African American Identity Essay

It was a hot August day as sweat beat down on Thomas Jefferson Brown. He had been working in the field 2 hours before the hot sun had made its presence known. He looked back over the drying field, hoping that this crop would provide for his family better than last years crop had. Thomas watched his oldest son, Nathan, who worked down one row of the field while staring intently at the cotton plants as he picked the cotton. Nathan was a very inquisitive young man who had just yesterday asked his father what it was like being a slave for Mr. Walter Johnson. When his father had told him that in a lot of ways life was so much easier than now, Nathan had given him a look that allowed Thomas to know that his son could not understand. How could he understand? Nathan had not grown up a slave and seen that while it was extremely difficult, there was a feeling of stability to life then. Yes, Thomas Jefferson Brown had endured the beatings and yes he had watched as his Mother and eventually his sisters had been sexually assaulted, but how do you tell a young man such as Nathan that such was the way of life; it was to be expected, along with the comfort of knowing where your next meal was going to come from. Since Tomas had been freed after the great war, He s and his family had endured much more than that; having watched the lynching of two of his brothers and numerous friends. They were the lucky ones though, Thomas thought, while looking up at the fiery ball of heat known as the sun. They did not have to endure other hardships; their suffering was over. Yes it was hard for Nathan to know that life was indeed easier as a slave than a freed man, and maybe, just maybe, things would change during Nathan’s lifetime. Thomas Jefferson Brown wiped his brow once more and continued on picking the cotton? Even though the civil war ended in 1865, African Americans still faced an uphill battle to obtain rights that were afforded other Americans. This was in spite of the fact that 24 African American soldiers earned our Nations highest honor; the Congressional Medal of Honor, during the Civil War. Even with the passing of the 13th Amendment in 1865 banning slavery and the 14th Amendment giving African Americans citizenship and equal protection under the law, there were still so many other issues that would deprive African Americans of their lawful rights, such as having the first African American elected into the 41st Congress in 1869 continuing through 1901 with the 57th congress, which had no African Americans. This trend would continue until the election of 1929 before another African American was elected to congress. In 1873 the Supreme Court decision ruled that the 14th-Amendment guarantee of equal protection of the laws extended only to federal civil rights, thus removing southern states from the duty to protect the civil rights of African Americans, but it was just not their rights that were taken; but their lives as well. Between 1882 and the end of 1900, 1751 African Americans and 1105 white Americans were lynched for trying to further the African American cause (National). Given all of this discrimination and violence, it is hard to imagine that anyone would be willing to further the African American cause, but many stood ready to not only give of themselves, but perhaps even to give their life for this noble cause. African American writers were presented with these problems of equality and self esteem, and yet have truly transformed and continue to support a freed people, to obtain all of their rights. What follows is from three writers who each in his own way contributed mightily to the African American cause. They are W. E. B. Du Bois, Marcus Garvey, and Glen Loury. First, we have W. E. B. (William Edward Burghardt) Dubois, who was born on February 23, 1868 in Great Barrington, Massachusetts. Dubois was one of the most influential black leaders of the first half of the 20th Century. Dubois shared in the founding of the National Association for the Advancement of Colored People, or NAACP, in 1909. He served as its director of research and editor of its magazine Crisis until 1934. He was the first African American to graduate from Harvard University, which he accomplished in 1896. At first, Dubois thought that African Americans could be freed through the Social Sciences, but quickly became disillusioned with this idea and began to believe that freedoms could only come about by agitation and protest(Chew). Dubois recognized that the African American’s of his day faced many problems, not the least of which were of the life threatening variety. After his disillusionment with helping African Americans through the social sciences, Dubois thought that African Americans needed to develop their own culture, which was definitely more American than African. Dubois enjoyed the unique African American culture, particularly that of the Negro spiritual songs. Dubois thought that African Americans should not give in to what white Americans expectations were of African Americans, but to continue to develop as a people. Dubois wrote that all people regardless of their culture, heritage, sex, should be treated as equals. Dubois also thought that African Americans should not worry about competing with the world as a group, but that they should join together to help each other. He eventually was forced to leave the United States because the government considered Dubois an agent of the Soviet Union. That is why he immigrated to Ghana, first obtaining Ghana citizenship, joined the communist party and eventually died there in 1963. Dubois was there for all future African Americans to follow his example. Dubois founding of the NAACP led to many victories for the rights of all Americans, most of which he never saw. Next we have Marcus Mosiah Garvey, who was born in Jamaica on 17 August 1887. Mr. Garvey is best remembered as a pivotal figure in the struggle for racial equality, not just in the United States but throughout the world as well. He founded the UNIA (Universal Negro Improvement Association) and African Communities League in 1914 while still in Jamaica, and also championed the ‘back to Africa’ movement of the 1920s. Of the Africans who departed, Garvey thought, some had left independently while others were brutally removed for economic gain and exploitation. Garvey perceived that the main problems facing not only African Americans, but Africans as well was that they must first go back to Africa and free their African brothers before moving on to other parts of the world. Through the organizations that Garvey had formed (UNIA and ACL), he reasoned that until Africa is free and redeemed, not only in name but in reality, no one would be free, Black or White. Garvey reasoned that no matter what one’s race was we are all bound together by the Creator, which is Spirit. The Creator has a purpose for everyone and that purpose did not include being made a slave or subject to anyone for that matter. While Dubois and Garvey did not see eye to eye on the issues involving African Americans, Garvey did align himself closely with Dr Robert Love, and Dr Loves teachings that a race could progress no further than the dignity and esteem of their women and younger girls. Garvey and Love thought that the best way to plant the seeds of dignity and self-esteem would be through the woman and younger girl. Last, we have Glen Loury, who was born in 1948. Mr. Loury is a professor of economics at Boston University while also being a consultant to the Federal Trade Commission. Mr. Loury has devoted a major portion of his career to the study of race and public policy. He is the author of ‘On the Need for Moral Leadership in the Black Community’, ‘Responsibility and Race’, ‘Impact of Affirmative Action on Equal Opportunity: A New Look’, and most recently ‘A New American Dilemma’. Mr. Loury saw many problems facing not only African American, but also all Americans, including the civil rights policies of 1960-1985, which seemed to have been based on equality of outcome rather than on equality of opportunity. Mr. Loury also thought that affirmative action policies created backlash. Loury maintained that all Americans should have equal rights with none being given favorable treatment over any other. Loury reasoned that it is hard to justify denying admission to an elite college to anyone who struggled to be able to pass the admissions exam; while admitting a member of a designated minority group, who did not work near as hard to earn his score and is only admitted based on his minority status. Such actions build resentment towards these policies and are only heightened when defenders of the policies claim that to question these policies is to engage in a racist act. Mr. Loury contends that giving preferential treatment with no sound explanation only led to more heightened tensions and is a very grievous error on the part of those who merely wish to be advocates of affirmative action. Loury did see, that there was a proper use of affirmative action, such as on police forces around the country that had a significant percentage of African American citizens and yet none on the police force. These Authors present their own conclusions and reasoning’s for what happened to the African Americans previous to, and of their own time. These writers used the influences of other African Americans and were also pioneers themselves. All of these writers believed in equality for everyone and thus did share at least one common goal. In Mr. Dubois we have a writer and scholar who originally thought that through a study of Social Sciences and doing what was right could African Americans receive their rights, and yet Dubois was able to refocus and remain firm in his opinions of helping each other and thus able to help not only the African American’s of his generation, but the ones to follow as well. Mr. Dubois saw all of the problems besetting African Americans and knew that they must unite, working together, to build a culture of their own, that would allow all African Americans to have a better life. Mr. Garvey on the other hand, perceived that until the rights and freedoms were restored in the entire African continent, Africans elsewhere would always be treated as second-class citizens. Garvey along with Dr Robert Love, thought that it was through the African women, especially the younger women, that Africans had a chance to make a difference in providing a better future. Mr. Loury saw problems that came about because of the Civil Rights movement, and that African Americans should not merely rely on being a minority to get ahead in life, but instead grab the opportunity that was before them so as not to create a political backlash. Each of these writers have stood their ground for what they believe in, and our world we live in today is better for it. Each of these writers, in their own time, helped frame not just African Americans lives but has truly transformed and continues to support a freed people, obtain all, of their rights. Works Cited Chew, Robin â€Å"W. E. B. Dubois Sociologist, Author & Civil Rights Leader 1868 ? 1963†³ February 26, 2005. 6 Feb 2006 Dr Coony, Mark â€Å"Race and Affirmative Action† 6 Feb 2006 Du Bois, W. E. B. â€Å"Of our Spiritual Strivings. † Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 131-145 Garvey, Marcus â€Å"Motive of the NAACP Exposed† Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 153-154 Loury, Glenn. â€Å"Free at Last? A Personal Perspective on Race ad Identity in America. † Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 173-180 â€Å"Marcus Garvey Biography† November 2000, K. W. Spence-Lewis Consultant Researcher Community Health and Planning Plant Science. â€Å"The Making of African American Identity VOL II 1863-1917† National Humanities Center 6 Feb 06 Bibliography Chew, Robin â€Å"W. E. B. Dubois Sociologist, Author & Civil Rights Leader 1868 ? 1963† February 26, 2005. 6 Feb 2006 Dr Coony, Mark â€Å"Race and Affirmative Action† 6 Feb 2006 Du Bois, W. E. B. â€Å"Of our Spiritual Strivings. † Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 131-145 Garvey, Marcus â€Å"Motive of the NAACP Exposed† Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 153-154 Loury, Glenn. â€Å"Free at Last? A Personal Perspective on Race ad Identity in America. † Cultural Conversations The Presence of the Past. Ed Stephen Dilks, et al. Boston: Bedford/St Martin, 2001. 173-180 â€Å"Marcus Garvey Biography† November 2000, K. W. Spence-Lewis Consultant Researcher Community Health and Planning Plant Science. â€Å"The Making of African American Identity VOL II 1863-1917† National Humanities Center 6 Feb 06.

