Relationship Between Learning and Growth in Business

Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches. Relationship Between Learning and Growth in Business Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches.

Visiting Mountain City :: Descriptive Essay About A Place

Visiting Mountain City Mountain City, Tennessee, is my hometown. I have lived in this small town located in East Tennessee all my life. It has many attractions, shopping places, and great places to eat. Most people don’t realize what the town has to offer--everything from shopping in the downtown area to relaxing in one of the numerous parks. There are also several creeks and camping facilities for the outdoor man. This makes Mountain City a great place to go and forget about all your troubles. Mountain City was established in 1885; the town was first called Talyorsville. The town has grown tremendously since its establishment. Located about 45 miles from Johnson City, it’s a perfect place to visit for a day. The drive is only about an hour from E.T.S.U. Mountain City is also located about 30 miles from Boone, North Carolina, where skiing’s a major attraction. Since I have lived in Mountain City all my life, in my opinion, the fall season is the best time to go. The trees all around are full of color. This time of year is a perfect time to hike on one of the various trails, which will lead you deep into the Appalachian Mountains. Some of the trails lead to spectacular views of the town. The Deer Run Trail is a wonderful trail to hike in order to view the small town. The trail is about a mile long and very challenging. During the fall season, the weather seems warm during the day and cool throughout the night. I’d suggest taking some short sleeve shirts for the day and some long sleeved shirts for the chilly nights. If the outdoors does not interest you, then Mountain City offers several stores to shop at. Downtown Mountain City is packed full of little stores filled with all kinds of treasures. There’s a variety of stores and wide selection of items to choose from. Some stores located in the downtown area are the City Shoe Store, Cornet Furniture, Auto Zone, Downtown Antiques, Hidden Treasures Antiques, and for the young people, Corner Pocket Arcade. The downtown area is not the only place to shop. I learned from my visit that there is a Dollar Store, Family Dollar, Tumbleweed Western Wear, Family Book and Card, and a Stanley Knitting Mill Outlet store. Some of my favorite places to shop are the little booths set up along side of the road, that feature crafts and different selections of souvenirs.

