Rao (2015) Acknowledge That Leaders Need To Accept The

Rao (2015) acknowledge that leaders need to accept the risk and extend trust to a mixed cultural team. Once the leader demonstrates faith in the workers, the employees will offer their expertise to the group. This article provides an overview of the traits of inclusive leadership. Next, the paper analyzes leadership skills required to create an inclusive organizational culture. The essay transition to exploring leadership characteristics that influence an organizational culture. Last, the article discusses the best method inclusive leaders can apply when working with multicultural groups in a global environment. Traits of Inclusive Leadership A Deloitte article (2016) highlighted six traits of an inclusive leader. The traits are†¦show more content†¦Creating an Inclusive Organizational Culture According to Vohra, Chari, Mathur, Sudarshan, Verma, Mathur, †¦ and Gandhi (2015) an inclusive organizational culture is determined by the worker’s perception of inclusion and exclusion. Employees argue that their level of inclusion is distinguished by how they are accepted as part of the in-crowd within the organization (Vohra et al., 2015). To assist the employees’ acceptance, many organization form affinity groups, which help in bridging the different cultures and promoting a welcoming environment for the under-represented workers (Vohra et al., 2015). Also, the leaders must obtain the skills to recognize the differences in the workers’ culture, skills, and values while ensuring the proper structure and policies are in place to meet the organization’s goals (Vohra et al., 2015). The leadership style is also critical to creating an inclusive organization. The leadership style of the leader must be one that is open to input from the workers. Echols ( 2009) offered that the style of leadership must be one that empowers employees to make decisions without the feelings of repercussions. The leader must encourage the under-represented workers to provide input and share their skills, so the manager knows how to use them within the team dynamics (Vohra et al., 2015). There are certain leadership characteristics that are significant in fashioning an inclusiveShow MoreRelatedI Love Reading Essay69689 Words   |  279 Pagesand Mumbai, provided the foundation for the report. NKC would also like to thank Mr. Shantanu Prakash (Educomp Solutions Ltd), Mr. Sunil Gujral (Quatrro BPO Solutions Pvt. Ltd) and Ms. Guljit, for useful preliminary discussions. In addition, NKC acknowledges the logistical assistance and organizational support provided by the following: Ms. Manasi Phadke at the Mahratta Chamber of Commerce, Industry and Agriculture (MCCIA) in Pune; Mr. Khokon Mukhopadhyaya and Mr. Somnath Goswami at the Bengal ChamberRead MoreManagin g Information Technology (7th Edition)239873 Words   |  960 PagesCommunications Interface Software Utility Programs 54 54 The Changing Nature of Software 55 The Information Technology Industry 55 Review Questions 56 †¢ Discussion Questions 57 †¢ Bibliography 58 Chapter 3 Telecommunications and Networking The Need for Networking 61 Sharing of Technology Resources Sharing of Data 60 61 61 Distributed Data Processing and Client/Server Systems Enhanced Communications 62 62 Marketing Outreach 62 An Overview of Telecommunications andRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesbook. We have continued Marketing Wars, which many of you recommended, and reinstated Comebacks of firms iii iv †¢ Preface rising from adversity. I have also brought back Ethical Mistakes, because I believe that organizations more than ever need to be responsive to society’s best interests. Altogether, this 11th edition brings seven new cases to replace seven that were deleted from the previous edition. Some of the cases are so current we continued updating until the manuscript left for

Gender Role Of Women In Antigone By Sophocles - 814 Words

â€Å"No woman shall seduce us. If we must lose, Lets lose to a man, at least. Is a woman stronger than we?† (Sophocles.II.3.539-540) says Creon, King of Thebes and uncle to the disobeying but brave Antigone in Antigone by Sophocles. A patriarchal society is a community in which male domination over women, Sophocles explains the journey of Antigone in getting her brother buried and yielding against the laws of Thebes in a man dominated city. Antigone portrayed in the play is loyal and stubborn, she would do anything that feels ethical and honest to her even if that disregarding the laws created by men. She responds to the standards of King Creon by going against her own blood, not believing that women should subjected to the rule that they†¦show more content†¦She rebels against Creon’s rules and against the Greek patriarchy by continuing on with her plan. Creon’s indignation on antigone causes a disapproving son, who is Antigone’s fiance and ult imately the rest of society, eventually leading to Creon’s ultimate failure to lead as a king. Antigone overturns a fundamental rule, that women are not superior and should not speak out against man created laws. Since Creon has a misogynistic mindset, this leads to the Gods of Thebes to penalize him. â€Å"Nor did I think your edict had such force that you, a mere mortal, could override the gods† (II.4.503-504). Antigone spoke up against Creon for what was right to her, which was a rule followed by her people all the time and a law created by the Gods. However, Sophocles show the reader where fault lies and how women were viewed in Greek society, Antigone, however is a breakout character who goes against the human law and a threat to the status quo. Alternatively, Antigone displays a patriarchal society with divine versus human law and love/hate, but other works of literature convey the similar society. Protagonist, Edna Pontellier views her individual self as neither flawless or a tragedy in the novel The Awakening by Kate Chopin. Throughout the novel, Edna does not look back to some actions as consequences and is in a stereotyped society where women have to act and be a certain way. This can relate to Antigone and her role in Greek society because women have aShow MoreRelatedWomen in Ancient Greece1638 Words   |  7 PagesGreece is renowned for developing and enacting the concept of democracy, women were excluded from the equation. Women in ancient Greece were believed to be weak of mind and in need of protection by a male guardian such as a brother, husband, or father (Women in Ancient Greece). Sophocles play Antigone encapsulates the conflict in Greek society between genuine and farcical democracy. 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E-learning in Saudi Arabia - Free Essay Example

Sample details Pages: 28 Words: 8299 Downloads: 10 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Chapter one Introduction Nowadays, higher education is experiencing big challenges driven by many emerging trends, among which is the introduction of the means of online learning. Accordingly, many universities all over the world are taking different moves to cope with the new requirements; some universities were established as purely online learning providers, other conventional universities launched new online programs, and some introduced online learning programmes to enhance some of their already existing programs. E-Learning redefines the teaching/learning processes and the overall learning environment. It changed the old university system to a new set of practices by introducing significant changes in the roles of its main key players; learners, faculty members, and the institution as an entity (Mendenhall, 2001). Don’t waste time! Our writers will create an original "E-learning in Saudi Arabia" essay for you Create order The change which e-learning brings to higher education, accompanied by its vast spreading as an accepted learning delivery mode, has been always questioned by its components who tie this type of learning to poor quality. Therefore, studying the different aspects of evaluating the quality of e-learning has been rising as an issue that is worth researching and enhancing (Kistan, 2005; Wirth, 2005). A big range of perspectives on what factors to address when evaluating the quality of e-learning has been developed. Nevertheless; most of those studies either addressed a few factors pertaining to a single aspect or dimension (Ally, 2004) or addressed multiple aspects but without looking at the e-learning institution comprehensively (Cohen and Ellis, 2004). In view of the lack of a holistic framework of factors to evaluate the quality of e-learning programs, the aim of this study is to hopefully contribute to the body of knowledge in this area, by developing a framework for the evaluation of quality in e-learning programs. Research objective: The main purpose of this study is to evaluate the quality of e-learning programs through investigating the related critical factors that have been identified by researchers and practitioners of this field. It also intends to examine the relevancy and importance of such frameworks within e-learning practise in Saudi Arabia. The study aims also at understanding how the key learners and faculty members differ in perceiving the importance of such factors on impacting on the quality of an e-learning program? Research Question: The research intends to answer in broad perspective the following questions as well: What are the factors which affect the quality of e-learning? In this question the researchers are trying to address the quality factors which affect the success of E-learning in Saudi Arabia based on 12 factors that have been addressed from the literature. How can we increase e-learning practice in Saudi Arabia? The second question to know is whats the best way to increase the number of E-learning practise in Saudi Arabia and what do learners think based on their experience. Dissertation structure: This dissertation includes six chapters in addition to its introduction. Below is a brief description of each: Chapter two; outlining the background information of the research to put the reader into the perspective of this study. The chapter includes a discussion of the emerging trends in higher education that have pushed for the introduction of e-learning and discusses broadly the quality issue in this type of learning. Chapter three; covers the literature review of e-learning, i.e. critical factors for evaluating the quality of e-learning programs. The chapter starts with identifying the distinctions between e-learning and traditional education, discusses in detail the definition of the Quality concept in higher education generally, and in specific e-learning. Chapter four; Cover the research methodology such as the process of data collection and analysis which will be used. Chapter Five; we will be describing and analysing the data and present the data gathered. Results of the analysis are then discussed. Chapter six; this chapter summarizes the study, lay out the conclusion and ends up with recommendations for future research. Bibliography Research Methodology: In this study the researcher will to collect his data by the quantitative method where a questionnaire will be designed based on the factors which have been discovered from the literature review and then will be sent to random group in Saudi Arabia. The Data later on will be analysed to show the result and the findings. Saudi Arabia Background: Saudi Arabia which is the birth place of Islam and home to Islams two holiest places, Mecca, and Medina, is located in the Middle East bordering the Arabian Gulf and the Red Sea. The kings official title is the Custodian of the Two Holy Mosques. The modern Saudi State was founded in 1932. It is a large Middle Eastern nation that ranks as one of the worlds leading producers of petroleum, and exports more oil than any other nation. The government is of a monarchy type and the monarch is both the chief of state and head of government, and administratively it is divided into 13 provinces, with the constitution governed according to Islamic Law. The countrys legal system is based on Sharia law and several secular codes have been introduced. Commercial disputes are handled by special committee. Saudi Arabia has an oil based economy with strong government controls over major economic activities. It possesses more than 20% of the worlds proven petroleum reserves. It not only ranks as the largest exporter of petroleum, but also plays a leading role in OPEC. The petroleum sector accounts for roughly 75% of budget revenues, 45% of GDP, and 90% of export earnings. It is believed that about 40% of GDP comes from the private sector and roughly 5.5 million foreign employees play