Assessing Deposits And Profitability Relationship Of Islamic Banking - Free Essay Example

Sample details Pages: 15 Words: 4600 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The purpose of this research study is to analyze the impact of Islamic Banking Deposits (Investment, Savings and Current accounts) on the profitability measure ROE of the Islamic banking industry in Paksitan. For this purpose, time series data of eleven quarters covering the period 2007 to 2009 is taken for the required variables from State Bank of Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s quarterly editions of the à ¢Ã¢â€š ¬Ã‹Å"Islamic banking bulletinà ¢Ã¢â€š ¬Ã¢â€ž ¢. The results showed that all the deposit variables had a significant positive relation with the profitability of Islamic banks. The aim is to contribute to the literature on deposit-profitability relationship of Islamic banks. Islamic banking is a banking activity based on Islamic principles, which do not allow the paying and receiving of interest (ribaà ¢Ã¢â€š ¬Ã¢â€ž ¢) and promotes profit sharing in the conduct of banking business. (Ghazali, 2008). According to the latest quarterly edition of State Bank of Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“Islamic Banking Bulletinà ¢Ã¢â€š ¬?, the total Shariah-compliant assets worldwide have grown to about US$ 700 billion à ¢Ã¢â€š ¬Ã¢â‚¬Å" with annual growth exceeding 10.0 percent during the past decade and are projected to grow to US$ 1.6 trillion by 2012. State Bank of Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategic plan for Islamic banking industry launched in 2008, aims to increase the size of the Islamic banking industry to 12.0 percent (of total banking assets) by 2012. Don’t waste time! Our writers will create an original "Assessing Deposits And Profitability Relationship Of Islamic Banking" essay for you Create order Islamic financial institutions do not only play a vital role in resource mobilization, resource allocation and employment but are also actively involved in the course of implementing government monetary policy. Apart from offering nearly all traditional banking facilities, Islamic banks also assist domestic and international trades. Seeing the potential of the Islamic market, western conventional-based financial institutions such as Citibank, JP Morgan, Deutsche Bank, ABN Amro and American Express have introduced interest-free products to customers. Similarly, multinational corporations such as General Motors, IBM and Dewoo Corporation have already begun to use interest-free services.(Haron and Azmi, 2003). Studies that assess the influence of various factors that determine Islamic banks profitability are still at initial stage. Few attempts have up till now been made to empirically analyze the Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance. In the Islamic banking literature, the work of Haron (1996a) was the first attempt to examine factors that contributed towards Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ profitability. Most of the research used multiple regression analysis technique in measuring the relationship among the determining factors and profitability ratios. Extending the previous work in Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance, this paper examines the strength of relationship between deposit variables and profitability of Islamic banks using univariate regression methodology. By studying the association between Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã… ¸ performance and the deposit variables, this paper contributes to the on-going discussion on the deposits and profitability relationship of Islamic banks. The paper is divided into seven sections. The literature review on determinants of Islamic bank performance is highlighted in Section 2. Section 3 examines the methodology used in analyzing the relationship between the deposits variables used in this study and the performance of Islamic banks. Section 4 presents the discussion and implication. The references are listed in section 5. The tables are listed in section 6 and figures in section 7. Literature Review The whole foundation of Islamic Finance is that the two sides of the equation (i.e. the fund-providers and the fund-users) work in agreement as partners, without depositors being assured of any return from those who use their money. In practice, Islamic banks draw approximately three-quarters of the capital from their depositors, and do not guarantee any precise level of return to these fund-providers. (Shubber and Alzafri,2008). Ghafoor (1995) states that all Islamic banks have three kinds of deposit accounts: current, savings and investment. Current or demand deposit accounts are almost the same as in all conventional banks. Deposit is assured. Savings deposit accounts function in different ways. In some banks, the depositors permit the banks to make use of their money but they attain a guarantee of being paid the complete amount back from the bank. Banks adopt a number of methods of inducing their customers to deposit with them, but profit is not promised. In others, savings accounts are treated as investment accounts but with less strict conditions as to withdrawals and minimum balance. Capital is not assured but the banks take care to invest capital from such accounts in fairly risk-free short-term projects. Therefore, lower profit rates are expected and that too only on a section of the average minimum balance on the ground that a high level of reserve funds need to be kept at all times to meet up withd rawal demands. Contrastingly, Investment deposits are accepted for a predetermined or indefinite period of time and the investors consent in advance to share the profit (or loss) in an agreed proportion with the bank. Capital is not assured. (Ghafoor, 1995). Some IFIs (Islamic Financial Institutions) classify deposits in terms of wadiah or amanah. Current accounts of IFIs are regarded as qard hasan or qard (alternatively, as wadiah/amanah). (Farooq, 2008). Qard al-Hasana is defined as deposits whose full repayment on demand is guaranteed by bank. (Ahmad, 1994). The deposits in the current account are regarded as if they are loans from the customers to the bank and therefore, bear no yield to the account holders.à ¢Ã¢â€š ¬? (Al-Jarhi and Iqbal. 2001). Deposit accounts are neither a liability nor equity capital. They are a à ¢Ã¢â€š ¬Ã…“hybridà ¢Ã¢â€š ¬? source of capital, and must be acknowledged as such. Depositors are partners with the bank, but enjoy no ownership rights. (Shubber and Alzafri,2008). Sudin Haron (1996) mentions that the law allows the banks to accept two types of deposits, i.e., qard al-hasanah deposits and term investment deposits. The qard al-hasanah deposits includes current as well as savings accounts which vary in their operational rules. (Ahmad, 1994). If it is allowed that the borrower can pay extra money voluntarily, then treating deposits as qard-hasan allows the banks as the borrowers to pay extra money to the depositors (lenders). Unlike savings account services at conventional banks, where depositors are automatically rewarded upon appointment of their funds, returns to savings account holders are reliant on the Shariah (Islamic laws) principles which are practiced by Islamic banks when offering this service. When wadiah (trusteeship) or qard hassan (benevolent loan) are used, the returns are entirely at the discretion of the banks. (Sudin Haron, 1996). Nienhaus, (2004) argues that if the customers of Islamic banks desire a return on their funds, they should pay into investment accounts (also called à ¢Ã¢â€š ¬Ã‹Å"participation accountsà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"PLSà ¢Ã¢â€š ¬Ã¢â€ž ¢, profit and loss sharing accounts). Whereas, credit balances on these accounts are not considered deposits in the conventional sense. The returns on Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ investment accounts are not fixed in advance; the customers participate by a certain proportion in the financial outcome of the utilization of their investment funds by the bank. These results could also result in a loss. In case of loss, the clients will have to bear a portion of the loss which would reduce the nominal value of the credit balances of their respective investment accounts. In such a situation, the clients cannot claim a full reimbursement of the money paid in. The full reimbursement, however, is constituent for a deposit in the strict sense. (Nienhau s, 2004). Rosly and Zaini, (2008) say that the public in general put their money in banks for either fulfilling transactional needs or for investment needs. To suffice the transactional objective, Islamic banks offer services such as wadiah yad dhamanah deposit, which facilitates safekeeping of their deposit money with guarantee services. In this product, depositors no longer deposit funds to receive a fixed income. Instead, they place their deposits for protection.`Wadiah yad dhamanahà ¢Ã¢â€š ¬Ã¢â€ž ¢ means safekeeping with guarantee. Wadiah yad dhamanah depositors permit the Islamic bank to invest their money in return for deposit safety that they got for free. Since the caretaker service is given without a fee, the Islamic bank holds no legal compulsion to pay depositors a predetermined return and may do so only on voluntary basis. In this way, the bank holds choice on profit distribution policy in the form of gift (hibah). The same is not correct for Islamic fixed deposits, frequently kno wn as mudarabah investment deposits. In this partnership composition, no guarantee is given to capital protection and fixed income, as it runs under equity principle. It is a precarious product as the underlying contract is based on profità ¢Ã¢â€š ¬Ã¢â‚¬Å"loss sharing system. Profits are shared only in case of performing investments, while capital may depreciate or even shrink if the investment ends in losses. (Rosly and Zaini, 2008). Haron and Azmi, (2004) discuss that similar to conventional banks, Islamic banks also rely on depositorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ money as a key source of fund. Bank Muamalat Malaysia Berhad for example, had total deposits amounting to 94 percent of total liabilities and shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ equity at the end of December 2003. While in the case of Jordan Islamic Bank, Islamic Bank of Bangladesh, Bank Muamalat of Indonesia, and Bank Shariah Mandiri of Indonesia, the corresponding amounts were 94%, 86%, 76%, and 79%, respectively. These figures reveal the vast high total of the depositorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ money as a supply of finance for Islamic banks. Hence, it becomes indispensable for the management of Islamic banks to identify the factors that are most likely to convince customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision making in depositing their capital with Islamic banks. (Haron and Azmi, 2004). With the exception