Analysis of companies financial information quality - Free Essay Example

Purpose This paper aims to analyze financial information quality through financial and economic ratios, detecting whether they are affected by financial reporting standards; as well as, determining a group of factors that allow proving the capacity of ratios to measure accounting information quality, and thus, facilitate the analysis process to the groups of users. Design / methodology / approach For a sample of 111 companies from Madrid Stock Exchange and 32 from Eurostoxx50, descriptive analysis and non-parametric variance analysis were carried out during the period 2005-2007. At the same time, reduction data techniques were performed to detect the underlying main factors, specifically the principal component analysis (PCA) for the year 2007. Findings It has been confirmed that financial information quality is affected by financial reporting standards; additionally, a group of factors in which financial and economic ratios group has been found. Practical implications This study provides evidences to measure financial information quality and the results can be useful to accounting users, as well as, contributing to literature related to this topic. Originality and value This study empirically shows, from the analyzed companies, that accounting information is affected by financial reporting standards. Additionally, some factors that group ratios are provided. Keywords Financial information quality, Ratios, Financial reporting standards, Accounting users, Kruskal-wallis Test, Principal component analysis. Type of document Research paper Introduction Financial information quality has been empirically approached since late 60s. The studies were focused on contrasting whether data provided by companies w ere really useful to accounting users. At first, some studies were concerned with investigating the information content (Ball and Brown, 1968).Then, at late 80s, a new orientation arose focusing on studying the relevance of information, using wider regression models to determine the relationship between financial information and market profitability (Ou and Penman, 1989a). It has also been observed that recent studies have focused on contrasting financial information quality in time. The models to show companies financial information have gone through important changes, specially, with the implementation of International Financial Reporting Standards (IFRS) to elaborate consolidated financial statements of companies listing in the stock exchange (Kenny and Larson, 2009). Among the harmonization changes in accounting, the measures taken on the transparency of information disclosure, a decisive factor, for the generation of quality accounting documents (Epstein, 2009) are distingui shed. Therefore, financial information quality plays a fundamental role to know the company ´s economic reality. Furthermore, the used financial reporting standards can have an effect on the quality of disclosed data; and, therefore, on the formulation of appropriate Financial analysis of financial statements, in which there can be decisive factors in the evolution and tendency of some indicators (Choi et al., 1983). It is important to notice, that ratios can be a reflection of financial information quality, from the financial reporting standards point of view, used to help understanding financial and economic events that affect companies. Within this context, the purpose of this empiric study is to analyze financial information quality through financial and economic ratios, specifically focusing on detecting whether ratios are affected by the financial reporting standards applied by companies. At the same time, this study aims to determine a group of factors that allow demonstrating the capacity of ratios to measure accounting information quality, as well as, facilitating the financial information analysis process to the groups of users. Therefore, the study included the analysis of financial information from a sample of companies belonging to Madrid Stock Exchange and Eurostoxx50 during the period 2005-2007. This has lead to consider the financial reports presented with the Local Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), as well as, individual and consolidated financial statements. The results obtained in this study reveal that some ratios show population averages differences, indicating that financial information quality is affected by the applied financial reporting standards. Additionally, a group of factors in which ratios group have been found, and they are, a way to measure the quality of companies financial and economic results by accounting users groups. Background and empiric predictions Financial information quality Financial information quality has been discussed in several studies, pointing out different aspects that lead to create new research lines. At late 60s, the accounting research took a new path, thanks to the utilitarian paradigm, leading to adopt a research methodology with a positivist approach that considers accounting as an information system. Consequently, the capital markets research line arose, this line researches accounting information performance for investors. The studies carried out by Ball and Brown (1968) and Beaver (1968) were pioneers. As a matter of fact, considering this research line, two work fields can be distinguished, on one hand, the research conducted to study information (information content and relevance), and on the other hand, the research that studies measuring. Regarding the studies on information, it can be mentioned that one of the examined aspects is related to the study of information content. That is to say, the market reaction is investigated in relation to the publication of earnings announcements. Some studies have indicated that market prices have a positive reaction in relation to earnings announcements (Weston, 1971). Therefore, Bae et al. (2008) working with a sample of Korean companies, found that the increments (decreases) of earnings announcements have a positive (negative) effect on the value of shares prices in the market. Meanwhile, other studies have pointed out the opposite (Su, 2003). It should be mentioned that some studies have considered the relationship between the negotiation volume and earnings announcements. Therefore, Choi and Choe (1998) stated that the volume of operations reacts when three-month earnings announcements are made. In this sense, some factors that will affect the negotiation volume, such as investors agreement degree (Garfinkel and Sokobin, 2006) or information asymmetry (Mahipala et al, 2009) can be distinguished. Some researchers have conside red the effects of earnings announcements in both, prices and volume of operations. Cheung and Sami (2000) analyzing a sample of companies from Hong Kong Stock exchange, and, the earnings announcements corresponding to the period 1992-1995, showed a significant reaction of prices and volume of operations when announcements were made. On the other hand, Ahmed et al. (2003) analyzing the negotiations during the period 1992-1995 (without on-line trade) and the negotiations during the period 1996-1999 (with on-line trade), demonstrated that three-month earnings announcements produce changes in shares prices and volume of operations when the negotiations are on-line. Other research papers have studied the delayed reactions in the market when the announcements (post-earnings announcement drift. PEAD) are made, due to problems related to earnings predictions. According to Bernard and Thomas (1989) PEAD incorrect measures can be grouped in false risk measures and other incorrect measures . In this sense, Zhang (2008) points out that the analysts prediction sensibility is associated with the costs and benefits of predictions. It is necessary to mention the considerations made in some studies about the reactions that accounting changes produce in the market, and, therefore, end up affecting prices. It should be estimated that the results of some studies have indicated that accounting changes do not have any effect on the market (Vigeland, 1981). Meanwhile, other studies have evidenced, for example, that the adoption of International Financial Reporting Standards generates changes in the market (Floros, 2007). The results of some studies have emphasized the relationship between the investors performance and changes in market prices. Caspar (2003) analyzing investors performance when presenting information, carried out by Danish companies, showed the presence of significantly abnormal results few days after the presentation. On the other hand, Chewning et al. (200 4) evidenced that sophisticated and not sophisticated investors have improved their abilities in the use of information. Therefore, the subsequent effects of their performances have been evident on market prices. Regarding studies of relevance, research papers on the anticipation of prices have been found, emphasizing time extension for profitability calculation. In this sense, Kothari and Sloan (1992) determined the expectations of future earnings, using price and earnings regression, corresponding to the multi-year prior period. On the other hand, Schleicher et al. (2007) worked with a two-year period in their regression model to estimate earnings. In relation to the studies of relevance and variables of results, some research papers have emphasized the relationship of profitability in view of changes and different levels of results. In this sense, Shroff (2002) shows the relationship of profitability with the levels of results. Meanwhile, other studies have determined the r elationship in both, changes and levels of results (Dumontier and Labelle, 1998). Regarding prediction studies, Ou and Penman (1989b) evidenced that the model based on accounting information was useful to predict earnings. Other researchers have also been concerned with this aspect (Skogsvik, 2008). It can be observed that profits predictions have an explanatory power for future earnings (Wu and Wang, 2000); so the accounting structure becomes a decisive factor for the carried out estimates (Fairfield et al., 1996). The ratios, factor analysis and principal component analysis The use of data multivariate analysis has allowed explaining accounting phenomena through the treatment of groups of variables. The availability of companies great quantity