an important role in the Saudi economy, particularly in the oil and service sectors. The researcher carried out this research in Saudi for the following reasons which are described in detail. The access: as the researcher is a Saudi national and has good access to the people in Saudi Arabia where he can collect more information and find a better response rate than carrying out research in any other place. The Language: The researcher is multi lingual as he can speak Arabic and English fluently, therefore he will not face any problem in collecting the data The Information: The researcher understands the situation in Saudi Arabia which enables good research as he will not spend too much time understanding the situation and its cultural factors. The Organisation of the Education System in KSA The education system in Saudi Arabia has five divisions. They are: kindergarten for children from three to six years old, elementary (6-11), intermediate (12-14), secondary level (15-18), and university level (typically 19-24, depending on the subjects studied, and the form of higher education). The secondary stage is the final phase of general education in the Kingdom. It is a three-year period, following on from the intermediate stage. Students are admitted to this stage if they have obtained the intermediate stage certificate. Normally students follow secondary stage education between the ages of 16 and 18 years. This stage is considered the most important period in the general education ladder because students who successfully complete this stage are eligible to join any higher education institution. The administration of the education system in the Kingdom of Saudi Arabia is highly centralised. All educational policies are subject to government control and supervision by the Supreme Council of Education. Textbooks and teaching tools are uniform throughout the Kingdom. The four principal authorities responsible for education in the Kingdom of Saudi Arabia are: the Ministry of Education; the General Presidency for Girls Education; the Ministry of Higher Education; and the General Organisation of Technical Education and Vocational Training. Conclusion In this chapter we gave a sample overview about the research and the reasons for carrying out this research such as the lack of understanding in the practice of the E-learning program in Saudi Arabia. The research is trying to develop a good understanding of this and the information of other studies carried out in similar fields of the success factors of the quality of E-learning in Saudi Arabia. Also in this chapter we have described the dissertation structure and the research questions which are going to measure the main factors for the success of learning Quality. Finally the Saudi Background has been analysed to give the reader the information to understand where the study has been carried out and why. Chapter Two Introduction: The main objective of this chapter is to put forward the point of view of this study by laying out its background information. The chapter starts with presenting the emerging trends in higher education that have lead to the introduction of e-learning. It then continues by explaining the quality issue that is associated with this type of learning. The chapter also includes an overview of the background information about e-learning in Saudi Arabia. Education An overview: According to a recent publication by UNESCO, the education sector in general comprised of all of its components including higher education is experiencing new trends that exert on it new pressures and challenges (Hernes, 2003). Those trends are either classified under demography, such as the continuing growth and increase of population, particularly young populations, migration between countries, and increase of life expectancy, or are due to globalization where nations in general and learners in particular flow across borders without limits, allowing learners to have easy access to the best universities in the developed countries. Finally, perhaps the most important trend is knowledge growth accompanied by advanced information and communication technologies which have changed forever the way information is obtained, stored, used and displayed. Despite the divide between one country and another, or within the same country, more knowledge development opportunities have been created. Information technologies offer the possibility of modularization and customization of education through the use and re-use of learning objects focusing on learners, the possibility of engaging learners more than ever and therefore changing the role of the faculty from a teacher to a facilitator. In response to the challenges described above, the growth of the e-learning programme with its different modes in higher education is apparent and best reflected by the increasing number of e-colleges and e-universities, or the increasing number of higher education institutions that introduced e-learning programs and definitely by the growth of enrolment rate among learners. A study of e-learning in the United States in 2005, suggested that e-learning is penetrating the higher education institutions both in size and breadth and that e-learning is part of the mainstream of higher education. Figures of the study showed that sixty-five percent of schools offering graduate face-to-face courses also offer graduate courses online. Sixty-three percent of schools offering undergraduate face-to-face courses also offer undergraduate courses online. Among all schools offering face-to-face Masters degree programs, 44% also offer Masters programs online. Among all schools offering face-to-face Business degree programs, 43% also offer online Business programs. The same study showed an increase of around 20% of learners enrolment rate compared to the previous year (Allen and Seaman 2005). For different reasons, those statistics do not seem to be applicable to other countries. The USA is certainly the worlds largest provider of e-learning; however the market for e-learning and lifelong learning is also growing in Europe. Moreover, the Arab world, which represents 5 per cent of the worlds overall population, has entered the 21st century with a striking statistic, which shows that it has only 0.5 per cent of the worlds Internet users. This obviously impacts on the number of its e-learning initiatives and enrolled learners in such type of learning systems (UNDP, 2002). Using Computers in Learning: These days, computers have become an important educational tool kit. Many educational organizations and training centres rely on them to deliver information and learning knowledge. However, using computers in education has a long history and is deep-rooted in the field. The idea of using computers in training first appeared during World War 2, when the US military trained farmers to use weapons and other equipment via this systematic approach (Horton, 2000). The first real use of the computer in educational organizations was seen in the 1960s, when the University of Illinois together with the Data Corporation developed the PLATO system. PLATO is a system which enabled the learning and understanding of complex subjects. Apples Macintosh and Microsoft Windows operating system have since provided a standard platform on which programmers can develop training programs (Horton, 2000) Definition of E-learning: E-Learning refers to the employment of information and communication technologies to support the development and delivery of learning in academic and professional development institutions. E-Learning is used widely with other terms such as online learning, technology-mediated learning, web-based learning, computer-based learning, etc. Several definitions of e-learning have been developed reflecting the diversity in its application, used tools, and associated technologies. Whatever definition was used, the meaning of e-learning always contains two fundamental terms; Learning and Technology. In one way or another, all definitions of e-learning indicate the learning that takes place with the support of multimedia objects, the internet and technological applications as a delivery mode. One of the highly used definitions of e-learning is: Education via the Internet, network or standalone computer; it refers to using electronic applications and processes to learn, where communication and content is delivered via the Internet, intranet/extranet, audio or videotape, TV and CD-ROM etc as appropriate (LTSN Generic Centre, 2004). A recent definition that uses the terminology of higher education institutions was laid out by Ally (2004) who defines e-learning as: The use of the Internet to access learning material; to interact with the content, instructor, and other learners; and to obtain support during the learning process, in order to acquire knowledge, to construct personal meaning, and to grow from the learning experience. According to Horton (2000) E-learning is a general phrase that has several definitions. However, the comprehensive definition that covers all aspects of e-learning is what Ruth and Richard offer: E-learning is defined as instruction delivered on a computer by way of CD-ROM, Internet, or intranet with the following features: Includes content relevant to the learning objective. Uses instructional methods such as examples and practice to help learning. Uses media elements such as words and pictures to deliver the content and methods. Builds new knowledge and skills linked to individual learning goals or to improve organizational performance Feature of E-learning: Eaton (2001) outlines that e-learning is characterized with the following features: Computer-mediated classrooms: faculty members and learners communicate through the computer, making face to face interaction less frequent. Separation in time between communications: communication between faculty members and learners can also be in asynchronous modes. Availability of services online: learners are not only provided with online learning experience but also with online services such as advising, registration, and library services. Distinction between e-Learning and Conventional Education: To understand the quality of e-learning requires a full understanding of how this type of learning differs from the conventional style of education and the changes it brings to higher education institutions. This section presents in a broad perspective the distinctions between e-learning and traditional education which shape higher education nowadays. Such distinctions will be taken into consideration when materializing a definition for quality in e-learning, and deciding what to be taken into consideration for evaluating the quality of this type of learning. The following areas were highly repeated in the literature as key distinctions between e-learning and traditional education: Educational Changes: McLaughlin and Oliver (2000) believe however that new technologies have a positive impact on the learning environment where more choices for forms of learning are provided to the faculty and learners. This includes the delivery and presentation of content in more flexible way and a variety of modes, the provision of interactivity, engagement, communication, feedback, and communication and collaboration tools. Weller (2000) sees that those types of new choices will facilitate the quick use of courses for easier customization and individualization resulting in more satisfied learners. Change in Faculty Roles: With the growing amount of knowledge and information every day, and the availability of a huge amount of content over the internet, faculty members will not continue to be seen as the source of knowledge, instead, according to Cashion and Palmieri (2002), faculty members are expected to direct learners where to find the most relevant knowledge and provide them with tools that teach them how to learn. Different Types of Learners: Oblinger and Oblinger (2005) have referred to young learners of today as the Net Generation who grew up being familiar with technological products and facilities. Internet access, computer and electronic games have been a daily activity of learners lives. Learners today have different expectations with respect to their learning styles; they prefer to experience things instead of reading or hearing about them, they expect immediate response to questions or actions, they appreciate interactivity and dialogue (Pashuk, 2005). Learners of today consider themselves as customers who demand to be served high quality services. They have consumers attitudes towards their academic program and any of its services (Wager, 2005). E-Learning institutions should be arranged to different types of learners, not only