of a study done by Metawa and Almossawi (1998) where religion was seen as a reason influencing customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ choice to support Islamic banks in Bahrain, other studies have proven counter wise. The evidence from studies done in Sudan and Turkey, for example, revealed that religion was not the main motive for customers choosing Islamic banks (Erol and El-Bdour, 1989). Likewise, studies conducted in Malaysia and Singapore revealed both religion and profit as the explanation for people maintaining their association with Islamic banks (Haron et al., 1994; Gerrad and Cunningham, 1997). Since depositors are attracted by profits, it is vital for Islamic banks management to be aware of the fact that return rates on deposits persuade their customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to deposit. (Haron and Azmi, 2004). Relating to commercial banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ deposit composition, Hester and Zoellner (1966) and Heggested (1977) found that time and savings deposits had a significant inverse correlation with profitability. Smirlockà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1985) findings demonstrated a significant positive relationship amid demand deposits and profits. In contrast, Fraser and Rose (1971) found that loan rate; time deposit rate and loan-to-deposit ratio had no outcome on profitability. Haron (1996a) found evidence to suggest that current, savings and investment accounts of Islamic banks are positively related to profitability. Fraser et al (1974) considered operating costs, deposit and loan structures as factors within the control of management and found that the factor which had the biggest control on bank performance was bank cost followed by bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s deposit and loan composition. Heggested (1977) proved that banks heavily devoted to time and savings deposits earned considerably lower returns than banks which have higher reliance on demand deposits. Smirlock (1985) confirmed that demand deposits were a cheaper source of funds and had a positive impact on bank profits. In the literature, the majority of studies found that savings and time deposits have a negative relationship with profitability, while a positive relationship has been found for current account deposits. Haron (2004) found that nearly all deposit structure variables had no significant relationship with the profitability ratios. Deposits in current account, was the only variable which had a significant relationship with Bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s portion of income as a percentage of total assets and Net profit before tax as a percentage of total assets. Each 1% increase in the current account holdings increased the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s income by 0.034% and profit before tax by 0.036%. This end result was in line with the findings reported by Smirlock (1985). Since a current account service is considered a cost-free facility, it is anticipated that the more funds deposited into this account, the more Islamic banks would stand to profit. Interestingly, no significant relationship was fo und between current account deposits and Total income as a percentage of total assets, which implied that an increase in current accounts does not generate more proceeds to the bank as a whole but only functions as a cost saving measure. That is, no returns are paid to these depositors. In the case of savings and investment accounts, even though their relationships with all profitability ratios were at an insignificant level, the signs of their regression coefficients warranted further clarification. No contradiction with the findings of conventional banking literature with regard to savings accounts was apparent. A negative relationship was found between Savings account deposits and the profitability measures. This result suggests that any increase in savings accounts will reduce profits and it corresponds to the findings in the current banking literature (see for example Hester and Zoellner, 1966; and Heggested, 1977). The results on Investment account deposits in Haronà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2004) study are not similar to those findings reported in earlier researches. Hester and Zoellner (1966) and Heggested (1977), for example, found that fixed deposit facilities had an inverse relationship with profitability. Since some of the characteristics of investment deposits at Islamic banks are similar to the fixed deposit facilities of conventional banks, it is expected that more funds deposited into these accounts would result in less profit to the bank. In contrast, Smirlock (1985) believed that an increasing amount in fixed deposits would have a positive relationship with a bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Haronà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2004) study found that Investment account deposits had a positive relationship with all profitability measures and thus, confirmed Smirlockà ¢Ã¢â€š ¬Ã¢â€ž ¢s hypothesis. Haron and Azmi (2004) attempted to investigate the strength of influence between both internal and external variables and profitability of Islamic banks in selected countries using timeseries techniques of cointegration and error-correction mechanism. They found a significant long-run relationship between profitability measures of Islamic banks and determining variables such as liquidity, deposit items, assets structure, inflation and money supply. They also found that à ¢Ã¢â€š ¬Ã‹Å"Investment account depositsà ¢Ã¢â€š ¬Ã¢â€ž ¢ was the only variable which had a significant relationship with all three profitability ratios. For Current account deposits, a positive relationship was found with à ¢Ã¢â€š ¬Ã‹Å"Bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s portion of income as a percentage of total assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢. The result indicated that a 1% increase in current account holdings increased the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s portion of income by 0.064%. Given that current account facility is a cost-free serv ice, the more funds deposited into this account, the higher profits will be made available to Islamic banks. Interestingly, current account deposits had no significant relationship with à ¢Ã¢â€š ¬Ã‹Å"Total income as a percentage of total assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ implying that an increase in current accounts does not generate more income to the bank, but only functions as a cost saving measure. On other words, Islamic banks do not pay any rewards to their depositors. These results were in line with the findings of Haron (1996a, 2004). Savings deposits variable was found to have a significant positive relationship with à ¢Ã¢â€š ¬Ã‹Å"Total income as a percentage of total assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢. For every 1% rise in savings account, total income increased by 0.26%. This was in line with normal banking practices whereby Islamic bank could use the funds deposited in this account for productive purposes and thus, generating additional revenue for the bank. Increases in deposits size has a positive impact on Earnings per share (EPS), as a portion of depositorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ profits is minused as a fee for the benefit of the bank and its shareholders. (Shubber and Alzafri, 2008). Returns on Islamic deposits are though flexible in nature since returns are based on performance rather than contracted upfront as evident in all interest bearing deposits. Although the mudarabah rates (investment deposit rates) are quoted using the rates given in the previous months, they are not fixed beforehand and serve as an indicative rate of return on Mudarabah deposits (ROMD). The Mudarabah (investment deposits) contract works along profità ¢Ã¢â€š ¬Ã¢â‚¬Å"loss sharing principles while fixed deposits of conventional banks are based on the contract of debt. As an equity product, a Mudarabah deposit offers no principal protection and legal claims against any form of returns. To make up for the risk exposure of the product, Mudarabah depositors are expe cted to be given higher returns relative to that of commercial banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ fixed depositors who avoided risk. (Rosly and Zaini, 2008). Haron and Shanmugam (1995) in their study try to link the profit rates to Islamic bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s deposits. Using Pearsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s Correlation and First Order Autoregressive model, they found strong negative relationship between the two variables. Likewise, their finding showed a positive linear relationship between conventional and Islamic bank deposits. Haron and Ahmed (2000) argue that people who placed their deposits at saving and investment account facilities were guided by the profit motive. The utility maximization theory amongst the Muslim customers was further confirmed by the negative relationship between the rate of interest in conventional banks and the sum deposited in interest-free deposit facilities. Muslims should be guided by Islamic doctrines when making their economic decisions. Therefore, role of educating people regarding Islamic banking system should be played globally. It is indeed a challenging task. (Haron and Ahmed, 2000). Shubber and Alzafri, (2008) say that EPS (Earnings per share) improves as the level of deposits increases, as depositors were viewed as sharers in the profit and loss, rather than being entitled to a fixed interest rate. This supports that increasing deposits have a positive impact on EPS (Earnings per share). Increasing deposits, therefore, do not direct any increment in the cost of equity. In fact, equity holders benefited from larger deposits, as owners of the latter pay out management fees, which is deducted from the depositorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ share of the profits. Also, the market value of Islamic banks is independent of WACC. (Shubber and Alzafri,2008). Haron and Azmi (2004a) demonstrated that with the exception of fixed and investment deposits, any increase in rates of interest, deposits at conventional system will increase and deposits at Islamic system will decrease, and vice-versa. As for the fixed and investment deposits, ambiguous results were found. One possible explanation for this is that rates of profit for deposits at Islamic system are known at the end of the deposit period and not at the beginning as opposed to the conventional system. Any upward changes in interest rate of conventional system will have an adverse impact to the deposit levels in the Islamic system. Therefore, rates of profit of Islamic system must at any time be similar to those of the conventional system. Finally, religious dimension can be