of data, due to financial and economic ratios disclosure has facilitated the use of this statistical tool. Some studies, using multivariate techniques have tried to determine a group of factors that synthesize economic and financial indicators, in conglomerate groups that facilitate, among other aspects, the measuring of companies information quality. Consequently, the most used multivariate techniques are the factor analysis (FA) and principal component analysis (PCA). Therefore, different studies have chosen to apply the factor analysis technique. Pinches et al. (1973) working with a sample of 180 industrial companies whose data were obtained from Compustat database, and using the varimax rotation, determined 7 factors (return on investment, capital intensiveness, inventory intensiveness, financial leverage, receivables intensiveness, short-term liquidity and cash position). In another study, Pinches et al. (1975) using the same sample of companies and ratios from the previous study, and applying the oblique rotation method, found the same factors. Short (1980) carried out a study selecting 259 industrial and commercial companies, considering data adjusted to inflation rate. Therefore, using varimax ro tation, 7 factors of historical ratios were found (return, capital intensiveness, asset turnover, financing policy, inventory turnover, working capital and current position), and, the same number of factors of price-level ratios (return, capital intensiveness, asset turnover, financing policy, inventory turnover, working capital and cash position). The previous ideas are consistent with those stated by Yli-olli and Virtanen (1989) and Liao (2008). Other studies have preferred to apply the principal component analysis. Stevens (1973), selecting a sample of 80 industrial companies, reduced 20 ratios to 6 factors (leverage, profitability, liquidity, activity, dividend policy and price and earnings). Pinches and Mingo (1973) examining 180 industrial companies with the varimax rotation method, determined 7 factors in which the indicators (size, financial leverage, long-term capital intensiveness, return on investment, short-term capital intensiveness, earnings stability and debt cover age stability) are grouped. Laurent (1979) selected a sample of 63 companies that were analyzed with the varimax rotation method, 10 components (return on investment, leverage, working capital, fixed assets, long-term solvency, liquidity, cash position, stability of debts coverage, self-financing policies and credit policies) were proposed. These ideas are consistent with Chen and Shimerda (1981), Sorensen (2000) studies. Hypothesis formulation The measuring of ratios began to be developed in the United States to carry out financial analysis, acquiring relevance in the financial sector, specifically in the analysis of credit risk and management. In the course of time, studies on ratios-type use and ratios groups modeling arose. Therefore, considering the idea that a ratio is meaningless by itself, and, so that its interpretation is valid, it is compared with an internal standard (based on true data conveniently settled), or with an external standard (corresponding to other organizations in a similar situation). From the 20s on, ratios are used in inter-companies comparative studies, to overcome the difficulties of carrying out comparisons in the technical-industrial field. As a consequence, some patterns arose allowing characterizing the differences in corporations organizational structure. Therefore, the ratio-type employment has made possible the analysis of groups of companies in similar situations with certain characteristics (Mulla, 2003). FitzPatrick (1932) carried out one of the first studies that lead to develop the descriptive stage of financial analysis through ratios. The study consisted on three documents, in which the use of ratios to determine companies bankruptcy was proposed. Then, the predictive stage was started, focusing on the analysis of ratios prediction capacity. Beaver (1968) was one of the pioneers. He emphasized the analysis of ratios through statistical advanced methods to prove their predictive capacity. He also point ed out that ratios are accounting data that can be evaluated due to their usefulness that is defined in terms of their predictive capacity. Additionally, it is necessary to mention that the evolution of the international harmonization accounting process has been estimated during some time. This has been highly related to economic and institutional events that affect financial information (Kenny and Larson, 2009). In this sense, reforms in the juridical international regulations due to the adoption of IFRS has supposed, on one hand, benefits for companies (Epstein, 2009); and on the other hand, changes in the presentation of information. However, the existence of one accounting system has brought some problems related to accounting, juridical and economic aspects (Slot and Gerrits, 2009); and for that reason, in some cases, it has implied IFRS adaptations to each country ´s social reality to prepare and communicate financial information (Tsakumis et al., 2009). Consid ering the previous ideas, some studies have discussed the implicit changes in the formulation of financial statements with IFRS application and their implications in the quality of accounting information. Therefore, Choi et al. (1983) developed one of the first studies approaching this topic, comparing financial reports elaborated with the American GAAP and the reports elaborated with the Japanese and Korean GAAP. The results prove that ratios show significant differences, due to different factors related to regulatory aspects in each country. Jun and Wang (2001) showed some significant discrepancies in the disclosed data and in the main financial ratios examining the financial information of three Chinese companies, elaborated with China GAAP, Hong Kong GAAP or using IFRS, during the period 1995-1998. Meanwhile, Duangploy and Gray (2005) when comparing Japanese and American companies financial reports showed that the financial reporting standards, applied in each country, affect ratios. Agca and Aktas (2007), when comparing the obtained ratios with financial reports elaborated with IFRS and Turkish GAAP, found significant differences. Considering ratios empiric antecedents and studies that support information quality, considered from the financial reporting standards application changes, the hypotheses are formulated as follows: Hypothesis 1 (H1): the values of profits ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 2 (H2): the values of operational ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 3 (H3): the values of structure ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 4 (H4): the values of per employee ratios and financial information quality are affected by the financial reporting standards used by companies. Research design and Sample selection Study design The financial information of the selected companies from Madrid Stock Exchange and Eurostoxx50 was examined at an initial stage. Data were obtained from Amadeus Database. At first, the companies financial statements from the period (2005-2007) were reviewed; and, considering the characteristics of the obtained data, the financial information was classified into four groups: a) individual financial statements elaborated with the local Generally Accepted Accounting Principles (IFS-GAAP), b) consolidated financial statements elaborated with the local Generally Accepted Accounting Principles (CFS-GAAP), c) individual financial statements elaborated with International Financial Reporting Standards (IFS-IFRS) and d) consolidated financial statements elaborated with International Financial Reporting Standards (CFS-IFRS). Furthermore, data were grouped according to the economic sector of the companies activity area, aspect that will be useful when making statistical cont rasts. In the case of Madrid Stock Exchange companies, the separation issued on January, 1, 2005 for all companies admitted to list in the Spanish Stock Exchange was selected. In the case of Eurostoxx50, the companies were treated as an additional sector to have a general idea of their performance. It is necessary to point out that there were companies belonging to both Markets (Repsol YPF, Endesa, Iberdrola, Arcelor, Bayer and Telefà ³nica) when the study was carried out. At a second stage, ratios that will help to examine financial information quality were selected. It is evident that the indicators obtained from accounting data are numerous. That is why, it is necessary that the selection must be as relevant as possible. Therefore, a revision and a comparison with ratios selected in other studies (Stevens, 1973 and Pinche and Mingo, 1973) have been made. It was chosen to use the ratios presented in Amadeus database, considering that most of them are similar with those used in other mentioned studies; additionally, due to their revealed data reliability and consistency, avoiding them to be significantly different from one period to another. In table 1, the relationship of the 26 selected ratios and the calculation form are shown. Table 1. Ratios used in the analysis of financial information quality Variable Ratios Calculation form Profitability ratios X1 Return on shareholders funds (%) (Profit (loss) before taxation/shareholders funds)*100 X2 Return on capital employed (%) ((Profit (loss) before taxation + interest paid)/(shareholders funds + noncurrent liabilities)) * 100 X3 Return on total assets (%) (Profit (loss) before taxation/total assets)* 100 X4 Cash flow by sales volume (%) (Cash flow/turnover)* 100 X5 Profit margin (%) (Profit (loss) before taxation/operating revenue (turnover) * 100 X6 Gross margin (%) (Gross profit/operating revenue)* 100 X7 EBIT margin (%) (Earnings before interest and taxes/operating revenue)* 100 X8 EBITDA margin (%) ((Earnings before interest, taxes, depreciation and amortization)/operating revenue) * 100 Operational ratios X9 Net assets turnover Operating revenue (turnover)/(shareholders funds + noncurrent liabilities) X10 Interest cover Operating profit (Loss)/interest paid X11 Stock turnover Operating revenue (turnover)/stocks X12 Collection period (days) (Debtors/operating revenue (turnover)) * 360 X13 Credit period (days) (Creditors/operating revenue (turnover) * 360 X14 Exportation sales volume