along with these few examples consisted the smell of gun powered, poisonous gas, cigarette smoke, cooking food, mud, and rotting sandbags all of which turned the smell of the air into a common enemy for both sides.Ã Ã Each morning after breakfast each man would be inspected by a superior commander. Once inspection was done thee commanders would then assign each soldier their daily chores, except for men who had a medical excuse or various excuses.Ã Ã Many chores within the trenches consisted of refilling the sandbags, repairing the trench boards that lined the floors in the inside, and draining the trench of an access of water. Especially after rain downfall the trenches consumed a lot of muddy rain water; this made the trenches very weak and the walls unstable. To solve this problem men were assigned to use the pumping equipment, if the damage was too bad then a group of men would be told to actually repair the trench. With the arrival of dusk the cycle of stand off was started to protect the trenches from any attacks during the night in the dark. During this time the trenches become enlightened with activity as men executed various activities. Although the enemy would always be on the look out and it was still fairly dangerous maintained and supply activities were performed To get their rations of food, the soldiers would be sent to the back of the lines to gather the little food they were given. In addition soldiers would be assigned fire step duty. Fire steps were mounds of dirt used to boost up the soldiers to peer over the sandbags. A man was generally expected to be on duty guarding for attacks for two hours. The reason men were only expected to serve two hour shifts would be because the commanders didnt want to risk a man falling asleep while on duty. If on fire step duty and a soldier were to fall asleep then the penalty would be death by firing squad. The system in which the trenches were made had a specific order in where they were placed and why. The Allied had a main system of four different types of trenches. The first lines of trenches were located 50 yards to a mile from the German front line of trenches, often called the attacking or firing trenches.Ã Ã Positioned in the rear, the front trenches were the support trenches, which were usually several hundred yards away. The support trenches had the job to provide the front trenches with more men and supplies. Behind the support trenches contained another line of trenches called the reserved trenches. The reserve trenches were several hundred yards away further behind support trenches. The meaning for the reserve trenches was for it to be supplied with men and emergency supplies incase there was an invasion of the first two rows, the front and support trenches. The fourth type of trench, the communication trenches, was used to transport messages, men, and supplies betwe en the various trenches. To attach the bunkers and gun storages the trenches often had underground networks to join them to the communication trenches. The trench system in which the Germans adopted was a lot more glamorous so to speak. The Germans built complex and more refined tunnels and trench structures.Ã Ã Some living quarters within the trenches could be over fiftieth under the ground. The trenches in which the Germans occupied consisted of electricity, beds, toilets, and needs in which was the total opposite of the Allied trenches. To break the deadlock of the war British came up with idea of a tank and started to develop plans to make them to break the stalemate of the war. During the Battle of Somme tanks were first used but only in limited numbers. Tanks, at first, were shown to be unreliable and ineffective largely because there was poor strategic and tactical planning. Some of the bad strategies involved were that the tanks were being spread too thinly on the ground. Also huge shell explosions made big holes within the ground and it created a great problem for the tanks of the time, they were still in the early stages of development and not that maneuverable.Ã Ã Towards the end of World War I more improved concepts of tanks and strategys made them able to get through enemy lines and become an important component of war. Although trench warfare brought many negative aspects into World War I, it also had a few positively out looked specifics as well. The more modern idea, at the time, of open field fighting was soon lost due to the trenches. Mens lives wouldnt be simply washed away in open field combat where they lined up waiting for their lives to be taken. Although gruesome, trenches gave the men somewhere to sleep, eat, and have cover from open fire. After World War I the tanks design continued to get better and began to bring back the more mobile part of war once known before trench warfare. The use of tanks is still used up to this day with improved designs and tactics. The devastating conditions of trench warfare proved to be a major catastrophe in World War I. The construction of these huge holes in the earth was a long and very heavy labor required job. Conditions in these unsanitary trenches were infested with rats and lice which killed off two hundred thousand men alone in the Great War.Ã Ã The feet were told to give off the most horrific smell of all, because men most times, did not have shoes that were in good condition, if they had a pair at all. Diseases plagued through the trenches from soldiers to soldier from lice and the wet cold floor of the twelve foot pits. Stand-off and other agonizing duties made life in the trenches hell on earth. The small rations of food were given to them and gave them barley anything, just enough to survive. A combination of air attacks, mortar bombardment, and tank invasions soon overcame trench warfare.Ã Ã On the battlefield water was often found and depended on from contaminated water that collected in shell-holes and other hollow spaces which caused dysentery.
Friday, January 17, 2020
Did you know that many who have tried, but failed, to commit suicide, said that if some stranger had just acknowledged their humanity with a smile, they would have changed their mind? I am going to be talking about the power of a smile A smile does not only have the power to save lives but also has the ability to change someoneÃ¢â¬â¢s actions if given to the right person at the right time A famous quote by Charles Chaplin is Ã¢â¬Å"YouÃ¢â¬â¢ll find that life is worth while, if you just smile.Ã¢â¬ A smile is also contagious, a lot like kindness. When someone is kind to a particular person- that person then feels motivated to be kind towards others also. Smiling works in the same way. Evidence to this is a famous quote by an unknown author; Ã¢â¬Å"Smiling is contagious, you catch it like the flu. When someone smiled at me today, I started smiling too. I passed around the corner, and someone saw my grin. When he smiled I realised, IÃ¢â¬â¢d passed it onto him. I thought about that smile, the I realised itÃ¢â¬â¢s worth. A single smile, just like mine, could travel round the earth.Ã¢â¬ In conclusion, the most powerful aspect of a smile is that a smile itself is the most powerful human quality. It represents happiness, kindness and compassion and can give someone hope. A smile is defined as turning up the corners of your mouth to show an expression of happiness. Though really a smile has the hidden power to change lives. From saving someoneÃ¢â¬â¢s life to simply cheering them up. We should all smile more often, after all its free and the best thing someone can wear.
Thursday, January 9, 2020
Sample details Pages: 11 Words: 3275 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. DonÃ¢â¬â¢t waste time! Our writers will create an original "Different firms objectives" essay for you Create order Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970The social Responsibility of Business is to Increase its profits (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys (1994) view was that, inter temporal behaviour is important for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed Shareholder theory is prepared to maximise short term objectives at the expense of long term goals (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, How Opponents and Proponents Both Get it Wrong? The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to consider the stakeholders accor dingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. Therefore stakeholder theory is not predominant to shareholder theory. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued the effort to increase or maintain the stock prices by m anagement could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development. Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007). Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in short term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. However higher the required returns, higher the risk (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices (Financial Management Kaplan Publishers, 2009). Th erefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire build ing, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson 2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled Sarbanes Oxley Act 2002 CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the road map for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, its necessary to balance these two theories. According to Cathy Haywards article (Black hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than 250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham Essentials of Managerial Finance Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 Shareholder theory, How Opponents and Proponents Both Get it Wrong? Denzil Watson Antony Head Corporate Finance (electronic resource): principles and practice 2007 Management paradigms beyond profit maximisation Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson Privatisation and Rise of Global Capital Markets , Financial Management; Winter, 2000, p31-76 Peter Atrill Financial Management for Decision Makers 5th Edition 2008 (electronic resource) Poitras, Geoffrey Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling The Legitamacy of Corporate Social Responsibility ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007