in their preferences and expectations but also in their level of variety. Change in Administrators Role: Administrators of an academic institution are usually referred to as staffs who are not participating in direct teaching or research work, their role is usually to assure that the institutions systems are running properly. Administrators are responsible to create, maintain and improve an environment that helps learners and faculty achieve their academic goals. Administrators of an e-learning institution can be involved in selecting, orienting, and preparing qualified faculty for courses, administer and manage the technological facilities at the institution, provide different types of faculty and learners support from the technical helpdesk; library services, financial aid, etc. Administrators can also be involved in the planning, quality assurance, and performance management of an activity to help the institution serve its learners better (Williams, 2003). Reliance on Infrastructure: Although e-Learning is basically about learning rather than about technology, the technological infrastructure of e-learning programs is still the critical and primary component of the education systems. E-Learning is characterized by its high independence on the validity, and reliability of its infrastructure, which has the role of facilitating and providing accessibility of the learning/teaching process and its support services between faculty members and learners (Pashuk, 2005). Institutional Demands: E-Learning institutions must set up their systems, policies and procedures to deal with issues like data security from both internal and external threats as well as copyrights from the learners, faculty and the institutional perspectives. Developing a high quality online course will not only require the intellectual contribution of faculty members, it rather involves other key team members from the same institution or from partnered institutions. Copyright issues are usually linked to revenue sharing models, especially when the course developers are contracted or granted any incentives (Mendenhall, 2001). Advantages of using E-learning Methods: As we know, traditional education requires effort, time and money that can lead to some difficulties in achieving the goals of learning. On the other hand, e-learning contributes to the spread of knowledge among people around the globe by easy, fast, and comfortable means, that helps people to attain their personal learning objectives. As a result, several educational organisations have proceeded along the e-learning approach to facilitate and improve the process of learning. In this section, several advantages of using an e-learning approach will be discussed. The author has divided the advantages into two main categories, advantages for learners, and advantages for instructors. Advantages for learners: According to Mayer (2003) he has concluded the common advantages that learners can gain from e-learning. The following list illustrates the main advantages for learners: Learners can get the best instruction available The wide popularity of the e-learning programme makes learning more flexible and gives freedom to learners to choose the best course available which fits their needs. Training occurs just in time. Web-based training is available 24 hours a day and 7 days a week which allows learners to study when they need it without any conditions or constraints. They do not need to wait for training sessions or a specified time to attend. Learners set the pace and the schedule. Learners can study at their own time; learners can take as many lessons as they need depending on their time and their plans. For example, some of them may wish to study full-time while others prefer to study a few hours a week. Learners get better access to the instructor. Communication with the instructor(s) through web based e-learning systems can be more effective than the traditional classroom approach. Training adapts to the learners style Many different learning styles can be incorporated within an e-learning environment, and the learner is able to adapt to a style or series of styles which they prefer and in the way they feel is most efficient. Learners get immediate feedback There is no need to wait while for the results of the exams, or games. The results can be obtained immediately. Learners are treated more equally A degree of anonymity is ensured, therefore personal characteristics are not considered. Saves money and time for learners Hidden costs are eliminated in that here are no travelling expenses, parking fees, etc. It is also efficient for time in that almost all the time is spent on learning and no time is wasted on travelling. Produces positive side effects Learners are constantly improving their other skills, such as general computer skills, various internet technologies and how they apply them in their jobs. Advantages for Instructors According to Mayer (2003) the most common advantages for instructors can gain from e-learning are: Instructor can teach from anywhere Instructors are able to teach the course from any location in the world. All they need is connection to the internet. Instructors travel less Almost all the time is spent on planning, producing and publishing courses with no time wasted on travelling to attend. Course content can be dynamic Instructors have the opportunity to deal with course matter at any time and in any place such as home, office etc. Instructors save time Time consumed in preparing the course document such as handouts, having course paper printed etc., are eliminated. Conclusion In this chapter we have covered a wide range on academic study in order to understand this subject, starting with the definition of E-learning and what do we mean by E-learning, followed by another important part which is what is the difference between E-learning and Conventional education. Also the researcher has included a brief explanation concerning the history of E-Learning and the feature of E-stand and its practise. Moreover, we can see that based on the literature there are many advantage of E-learning for the learner. For example, he can study from anywhere and at any time which is the flexibility of E-learning and also there is an advantage for the instructor as he can also teach from any place and with a flexible time schedule. Chapter three Introduction: In order to understand what constitutes quality of e-learning and the critical factors that should be addressed when evaluating this type of learning, an understanding of the distinctions between e-learning and traditional education needs to be attained. Therefore the first section of this chapter is dedicated to exploring what changes have been brought to higher education by e-learning. This chapter includes a literature review for to explore what has been recognized by the researchers and practitioners of this field as key factors that affect the quality of e-learning programs and institutions, and therefore should be used to evaluate this type of learning. A list of highly rated and most repeated factors was then generated and categorized to form the basis for a comprehensive framework intended for evaluating quality of e-learning programs which will be used later in the empirical research. Quality in E-learning: A range of perspectives on what defines quality in e-learning, and what should be considered when evaluating the quality of e-learning has been developed. Some studies have addressed few factors pertaining to a single aspect or dimension, and some have developed frameworks for evaluating the quality of e-learning addressing many aspects. During those studies many different approaches were adopted ranging from surveying learners, faculty members, designers and policy makers for their views, building models for effective e-learning, and constructing camps that contextualize and debate the e-learning environment (Brennan, 2001). Despite the important contribution of each of those studies, a complete framework for evaluating the quality of e-learning couldnt be found. Developed frameworks either addressed the quality of the e-learning program with an emphasis on the classroom environment only, or overlooked some important aspects, such as the impact of the institution on the quality of e-learning programs (Cashion and Palmieri, 2002). E-Learning has been addressed by governing or accrediting bodies which developed quality standards, principles or frameworks. Such standards however, were developed to help institutions plan for their e-learning programs (Cashion and Palmieri, 2002) or as a self assessment tool, therefore they usually address in general perspective quality standards, academic standards, standards of competence, service standards and organizational standards (Harvey, 1999). According to Vlasceanu et al (2004), the definition of quality in a higher education institution differs with the changes in: The interests and needs of various types of stakeholders The institutions own inputs, processes, outputs, purpose, mission and set of objectives The characteristics and attributes of the academic world The historical evolvement and development of higher education Revisiting the changes that e-learning brought to higher education especially to the role of its fundamental stakeholders, learners, educators and administrators, it perhaps becomes logical when we look for a definition of quality as a concept, to consider these stakeholders first. For this reason, a growing literature in the field of e-learning tends to define quality of e-learning programs as the degree to which principal stakeholders needs and expectations are consistently satisfied, referring to the learners and educators (Kistan, 2005). Success factors: Critical success factors (CSFs) are key areas of performance that are essential for the organisation to accomplish its mission (Rockart, 1979). Managers implicitly know and consider these key areas when they set goals and as they direct operational activities and tasks that are important to achieving goals. However, when these key areas of performance are made explicit, they provide a common point of reference for the entire organisation. Thus, any activity or initiative that the organisation undertakes must ensure consistently high performance in these key areas, otherwise the organisation may not be able to achieve its goals and consequently may fail to accomplish its mission. The term critical success factor has been adapted for many different uses. Familiarity with the term is often presented in the context of a project or an initiative. In this context, CSFs describe the underlying or guiding principles of an effort that must be regarded to ensure that it is successful. Clarity of course goals: Not surprisingly, there has been consensus in the literature that in order to assure the quality of the teaching/learning process, designing a course should start with explicit outcomes that identify the expectations from learners and the faculty from the very beginning. Learning outcomes which usually drive the effectiveness assessment process of courses should be also challenging and linked directly to the institutions overall goals and objectives. (Mayer et al 2000) faculty members have to adjust course content by selecting appropriate learning styles to achieve course goals and learners needs. Learner Interaction: Interaction is one of the most widely mentioned factors in the literature in relation to its impact on the quality of e-learning programs. (Moore, 2002) Interaction in the e-learning environment compensates for the loss of direct and face to face contact between learners and their faculty member or colleagues. Moore (1989) has identified three types of interaction: Interaction between faculty and learners, which is considered to be the most vital component that creates an effective learning environment upon which the other two types depend and are facilitated through; Interaction between learners among themselves; Interaction between the learner and content material. Relevancy of multimedia components to course goals Research on the quality of e-learning programs outlined that effective multimedia components are those which are highly in conformance with, and explicitly linked to course learning goals and objectives Graham et. al (2000) have also identified four main technical components pertaining to the multimedia which affect learners and hence the quality of e-learning programs, these are: Consistency of pages layout and design; which is necessary for allowing learners to recognize the graphic language of the interface, use and re-use their knowledge in different applications and retrieve information easily. Clear