by sales volume Exportation sales volume/total sales volume Structure ratios X15 Current ratio Current assets/current liabilities X16 Liquidity ratio (Current assets stocks)/current liabilities X17 Shareholders liquidity ratio (%) Shareholders funds/noncurrent liabilities X18 Solvency ratio (%) (Shareholders funds/total assets) * 100 X19 Gearing (%) ((Noncurrent liabilities + loans)/Shareholders funds) * 100 Per employee ratios X20 Profit per employee (monetary value) Profit (loss) before taxation/number of employees X21 Operating revenue per employee (monetary value) Operating revenue/number of employees X22 Employees costs per operating revenue (turnover) (%) (Cost of employees/operating revenue (turnover) * 100 X23 Average cost per employee (monetary value) Cost of employees/number of employees X24 Shareholders funds per employee (monetary value) Shareholders funds/number of employees X25 Working capital per employee (monetary value) Working capital/number of employees X26 Total assets per employee (monetary value) Total assets/number of employees Methods In relation to the kruskal-wallis test, it can be noticed that it is a non-parametric test equivalent to ANOVA, used to compare population medians in case data are not normally distributed. The hypotheses are defined by: H0: The k medians of variables are all the same. H1: At least one median from one of the variables is different. Therefore, the observations of k random samples are placed in growing order of magnitude, assigning ranks to each one of the variables to determine the ranks for each sample. Regarding the statistic to test, this follows a distribution with k-1 free grades. In relation to the principal component analysis (PCA), it is a multivariate statistical technique to reduce the number of variables to a smaller number, losing as less information as possible (Foguet, 1989). At the same time, it is able to identify a group of fictitious variables formed from the co mbination of those previously observed. Therefore, it is possible to synthesize data and to relate them without making any previous hypothesis about the meaning of each initial factor. The new principal components will form a linear combination of origin variables and each one of them is independent. It should be added that the kruskal-wallis test and the principal component analysis were run using the statistical program SPSS (Statistical Package for Social Sciences), version 15.0. Sample The population subject of study is formed by companies listing in Madrid Stock Exchange and Eurostoxx50. The sample submitted to observations is constituted by all productive sectors, excluding the financial and real estate sector, because it is regulated by specific standards. Therefore, companies in the sample have increased to 111 belonging to Madrid Stock Exchange and 32 to Eurostoxx50. In table 2, it is proved that most companies presented consolidated financial statements with th e International Financial Reporting Standards (CFS-IFRS), specifically 75,52%, while 9,79%, (CFS-GAAP), 6,29%(IFS-GAAP) and 8,39% (IFS-IFRS). It is also important to mention that in the market group structure, it is observed that 73,4% belong to Madrid Stock Exchange and 22,4% to Eurostoxx50. Table 2. Listing market and financial statements from the period 2005-2007 Market group Financial statements from the period 2005-2007 IFS-GAAP CFS-GAAP IFS-IFRS CFS-IFRS Total f % f % f % f % f % Madrid Stock Exchange 8 88,9% 2 14,3% 12 100,0% 83 76,9% 105 73,4% Eurostoxx50 0 ,0% 11 78,6% 0 ,0% 21 19,4% 32 22,4% Both markets 1 11,1% 1 7,1% 0 ,0% 4 3,7% 6 4,2% Total 9 100,0% 14 100,0% 12 100,0% 108 100,0% 143 100,0% In table 3, it can be observed that (CFS-IFRS) have been applied in most companies, approximately 65%, grouped in the sectors of basic materials, industry and construction, consumption goods and consumption services. At the same time, a significant participation of Eurostoxx50 group can be observed. Table 3. Productive sectors and financial statements during the period 2005-2007 Productive sectors Financial statements from the period 2005-2007 IFS-GAAP CFS-GAAP IFS-IFRS CFS-IFRS Total f % f % f % f % f % Oil and energy 1 11,1% 0 ,0% 0 ,0% 12 11,1% 13 9,1% Basic materials, industry and construction 4 44,4% 1 7,1% 3 25,0% 28 25,9% 36 25,2% Comsumption goods 3 33,3% 1 7,1% 7 58,3% 24 22,2% 35 24,5% Consumption services 1 11,1% 0 ,0% 2 16,7% 18 16,7% 21 14,7% Technology and telecommunications 0 ,0% 1 7,1% 0 ,0% 5 4,6% 6 4,2% Eurostoxx50 0 ,0% 11 78,6% 0 ,0% 21 19,4% 32 22,4% Total 9 100,0% 14 100,0% 12 100,0% 108 100,0% 143 100,0% Descriptive analysis and hypothesis verification Group 1. Profitability Ratios When examining the results, it is observed that mean values of variables are heterogeneous, even, negative values are shown for the IFS-GAAP subgroup, similarly occurred to the variables: return on shareholders funds (X1/2005: -2,492 and X1/2007: -26,082), return on capital employed (X2/2005: -69,791 and X2/2007: -11,267) and return on total assets (X3/2005: -13,015 and X3/2007: -3,883). Additionally, it is necessary to mention that the variable gross margin (X6) from this subgroup does not have available data in any of the analyzed years. In relation to the results of the descriptive statistics, it is proved that there are distributions far from normality, with high values of asymmetry and kurtosis, as it is the case of the CFS-GAAP group from the variables: return on shareholders funds (X1/2006: -3,092 and 10,812), profit margin (X5/2006: -3,197 and 11,456) and EBIT margin (X7/2006: -2,864 and 9,150). The kruskal-wallis population equality t est has been considered to contrast the hypotheses related to the relationship of each one of the defined ratios and the group type to show financial information. The hypothesis to be proved is that the mean values of the considered ratios do not show differences, according to the financial reporting standards applied to present financial statements. Regarding H1 contrast results of mean ranks for this period, it is deduced that there are differences in population averages (p 0,05) in the financial presentation for the variables: Return on shareholders funds (X1/2007: 0,021), Return on capital employed (X2/2005: 0,007), and Return on total assets (X3/2005: 0,012). While in the other analyzed ratios, there are not significant differences. Therefore, the differences found in some ratios population averages prove that financial information quality can be affected by the used financial reporting standards. Group 2. Operational Ratios In relation to the descriptive statistics o f operational ratios during the period 2005-2007, it was observed that dispersion is really high. This proves that mean values vary in the studied variables. There are also distributions far from normality, with high values of asymmetry and kurtosis, as in the group (CFS-IFRS) with the variables: stock turnover (X11/2005: 4,631 and 26,072; X11/2006: 5,568 and 37,406 and X11/2007: 4,890 and 28,913), net assets turnover (X9/2005: 4,444 and 30,605), interest cover (X10/2005: 5,249 and 35,238) and collection period (X12/2006: 2,868 and 15,622). The H2 contrast proves that there are significant differences in population averages (p 0,05) in the financial information presentation for the variables: collection period (X12/2005: 0,029) and credit period (X13/2005: 0,001 and X13/2006: 0,002 and X13/2007:0); while the rest of variables do not show significant differences. Therefore, from the obtained results, it can be deduced that financial reporting standards can influence financial inf ormation quality. Group 3. Structure Ratios The exam of the descriptive analysis results, first of all, indicates that mean values vary in the studied variables. Distributions far from normality are also proved, such as in the (CFS-IFRS) group, the asymmetry of the variable current ratio (X15) in the years 2005 (2,163) and 2007 (6,831). Similarly occurred to the kurtosis of the same variable X15 in the years 2005 (8,768) and 2007 (54,570). The H3 contrast results allowed to determine that there are differences in population averages (p 0,05) in the financial information presentation of current ratio (X15/2005: 0,001, X15/2006: 0 and X15/2007: 0,003), liquidity ratio (X16/2005: 0, X16/2006: 0 and X16/2007: 0,001), shareholders liquidity ratio (X17/2005: 0,004) and gearing (X19/2005: 0,001); meanwhile, there are not significant differences in other years. Therefore, this result allows verifying that financial information quality is affected by the existence of differences in population averages in some of the analyzed variables. Group 4. Per employee ratios The descriptive statistics for this group of ratios reveals that mean values vary in the studied variables, and, distributions far from normality are observed. Additionally, high values of asymmetry and kurtosis are detected in some variables. This can be observed, for example, in the asymmetries of (CFS-IFRS) group from the profit per employee (X20/2005: 3,256, X20/2006: 2,788 and X20/2007: 7,972), operating revenue per employee (X21/2005: 2,865, X21/2006: 2,517 and X21/2007: 7,460), and, shareholders funds per employee (X24/2005: 2,306, X24/2006: 2,092 and X24/2007: 5,035). H4 is confirmed and it is evident that there are differences in population averages (p 0,05) in the presentation of financial information, specifically for the variables: average cost per employee (X23/2005: 0,018 and X23/2006: 0,026) and total assets per employee (X26/2005: 0,026). Furthermore, it is proved that the other variables do not show significant differences. Therefore, the results allow concluding that financial information quality is affected by the applied financial reporting standard, due to the differences in population averages in one of the variables. The carried out descriptive analysis has made possible evaluating the wide variability of ratios analyzed in different periods. This has proved that dispersion ranks vary according to the variables of the study. The results with IFRS application showed significant differences in population averages (p 0,05) in some variables, such as Return on shareholders funds (X1), Return on capital employed (X2) and Return on total assets (X3). As a result, the financial information quality has been affected. In relation to the hypotheses contrast, it has been possible to prove that information quality