How implementation of Minimum Wage affect the economy market

How implementation of Minimum Wage affect the economy market BY yuxtangol 25 Statutory minimum wage regulation was first introduced in New Zealand in 1894. Some attempt to control wages had been present since policymakers started believe that the market wages of labour was unfair to the workers. Minimum wage laws dictate a lowest hourly or monthly wage rate that employers may legally pay to workers. For instance, the Minionion government had set a new minimum wages rate of MS900 which intend to ensure that the basic needs of the workers and their families are met.Since that the growing debates over the imposition of minimum age policy have become a very popular topic with examiners in recent year, therefore we may examine the effects of the minimum wage by looking at the theory behind it. Diagraml shows a classical minimum wage set up in a competitive labour market. Like all other markets, competitive labour markets are modelled by the forces of supply and demand. In this case, worke rs determine the supply of labours and firms determine the demand of labour. The Minister of Human Resources, Mr Bananaa Yellow claimed that the new minimum wage (MS900) represented an average increase of 18. % compare to the previous minimum wage (MS757. 7), which affecting some 128,500 low-skilled workers in Minionland. But the diagram above illustrates that there will be a decrease in the quantity of from B to D, which resulting in a surplus of labour from D to C. This should make an intuitive sense that an increase of minimum wage raise the input costs of firm so that they are now less willing and able to hire more workers, while they are more people would like to have a Job because of the higher wage rate.The exceed supply of labour includes both a reduction in employment (A to C) along with the second component consisting of orkers who are drawn into the labour market by the prospect of earning higher minimum wage (D to B). In this case, raising minimum wages rate seems to be wrong as it only benefit some typical high-skilled workers but comes at the expense of those low-skilled workers (typically low-skilled youth) who are shut out of the labour markets.However, several studies and researches find that the magnitude of negative effect on employment varies across countries due to differences in labour market characteristics and the prevailing economic environment. For Minionion, while they maybe some risk on lower unemployment, this effect is expected to be ransitory and contained, given the strong economic and labour market fundamentals and proficiency. Improvement of the economic and labour markets conditions are expected to increase the quantity demanded of labour by shifting the demand curve from DO to Dl .Assuming this strategy is going to push the demand curve upward to the same 128,500 amount of the low-skilled workers, thus it will substantially shrink the effects of the new minimum wage rate on unemployment. In fact, there is a lot of arguments claimed that the traditional view of the minimum wage doesn't hold true in real life. There is the Krueger and Card study that oncluded that â€Å"We find no indication that the rise in the minimum wage reduced employment†. (Robert,2013) Most studies find that the minimum wage policy has only a slight ettect on employment but not result in the mass unemployment predicted in the traditional view.One of the possible assumptions to explain this phenomenon is that the labour demanded by firms and the demand for the product that workers produce is both highly inelastic due to the rapid economic and population growth. Diagram2 above indicates the elasticity of demand on employment and the elasticity of demand on product. In view of the sky-rocketed growth of economic and opulation, hence the firms need more workers to increase production and also productivity to satisfy the demand and maximise their profit, even though they are forced to increase wages.Since the demand of product i s highly inelastic, the firms can also pass on the increase in wage to consumers in the form of higher prices without lay off any workers. The magnitude of price increase would also be constrained by the adjustments that made by the larger firms which tend to be less affected by the imposition of new minimum wage rate. On the contrary, the Smurfland government does not favour setting a minimum wage. They believe that imposition of minimum wage policy will reduce employment in affected industries and affected groups of low-skilled workers.Hence, the Smurfland government believe that it is better to focus on the supply sides (workers), rather than emphasis on the wage setting institution. Their interventions focus on enhancing the skills of low- wage workers, thus increasing their productivity through training and development. Rapid development in science and technology boost the demand for high-skilled workers, it resulting in wages premium for more highly educated workers. Therefore , ther things unchanged, the wages rate is believed to be positively related with the education and productivity of the workers.Thus we can tell from diagram3 below, assume that the supply of labour is inelastic, while the technology advance increase the demand of skilled workers, the demand curve shifts from DO to Dl, putting a pressure on employment upward from QO to QI . And by enhancing skills, more workers meet the prerequisite for higher wages, which results in raising the equilibrium wages rate from WO to WI . Therefore in order to achieve the objectives of reduce poverty and improve living standard of workers, it is important to uarantee those low-skilled workers to undertake productivity-enhancing measures.Skill enhancement policy is believed that can improved supply-side performance and achieved sustained development of economic. It is important to note that enforcement of this policy won't accompany with negative effects like inflation and unemployment. It improves both q uantity and quality of supply and labour, make the labour market more competitive and flexible so that it is more able for labour force to match the demand. Provided training, especially for those who facing problem of structural unemployment, is expected to improve the occupational mobility of orkers.Additionally, a well-educated workface also plays an important role as a magnet to attract foreign investment flows into the economy. In order to raise the low-skilled worker's living standards, the most efficient way is to increase their incomes to levels that fulfil their basic needs. Undeniably, in the long run, the income levels reflect the ability to produce high quality goods and services. Make no mistake that improvement in income levels and living standards cannot be achieved without expansion in outpu t.Studies ot IJ e n te Nations Human Development Programme found that the ratio of the amount of children of fficial secondary school age enrolled in school, to the amount of chi ldren of official secondary school age in the population, is higher in developed nations than it is in developing ones. ( Radcliffe,2012) Hence, invest in education and training for workers is not only benefits in increase their earning potential, but also assist us to transform into high income, high productivity country. Overall, it concludes that both policies could achieve the same goals in different way.However, when we talk about efficiency, we may find that increase the equilibrium wage rate by raising the skill level of workers is actually challenging in practice. For instance, without intervention of government, we can't guarantee that the firms will take the right steps to increase productivity, instead of relying on the low-cost workers. Besides, skill enhancement policy require government to spend more budget on investing education, and it also takes longer realisation period to see the results.Due to the greater opportunity costs and less efficiency, it could be evaluat ed that skill enhancement policy may not be the first choice to reduce poverty. As contrasted, setting a minimum wage rate is envisaged to have obvious effect in educing poverty since it directly increases low-skilled workers wage rate. Firm may be encouraged to provide training to improve the productivity of workers since the relative cost between capital and labour narrows. These changes would facilitate the transformation of nations into high productivity and high income economy.We may conclude that set up a minimum wage will probably have slightly negative effect on unemployment. But with this small opportunity costs, it may boots our economy and improve the living standard of most workers. In other words, the benefits of minimum wage far outweigh the negatives. There should be a simple rule in life that if you are willing to work hard, you should be able to feed yourself. Minimum wage policy is envisaged to be a positive step towards encouraging a fairer wage structure.And othe r productivity-enhancing measures such as provision of training to up-skilled workers will further complement the minimum wage policy to hit its target. I believe that minimum wage policy is well-positioned to achieve its goal, with government support, as well as proper supervision and enforcement. Reterences Oganisian, A. 2013. Economics 101 : Taxes, Minimum Wages, and Why You Shouldn't Boycott Sweatshops – TheCollegeConservative. [online] Available at:http://www.investopedia.com/articles/economics/09/education-training-advantages.asphttp://www. s-cool. co. ukhttps://www.tutor2u.net/economics/reference/economic-growth-an-introductionhttp://www.bnm.gov.my/   

