Business Is Conducted In Present Scenario - Myassignmenthelp.Com

Question: Examine about the Business Is Conducted In Present Scenario. Answer: Presentation The reproduction of business game assumes a basic job that helped in giving an unmistakable view to me on the procedure through which the business is led in the current situation. It has touched off me and my other colleagues to use the distinctive hypothetical information that has been picked up from money related and the executives bookkeeping. I used the hypothetical information that was picked up in the current world situation as this helped them in structuring alongside forming the eventual fate of the firm that has been wanted. The specific game has empowered me in applying distinctive sort of strategies for the dynamic procedure alongside usage of the new technique that can be utilized by me to prevail later on. Mike Bikes is one such game that depends on virtual universe of business and it has given me information identifying with the various issues that are required in the business. The reenactment contain various portions that incorporates designation of promotion, control of value, appropriation obligation and limit that is trailed by various different regions that must be thought of. The Multi Player has allowed me the chance to fill in as a group and be agreeable in nature. In the distinctive separate group, the colleagues were given the chance to feature their abilities and gifts and become the pioneer inside the particular zone of the enthusiasm of the people. The particular venture that has been finished by me and other colleagues at Capileo Finance has helped me in developing enthusiasm for my own particular region or zone. I have ready to improve the dynamic abilities and this has helped me in understanding the various perspectives on the colleagues in my gathering. Methodology There were various ideas of the specific game that incorporated the expanding the estimation of the investors and it was our obligation to check whether the costs are set in a powerful way in contrast with different contenders. The market report must be contrasted as this had given me and comprehension of the rivals in the market. The advancement of the new items had been done, as this will help the separate organization in increasing upper hand. I had discovered that it was fundamental in being certain whether the perfect sum is spent on brand mindfulness, open connection alongside promoting of the organization. I have discovered that whether the obligations are delivered on time alongside profit appropriation inside the particular time frame. I comprehended the means wherein there is increment in the value of the organization. The distinctive crucial segments helped in starting the multiplayer game that we were part off. Multi-Player Experience: With the beginning of the subsequent week, my colleagues alongside me were solicited to pick an association from the longing field that will help us in expanding the estimation of investors. This will keep us pioneer inside just as out the world, that was the multi player world six and it helped us in driving in our group as well. The whole rivalry won't constrain to contend with the six groups on the planet, however the principle challenge is to be driving against the other thirty-eight different associations. After the whole conversation with the distinctive colleagues, our group concentrated on the fund stream wherein our colleagues will offer money related types of assistance to various people alongside organizations. The organization that has been chosen by us was named as Capileo Finance. While moving alongside the experience of mine, it is important to advise that Capileo Finance is a current association with approval of the administration and it helps in rendering distinctive sort of money related administrations to various people. My whole group began with first seven day stretch of the Multi Player game, anyway I was dumbfounded that is required to rival other five different associations of a similar field that has been picked by us. The primary point was to be in front of different contenders and addition achievement. In the primary year, our group was permitted to work with the organization with trail blazing bicycle and there were no such association of the money related items. In 2017, the estimation of the investors was $12.45 and BiKorp was the main driving organization on the planet with the most elevated estimation of investors of $12.78. This has driven our organization to the third situation in the main week as the total estimation of the investors was 13% and the estimation of investors was 15% as it were. Our group has put cost of $720, as the organization picked by us was the budgetary rendering association. The gross deals of our organization for the expected year were $18,486,720 and the benefit that has been earned by us was $625,393. The all out offer was around 1 million and the acquiring for every offer was $0.625. Moreover, our group has chosen so as to spend a financial plan of more than $3,600,000 for the cost of commercial and the financial plan of PR was around 1.2 million. With the utilization of the specific technique, the consciousness of the item was over 37%. In the subsequent week, the investor esteem was expanded in contrast with the earlier year; be that as it may, there was another pioneer in the serious market named CCTV arrangement with the estimation of the investors of $16.71. In the beginning of the third week, our organization was back as the pioneer on the planet and the class positioning of our organization was in the seventh position. This helped us in unmistakably expressing that estimation of the investors was the most noteworthy and it was because of the little change in the method of evaluating from $720 to $718. Around the same time three, we were arranging alongside talking about to dispatch new item in the serious market. In the fourth year, the gross benefit that was produced by our organization was $53,541,504 and the benefit of the organization was $5,891,774. In the comparative year, our organization attempted to expand the valuing of the current item ADV1 to $732. Around the same time, we propelled another item Prime Loan that was appraised $2,400. The diverse objective clients were around 34,500, our organization has figured out how to assemble progressively 33,472, and it was a colossal accomplishment as we made such a large number of new applications. Besides, it very well may be clarified that our organization was in fact solid according to the off-road bicycles as it was hard to casing such choice. The gauge for request precision was over 93%. With respect to the new sort of item, we had assessed 11,000; be that as it may, we sold 12,100 and accomplished the objective of the deal s. The spending plan of the notice was higher in nature marginally and the financial plan of PR was expanded to more than 4.3 million. Besides, for the attention to mark, our organization has burned through $1,150,000 that has helped us in giving over 55% of the mindfulness. In the next years, our association has presented other new item that has named as Debt waiver. The purpose behind choosing the specific name was that we have experienced distinctive budgetary articles wherein it was expressed that there were over 77% people who were Australian conceived in the year 1990 or after that are confronting various issues identified with obligation and the normal measure of the obligations were $10,000. We needed to plan an item that will permit the various people to dispose of the current sort of obligation. These sorts of obligations had more and high pace of intrigue if the people acquired that as close to home advance or went through with the utilization of the charge cards. Our organization chose to value the membership expense for the obligations waiver at $380. The deals for the principal year of obligation waiver were 37,460 that were not anticipated. After the third year, our organization was driving and it was among class positioning in the position four. All through the game time that was remaining, we stayed as the pioneer of world 6 and our organization made sure about position fifth in class rank in contrast with other 38 organizations. The realities of game are encased in the report, as this will give clear comprehension to the perusers about the stand. In the whole worldwide positioning, our organization stood 111th and this is the greatest accomplishment in the life. There were 1000 understudies who are playing the reproduction over the whole globe and the worldwide percentile was 99.5%. Significant Points Learnt After the Game Play: It helped in building mindfulness for trail blazing bicycle by burning through cash on various commercials. It is required to comprehend which are the various channels of media for accomplishing the best outcomes It needs to build up incredible arrangement for appropriation that covers the focused on advertise that is lined up with various reports of exploration for given year It helped in keeping up the limit of creation so as to gracefully sufficient amount of the various bicycles. The whole parity of limit of creation is significant in nature to concentrate on the inactive time that is low in nature It helped in keeping up the productivity level to the point of statistical surveying. The proficiency level helped us in decreasing the working use and these costs that may punishing the processing plant End: I altogether appreciated the game and I had taken in various things from Multi Player game. I gets sensible experience that has helped me in understanding technique that will make the investors and clients upbeat and this helped me in expanding the deals so as to produce benefits. The Multi Player has helped me in creating fundamental choices in the vital years and Mikes Bikes business reenactment game is the best game to know the distinctive sort of circumstances in the whole business.