considered as an important element to attract more people to deposit their funds in the Islamic system. This could also be the reason why more and more conventional banks are starting to offer Islamic banking facili ties to their customers not only in Malaysia but also to other parts of the world. (Haron and Azmi, 2004a). Hasan and Bashir (2003) argue that the rising contest and continuous innovation to provide financial services, all contribute to a increasing interest in a detailed evaluation of Islamic banks. Depositors are interested in evaluating the performance of their banks since they are not given fixed returns and the nominal values of their deposits are not assured. In trying to make best use of the value of shareholders investment, Islamic banks are exposed to risks. Hence, analyzing the Islamic banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance is important from economic and public policy perspectives. (Hasan and Bashir, 2003). Methodology This study uses univariate regression analysis to examine the relationship between deposits and profitability of Islamic banking industry in Pakistan. Univariate regression is a method of regression analysis that uses one explanatory variable to predict values of a single dependent variable. SPSS software is applied to obtain the univariate regression. In this study, three independent variables titled Fixed deposits, Savings Deposits and Current account deposits have been used. The dependent variable of profitability is measured by ROE which is the ratio of a bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s net after-tax income divided by its total equity capital. The return on equity (ROE) is considered to be one of the profitability performance ratios (Tarawneh, 2006). It indicates how effectively the management of the bank is able to turn shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ funds (i.e. equity) into net profit. ROE (Return on Equity) has been tested separately for the three independent deposit variables to avoi d the issue of multicollinearity since all the deposit variables are highly correlated to each other. This paper attempts to test three hypotheses. According to Becker (1995), hypothesis testing is the process of judging which of two contradictory statements is correct. Hypothesis 1: Investment Deposits increase the profitability of Islamic banks. Hypothesis 2: Saving Deposits increase the profitability of Islamic banks. Hypothesis 3: Current Account Deposits increase the profitability of Islamic banks. The data for this study is time series data taken from the quarterly editions of the à ¢Ã¢â€š ¬Ã…“Islamic banking bulletinà ¢Ã¢â€š ¬? published by the State Bank of Pakistan. These bulletins publish the consolidated financial statement variables representing the entire Islamic banking industry of Pakistan including all the full fledge Islamic banks (Al Baraka Islamic bank, Bank Islami Pakistan limited, Dawood Islamic bank Limited, Dubai Islamic bank limited, Emirates Global Islamic bank Ltd and Meezan Bank Ltd.) as well as the Islamic branches of conventional banks (Askari Bank Limited, Bank Al Falah Ltd., Bank Al Habib, Faysal Bank, Habib Metropolitan bank, MCB Bank Ltd, National bank of Pakistan, Soneri Bank Ltd, Standard Chartered Bank, The Bank of Khyber, Royal bank of Scotland, United Bank Ltd). The sample period for this study is limited from 2007 to 2009 as most of the Islamic banks started operations from 2007 in Pakistan. Hence, the consolidated data of the eleven consec utive quarters has been used in this study. The general equations of the three models are: Profitability = b0 + b1(ID)(1) Profitability = b0 + b1(SD)(2) Profitability = b0 + b1(CD)(3) Where, b0 = intercept (constant) Dependent variable: Profitability = ROE (Return on Equity) Independent variables: ID = Investment Deposits SD = Savings Deposits CD = Current Account Deposits Results The results of the regression analysis for model.1, 2 and 3 are shown in Tables 1, 2 and 3 respectively. All the three models were significant at the 5% level of significance. The value of the adjusted coefficient of determination (adjusted R2) for ROE in model.1 is 0.4 which demonstrates that 40% of the variability in total is explained by its linear association with Fixed deposits variable. As for model 2 and 3, the corresponding values of adjusted R2 are 0.399 and 0.377 respectively. A relatively small value of adjusted R2 does not necessarily mean that the model is in appropriate to measure the relationship between independent and dependent variables. (Haron, 2004). The value of adjusted R2 is usually influenced by a number of predictive variables relative to the sample size and it becomes smaller as we have fewer observations per predictor variable (Hair et al., 1995). To provide a rationale for the variance in R2 and adjusted R2 values, the Dublin-Walter test was conducted. The Dublin-Walter statistics values for all the three values were less than two which proves that the variance was due to negative autocorrelation in the sample observations. Also, the adequacy of a model for predicting is validated by the F-test. (Haron, 2004). As presented in Table 1, 2 and 3, all F-ratio values are statistically significant at 5% significance level for all profitability models. Hence, these results confirmed that the models applied were useful for measuring the relationship between deposits variable items and the profitability variable. Discussion The results supported all the three hypotheses that Investment, Savings and Current account deposits increase the profitability of Islamic banks. This result is in line with Haron (1996a, 2004) who founded evidence to suggest that all three sources of funds (current, savings and investment accounts) for Islamic banks are positively related to profitability. Hypothesis 1 of this study suggested that investment deposits increase the profitability of Islamic banks. The results show that the value of the adjusted coefficient of determination (adjusted R2) for ROE in model.1 is 0.4 which demonstrates that 40% of the variability in total is explained by its linear association with investment deposits variable. Hence, results support Hypothesis 1. Similarly, hypothesis 2 stated that savings deposits increase the profitability of Islamic banks. The results show that the value of the adjusted R2 for ROE in model.2 is 0.399 at 5% significance which shows that 39.9% of the variability in total is explained by its linear association with savings deposit variable. Hence, results also support Hypothesis 2. Finally, hypothesis 3 proposed that savings deposits increase the profitability of Islamic banks. The results show that the value of the adjusted R2 for ROE in model.3 is 0.377 which shows that 37.7% of the variability in total is explained by its linear association with savings deposit variable at 5% level of significance. Hence, results support Hypothesis 3 also. All these results were significant at a 5% level of significance. Referring to previous literature, the results are mixed. In the literature, most studies found that savings and investment deposits have an inverse relationship with profitability, while a positive relationship has been found for current account deposits. In this study, the current account deposit variable had significant positive relationship with profitability. This result is in line with the findings reported by Smirlock (1985), Haron (1996a, 2004) and Haron Azmi (2004). Since a current account service is considered a cost-free facility, it is expected that the more funds deposited into this account (current), the more Islamic banks will stand to profit. In the case of savings deposits, a positive relationship was found between these deposits and profitability. This result suggests that any increase in savings accounts will increase profits and this is in line with Haron (1996a) and Haron Azmi (2004) as Islamic banks can use these savings funds deposited in this account for productive purposes and therefore, generating additional revenue for the Islamic banks. The results on investment deposits in this study are not similar to most of the findings reported in commercial banking literature. For example, Hester and Zoellner (1966) and Heggested (1977) found that fixed deposit facilities had an inverse relationship with profitability. In contrast, Smirlock (1985), Haron (1996a, 2004), Haron and Azmi (2004) believed that an increasing amount in fixed deposits would have a positive relationship with a bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. This study found that investment deposits had a positive relationship with all profitability measures and thus, confirmed Smirlockà ¢Ã¢â€š ¬Ã¢â€ž ¢s, Haronà ¢Ã¢â€š ¬Ã¢â€ž ¢s and Azmià ¢Ã¢â€š ¬Ã¢â€ž ¢s hypothesis. In light of the above findings, Islamic banking provides a better and ethical alternative that is not only Riba-free according to the rules of Shariah but also profitable to depositors and investors since all the deposit accounts are positively correlated to profitability. Since, Islamic banking provides three different interest-free deposit facilities to its depositors and investors to facilitate them according to their financial needs, people should invest in these deposit accounts in order to patronize the Islamic banking industry and to receive good returns in the form of à ¢Ã¢â€š ¬Ã‹Å"hibaà ¢Ã¢â€š ¬Ã¢â€ž ¢ from these Islamic banks. In addition, Ghazali (2008) suggests that Islamic banking is indeed relevant to the current economic crisis. The global financial meltdown stemming from the US actually poses an opportunity for the Islamic banking system to demonstrate its distinctiveness. The financial meltdown revealed the desperate need for a system like Islamic finance, based on the principle of profit-sharing where both parties are subjected to probable losses and returns. It is a fair and just system. This is contrasting to the conventional system, where Islamic banks do not acquire or trade debt; rather they manage substantial assets which are tied to real economic activities.. This is really an opportunity for the Islamic financial community to reveal to the global market that the Islamic financial system is actually a robust and feasible alternative to the conventional interest-based system. Hence, people should support the Islamic banking industry worldwide since deposits are positively related to the profitability of Islamic banks. Hence, increased deposits would result in higher profitability of Islamic banks which in return would provide higher returns to its depositors. This would finally lead to implement a justified and ethical economic system which encourages a fair distribution of wealth and resources throughout the society. This study can be extended to include more time series and cross-sectional data of Islamic banks of other countries. The study may also be extended to cover other determinants of Islamic banking profitability.