organization and accessibility of information; which allows learners to accomplish their tasks effectively when understanding the relationship between the media elements, without getting distracted by irrelevant features. Attractiveness of design and graphics; learners who are studying through the multimedia elements or using the learning interface can be encouraged to spend Navigation consistency and ease of use; if not consistent, navigation can place a heavy mental load on learners and therefore hinders their learning process. Faculty proficiency Clay (1999) considered the need to educate faculty members on how their involvement in e-learning programs fits with the overall strategy and mission of the institution. He also added that discussing issues and concerns of faculty members regarding this type of learning is also very important to increase their level of awareness. The success of e-learning courses depends on the type of development offered to faculty members. The following three areas of development have been considered by Caplan (2004) as the most crucial requirements due to their impact on the success of e-learning programs: Educational Proficiency; where faculty members are introduced to and experience the class room environment, requirements of course design and delivery. Administrative skills; methods of management of the classroom, identification of the support needed and offered by the institution are among the topics that are addressed in this area. Technical skills; learning of the basic and more advanced technical skills as needed, learning more about the technology, its benefits and barriers. Reliability of technology Reliability of technology refers to the capability of the technology to perform a required function and maintain a certain level of performance under stated conditions for a stated period of time. Reliability of technology has been highlighted as one of the most important factors that essentially impact on the quality of the learning experience and the success of online courses. Faculty members and learners can be easily distracted from the continuation of a teaching/learning task which usually causes a high level of frustration due to unreliability or stability of technology. (Hartman et al, 2000) Initially, many concerns regarding the future and substantiality of online learning were raised resulting from the doubts about technology reliability and its impact not only on the quality of e-learning but also on the survival of the entire concept. Technical shut downs faced by learners and faculty members during their virtual sessions, discussions and even assignments were among those issues, and therefore reliability and stability of technology was top rated in many studies as a critical factor that affects the success of the e-learning experience. Accessibility of technology In this respect, accessibility refers to the ability of learners of varying technical means and technical limitations related to computer power, bandwidth, or hardware limitations, to have equal opportunity of access courses material like other colleagues. Schrum and Hong (2002) argued that there is a substantial relationship between the number of learners dropping their online courses and the difficulties they face trying to access the technological tools and equipments. Accessible technologies represent therefore a distinct advantage to learners to study according to their convenient time and pace, otherwise learners will spend their times trying to solve technical problems instead of engaging in the learning experience. Therefore, an understanding of the technological and financial limitations of learners, their preparedness, and ability to participate equally in the learning experience is necessary for the success of e-learning. It is also important for the selection of appropria te technological infrastructure that enables learners to focus on their learning (Davis, 2004). For this reason, many e-learning institutions today offer their learning content using online and offline tools (CDs and DVDs) to accommodate for those who have no access to high-speed connectivity. Suitability of support services to learners needs There is no doubt about the importance of learners support services which usually complement the learning/teaching process and enhance their learners experience. Many authors have highlighted the importance of learners support and its impact on the quality of e-learning programs. (Hughes, 2004) Although many higher education institutions claim to know the needs and wants of their learners, they actually do not. Cashion Palmieri (2002) explained that many institutions go wrong by assuming that learners needs are only educational and therefore learners support is exclusive to educational support. For instance, and despite the assumption that many of todays learners are aware of the technological tools and facilities, the level of learners awareness of education technologies is still not up to the desired level. Many of todays learners might be exposed to e-learning courses for the first time in the higher education level, therefore the preparation of learners to cope with the requirements of study, understand the new role they have to assume, and also understand the technology they will deal with during their study, is necessary for learners before they engage in their learning experience. According to Hughes (2004), learner support tools should exceed educational needs, and should be extended to include: Information and administrative support; Technological support Study skills assistance such as time management, balancing personal demands and study pursuits, information about usage of web content and plagiarism, etc Educational counselling Program advising and digital library Responsiveness of learner support Responsiveness to learners enquiries, suggestions, or complaints has also been highlighted as an important factor that affects learners satisfaction and therefore impacts on the quality of learning. According to Smith (2004) responsiveness of learning support tools and staff to learners enquiries can increase their tolerance and satisfaction, and hence increase the quality of their learning. Most often a high percentage of e-learners are usually busy senior professionals or full time employees who would value and appreciate the timely response to their enquiries and the availability of support when needed. Smith (2004) outlines that availability of responsive learners support can be demonstrated in three forms: The ability of learners to get in touch and to make contact with the person to whom they wish to speak. The reassurance of learner support staff that if a message is left or an e-mail is sent, this will at least be acknowledged. The prompt action response, where if the action cannot be taken immediately, the information of action support will be received soon by the learner. Leadership commitment to effective learning According to Barker et. al (1999) effective learning requires a whole institution approach that pays enough attention to the teaching/learning processes, facilitates the work of faculty members, and provides necessary support to the faculty whenever needed, starting from its leadership. According to the author e-learning institutions cannot be successful without leadership commitment to set, maintain, and share a clear direction for the institution, with focus on its teaching/learning processes. Setting up the institution priorities in favour of the teaching/learning quality and providing support to develop competencies and infrastructure are some exemplary forms of leadership commitment for effective learning. Top management should therefore be involved in continuous monitoring, evaluation, and improvement of the institutions academic performance, as part of that e-learning institutions should continuously monitor learning effectiveness, learners satisfaction, faculty satisfaction, efficiency, and cost effectiveness (Bourne and Moore, 2003). Commitment to effective learning and teaching culture Quality commitment is an obvious factor for developing a quality culture in an organization and for assuring and maintaining continual improvement. This factor has been highlighted generally in many quality management and excellence standards or models, such as the ISO 9000 and the EFQM Excellence model. Similarly, quality commitment at all levels of the e-learning institution, including top management, faculty and staff, has been highlighted heavily in the literature as a pre condition to the success of e-learning institutions (Mayer et al, 2001) Appropriateness of processes to the e-learning environment The changes that accompany the introduction of e-learning in a higher education institution should be associated with a new definition of processes which impact organizational structures, and roles and responsibilities of educators and staff. According to Bates and Poole (2003), planning for e-learning programs by defining relevant and appropriate processes to the e-learning environment and changed roles and responsibilities of staff and faculty, is considered to be a critical factor that impacts the quality of e-learning programs. The processes of e-learning are not quite similar to those of conventional learning; many additions have occurred regarding the day to day work of institutions with the introduction of this type of learning. Instructional designing, dealing with intellectual properties, planning for, and maintaining the technological infrastructure, program management, administrative support for faculty or learners, dealing with faculty workload and incentives, governance and decision making processes or pricing are only some examples of the processes that need redefinition or customization in the e-learning environment. Among the changes that e-learning has introduced is the overall change of the needs and role of learners. In this context, Austin (2001) argues that the starting point for defining and shaping processes in an e-learning environment is the understanding of customers needs (learners, families, employers and society) that represent the input for the learning/teaching Financial feasibility and sustainability It is obvious that many elements in the e-learning type of education are costly and require more financial investments and support from higher education institutions. Preparing learners to this type of learning through introductory and orientation programs, the necessity to offer different types of learning styles that accommodate the different learning needs and talents of learners, along with offering more flexible learning methods and timings, the development of faculty competencies, compensation for faculty workload and copyrighted work, developing reliable, accessible, and maintained IT equipments, infrastructure and multimedia components, and the need for timely and responsive learners support are only few examples of what investment this type of learning would require. Therefore, the financial management in e-learning institutions has been highlighted as an important factor that should be used to judge the quality of e-learning programs. (Bourne and Moore, 2004) Financial sustainability which relates the cost of the program to its financial benefits (Bartolic-Zlomislic Bates, 1999) is considered to be one of the factors that affect the quality of e-learning programs for the following main reasons: The ability to support and sustain the program while it is running even if the number of enrolled learners did not match the expectation in order to protect the interests of learners. The ability to re-invest in the program to enhance it and advance it. The ability to offer affordable e-learning programs. Conclusion: In this chapter we have looked into the previous study and analysed the data to build on a good understanding about the factors which affect the quality of E-learning in Saudi Arabia. The twelve factors will be examined to see what the effects are on the quality of E-learning. Based on these factors we will take into consideration the culture difference as some of these factors may not necessarily affect the quality in Saudi Arabia. The twelve factors are related with the main player in E-learning which is the learner, the course, the provider and the technology. All twelve factors should be examined in order to measure their effect. Chapter Four Introduction: This chapter presents a description of the research methodology used throughout the study supported by a justification for the selection. During a brief description about the data and description of the questionnaire which has been used. The second part will be about a description of the data analysis