Sophie’s World Guide

Hypothesis OF KNOWLEDGEFALL 2012 SOPHIE’S WORLD: READING GUIDE DR. Lobby The epic Sophie’s World (1991) by Norwegian creator Jostein Gaarder offers a voyage through the historical backdrop of Western way of thinking just as a post-current investigator story. We picked this perusing for IB Seniors since it ties in so well with our crucial TOK questions and issues. As a result of the scholarly excursion the novel graphs, it makes an ally to Siddhartha which includes, notwithstanding, an eastern antithesis toward the western direction of Gaarder’s novel.For examination and conversation purposes, I have partitioned the novel into the accompanying five areas. Kindly sort out or compose flawlessly your reactions to this guide on discrete pages. Refer to page numbers for all sections you rework or quote in ( ). You are free to include your own remarks/evaluates. Around one area will be expected every week during the initial 5 †a month and a half of the main quarter . We will talk about your reactions during the relegated a long time of class just as take perusing tests on each area. We may likewise compose practice TOK expositions dependent on thoughts and issues introduced in Sophie’s World.Note that this book is an interpretation. It will improve your comprehension on the off chance that you gaze upward Gaarder on the web. Print and study an article you find provocative; this will be a piece of your article record. I)â€Å"The Garden of Eden† †â€Å"Aristotle†pages 1 †120 This initial area presents Sophie and her universe of home and school. It sets up the connection among Sophie and her way of thinking educator, who speaks with her basically through letters. It surveys a portion of the material we concentrated in the spring (Socrates) and some you have concentrated before at Central (Greek folklore). Make a rundown of the characters as you are acquainted with them. Like Sophie, you will start attempting to dis tinguish Hilde and her dad. 2 For each area make a rundown of the significant schools of theory referenced, notinga trademark thinker and portraying his fundamental ideas.(Do this based on Gaarder’s data despite the fact that you might need to discover increasingly around ones that interest you. ) Cite page ##s in text and additionally sources on the off chance that you look into data. 3Find a few instances of how the PLOT of the novel mirrors the different thoughts regarding which Sophie is learning. Discover a few instances of Gaarder’s utilization of the Socratic strategy. 5Compare Plato’s perfect society with the perfect ward depicted by Gonzalo in Act II of The Tempest. II)â€Å"Hellenism† †â€Å"The Baroque†pages 121 †232 In this area you will find the personality of Sophie’s instructor. You will likewise push ahead in time from the Greek philosophical custom to its replacements in European history up to the l600s. 1Describe the conversations of magic and consider how they may connect to a work like Antigone or Chronicle of a Death Foretold. 2Find the picture of history as a clock; at that point attempt to draw the clock. This may help you to remember the learning style spoke to by the shading wheel in Girl With a Pearl Earring. ) 3Make a note when you stumble into jargon that we have characterized in TOK. 4 Continue your rundown of key savants and their thoughts (or if nothing else the qualities of key philosophical periods). 5In light of Siddhartha and other information, give instances of or perceptions on Western direction in Gaarder’s portrayal of the advancement of thoughts. III)â€Å"Descartes† †â€Å"Kant†pages 233 †341 In this area you will start to determine the riddles of Hilde’s and her father’s identities.There will by hybrids between the first plot with Sophie and the tale of Hilde. 1Why does Gaarder decided to structure his story along these lin es? How may this structure show the philosophical thoughts being introduced? 2Pay specific thoughtfulness regarding the division of brain/body in Descartes and to the similitudes/contrasts among Berkeley and Bjerkely. 3 Recall our conversations of the Enlightenment in the work and composing style of Benjamin Franklin. Find a few sections that help light up (haha) Franklin’s text. 4FOR NEW JERUSALEM: SEE SECTION ON SPINOZA, 247-256.Reflect on Alberto’s address considering the play. 5Explain Locke’s relationship to experimentation. Check implications of the term. 6 Compare/differentiate this conversation of Kant with conversation of Kant and obligation morals in our TOK course reading. IV)â€Å"Romanticism† †â€Å"Freud†pages 342 †446 This area highlights Marx, Darwin, and Freud, some of the time called â€Å"The Triple Thinkers† for their effect on late nineteenth †mid twentieth century history, legislative issues, financial ma tters, science, expressions of the human experience, and human conduct. Notice that â€Å"philosophy† has expanded into what we would call separate disciplinary fields. Do you think the Freud part is appropriately positioned and enticing? Why or why not, founded on what you are aware of Freud from Psychology class and on different sorts of scholars remembered for this book? 2Compare the delineation of Freud in Gaarder with that in Brave New World. 3Discuss the parody of Darwinism in Brave New World with the clarification of advancement in Sophie’s World. Note the comparative titles. 4Do you concur that â€Å"philosophy is the reflection of the world spirit†? (371). Would you be able to give a few representations of this case from your different readings or encounters? V)â€Å"Our Own Time† †â€Å"The Big Bang†pages 447 †513 Please look into a meaning of â€Å"existentialism.† Do you concur â€Å"To exist is to make your own lifeâ €  (458)? Who is Sartre? Who is Camus? You read this Algerian-conceived writer’s novel The Stranger in junior IB English. 2Compare meaning of â€Å"paradigm shift† on 464 with Thomas Kuhn’s. 3What book does Alberto purchase Sophie? Clarify. 4What occurs at the nursery party? Apply â€Å"big blast theory† to the plot(s) of the novel. 5Compare/differentiate Gaarder’s and Kuhn’s (and Franklin’s) disposition toward science, in view of the disordered penultimate scene of every novel. 6Why may the book deduce in a paddle boat on a lake? Clarify the political significance of Hilde’s father’s profound inclusion in Lebanon and in United Nations strategies. What are the likenesses and contrasts among Lebanon and the battle Khaled Hosseini portrays in A Thousand Splendid Suns (and The Kite Runner)? What is the significance of both of these settings for IB? What's going on in the spring/summer of 2011 in the Middle East that coul d be comprehended through the perspective of Gaarder’s epic? 8Go back and read the epigraph by Goethe: is this what the novel is intended to represent? How can it do as such? Who is Goethe? What is the significance of the epigraph for TOK?

Participation Discussion Questions Essay Example | Topics and Well Written Essays - 1000 words

Support Discussion Questions - Essay Example As indicated by Sward (2006) an innovation should possibly be executed on the off chance that it increases the value of the organization. In view of this suspicion any procedure improvement while peripheral advantages don't surpass its negligible expense ought to be not be thought of. I like your company’s utilization of the cycle tallying strategy. Expanding the physical stock checking recurrence builds the odds of distinguishing inefficient exercises, for example, worker robbery. Associating with the clients and picking up input from them is an incredible method to acquire significant data. Coming up short on stock is a bad dream. A couple of years prior I worked for an assembling organization. We were building up another item. The bill of materials incorporated an uncommon plastic that was difficult to find anyplace all inclusive. We go through a half year searching for a reasonable provider that would have a consistent flexibly of the crude material. The task was closed down in light of the fact that a hazard the executives investigation verified that stockouts of the material would happen that would close down the creation line. One of the results of a stockout is loss of incomes (Answers, 2009). The situation you referenced about the organization you work for conflicts with conventional business insight. A great many people accept that having a lower stock check and the usage of stock frameworks, for example, JIT are the ideal method to maintain a business. Each industry has its quirks and inward information on its conduct is required so as to settle on great business choices. The Comcast item uses a customization procedure so as to adjust the details dependent fair and square of mechanical progression of the area. As the market necessities of various locales change the organization could move stock starting with one district then onto the next. On the off chance that a stock model gets out of date in one area the organization can in any case utilize that stock to flexibly different areas. Versatility and adaptability are two acceptable properties of a creation