The Return: Midnight Chapter 25

â€Å"Sleeping in the extra space with each wal shrouded in Post-it Note amulets,†added Meredith bleakly. â€Å"If we have enough. I got another parcel, yet it doesn't go exceptionally far when you're attempting to cover a room.† â€Å"Okay,†Elena said. â€Å"Who has Shinichi's key?† Matt lifted his hand. â€Å"In my †â€Å" â€Å"Don't tel me!†exclaimed Elena. €Å"i have hers. We can't lose them. Stefan and I are one group; you all are the other.† They half-drove and half-bolstered Misao out of Stefan's room and down the steps. Misao didn't attempt to flee from them, to battle, or to address them. This lone made Matt increasingly dubious of her. He saw Stefan and Elena look toward one another and realized they were feeling a similar way. Be that as it may, what else was there to do with her? There was no other way, sympathetically, or even harshly, to limit her for quite a long time. They had her star bal , and as indicated by books that should al ow them to control her, however she was correct, it was by all accounts an old idea, since it didn't work. They'd attempted with Stefan and Meredith holding her firmly, while Matt got the star bal from where he'd been keeping it in a shoebox on the upper rack over the garments in his storeroom. He and Elena had attempted to get Misao to get things done while holding the practically unfilled circle: to make Misao tel where her sibling's star bal was, etc. However, it basically didn't work. â€Å"Maybe when there's so little Power in it, it doesn't apply,†Elena said last y. Be that as it may, that was smal comfort, best case scenario. As they took Misao to the kitchen, Matt idea that it had been an idiotic arrangement of the kitsune: impersonating Stefan twice. Doing it the subsequent time, when the people were careful, that was idiotic. Misao didn't appear as idiotic as that. Matt had an awful inclination. Elena had an awful inclination about what they were doing. As she glanced around at the essences of the others, she saw that they did as well. Yet, no one had thought of a superior arrangement. They couldn't kil Misao. They weren't killers who could kil a debilitated, detached young lady without a second thought. She figured that Shinichi must have exceptionally sharp hearing, and had just heard them strolling on the squeaking kitchen wood planks. What's more, she needed to expect that he knew †by mindbond, or just rationale, or whatever †that Misao was directly above him. There was nothing to lose by yelling, through the shut entryway, â€Å"Shinichi, we have your sister here! In the event that you need her back you'l remain calm and not make us toss her down the stairs.† There was quiet from the root cel ar. Elena decided to consider it accommodating quietness. At any rate Shinichi wasn't yel ing dangers. â€Å"Okay,†Elena murmured. She'd taken a position legitimately behind Misao. â€Å"When I tally to three, we push as hard as we can.† â€Å"Wait!†Matt said in a hopeless murmur yell. â€Å"You said we wouldn't toss her down the stairs.† â€Å"Life isn't fair,†Elena said drearily. â€Å"You figure he doesn't have some shock for us?† â€Å"But †â€Å" â€Å"Leave it, Matt,†said Meredith unobtrusively. She had the fight prepared in her left hand and with her privilege was prepared to push on the board for opening the entryway. â€Å"Everybody ready?† Everybody gestured. Elena felt frustrated about Matt and Stefan, who were the most fair and delicate of al of them. â€Å"One,†she murmured delicately, â€Å"two, three.† On three Meredith hit the covered wal switch. And afterward things started to occur in extremely moderate movement. By â€Å"two†Elena had just started to push Misao toward the entryway. On â€Å"three†the others joined her. However, the entryway appeared to take always to open. What's more, before the consummation of everlastingly, everything turned out badly. The greenery around Misao's head spread twigs in al bearings. One strand shot out and caught Elena around the wrist. She heard a yel of shock from Matt and realized that another strand had gotten him. â€Å"Push!† Meredith yelled and afterward Elena saw the fight coming at her. Meredith rushed with the fight through the greenery associated with Misao. The vine that had been slitting into Elena's wrist fel to the floor. Any residual apprehensions about tossing Misao down the steps disappeared. Elena participated in the group attempting to push her through the opening. In any case, there was something incorrectly in the cellar. For a certain something, they were pushing Misao into pitch-darkness†¦and development. The cellar was ful of †something. A few things. Elena looked down at her lower leg and was shocked to see a massive slimy parasite that appeared to have crept out of the root cel ar. Or if nothing else a slimy parasite was the primary thing she could consider to contrast it with †perhaps it was a headless slug. It was translucent and dark and about a foot long, however very fat for her to have put a hand around it. It appeared to have two different ways of moving, one by the natural hunch-and-fix strategy and the other by basically adhering to different parasites, which were detonating up over Elena's head like a repulsive wellspring. Elena gazed upward and wished she hadn't. There was a cobra waving over them, out of the root cel ar and into the kitchen. It was a cobra made of dark translucent slimy parasites stayed together, and now and then one would fal off and land among the gathering and there would be a cry. In the event that Bonnie had been with them, she would have shouted until the wineglasses in the organizers broke, Elena thought uncontrollably. Meredith was attempting to assault the cobra with the fight and venture into her pants pocket for Post-it Notes simultaneously. â€Å"I'l get the notes,†Elena wheezed, and wriggled her hand into Meredith's pocket. Her fingers shut on a smal pile of cards and she pulled it out triumphantly. Simply then the principal sparkling fat slimy parasite fel on her exposed skin. She needed to shout with torment as its little feet or teeth or suckers †whatever kept it appended to her †consumed and stung. She pul ed a meager card from the parcel, which was not a Post-it Note but rather a similar special necklace on a smal rather unstable note card, and slapped it on the slimy parasite like thing. Nothing occurred. Meredith was pushing the fight into the center of the cobra now. Elena saw one more of the animals fal nearly onto her improved face and figured out how to dismiss with the goal that it hit her col ar. She attempted another card from the stack and when it just glided away †the slimy parasites looked gooey yet weren't †she gave a basic shout and tore with two hands at the revolting things appended to her. They gave way, leaving her skin secured with red imprints and her T-shirt torn at the shoulder. â€Å"The ornaments aren't working,†she yel ed to Meredith. Meredith was genuine y remaining under the influencing, hooded leader of the slimy parasite cobra, cutting and wounding as though to arrive at the inside. Her voice was muted. â€Å"Not enough talismans at any rate! Such a large number of these grubs. You would do well to run.† A moment later Stefan yelled, â€Å"Everybody escape from here! There's something strong in there!† â€Å"That's what I'm attempting to get!†Meredith yelled back. Frantical y, Matt yel ed, â€Å"Where's Misao?† The last time Elena had seen her she had been plunging into the squirming mass of portioned haziness. â€Å"Gone,†she yelled back. â€Å"Where's Mrs. Flowers?† â€Å"In the kitchen,†said a voice behind her. Elena looked back and saw the elderly person pul ing down herbs with two hands. â€Å"Okay,†Stefan yelled. â€Å"Everybody, make a couple of strides back. I'm going to hit it with Power. Do it †now!† His voice resembled a whiplash. Everybody ventured back, even Meredith who had been testing the snake with her fight. Stefan twisted his hand around nothingness, around air, and it went to shimmering, twirling brilliant vitality. He tossed it point-clear into the cobra made of worms. There was a blast, and afterward out of nowhere it was coming down worms. Elena had her teeth bolted in order to shield herself from shouting. The oval translucent assemblages of the slimy parasites tore open on the kitchen floor like overripe plums, or, in all likelihood skiped. When Elena challenged turn upward again she saw a dark stain on the roof. Underneath it, grinning, was Shinichi. Meredith, lightning brisk, attempted to get the fight through him. Be that as it may, Shinichi was quicker, inclining out of her way, and out of the following push, and the following. â€Å"You humans,†he said. â€Å"Al the equivalent. Al idiotic. At the point when Midnight last y comes you'l perceive how inept you were.†He said â€Å"Midnight†as on the off chance that he were stating â€Å"the Apocalypse.† â€Å"We were sufficiently shrewd to find that you weren't Stefan,†Matt said from behind Shinichi. Shinichi rol ed his eyes. â€Å"And to place me into a little room roofed with wood. You can't recollect that kitsune control al plants and trees? The wal s are al ful of malach grubs at this point, you know. Altogether infested.†His eyes glinted †and he looked in reverse, Elena saw, looking toward the open entryway of the root cel ar. Her dread took off, and simultaneously Stefan yelled, â€Å"Get out of here! Out of the house! Go to some place safe!† Elena and Meredith gazed at one another, incapacitated. They were on various groups, however they couldn't appear to relinquish one another. At that point Meredith woke up and went to the rear of the kitchen to support Mrs. Blossoms. Matt was at that point there, doing likewise. And afterward Elena wound up deeply inspired and moving quick. Stefan had her and was running toward the front entryway. Remotely, she heard Shinichi yell, â€Å"Bring me back their bones!† One of the slimy parasites that Elena batted off the beaten path burst its skin and Elena saw something slithering out. These genuine y were malach, she understood. Smal er versions of the one that had swal owed Matt's arm and left those long, profound scratches when he pul ed it out once more. She

Analysis of Cadburys Essay -- Business Management Companies Essays

Investigation of Cadbury's Foundation to business The Cadbury’s organization began producing chocolate in Birmingham in 1824. It was set up by Mr. John Cadbury. In the year 1847 the organization changed when John and his sibling Benjamin became accomplices and the organization got known as the Cadbury Brothers of Birmingham. A year later the retail side of the business, which was dispensed in Bull Road was passed to nephew, Richard Cadbury Barrow. In February 1854 the organization got their first Royal warrant as ‘manufacturers of cocoa and chocolate to Queen Victoria. The organization despite everything holds the illustrious warrants of arrangement. In 1861 both Richard and George Cadbury assumed control over the business when their dad resigned. The Cadbury siblings were disappointed with the nature of cocoa items that were being delivered by makers counting their own, consequently the siblings wished to improve the nature of Cadbury cocoa items as to push the business to endure and flourish. The sibling visited to the Van Houten Factory in Holland, after the visited the Cadbury siblings, began utilizing another preparing method. The Cadbury siblings presented this new procedure for squeezing cocoa margarine from cocoa beans, the procedure made a more satisfactory cocoa quintessence. The organization stayed in Birmingham for a long time and by then the production line had gotten unreasonably little for the specialist power. The siblings concluded that they needed to move the processing plant to bigger premises. The wellspring of the statement beneath is cadburys.co.uk site. For what reason should a modern territory be dirty and discouraging? Both siblings inquired. For what reason ought not the modern laborer appreciate nation air and occupations without being isolated from his work? On the off chance that the nation is a decent spot to live in, why not to work in? In 1878 the organization was move to Bournville. After the demise of Richard Cadbury in 1899, the Cadbury business turned into a private restricted organization: Cadbury Brothers Limited. George Cadbury turned into the Chairman of the Company’s new Board. Different executives were Barrow and William A. Cadbury (children of Richard) and George’s own two children, Edward also, George Cadbury Junior. The Bournville industrial facility site turned into a 'progression of processing plants inside a