is affected by the financial reporting standards used in the four empiric contrasts (H1, H2, H3 and H4). This results are similar to other s tudies (Henry et al., 2009 and Lantto and Sahlstrà ¶m, 2009). Principal component analysis (PCA) for ratios for the year 2007 In this section, the principal component analysis technique is used to make tests to reduce variables (ratios), and, to determine independent ratios categories, for avoiding multicollinearity in the results of the analysis. The group of ratios, analyzed with the application of the multivariate technique for the year 2007, is explained in the methods section. Therefore, the main purpose of the analysis is to obtain a data matrix from mxn, m rows (companies) by n columns (ratios). Once all variables were introduced, it was proved that the obtained data offered a non-positively defined matrix, this prevents from applying PCA. Therefore, those with lost or disproportionate values in relation to the others were excluded. As a result, using the matrix of reproduced and residual correlations, and making an individual analysis for each variable, it was detected that the variables: X6, X14 (due to lost or not available values), X10, X11 and X22, in some cases, have high correlation value s or extremely low ones. At the same time, they show high residual differences. Indeed, these variables affected the results of the analysis, and, therefore, this can cause the matrix to be indefinite, suggesting its progressive elimination. Consequently, when variables are eliminated, it is observed that the obtained new matrix is positively defined and the analysis is carried out. In relation to the results of the previous tests, excellent data suitability is found, making PCA possible. Specifically, with a high Kaiser-Meyer-Olkin sampling suitability average of (0,63), and a Bartlett sphericity test with a significant high value of (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚ ¡2 = 3492,06 and p = 0,000), it can be proved from the analysis that the significance is perfect. Regarding the communalities obtained for each variable, once the extraction was carried out, it can be proved that all the variables show communalities higher than zero, with high values that approximately vary from 0,62 to 0,95, so the variance proportion is explained by the factors generated in the analysis. Regarding, the extraction method shown in table 4, it can be said that the factor solution that adjusts the best to the observed correlations converges on six factors. Therefore, with an accumulated explained variance of 87%, and considering that the first two factors explain around 44% of the total variance, these values are high enough to determine that six is a number of appropriate factors to explain the group of variables. Table 4. Explained total variance (PCA-2007) Component Initial Autovalues Saturation addings at square extraction Saturation addings at square rotation Total % Variance % acumulated Total % Variance % acumulated Total % Variance % acumulated 1 6,130 29,192 29,192 6,130 29,192 29,192 4,684 22,304 22,304 2 3,821 18,194 47,386 3,821 18,194 47,386 4,562 21,725 44,029 3 3,441 16,385 63,771 3,441 16,385 63,771 3,003 14,302 58,331 4 2,318 11,036 74,807 2,318 11,036 74,807 2,557 12,178 70,508 5 1,653 7,873 82,680 1,653 7,873 82,680 1,827 8,698 79,207 6 1,045 4,975 87,655 1,045 4,975 87,655 1,774 8,448 87,655 7 ,673 3,204 90,859 8 ,577 2,746 93,605 9 ,357 1,700 95,305 10 ,217 1,032 96,337 11 ,186 ,886 97,223 12 ,157 ,749 97,972 13 ,128 ,611 98,584 14 ,077 ,366 98,950 15 ,070 ,333 99,283 16 ,042 ,199 99,482 17 ,030 ,141 99,623 18 ,026 ,123 99,746 19 ,025 ,119 99,865 20 ,017 ,081 99,946 21 ,011 ,054 100,000 Extraction method: Principal Component Analysis. The following step was to obtain a simpler interpretation of factors using the promax rotation method. Therefore, it can be observed that the solution converged on 6 iterations. The first factor that explains 29,19% of the variance, shows strong weighing in the variables related to the following ratios: X20 (profit per employee, 0,932), X21 (operating revenue per employee, 0,945), X23 (average cost per employee, 0,877), X24 (shareholders funds per employee, 0,933), X25 (working capital per employee, 0,702) and X26 (total assets per employees, 0,885). Consequently, it is reasonable to define this component as a dimension of employees potential. It is also important to mention that the factor loadings of variables are shown with clear and high saturations in this factor. The second factor that explains 18, 19% of the total variance, shows its most significant positive loading factors in variables X1 (return on shareholders funds, 0,937), X2 (return on capital employed, 0,912) and X3 (return on total assets, 0,929); while the lowest loadings are observed in variables X4 (cash flow by sales volume 0,667) and X5 (profit margin, 0,864). Therefore, this factor gives an idea of the profitability, so it is convenient to label it as profitability potential. When contrasting these results with Pinches et al. (1973) results, it can be noticed that variables X1 and X3 grouped in the factor Return on investment, and variable X4, in the factor labeled capital intensiveness. Meanwhile, according to Stevens (1973) variables X3 and X5 are in agreement with the factor profitability. The third factor is integrated by variables X15 (current ratio, 0,965), X16 (liquidity ratio, 0,959) and X17 (shareholders liquidity ratio, 0,933). Additionally, it saturates with high and positive factor loadings, higher than 0,75, explaining 16,38% total variability of ratios. This component is labeled operability potential. It should be mentioned that in Pinches et al. (1973), variables X15 and X16 are correlated in the factor short-term liquidity. The fourth factor, with an explained variance percentage of 11,03%, would be associated to variables X7 (EBIT margin, 0,866), X8 (EBITDA margin, 0,788) and X9 (net assets turnover, -0,664). As a result, considering the variables characteristics, this component has been labeled investment potential. Besides, assuming a linear combination of these variables, it can be observed that variable X9 shows a weighing of 0,664 in opposite direction to the rest of variables from this factor. On the other hand, in relation to variable X7, Pinches et al. (1973) group it in the factor Capital Intensiveness, Stevens (1973) in the factor profitability. The fifth factor that explains 7,87% of the variance, would be associated to variables X12 (collection period, 0,910) and X13 (credit period, 0,780). This factor is labeled credit potential. Finally, the sixth factor with an explained variance percentage of approximately 4,97%, woul d be associated to variables X18 (solvency ratio, 0,873) and X19 (gearing, -0,894), and it is labeled potentiality of high operability. It can also be noticed that the variable gearing, with a factor loading of 0,894, goes in an opposite direction in relation to the other identified variable in the component. It should be emphasized that variable X19 groups in the factor leverage according to Stevens (1973). The principal component analysis, carried out from the ratios corresponding to the year 2007, has allowed knowing the main relationships among variables, generating groups from the correlations between them. It is necessary to state that high factor loadings were observed in the performance of the components employees potential and profits potential. Regarding the other factors, with lower values in the factor loadings; they do not contradict the found solution. However, it affirmatively indicates the polarization among the factors with higher or smaller explanatory capacity of data variance. Conclusions The carried out analyses made possible achieving the objectives of this study, which are related to the analysis of financial information quality, evaluating whether financial and economic ratios are affected by changes in financial standards applied by companies (Local GAAP or IFRS). At the same time, it was possible to determine a group of factors that allow proving the capacity of ratios to measure the quality of accounting information, as well as, facilitating the information analysis process to different groups of users. Additionally, the sample of selected companies belongs to Madrid Stock Exchange and Eurostoxx50. Financial statements from the period 2005-2007 were used. At the same time, a group of indicators (ratios) were considered to carry out the respective statistical measurements. The results obtained from the empiric contrast, once the medians were compared between the applied financial reporting standards for the financial statements presentation and the ratio s from the period (2005-2007), show that in all the hypotheses (H1, H2, H3 and H4) there are differences in population averages in the financial presentation. Therefore, it is proved that financial information quality is affected by financial reporting standards. These results lead to think that one of the reasons for this performance is possibly attributed to the idea that one financial reporting standard is better than the other. It could also be considered the interpretations that are made out of regulations, so that they do not affect the quality of disclosed data. This could justify the obtained results. The results of the principal component analysis (PCA) for the year 2007, allowed to group variables in six factors related with employees potential, operability potential, investment potential, credit potential and high operability potential. Therefore, the applied multivariate technique (PCA) has enabled to empirically check the capacity of ratios to measure financial infor mation quality. Additionally, the found factors are only an alternative to group variables to make sense out of the interpretation of ratios from a theoretical point of view. Consequently, the results could be an alternative way for accounting users to analyze accounting information. Finally, the findings suggest continuous improvements in financial reporting standards applied to financial statements; so that, companies operations disclosed data fulfill some quality requirements, on behalf of accounting users. At the same time, it should be allowed that report analyses through accounting ratios, must be provided with interpretations as true as possible of the entity ´s financial and economic reality.