SIPA Event At A Glance U.S. Election 2016 Whats Next Now COLUMBIA UNIVERSITY - SIPA Admissions Blog

SIPA Event At A Glance “U.S. Election 2016 What’s Next Now” COLUMBIA UNIVERSITY - SIPA Admissions Blog After the election in November, SIPA began  organizing various activities and events to address post-election issues and concerns. On  November 29, 2016, SIPA held a high-level panel at Columbia Club in midtown, called “U.S. 2016 Election: What’s Next Now?”. The panel was moderated by Merit E. Janow, Dean of SIPA, and featured seven panelists who are top experts in their field of studies, including economics, political science, war and peace studies, energy and environment policy, and urban planning. During the discussion, panelists shared their views on the significant domestic and international challenges that the new administration will face, from a deeply-divided nation  and uncertainty around the policies to future foreign policy and international relations. David Rothkopf, Visiting Professor of International and Public Affairs, first shared his opinion about President-Elect Trump’s strategy in foreign affairs. He pointed out that Trump’s potential policy is likely to shift the United States into a unilateralism, which might jeopardize the traditional transatlantic partnership. Professor Richard K. Betts put it that President-Elect Trump’s foreign policies could be hard to predict, and he shared his opinions on the future relation between US and Russia. When it comes to the domestic policy, University Professor Joseph Stiglitz, Nobel Laureate and former chief economist of the World Bank, briefly analyzed Trump’s tax cut and infrastructure plan. He pointed out that to stimulate the economy with massive infrastructure construction could raise the cost of capital and may cause negative effects on the economy. Professor Richard Clarida shared his views on the post-election market reactions and the potential effect of the combination of tight monetary policy and loose fiscal policy. Professor Ester Fuchs discussed the potential policies related with women, such as affordable birth control, abortion right, children care, and paid family leave. Michael Nutter, Professor of Professional Practice in Urban and Public Affairs, who was also the mayor of Philadelphia, expressed concerns on how President-Elect Trump is going to develop proper urban planning policies. While Professor Steven Cohen, Executive Director of Columbia University Earth Institute, discussed the future challenges in energy and environmental policy. Around 70 people participated in the event, including SIPA faculty members, current students, alumni, prospective students, and journalists from major media companies. After the one-hour panel discussion, panelists responded to questions from the audience, covering terrorism, enterprise zone, and incoming elections in Europe, etc. Panelists then encouraged SIPA students and alumni to actively engage in studying and shaping the future of public policy. [Photo by Weiming Shu | Left to right:  Richard Clarida, C. Lowell Harriss Professor of Economics and Professor of International and Public;  Joseph Stiglitz, University Professor and Nobel Laureate;  Ester Fuchs, Professor of International and Public Affairs and Political Science;  Michael Nutter, David N. Dinkins Professor of Professional Practice in Urban and Public Affairs;  Merit E. Janow, Dean of SIPA;  Steven Cohen, Executive Director, Columbia University Earth Institute and Professor in the Practice of Public Affairs;  Richard K. Betts, Leo A. Shifrin Professor of War and Peace Studies and Arnold A. Saltzman Professor of War and Peace Studies; David Rothkopf, Visiting Professor of International and Public Affairs]

SIPA Event At A Glance U.S. Election 2016 Whats Next Now COLUMBIA UNIVERSITY - SIPA Admissions Blog

SIPA Event At A Glance “U.S. Election 2016 What’s Next Now” COLUMBIA UNIVERSITY - SIPA Admissions Blog After the election in November, SIPA began  organizing various activities and events to address post-election issues and concerns. On  November 29, 2016, SIPA held a high-level panel at Columbia Club in midtown, called “U.S. 2016 Election: What’s Next Now?”. The panel was moderated by Merit E. Janow, Dean of SIPA, and featured seven panelists who are top experts in their field of studies, including economics, political science, war and peace studies, energy and environment policy, and urban planning. During the discussion, panelists shared their views on the significant domestic and international challenges that the new administration will face, from a deeply-divided nation  and uncertainty around the policies to future foreign policy and international relations. David Rothkopf, Visiting Professor of International and Public Affairs, first shared his opinion about President-Elect Trump’s strategy in foreign affairs. He pointed out that Trump’s potential policy is likely to shift the United States into a unilateralism, which might jeopardize the traditional transatlantic partnership. Professor Richard K. Betts put it that President-Elect Trump’s foreign policies could be hard to predict, and he shared his opinions on the future relation between US and Russia. When it comes to the domestic policy, University Professor Joseph Stiglitz, Nobel Laureate and former chief economist of the World Bank, briefly analyzed Trump’s tax cut and infrastructure plan. He pointed out that to stimulate the economy with massive infrastructure construction could raise the cost of capital and may cause negative effects on the economy. Professor Richard Clarida shared his views on the post-election market reactions and the potential effect of the combination of tight monetary policy and loose fiscal policy. Professor Ester Fuchs discussed the potential policies related with women, such as affordable birth control, abortion right, children care, and paid family leave. Michael Nutter, Professor of Professional Practice in Urban and Public Affairs, who was also the mayor of Philadelphia, expressed concerns on how President-Elect Trump is going to develop proper urban planning policies. While Professor Steven Cohen, Executive Director of Columbia University Earth Institute, discussed the future challenges in energy and environmental policy. Around 70 people participated in the event, including SIPA faculty members, current students, alumni, prospective students, and journalists from major media companies. After the one-hour panel discussion, panelists responded to questions from the audience, covering terrorism, enterprise zone, and incoming elections in Europe, etc. Panelists then encouraged SIPA students and alumni to actively engage in studying and shaping the future of public policy. [Photo by Weiming Shu | Left to right:  Richard Clarida, C. Lowell Harriss Professor of Economics and Professor of International and Public;  Joseph Stiglitz, University Professor and Nobel Laureate;  Ester Fuchs, Professor of International and Public Affairs and Political Science;  Michael Nutter, David N. Dinkins Professor of Professional Practice in Urban and Public Affairs;  Merit E. Janow, Dean of SIPA;  Steven Cohen, Executive Director, Columbia University Earth Institute and Professor in the Practice of Public Affairs;  Richard K. Betts, Leo A. Shifrin Professor of War and Peace Studies and Arnold A. Saltzman Professor of War and Peace Studies; David Rothkopf, Visiting Professor of International and Public Affairs]