Immigration

Immigration Free Online Research Papers Discussion on immigration has been the focus point in many conversations for quite some time. Both citizens and government officials have noticed and have clarified that immigration has become a serious issue in our country. The main problem with immigration is that a large percentage of immigrants reside in America illegally. This has affected the United States in many negative ways and should spark a large amount of concern throughout the nation. The United States of America was founded and settled on by immigrants. These were people who sought refuge from rising taxes, famine, dictatorship or any other type of unfair, inhumane regimes that might have been in control of their native countries. America has been the land of opportunity and hope since it was founded. The flag and national anthem are both prime, yet only two, examples of what this nation represents and offers to those who seek freedom. The United States has always protected such people and provide them with equal opportunity to become citizens, so that they can pursue their dreams for happiness. These various types of sanctions are what separates the United States and its democracy from any other nation in the world. In the beginning, America was settled upon by English colonials who were loyalists to the mother land, England, and were embarking on a journey that had never been attempted before. They faced inconsiderable odds and were thousands of miles away from what they knew to be a civilized nation. They had little, if any, understanding of the environment that they now call home. Throughout time, more and more settlers arrived and they came from various places throughout Europe in search of the same destiny as their English counterparts. It is estimated that around twelve million people sought refuge in the United States of America between the years of 1870 and 1900. Many of these immigrants came from the European countries, such as; Germany, Ireland, Italy, and even England. Many of these immigrants were asked to serve in the Civil War and in return they would gain freedom as an American citizen. As it is known, the trend of immigration has never ceased to a halt throughout the history of America. So on that note, why is it now that America is having such difficulties with immigration? Americans, more than once, have tried to put a stop or at least tried to reduce the number of immigrants allowed into the nation. By trying to achieve this, America closed immigration ports on both sides of the nation, the government implemented and enforced strict deportation laws, and there were always the uproar and pressures of the American citizens-then immigrants, now natives. The same situations preside in this nation today. The only difference is the race of people who are trying to seek refuge in the United States. It is estimated that 12.7 million Mexican immigrants now live in the United States and account for nearly 32% of the American populous. Social studies also show that of that 32% Hispanic population about 55% are unauthorized to be living in the United States. This main detail is what sparks the furry in American citizens when the topic of immigration is surfaced during any discussion. Many jobs are being given to these illegal aliens, because they work for lower wages. Not only lower wages, but they don’t get health insurance, retirement plans, taxes and many other incentives that American citizens require an employer to provide. This saves the employers a huge sum of money and is extremely appealing to most capitalistic Americans, so the dignity of many employment positions is lost through this mess. Right now more than ever the United States is in dire need of a change. The economy is suffering greatly and unemployment rates are soaring through the roof, almost as high as the American Great Depression during the years of 1929 through the early 1940s. The idea that illegal immigration has contributed to this effect is extremely real and should be taken seriously. Immigration should have extremely strict policies that prevent people from staying within the borders of the United States and having the ability to work. The problem and the focus should not only about finances and job security, but should equally be about homeland security. In a high-tech, fast pace world that we live in, the ability for a foreign attack on U.S. soil is not far fetched. This was proven in the month of September 2001. Men from a foreign country were living in America on expired visas. They same men were also interested in pilot school and waging war on American citizens. Not all foreigners are looking to harm the public, but the threat is imminent and real. America must protect and preserve the lives of its nation. Immigration should be allowed, but granted only to a select few annually and should be monitored with extreme caution with extreme repercussions for any violation. Research Papers on ImmigrationThe Effects of Illegal ImmigrationNever Been Kicked Out of a Place This Nice19 Century Society: A Deeply Divided EraAssess the importance of Nationalism 1815-1850 EuropeBook Review on The Autobiography of Malcolm XPETSTEL analysis of IndiaQuebec and CanadaDefinition of Export QuotasPersonal Experience with Teen PregnancyTwilight of the UAW