Nys Ela Exam - What Is the Nys Ela 7 Exam

Nys Ela Exam - What Is the Nys Ela 7 Exam?A question that may emerge is whether the Nys Ela 7 test will be a test. This is a troublesome subject in light of the fact that relatively few individuals experience this kind of program since it is exorbitant and not as popular.However, the Nys Ela assessment is intense for some understudies since it comprises of five distinct papers. These articles are about an assortment of subjects that may be identified with your field of study. Every single one of these article subjects will cover a theme zone, for example, religion, governmental issues, considers, workmanship, theory, and more.As referenced, the paper points on the Nys Ela test are on the whole extraordinary and are going to test an individual's information on the themes. For instance, you might be gotten some information about your preferred music. You will likewise be given models that you can use to help your statements.In expansion to the paper points, there are additionally tests and tests that are given during the test. These tests can be very testing, however are important to guarantee that the understudy truly comprehends the themes. The genuine test comes when you need to compose the article all alone on the grounds that you should respond to the inquiries in class, and afterward experience the test again.That stated, there are a couple of ways that you can set yourself up for the Nys Ela 7 test and prepare for this difficult test. Here are a few hints that will help you on the best way to turn out to be more ready for this exam.First, it is essential to be a decent applicant. It is critical to come arranged with data and expertise about the theme zones that you are going to consider. Likewise, you need to feel sure about what you have considered and why you are adapting it.Lastly, you need to capitalize on your time at the Nys Ela test. This implies you should concentrate early and comprehend what's in store from the test and what you have to do to get ready for it.

Choosing Good Internet Marketing Essay Topics

<h1> Choosing Good Internet Marketing Essay Topics</h1> <h2> Internet Marketing Essay Topics Fundamentals Explained</h2> <p>Our master article authors are prepared to help you with your instructive task. In the occasion the points are unnecessarily simple, you won't can intrigue your educator. In the event that you need to expound on it, investigate the ensuing promoting paper subjects. Accordingly, take care while choosing a subject for your questionable article. </p> <p>Lastly, you spread the article. Low top notch expositions won't ever get an incredible evaluation. Educational articles are to some degree increasingly clear. Composing an article on precisely the same is similarly testing since it requires inside and out information along with great composing capacities. </p> <p>You might want your paper to be unmistakable and loaded with inside and out data. Putting in a request on the site is amazingly clear. Remember that you could complete your schoolwork by experts on the web. Request paper on the web, purchase investigate paperbuy article. </p> <p>Keep as a main priority, a sublime showcasing and promoting article deciphers and examines a determination of sources that are accessible to you. On the off chance that you're one of them, at that point investigate our web publicizing exposition subjects. Furthermore, it's consistently incredible to establish your publicizing paper on reasonable understanding instead of hypothetical information. Advertising papers must be composed absolutely. </p> <p>Marketing is among the most notable degrees in the United Kingdom. Advanced showcasing isn't confined to advertisements of informal communication. </p> <p>If you've chosen a specific catchphrase for instance customer conduct, you can scan for comparable research papers on the web. At the point when you see how to build up a web based advertising, paper requests a particular measure of persuading the perusers as well. End any place your publicizing research paper will give the entirety of the data with respect to the gainful and negative sides of a thing and the clearness of the entirety of the work that was made by the essayist. Our publicizing paper composing administration can flexibly you with the scholarly assistance of the greatest quality. </p> <p>The significant component of the web based advancing complex is a thing what you sell utilizing the web. To expound on advertising, it is important to appreciate what is the best point of the control. Growingly, with the development in rivalry target promoting is a more technique rather than the mass advertising as it helps the associations to arrive at expanded client prerequisites. The standard methods for advertising targets telling the basic people increasingly about the business and its items. </p> <p>For this explanation, you should discuss the chose point broadly regardless of the sort of work. So on the off chance that you have no clue about what subject must be picked, you are happy to realize the reality associated with the proposition itself and its parts. At the point when you have discovered enough scholastically substantial sources, you will have a way better knowledge into the subject you're overseeing. The point is an intense one since it takes an awesome sense and thorough data and mindfulness about the advanced aspects of advertising. </p> <p>Despite the way that you may find a lot of fascinating proposals and realities, you probably won't be in a situation to cover everything enough. Everybody will be terrified of you. </p> <h2>What You Need to Do About Internet Marketing Essay Topics </h2> <p>The primary reason for theme decision for a proposition exposition is to show the thought can be instituted by and by. Try not to accept that surfacing with an incredible point for your promoting exposition is an inconvenient errand. The choice of look into article subjects is anything but a basic errand since you need to show your logical abilities. For example, you can settle on a theme for basic, center, or higher school. </p> <h2>Understanding Internet Marketing Essay Topics </h2> <p>If you might want your paper to be predominant, you should choose a remarkable subject. Be aware of the size it must be and start composing the story paper plot. Given that you're ready to go over a phenomenal, intriguing subject, you have a very incredible chance of composing an extraordinary paper. Accordingly, on the off chance that you need your bit of writing to contrast from others, you should start inspecting a subject you're acceptable at. </p>

Why Research Paper Topics Is Important

<h1>Why Research Paper Topics Is Important</h1><p>Writing a cash banking research paper is an intense and troublesome assignment. It isn't hard to such an extent that you would not have the option to discover thoughts from the budgetary statistical surveying; it is the perfect theme that you should be cautious about.</p><p></p><p>The present financial atmosphere has produced a lot of changes in the ventures in the ongoing years. These progressions won't just lead to extreme money related misfortunes to certain associations yet additionally may make loads of chances. Henceforth, causing legitimate research before settling on any contributing choice to can make your ventures increasingly gainful. Investigating on the right branch of knowledge will make the venture methodology more fruitful.</p><p></p><p>To pick the most appropriate branch of knowledge for your examination paper is something you ought to invest some energ y in. Ensure you realize which markets to examine and what inquiries to investigate. The choice is significant provided that you don't take a choice then the thought probably won't get finished. Additionally, on the off chance that you have no clue about which subjects to choose, at that point you probably won't get the correct data for your exploration paper.</p><p></p><p>Researching for benefits may likewise assist you with finding out better approaches to bring in cash. You can ensure that the item that you have decided for your exploration paper doesn't simply mirror your advantage yet in addition mirrors your insight. This will assist you with being certain that your examination paper will be picked for another business proposal.</p><p></p><p>Money laundering and dark cash disposal are two of the most generally talked about subjects in the money related market today. Illegal tax avoidance is the counteraction of cash move between nations with the goal that the nation would have the option to control the collection of dark cash in the nation where the cash was sent from.</p><p></p><p>You will discover a few sources to purchase and sell dark cash today. For instance, the Internet gives you numerous sorts of items that you can buy from different nations and consequently they can be conveyed to your own nation free of cost.</p><p></p><p>Aside from dark cash issues, you ought to likewise investigate the subject of insolvency so as to make your last research paper points. Insolvency or claims are two of the most widely recognized subjects for individuals in money related markets today.</p><p></p><p>There are still bunches of research paper themes you can expound on. Nonetheless, you ought to likewise invest some energy to concentrate on what the market is going to offer in the future.</p>