Arthur Millers Death of a Salesman Essay - 2019 Words

Arthur Millers Death of a Salesman Arthur Miller’s Death of a Salesman was written after the second World War while the American economy was booming. Society was becoming very materialistic, and the idea that anyone could â€Å"make it† in America was popular. These societal beliefs play a large part in Death of a Salesman, a play in which the main character, Willy Loman, spends a lifetime chasing after the American Dream. Willy was sold on the wrong dream. He was enamored with a myth of American ideals and chose to put aside his real talents in pursuit of a fantasy. In several instances of the play, we see that Willy is a skilled carpenter. He wants to redo the front step just to show off to his brother, and he is†¦show more content†¦Willy can see only Singleman’s popularity among the buyers, something that Willy has strived for all of his life. Here we find one of Willy’s main problems. He is so busy striving to achieve financial success and widespread popularity that he ignores the unconditional love that his family gives. He is more concerned with being â€Å"well-liked† among the people he gives sales pitches to. His wife, Linda, views his job solely as a source of income, she is more concerned with Willy the person than Willy the salesman. However, instead of being content with the love of his wife, Willy has an affair with a woman while he is on the road. The woman has obviously bought Willy’s sales pitch; she likes him, and she gives his ego a boost. But she doesn’t love him. To Willy this isn’t important; she likes the man that he imagines himself to be. Willy chooses this artificial relationship over a real one because it fits in with his misguided ideals. Towards the end of the play, reality begins to set in for Willy. After he is fired, he realizes that he will never live out the American Dream for himself. His hopes are crushed for a while, especially when he finds out how horribly Biff’s meeting with Bill Oliver went, and he loses his mind. But, he then thinks of a way to pass his dream on to Biff. When he realizes that Biff wasn’t just trying to â€Å"spite† him for all of those years, he returns to his old dreams. With the money from the insurance policy, Biff canShow MoreRelatedAnalysis Of Arthur Millers Death Of Salesman 1548 Words   |  7 Pages Research paper on death of salesman Arthur Miller created stories that express the deepest meanings of struggle. Miller is the most prominent twentieth-century American playwrights. He based his works on his own life, and his observations of the American scene. Arthur Asher Miller was born 17 October 1915 in Manhattan, New York city. He was the son of Jewish immigrants from Poland. His parents had a prosperous clothing company. Unfortunately when the stock market crashed, because his familyRead MoreArthur Millers Death of a Salesman Essay904 Words   |  4 PagesArthur Millers Death of a Salesman Arthur Millers play, Death of a Salesman contains many themes of success and failure. They include the apartment buildings, the rubber hose, Willys brother Ben, the tape recorder, and the seeds for the garden. These symbols represent Willys attempts to be successful and his impending failure. In the start Willy and Linda moved to a home in Brooklyn, as it at the time seemedRead MoreMarxism In Arthur Millers Death Of A Salesman1465 Words   |  6 PagesThroughout Arthur Miller’s Death of a Salesman, Willy Lowman sought to attain the American Dream, but his distorted view of Marxist control ultimately provoked his physical, material, and mental destruction. Lowman, a middle-class salesman, husband, and father of two shared the ideology of many American’s, an ideology that hard work, dedication, and likeability was attainable regardless of social class, or life circumstances. Yet, the multiple distortions Willy associated with this dream combinedRead MoreAnalysis Of Arthur Millers Death Of Salesman 1611 Words   |  7 PagesResearch paper on death of salesman Arthur Miller created stories that express the deepest meanings of struggle. Miller is the most prominent twentieth-century American playwrights. He based his works on his own life, and his observations of the American scene. Arthur Asher Miller was born 17 October 1915 in Manhattan, New York city. He was the son of Jewish immigrants from Poland. His parents had a prosperous clothing company. Unfortunately when the stock market crashed, because his familyRead MoreThe Theme Of Death In Arthur Millers Death Of A Salesman1064 Words   |  5 PagesDeath is often seen as a scary and dreadful reality that everybody must face. Suicide is perceived as selfish and cold-hearted by many. What about somebody who commits suicide for the greater good? This harsh actuality is depicted in the play â€Å"Death of a Salesman† by Arthur Miller. Miller overcame loss and devastation and created a heartfelt collection of literature that became iconic. â€Å"Death of a Salesman† unve ils the unfortunate reality that many households experience of chaos disrupting harmonyRead MoreSymbolism In Arthur Millers Death Of A Salesman1783 Words   |  8 PagesEdison believes individuals cannot cheat the process of success to get to the top, they must work for it. In the play, Death of a Salesman, the author, Arthur Miller, uses the narrative techniques of imagery, motifs, and symbolism to show how success and social acceptance can be deceptive for Willy Loman and his family. Willy Loman is a troubled, self-defrauding travelling salesman. He genuinely believes in the American Dream of easy success and prosperous wealth, but he cannot achieve it. NeitherRead MoreAnalysis of Arthur Millers Death of a Salesman1581 Words   |  6 Pagesï » ¿Arthur Millers play Death of a Salesman was a hit nearly from its debut, and its importance to American literature and theater has not diminished in the over half a century since its first performance in 1949. However, the specific areas of the play that have most intrigued critics have changed over time, as different historical, social, and literary concerns lead critics to come up with different interpretations. By analyzing three different critical responses to Death of a Salesman, it will beRead MoreSymbolism In Arthur Millers Death Of A Salesman717 Words   |  3 PagesArthur Miller’s â€Å"Death of a Salesman† takes place in New York City in the late 1940’s. This play chronicles the life of Willy Loman, who often reflects upon his life and the decisions he has made. Miller characterizes Willy as guilt-stricken by his decisions and driven for his children to achieve wealth and success through the use of symbolism, idioms, and similes. Miller uses symbolism to develop dimensions of Willy’s character. During one of his flashbacks, Willy remembers his affair with a womanRead MoreEssay on Symbolism in Arthur Millers Death of a Salesman1197 Words   |  5 PagesSymbolism in Arthur Millers Death of a Salesman Arthur Miller’s play, Death of a Salesman is wrought with symbolism from the opening scene. Many symbols illustrate the themes of success and failure. They include the apartment buildings, the rubber hose, Willy’s brother Ben, the tape recorder, and the seeds for the garden. These symbols represent Willy’s attempts to be successful and his impending failure. When Willy and Linda purchased their home in Brooklyn, itRead More The Importance of Biff in Arthur Millers Death of a Salesman682 Words   |  3 PagesThe Importance of Biff in Death of a Salesman by Arthur Miller  Ã‚  Ã‚   The play Death of a Salesman, by Arthur Miller, follows the life of Willy Loman, a self-deluded salesman who lives in utter denial, always seeking the American Dream, and constantly falling grossly short of his mark. The member’s of his immediate family, Linda, his wife, and his two sons, Biff and Happy, support his role. Of these supportive figures, Biff’s character holds the most importance, as Biff lies at the center

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Cindy Sherman Essay example - 711 Words