method which will be used to analyse the data in this study. Data collection: Usually data can be collected through two sources: primary sources and secondary sources. Primary data sources include surveys, observations, and interviews. Secondary data sources include Newspapers, Books, Journals, Internet, etc. After turning the practical idea into a research question and reviewing the necessary literature, the method of research must be considered. The methodology which will be selected should be the one that will be the most effective one to collect the data needed to answer the research question, or to test the hypothesis. Data collection methods are mainly divided under two major methodological methods, quantitative and qualitative methodology. Each method contains several type of data collection technique. Quantitative research is an objective approach which includes collecting and analyzing numerical data and applying statistical tests (Collis and Hussey, 2003). The emphasis of quantitative research is on collecting and analyzing numerical data. It concentrates on measuring the scale, range, frequency, etc, of phenomena. This type of research, although harder to design initially, is usually highly detailed and structured, and results can be easily collated and presented statistically. Qualitative research is a subjective approach which includes examining and reflecting on perceptions in order to gain an understanding of social and human activities (Collis and Hussey, 2003). The research strategy in the research project will be a Quantitative approaches as the researcher doesnt have enough time to carry further investigations and to do face to face interviews with the selected sample so the mail survey will be the best choice to go for. Questionnaire: To collect data for the research project a research questionnaire will be designed and then distributed. The questionnaire included different sections seeking information about many aspects of quality in E-learning factors. Multiple-choice and scale-type questions will be used to collect response in an objective manner. In addition, open questions were used to collect subjective information. The Licker scale of 1 to 5 will be used to rate the critical success factors. A questionnaires prime advantage is its efficiency in terms of speed and cost in generating large amounts of data that can be subjected to statistical analysis. Also questionnaires have inherent advantages as compared to other methods as they allow respondents to answer questions at times that are convenient, to see the context of a series of questions, to take time in answering, and to look up information. According to Robson (2002), the advantages of a questionnaire are as follows: It can be one of the least resource intensive. It is simple to use basic awareness training being sufficient to get things started. It can readily involve many people within the organization. The questions asked can be customized to suit the organization. It enables the organization to receive feedback which can be segmented by function and by level. It can be used in parallel with the workshop approach to provide a more balanced view of deployment team. It can give a good visual reference if results are graphed. In fact, the questionnaire has several weaknesses, particularly their typical low response rate. Low response rates are problematic in that they reduce confidence about the extent to which survey findings generalize the population from which the survey is drawn. Response errors are another problem. A third problem area arises from the conceptual inadequacy and administrative errors that can be caused by the researcher (Saunders, 2000). Data analyses: To have a good interpretation of the data, it is important that data is organized in such a way that it may be analyzed efficiently. There are a number of computer programs that can be used to analyze survey research. Such programs allow users to quickly sort information and look at the data from different angles. Computer software programs with database spreadsheets are widely available. Microsoft Access and Microsoft Excel are just a few of the available programs that can be used. More advanced statistical programs such as SPSS (statistical package for social science) is also suitable for data storage, but they require greater technical skill to use the more sophisticated statistical analyses. For quantitative data analysis the researcher will use (Microsoft Excel), as the researcher has the previous skill to use this program. Conclusion: In this chapter we have described the data collection and analysis method which will be used in this study to get the best information, taking in to consideration the time which is limited for a research of this kind. The researcher is going to use the Quantitative method to collect his data by distributing a questionnaire to the targeted group; the questionnaire is going to include a multiple question based on the factors which have been discovered from the literature. Furthermore, after collecting the data the researcher is going to analyse the data using Microsoft Excel software to show the data in a good way so it can be useful and easy to understand. References: Ally, M. (2004) Foundations of Educational Theory for Online Learning. In: Anderson, T. D. and Elloumi, F. (Eds.) (2004) Theory and Practice of Online Learning. Athabasca: Athabasca University. pp(3-31). Allen, I. E. and Seaman, J. (2005) Growing by Degrees: Online Education in the United States. USA: The Sloan Consortium. Barker, K., Wendel, T. and Richmond, M. (1999) Linking the Literature: School Effectiveness and Virtual Schools. [Online]. The Society for the Advancement of Excellence in Education. Vancouver. Available from: https://www.futured.com/pdf/Virtual.pdf. [Accessed 20 Jan 2008] Bartolic-Zlomislic, S. and Bates, T. (1999) Assessing the Costs and Benefits of Telelearning: A Case Study from the University of British Columbia. [Online]. Available from: https://research.cstudies.ubc.ca/nce/EDST565.pdf [Accessed 25 Jan 2008] Bates, A. and Poole, G. (2003) Effective Teaching with Technology in Higher Education: Foundations for Success. San Francisco: Jossey-Bass. Bourne, J., and Moore, J. (2003.), Elements of Quality Online Education. Needham, MA: Sloan Center for OnLine Education. Caplan, D. (2004) The Development of Online Courses. In: Anderson, T. D. and Elloumi, F. (Eds.) Theory and Practice of Online Learning. Athabasca: Athabasca University. pp. 175-194. Cashion, J. and Palmieri, P. (2003) The Secret is the Teacher: The Learners View of Online Learning. [Online] Australia: NCVER, Available from: https://www.ncver.edu.au/research/proj/nr0F03a.pdf. [Accessed 25 Jan 2008] Clay, M. (1999) Development of Training and Support Programs for Distance Education Instructors. [Online] Available from: https://www.westga.edu/~distance/clay23.html. [Accessed 22 Jan 2008] Collis, J., Hussey, R. (2003). Business Research: a practical guide for undergraduate and postgraduate students (2nd ed.). Basingstoke: Palgrave Macmillan. Cohen, M. and Ellis, T. (2004) Validating a criteria set for an online learning environment. In: 34th ASEE/IEEE Frontiers in Education Conference: 20th 23rd October 2004, Georgia Tech Savannah Campus, Savannah, GA. Davis, A. (2004) Developing an infrastructure for online learning. In: Anderson, Elloumi, T. D. and F. (Eds.), Theory and Practice of Online Learning. Athabasca: Athabasca University. pp. 97-114. Eaton, J.S. (2001) Distance Learning: Academic and Political Challenges for Higher Education Accreditation. (CHEA Monograph Series 2001, Number 1) Washington DC: Council for Higher Education Accreditation. Graham, C., Cagiltay, K., Craner, J., Lim, B., and Duffy, T. M. (2000) Teaching in a Web Based Distance Learning Environment: An Evaluation Based on Four Courses. CRLT Technical Report No. 13-00, Bloomington: Indiana University Centre for Research on Learning and Technology. Hartman, J., Dziuban, C. and Moskal, P. (2000) Faculty Satisfaction in ALNs: A Dependent or Independent Variable?, Journal of Asynchronous Learning Network, 4(3). Harvey, 1999, Editorial, Quality in Higher Education, 1(1), pp. 5-12 Hernes, G. (2003) The new Century: Societal paradoxes and major trends. In: DAntoni, S. (Ed.), The Virtual University, UNESCO, [Online], Available from: https://www.unesco.org/iiep/virtualuniversity/home.php [Accessed 1 Dec. 2007] Horton, W. (2000), designing Web-based Training: How to Teach Anyone Anything, Anywhere, Anytime, Wiley, New York, NY. Hughes, J. (2004) Supporting the online learner. In: Anderson, T. D. and Elloumi, F. (Eds.), Theory and Practice of Online Learning Athabasca: Athabasca University , Canada. Kistan, C. (2005) Improving the quality of e-learning through evaluation: Whose interest is served. In: Smout, M. (Ed.) The decade ahead. South Africa: South African Universities. LTSN Generic Centre. (2004), LTSN pedagogy and Policy vocabularies. [Online], Higher Education Academy. Available from: https://www.heacademy.ac.uk/scoping_notes.doc [Accessed 20 Dec. 2007] Mayer, D. P., Mullins, J. E. and Moore, M. T. (2000) Monitoring School Quality: An Indicators Report.[Online] Available from: https://nces.ed.gov/pubs2001/2001030.pdf [Accessed 20 Oct. 2007] McLoughlin, C., and Oliver, R. (2000) Designing learning environments for cultural inclusivity: A case study of the indigenous online learning at tertiary level. Australian Journal of Educational Technology, 16(1), pp. 58-72. Mendenhall, B. (2001) Technology: Creating New Models in Higher Education. National Governors Association, [Online], Available from: https://www.nga.org/cda/files/HIGHEREDTECH.pdf, [Accessed 25 Nov. 2007] Meyer, K. A. (2002) Quality in Distance Education: Focus on Online Learning. Higher Education Report, 29(4), pp. 1-21 Moore, J. C. (2002). Elements of Quality: The Sloan-CTM Framework. Needham: Sloan Centre for On Line Education. Oblinger, D. and Oblinger, J. (2005) Is it Age or IT: First Steps Toward Understanding the Net Generation. EDUCAUSE, [Online], Available from: https://www.educause.edu/books/educatingthenetgen/5989, [Accessed 30 Nov. 2007] Pashuk, K, (2005) Turning Technology Invisible: Best Practices to Support a Successful Distributed Education Environment. Athabasca University, [Online], Available from: https://library.athabascau.ca/drr/download.php?filename=mba/open/kevinpashukProject.pdf, [Accessed 15 Dec.2007] Robson, C. (2002). Real World Research (2nd ed.). Oxford: Blackwell Publishing. Rockart, J. (1979). Chief executives define their own data needs. Harvard Business Review , Vol. 57 No. 2, 238-41. Saunders, M., Lewis, P., Thornhill, A. (2000). Research methods for business students (2nd ed.). Harlow: Pearson. United Nations Development Program (UNDP), (2002) Arab Human Development Report. New York: UNDP. Vlasceanu, L., Grnberg, L. and Parlea, D. (2004) Quality Assurance and Accreditation: A Glossary of Basic Terms and Definitions. Bucharest: UNESCO-CEPES Wager, J. (2005) Support Services for the Net Generation, EDUCAUSE, [Online], Available from: https://www.educause.edu/ir/library/pdf/pub7101j.pdf, [Accessed 25 Nov. 2007] Weller, J. M. (2000) Creating a large-scale, third generation distance education course. Open Learning, 15(3), pp. 243-308. Williams, P. (2003) Roles and Competencies for Distance Education Programs in Higher Education Institutions. American Journal of Distance Education, 17(1), pp. 45-57. Wirth, M. (2005) Quality Management in e-Learning: Different paths, similar pursuits. Proceedings of the 2nd international SCIL Congress, [online], Available from: https://www.scil.ch/congress-2005/programme-10-11/docs/workshop-1-wirth-text.pdf, [Accessed 20 Nov. 2007] Austin (2001 Brennan, 2001 Schrum and Hong (2002 Smith (2004)

Ontology is the Specifcation of Conceptualization

Definition of ontology According to Tom Gruber, an AI specialist at Stanford University, â€Å"ontology is the specification of conceptualization, used to help programs and human share knowledge.† Ontology also is a description about the concepts and relationships that can exist for an agent or community of agent. A description in this case means it’s like a formal specification of the program. Ontology also is the working model of entities and interaction in some particular domain of knowledge or practice according to the information technology. The example of the ontology according to the information technology aspect is the electronic commerce or the activity of planning. Ontology is the set of concept that are specified in some way in order to create an agreed in this usage. In some cases, the ontology can be described as a set of definition of formal vocabulary. Ontologies are also not limited to conservative definition, that is, definition in the traditional logic sense that only introduce terminology and do not add any knowledge about the world (Endeton, 1972). Definition of accident â€Å"An accident can be defined as the unplanned, uncontrolled event which has led to or could have led to injury to people, damage to plant, machinery or the environment and/or other loses.† Accident also can be defined as unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. It is terrifying and terrible with the explosive accident.