industrial facility', as everything required for the business was delivered nearby, with tin box squeezing plants, container making units, a structure studio and pri... ...ain quality to their chocolate. Cost Cadburys value their items seriously with their rivals. Cadburys items can be found in most neighborhood corner shops, Cadburys chocolates are cost at a similar cost as their rival: Model; Cadbury entire nut would cost 35 pence, while a Mars bar and World bar could likewise cost 35 pence. Spot Cadbury sells anyplace where there is an interest for their items, uncommon if there numerous clients that need to purchase their items. Cadbury would offer their items to shops (business) that manages drinks and candy store like (Iceland, Sainsbury, Kwick Save, Tesco, Asda, Safeway) and furthermore in post workplaces and newsagents and in candy machines. Advancement Through Cadburys limited time exercises it tends to be unmistakably observed that they have been guided by their limited time and advertising destinations of amplifying profit† and furthermore â€Å"to increment the sales†. Accomplishment of these destinations empowers the business to meet the business destinations of being â€Å"Number one item in a given market†. Cadburys Company are the main dealer of chocolate confectionary item available, in the Europe and around the world. Investigation of Cadbury's Essay - Business Management Companies Essays Investigation of Cadbury's Foundation to business The Cadbury’s organization began producing chocolate in Birmingham in 1824. It was set up by Mr. John Cadbury. In the year 1847 the organization changed when John and his sibling Benjamin became accomplices and the organization got known as the Cadbury Brothers of Birmingham. A year later the retail side of the business, which was designated in Bull Road was passed to nephew, Richard Cadbury Barrow. In February 1854 the organization got their first Royal warrant as ‘manufacturers of cocoa and chocolate to Queen Victoria. The organization despite everything holds the regal warrants of arrangement. In 1861 both Richard and George Cadbury assumed control over the business when their dad resigned. The Cadbury siblings were disappointed with the nature of cocoa items that were being created by producers counting their own, thus the siblings wished to improve the nature of Cadbury cocoa items as to push the business to endure and thrive. The sibling visited to the Van Houten Factory in Holland, after the visited the Cadbury siblings, began utilizing another handling procedure. The Cadbury siblings presented this new procedure for squeezing cocoa margarine from cocoa beans, the procedure made a more agreeable cocoa substance. The organization stayed in Birmingham for a long time and by then the plant had gotten unreasonably little for the laborer power. The siblings concluded that they needed to move the industrial facility to bigger premises. The wellspring of the statement underneath is cadburys.co.uk site. For what reason should a mechanical territory be foul and discouraging? Both siblings inquired. For what reason ought not the mechanical specialist appreciate nation air and occupations without being isolated from his work? In the event that the nation is a decent spot to live in, why not to work in? In 1878 the organization was move to Bournville. After the demise of Richard Cadbury in 1899, the Cadbury business turned into a private restricted organization: Cadbury Brothers Limited. George Cadbury turned into the Chairman of the Company’s new Board. Different executives were Barrow and William A. Cadbury (children of Richard) and George’s own two children, Edward what's more, George Cadbury Junior. The Bournville production line site turned into a 'progression of processing plants inside a production line', as everything required for the business was delivered nearby, with tin box squeezing plants, container making units, a structure studio and pri... ...ain quality to their chocolate. Cost Cadburys value their items seriously with their rivals. Cadburys items can be found in most neighborhood corner shops, Cadburys chocolates are cost at a similar cost as their rival: Model; Cadbury entire nut would cost 35 pence, while a Mars bar and System bar could likewise cost 35 pence. Spot Cadbury sells anyplace where there is an interest for their items, extraordinary if there numerous clients that need to purchase their items. Cadbury would offer their items to shops (business) that manages drinks and ice cream parlor like (Iceland, Sainsbury, Kwick Save, Tesco, Asda, Safeway) and furthermore in post workplaces and newsagents and in candy machines. Advancement Through Cadburys special exercises it very well may be obviously observed that they have been guided by their limited time and advertising goals of augmenting profit† and furthermore â€Å"to increment the sales†. Accomplishment of these targets empowers the business to meet the business targets of being â€Å"Number one item in a given market†. Cadburys Company are the main dealer of chocolate confectionary item available, in the Europe and around the world.

Corporate Performance Of Malaysian Public Listed Companies - Free Essay Example

1.0 Introduction and motivation of study The issues of ownership and corporate governance have been discussed broadly in the prior literature especially in developed markets. However, in emerging economies like Malaysia, the issues received a vigorous impetus when the Asian Financial Crisis (AFC) hit Malaysia with severity in 1997/98. The AFC had depressed the economy to negative 7.5% in 1998, around 84,000 people lost their job and Malaysian capital market lost estimated USD200 billion in term of market capitalization during the crisis (Series of Malaysia Economic Reports). At the same time, the value of Malaysian currency had been decrease dramatically from 2.52 ringgit to the US dollar in June, 1997 to a lowest of 4.50 ringgit to the US dollar in January, 1998 (Tourres, 2003), plunging the country into its first recession for many years. Weak financial systems, excessive foreign borrowing and lack of transparency were among factors that contributed to the crisis (Fischer, 1998). Following the AFC, the Malaysian government introduced several reform measures to enhance transparency and accountability to restoring market confidence and encourage more stable and long term international investment. Example of these are the establishment of the Malaysian Institute of Corporate Governance (MICG) in 1998, the introduction of Malaysian Code of Corporate Governance (MCCG) in March 2000[1]which codified the principles and best practices of good governance and the launched of Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Capital Market Master Plan in 2002 as a comprehensive plan that identifies the strategic positioning and future of the Malaysian capital market. The Minority Shareholders Watchdog GROUP (MSWG) was also setup in 2001 as respond to the AFC. This study focuses on Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital market mainly because of the confidence shown by the international business community concerning investments in Malaysia especially after the economy has fully recovered from the AFC. Based on The Productivity and Investment Climate Survey, World Bank 2009, which reports firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ perceptions of the business environment, suggests that Malaysia is a relatively attractive place for investors. Meanwhile, Report on Doing Business 2010 ranked Malaysia 23rd out of 183 economies for à ¢Ã¢â€š ¬Ã…“ease of doing businessà ¢Ã¢â€š ¬? and recently the World Competitiveness Scoreboard 2010 placed Malaysia 10th of the most competitive economy in the world, up from 18th place in the previous year. The achievement of Malaysia economy to date partly contributing through the active roles plays by the government-linked companies (GLCs) that form the backbone of the structure of the Malaysian economy. GLCs and their controlling shareholders, government-linked investment companies (GLICs), constitute a significant part of the economic structure of Malaysia. GLCs employ an estimated 5% of the national workforce, account for approximately 49% of market capitalization (Ringgit Malaysia 235.5 billion) of Bursa Malaysia Securities, contributes about 17 percent of the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s gross fixed capital formation and account for almost 10 percent of Gross Domestic Product (Malaysia Economic Report, 2009/2010). More than that, GLCs also plays an important role in executing government policies and initiatives especially in key sectors and new growth sectors. Even with active divestment and privatization, GLCs remained as the main service providers to the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s key strategic utilities and services including electricity, telecommunications, airlines, airports, public transportations, banking and financial services. On top of that, GLCs also on forefront in implementing recommendations of the best practices affirmed in Malaysian Code of Corporate Governance for Malaysian Public Listed Companies (Corporate Governance Survey Report, 2008). In the meantime, Corporate Governance Watch 2007, an annual collaborative study of corporate governance landscape of Asian market undertaken by independent stockbroker CLSA Asia Pacific Markets and the Asian Corporate Governance Association noted general improvement at the GLCs, a function of GLCs reforms and greater openness. Finally, the research on GLCs performance in Malaysia is also very important in order to investigate the real achievement of GLCs Transformation Program, the special program that was launched in May 2004 by Malaysian government to improve the performance of GLCs. Recently, the total shareholder return of a selection of top 20 GLCs, has outperformed the benchmark index of Kuala Lumpur Composite Index (KLCI) by a compounded annual growth rat e of 2.4 percent since the launch of the program (Business Times, 2009). Motivate by the above reason, part of this study attempts to examine whether or not government ownership lead to better company performance by focusing on the unique characteristics of government ownership in GLCs. The research is an attempt to extend the literature in this field and to provide new insight and understanding on the roles of state in emerging market considering the limited number of research in this area. Hence, the first part of this study attempts to answer the following primary research question: Is there any significant relationship between ownership structure of government- linked companies in Malaysia and firm value? 2.0 Theoretical Foundations of the Study There are number of different theoretical frameworks to explain and analyze corporate governance. Difference frameworks approaches corporate governance in different way, for example; the agency theory arises from the fields of finance and economics and the stakeholder theory arises from social-orientated perspective on corporate governance. According to Mallin (2010, p.14), the main theories that have affected the development of corporate governance are agency theory, transaction cost economics, stakeholder theory and stewardship theory. All these theory from difference disciplines have contributed to the development of theoretical aspects of corporate governance and its frameworks. However, the main theory that generally associated with ownership of the firm is agency theory that widely used in previous researches around the world. Theoretical and empirical researches on the relationship between ownership and firm value was originally motivated by the separation of ownership from control (Berle Means, 1932) and more recently, by agency theory (Jensen Meckling, 1976; Fama Jensen, 1983). In this theory, the basic assumption is that the goals and objectives of the principals (owners) and managers (agents) conflict. The central problem in corporate governance is to construct rules and incentive to effectively align the behavior of managers with the desires of principals (Hawley and Williams, 1996). The problem of agents being responsible to principals is that it compounds the agency costs identified by Jensen and Meckling (1976) with the basic assumption is that managers will act opportunistically to further their own interests before shareholders and one of the main reasons that the desired actions of principal and agent diverge is their different attitude towards risk (Shankman, 1999). Under the circumstances, in Malaysia where there is a high concentration of government ownership in firms (Tam and Tan, 2007) and high percentage of firms affiliated to government (La Porta et al., 1999), the government ownership actually has capacity to provide a control mechanisms to align management personal objectives with firm objectives and eventually increase the firm value. Parts of GLCs in Malaysia are privatized firms during Malaysian Privatization Policy in 1990s. Hence, the firms always related to political variables and in that stance the political view of GLCs conceive that the high level of government interferences resulted of inefficiency to the firm rather than facilitate the operation. 