Cindy Sherman Terror and mockery come together in the portraits of Cindy Sherman on display at the Crocker Art Museum. Walking into the large, dimly lit ballroom, one may begin to feel a slight sense of trepidation as the viewer looks around to find nine sets of beady eyes watching one’s every move. Sherman produced her History Portraits during the late eighties and early nineties, nine of which are displayed at the museum. In her portraits she uses lush fabrics, lavish jewelry, and false body parts to decorate herself in these self-portraits. Her portraits have been know to cause discomfort in the viewers who find the general stereotypes, depicted in her portraits, amusing, yet confusing and terrorizing. Sherman’s Untitled†¦show more content†¦Like Untitled #225 (Blond Woman), Sherman’s Untitled portrait #198 (Feather Mask) also stirs a sense of uneasiness. The portrait is a color photograph created in 1989. A woman with an open salmon colored shirt exposes both artificial breasts as she sits with a large, blue feather mask covering her face, as if to cover her identity for fear of being mocked for being a woman. Dark, black eyes peer from beneath the mask, and appear to follow the viewer while one examines the portrait. There’s seems to be no reason for her shirt to be open and her breasts on display, unlike Sherman’s Untitled #225 (Blond Woman) portrait, who seemed to have a definite reason. The fake, jewelry-like nipples on the breast are a deep ruby red color that match with a red pedant hung around her neck. A white tulle skirt covers the lower half of her body as she sits in front of a green printed fabric with red tassels that is hung loosely behind her. Sherman’s Untitled #211 (Oval Profile of Woman) is also a color photograph created in 1989. The portrait shows the profile of a middle-aged woman facing the right with a stacked, beaded necklace draped around her neck. She is a well dressed aristocratic in a black sequence blouse with white chiffon sleeves. Her brown hair is held up with colorful scarfs. She holds her nose high in the air as to look sophisticated or arrogant. The uneven texture of the skinShow MoreRelatedThe Work of Cindy Sherman Essay2883 Words   |  12 PagesNo other artist has ever made as extended or complex career of presenting herself to the camera as has Cindy Sherman. Yet, while all of her photographs are taken of Cindy Sherman, it is impossible to class call her works self-portraits. She has transformed and staged herself into as unnamed actresses in undefined B movies, make-believe television characters, pretend porn stars, undifferentiated young women in ambivalent emotional states, fashion mannequins, monsters form fairly tales and those whichRead MoreWriting Assignment : Art By Cindy Sherman Essay914 Words   |  4 Pagescommunicating the thoughts, feelings, and ideas of individuals. New Jersey native, Cindy Sherman, found the language of art after gradating high school when she attended State University of New York College at Buffalo. Sherman’s artistic identity submerged her freshman year in college when painting did not satiate her artistic thirst â€Å"†¦ there was nothing more to say [through painting]† (Cindy Sherman). Through her photographs, Sherman managed to establish a unique signature and gain international recognitionRead MoreIdentity in Cindy Sherman ´s Contemporary Art665 Words   |  3 Pagesreveal cultural and personal truths about them through the employment of specific subjects, techniques, and colors incorporated into their artwork. Cindy Sherman, the famous feminist artist, portrays a plethora of different identities in her photographic works in order to highlight societal issues such as stereotypes, perceptions, and biases. Although Sherman does not blatantly set out to become an activist for femininity, audiences inherently view her work as attempting to cross boundaries and bringRead MorePostmodern American Artist s Cindy Sherman And Kara Walker Critique And Question Grand Narratives Of Gender, Race And1164 Words   |  5 PagesPostmodern American artist’s Cindy Sherman and Kara Walker critique and question grand narratives of gender, race and class through their work and art practice. Cindy Sherman, born 1954, is well renowned for her conceptual portraits of female characters and personas that question the representation of women, gender identity and the true (or untrue) nature of photography (Hattenstone 2011). Kara Walker, born 1969, is known for her black silhouettes that dance across gallery walls and most recentlyRead MoreThe Meaning of Color in Art996 Words   |  4 Pageslight, an d shadow, however, in regards to the artist Cindy Sherman, color is used profoundly in gender roles and symbolism. Representation and hidden meanings found within artwork is not a new concept by far, artist have been using such method for centuries. Nonetheless, the unique and slightly nightmarish way the contemporary artist Cindy Sherman uses color in representational ways brings about a new light to a familiar technique. Cindy Sherman, an American artist born in 1954, is extensively acknowledgedRead MoreThe Museum Of Modern Art Website912 Words   |  4 Pagesfeminist nor political. I try to put double or multiple meanings into my photos, which might give rise to a greater variety of interpretations. (Sherman) In 1977 artist, and feminist, Cindy Sherman created a series of untitled film stills over a five-year span. Each of these stills depicts Sherman playing a different role as a woman in society. Although Sherman did not try to portray a message of feminism in her art, it was inevitable during this time period. When looking at her stills, women now, andRead MoreMale Gaze Essay2595 Words   |  11 Pageswomen are and have been portrayed in relation to the ‘male gaze’ and how it is still very prevalent in contemporary modern culture through photography and other mediums, such as, cinema and advertising. I will be analyzing the photographic work of Cindy Sherman, E.J. Bellocq, advertisement and the written work of Laura Mulvey and John Berger. Traditionally imagined, written and produced by men, advertisements have long depicted women as men want them to be, sexy, obedient, fragile, instead of as theyRead MoreThe Photograph, Unknown # 153 By Cindy Sherman Essay1166 Words   |  5 PagesThe photograph â€Å"Unknown #153† was taken by Cindy Sherman in 1954. The picture is of a Caucasian woman lying in the grass. She is not completely in the picture, because the parts of her body visible to the viewer is the area above the collarbone and her right shoulder. Her face, neck and clothes have handfuls of dirt on them. Her body is flat; she is faced up and her arms are down by her side. Her face is the center point of the photo yet; she is diagonally in the frame with her body placed in theRead MoreThe Changing Representations Of Women : The Art Of Hannah Wilke, Lynda Benglis, And Cindy Sherman846 Words   |  4 Pages In Jessica Holt’s â€Å"The Changing Representations of Women: The Art of Hannah Wilke, Lynda Benglis, and Cindy Sherman,† â€Å"S.O.S† served to attack societies popular images of women in the media. Wilkes way of presenting her body addresses what is perceived and encouraged as feminine in the phallocratic society. Holt states that by representing the scars on Wilkes body with specifically female genitalia she emphasizes the harmful stigma, which surrounds the idea of being a women; objectifiedRead MoreAnalysis Of The Film Stills 1449 Words   |  6 Pagesblack-and-white photographs made between 1977 and 1980. In them Sherman appears as fictitious characters in scenarios resembling moments in a film. She used vintage clothing, wigs and makeup to create a range of female personae which she then photographed in apparently solitary, unguarded moments of reflection, undress, or in conversation with somebody off-set and outside of the frame† (Tate, 2015) As mentioned in my research Cindy Sherman was a big inspiration towards my creative projec t. My intentions