The Number One Question You Must Ask for High School Essay Introduction Samples

<h1> The Number One Question You Must Ask for High School Essay Introduction Samples </h1> <p>As typically, the most significant motivation behind why understudies can't set up the paper on time is they don't possess a lot of energy for setting up the task. There's no interest for you to continue battling or bombing free secondary school papers download reviews despite the fact that you can get help with schoolwork through TutorEye to support your learning. The subsequent issue is to work outside the study hall. The absolute initial step is to prevail in all the classes you take. </p> <p>If you've visited the school, reference your visit to exhibit you have made an endeavor to learn all the more with respect to the school. Secondary school has a significant influence in our lives. Despite the fact that it tends to be very hard to traverse, it is conceivable on the off chance that you follow a couple of rudimentary advances. Absolutely free higher school it's the individual and. </p> <p>The articles must component more than five sources and a total book index. As a result, you incline toward doing your papers completely all alone. All expositions will have a specific theme that is it is possible that one you pick or one which is accommodated you. Secondary school papers are organized also regardless of the subject and better exposition structure will permit you than form a reasonable article that streams from 1 passage to the next.</p> <p>The most every now and again experienced paper composing administration that most of our customers require is article composing. It is a smart thought to buy papers from specialists who do their absolute best to ensure that the quality is all up to norm. In the event that you have addresses, test papers, or whatever other materials that can be valuable for your author, they are at times likewise appended. At some point or another, every understudy begins to comprehend that a great deal is reliant on an extremely straightforward exposition. </p> <h2> Where to Find High School Essay Introduction Samples </h2> <p>You may utilize the examples distributed on our web asset whenever with no additional installment. Verify that the format you're picking can feature your subtleties in the absolute best methodology. Resume layout will have the option to help you in winning your application amazing and as expressed by the desires for the business. Ordered arrange ment is mostly used. </p> <p>Let's state that you're composing an article on The large reasons for Road Accidents in your City, it's conspicuous you're going to create a few focuses. Run a spell check however you should know it won't get everything. In all probability you'll have to set aside some effort to peruse something together and talk about what you've perused, in any event, assuming it is basically a speedy article. </p> <p>When you are pondering setting off for college with respect to the way that it will permit you to make more money, you ought to consider what kind of employment you want. You may likewise get master help at a little expense. Shockingly, you can't abstain from meeting upsetting people throughout your life. In your working life you will fulfill expansive scope of people. </p> <p>Secondly, your considerations should be efficient and upheld with the help of convincing proof. You could settle on a subject that you're not inspired by and end up stressing to form the proper thought. Steady pressure brings about issues with wellbeing. </p> <p>Getting entrance into your cherished secondary school may be your deepest longing. In addition, the remarks of various understudies will permit you to explain whether you may demand correction or whether your cash could be discounted in case of need. Secondary school is a critical time in a person's life. Regardless of the reality there are numerous secondary school paper points one would pick, it might take her or him quite a while because of vulnerability. </p>

Film Analysis Harold and Maude - Free Essay Example

Sample details Pages: 2 Words: 655 Downloads: 1 Date added: 2019/03/19 Category Art Essay Level High school Tags: Film Analysis Essay Did you like this example? In Hal Ashbys film titled Harold and Maude, a very odd relationship is formed between a young man entering his early twenties and a 79-year-old woman who are both intrigued by attending funerals. Harold, who is portrayed by Bud Cort, is a young man with a very wealthy family that is strangely fascinated by death. He performs multiple suicide stunts in front of his mother and acts as if he killed himself. Don’t waste time! Our writers will create an original "Film Analysis Harold and Maude" essay for you Create order On the other hand, Maude who is played by Ruth Gordon is an old woman who does not live by following the rules and chooses to live life to the fullest by doing whatever she pleases. Throughout the film, there are many gems and symbols represented in the film that makes it very attentive and amusing. To begin with, a very powerful symbol is introduced in the middle of the film when Harold and Maude decide to return a tree to the forest from the city. In my opinion, the tree resembles a new life for Harold that is filled with joy. Before meeting Maude he was a very quiet boy who felt being dead feels better than living and enjoying life. Hed symbolize this by wearing very dark attires, performing multiple pranks that lead people to believe hes dead, and also attending funerals just for the fun of it. Now when Maude takes the tree to the forest to give the tree life back in its natural habitat, its almost as if the tree represents Harold because ever since forming his bond with Maude hes been taught to enjoy life to the fullest. Maude encouraged Harold to break out of his shell and become a much more lively person by teaching him to think freely, by helping him learn how to play the banjo, dance candidly without caring about what others think. The tree was originally in the city where it can be symbolized as Harolds depressing home until it was transported to the forest where it represents his new life with Maude. Another symbol that represents a very intimate and romantic moment between Harold and Maude is when they are watching the fireworks and suddenly cuts to a scene of them laying in bed together. The correlation between these scenes is they are meant to lead the audience to think they slept together, which they did. As they are watching the fireworks they get more intimate by hugging and getting closer to each other. I believe the fireworks symbolize them sleeping together because fireworks are an expression of romance as they represent a celebration, in this case, a celebration of love. In addition, the sudden cut to the following scene that shows them laying in bed together without being fully clothed leads the audience to believe they did sleep together. In the closing sequence, Harold drives his Jaguar off a cliff after Maudes death. The scene leads the audience to believe he killed himself but he is then shown at the top of the cliff with the banjo Maude gifted him. There are actually two symbols in this scene, the totaled car at the bottom of the cliff symbolizes another attempt to make people believe he is dead. Also, as he dances off while playing the banjo, his relationship with Maude is once again being symbolized through the banjo and playful dance moves. Even though he is saddened by her tragic death he still acknowledges that Maude wouldve wanted him to continue living life to the fullest rather than dying along with her. Maude even told him, as they were on their way to the hospital in the ambulance after she took too many pills to kill herself, that he must go and love some more. Harold is even shown wearing more colorful clothes, rather than the dark suit he usually wears, which can also connect to Maude as hes keeping her spirit alive by living life the way she did.