How to Get a Corrected Social Security Card

By law, your Social Security card must show your current legal name. If you legally change your name because of marriage, divorce, court order or any other legal reason, you must inform Social Security as soon as possible so they can issue you a corrected Social Security card. Fast Facts Federal law requires that Social Security cards display the cardholder’s current and correct legal name.In the event of a name change resulting from marriage, divorce, court order or any other legal reason, the cardholder must notify the Social Security Administration as soon as possible and apply for a corrected Social Security card.Applications for a corrected Social Security card cannot be submitted online. Applications may only be submitted at a Social Security field office or by conventional mail.There is no charge connected with applying for a corrected Social Security card. Failure to inform Social Security of your name change could cost you money by delaying your tax refunds and preventing your wages from being added to your Social Security account record, which could reduce your future Social Security benefits. There is no charge for getting a corrected Social Security card, however, because of the documentation you  must provide, you cannot apply for one online. Apply To get a corrected Social Security card, you need to: Download and print out a Form SS-5 – Application for Social Security Card.Fill out the application and assemble the required proof of identity documents (see below).Take or mail the application and all required documents to your local Social Security office. Documents Serving as Proof of a Legal Name Change You will need proof of your current legal name. In some cases, you may also need to show proof of your current U.S. citizenship or legal permanent resident (green card) status. Documents Social Security will accept as proof of a legal name change include original or certified copies of: Marriage licenses;Divorce decrees;Certificates of naturalization showing a new name; orCourt orders for a name change. Note: All documents submitted must be either originals or copies certified by the agency issuing them. Social Security will not accept photocopies or notarized copies of documents. A â€Å"certified† copy of a document will typically have a raised, embossed, impressed, or multicolored seal placed on the document by the issuing agency. Some agencies will offer a choice of certified or non-certified copies and may charge an extra fee for certified copies. When needed for Social Security purposes, always request a certified copy. If Your Documents Are Too Old It is important that you notify Social Security of your name change as soon as possible. If you legally changed your name more than two years before applying for a corrected Social Security card, or if the documents you provide do not give enough information to fully identify you, you may also be required to provide two additional identifying documents including: At least one document showing your old name; andA second document with your new legal name. Proof of Citizenship If Social Security tells you that you need to prove your status as a U.S. citizen, they will accept only an original or certified copy of your U.S. birth certificate or U.S. passport. Foreign-born citizens, including naturalized citizens and immigrants with legal permanent resident status, may be allowed to use: Certificate of NaturalizationCertificate of CitizenshipCertificate of Report of BirthConsular Report of Birth Abroad Proving Your Identity If you do need to provide Social Security with further proof of your identity, they will accept only current documents showing your current legal name, date of birth or age, and a recent photograph. Examples of such documents include: U.S. drivers license;State-issued identification card; orU.S. passport. If you do not have any of those documents, Social Security might accept other documents, such as: Employee identification card;School identification card;Health insurance card (other than a Medicare card); orU.S. military identification card. Your Number Will Not Change Your corrected Social Security card – which will be mailed to you -- will have the same Social Security number as your old card but will show your new name. Protect Your Social Security Number Speaking of Social Security numbers, they are the main thing identity thieves need to rob you blind. As result, Social Security has long advised that it is rarely necessary to show anybody your Social Security card. â€Å"Do not carry your card with you. Keep it in a safe place with your other important papers,† advises the Social Security Administration.

The Fuel For Fossil Fuel - 901 Words

We use oil every day of our lives. I’m not talking about the oil we cook with, but the one we use to power the electricity plants, our cars, and the cargo ships that import the food we consume. We may not realize how our way of living impacts the lives of people from other parts of the world, but it does – sometimes in a major way. I’ll be honest, I didn’t put too much thought about the amount of gasoline I consumed. I just drove my car everywhere - whether it was to eat, shop, or just travel - without a care in the world. Why? Because it is the most convenient way to get around, and because it is our norm. Our lifestyle is the cause for the immense demand for fossil fuel. What we don’t realize is that this demand leads to more oil drilling, which impacts the lives of an enormous amount of people in countries such as Nigeria, along with destroying their environment. In the informative, and eye opening environmental documentary, Poison Fire, film maker Lars Johansson brings to light how Shell, the oil company, has negatively impacted the country of Nigeria. During the film, Johansson demonstrates how gas flaring and oil spills, executed by Shell, has destroyed the environment of the Niger Delta, and destroyed the lives of the Nigerian people living there. The film features multiple video testimonies of the citizens of the Niger Delta, explaining how the exposure to gas flares has led to various health consequences throughout their community. 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Tactical Transparency In The Public Relations Commerce Essay Free Essays

string(54) " abilities similar to that BP posted on its web site\." In the post-Enron, blog-ridden universe we live in, transparence is a construct push on public dealingss practicians. Our stakeholders accept genuineness as the edifice block of organization-public relationships. As the first line of defence for any organisation, it is the occupation of these professionals to construct an appropriate transparence scheme. We will write a custom essay sample on Tactical Transparency In The Public Relations Commerce Essay or any similar topic only for you Order Now If communications professionals are portion of council chamber discourse, the tools of transparence will match to the company ‘s doctrine. Some choose to encompass transparence as the most ethical scheme while others remain opaque to retain competitory advantage. The purpose of this survey is to specify what transparence means in the new media millenary, address the execution of transparence at all degrees and types of organisations, and contribute to the on-going scholarly argument. The information provided will show the power and efficaciousness of tactical transparence when embedded into a company ‘s civilization. Transparency can non better corporate repute when practiced by merely a few representatives. It will non bolster public sentiment if adopted merely during crises. Specifying â€Å" Tactical Transparency † Tactical transparence is non every bit ethic-centric as it is based in practicality. The changing grade to which a company portions its leaders, employees, values, civilization, concern patterns, and concern schemes determines its degree of transparence.[ 1 ]Specifying transparence is frequently a contested point for practicians during the strategic planning procedure and among public dealingss bookmans, because none of the elements listed supra is sensible in every concern state of affairs. Accessibility is of import to consumers but some sensitive topics are non appropriate to portion with stakeholders. Sharing merchandise safety information is indispensable to making ethical concern, but let go ofing merchandise development information could turn out dearly-won. Scholars tend to place two types of transparence: fiscal and administration. Fiscal transparence is frequently associated with public companies and includes net incomes and net incomes describing. Governance transparence involves sharing regulations, procedures, and executive construction with populaces. Although these categorizations are so applicable to the concern environment, public dealingss professional are more concerned with openness as it applies to corporate repute. Scholars tend to hold on what transparence is non ; it is non full revelation. Holtz and Havens defined the four features of transparence as objectiveness, intent, esteem, and pilotage.[ 2 ]To stay unfastened, employers should ideally utilize changing grades of each in times of crisis or an attempt to avoid such crises by showing a willingness to portion and unwrap information. Honesty and unity are cardinal to objectiveness. Using multiple channels, informal and formal tactics, and advanced schemes will gain good will from populaces, but genuineness and objectiveness will ever win out. Transparency must ever hold a intent ; it should be accompanied by an action or follow-through. Recovering consumer trust is of class vital to the bottom line, but reconstructing a trade name requires consistence and length of service. Former JetBlue Airways laminitis and CEO, David Neeleman offered a YouTube apology for his air hose ‘s cancellation of multiple flights on Valentine ‘s Day 2007.[ 3 ]But in add-on to the apology, Neeleman helped his direction squad development and implement a Customer Bill of Rights, authorising stakeholders to go more involved. Proposing that intent is the key to transparency attempts, Neeleman subsequently wrote, â€Å" Talk is cheap-action is the lone thing that truly builds your repute, non merely as a individual, but as a com pany. †[ 4 ]Regardless of the communications attempts a company employs before and after crises, its past path record will most likely find the regard in which the company is held. Esteem is based on corporate duty ( charitable activites, employee intervention ) and corporate values. Finally, the manner a company navigates crises will assist find future state of affairss necessitating transparence. Methods that have worked in the yesteryear can be applied rapidly and honestly and better duologue with populaces. Transparency in the Internet Age The challenges confronting public dealingss professionals in today ‘s market place involve what Holtz and Havens ( 2009 ) define as a â€Å" convergence of two separate and distinguishable tendencies: worsening trust in concern and increased public examination † both are a consequence in portion of societal media tendencies and the handiness of real-time duologue.