Angels Demons Chapter 58-61 Free Essays

58 â€Å"Seven-forty-six and thirty†¦ mark.† Even speaking into his walkie-talkie, Olivetti’s voice never seemed to rise above a whisper. Langdon felt himself sweating now in his Harris tweed in the backseat of the Alpha Romeo, which was idling in Piazza de la Concorde, three blocks from the Pantheon. We will write a custom essay sample on Angels Demons Chapter 58-61 or any similar topic only for you Order Now Vittoria sat beside him, looking engrossed by Olivetti, who was transmitting his final orders. â€Å"Deployment will be an eight-point hem,† the commander said. â€Å"Full perimeter with a bias on the entry. Target may know you visually, so you will be pas-visible. Nonmortal force only. We’ll need someone to spot the roof. Target is primary. Asset secondary.† Jesus, Langdon thought, chilled by the efficiency with which Olivetti had just told his men the cardinal was expendable. Asset secondary. â€Å"I repeat. Nonmortal procurement. We need the target alive. Go.† Olivetti snapped off his walkie-talkie. Vittoria looked stunned, almost angry. â€Å"Commander, isn’t anyone going inside?† Olivetti turned. â€Å"Inside?† â€Å"Inside the Pantheon! Where this is supposed to happen?† â€Å"Attento,† Olivetti said, his eyes fossilizing. â€Å"If my ranks have been infiltrated, my men may be known by sight. Your colleague has just finished warning me that this will be our sole chance to catch the target. I have no intention of scaring anyone off by marching my men inside.† â€Å"But what if the killer is already inside?† Olivetti checked his watch. â€Å"The target was specific. Eight o’clock. We have fifteen minutes.† â€Å"He said he would kill the cardinal at eight o’clock. But he may already have gotten the victim inside somehow. What if your men see the target come out but don’t know who he is? Someone needs to make sure the inside is clean.† â€Å"Too risky at this point.† â€Å"Not if the person going in was unrecognizable.† â€Å"Disguising operatives is time consuming and – â€Å" â€Å"I meant me,† Vittoria said. Langdon turned and stared at her. Olivetti shook his head. â€Å"Absolutely not.† â€Å"He killed my father.† â€Å"Exactly, so he may know who you are.† â€Å"You heard him on the phone. He had no idea Leonardo Vetra even had a daughter. He sure as hell doesn’t know what I look like. I could walk in like a tourist. If I see anything suspicious, I could walk into the square and signal your men to move in.† â€Å"I’m sorry, I cannot allow that.† â€Å"Comandante?† Olivetti’s receiver crackled. â€Å"We’ve got a situation from the north point. The fountain is blocking our line of sight. We can’t see the entrance unless we move into plain view on the piazza. What’s your call? Do you want us blind or vulnerable?† Vittoria apparently had endured enough. â€Å"That’s it. I’m going.† She opened her door and got out. Olivetti dropped his walkie-talkie and jumped out of the car, circling in front of Vittoria. Langdon got out too. What the hell is she doing! Olivetti blocked Vittoria’s way. â€Å"Ms. Vetra, your instincts are good, but I cannot let a civilian interfere.† â€Å"Interfere? You’re flying blind. Let me help.† â€Å"I would love to have a recon point inside, but†¦Ã¢â‚¬  â€Å"But what?† Vittoria demanded. â€Å"But I’m a woman?† Olivetti said nothing. â€Å"That had better not be what you were going to say, Commander, because you know damn well this is a good idea, and if you let some archaic macho bullshit – â€Å" â€Å"Let us do our job.† â€Å"Let me help.† â€Å"Too dangerous. We would have no lines of communication with you. I can’t let you carry a walkie-talkie, it would give you away.† Vittoria reached in her shirt pocket and produced her cell phone. â€Å"Plenty of tourists carry phones.† Olivetti frowned. Vittoria unsnapped the phone and mimicked a call. â€Å"Hi, honey, I’m standing in the Pantheon. You should see this place!† She snapped the phone shut and glared at Olivetti. â€Å"Who the hell is going to know? It is a no-risk situation. Let me be your eyes!† She motioned to the cell phone on Olivetti’s belt. â€Å"What’s your number?† Olivetti did not reply. The driver had been looking on and seemed to have some thoughts of his own. He got out of the car and took the commander aside. They spoke in hushed tones for ten seconds. Finally Olivetti nodded and returned. â€Å"Program this number.† He began dictating digits. Vittoria programmed her phone. â€Å"Now call the number.† Vittoria pressed the auto dial. The phone on Olivetti’s belt began ringing. He picked it up and spoke into the receiver. â€Å"Go into the building, Ms. Vetra, look around, exit the building, then call and tell me what you see.† Vittoria snapped the phone shut. â€Å"Thank you, sir.† Langdon felt a sudden, unexpected surge of protective instinct. â€Å"Wait a minute,† he said to Olivetti. â€Å"You’re sending her in there alone.† Vittoria scowled at him. â€Å"Robert, I’ll be fine.† The Swiss Guard driver was talking to Olivetti again. â€Å"It’s dangerous,† Langdon said to Vittoria. â€Å"He’s right,† Olivetti said. â€Å"Even my best men don’t work alone. My lieutenant has just pointed out that the masquerade will be more convincing with both of you anyway.† Both of us? Langdon hesitated. Actually, what I meant – â€Å"Both of you entering together,† Olivetti said, â€Å"will look like a couple on holiday. You can also back each other up. I’m more comfortable with that.† Vittoria shrugged. â€Å"Fine, but we’ll need to go fast.† Langdon groaned. Nice move, cowboy. Olivetti pointed down the street. â€Å"First street you hit will be Via degli Orfani. Go left. It takes you directly to the Pantheon. Two-minute walk, tops. I’ll be here, directing my men and waiting for your call. I’d like you to have protection.† He pulled out his pistol. â€Å"Do either of you know how to use a gun?† Langdon’s heart skipped. We don’t need a gun! Vittoria held her hand out. â€Å"I can tag a breaching porpoise from forty meters off the bow of a rocking ship.† â€Å"Good.† Olivetti handed the gun to her. â€Å"You’ll have to conceal it.† Vittoria glanced down at her shorts. Then she looked at Langdon. Oh no you don’t! Langdon thought, but Vittoria was too fast. She opened his jacket, and inserted the weapon into one of his breast pockets. It felt like a rock dropping into his coat, his only consolation being that Diagramma was in the other pocket. â€Å"We look harmless,† Vittoria said. â€Å"We’re leaving.† She took Langdon’s arm and headed down the street. The driver called out, â€Å"Arm in arm is good. Remember, you’re tourists. Newlyweds even. Perhaps if you held hands?† As they turned the corner Langdon could have sworn he saw on Vittoria’s face the hint of a smile. 59 The Swiss Guard â€Å"staging room† is located adjacent to the Corpo di Vigilanza barracks and is used primarily for planning the security surrounding papal appearances and public Vatican events. Today, however, it was being used for something else. The man addressing the assembled task force was the second-in-command of the Swiss Guard, Captain Elias Rocher. Rocher was a barrel-chested man with soft, puttylike features. He wore the traditional blue captain’s uniform with his own personal flair – a red beret cocked sideways on his head. His voice was surprisingly crystalline for such a large man, and when he spoke, his tone had the clarity of a musical instrument. Despite the precision of his inflection, Rocher’s eyes were cloudy like those of some nocturnal mammal. His men called him â€Å"orso† – grizzly bear. They sometimes joked that Rocher was â€Å"the bear who walked in the viper’s shadow.† Commander Olivetti was the viper. Rocher was just as deadly as the viper, but at least you could see him coming. Rocher’s men stood at sharp attention, nobody moving a muscle, although the information they had just received had increased their aggregate blood pressure by a few thousand points. Rookie Lieutenant Chartrand stood in the back of the room wishing he had been among the 99 percent of applicants who had not qualified to be here. At twenty years old, Chartrand was the youngest guard on the force. He had been in Vatican City only three months. Like every man there, Chartrand was Swiss Army trained and had endured two years of additional ausbilding in Bern before qualifying for the grueling Vatican prva held in a secret barracks outside of Rome. Nothing in his training, however, had prepared him for a crisis like this. At first Chartrand thought the briefing was some sort of bizarre training exercise. Futuristic weapons? Ancient cults? Kidnapped cardinals? Then Rocher had shown them the live video feed of the weapon in question. Apparently this was no exercise. â€Å"We will be killing power in selected areas,† Rocher was saying, â€Å"to eradicate extraneous magnetic interference. We will move in teams of four. We will wear infrared goggles for vision. Reconnaissance will be done with traditional bug sweepers, recalibrated for sub-three-ohm flux fields. Any questions?† None. Chartrand’s mind was on overload. â€Å"What if we don’t find it in time?† he asked, immediately wishing he had not. The grizzly bear gazed out at him from beneath his red beret. Then he dismissed the group with a somber salute. â€Å"Godspeed, men.† 60 Two blocks from the Pantheon, Langdon and Vittoria approached on foot past a line of taxis, their drivers sleeping in the front seats. Nap time was eternal in the Eternal City – the ubiquitous public dozing a perfected extension of the afternoon siestas born of ancient Spain. Langdon fought to focus his thoughts, but the situation was too bizarre to grasp rationally. Six hours ago he had been sound asleep in Cambridge. Now he was in Europe, caught up in a surreal battle of ancient titans, packing a semiautomatic in his Harris tweed, and holding hands with a woman he had only just met. He looked at Vittoria. She was focused straight ahead. There was a strength in her grasp – that of an independent and determined woman. Her fingers wrapped around his with the comfort of innate acceptance. No hesitation. Langdon felt a growing attraction. Get real, he told himself. Vittoria seemed to sense his uneasiness. â€Å"Relax,† she said, without turning her head. â€Å"We’re supposed to look like newlyweds.† â€Å"I’m relaxed.† â€Å"You’re crushing my hand.† Langdon flushed and loosened up. â€Å"Breathe through your eyes,† she said. â€Å"I’m sorry?† â€Å"It relaxes the muscles. It’s called pranayama.† â€Å"Piranha?† â€Å"Not the fish. Pranayama. Never mind.† As they rounded the corner into Piazza della Rotunda, the Pantheon rose before them. Langdon admired it, as always, with awe. The Pantheon. Temple to all gods. Pagan gods. Gods of Nature and Earth. The structure seemed boxier from the outside than he remembered. The vertical pillars and triangular pronaus all but obscured the circular dome behind it. Still, the bold and immodest inscription over the entrance assured him they were in the right spot. M AGRIPPA L F COS TERTIUM FECIT. Langdon translated it, as always, with amusement. Marcus Agrippa, Consul for the third time, built this. So much for humility, he thought, turning his eyes to the surrounding area. A scattering of tourists with video cameras wandered the area. Others sat enjoying Rome’s best iced coffee at La Tazza di Oro’s outdoor cafe. Outside the entrance to the Pantheon, four armed Roman policemen stood at attention just as Olivetti had predicted. â€Å"Looks pretty quiet,† Vittoria said. Langdon nodded, but he felt troubled. Now that he was standing here in person, the whole scenario seemed surreal. Despite Vittoria’s apparent faith that he was right, Langdon realized he had put everyone on the line here. The Illuminati poem lingered. From Santi’s earthly tomb with demon’s hole. YES, he told himself. This was the spot. Santi’s tomb. He had been here many times beneath the Pantheon’s oculus and stood before the grave of the great Raphael. â€Å"What time is it?† Vittoria asked. Langdon checked his watch. â€Å"Seven-fifty. Ten minutes till show time.† â€Å"Hope these guys are good,† Vittoria said, eyeing the scattered tourists entering the Pantheon. â€Å"If anything happens inside that dome, we’ll all be in the crossfire.