Cyber Attack and Information Security †Free Samples to Students

Question: Discuss about the Cyber Attack and Information Security System Answer: Introduction: One of the recent security breaches that is discussed in this discussion is the security breach at the university of Oklahoma on June 14, 2017 (Gray, 2015). The university has a database regarding the students information which was leaked by chance from 2012. According to the federal law it was an act of serious violation. The campus file sharing system was first affected by the cyber attack. The vice president of the university was informed about the cyber attack by the OU daily which first rectified the security breach (Gao, Zhong Mei, 2015). It is seen that the OU database was hacked and after getting the regarding information about the security breach the information technology department was working on it. The vice president also agreed about the security breach and the acknowledgement of the university information system department about it. The IT team is continuously working on the fact that people are claiming that they have downloaded the content from the universitys websit e. Another important fact regarding the data breaching is that the IT team of the university had not found any particular evidence regarding the data breach. More than 29000 records were disclosed due to the security breach. Among that most of the data was regarding the personal data of the students and also some official information regarding the university (Federgreen Sachs, 2015). Although it was unintentional according to the educational board and for that reason this incident is not considered as the violation of the federal funding of the university. Due to the cyber attack and the security breach the university and its students information was mostly affected. The number of the affected student who loosed their information due to the security breach is more than 29000. Official data of the university as well as personal data of the students both were affected due to the security breach (KuoVarki, 2014). The information contained personal data like personal details, financial status and their accounting details also in some cases. For this reason the level of the security breach was really high and the main website was immediately shut down by the university authority. If there was any violation of law due to the security breach, then the university could be affected in terms of the federal law. According to some specialists who investigated the security breach, said that it was not an external attack. The main source of the cyber attack was initiated from the inside of the university (Young, 2014). The chance for the organisation was created for the regulation of the organisational strength that cannot be hampered for the security breach. The information technology department could not be able to monitor the fact that the organisation is being attacked by such kind of threats (Ablon et al., 2016). Later the information technology department of the organisation monitored that the source of the security breach is from inside and some individual made the files of the university public (Peltier, 2013). It is already informed to the university about the files that was to be opened to the public. It was also very easy for the users to access the files so that the organisations can access those contents easily. Anyone having login id of the university can also make the system more advantageous by accessing the files. What could have been done to prevent the attack? The university can follow the regulations which are discussed following for making the security system of the university stronger and advanced. The files which are being used in the information system of the university should be encrypted. If the files are encrypted then other unauthorised access cannot make the files insecure. The people of the organisation who work in the database system and in the information technology system, should be given proper training so that the organisation can make the people aware of such data breaches (Kwon Han, 2017). Proper training can also decrease the frequency of such incidents related to data breaches and cyber security. Proper antivirus and firewall should be used in order to oppose the possible threats that can harm the universitys security. Regular assessment of the vulnerability of the server should be taken care of. The maintenance and the checking of the system should be done in a frequent and periodic way like once or twice per week. Security patching should be done in a regular basis by the IT team of the university. The backup of the information should be kept with highest priority so that the main functionality of the university is not affected by the data loss. One of the biggest cyber attacks in the recent days that have been going through worldwide is known as the ransomware attack. Most importantly this problem has being reported and has come out with a bigger image as the international Information technology giants and also other big organisations have being affected by the virus. The name of the virus is the wannacry. Ransomware is the particular type of this virus. The main problem is occurred on the computers having the windows platform like windows 10 windows 8 and windows 7. This virus is mainly distributed in the system with the help of the windows and also it uses files like MS word, excel, power point and also the pdf files (Siponen, Mahmood, Pahnila, 2014). This virus does not reveal its identity to the main computing system. Ransom basically finds out the files and the information contained into the files (Wirth, 2017). It does not let the computer system to further access the files so that it can be controlled by the virus. Who were affected and how? Most of the biggest organisations in the world were affected by the ransomware cyber attack. International information technology organisations are affected by this attack and most of the cases have found to be more vulnerable due to the attack of the ransomware virus (Kuner et al., 2017). The list of organisations which were affected by the ransomware organisation is given below. Rosneft: It is one of the biggest Russian oil producing company that is attacked by the ransoware virus. The server of the Rosneft organisation is also affected by the ransomware virus. Ap Moller-Maersk: It is a Danish shipping giant that is also attacked by the ransomware virus. The computer system and the network were totally damaged by te organisation. WPP: It is one of the biggest Britains advertising company which is attacked by the ransomware virus. Merck and CO: It is a pharmaceutical company which informed by a tweet that its computer system was hacked by the ransomware virus also. Russian banks: The Russian banks had a huge database of the information regarding the public data. It is also seen that the organisation has not being able to make the database purely secured. Lots of information is being hacked by the ransomware virus. Ukrainian banks and power grid: It is reported that most of the banks and the power grid of Ukrain are being hacked by the Ransomware virus. Saint Gobain: It is seen that Saint gobain which is one of the biggest material company had been also attacked by the organisations (Renaud, 2017). Deutsche Post: The most important postal and logistic company was also attacked by the ransomware. Metro: The metro of Germany was also affected by the attack of the wannacry virus. TNT Express: It is an organisation which is based on the Netherlands. The virus also attacks the TNT express. Mars INC: It is also an important manufacturer organisation that is attacked by the ransomware virus. Government organisations; Many administrative and government organisations are also affected by the ransomware virus (Mohurle, Patil, 2017). The computing system of the department of police of different countries like China and India, are also affected by the virus. When a ransomware virus was initiated in the computer system, then the virus goes to the main control system of the network. When a unknown link is downloaded into the system, then it is sent to the organisations whole computing platform. The virus initiates its programs into the system. The main feature of the virus is that the virus is not revealed its identity to the computer defence mechanism (Collier, 2017). Then the virus starts to be shared among the main system and it is also not identified until it attacks the main central system of the computer. Normally it uses windows platform to be shared fast. It uses files like MS word and MS exel and also pdf files for quickly being shared in the system (Martin, Kinross Hankin, 2017). The ransomware actually encrypts the files in which it has captured. After the files are encrypted by the ransomware virus, then it is nothing to do with the files (Chakravartula Lakshmi, 2017). Most importantly this problem has being reported and has come out with a bigger image as the international Information technology giants and also other big organisations have being affected by the virus. The name of the virus is the wannacry. Ransomware is the particular type of this virus. The main problem is occurred on the computers having the windows platform like windows 10 windows 8 and windows 7. What could have been done to prevent the attack? To safeguard ones self from such ransom ware virus, one should follow the following steps: The windows operating system should be updated always. The windows update option should be kept on in the main system. Update and use of the ransomware blocker software should be done in a frequent way. To block the port 445 for better security if the OS patches has not been installed in the system (Collier, 2017). The system should be always updated in order to maintain the security. References Ablon, L., Heaton, P., Lavery, D., Romanosky, S. (2016). Data Theft Victims, and Their Response to Breach Notifications. Chakravartula, R. N., Lakshmi, V. N. (2017). Combating Malware with Whitelisting in IoT-based Medical Devices. International Journal of Computer Applications, 167(8). Collier, R. (2017). NHS ransomware attack spreads worldwide. Federgreen, W. R., Sachs, F. E. (2015). U.S. Patent Application No. 14/618,434. Gao, X., Zhong, W., Mei, S. (2015). Security investment and information sharing under an alternative security breach probability function. Information Systems Frontiers, 17(2), 423-438. Gray, M. F. (2015). U.S. Patent No. D746,305. Washington, DC: U.S. Patent and Trademark Office. Kuner, C., Svantesson, D. J. B., H Cate, F., Lynskey, O., Millard, C. (2017). The rise of cybersecurity and its impact on data protection. International Data Privacy Law, 7(2), 73-75. Kuo, H. C., Varki, S. (2014). Are Firms Perceived As Safer After an Information Breach?. ACR North American Advances. Kwon, S. M., Han, C. H. (2017). Empirical Investigation on Information Breach Effect on the Market Value of the Firm: Focused on Source and Long Term Performance. Journal of Society for e-Business Studies, 21(2). Martin, G., Kinross, J., Hankin, C. (2017). Effective cybersecurity is fundamental to patient safety. Mohurle, S., Patil, M. (2017). A brief study of Wannacry Threat: Ransomware Attack 2017. International Journal, 8(5). Peltier, T. R. (2013). Information security fundamentals. CRC Press. Renaud, K. (2017). It makes you Wanna Cry. Siponen, M., Mahmood, M. A., Pahnila, S. (2014). Employees adherence to information security policies: An exploratory field study. Information management, 51(2), 217-224. Wirth, A. (2017). It's Time for Belts and Suspenders. Biomedical Instrumentation Technology, 51(4), 341-345. Young, E. (2014). Educational privacy in the online classroom: FERPA, MOOCs, and the big data conundrum. Harv. JL Tech., 28, 549.

Morality Essays - Fiction, Literature, English-language Films

Morality Matchmaker.com: Sign up now for a free trial. Date Smarter! Morality Morality. It has been questioned by people, honored by people and revered since the beginning of time. Yet even today not one person can say what is morally right. It is a matter of opinion. It was Dr.Victor Frankenstein's opinion that it was alright to create a"monster". Frankenstein's creation needed a companion. Knowing that his first creation was evil should the doctor make a second? With the knowledge at hand, to Dr.Frankenstein, it is not at all morally correct to bring another monster into the world. Looking at this probelm with his family in mind, the doctor begins his work on the second monster. The first monster threatened Frankenstein and even his family. The monster angrily said to Frankenstein, "I can make you so wretched." (pg. 162) Trying to scare Frankenstein for not creating his mate the monster resorted to threats. If the good doctor does create a companion for his first creation he may be endangering others. "The miserable monster whom I had created," (pg.152) says Victor upon looking back at his work. If there is another monster there will be twice the power and possibly twice the evil, which could hurt or kill his family. When and if Frankenstein commits the moral sin of creating another monster he may be rid of both monsters forever. "With the companion you bestow I will quit the neighbourhood of man,"(pg 142) promises the morally corrupt monster to the doctor upon the completion of his partner. When the doctor, if and when he, finished his first creation's mate there is a chance that the monsters will not keep their promise and stay in Europe envoking fear into townfolk. The good doctor, trying to act morally, destroys the monster for the good of the world. The monsters can potentially take over whatever they please. "A race of devils would be propegated,"(pg. 163) thinks Frankenstein to himself in his study. The monsters, if powerful enough, could possibly take over Europe. Frankenstein realizes that he can not possibly doom the world to benefit himself. "Shall I, in coold blood, set loose upon the earth a daemon.."(pg. 162) argues Frankenstein with his creation. It is not morally right for one person to unleash such a terror on the world to benefit only himself and his family. Frankenstein will not let any example change his mind on the point that the monster is and will always be morally corupt. Continuing on his point that the monster was too evil to duplicate, Frankenstein says, "Your threats cannot move me to do an act of wickedness; but they confirm me in determination of not creating you a companion in vice."( pg. 163) Frankenstein will not sacrifice his morallity because of persuation from a monster. Although beholding the threat of death and misery Frankenstein held his ground and did not sacrifice his moral. When and if Frankenstein creates another monster he can not feel as if he has done the morally right thing. From creating the monster Frankenstein will some how be making people other than himself unhappy. " I consent to your demand, on your solem oath to quite Europe forever, and every other place in the neighbourhood of man,"(pg. 143) says Frankenstein as he sees the power that the two could possibly possess. The good doctor sees that with his own hands he could possibly scar the world forever. The doctor wants, if anyone, himself to be unhappy instead of all of man kind. "Begone! I do break my promise," (pg. 162) states the doctor angrily. Not thinking about himself but the world unselfishly breaks his promise to the monster. Possessing such a great mind the doctor is able to realize that a greater evil will be realesed upon the earth then upon himself. "Your threats cannot move me to do an act of wickedness,"(pg. 162) says the doctor as he argues his point with his creation. The doctor sees that a greater and more horrible result can come from him making the second monster than not. With the knowledge at hand, to Dr.Frankenstein, it is not at all morally correct to bring another monster into the world. On the one hand if the second monster was created Frankenstein's family would be saved. By the same token the rest of the world could be forced to bow before two hideous monsters. The problem, making or not making the second monster, played heavily on Frankenstein's mind, possibly caused his brief lapse into the realm of the insane. Even though Frankenstein began his work for