3.0 Literature Review and Research Gaps In Malaysia context, GLCs are defined as companies that have a primary commercial objective and in which the Malaysian government has a direct controlling stake via the GLICs. The GLICs are investment arms of the government that allocate government funds to the GLCs (Putrajaya Committee on GLC High Performance, 2004; Lau and Tong, 2008). Meanwhile, the controlling stake here refers to the governments ability (not just percentage ownership) to appoint board members, senior management and/or make major decisions. The Ministry of Finance (1993) classify GLCs as one in which the Malaysian government had an effective ownership interest of at least 20 percent of equity shares. Twenty percent voting rights in one particular company is considered to be sufficient for effective control and is employed in previous studies on ownership (La Porta et al.,1999; Faccio et.al., 2001 and Setia-Atmaja, 2009). Majority of GLCs under the federal government are under Khazanah Nasional Berhad, one of the most active GLICs in Malaysia[2]. Empirical studies on the relationship between government ownership and firm performance on the whole produced inconclusive results. Study by Ang and Ding (2005) on the relationship between ownership structure of Singaporean GLCs and performance found that GLCs exhibit higher valuations than those of the non-GLCs. In a related study, Ke and Issac (2007) report that governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s shareholding is positively related to corporate performance of Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s listed property companies, suggested that the economy sector is matter in the country. The findings however inconsistent with other empirical studies on the government ownership in China where in overall found the negative relationship between these two variables. For example, Sun and Tong (2003); McGuiness and Ferguson (2005); Gunasekarage, Xu and Wang (1999) and Li, Sun and Zou (2009) find that on average, the firms performance is negatively influenced by the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ownership. Research in Malaysia on the relationship between government ownership and performance is lacking and also show mixed findings. Recently, Lau and Tong (2008) conducted a research on the impact of government intervention on firm value by employed 15 listed GLCs under Khazanah Nasional Berhad from year 2000 to 2005 (90 firm-year observations). They reveal a significant positive relationship between the degree of government ownership and firm value. However, this study has shortcomings as the selected data sets of 15 GLCs a year under Khazanah Nasional Berhad are too small and not robust enough to represent the overall GLCs performance. In fact, there are many more listed GLCs under the controlled of federal government GLICs[3]as well as GLCs under the state government jurisdiction. This research aims to address this issue by providing in-depth examinations and comprehensive study on all GLCs both at federal and state level. In a related study in Malaysia, Tam and Tan (2007) find that the performance of firms associated to government ownership is poor compared to others ownership types namely; individual-owned firms, foreign-owned firms and trust fund-owned firms. The study involved the top 150 listed companies on Bursa Malaysia Securities based on their ranking according to their market capitalization in 2000. The similar results also found in research by Ming and Gee (2008); and Chu and Cheah (2006) that show the negative relationship between government ownership and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s corporate performance. However, those studies also have limitations as they fail to properly identify the unique characteristics of GLCs ownership in Malaysia. In their studies, they group together all types of GLCs in one group in an attempt to find its relationship to performance without addressing issues of (i) the different type of GLCs controlled by federal government and GLCs controlled by states government an d (ii) the different type of shares in GLCs. With regard to the first issue, distinctions should be made between GLCs controlled by federal government (GLCFGs) and those controlled by state governments (GLCSGs) predominantly because they are difference in aspects of monitoring by federal government machineries and GLICs. GLCFGs subjected to strict supervision and monitoring not only by its GLICs but by ministries concerned under federal government. For example, Tenaga Nasional Berhad, a GLCFG is the largest electric utility company in Malaysia with one governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and majority of it ordinary shares owned by Khazanah Nasional Berhad . The Ministry of Finance responsible to the issues pertaining to the corporate matters of the company such as the approval entity for appointment of CEO/board of directors, their contract extension or termination, company performance etc. The selection of company chairman or CEO is carefully chosen based on their capability and suitability to head the organization. In the meantime, matters pertaining to policy such as approval for electric tariff increment and monitoring of company obeying to energy policy of Malaysia are under the responsibility of Ministry of Energy, Green Technology and Water as a guardian ministry. In addition, National Audit Department also conducting an annual auditing or special auditing to this company to be reported in Auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s General Report that eventually to be presented in Parliament. Furthermore, Public Accounts Committee, a committee under Parliament also have right to investigate whatever issues surrounding the company such as mismanagement or issues highlighted in Auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s General Report. With all these stringent monitoring systems, the GLCFGs are more cautious in their actions and eventually lead to good corporate performance in the long run. On the other hand, the extent of monitoring and supervision of GLCSGs by respective state governments is weaker. All issues pertaining GLCSGs are to be monitor and solve by State Economic Development Corporation (SEDC), a controlling agency cum main shareholder of GLCSGs. As contended in Agency Theory, lack of monitoring efforts will increase the agency costs that eventually lead to poor firm performance. Furthermore, GLICs at federal government have more systematically systems and incentives in monitoring and improve its GLCs performance compared to its counterpart in state government. For example is the establishment of a special program aims to transform GLCs to high performers entity called GLCs Transformation Program (GTP) that was launched in May 2004. Under this program, 20 larger GLCs (G-20) that controlled by different federal government GLICs has been selected to be transformed into high performance entity and become regional or global champions. Since the launch the programme, G-20 have made significant improvement especially on their financial aspects with operating cash flow for non-financial G-20 firms grew by 42% from RM14 billion in 2004 to RM20 billion in 2008. At the same time, aggregate earnings for 2008 also 53% higher compared to performance in 2004 and total shareholder returns has outperformed the benchmark index of Kuala Lumpur Composite Index (KLCI) by a compo unded annual growth rate of 4.8% since the launch of the program (GTP Mid-Term Progress Review, 2009). With regard to this issue, based on above motivations the current study argue that the performance of listed GLCs controlled by federal government are better than it counterparts under the controlled of state government. On the second issue, previous studies with concerned to government ownership and performance have ignored the very important characteristic of GLCs in Malaysia which is GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s one special share or golden share. As a background, to stimulate economic growth and reduce Government financial burden, privatization policy was introduced in 1983 and a lot of government entities as well as hundreds of government projects had been implemented by private sector. From 1983 until 2003, 474 projects and 457 government entities had been privatized from 1983 until 2005 involving assets sale of RM1.54 billion and equity sales of RM4.94 billion (Economic Planning Unit, Prime Minister Department). Various type of privatization such as sale, leased, management contract and build-lease-transfer have been used. However, in some strategic entities such as ports, main utilities provider (e.g. Tenaga Nasional Berhad) and national carrier (Malaysian Airlines Systems Berhad), Malaysian government directly retained one special share or well known as golden share on top of ordinary shares that possess by GLICs on behalf of the government. In this type of GLCs, the degree of Government interference is excessively. The golden share grant government not only right to control companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s direction including the appointment/dismissal of Chairman, Board member, CEO and senior management but also make major decisions such as restructuring exercise, mergers and acquisition, assets disposal and even cancel whatever decision make by the firms for the interest of government[5]by the government in 2001 with cost closed to Ringgit Malaysia one billion (Jalleh M., 2005) was a good example of how this type of GLCs being protected by the government. Another prominent case was the bailout of national car company Perusahaan Otomobil Nasional or Proton by state-owned oil company, Petroliam Nasional Berhad (known as Petronas) during the AFC through cash injecte d by instruction of the government (Restall, 2000). Based on the arguments, the present study believed that, this type of firms should be treated separately from other normal GLCs to moderate the impact of government interventions. By group them together into one group of GLCs as carried out by previous studies in Malaysia is inappropriate and may have distorted their studies result. This research basically will address both of these issue by differentiate all GLCs in Malaysia into groups according to their controlling agency at federal or state level and also based on their type of shares to observe their impact to firms corporate performance. This study expected to form a distinctive contribution to the knowledge and provide new facts on some elements of the government ownership in emerging economies by providing in-depth analysis on the issue. To the best of my knowledge, no particular researcher so far focuses on examining government ownership and firm value by make use of these proposed approaches. In addition to that, others variable that related to government ownership such as the role of politicians, government official and ex- government officials as board members in GLCs and also the influence of degree of government ownership in GLCs will also be tested. 4.0 Hypotheses development This present study ultimately intended to test for any association between ownership structures of GLCs and firm value. A total of seven aspects have been identified and the hypotheses developed as to their probable effect and firm performance. 