† Langdon exhaled heavily as they moved toward the entrance. The gun felt heavy in his pocket. He wondered what would happen if the policemen frisked him and found the weapon, but the officers did not give them a second look. Apparently the disguise was convincing. Langdon whispered to Vittoria. â€Å"Ever fire anything other than a tranquilizer gun?† â€Å"Don’t you trust me?† â€Å"Trust you? I barely know you.† Vittoria frowned. â€Å"And here I thought we were newlyweds.† 61 The air inside the Pantheon was cool and damp, heavy with history. The sprawling ceiling hovered overhead as though weightless – the 141-foot unsupported span larger even than the cupola at St. Peter’s. As always, Langdon felt a chill as he entered the cavernous room. It was a remarkable fusion of engineering and art. Above them the famous circular hole in the roof glowed with a narrow shaft of evening sun. The oculus, Langdon thought. The demon’s hole. They had arrived. Langdon’s eyes traced the arch of the ceiling sloping outward to the columned walls and finally down to the polished marble floor beneath their feet. The faint echo of footfalls and tourist murmurs reverberated around the dome. Langdon scanned the dozen or so tourists wandering aimlessly in the shadows. Are you here? â€Å"Looks pretty quiet,† Vittoria said, still holding his hand. Langdon nodded. â€Å"Where’s Raphael’s tomb?† Langdon thought for a moment, trying to get his bearings. He surveyed the circumference of the room. Tombs. Altars. Pillars. Niches. He motioned to a particularly ornate funerary across the dome and to the left. â€Å"I think that’s Raphael’s over there.† Vittoria scanned the rest of the room. â€Å"I don’t see anyone who looks like an assassin about to kill a cardinal. Shall we look around?† Langdon nodded. â€Å"There’s only one spot in here where anyone could be hiding. We better check the rientranze.† â€Å"The recesses?† â€Å"Yes.† Langdon pointed. â€Å"The recesses in the wall.† Around the perimeter, interspersed with the tombs, a series of semicircular niches were hewn in the wall. The niches, although not enormous, were big enough to hide someone in the shadows. Sadly, Langdon knew they once contained statues of the Olympian gods, but the pagan sculptures had been destroyed when the Vatican converted the Pantheon to a Christian church. He felt a pang of frustration to know he was standing at the first altar of science, and the marker was gone. He wondered which statue it had been, and where it had pointed. Langdon could imagine no greater thrill than finding an Illuminati marker – a statue that surreptitiously pointed the way down the Path of Illumination. Again he wondered who the anonymous Illuminati sculptor had been. â€Å"I’ll take the left arc,† Vittoria said, indicating the left half of the circumference. â€Å"You go right. See you in a hundred and eighty degrees.† Langdon smiled grimly. As Vittoria moved off, Langdon felt the eerie horror of the situation seeping back into his mind. As he turned and made his way to the right, the killer’s voice seemed to whisper in the dead space around him. Eight o’clock. Virgin sacrifices on the altars of science. A mathematical progression of death. Eight, nine, ten, eleven†¦ and at midnight. Langdon checked his watch: 7:52. Eight minutes. As Langdon moved toward the first recess, he passed the tomb of one of Italy’s Catholic kings. The sarcophagus, like many in Rome, was askew with the wall, positioned awkwardly. A group of visitors seemed confused by this. Langdon did not stop to explain. Formal Christian tombs were often misaligned with the architecture so they could lie facing east. It was an ancient superstition that Langdon’s Symbology 212 class had discussed just last month. â€Å"That’s totally incongruous!† a female student in the front had blurted when Langdon explained the reason for east-facing tombs. â€Å"Why would Christians want their tombs to face the rising sun? We’re talking about Christianity†¦ not sun worship!† Langdon smiled, pacing before the blackboard, chewing an apple. â€Å"Mr. Hitzrot!† he shouted. A young man dozing in back sat up with a start. â€Å"What! Me?† Langdon pointed to a Renaissance art poster on the wall. â€Å"Who is that man kneeling before God?† â€Å"Um†¦ some saint?† â€Å"Brilliant. And how do you know he’s a saint?† â€Å"He’s got a halo?† â€Å"Excellent, and does that golden halo remind you of anything?† Hitzrot broke into a smile. â€Å"Yeah! Those Egyptian things we studied last term. Those†¦ um†¦ sun disks!† â€Å"Thank you, Hitzrot. Go back to sleep.† Langdon turned back to the class. â€Å"Halos, like much of Christian symbology, were borrowed from the ancient Egyptian religion of sun worship. Christianity is filled with examples of sun worship.† â€Å"Excuse me?† the girl in front said. â€Å"I go to church all the time, and I don’t see much sun worshiping going on!† â€Å"Really? What do you celebrate on December twenty-fifth?† â€Å"Christmas. The birth of Jesus Christ.† â€Å"And yet according to the Bible, Christ was born in March, so what are we doing celebrating in late December?† Silence. Langdon smiled. â€Å"December twenty-fifth, my friends, is the ancient pagan holiday of sol invictus – Unconquered Sun – coinciding with the winter solstice. It’s that wonderful time of year when the sun returns, and the days start getting longer.† Langdon took another bite of apple. â€Å"Conquering religions,† he continued, â€Å"often adopt existing holidays to make conversion less shocking. It’s called transmutation. It helps people acclimatize to the new faith. Worshipers keep the same holy dates, pray in the same sacred locations, use a similar symbology†¦ and they simply substitute a different god.† Now the girl in front looked furious. â€Å"You’re implying Christianity is just some kind of†¦ repackaged sun worship!† â€Å"Not at all. Christianity did not borrow only from sun worship. The ritual of Christian canonization is taken from the ancient ‘god-making’ rite of Euhemerus. The practice of ‘god-eating’ – that is, Holy Communion – was borrowed from the Aztecs. Even the concept of Christ dying for our sins is arguably not exclusively Christian; the self-sacrifice of a young man to absolve the sins of his people appears in the earliest tradition of the Quetzalcoatl.† The girl glared. â€Å"So, is anything in Christianity original?† â€Å"Very little in any organized faith is truly original. Religions are not born from scratch. They grow from one another. Modern religion is a collage†¦ an assimilated historical record of man’s quest to understand the divine.† â€Å"Um†¦ hold on,† Hitzrot ventured, sounding awake now. â€Å"I know something Christian that’s original. How about our image of God? Christian art never portrays God as the hawk sun god, or as an Aztec, or as anything weird. It always shows God as an old man with a white beard. So our image of God is original, right?† Langdon smiled. â€Å"When the early Christian converts abandoned their former deities – pagan gods, Roman gods, Greek, sun, Mithraic, whatever – they asked the church what their new Christian God looked like. Wisely, the church chose the most feared, powerful†¦ and familiar face in all of recorded history.† Hitzrot looked skeptical. â€Å"An old man with a white, flowing beard?† Langdon pointed to a hierarchy of ancient gods on the wall. At the top sat an old man with a white, flowing beard. â€Å"Does Zeus look familiar?† The class ended right on cue. â€Å"Good evening,† a man’s voice said. Langdon jumped. He was back in the Pantheon. He turned to face an elderly man in a blue cape with a red cross on the chest. The man gave him a gray-toothed smile. â€Å"You’re English, right?† The man’s accent was thick Tuscan. Langdon blinked, confused. â€Å"Actually, no. I’m American.† The man looked embarrassed. â€Å"Oh heavens, forgive me. You were so nicely dressed, I just figured†¦ my apologies.† â€Å"Can I help you?† Langdon asked, his heart beating wildly. â€Å"Actually I thought perhaps I could help you. I am the cicerone here.† The man pointed proudly to his city-issued badge. â€Å"It is my job to make your visit to Rome more interesting.† More interesting? Langdon was certain this particular visit to Rome was plenty interesting. â€Å"You look like a man of distinction,† the guide fawned, â€Å"no doubt more interested in culture than most. Perhaps I can give you some history on this fascinating building.† Langdon smiled politely. â€Å"Kind of you, but I’m actually an art historian myself, and – â€Å" â€Å"Superb!† The man’s eyes lit up like he’d hit the jackpot. â€Å"Then you will no doubt find this delightful!† â€Å"I think I’d prefer to – â€Å" â€Å"The Pantheon,† the man declared, launching into his memorized spiel, â€Å"was built by Marcus Agrippa in 27 B.C.† â€Å"Yes,† Langdon interjected, â€Å"and rebuilt by Hadrian in 119 A.D.† â€Å"It was the world’s largest free-standing dome until 1960 when it was eclipsed by the Superdome in New Orleans!† Langdon groaned. The man was unstoppable. â€Å"And a fifth-century theologian once called the Pantheon the House of the Devil, warning that the hole in the roof was an entrance for demons!† Langdon blocked him out. His eyes climbed skyward to the oculus, and the memory of Vittoria’s suggested plot flashed a bone-numbing image in his mind†¦ a branded cardinal falling through the hole and hitting the marble floor. Now that would be a media event. Langdon found himself scanning the Pantheon for reporters. None. He inhaled deeply. It was an absurd idea. The logistics of pulling off a stunt like that would be ridiculous. As Langdon moved off to continue his inspection, the babbling docent followed like a love-starved puppy. Remind me, Langdon thought to himself, there’s nothing worse than a gung ho art historian. Across the room, Vittoria was immersed in her own search. Standing all alone for the first time since she had heard the news of her father, she felt the stark reality of the last eight hours closing in around her. Her father had been murdered – cruelly and abruptly. Almost equally painful was that her father’s creation had been corrupted – now a tool of terrorists. Vittoria was plagued with guilt to think that it was her invention that had enabled the antimatter to be transported†¦ her canister that was now counting down inside the Vatican. In an effort to serve her father’s quest for the simplicity of truth†¦ she had become a conspirator of chaos. Oddly, the only thing that felt right in her life at the moment was the presence of a total stranger. Robert Langdon. She found an inexplicable refuge in his eyes†¦ like the harmony of the oceans she had left behind early that morning. She was glad he was there. Not only had he been a source of strength and hope for her, Langdon had used his quick mind to render this one chance to catch her father’s killer. Vittoria breathed deeply as she continued her search, moving around the perimeter. She was overwhelmed by the unexpected images of personal revenge that had dominated her thoughts all day. Even as a sworn lover of all life†¦ she wanted this executioner dead. No amount of good karma could make her turn the other cheek today. Alarmed and electrified, she sensed something coursing through her Italian blood that she had never felt before†¦ the whispers of Sicilian ancestors defending family honor with brutal justice. Vendetta, Vittoria thought, and for the first time in her life understood. Visions of reprisal spurred her on. She approached the tomb of Raphael Santi. Even from a distance she could tell this guy was special. His casket, unlike the others, was protected by a Plexiglas shield and recessed into the wall. Through the barrier she could see the front of the sarcophagus. Raphael Santi 1483-1520 Vittoria studied the grave and then read the one-sentence descriptive plaque beside Raphael’s tomb. Then she read it again. Then†¦ she read it again. A moment later, she was dashing in horror across the floor. â€Å"Robert! Robert!† How to cite Angels Demons Chapter 58-61, Essay examples

Dynamic Capital Structure in China Determinants and Adjustment Speed