The challenge of treating cancer patients with the CyberKnife in local cancer centres †a critical review The WritePass Journal

The challenge of treating cancer patients with the CyberKnife in local cancer centres – a critical review Introduction The challenge of treating cancer patients with the CyberKnife in local cancer centres – a critical review . How many different types of cancer are there? Chabner B, Longo DL. Cancer Chemotherapy and Biotherapy: Principles and Practice (4th ed.). Philadelphia: Lippincott Willians Wilkins. 2005 telegraph.co.uk/health/healthnews/8423891/Cancer-patients-denied-last-hope-robot-surgery.html Hodges JC, Lotan Y, Boike TP, Benton R, Barrier A, Timmerman RD. Cost-effectiveness analysis of stereotactic body radiation therapy versus intensity-modulated radiation therapy: an emerging initial radiation treatment option for organ-confined prostate cancer. Journal of oncology practice / American Society of Clinical Oncology. 2012;8(3 Suppl):e31s-e7s. Collins BT, Levy E, Chang T, Jamis-Dow C, Banovac F, Anderson ED, et al. Radical stereotactic radiosurgery with real-time tumor motion tracking in the treatment of small peripheral lung tumors. Radiation oncology (London, England). 2007;2(1):39-. Siva S, MacManus M, Ball D. Stereotactic radiotherapy for pulmonary oligometastases: a systematic review. Journal of thoracic oncology : official publication of the International Association for the Study of Lung Cancer. 2010;5(7):1091. Snider JW, Anderson E, Collins BT, Oermann EK, Chen V, Rabin J, et al. CyberKnife with Tumor Tracking: An Effective Treatment for High-Risk Surgical Patients with Single Peripheral Lung Metastases. Frontiers in oncology. 2012;2:63. Lax I, Panettieri V, Wennberg B, Amor Duch M, Nslund I, Baumann P, et al. Dose distributions in SBRT of lung tumors: Comparison between two different treatment planning algorithms and Monte-Carlo simulation including breathing motions. Acta oncologica (Stockholm, Sweden). 2006;45(7):978-. Rights in relation to NHS Treatment Factsheet- Rethink, 2011. rethink.org/document.rm?id=702 Wowra B, Muacevic A, Zausinger S, Tonn J-C. Radiosurgery for spinal malignant tumors. Deutsches Ärzteblatt international 2009;106(7):106-12. King CR, Brooks DJ, Gill H, Presti JC, Long-Term Outcomes From a Prospective Trial of Stereotactic Body Radiotherapy for Low-Risk Prostate Cancer, International Journal of Radiation Oncology Biology Physics. 2012; 82: 877-882 Lee WY, Cho DY, Lee HC, Chuang HC, Chen CC, Liu JL. Outcomes and cost- effectiveness of gamma knife radiosurgery and whole brain radiotherapy for multiple metastatic brain tumors. J Clin Neurosci. 2009;16(5):630-4. 13.Department of Health (2011) Improving Outcomes: A strategy for Cancer dh.gov.uk/en/Publicationsandstatistics/Publications/PublicationsPolicyAndGuidance/DH_123371 14.Delaney G, Jacob S, Featherstone C, Barton M. The role of radiotherapy in cancer treatment: estimating optimal utilization from a review of evidence-based clinical guidelines. Cancer. 2005;104(6):1129-37

The Anthropology Of Sport Essay Example | Topics and Well Written Essays - 750 words

The Anthropology Of Sport - Essay Example Some sociologists believe that the concept of sport matches with the concept of games and claim that both games and sports come close to the concept of playful competitions. â€Å"Sports can be recreational as well are recreational activities can also be a sport†. To some sociologists, the term sport falls into one of the categories of play. Another writer, Edwards, does not seem to be agreeing with the belief of such sociologists. He believes that sport and play have different meanings and these terms cannot be said close to each other by any means. Considering such beliefs of different scholars, the author has worked towards establishing a proper definition of the sport by trying to find out a significant difference or similarity between the terms sport, play, and work. Conclusion Summing it up, this article is an effort to find out whether the sport has some association with the concept of play or its roots go back to the concept of work. The author has made an effort to an alyze the viewpoints of different scholars in trying to come up with a proper definition of the sport from a sociological point of view. Summary: Article 2 Introduction In The Anthropology of Sport, the author acknowledges the success of some sports sociologists in coming up with somewhat acceptable definitions of the sport. ... In the start of the article, the author has listed some situations related to sports activities and has asked the readers to identify whether those situations fall into the category of sport or not. The author has also asked the readers to give reasons behind their answers. One of the thoughts, which the author has mentioned in this article, is that the meaning of sports changes when a person is put into some other cultural settings.

Creating Academic and Professional Success Essay - 1

Creating Academic and Professional Success - Essay Example A team is a collection of individuals that have unique talents and expertise. As a team they are able to exploit and share the knowledge that they possess. A team is able to assign a task to the most applicable member of the team and in doing so it makes the most advantageous use of their resources. This also allows the team members some flexibility in their role as a team member. In addition, the team allows management to assign workflow as needed. Teams can be assembled for a short period of time on an as needed basis. Teams also have the advantage of sharing a common goal. When the group shares the common goal, all work and resources are devoted to reaching the goal. This reduces redundancy and ambiguity among the workforce and makes the best use of their time. It further allows the team to direct their attention to complex problem solving as a group that an individual may not be able to accomplish. This interjects more creativity and flexibility into the workflow process. While there are many advantages, it must be remembered that teams must have the appropriate communication skills to be able to take advantage of the team structure. When using a team for decision making, the group may be guided by group-think or extreme positions advocated by powerful members. This is a major challenge to overcome to assure all team members have an equal input. Another challenge to a team is the acceptance, by its members, that responsibility and rewards are shared equally. This may face difficulties in introducing the team concept where the organizational culture is ingrained with a task oriented and individual concept. The team may have loafers that assume they can slack off and spread the responsibility out among the other members. Miscommunication or cultural differences that are misunderstood can also challenge the team. The team will be challenged to work to overcome these problems as the team matures. For Chris to deal with stress