4.1 GLCs under federal and state government and firm performance There were not studies specifically relate this variable with performance in Malaysia, but study by Chen, Firth and Xu (2009) on Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s listed company revealed that the performance of State Owned Enterprises (SOEs) affiliated to central government or in Malaysian context is federal government is outperformed their counterpart which are related to state and local government. They also argued that different form of government ownership have different motivation and objectives on investment and it lead to different performance outcomes for the companies they have invested in. According to Loh (2008), the Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitutional design clearly favors the federal over the state governments, both in term of legislative jurisdictions as well as in terms of revenue assignments. Based on this argument and motivations on the effectiveness of monitoring systems by federal government as discussed in 3.0, the proposed hypothesis is: H1: The impact of GLCs controlled by federal government on firm performance is stronger than GLCs controlled by states government 4.2 GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and firm performance As explained in Section 3.0 above, governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share providing the government will unlimited power to control company directions and sometimes lead to misallocation of resources by the companies itself or by the government in order to assist them. The holding agency of this share is Ministry of Finance Incorporated, the entity under Ministry of Finance, Malaysia.  Although there is no empirical study so far that investigate the relationship between governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and performance in Malaysia, but study by Sun, Tong H.S, and Tong (2002) from Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s privatization experience shows that too much government interference and control of state-owned enterprises (SOEs) was among the reasons of SOEs poor performance. Another argument is that, as of the perspective of minority shareholders, too much intervention from government will jeopardize the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s development and resulted poor performance in the long run. Hence, this type of company is not attractive for investors. Therefore, it is hypothesized that: H2: The impact of GLCs without governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share on firm performance is stronger than GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share 4.3 Degree of government ownership and firm performance Like many others East Asian countries, Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s corporate sector also experiencing a high level of ownership concentration (Liew, 2007; La Porta et al., 1998). Gunasekarage et. al (2006) in their study on influence of the degree of state ownership on the performance of listed Chinese companies conclude that firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance is significant at high levels of government ownership and a balanced ownership structure enhances the firm performance. Study by Ke and D.Isaac (2007) in China listed property companies from 2000 to 2002 also reveals that the government shareholding is positively related to corporate performance. In Malaysia context, Lau and Tong (2008) in their study of 15 listed GLCs in Bursa Malaysia for the period of 2000 to 2005 find a significant positive relationship between the degree of government ownership[6]and firm value. However, this study has limitation in term of selected data sets as laid out in Section 3.0. Therefore the vari able will be re-testing with more comprehensive data sets in order to have more concrete and robust evidence on the influence of this variable to firm performance. In line with agency theory that concentrated ownership in more effective in reducing managerial agency cost, the proposed hypotheses are: H3: There is a significant relationship between governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ownership degree in GLCs and firm performance 4.4 Politicians as director and firm performance GLCs traditionally has some of its boards of directors that had affiliations with the ruling party especially those GLCs that previously under government control and later on involved in privatization. Johnson and Mitton (2003) noted that as of October 1999, 15.8% or 67 out of 424 firms listed on the Main Board of Bursa Malaysia Securities are politically connected to the ruling party. Empirical evidence on the association between politicians as director and its impact to firm value is inconclusive. Study by Xu, Zhu and Lin (2005) on state owned enterprises in China revealed that politicians have incentives to control the firms to achieve economically inefficient objectives for political purposes. In a related study, Shleifer and Vishny (1994) exposed that excess employment and wages are common in public enterprise that control by politicians. This unhealthy phenomenon could lead to wrong managerial investment decisions and result in misallocation of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s resour ces that eventually reduce the firm value. Boubakri, Cosset and Saffar (2008) investigate the association between political connections of newly privatized firms and the impact to performance. The study involved 245 privatized firms in 27 developing and 14 industrialized countries and the existence of political connections is based on whether the particular firms have a politician or an ex-politician on their boards. They find that the politically-connected firms exhibit a poor performance compared to their non-connected counterparts. The similar result also found in Fan et. al (2007). Meanwhile, Fisman (2001) in his study in Indonesia and Faccio (2006) in analysis of 47 countries find a significant relationship between these two variables. In the context of Malaysia where business and politics are inter-related (Gomez and Jomo, 1997) indicated that, participation of politicians in GLCs might have effects on firm value as they act as a link between the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s and companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s management. Therefore, it is hypothesized that, H4: There is a significant relationship between politician as director and firm performance 4.5 Government officials as board member in GLCs and firm performance GLCs are created partly to implement government policy objectives especially those established as a result of privatization exercises in the early eighties. Hence, most of their board of directors are civil servants either still in-service or formal government officials that act as à ¢Ã¢â€š ¬Ã…“eyes and earà ¢Ã¢â€š ¬? of government as well as communication bridge between the management and the government. Agrawal and Knoeber (2001) in their study found that the politically experience directors that comprises former government officials benefits the company they served and noted that they are more prevalent in firms compare to others outside directors. In a related study in Singapore that involved 25 GLCs and 204 non-GLCs for the period from 1990 to 2000, Ang and Ding (2006) found that GLCs exhibit higher valuations than those of the non-GLCs in the area of profitability, efficiency and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance. Like Malaysian GLCs, Singapore GLCs also compris es government officials in their board. At such, it is hypothesized that, H5: There is a significant relationship between in service government official as director and firm performance H6: There is a significant relationship between former government official as director and firm performance 5.0 Research design and methodology 5.1 Data and sample design The first model in this research is designed to examine the impact of ownership structure on corporate performance of all GLCs listed on the main board of Bursa Malaysia Securities for the period of five years (2004 until 2008). To ensure that the sample clearly represented the population intended for the research and to harmonious the selected sample to the GLCs definition, the sample selection is based on the following criteria: At any time, one specific GLICs either at federal or states government level must be the single largest shareholder with at least 20% share ownership in one particular company on Main Board of KLSE and; The financial and unit trust companies are excluded as they are governed by different set of rules and acts that could affect the end findings of this study. In addition, all required financial data for the study period are to be available in databases (Datastream or Thomson Research) and information on ownership and corporate governance structure from companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ respective audited annual report. The study constructs an unbalanced panel data of all GLCs during the study period. This approach has the advantage of attrition biases in correlation (Hu and Izumida, 2008). The observations period of 2004 to 2008 is chosen mainly because the period was the phase of economic stability in Malaysia when the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy and capitals market activities fully recovered after the Asian Financial Crisis. The performance chart in Figure 2 below reveals that prior to AFC, the Kuala Lumpur Composite Index (KLCI) in average has been trading in an upward trend. However, the AFC push down the KLCI to below 600 during the peak of the crisis. The post-crisis period has seen steady increase in the value of the KLCI even though until 2006 Bursa Malaysia Securities still has some 200 companies trading at more than 50 percent discount to their book values (James, 2006). Another reason for the chosen period is to evaluate the impact of GLCs Transformation Program that launch in May 2004 by Malaysian government to improve performance of GLCs. Figure 2: Kuala Lumpur Composite Index Yearly Performance 1989 to 2008 0 200 400 600 800 1000 1200 1400 1600 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year Price Crisis Period Post Crisis Period Market Rally Period Source: Datastream 5.2 Methodology 5.2.1 The proposed model The following base model will be used to test the hypotheses that have been defined in the previous section: PERFORM = ÃŽÂ ± + ÃŽÂ ²1FG_GLC + ÃŽÂ ²2SG_GLC + ÃŽÂ ²3GOLD + ÃŽÂ ²4GOV_OWN + ÃŽÂ ²5POL + ÃŽÂ ²6GO_BOD + ÃŽÂ ²7EX-GO_BOD + ÃŽÂ ²8LOG_SIZE + ÃŽÂ ²9LEV + ÃŽÂ ²10BOD_SIZE + ÃŽÂ ²11BOD_MEET + ÃŽÂ ²12BOD_IND + ÃŽÂ µi Where; PERFORM = the dependent variables: proxy by ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q; Independent variables: FG_GLC = GLCs under federal government (equal to 1 if a firm is under federal government, and 0 otherwise) SG_GLC = GLCs under state government (equal to 1 if a firm is under states government, and 0 otherwise) GOLD = GLCs which government owned one golden share (equal to 1 if a firm has governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share, and 0 otherwise) GOV_OWN = captures the percentage of government ownership in a GLC POL = captures the percentage of politician on the board GO_BOD = captures the percentage of government official in-service on the board EX-GO_BOD = captures the percentage of ex-government official on the board Control variables: LOG_SIZE = natural log of total assets as proxy of firm size LEV = firm leverage (total liabilities to total assets) BOD_SIZE = number of board of directors during the year BOD_MEET = number of board of directors meetings during the year BOD_IND = captures the percentage of independent directors on the board ÃŽÂ µi = error term 5.2.2 Operationalization of variable selection 5.2.2.1 The dependent variable The dependent variable in this study is firm performance that comprises accounting and market based performance namely return on assets (ROA)[8]and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. They are to be employed in this study to measure the impact of ownership structure on corporate performance. The accounting-based performance is the most common types of performance measurement in assessing business performance. In this approach, annual report, which comprises income statements, balance sheets and statements of changes in financial position are the source of information to analyze companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance for one particular financial year. This approach is very important for companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s stakeholders such as potential investors since the indicator can help them in making investment decisions. It also vital in helping the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s shareholders to assess how well the company performed in market place in order to make decisions on management and employees rewards, setting suitable plans to sustain the good momentum or even take drastic approaches for company to remain in business. The accounting-based performance also helps manager to effectively plan and control in order to achieve the objectives of the company. For example, according to Thompson Yeung (2001), return on equity as one of the accounting-based measurements can accommodate the effect of different accounting procedures across industries and can minimize the multi-linearity between companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s specific characteristics such as size, age and profitability. Both ROA and ROE are the most common measurement used in analyzing financial performance of companies and have been used widely in previous studies (Vafeas,1999; Abdullah,2004; Bhagat Black, 2002; Rahman Haniffa 2006; Ang Ding, 2006; Bhagat Bolton; 2008 and Chu, 2009). Since accounting-based performance measures the past and current performance of the firm, market-based performance, in addition to that, captures the expected future performance of the firm (Omran, 2009). Therefore, this study will use Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q as proxy for firm market value. The actual definition of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q is market value of the firm divided by replacement cost of assets. However, since the information of replacement cost of assets is difficult to calculate and not available in Malaysia, the current study will make use of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q calculation formula by Elsayed and Paton (2005)[9]. Based on previous studies, in the last ten years (1999-2009), at least 33 empirical researches have been conducted on the issues of ownership structure and corporate governance structure in developed countries and emerging economies. 