[ 5 ]Worsening consumer trust is both a Post-industrialist world and a current legitimate public fright ensuing from closed-door concern patterns that were exposed in recent headlines. New statute law now forces unfastened trades and consumer outlooks have risen to run into new ethical criterions. What is good and ethical nevertheless will ever be a contested point ; the fuel behind much of this argument. Organizations can do usage of public coaction to research stakeholder outlooks and ethical demands while reacting to unfavorable judgment with hastiness. If we view transparence from purely the consumer position, it is evident that corporate duty, which encompasses transparence, has become far more of import in a tough economic system. Harmonizing to a study completed by Landor Associates, Penn Schoen Berland and Burson-Marsteller, 75 % of consumers felt societal duty was of import and 55 % reported taking cause-related merchandises over those that do n’t.[ 6 ]A 2008 Harris survey of authorities repute and transparence found â€Å" deep dissatisfaction among the American populace with both the handiness of authorities fiscal information and the manner it is delivered to the people. †[ 7 ]CBS ‘s hit telecasting show, Undercover Boss thrives on transparence, giving viewing audiences the unadulterated interior scoop through CEO lens as he/she discovers the existent inner-workings.[ 8 ]Consumers have reacted to the slightly hazardous exposure ; some companies featured have reported stock additions and record gross reve nues.[ 9 ]This suggests that transparence is an effectual public dealingss scheme. The easiness and handiness of online webcasts has created an ambiance of â€Å" de facto real-time openness, † in which companies ‘ crises attempts are expected to be acknowledged outright.[ 10 ]BP ‘s 2010 oil spill proved that with greater visibleness, comes greater answerability. Following the calamity, it is likely that market forces will enforce transparence ordinance for other energy companies working in sensitive ecological environments. Assorted stakeholders will demand supervising abilities similar to that BP posted on its web site. You read "Tactical Transparency In The Public Relations Commerce Essay" in category "Essay examples" The mile-deep unrecorded video-feed satisfied stakeholder wonders but it besides set a new criterion for â€Å" strategic transparence. † If we can watch oil spiting from a busted wellspring ( the crisis itself ) and the submerged vehicles trying to seal the leak ( the crisis response ) , so what else is possible? Could we watch the car mechanic naming a broken vehicle, the preschool instructor administrating medical specialty to a kid, or the kitchen staff fixing nutrient? Michael Schrage of the Harvard Business Review identifies revelation as the â€Å" twentieth Century mistiming of a paper-based age. †[ 11 ]From this incident, Schrage speculates that tactical transparence will go on to â€Å" have an tremendous proficient and conceptual encouragement. †[ 12 ] Supporters of transparence in the workplace place many elements that could profit from greater public transparence. Analyzing organisational procedures, meeting schemes, office locations, and concern maps may uncover net streaming handinesss or more accessible avenues. In some instances, making so may even back up the organisation ‘s selling schemes. In this sense greater visibleness and transparence is another chance to earn media attending and develop a trade name. If positive public dealingss are a consequence of tactical transparence, so its perceived absence could bring forth negative promotion. A referee mistake in a recent World Cup game between the US and Slovenia caused a firestorm of public reaction. FIFA ordinances prevented the referee from explicating the questionable call, but FIFA ‘s president offered a tweet following the game directing witnesss to a old statement he ‘d made sing video rematch. A Time.com observer wrote, â€Å" [ C ] ould n’t he hold offered more transparence about this specific incident than a tweet? Particularly a tweet that links a boiler home base web page from March? †[ 13 ] Literature Review Crisiss such as the FIFA opinion and the BP oil spill, by definition threaten to damage the repute of an organisation.[ 14 ]Benoit explored organisational efforts to reconstruct reputes after crisis-damaging events and developed the image Restoration theory. Benoit ‘s image Restoration schemes included denial, equivocation of duty, cut downing offensive of the act, disciplinary action, and chagrin ( an artless apology ) .[ 15 ]Denial is the most defensive of the Acts of the Apostless and involves a complete refusal to accept duty while equivocation of duty badly limits engagement but does acknowledge some sum. Reducing odiousness is a specific signifier of strategic equivocation that focuses on minimising the consequence of the act on public sentiment. Corrective action has deductions in the immediate and future responses of the organisation ; chagrin is an immediate and sincere apology for incorrect making, the most crystalline attack. Image Restoration schemes and the appropr iate discourse are chosen, altered, and arranged for the specific crisis or stakeholders.[ 16 ]Benoit ‘s research finds that a corporation best serves itself when it takes full duty, apologizes, and Acts of the Apostless with hastiness consequently.[ 17 ] Transparency can happen in many state of affairss and contexts. Hood refers to four separate applications of openness including event transparence ( unfastened information in response to crises ) , process transparence ( unfastened information about concern maps and operations that affect crises ) , and real-time transparence ( information released instantly ) , and retrospective transparence ( information released a considerable sum of clip after an issue arises ) .[ 18 ]Drew and Nyerges found that the most effectual transparence determinations were integrated, accessible to stakeholders, clear and concise, logical and rational, true, and accountable.[ 19 ] Arguments for Transparency in Public Relations. Transparency serves to protect single rights and organisational engagement.[ 20 ]Transparency ensures better behaviour on the portion of concerns while assisting to measure public presentation, both critical to organisational answerability.[ 21 ]The public values transparence and as mentioned earlier, expects it in the digital age. In relation to political transparence, Koppell writes that the â€Å" openness of authorities to regular review is so steadfastly ingrained in our corporate consciousness that transparence has unconditioned value. †[ 22 ]One survey found that organisations committed to transparence, besides experiences heightened occupation satisfaction and continuances, innovativeness and accomplishment.[ 23 ]Transparent determinations lead to more informed determinations, because transparence â€Å" promotes improved entree to information as a manner to construct public assurance in the determination procedure and s trengthen credibleness. †[ 24 ] Internal transparence has been studied every bit extensively as transparence for corporate repute intents. Harmonizing to a survey sponsored by the public dealingss house Fleishman Hillard, 27 per centum of the study pool assessed corporate duty based on the organisation ‘s intervention and wellbeing of its employees. In fact, merely three per centum of respondents associated corporate duty with public service and outreach.[ 25 ] Transparency is linked to other corporate issues including efficiency and long-run cost nest eggs. For case, transparence can cut down the demand for doubling attempts, the likeliness that determinations will hold to be revised ( at potentially immense cost ) , and the hazard of possible fiscal punishments. Constructing a sense of battle and engagement among employees goes requires more than compensation. Companies will effectual communications sections strategically inform employees of just wage constructions to keep enthusiasm and committedness internally and make positive perceptual experiences with external stakeholders.[ 26 ]In a universe of examination and instantaneous communicating it is in the best involvement of an organisation to handle its workers good. Arguments Against Transparency in Public Relations. The chief challenge confronting public dealingss professionals in the new media millenary is the legitimacy of information provided through transparence schemes. For case, corporate web site must non be the lone medium for unwraping of import information. Handiness to the Internet is still a job confronting developing states and destitute populaces. Those that have entree may be overwhelmed with excessively much information if the web site is non well-designed. Increased promotion and transparence may besides hold an unsought effect-increased negative imperativeness. All of these possible effects could sabotage legitimacy and make public misgiving.[ 27 ] Another job arises when tactical transparence schemes are combined with bureaucratic or political petitions. In these fortunes, sensitive information may go more creatively controlled, ensuing in an equivocation of duty to the organisation ‘s populaces.[ 28 ]On the other manus, transparence may take to full revelation when â€Å" herd inherent aptitudes take over market determinations. †[ 29 ]Meetings and corporate assemblages, including those webcast may take participants to dissent based on group treatment. This may do group members to take the most popular determinations or concerns, ignoring via media or dialogue. The concluding apprehensiveness noted in transparence literature related to answerability. While transparence does open up the organisations to public reappraisal and unfavorable judgment, it does n’t ever do these organisations more accountable.[ 30 ]Critics argue that the ascertained organisations will reorient the information to fit the demands of transparence without really unwraping organisational worlds.[ 31 ] Traditionally opaque organisations and their leading pose the most concerns about following tactical transparence schemes. For these companies, get the better ofing expostulations is hard because they have benefitted from keep backing information from the populace. Typically these expostulations fall into one of four classs: legal and regulative ( transparence might do it easy to go against internal and external ordinance ) , competitory ( the organisation may lose its competitory advantage by sharing valuable information ) , proficient ( deficiency of resources and to pull off transparence enterprises ) , and investing ( deficiency of clip, money, or substructure ) .[ 32 ] Legal concerns are paramount in our litigious society. It is the function of corporate council to minimise possible legal hazards. Public dealingss practicians working for pharmaceutical companies may be most untalkative in implementing tactical transparence due to the figure of modulating establishments including the Food and Drug Administration ( FDA ) .