Impacts on Agency Cost Theory

Impacts on Agency Cost Theory The main purpose of this research is to investigate how the determinants of the capital structure (leverage) and the dividend payout policy impact the agency cost theory. Literature review part picked up the relevant material related to agency theory, leverage, and dividends payout policy. The literature review section goes through the agency cost literature, and explores the financial policies; the capital structure (leverage), and the dividend payout policy and that these policies would influence the agency cost theory. 2.1 Agency theory Literature The notion of the agency theory is widely used in economics, finance, marketing, legal, and social sciences; Jensen and Meckling (1976) initiated and developed it. Capital structure (leverage) for the firms is determined by agency costs, i.e., costs related to conflict of interests between various groups including managers, which have claims on the firm’s resources (Harris and Raviv, 1991). Jensen and Meckling (1976) defined the agency relationship as â€Å"a contract under which one or more persons (the principal) engage another person (the agent), to perform some service on their behalf which involves delegating some decision making authority to the agent† pp.308. Assuming that both parties utility maximizes, the agents are not possible to act in the best interest of the principal. Furthermore, Jensen and Meckling (1976) contended that the principal can limit divergences from his interest by establishing appropriate incentives for the agent, and by incurring monitoring costs (pecuniary and non pecuniary), which are designed to limit the aberrant activities of the agent. Jensen and Meckling (1976) argued that the agency costs are unavoidable, since the agency costs are borne entirely by the owner. Jensen and Meckling (1976) contended that the owner is motivated to see these costs minimized. Authors who initiated and developed the agency theory have argued that if the owner manages a wholly owned firm, then he can make operating decisions that maximise his utility. The agency costs are generated if the owner manager sells equity claims on the firms, which are identical to his.  It also generated by the divergence between his interest and those of the outside shareholders, since he then bears only a fraction of the costs of any non-pecuniary benefits he takes out maximizing his own utility (Jensen and Meckling, 1976). Jensen and Meckling (1976) suggested two types of conflicts in the firm; First of all, the conflict between shareholders and managers arises because managers hold less than a hundred percent of the residual claim. Therefore, they do not capture the entire gain from their profit enhancement activities, but they do bear the entire cost of these activities. For example, managers can invest less effort in managing firm resources and may be able to transfer firm resources to their own, personal benefit, i.e., by consuming â€Å"perquisites† such as a fringe benefits. The manager bears the entire cost of refraining from these activities but captures only a fraction of the gain. As a result, managers over indulge in these interests relative to the level that would maximize the firm value. This inefficiency reduced the large fraction of the equity owned by the manager. Holding constant the manager’s absolute investment in the firm, increases in the fraction of the firm financed by debt increases the manager’s share of the equity and mitigates the loss from conflict between the managers and shareholders. Furthermore, as pointed out by Jensen (1986), since debt commits the firm to pay out cash, it reduces the amount of free cash flow available to managers to engage in these types of interests.  As a result, this reduction of the conflict between managers and shareholders will constitute the benefit of debt financing. Second, they also suggested that the conflict between debt holders and shareholders arises because the debt contract, gives shareholders an incentive to invest sub optimally. Especially when the debt contract provides that, if an investment yields large returns, well above the face value of the debt, shareholders capture most of the gain. However, if the investment fails, debt holders bear the consequences. Therefore, shareholders may benefit from investing in very risky projects, even if they are under valued; such investments result in an adverse in the value of debt. Lasfer (1995) argued that debt exacerbates the conflict between debt holders and shareholders. Shareholders will benefit from investments in risky projects at the expense of debt holders.  If the investment yields higher return than the face value of debt, shareholders capture most of the gain, however, if the investment fails, debt holders lose, given that. Therefore, shareholders protected by the limited liability. On the other hand, if the benefits captured by debt holders reduce the returns to shareholders, then an incentive to reject positive net present projects has created. Thus, the debt contract gives shareholders incentives to invest sub optimally. In addition, Myers (1977) argued that the firms with many growth opportunities should not be financed by debt, to reduce the negative net value projects.   Furthermore, some of arguments have been debated that the magnitude of the agency costs varies among firms. It will depend on the tastes of managers, the ease with which they can exercise their own preferences as opposed to value maximization in decision making, and the costs of monitoring and bonding activities. Therefore, the agency costs depend upon the cost of measuring the manager’s performance and evaluating it (Jensen and Meckling, 1976). (Jensen, 1986) either points out that when firms make their financing decision, they evaluate the advantages that may arise from the resolution of the conflicts between managers, shareholders and from long run tax shields.   In addition, Lasfer (1995) argues that debt finance creates a motivation for managers to work harder and make better investment decisions. On the other hand, debt works as a disciplining tool, because default allows creditors the option to force the firm into liquidation. Debt also generates information that can be used by investors to evaluate major operating decisions including liquidation (Harris and Raviv, 1990). Jensen (1986) debated that when using debt without retention of the proceeds of the issue, bonds the managers to meet their promise to pay future cash flows to the debt holders. Thus, debt can be an effective substitute for dividends. By issuing debt in exchange for stock, managers are bonding their promise to pay out future cash flows in a way that cannot be accomplished by simple dividend increases. Consequently, managers give recipients of the debt the right to take the firm to the bankruptcy court if they do not maintain their commitment to make the interest and principle payments. Thus, debt reduces the agency costs of free cash flow by reducing the cash flow available for spending at the discretion of managers. Jensen (1986) claimed that these control effects of debt are a potential determinant of capital structure. In practice, it is possible to reduce the owner manager non pecuniary benefits; by using these instruments external auditing, formal control systems, budget restrictions, and the establishment of incentive compensation systems serve to identify the manager’s interests more closely with those of the outside shareholders (Jensen and Meckling, 1976). Jensen (1986) suggested that leverage and dividend may act as a substitute mechanism to reduce the agency costs. Agency cost models predict that dividend payments can reduce the problems related to information asymmetry. Dividend payments might be consider also as a mechanism to reduce cash flow under management control, and help to mitigate the agency problems (Rozeff, 1982, and Easterbrook, 1984). Therefore, paying dividends may have a positive impact on the firms value. â€Å"Agency theory posits that the dividend mechanism provides an incentive for managers to reduce the costs related to the principal agent relationship, one way to reduce agency costs is to increase dividends† Baker and Powell (1999). They also claim that firm use the dividends use as a tool to monitor the management performance. Moreover, Easterbrook (1984) and Jensen (1986) argue that agency costs exist in firms because managers may not always want to maximize shareholder’s wealth due to the separation of ownership and control. Jensen (1986) addresses the free cash flow theory, in terms of this theory the conflict of interest between managers and stockholders is rooted in the presence of informational and self interest behavior. He defines the free cash flow as â€Å"cash flow in excess of that required to fund all projects that have positive net present value when discounted at the relevant cost of capital† (Jensen,1986). Within the context of the free cash flow hypothesis, firms prefer to increase their dividends and distribute the excess free cash flow in order to reduce agency costs. Consequently, markets react positively to this type of information. This theory is attractive because it is consistent with the evidence about investment and financing decisions (Jensen, 1986, Frankfurter and Wood, 2002). 