An Extended Definition Essay Will Help You Get Into A Top College

<h1>An Extended Definition Essay Will Help You Get Into A Top College</h1><p>If you are searching for an online class that furnishes understudies with an opportunity to acquire their degree from the solace of their home, Extended Definition is the correct decision. This program is intended to assist understudies with creating scientific abilities and understand complex thoughts, while giving them a feeling of fulfillment from an all around created curriculum.</p><p></p><p>Other than the way that this course can assist understudies with building up their composing aptitudes, Extended Definition additionally offers school courses in all the significant territories of the understudy's advantages. Understudies are furnished with more opportunities to expand their viewpoints and gain new information. Besides, Extended Definition College courses furnish understudies with an assortment of chances to draw in with different understudies, just as the d irection of teachers.</p><p></p><p>Students who take a crack at Extended Definition online classes won't be distant from everyone else in the learning procedure. The teachers and other online understudies will be accessible to help during the time spent finishing the coursework. Broadened Definition offers its understudies the chance to communicate with other online understudies, who share a similar premium and learning as the students.</p><p></p><p>Another advantage of Extended Definition College course is the accessibility of different other understudy gatherings and conversation sheets. Online understudy gatherings and conversation sheets can allow understudies to examine any point that they may have and to voice their assessments about different subjects. Through the gathering, understudies can advise different understudies about their encounters in Extended Definition and about the program itself. Since these gatherings are availa ble to all understudies, understudies can connect with different understudies concerning their inquiries and concerns in regards to the course and the program.</p><p></p><p>It is feasible for understudies to sign in to their Extended Definition profile and access other course materials, including addresses, recordings, study aides, tasks, and activities. It is workable for understudies to get to extra material on this site, including on the web exercise plans, staff profiles, and instructor bios.</p><p></p><p>The number of word tallies of the composed task can be acclimated to fit the understudy's very own style. Different traits that understudies can browse are lucidness, word length, and square structure. When understudies pick the degree of trouble they wish to finish an article, they can tweak the style of the task and decide what number of words they are required to use in each paragraph.</p><p></p><p>Stude nts can get extra help by getting to different online assets. Understudy bolster networks are accessible on this site and understudies can join the conversations so as to get significant input. As an individual from the online network, understudies will approach assignments, schoolwork help, instructional exercise tips, just as discussions for proficient help and advice.</p><p></p><p>If you are a present undergrad who is searching for a superior method to acquire your degree, Extended Definition could be the answer for your issues. Expanded Definition College course permits understudies to win their degree on the web and learn at their own pace. Understudies won't need to stress over taking tests or getting ready for classes, which implies that they can concentrate on building their solid scientific abilities and acquiring their four year college education without worrying about how their timetable looks.</p>

Why Do You Want to Be a Doctor? - Essay Sample For Medical School

Why Do You Want to Be a Doctor? - Essay Sample For Medical SchoolThere are many reasons why people choose to go into medical school. It can be one of the most rewarding professions in the world. So why do some choose to take up this profession when they could be doing something else? And why do some find it difficult to get through the medical school application process?If you are going to write a medical school essay, why do you want to be a doctor? What drives you to make this decision? Are you a person who loves science fiction? Or is your reason just to help other people? Do you know why you want to be a doctor?If you feel that a medical school essay sample does not answer any of these questions, then you may be just waiting for someone to ask you. Why do you want to be a doctor?When you read a medical school essay, why do you want to be a doctor? Does it spark your interest or do you simply read a description that explains a situation or a research study that you already do.In o rder to make your medical school application essay interesting, it is important to write about what you want. Think about a situation when you were in the middle of the night and you had to rush to the bathroom and then you had to run to catch the bus.You may have been there for a very long time and yet you don't remember what happened. What makes you curious? You might want to know if the doctor who came to help you was really a doctor.Or you may want to know if the person who was supposed to be coming to help you was really a nurse or if they were in the habit of getting strange things out of their medicine cabinet. This is all about you and your curiosity and if your essay is about the problem you are trying to solve or how you helped others, then why do you want to be a doctor?What really makes you want to be a doctor? When you write a medical school essay, you can find out why you want to be a doctor.

Phd Essay Samples Secrets

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Tips For Writing Essay Sample Essays

Tips For Writing Essay Sample EssaysChoosing the right essay samples for a high school essay can be a daunting task, but with the help of a number of resources, it can be made much easier. A few of the most helpful tools are the essay sample, essay examples, and word papers.The sample sentences are what you will use to create your essay. You want to make sure that they are simple and easy to understand. This is one of the most crucial steps in writing an essay. The sentence that gets used to get your point across should have very little to no spelling errors or other errors.You do not need complex sentences or complex grammar in your essay, because this is not necessary. Most high school students learn these skills while reading an article, so they are very common. But you want to have a well written essay so that you make your point as clearly as possible.As you continue writing, you should look at the more detailed notes you make as they can often be more useful than the first para graph of your essay. Looking at these notes will give you a clearer idea of what you have written, and what you might need to add or change. If you are writing on a topic that you already know well, then it can be helpful to use a specific topic as the example for your essay.The next step is to write a full-length essay that contains all of the information you have covered in the sample essay. If your students have not read the article at least once, then you need to take the time to read it and review everything you wrote in the sample.List things you think your readers should know about each section. Writing a full-length essay is the most difficult step, but is also the most important step in getting your writing out there. It will help if you have a story to tell, or a lesson to teach.Writing sample essays is an excellent way to start your high school writing experience. These are free resources that you can use to get a jump start on your essay writing. Be sure to use them to y our advantage!

Steve Wozniak And The Macbook Pro - 1609 Words

The aim of this assignment is to give a brief analysis and description of the life and work of Steve Wozniak and how his work on electronic devices such as the Apple II and the Macintosh computer have contributed to society and have changed and developed the world for good. To conclude, he made a significant impact on society during the late years of the 20th century, the early years of the 21st century and the present days. 2. Introduction Life goes on and we all develop, but along with the human race, something else continuously develops as time goes by. That is technology. From Vinyl records to CDs, the Nintendo GameCube to the PlayStation 4, and the IBM computer to the MacBook Pro. Technology changes as time goes by but the question†¦show more content†¦If Steve Wozniak hadn’t put his creativity into use, what would we be doing right now? 3.1. Early Life and Family Steve Wozniak was born in San Jose, California on August 11, 1950 to Margaret Kern and Jacob Francis Wozniak. His Father’s ancestry is Polish and Swiss German and his mother’s is German, Irish and English. Wozniak has been married four times but only has children with his second wife Candice Clark; these are Jesse, Sara, and Gary. Wozniak and Clark divorced in 1987. In 1989, he started to date and eventually marry Suzanne Mulkern in 1990. His first wife was Alice Robertson and his fourth and current wife is Janet Hill. Wozniak now spends his time teaching children about computers, hoping that they will follow in his footsteps. Wozniak discovered his interest in Mathematics in the Fourth Grade and the recognition and encouragement of his parents and teachers aided the development of his self-esteem. He cites his father and Tom Swift Junior as role models in the engineering world; both these men were engineers who invented airplanes and rocket ships. 3.2 Education In the fifth grade, Wozniak started to build his own radio transmitter and receiver and at the age of 11, he began building a machine, which he named a ‘ticktacktoe’ computer. A book about a ham radio operator inspired all of these things he made at a young age. When Wozniak started Junior High School, he won a blue ribbon at the Bay Area Science Fair for designing a