21 percent of the researches used accounting based measurement, 24 percent used market based measurement and the rest 55 percent researches used both the accounting and market-based ratio as the performance measures with ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q are the most popular variables for performance measurement. 5.2.2 The independent variable This study defines GLCs as a firm that government owned at least twenty percent shareholdings and it also has the controlling stake in the company as discussed earlier. In the model, GLCs will be break-up into two main category using dummy variable with a value of one (1) if the GLCs under federal government and zero (0) otherwise. Following it, to test the impact of firms with a golden share, value of 1 is given if the GLC has golden share and 0 otherwise. Then, the impact of degree of shareholdings (GOV_OWN), the influence of politician on the board (POL), the impact of government official in-service (GO_BOD) and ex-government official (EX-GO_BOD) as board members will also be tested based on several statistic techniques. 5.2.3 The control variables In addition to the dependent and independent variables, several control variables that might significantly in explaining the positive relationship between ownership structure and firm performance are incorporated in the model. Natural log of total assets will be used as proxy of firm size that controls for differences in firm size. In general, larger firms perform better than smaller firms as a result of their access to resources and larger economies of scale. Leverage also an important factor that determine the performance of firm because high leverage provided firms with investment opportunities and big capital expenditure that eventually contribute to better performance. These variables also used widely in previous researches on ownership such as by Jackling and Johl (2009), Ivengar and Zampeli (2009) and Demsetz Villalonga (2001). Finally, to moderate and limit the endogeneity problem, several control variables that related to corporate governance structure namely number of boar d member during the year, board meeting frequency and the percentage of independent directors on the board will be utilized. These control variables have been used extensively in previous researches such as by Ivengar Zampeli (2009), Marimuthu, M. Kolandaisamy (2009), Elsayed (2007), Bhagat Black (2002) and Vafeas (1999). 5.2.1 Statistic test method To test the model in main equation above, the research design for this study is based on an ordinary least squares (OLS) regressions and two-stage square regression (2SLS) with dependant variables of ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. Obviously, the first empirical in this study will involved regression for three models that based on different dependant variable respectively. The more powerful statistical testing technique such as structural equation modeling (SEM) and the use of instrumental variable will be considered to have more precise findings as well as to resolve the problem of endogeniety. 6.0 Framework for second empirical The second empirical in this research aims to examine the impact of corporate governance structure on corporate performance. Top one hundred (top 100) companies on the main board of KLSE that based on market capitalization for the year between 2004 until 2008 will be used as sample. Similar to the first empirical, firm performance of ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q will be employed as dependent variables. Meanwhile, corporate governance structures of the sample that involve board of directors and audit committee characteristics will be chosen meticulously as independent variables to ensure the findings will benefit all interested parties such as shareholders and regulators as well as to contribute to the new knowledge on corporate governance area in the context of emerging market. It is quite interesting to explore whether the introduction of Malaysian Code on Corporate Governance in March 2000 and the revised version of the code in 2007 as well as various governance initiati ves to improve the capital market by the regulators (Bursa Malaysia Securities and Securities Commission Malaysia) truly effect firms bottom-line which is good financial performance. 7.0 Outline of proposed thesis chapters Thesis chapters Proposed Outline Chapter 1 Introduction (10000 words) This introductory chapter discusses area of: Background and motivation of the study Statement of the problem à ¢Ã¢â€š ¬Ã¢â‚¬Å" GLCs ownership structure and CG structure of PLCs; Objectives and research questions/research gaps; Significance and contribution of the study; Scope of the study; and Organization of the thesis Chapter 2 Corporate governance development in Malaysia (10000 words) This chapter examines the development of CG in Malaysia by focuses on the post Asian Financial Crisis period when the development of CG was hit the highest point. In addition, topic related to GLCs and PLCs as a whole will also be highlighted. Among issues to be discussed are: The evolvement and environment of corporate governance in Malaysia; CG framework in Malaysia à ¢Ã¢â€š ¬Ã¢â‚¬Å" Malaysian Code on CG (2000 revised 2007), Listing Requirements of KLSE, legislative framework of the Malaysian capital market etc; The review of CG implementation in Malaysia; Definition, background, formation, issues and contributions of GLCs in Malaysia; and Malaysian capital market and PLCs Chapter 3 Literature review (15000 words) This chapter intended to review and examine the existing literature as well as empirical evidence on the relationship between (i) government ownership structure and firm performance; and (ii) corporate governance structure and firm performance. Among subject to be covered are: Definition, frameworks and the linkages between CG and performance; Literature review (LR) on the issue of government ownership structure and firm performance; LR on the issue of corporate governance structure and firm performance; and LR on performance measurement method Chapter 4 Theoretical framework and hypotheses development (10000 words) This is the most important chapter in the current research and aims to investigate in-depth on the theoretical framework underlying the study of ownership and corporate governance. The main theory that will be discussed is agency theory. This theory then will be used to develop hypotheses that will be used in this study. Among matter to be discussed are: Review of CG theories that relevance to the research questions and hypotheses; Hypotheses development on ownership structure; Hypotheses development for CG structure; and Discussion on subject of control variables that to be employed in the current study Chapter 5 Research design and methodology (10000 words) This chapter will explain the research methodology and the rationale of the chosen statistical method that to be used in analyzing the data and testing the model. The model to be tested and method of operationalisation of all variables also to be highlighted in this chapter. Among issues to be discussed are: Sample design and data collection; Descriptive statistic of the data; Methodology; The model for testing; and Operationalisation of all variables Chapter 6 Findings and discussions Ownership structure of GLCs and firm performance (15000 words) This chapter is dedicated to analyze and testing the model related to GLCs ownership structure and its impact to firm performance. Hence, subject to be focused in this chapter are: Hypotheses testing and data analyses univariate and multivariate; Results and analysis; and Discussions of the findings à ¢Ã¢â€š ¬Ã¢â‚¬Å" the impact of ownership structure of GLCs on firm performance Chapter 7 Findings and discussions à ¢Ã¢â€š ¬Ã¢â‚¬Å" Corporate governance structure and firm performance (15000 words) Similar to chapter 6, this chapter also dedicated to analyze and testing the model related to corporate governance structure of Malaysian PLCs and its impact to firm performance. Therefore, subject to be focused in this chapter are: Hypotheses testing and data analyses univariate and multivariate; Results and analysis; and Discussions of the findings à ¢Ã¢â€š ¬Ã¢â‚¬Å" the impact of CG structure of Malaysian PLCs on firm performance Chapter 8 Conclusions, limitations and recommendations for future research (10000 words) This final chapter of the research will discusses the main findings of the study and its contribution to CG knowledge in general and to Malaysia in particular. Lastly, limitations of the study as well as suggestions for future research will be outlined. Thus, key point to be discussed are: Major findings of the current study; Contribution of the research to CG knowledge; Limitations of the study; and Recommendations for further research on related issues to the current study 8.0 Proposed research time table Time period Activity description September 2010 To submit PhD confirmation document and 12-month review October à ¢Ã¢â€š ¬Ã¢â‚¬Å" December 2010 Data collection and analysis for 1st empirical January à ¢Ã¢â€š ¬Ã¢â‚¬Å" Mac 2011 (i) reviewing the literature, gaps locating and research question for 2nd empirical (ii) Research design and setting models for testing (2nd empirical) March 2011 18-month review April à ¢Ã¢â€š ¬Ã¢â‚¬Å" Jun 2011 Data collection and analysis for 2nd empirical July 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" October 2012 (16 months) Writing up the thesis 2 months for each chapter. March 2012 30-month review October 2012 Thesis submission 9.0 Conclusion The first part of this study involves conducting a research on the relationship of various ownership structures of listed GLCs in Malaysia and its impact to firm financial performance. The research is very crucial and timely since the GLCs, as a major government investment arm, contribute significantly to the economic development in Malaysia and holds great influence in capital market. In addition to that, this study expected to form a distinctive contribution to the knowledge and provide new facts on some elements of the government ownership in emerging economies by providing in-depth analysis on the unique characteristics of the GLCs such as the impact of excessive government interferences and the influence of politicians and government officials in running the organization. The second part of the research is to examine the relationship between corporate governance structure and performance of top one hundreds PLCs listed on KLSE that based on their market capitalization for the period beginning 2004 to 2008. It is interesting to find out the relationship of both variables after the introduction of Malaysian Code on Corporate Governance in 2000. This research would also result in great advantages to policy makers like the Security Commissioner of Malaysia and Bursa Malaysia Securities especially in sense of the monitoring process and would ensure total confidence from local and foreign investors towards Malaysian companies.