[ 33 ]A web log, for case could open drug companies to publicity of off-label indexs ; a ordinance against doing drug recommendations for anything other than FDA-approved conditions would punish the companies and sully corporate reputes.[ 34 ]Competitive concerns, frequently voiced by members of the leading squad, are frequently related to the possible utilizations of information by rivals. In other words, if practicians expose the inner-workings of the organisation, how might the competition usage this information against them?[ 35 ]Technical concerns are frequently voiced by information engineering ( IT ) representatives, because their duties include seting the substructure in topographic point and supervising the web and web sites after building. In order to present societal networking sites, web logs, and video-casts to the intranet, clip and disbursals are spent to prove the applications against the bing substructure.[ 36 ]There is besides a hazard of virus infection whenever employees have entree to networking sites on the Internet.[ 37 ]Cost is a dwindling concern because most societal networking sites require really small capital, but some major corporations still have prohibitions on open-source package applications.[ 38 ]These organisations argue that the benefits do non outweigh the costs of enterprise-level societal media tools.[ 39 ] Case Studies Transparency as the Right Choice. Every iPod proprietor recognizes Steve Jobs as the face of Apple, Inc. After his rejoinder to Apple, Jobs donned a black polo-neck and bluish denims and reestablished Apple as the industry leader in design and invention. Apple ‘s thaumaturgy is portion design and portion strategic secretiveness. Tonss of online fans discuss what new engineerings Apple will let go of and when they will hit the market, so much that sites such as iLounge.net, MacRumors.com, everythingiCafe.com are forums dedicated to these treatments.[ 40 ]However, in September of 2007 when Apple lowered its monetary value of the iPhone from $ 599 to $ 399 to spur holiday gross revenues, on-line recoil from early iPhone purchasers caused a manic tumult.[ 41 ]The â€Å" stupid revenue enhancement, † as the online community nicknamed it, became the act of purchasing early at a higher monetary value, something loyal Apple clients had been making to be the first with the newest engineerings.[ 42 ] Steve Jobs ‘ response was non overtly excusatory, but did turn to the discontent on the portion of loyal clients and even offered a $ 100 recognition at Apple retail and on-line mercantile establishments to iPhone proprietors.[ 43 ]The apology offered in an unfastened missive to Apple clients read: Even though we are doing the right determination to take down the monetary value of iPhone, and even though the engineering route is rough, we need to make a better occupation taking attention of our early iPhone clients as we sharply go after new 1s with a lower monetary value. Our early clients trusted us, and we must populate up to that trust with our actions in minutes like these.[ 44 ] Jobs evidently realized that in this instance, tactical transparence would keep Apple accountable but non unwrap every minutia of concern grounds for dropping the monetary value. For a company who employs transparence as a selling maneuver and for competitory grounds, this really crystalline action was successful because it was good though out. He apologized for the badness of the monetary value bead, provided minimal inside informations about the decision-making procedure, and offered shop credits, showing that follow-through was an of import portion of the apology. The company ‘s repute beforehand ( held in high regard ) provides for an appropriate application of transparence tactics. Finally, Jobs as the CEO was able to implement the recognition procedure before the vacation season and hence retained his extremely valued consumer base.[ 45 ] In the blogosphere, crystalline organisations are being heralded on a day-to-day footing for implementing unfastened tactics. GiveWell.org follows charitable organisations and NGOs with ethical models, including those strategic coverage methods.[ 46 ]One web log entry called Against Malaria Foundation the â€Å" most crystalline developing-world assistance organisation † they ‘d of all time seen.[ 47 ]The organisation, which distributes mosquito cyberspaces in the quest to contend malaria in developing states, is alone in its publication of undertaking inside informations. Many organisations supposedly distribute donated cyberspaces without followup in the parts they service, taking citizens to utilize the mosquito cyberspaces for intents such as catching fish in local Waterss.[ 48 ]There is besides concern about the cost-effectiveness of bringing methods, purchase monetary value, and fund allotment. But the AMF lists all of its plans, by part, day of the month, givers, and position. Website visitants can see to the full elaborate proposals, post-project studies, and transportation records. Donors ‘ gifts correspond to funded, large-scale undertakings.[ 49 ] Many organisations are utilizing micro-blogging services such as Twitter to allow people cognize what they are making. The ability to supervise public conversations and respond about instantly has given organisations an ability to infix themselves into duologue as it occurs, before populaces have the opportunity to go angered or alarm the media. Although these tactics have been perceived as Large Brother actions on juncture, largely populaces are excited that organisations are unfastened to dialoging, listening and responding to concerns in an reliable mode.[ 50 ] When popular film manager Kevin Smith was kicked off of a Southwest Flight because the captain made the call that he was excessively heavy to busy a individual place, Smith told his side of the narrative to his 1.5 million Twitter followings in real-time.[ 51 ]Southwest had already implemented both a company web log and Twitter history and was able to utilize both beginnings to react to the â€Å" Twitter-induced media storm, † what some considered a public dealingss incubus for Southwest.[ 52 ]Southwest acknowledged the event and issued an apology to Smith himself followed by an apology on its web log, Nuts About Southwest. In a web log station titled â€Å" Not So Silent Bob, † a public dealingss representative noted that it was non a customary Southwest method of Customer Relations to work publicly through the ailment procedure, but that the Tweeting call had called for a more crystalline attack.[ 53 ]The station defended the company ‘s initial response, adverting the personal apology it had issued to Smith via Twitter and a phone call instantly after the issue occurred. It besides noted that the flight Smith boarded from Oakland to Burbank was technically standby and that typically Smith purchased two seats on Southwest flights. The most crystalline characteristic of the station was the specificity of the information provided about Southwest ‘s Customer Size policy: Southwest instituted our Customer of Size policy more than 25 old ages ago. The policy requires riders that can non suit safely and comfortably in one place to buy an extra place while going. This policy is non alone to Southwest Airlines and it is non a gross generator. Most, if non all, bearers have similar policies, but alone to Southwest is the refunding of the 2nd place purchased ( if the flight does non oversell ) which is greater than any gross made ( full policy can be found here ) .[ 54 ] JetBlue Airways corporate communications director Morgan Johnston uses Twitter and societal media tools to interact with clients every bit good. When asked why JetBlue follows flyers on Twitter, Johnston responded: With any of the microblogging tools available, people are able to air what they ‘re traveling through at the minute. If you can tap into and observe those types of activities while they ‘re go oning, you can assist them much more instantly. Before they have a opportunity to travel place and fret about it, you can assist them while they ‘re in the thick of the state of affairs. Is n’t that better than seeking to retrieve a state of affairs afterwards?[ 55 ] Transparency as the Wrong Choice. In some instances, the truth wo n’t put organisations free. Alternatively, it may do greater public misgiving and unfavorable judgment. Amy Jussel, laminitis of ShapingYouth.org, a web log devoted to the impact of marketing on kids, late voiced concerns to Target about an advertisement run picturing a adult female splayed across the celebrated mark form, the dark lantern at her fork. In response, a Target public dealingss representative wrote, â€Å" Unfortunately we are unable to react to your enquiry because Target does non take part with untraditional media mercantile establishments. This pattern is in topographic point to let us to concentrate on publications that reach our nucleus invitee. †[ 56 ] The message that societal media does n’t number as a Target policy surely was n’t received good by its devoted client base. Target, whose image as a hip and modern-day, low-cost retail mercantile establishment was admiting indifference of web logs, the hip and modern-day, free media channel.[ 57 ]When interviewed for a New York Times article titled â€Å" Target Tells a Blogger to Travel Away, † Amy von Walter, a Target spokeswoman maintained, â€Å" We do non work with bloggers presently. But we have made exclusions and we are reexamining the policy and may set it. †[ 58 ]Target ‘s current policy is to concentrate limited resources and the little public dealingss squad attempts on the large media mercantile establishments, corroborating its prioritization of selling over relationship and repute direction. Target did non draw the ad in response to Jussel ‘s concerns or the blogosphere tumult that followed.[ 59 ]It may hold been smarter to hold to a short interview with Jussel, a representative of it largest consumer, female parents, alternatively of estranging loyal clients and ignoring societal media mercantile establishments. Lack of Transparency as a Pitfall. Social media crisis response tactics have non been studied to full, but will probably go a major sub-specialization in public dealingss scholarship. Spuring this country of survey are force per unit areas from on-line militant communities and populaces. In the spring of 2010, Nestle was under fire from Greenpeace for purchasing palm oil and utilizing it in merchandises. Greenpeace ‘s Facebook page and YouTube videos depicted Nestle as a protagonist of deforestation and the cause of Orangutan extinction.[ 60 ]Nestle tried to hold one picture associating the Kit Kat saloon to Orangutan extinction removed, claiming the picture violated their hallmark.[ 61 ]This prompted Greenpeace members to post angry comments on Nestle ‘s Facebook page. To protect its page and the company ‘s legal security, Nestle removed the remarks. Although the issue was likely a major corporate concern, Nestle kept its internal deliberation lull which translated into a deficiency of transparence and unconcern.