Career Counseling Theories

Questions: 1) Identify Career Counselling Theories and how these Theories might be useful in Explaining Johns Situation. 2) As the Attending Career Counsellor, Describe your Ethical and Professional Responsibilities to John throughout the Sessions. 3) Identify the Purpose of Objective Assessments and how that has Contributed to your Assessment of the Situation. Answers: Introduction In the given situation John is facing major difficulties as he is not satisfied with the job he is doing moreover his son is undergoing physiatrist treatment which is causing a seemed of mental dissatisfaction. There is a lack of proper balance in the life Of John due to which he is facing various challenges. There is an adverse situation in his life where he is finding difficulty in balancing his work and life. It seems like that John is not satisfied with his job. Job satisfaction is important for having a balance in life. Imbalance in the personal and professional life can lead to various issues like mental illness, lack of social interaction etc. he has decided to undertake career counseling in order to develop effective results (Zikic and Saks,2009). The counseling session provides an individual with an opportunity to ascertain the self assessment. There are various theories that are introduced by authors at different time in order to provide an insight to create capabilities. T he report is based on assessing Johns current situation through an objectivity test. The test helps in describing the situation of John and the problems he is undergoing according to the current circumstances. It describes the technique in which the current situation can be addressed in order to find out the individual objectives. Every individual exhibit different behavioral traits that varies depending upon the situation. It has become important to understand the position of an individual to create effective relationship with the given test (Spencer Harris-Bowlsbey, 2013). 1.Career Counseling Theories The theory of work adjustment is also known as person-environmental correspondence theory which observes career choice as a continuous process of accommodating and adjusting oneself. In this situation a person looks to work in an organization and environment according to their needs. In turn an organization looks for an individual who has the capability to meet the requirements. This is related with the degree of satisfaction one attains through other (Leong,2014). As per the Hollands theory of vocational Personalities in the work environment it defines that vocational interest is a part of ones expression and personality. This theory is conceptualized in six typologies which are Realistic, Investigative, Artistic, social, enterprising and Conventional. As per the theory people look for the environment that helps them to access their skills and abilities. The Holland theory is more focused upon utilizing the individual skills by focusing on skills and capabilities. One should undertake only those activities that help them to grow in a diversified environment. People who utilize their skills grow efficiently when compared to other people (Gunz Peiperl, 2007). According to Super, the concept related to the career choice depends upon the individual option. It is the product of complex interaction in between various factors. There is natural process acting behind the individual that leads to personal growth and development. Human is generally inclined towards those career option which help in multi-faceted growth. They only choose that career which helps them to achieve sustainable result. Growth is very important as per the theory. It is therefore necessary for an individual to develop theories that are important for attaining sustainable results (Kosine, Steger Duncan, 2008). Application of two theories - (Theory of John L. Holland) and (Donald E. Super) Theory of John L. Holland According to Holland the personality of an individual develops due to career environment they fit in. the choice related to the individual depend upon the personality. In the given situation John is working as a teacher and he is not satisfied. It is therefore derived that his personality is affected due to the career option. The teaching profession by the time has become monotonous for him and he is facing imbalance in life. It is therefore necessary to balance the current event happening in his life with the ongoing situation(Patton McMahon,2014). The theory has divided the career choice into 6 categories. Teaching profession is a part of the social work. They are people who are more involved in undertaking those pursuits that help in building effective relationship with the society. Their motto is to help people by providing them with an opportunity to grow. John is a part of the teaching profession as per the theory. He is under the category of Helper as per the theory and focus ing on building an effective environment by providing help to other. Donald E. Super This is perhaps the most important theory that is used by the career developer. This career development theory is largely used by the people throughout the life span to generate effective relationship. This theory is using career maturity as one of the variable part((Patton McMahon, 2014). . Career maturity is related to the advancement in studies which depend upon the amount of time spend by the individual on the particular career option. Age, gender, certainty, work etc help in defining the career maturity knowledge. The knowledge related to the career maturity completely depends upon the amount of knowledge with the individual. This theory is consistent with the developmental assumptions of the career maturity (Hartung Subich, 2011). In the given situation it is necessary for an individual to be provided with the career guidance at every level. This will help them to attain differential career pattern. It is necessary part in the post and pre vocational of the career life. Training and development help in developing individual in order to attain distinguished results((Sharf, 2016). Application of assessment tools DISC Tool This tool helps in understanding the overall procedure to analyze the behavior of an individual. This tool is being effectively used in order to generate effective result related to career counseling theory generated through analysis of Johns behavior. As per the test it was determined that John is undergoing significant behavioral changes. As per the DSIC test it can be seen that the patient is exhibiting reserved behavior at workplace. His behavior is measured on the following parameters that include: Compliance John exhibit serious behavioral changes that are accurate, cautious and contemplative in nature. His approach of work is reserved and does not involve much of aggressiveness. Steadiness He is sincere, patient and modest towards his work. on the basis of his behavioral determination it can be seen that his approach towards work is based on modest behavior and understanding. He has been working from a very long time. The test provides that he shows a reserved behavior in his work attitude. Taylor Johnson temperament test This personality test measures 18 dimension of an individual while analyzing his behavior . this test has been used for more than 40 years by many counseling professionals in order to meet issues in dealing with psychological issues. The test focus on determining the individual behavior that requires to be addressed on the following parameters Nervous Composed Depressive Light-Hearted Active-Social Quiet Expressive-Responsive Inhibited Sympathetic Indifferent Subjective Objective Dominant Submissive Hostile Tolerant Self-Disciplined Impulsive During the test there were question being asked to John in order to understand his behavior. The behavior helps in analyzing his nature. It provides that John exhibit Nervous Composed behavior. It is seen under the study that John is undergoing significant. Behavior changes.. his personal life is already disturbed that is causing a change in behavioral pattern. 2.Ethical and professional responsibilities of a career counselor The counselor has to follow the quality and standards while managing relationship with their clients. He should thereby use only those approaches which are based on the universal applicable theory. They need to acknowledge the expertise of other profession and must work respectfully within the given parameter. They work on forming ethical relationship among the colleagues(Cheung, 2009). The counselor needs to be focused with their approach by giving quality services to the clients. There is a necessity to implement inter-disciplinary teams in order to focus on the multiple services that are provided by them on a long run. They have certain amount of obligation towards their clients. When any ethical issue arises the councilor tries to resolve the dispute within the team (Zikic Hall,2009). In case if the councilor is unable to meet the dispute he has to look for the different options that are available to him. He has an obligation to keep all the details related to the client with him. Moreover they need to develop effective relationship with the clients that will help in meeting the requirements. The counselor needs to alert the team members regarding the negative implication of the task. In any case they have a responsibility towards the clients and the organization while dealing (Swanson Fouad, 2014; Sullivan Baruch, 2009). As per the given situation John is undergoing problem in meeting his career related aspirations. He is not feeling motivated while working. Moreover he has multiple concerns regarding his sons mental health. He is currently feeling de-motivated as he is unable to balance his life with the work. There is a necessity to provide him with counseling sessions so that he is able to resolve the personal and professional conflicts. It is the role of the counselor to balance the requirements with the ongoing needs of John. Test Instrument Objectivity Test The objectivity test is related to the objective of the situation. In the given situation it is essential to provide with the proper counseling sessions in order to motivate him to achieve objectives. The objectivity test is a psychological test that helps in measuring the individual characteristic by the examiner. This test is undertaken to understand the situation of the person. These tests are often contrasted with the projective test. The objectivity test includes numerous questions undertaken in order to achieve sustainable objectives (Kidd,2006). Firstly there is a necessity related to decision making in order to understand the current situation of John. A question bank needs to be developed to undertake the test. One needs to estimates the validity of the question through the statistical procedure A format of valid questions needs to be framed including all the sub point and questions that reflects the situation of the client after understanding his condition. A format of application including all the valid aspects needs to be implemented carefully. This help in understanding the current situation of John. The questionnaire is applied at the last in order to understand the situation of the client. The filled form can be used to make relevant conclusion as per the necessity. This is necessary to make conclusive result by comparing the standard and current situation. This will not only help in understanding the appropriate situation but create genuine relationship. It is recommended that the counselor need to develop an essential environment to conduct the testing procedure. Situational question need to be precisely discussed with him. Moreover the information given by him should be kept confidential under the professional code of ethics at workplace. One should try to use the standardized procedure of testing as this will affect the future aspects related to the client. Follow up session are important for the client in order to keep a check over the status. This is necessary that the client should undertake every set of information related to his desire to the counselor as this will help in motivating him to undertake futuristic avenues (Bosley, Arnold Cohen,2009). 3.John personality and stages of establishment John is undergoing change in his life which has caused a significant change in his behavior. It is essential to have a right career at the right time in order to balance career option. On a long run it is recommended that John need to take career development process in order to achieve sustainable results. Hollands theory describes John character as SOCIAL as his profession includes helping people in society by providing them education. Career related counseling session need to be undertaken with utmost care. Conclusion John is therefore satisfied with the career counseling sessions . he feels motivated due to pre and post efforts made by the counselors. The report measures the various career related theories that re importation for an individual to guarantee growth in life. It consists of 5 career theory given by various authors at different points of time. John is a teacher and is facing related to the career option at a later stage. He is unable to balance the current situation due to imbalance in life. It is therefore necessary to incorporate effective test in order to create relationship. In case if the councilor is unable to meet the dispute he has to look for the different options that are available to him. The report provides the personality test of the individual while managing the gap in between the goals. It is necessary to develop an effective test to understand the situation in order to create objectives with the team. The section describes the condition of John and the difficulty he is facing in the current situation and providing with an insight to deal with the situation. References Bosley, S. L., Arnold, J., Cohen, L. 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