Term Paper 15 Pages

Term Paper 15 Pages Term Paper 15 Pages Term Paper 15 Pages is a legal site offering help with term paper writing.   Firstly, our free term paper writing blog consists of numerous term paper samples.   Secondly, our professional writers are always online to write a custom term paper for you from scratch.   Below is an excellent sample of term paper on abortion. Term Paper Sample Abortion is still prohibited except for medical emergencies in nearly two-thirds of the world, including the Western hemisphere, most of southern and western Europe, Africa and most of Asia. The exceptions are Britain and Scandinavia, which comprise 2 percent of the world's population, and Japan, China and most countries of eastern Europe, accounting for the remaining third of the world's population. Denmark and Sweden liberalized their laws in the 1930's and Britain enacted a liberal law in 1967 which has made it one of the freest countries anywhere in the world for abortions. Britain allows an abortion on the certification of two physicians stating that pregnancy will cause risk to life or the physical or mental health of the pregnant woman, even if the risk is slight. It is also permitted if the birth would imperil the physical or mental health of the woman's existing children, or if there is a risk that the child will be born defective. This law has become, in effect, abortion on demand. The United States is one of the countries in which abortion, as of 1971, is still restricted. In 32 states it is prohibited except in order to save the life of the mother. In Mississippi it is allowed also in cases of rape. The remaining 17 states and the District of Columbia are more permissive. (Every year more states join those who have passed liberalized laws.) As of early 1971, there were 17 states which had passed some form of abortion law based on the model code suggested by the American Law Institute. This code recommended in 1962 that abortion be permitted under the following circumstances: if the mother's physical or mental health will be impaired; if the child will be born with serious mental or physical defects; or if the pregnancy is the result of rape or incest. States that have adopted this legislation are: Arkansas, California, Colorado (the first to do so in 1967), Delaware, Georgia, Illinois, Kansas, Maryland, New Mexico, North Carolina, Oregon, South Carolina, Vir ginia, Washington, Alaska, Hawaii and New York. The last three states have gone beyond the suggested code allowing abortion for all reasons. The New York abortion-on-demand law passed in April 1970 is the most liberal with virtually no restrictions other than that the abortion must be performed by a licensed physician within the first 24 weeks of pregnancy. In Hawaii and Alaska there are residency requirements and the abortion must be performed in a hospital. Term Paper Help Online If you want to get a custom term paper written from scratch, you should order custom term paper writing service at our site.   Our term paper writers are responsible while our term paper writing services are affordable for all students!