[ 62 ]In this instance its silence spoke volumes about its contempt for the Greenpeace motion. If Nestle had kept its stakeholder populace ( which included militants ) informed of its attempts toward replacing the non-environmentally-conscious merchandises, there might hold been a positive societal media response. Publishing imperativeness released one time a hebdomad may hold worked in the past, but with today ‘s instantaneous information flow, there is no alibi for silence. Although Nestle ‘s stock monetary value did non look to be effected in anyhow, the corporation must still go on to run into Greenpeace criterions and if it falls back on these promises, will probably confront a public dealingss firestorm hard to get the better of.[ 63 ]This is one of the first documented instances of successful environmental activism which took topographic point about wholly in the societal media kingdom.[ 64 ]A Astroturfing is a term used in the public dealingss industry to mention to strategic runs designed to look as self-generated grassroots attempts.[ 65 ]Edelman, the universe ‘s largest independent public dealingss house late practiced astroturfing in a popular web log for Wal-Mart titled, â€Å" walmartingacrossamerica.com † The stations chronicled the cross-country escapade of a couple sing Wal-Mart shops and talking to clients about their shopping experiences. Jim and Laura ‘s first web log station meekly stated: â€Å" We are non bloggers, but since our lives have ever been more journey than finish we are adventurers at heartaˆÂ ¦ . We figured we ‘d give it a spell. †[ 66 ]Laura and Jim ‘s brushs included run intoing Wal-Mart employees, from shop clerks to photogenic executives, who all reported loving their employer and work environment. Critics questioned the genuineness of the run early on. â€Å" Anyone familiar with Wal-Mart and its repute for being quite stingy with rewards and benefits will turn over their eyes at such a rose-colored image, † wrote one Business Week editorialist about the astroturfing world.[ 67 ] The fact that the venture was funded by Working Families for Wal-Mart ( WFWM ) was non publicly disclosed. In this instance, merely saying the fact that the twosome was paid would hold likely saved the traditionally crystalline Edelman from contention.[ 68 ] How to cite Tactical Transparency In The Public Relations Commerce Essay, Essay examples

Blind Society Essay Research Paper Blind SocietySince free essay sample

Blind Society Essay, Research Paper Blind Society Since clip and memorial, people keep on reasoning about what they believe are true. These statements start from differences of their beliefs. But if one listens in all of their beliefs, they are all brought to a point that these beliefs are for the good of the society. Then there is a point where the society becomes blind, Why do they non look on their similarities instead than their differences? Then, society should look on their similarities and larn to compromise and esteem their single beliefs instead than to contend on their differences that makes injury to the society. Around 1517 to 1648, Catholic Popes, after the Great Schism, got more involved in political relations. Maltreatment of power was at manus by prosecuting in campaigns, enlargement of Papal States and practising Nepotism, which they should non be making. Therefore, the Reformation began, which was a motion in Western Christendom to sublimate the Church from their maltreatments. We will write a custom essay sample on Blind Society Essay Research Paper Blind SocietySince or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These reformists believed that the conformance of the Bible and the New Testament as a theoretical account of the Church. These reformists were besides called Protestants. As Protestants, they besides rejected the impression that the godly authorization is channeled through the Pope. On the other side, a counter reformation was besides formed. This motion was formed to extinguish maltreatments within the Roman Catholic Church and to react to the Protestant reformation. Despite of the big population of Protestants and Turkish menaces, the two sides tried to compromise and digest each other which subsequently on became a larger job of the European society. Among Protestants, they besides had a figure of different religious orders that believed otherwise from each other. Lutheranism, a Protestant religious order founded by Martin Luther, opposed the luxuriant hierarchy and ritual. They merely favored the single s humbleness, the direct communicating with God. Another Protestant religious order, Calvinism believed in predestination. They insisted that all personal and public activity, including the authorities, be subordinated to God s Will. Another Protestant religious order, Anglicanism traced their religious authorization to Christ and the apostles, and the Protestant belief in the Bible as the criterion of religion and life. These were the early Protestant religious order that subsequently emerged into more smaller religious orders. In short, Protestants believed either in religion ( sola fide ) or scriptures entirely ( sola scriptura ) . On the other manus, the counter reformers made a group Aga inst the Protestants. A celebrated order was called, Jesuits. It was an Orthodox Catholic order and was organized in 1534 by St. Ignatius of Loyola. It aroused resistance from Protestants, Catholics and even the Pope. Other counter reformers made a non-Orthodox order such as Jansenists, and Quietists. The Jansenists reformed Roman Catholic philosophy by returning to the individualistic thoughts of St. Augustine and emphasized on personal sanctity and predestination, which was closely related to Calvinism. Meanwhile, the Quietists believed that adult male, to hone himself, must go inactive and abandon his psyche to God. In short, all counter reformers wanted was to extinguish Protestant groups and reform the Dogma. Sum uping all factors, Protestants and Counter Reformists have many differences and similarities. They both believed on the Trinity, the expiation and Resurrection of Christ, the authorization of the Bible, and sacramental character of Baptism and Eucharist. On the other manus, Protestants settled some differences, such as believing in religion or scriptures entirely. Faith entirely ( Sola fide ) means that religion can accomplish redemption. There is no demand for good workss, fasting and indulgences. Bibles entirely ( Sola scriptura ) means that the regulations of the Bible should be followed. They besides reject the Roman Catholic place in giving the ultimate authorization over the Pope in affairs of religion and ethical motives. More on differences, they besides believed that Protestant Holy Eucharists were simpler and topographic point a great accent on prophesying. Protestants have merely two sacraments: Baptism and Eucharist. After cognizing the state of affairss and beliefs of both sides, a inquiry still lift, why won T they cooperate to each other or at least, esteem one s belief? They were all making it for the good of the society. If they were merely to see the similarities that they both have, they were still Christians. And as Christians, if you believe in God, Creator of Heaven and Earth, and Savior of Men, so why think of differences so if all will take to salvation whatever religious order, or faith we take? That is why the society became blind. They neer see the fact that they all believed in a common good, which they were necessitating. They should larn to compromise, or at least, esteem one another. Anyway, any religious order or faith is good. Besides, there is no religious order or faith that teach us to be evil. Therefore, the society should look into their similarities instead than their differences in footings of belief on faith.

The Metamorphosis Essays (607 words) - Absurdist Fiction

The Metamorphosis When he lifted his head a little, he saw his vaulted brown belly, sectioned by arch-shaped ribs, to whose dome the cover, about to slide off completely, could barely cling. His many legs, pitifully thin compared with the size of the rest of him, were waving helplessly before his eyes. Gregor Samsa has gone through a metamorphosis. This change has turned Gregor into a monstrous vermin. Kafka expresses the anxieties, inner terrors, and cynicism, which fill Gregors life, throughout the novel, metamorphosis. The main theme of the story is the effect of others control on a person such as Gregor's relationship with his family, and how the people around him controlled his life. He realized that he would be his own person when he could escape from his familys control, even if the only escape was death. Gregor was the most unselfish person in The Metamorphosis. This characteristic shows with his dedication to his work. He was the only family member with a job, believing he was the only one capable of it. His only hobby was fretwork, sitting alone in his room. His devotion to his work was remarkable. In all of the five years he had worked for his fathers creditor, he had never once been absent. Gregor always tried to help out, and he never asked for anything. He was never understood, nor was he liked or associated with. We already know he had no friends. Also, who ever like him, or thought anything of him, slowly became less and less associated with him and/or had disbelieves in him. His boss even accused him of stealing, just because he wouldnt open the door. We see Gregor could not be accepted or understood by the ones that need to understand him most. He died from a lack of love and respect from his family, the ones whom he needed love from the most. Kafka used the constant setting of the Samsa household to show the true repercussions of the metamorphosis. It is here that Gregor is truly dehumanized. No longer can he stand the taste of what used to be his favorite dish. He is reduced to a vermin who feeds on rotted, decaying food and who finds the presence of fresh food repulsing. The very means by which he sustained himself is not fit for a human, but rather for a dependent beast. After Gregor dies, at the end of the story, his parents notice that his sister has grown up into a beautiful woman and they feel that it is time for her to get married. This means that they used Gregor as the pawn that went out and supported them. Now that his sister is grown up they can force her into marrying a rich man. Then they would be well off for a long time to come. They can now control the daughter like they did Gregor. Gretes new husband can support the whole family. Once she is married, she too will then become a pawn, a victim of her parents control. It comes to be that a person could die from lack of love and too much control. We see that Gregors going through a metamorphosis and changing into a bug, proved to characterize what he was. It shows what his life was about. The bug represents the anxieties, inner terrors, and cynicism. One of the definitions of the word bug is an unexpected defect, fault, flaw, or imperfection. This is what became of Gregor, all because of lack of love, and too much control. English Essays