The Great Gatsby By F. Scott Fitzgerald - 1335 Words

The American Dream is a philosophy based off of starting from nothing and achieving family, fortune, and fame. The belief that self-determination and hard work will lead to the attainment of the American Dream is strongly tied with the American culture. This philosophical idea, however, is not portrayed in The Great Gatsby by F. Scott Fitzgerald, which is often referred to as one of the â€Å"Great American Novels† to date. In terms, a â€Å"Great American Novel† should portray an honest and well-remembered character, rather than a character such as Jay Gatsby who achieved his fortune through illegal business and dies without recognition towards the end. Although Gatsby lives a lavish lifestyle that many people fantasize about, Gatsby’s American Dream is never fully fulfilled due to his failure of not having a family, successfully obtaining money the righteous way, and leaving a legacy; therefore, the novel The Great Gatsby, should not be entitled as the â€Å"G reat American Novel† today. Jay Gatsby is portrayed as a man who has many admirers, which may lead people to believe that he is an admirable character of a â€Å"Great American Novel†. However, if taken into deeper account, Gatsby is a very isolated man without a family. In the past, Gatsby and Daisy had a romantic alteration, however, Gatsby had to leave for the war and was not financially stable. When Gatsby comes back from the war with great wealth, Gatsby is determined to restore the relationship they once had. Daisy, in the end,Show MoreRelatedThe Great Gatsby by F. Scott Fitzgerald1393 Words   |  6 PagesF. Scott Fitzgerald was the model of the American image in the nineteen twenties. He had wealth, fame, a beautiful wife, and an adorable daughter; all seemed perfect. Beneath the gilded faà §ade, however, was an author who struggled with domestic and physical difficulties that plagued his personal life and career throughout its short span. This author helped t o launch the theme that is so prevalent in his work; the human instinct to yearn for more, into the forefront of American literature, where itRead MoreThe Great Gatsby By F. Scott Fitzgerald1343 Words   |  6 PagesHonors English 10 Shugart 18 Decemeber 2014 The Great Gatsby F. Scott Fitzgerald s 1925 novel The Great Gatsby is a tragic love story, a mystery, and a social commentary on American life. The Great Gatsby is about the lives of four wealthy characters observed by the narrator, Nick Carroway. Throughout the novel a mysterious man named Jay Gatsby throws immaculate parties every Saturday night in hope to impress his lost lover, Daisy Buchanan. Gatsby lives in a mansion on West Egg across from DaisyRead MoreThe Great Gatsby By F. Scott Fitzgerald1155 Words   |  5 PagesThe Great Gatsby The Jazz Age was an era where everything and anything seemed possible. It started with the beginning of a new age with America coming out of World War I as the most powerful nation in the world (Novel reflections on, 2007). As a result, the nation soon faced a culture-shock of material prosperity during the 1920’s. Also known as the â€Å"roaring twenties†, it was a time where life consisted of prodigality and extravagant parties. Writing based on his personal experiences, author F. ScottRead MoreThe Great Gatsby By F. Scott Fitzgerald1166 Words   |  5 Pagesin the Haze F. Scott Fitzgerald lived in a time that was characterized by an unbelievable lack of substance. After the tragedy and horrors of WWI, people were focused on anything that they could that would distract from the emptiness that had swallowed them. Tangible greed tied with extreme materialism left many, by the end of this time period, disenchanted. The usage of the literary theories of both Biographical and Historical lenses provide a unique interpretation of the Great Gatsby centered aroundRead MoreThe Great Gatsby by F. Scott Fitzgerald845 Words   |  3 PagesIn F. Scott Fitzgerald’s novel, The Great Gatsby, colors represent a variety of symbols that relate back to the American Dream. The dream of being pure, innocent and perfect is frequently associated with the reality of corruption, violence, and affairs. Gatsby’s desire for achieving the American Dream is sought for through corruption (Schneider). The American Dream in the 1920s was perceived as a desire of w ealth and social standings. Social class is represented through the East Egg, the WestRead MoreThe Great Gatsby By F. Scott Fitzgerald Essay970 Words   |  4 Pagesrespecting and valuing Fitzgerald work in the twenty-first century? Fitzgerald had a hard time to profiting from his writing, but he was not successful after his first novel. There are three major point of this essay are: the background history of Fitzgerald life, the comparisons between Fitzgerald and the Gatsby from his number one book in America The Great Gatsby, and the Fitzgerald got influences of behind the writing and being a writer. From childhood to adulthood, Fitzgerald faced many good andRead MoreThe Great Gatsby By F. Scott Fitzgerald2099 Words   |  9 Pagesauthor to mirror his life in his book. In his previous novels F. Scott Fitzgerald drew from his life experiences. He said that his next novel, The Great Gatsby, would be different. He said, â€Å"In my new novel I’m thrown directly on purely creative work† (F. Scott Fitzgerald). He did not realize or did not want it to appear that he was taking his own story and intertwining it within his new novel. In The Great Gatsby, by F. Scott Fitzgerald, he imitates his lifestyle through the Buchanan family to demonstrateRead MoreThe Great Gatsby By F. Scott Fitzgerald1607 Words   |  7 Pages The Great Gatsby is an American novel written in 1925 by F. Scott Fitzgerald. One of the themes of the book is the American Dream. The American Dream is an idea in which Americans believe through hard work they can achieve success and prosperity in the free world. In F. Scott Fitzgerald s novel, The Great Gatsby, the American Dream leads to popularity, extreme jealousy and false happiness. Jay Gatsby’s recent fortune and wealthiness helped him earn a high social position and become one of the mostRead MoreThe Great Gatsby By F. Scott Fitzgerald1592 Words   |  7 PagesMcGowan English 11A, Period 4 9 January 2014 The Great Gatsby Individuals who approach life with an optimistic mindset generally have their goals established as their main priority. Driven by ambition, they are determined to fulfill their desires; without reluctance. These strong-minded individuals refuse to be influenced by negative reinforcements, and rely on hope in order to achieve their dreams. As a man of persistence, the wealthy Jay Gatsby continuously strives to reclaim the love of hisRead MoreThe Great Gatsby By F. Scott Fitzgerald1646 Words   |  7 PagesThe 1920s witnessed the death of the American Dream, a message immortalized in F. Scott Fitzgerald’s The Great Gatsby. Initially, the American Dream represented the outcome of American ideals, that everyone has the freedom and opportunity to achieve their dreams provided they perform honest hard work. During the 1920s, the United States experienced massive economic prosperity making the American Dream seem alive and strong. However, in Fitzgerald’s eyes, the new Am erican culture build around that

Concept of Ordinary Income Under ITAA 1997

Question: Describe about the Concept of Ordinary Income for Under ITAA 1997. Answer: 1. Issue The core objective of the given situation is to discuss the relevant statute dealing with the concept of ordinary income and therefore opine on the appropriate tax treatment and income classification of the proceeds received by Peta from the tennis courts sale with special reference to the concept of ordinary income. Rule In relation to the concept of assessable income under ITAA 1997, the following two sections are pivotal. Section 6(5) This includes income that is derived or earned as per ordinary income concept but the statute does not provide details as to which all income sources tend to fulfil this condition and hence could be included in the ambit of this section (Barkoczy, 2015). Clarity in this regard has emerged by referring to the various to the case laws that have opined on this section along with the relevant tax rulings which have pondered on the constituents of the income to be included here. Based on these, common income sources included here are as follows (Gilders et. al., 2015). Personal exertion income As per this, income from indulging in commercially useful activity would result in assessable income usually in the form of salary. Investments income- This is primarily earned in the form of dividends on shares, rent on property or interest on securities or bank accounts. Business income: This is primarily earned from indulging in a business activity by the taxpayer. It is imperative that the activity should not be of isolated nature and also must not be activity classified as hobby under the aegis of TR 97/11 (Woellner, 2014). Section 15(15) This primarily includes proceeds that are obtained from transactions of isolated nature which the taxpayer tends to enact with the specific purpose of deriving gains in mind. The presence of profit motive as the primary reason for enactment of the underlying activity has been established and highlighted in tax ruling TR 92/3 along with the Westfield Limited v. FCT (1991) case (Sadiq et. al., 2015). Application As per the information provided, Peta took ownership of the Kew based house with the following intention in mind. The house would serve as residence for Peta where she would reside with her family. She also intends to derive gains by undertaking construction activity on the tennis courts on which new units would be constructed which would bring in significant gains on liquidation. However, the plan of construction of units had to be aborted as before Peta could implement that, she got an offer from a tennis club which wanted to take ownership of the tennis courts in the backyard and were willing to pay as much as $ 600,000 for the same. However, for buying the courts, they wanted Peta to restore their condition so that they could be used for playing tennis. Peta agreed for the offer as she knew that after spending on the related restoration work , she would gain handsome profits. Thus, with the objective of making profit, she undertook requisite work related to restoration at a cost of $ 100,000. After incurring the same, she was successful in obtaining $ 600,000 proceed from the club. For the above proceeds to be classified as ordinary income, it has to fall within the ambit fo personal exertion, investment or business, Clearly, Peta did not herself undergo any employment or personal exertion and nor were proceeds realised as investment income. Further, no information given in the case remotely hints at Peta conducting any business that deals with restoration of old tennis courts or related activity. This fact is also confirmed by her initial plans to construct units on the tennis court. Hence, the proceeds evidently do not fall within the definition of Section 6(5). Also, it is apparent that the restoration plan was implemented by Peta only driven by the offer from the tennis club and more importantly the gains that she could derive from the sale transaction. In the event, that such an offer was not extended to her, it is highly likely that she would have continued with her earlier plans of construction of units on the tennis court. Hence, there is no doubt that the proceeds of this transaction which is of isolated nature (as Peta is not involved in such a business) and also has underlying profit motive which qualifies it as assessable income but under the aegis of Section 15(15). Conclusion The arguments and related discussion hint to the fact that the proceeds derived by Peta would fall within the ambit of Section 15(15) but would not be termed as ordinary income as defined in Section 6(5). 