Echo-planar Imaging in Magnetic Resonance Imaging Essay

Echo-planar Imaging in Magnetic Resonance Imaging - Essay Example However, EPI can be very intolerant and the system needs careful selection of parameters. Echo-planar imaging is the fastest and most supple means of MR imaging nowadays. It offers substantial autonomy in the assortment of the parameters needed for contrast and resolution. However, according to the process, the system of formation of the images works close to its confines of performance depending on amplitude of the gradients and the number of times it rises, the stability in the structure and general stature of the noise formed and, thus, proves to be a difficult method. Even so, the advantages of EPI in â€Å"functional neuroimaging† have increased its demand and provide technological development (Cohen, 2000, p.15). The present study focuses on the concept of EPI in MRI and discusses the method, its working, the issues of image ghosting, its disadvantages, its sensitivity, as well as clinical benefits. BLIP EPI Method Echo-planar imaging (EPI) is skilled to considerably cut down the times of magnetic resonance (MR) imaging. It allows getting hold of representations within a timeframe of only 20–100 msec. This particular resolution of time enables successful elimination of motion-related relics. Consequently, it becomes possible to achieve imaging of rapidly changing physiologic processes.  In order to understand the basic principles and working of the method, the understanding of k space theory is necessary. K space is a realistic medium of data where the MR imaging is in a digitized form and represents the picture before â€Å"Fourier transform analysis†. All points in k space contain data from all locations within an MR image. The Fourier transform of k space is the image† (Poustchi-Amin et al, 2001, pp.767-779). While studying the working of echo-planar imaging, it is helpful to put the usual spin-echo (SE) imaging side by side. In pulse progression of a SE, a single line of the data of representation, which is actually a sing le line in k space or a single stride of encoding a phase, is composed in every time of repetition (TR) period. Then the series of the pulse is continued for numerous times of TR in anticipation of all the steps of encoding the phase, collection and filling the k space. As a result, the time of imaging becomes equal to the creation of the TR, as well as the number of phase-encoding steps (Poustchi-Amin et al, 2001, pp.767-779). As compared to Fast Spin Echo (FSE), the gradient refocused echo in EPI adds a single line in the area of k-space. The direction in which line is read is altered by the positive and negative read gradients. A shift in k-space occurs through the presence of the phase blip that occurs between the echoes. This is the method known as blip EPI. The spins are excited once in the process of EPI and the pulses between the echoes do not involve any 180 degrees RF. If there is a spin echo EPI sequence, a large positive phase may be used that encodes the gradient if it does not reach the 180 ° degree pulse. Gradients are used by EPI, having both a negative and positive polarity, such that both odd and even echoes may be produced. The contrast in EPI can be restricted by varying the preliminary preparation of the echo from a spin echo to a gradient echo, or by the use of inversion recovery (Module 1, pp.7-16). In the process of echo-planar imaging, several lines of information related to the picture are achieved following a

Analysis and results Dissertation Example | Topics and Well Written Essays - 2000 words

Analysis and results - Dissertation Example One of the most important questions asked in this survey was the method used by the RNs to screen for PPD. None of the nurses reported using any screening tools for the evaluation of PPD. The commonly used methods for the evaluation of PPD were found to be: asking general questions or identifying risk factors during the postpartum office visit; telephonic questioning when patients called to inquire about any queries, concerns or symptoms that they have; as a part of the documentation for the admissions database during the admission for delivery and during chart review or as a part of the routine history during the obstetric visits. Amongst these, the most common method was chart review or while obtaining obstetric history, during which the two main questions asked were whether the patient has had any prior episodes of PPD in previous pregnancy or a history of pre-existing depression and whether she was taking any medications. This practice is in stark contrast to the recommendations for the screening of PPD in the existing literature. ... â€Å" to develop a rapport with the patients and enable them to share their experiences. This practice is in concordance with the existing literature as some studies advocate the use of simple, open ended questions such as â€Å"Are you sad and depressed?† and â€Å"Have you had a loss of pleasurable activities?† as an initial screen for PPD. The use of such questions helps the women in opening up and sharing their experiences and concerns (Goldbort, 2006). There are also several shortcomings of the above mentioned methods for the screening of PPD. First, for women who are having their first baby, the question whether they experienced PPD in any prior pregnancies becomes void. Similarly, most patients who are experiencing PPD for the first time might not be on any medications and thus the question whether they are using any medications currently, is not of any use in such patients. It is thus important to use effective screening strategies which are designed to encomp ass all patients, including those who are pregnant for the first time, so that none of the patients is missed. The most common setting for PPD identified in this survey was during obstetric visits or on admission for delivery. This was followed by screening for PPD during the postpartum visit. There have been various studies conducted in order to determine the most effective screening method and setting for the screening for postpartum depression. The most appropriate and convenient settings for the screening as recommended by the current literature is during the mother’s post-partum visit or during the well child visit of the baby (Gjerdingen & Yawn, 2007; Callister, Beckstrand, & Corbet, 2010). Moreover, recently, other novel innovative strategies for screening