Question: How Dynamic capital structure in china determinants and adjustment speed? Answer: Introduction Capital Structure refers to the optimal use of various monetary sources of a company to finance its operations. It has two components namely, debt and equity. Debt (Both short term and long term) is associated with long term notes payable, issuance of bonds etc. while equity is associated with stocks (common or preferred), retained earnings etc. Optimal allocation of financial sources subject to these two constraints is the major motto of Capital Structure. The main objective of this paper is to address different determinants of capital structure by clubbing them under a set of company-specific variables like non-debt tax shield, profitability, growth, liquidity, dividend, and firm size. The relationship of these firm-specific variables and their effect on capital structure decisions will be examined under a basic simple model. According to the research papers of Qian et al., 2009; DeAngelo et al., 2011 and Ebrahim et al., 2014, most of the companies adjust their debt leverage towards a targeted leverage score. This implies that companies frame their strategies towards capital structure and perform deviations from the debt leverage target only after adjusting the debt-equity ratio instantaneously. As these decisions have crucial impact on firms cost of capital, investment decisions, valuation and expected returns, this paper explains the rationale behind these decisions by investigating various determinants of capital structure. Literture Review The dependent variable of our study is capital structure. Various studies use various proxies for capital structure. Some argues that debt leverage is a good measure (Debt leverage is calculated as book total debt to book total assets) whereas some suggests book value is an efficient function for investigating firms financial behavior because of its marvelous explanation of assets with price stability. Moreover, managers prefer book value to make financial decisions because it is very expensive for companies to adjust the assets value responding to market condition (Myers, 1997 and Graham Harvey, 2001). According to Guney et al. (2011) and Ebrahim et al. (2014), the adjustment speed was found to be 36% and 28% for Chinese and Malaysian firms respectively by using lagged debt leverage. Now we move forward to explain the rationale for using different variables in our analysis as per the existing literature. Determinants of capital structure: - The explanatory variables under this study are the companys financial indicators. We have incorporated the most common factors under some broad classifications like non-debt tax shield, profitability, growth, liquidity, dividend, and firm size. These variables are very common in both developed and developing countries. Profitability: - According to the pecking order theory, companies prefer internal funds than external financial source (Myers, 1984). According to the Agency theory, highly profitable companies strive to raise more debt for reduction of agency cost due to the misuse of free cash flow by the managers of the firm (Jensen, 1986). Baskin (1989) suggests that past profits have important effect on current debt leverage. In our paper, we use the companys earnings before interest and tax as a measure of current profitability to investigate the companys capital structure decision. Firm size: - The existing literature reveals that the large firms having more stable profitability and flow of cash are associated with lower risk of bankruptcy and hence are authorized to raise higher debt from external financial sources (Fama and French, 2005; Frank and Goyal, 2009). On the other hand, Titman and Wessels (1988) suggests the inverse relation of the firm size to debt leverage since large firms are in a better position to issue equity than the small firms. Firm size is one of the traditional variables in the literature on capital structure and is measured by logarithm of total book assets. Non-debt tax shield: - According to the Trade-off theory, companies tend to obtain more debt when they benefit from higher tax shield. This gives an inverse relationship between debt leverage and non-debt tax shield (DeAngelo and Masulis, 1980). Non-debt tax shield is also a traditional variable analyzed in capital structure studies and it is measured by the sum of depreciation and amortization to total assets. Growth: - As per the papers by Myers and Majluf, 1984 and Frank and Goyal, 2009, debt leverage and growth are inversely related as companies possess easy access to equity funding when they have higher market growth opportunities. On the other hand, Guney et al. (2011) suggests that there is a positive impact of growth on debt decision. Shyam-Sunder and Myers (1999) argues that the change of book assets have significant impact on capital structure decision because of its direct impact on financial deficit. In this paper, we examine firm size by both market growth opportunity and book asset growth. Dividend: - According to Chen et al. (2009), there exist a positive relationship between debt leverage and dividend for the Chinese companies as they deliberately channel their profits to the shareholders through dividends. On the other hand According to Jensen et al. (1992), the effect of dividend is ambiguous i.e. it can be either positive or negative because companies take their dividend decisions by trading off constant financial charges. In our paper, we use dividend per share study to compute its effect on debt leverage. Liquidity: - According to Leary and Roberts (2010), certain companies tend to reserve their debt capacity either for future investment, or to counter the negative impact of underinvestment problems that arises due to high debt leverage. On the other hand, Guney et al. (2011) suggests that higher collateral predicts higher debt for Chinese firms because higher liquidity computed by current ratio shows lower debt whereas Agency cost theory argues that companies raise debt so as to reduce free cash flow by paying interest (Jensen, 1986).With a view to these distinct findings, the variables like current ratio, cash and marketable securities and cash from operation are used to calculate the impact of liquidity. Moreover, we also use quick ratio to observe collateral function in liquidity since quick ratio is nothing but current ratio obtained by excluding inventories. Various papers also focus on the macroeconomic policies and condition for financial behavior of the companies because of the fact that greater interest tax shields for firms (Frank Goyal, 2009 and Fan et al., 2012). According to Mokhova and Zinecker (2014), government debt to GDP has significant effect on capital structure. Several research journals also emphasize on the human resource factors while studying for capital structure. According to Grossman and Hart (1982), discussing the possibility of bankruptcy motivates the managers to increase their potential output. On the other hand, Kale et al. (2007) suggest that debt serves as a tool for bonding mechanism and is positively correlated with employee productivity as employees try to hedge the risk of job loss when the firm possesses high debt by maintaining higher productivity. This paper also argues that the magnitude of relationship between debt leverage and employee productivity is negatively influenced by external employment o pportunities. Thus, the role of debt is weakened when external employment opportunities are increased. Hypotheses development While examining the dependency of capital structure decision of various firms on various financial factors, we have to test the following hypotheses: H (1): Profitability has significant effects on capital structure decision. H (2): Firm size has significant effect on capital structure decision. H (3): Dividend has significant effect on capital structure decision. H (4): Liquidity has significant effect on capital structure decision. H (5): Growth has significant effect on capital structure decision. Testing these hypotheses will give us the understanding of the impact of these financial variables on our capital structure decisions. Research Methodology As reported by the literature review section, the capital structure decision is expected to be driven by the mentioned firm-specific financial factors. In our analysis we consider a simple OLS regression model for testing the hypotheses. For examining the firm-specific factors the equation is written as: Yit* = i + iXij + ui. (1) Here Yi represents the capital structure of the ith firm in tth year. X gives the vector of explanatory variables. The error term is represented by ui. The vector of explanatory variables, X, includes the following: - (1) EBIT, (2) firm size, (3) cash and marketable securities, (4) assets growth, (5) cash from operation, (6) dividend per share, (7) non-debt tax shield, (8) current ratio, (9) quick ratio, (10) growth opportunities. Descriptive statistics: - Table 1 gives the descriptive statistic of all the variables used in our analysis. The mean debt ratio is found to be 22.97% which states that these firms are less levered compared to companies of other developing countries and some developed countries. Variables Mean Standard Error Median Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Confidence Level(95.0%) Capital Structure 22.97377 1.262704 16.22877 0 20.82505 433.6825 3.429573 1.51394 141.6274 0 6248.864 2.485956143 EBIT 123410.2 27571.69 26396.5 0 454724 2.07E+11 10.76952 0.213199 4508967 -2294529 33567563 54281.94674 Book asset growth 33.03554 27.59178 1.45304 -100 455.0553 207075.3 262.3011 16.06343 7543.481 -100 8985.666 54.32148877 Market growth opportunity 7436.197 1270.255 954.7148 0 20949.58 4.39E+08 23.05907 4.506833 187070 -51423 2022646 2500.821946 Dividend per share 1.827893 0.620561 0 0 10.23455 104.746 79.29406 8.439262 110 0 497.187 1.221732538 Current ratio 524.2044 319.2929 0.125 0 5265.913 27729844 123.9754 10.87616 67823 0 142583.6 628.6098921 Quick ratio 0.630882 0.050026 0.195 0 0.825043 0.680696 3.013667 1.600359 4.28 0 171.6 0.098488169 Cash and Marketable securities 168831.9 18610.03 44941.5 0 306924.4 9.42E+10 20.76774 3.819782 2688644 0 45922264 36638.60935 Book total Debt 22.97377 1.262704 16.22877 0 20.82505 433.6825 3.429573 1.51394 141.6274 0 6248.864 2.485956143 Fim size 13.92436 0.133729 14.21559 0 2.205521 4.864324 15.54624 -2.82974 16.77148 0 3787.425 0.263280518 Non-debt tax shield 1.419533 0.111741 0.560943 0 1.842882 3.396214 3.344908 1.85759 8.794716 0 386.1129 0.219991048 Correlation matrix Correlation coefficient of all variables are examined in the study and presented in matrix form in the table 2 given below. It is observed that the correlation coefficients between the explanatory variables and capital structure are generally consistent. Capital Structure EBIT Book asset growth Market growth opportunity Dividend per share Current ratio Quick ratio Cash and Marketable securities Book total Debt Fim size Non-debt tax shield Capital Structure 1 -0.04439 -0.05752 0.280519 -0.17302 -0.03475 -0.18953 0.013309 1 0.257524 -0.14687 EBIT -0.04439 1 -0.0041 0.003335 -0.02881 0.003744 0.166344 0.26799 -0.04439 0.228438 -0.03596 Book asset growth -0.05752 -0.0041 1 -0.02115 -0.01579 -0.01082 -0.05236 -0.03733 -0.05752 -0.07473 -0.03106 Market growth opportunity 0.280519 0.003335 -0.02115 1 -0.06143 -0.03453 -0.03539 -0.07641 0.280519 -0.05595 -0.08401 Dividend per share -0.17302 -0.02881 -0.01579 -0.06143 1 -0.01194 0.33683 -0.09368 -0.17302 -0.24722 0.045613 Current ratio -0.03475 0.003744 -0.01082 -0.03453 -0.01194 1 0.090305 -0.03754 -0.03475 0.002733 0.051975 Quick ratio -0.18953 0.166344 -0.05236 -0.03539 0.33683 0.090305 1 0.110134 -0.18953 0.128627 0.409857 Cash and Marketable securities 0.013309 0.26799 -0.03733 -0.07641 -0.09368 -0.03754 0.110134 1 0.013309 0.404355 -0.06397 Book total Debt 1 -0.04439 -0.05752 0.280519 -0.17302 -0.03475 -0.18953 0.013309 1 0.257524 -0.14687 Fim size 0.257524 0.228438 -0.07473 -0.05595 -0.24722 0.002733 0.128627 0.404355 0.257524 1 -0.16438 Non-debt tax shield -0.14687 -0.03596 -0.03106 -0.08401 0.045613 0.051975 0.409857 -0.06397 -0.14687 -0.16438 1 Regression Result According to our analysis, we can say that the variables that are statistically significant are EBIT, Firm size, current ratio and book total debt. Statistical significance of the variable EBIT implies that a companys profitability is the most important determinant of its capital structure while statistical significance of the variable Firm size refers to the fact that bigger firms tends to have greater debt. Current ratio is observed to have negative statistically significant coefficients while cash and marketable securities possess statistically insignificant and negative coefficients. This result is in line with that of Guney et al. (2011) who claimed that liquidity represented by current ratio has negative impact on capital structure. Conclusion In this paper, we try to examine certain firm-specific financial variables which can significantly explain the capital structure of the companies under study. The analysis is based on a simple OLS regression model for testing the hypotheses explained earlier. Firstly, we aim to identify the prime determinants of capital structure. 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