2. Issue The central objective in the given case is to analyse the various fringe benefits that Alan receives from his employer ABC Ltd and thereby comment on the result FBT liability from the same. Rule Mobile Device With regards to mobile handset being given by the employer, Section 58X is useful which states that if such a device is used by employee only in professional work, then no FBT liability would arise for the employer. Additionally, in wake of the same, any payment of mobile bill by the employer would lead to FBT liability only when the mobile is deployed for personal use by the employee (Wilmot, 2012). School fees School fees for children is an expense which is of personal nature and borne by the employee only. If such fees are instead paid by the employer, then expense fringe benefit would be extended to the employee (Deutsch et al., 2015). Expense fringe benefit Fees (Grossed up value) = School fees expense borne by the employer * Gross up factor The gross up factor used above changes from time to time and also depends upon whether GST is levied on the underlying payment or not (Gilders et. al., 2015). Expense fringe benefit (FBT liability) = 0.49* Expense fringe benefit Fees (Grossed up value) Dinner For any spending on meals extended to employees or clients, which is not arranged within the business premises, the employer would have to bear FBT liability as meal fringe benefits would be extended. There are two separate methods that employer can deploy in this regard as explained below. Actual Method The use of this method is preferred by the employer when the clients do not figure in the invitee list. In accordance with the name, the actual expense of meal is taken into account for computation of tax liability. However, the employer has an incentive in the form of the meal expense that is incurred being of deductible nature which helps the employer in reducing the overall tax liability. However, any such expense done on clients is not deductible for tax and thus when clients are part of invitees, the alternative approach tends to be preferred (Hodgson, Mortimer Butler, 2016). Meal Fringe Benefit Actual Method (FBT Payable) = 0.49* Actual food bill * Gross up factor 50-50 Split Method The use of this method is preferred by the employer when the clients figure in the invitee list. In accordance with the name, only half of the actual expense of meal is taken into account for computation of tax liability. Since, expense done on clients meal is not deductible for tax, hence the employers aim to lower the FBT liability to the extent possible and thereby use this method (Nethercott, Richardson Devos, 2016). Meal Fringe Benefit 50:50 Split Method (FBT Payable) = 0.49* 0.5*Actual food bill * Gross up factor Application Mobile Device The mobile handset provided by employer ABC to Alan is used by him only for professional work and thus Section 58X advocates that no FBT payable for employer in relation to the handset. Further, for the phone bill also, since Alan makes no personal calls, hence it would not be classified as a fringe benefit and hence no FBT on the same. School fees School fees paid by ABC= $ 20,000 It is known that school fess is exempt from GST, hence relevant gross up factor for FY2016 is 1.9608 Expense fringe benefit Fees (FBT payable by ABC) = 0.49 * 20000 * 1.9608= $19,216 Dinner The organisation of the dinner at a restaurant is indicative of the fact that meal fringe benefits have been extended and resultant FBT liability needs to be computed. Total headcount for dinner at Thai restaurant (including associates) = 40 Total food expense = $ 6,600 Expense attributable to the employees only = (1/2)*6600 = $ 3,300 Hence, meal expense paid by employer on behalf of each employee = 3300/20 = $ 165 As the fringe benefit is nominal and lower than the threshold mark of $ 300, hence the employer can escape FBT liability citing the minor exemption benefit clause as per which, benefits below $ 300 are not levied FBT (Sadiq et. al., 2015). Due to a decrease in the number of employee to five, the quantum of the meal fringe benefit would increase to a value greater than $ 300 assuming that no change in the bill amount. Hence, FBT liability could not be escaped now, hence using actual method the FBT would be computed. Meal Fringe Benefit Actual Method (FBT payable by ABC) = 0.49 * 6600 *2.1463 = $ 6,941 GST input credits to the tune of $ 600 paid on the food bill could be used by the employer to lower the tax liability (Barkoczy, 2015). In line with the provided information, even clients are part of the invitees only and therefore the suitable method of deriving FBT liability would be the 50:50 split method as exhibited follows. Meal Fringe Benefit 50: 50 split Method (FBT payable by ABC) = 0.49* 0.5*6600 *2.1463 = $ 3,471 Conclusion Based on the above discussion, it is fair to conclude that FBT liability arise only on payment of school fees and the dinner at the Thai Restaurant. The FBT payable on dinner by ABC keeps on altering based on the headcount of invitees and the inherent composition of the same particularly in regards to clients presence or absence. References Barkoczy,S 2015.Foundation of Taxation Law 2015,7th edn, CCH Publications, North Ryde Deutsch, R, Freizer, M, Fullerton, I, Hanley, P, Snape, T 2015. Australian tax handbook, 8th edn, Thomson Reuters, Pymont Gilders, F, Taylor, J, Walpole, M, Burton, M. Ciro, T 2015. Understanding taxation law 2015, 8th edn, LexisNexis/Butterworths. Hodgson, H, Mortimer, C Butler, J 2016, Tax Questions and Answers 2016, 5th ed., Thomson Reuters, Sydney, Nethercott, L, Richardson, G Devos, K 2016, Australian Taxation Study Manual 2016, 4th ed., Oxford University Press, Sydney Sadiq, K, Coleman, C, Hanegbi, R, Jogarajan, S, Krever, R, Obst, W, and Ting, A 2015,Principles of Taxation Law 2015,8th edn, Thomson Reuters, Pymont Wilmot, C 2012, FBT Compliance guide, 6th edn, CCH Australia Limited, North Ryde Woellner, R 2014, Australian taxation law 2014, 8th eds., CCH Australia, North Ryde

World War II Essays (639 words) - Chancellors Of Germany

World War II Before World War II broke out the world took a backseat ride during Hitler's rise to power. The entire world didn't think that he would become as influential as he became. Hitler achieved his power by relying on the navieness of the world to sit back and allow him to do as he pleased. The world was too concerned about political, economic and militant unrest to worry about a yelling German who thought we would rule the world. Before and during the war, the world was concerned about the economic system. Since ever since World War I, the world countries have been in and out of depressions, no one wanted another costly war. The United States, which was in the Greatest Depression of all, was deep engulfed in its isolationist policy. The US didn't want war, especially after the last one they fought with huge causalities and huge amounts of money spent. The citizens of the US didn't want another war because they knew that another war would cause another depression and that was something that the people didn't want. Even thought the war would create jobs, and put the economy back into a war boom, the American public didn't want to have to deal with the downsides of a war. The major downside being the huge economic toll it would take on the government, which would be fighting on two oceans on different sides of the world. It would become very costly to maintain war and win too. The world also had enormous political concerns. The US was in a period of isolationism and they wanted no part of anything else in the world, except the Western Hemisphere. With Germany's rise of Nazism, the world responded with fascist parties popping up in every nation across the world. Hitler has spread his beliefs into every county in the entire world, exactly what he wanted. These parties responded to every action that their leader took, they helped him scout out a specific country and infiltrate that country's government. These parties believe in Hitler and did whatever he told them to do, including in the United States. After the countries realized Hitler's power they all formed different alliances. The German's allied with Italy and Japan. The US allied with Great Britain, France, and the Soviet Union. It seemed as though each day another country would sign up with either side. Sometimes, even, countries would agree not to fight each. The pre-war and during the war, militaries from all countries fought a war with superior equipment than in the last war. With the invention of the plane, tank, machine gun spread war supplies all over the globe and allowed each country to empower itself. The US prepared for war by passing a series of congressional acts that enabled the war budget to increase dramatically. These acts also allowed for the US to help other countries without actually engaging in the war. The US supplied Great Britain with supplies and ships without ever declaring war on Germany. Germany's invention of the Blitzkrieg they attacked nations and conquered them in single days. No nation had ever seen tactics like this before, and they worked for Hitler. Hitler's air force was the best in the world, he had the most planes with the best pilots. They were unstoppable. Japan's increase in military power proved itself with the bombing of Pearl Harbor in December. Japan showed off its massive air force that dominated and destroyed the majority of the United States Navy fleet. World War II was a war that brought the world together. There wasn't a place on the earth were this war wasn't fought. There wasn't a place on this earth were people didn't take sides, whether with the Allies or the Axis powers. The war brought countries like the United States and the Soviet Union together. However, the war did bring mass destruction the Europe and the massive demise of the people hated by the Nazi's. Hitler almost wiped out an entire race; however, he failed because the on dominance and perseverance of democracy upon the world.