2.2 Leverage Literature This section reviews the determinants of capital structure by different relevant literatures. Titman and Wessels (1988) study is considered to be one of the leading studies in the developed markets. They tried to extend the empirical work in capital structure theory by examining a much broader set of capital structure theories, and to analyze measures of short term, long term, and convertible debt. The data covers the US industrial companies from 1974 to 1982, and they used a factor analytic approach for estimating the impact of unobservable attributes on the choice of corporate debt ratios. As a result, the study confirms these factors, collateral values of assets, non-debt tax shields, growth, and uniqueness of the business, industry classification, firm size, and firm profitability. They also found that there is a negative relationship between debt levels and the uniqueness of the business. In addition, short term debt ratios have a negative relationship to firm size. However, they do not provide support for the effect on debt ratios arising from non debt tax shields, volatility, collateral value of assets, and growth. In Jordan, Al-Khouri and Hmedat (1992) aimed to find the effect of the earnings variability on capital structure of Jordanian corporations from the period from 1980 to 1988. They included 65 firms. The study used a multivariate regression approach with financial leverage as the dependent variable measured in three ways; first, long term debt over total assets, secondly, short term debt over total assets, and finally, short term debt plus long term debt over total assets. The standard deviation of the earnings variability and the size of the firm measured as independent variables. They concluded that the firm size is considered as a significant factor in determining the capital structure of the firm, and insignificant relationship between the earning variability and financial leverage of the firm. Furthermore, they suggest that the type of industry is not considered as a significant factor in determining the capital structure of the firm. Rajan and Zingales (1995) provided international evidence about the determinants of capital structure. They examined the capital structure in other countries related to factors similar to those that influence United States firms. The database contains 2583 companies in the G7 countries. They used regression analysis with the firm’s leverage (total debt divided by total debt plus total equity) as the dependent variable. Tangible assets, market to book ratio, firm size, and firm profitability used as independent variables. They found that in market bases firms with a lot of fixed assets are not highly levered, however, they supported that a positive relationship exists between tangible assets, and firms size, and capital structure (leverage). On the contrary, they confirmed that there is a negative relationship between leverage and the market to book ratio, and profitability. From the capital structure literature, Ozkan (2001) also investigated that the determinants of the target capital structure of firms and the role of the adjustment process in the UK using a sample of 390 firms. The multiple regression approach (panel data) was used to measure the debts by total debt to total assets, on the one hand. He also used in his model, non debt tax shield, firm size, liquidity, firm profitability, and firm growth as an independent variables. He confirmed that the profit, liquidity, non debt tax shield, and growth opportunities have a negative relationship to capital structure (leverage). Finally, he supported that there is a positive effect arising from size of firms on leverage. The study provided evidence that the UK firms have long term target leverage ratios and that they adjust quickly to their target ratios. The study by Booth et al. (2001) is considered as a one of the leading studies in the developing countries. It aimed to assess whether capital structure theory is applicable across developing countries with different institutional structures. The data include balance sheets and income statements for the largest companies in each selected country from the year 1980 to 1990. It included 10 developing countries: India, Pakistan, Thailand, Malaysia, Zimbabwe, Mexico, Brazil, Turkey, Jordan, and Korea. The study used multivariate regression analysis with dependent variables; total debt ratio, long term book debt ratio, and long term market to debt ratio. The independent variables are; average tax rate, tangibility, business risk, firm size, firm profitability, and market to book ratio. Booth et al. found that the more profitable the firm the lower the debt ratio, regardless how the debt ratio is defined. In addition, the higher the tangible assets mix, the higher is the long term debt ratio but the smaller is the total debt ratio. Finally, it concluded that debt ratios in developing countries seem to be affected in the same way by the same set of variables that are significant in developed countries. Voulgaris et al. (2004) investigated the determinants of capital structure for Greek manufacturing firms. The study used panel data of two random samples one for small and medium sized enterprises (SMEs) including 143 firms and another for large sized enterprises (LSEs) including 75 firms for the period from 1988 to 1996. It used a leverage model as a dependent variable (short run debt ratio, long run debt ratio, and total debt ratio). On the other hand, It used firm size, asset structure, profitability, growth rate, stock level, and receivables as independent variables. The study suggested that there are similarities and differences in the determinants of capital structure among the two samples. The similarities include that the firm size and growth opportunities positively related to leverage. While, they confirm that the profitability has a negative relationship to leverage. Moreover, they pointed out the differences that the inventory period, and account receivables collection period have been found as determinants of debt in SMEs but not in LSEs. Liquidity doest not affect LSEs leverage, but it affects the SMEs. Finally, they also suggested that there is a positive relationship between profit margins and short term debt ratio only for SMEs. Voulgaris et al. (2004) have debated this arguments as; ‘‘the attitude of banks toward small sized firms should be changed so they provide easier access to long-term debt financing’’. In addition, â€Å"enactment of rules that will allow transparency of operations in the Greek stock market and a healthier development of the newly established capital market for SMEs will assist Greek firms into achieving a stronger capital structure’’. 2.3 Dividends payout ratio literature Dividend payout ratios vary between firms and the dividend payout policy will impact the agency cost theory. Rozeff (1982) investigated in his study that the dividends policy will be rationalize by appealing the transaction cost and agency cost associated with external finance. Moreover, Rozeff (1982) had found evidences supporting how the agency costs influence the dividends payout ratio. He found that the firms have distributed lower dividend payout ratios when they have a higher revenue growth, because this growth leads to higher investment expenditures.  This evidence supports the view of the investment policy affect on the dividend policy; the reason for that influences is that would the external finance be costly. Conversely, he found that the firms have distributed higher dividends payouts when insiders hold a lower portion of the equity and (or) a greater numbers of shareholders own the outside equity. Rozeff (1982) pointed out that this evidence supports that the dividend payments are part of the firm’s optimum monitoring and that bonding package reduces the agency costs. Moreover, if the agency cost declines when the dividend payout does and if the transaction cost of external finance increases when the dividend payout is increased as well, then minimization of these costs will lead to a unique optimum for a given firm. In addition, Hansen, Kumar, and Shome [HKS], (1994) pointed out the relevance of the monitoring theory for explaining the dividends policy of regulated electric utilities. From an agency cost perspective, they emphasized their ideas that the dividends promote monitoring of what they call the shareholders regulator conflict. Therefore, it is a monitoring role of dividends. On the contrary, Easterbrook’s (1984) has noted that the dividends monitoring of the shareholders managers conflict. They also have observed that the utilities firms have a discipline of monitoring mechanism for controlling agency cost, depending on the relative cost effectiveness of those costs (Crutchly and Hensen, 1989). The regulator process will impact the conflict between the shareholders and mangers, by mitigate the managers’ power to appropriate shareholders’ wealth and consume perquisites (Hansen et al. 1994). On the other hand, they argued this issue by the cost-plus concept, regulators may set into motion of managerial incentive structure that potentially conflicts with shareholders interests, this concept solve the shareholders-regulators concept since the sources of the conflict lies in differences in the perceptions of what constitutes fair cost plus. Therefore, the regulation can control some of the agency cost while exacerbating others. In their study, they conduct also that the managers and shareholders of unregulated firms have a several mechanisms whether, internal or external, for controlling agency cost. In addition, they observed that the dividend policy to reduce the agency theory is not limited, depending on their findings they suggested that the cost of dividend payout policy might be below the costs paid by other types of firm. In fact the utilities company maintain high debt ratio that would maintain as well as equity agency costs. Aivazian et al. (2003b) compare the dividend policy behaviour of eight emerging markets with dividend policies in the US firms in the period from 1980 to 1990. The sample included firms from; Korea, Malaysia, Zimbabwe, India, Thailand, Turkey, Pakistan, and Jordan. They found that it is difficult to predict dividend changes for such emerging markets. This is because the quality of firms with reputations for cutting dividends is somehow similar to those who increase their dividends, than for the US control sample. In addition, current dividends are less sensitive to past dividends than for the US sample of firms. They also found that the Lintner model[1] does not work well for the sample of emerging markets. These results indicate that the institutional frameworks in these emerging markets make dividend policy a weak technique for signaling future earnings and reducing agency costs than for the US sample of firms. Furthermore, Omran and Pointon (2004) investigated the role of dividend policy in determining share prices, the determinants of payout ratios, and the factors that affect the stability of dividends for a sample of 94 Egyptian firms. They found that retentions are more important than dividends in firms with actively traded shares, but that accounting book value is more important than dividends and earnings for non-actively traded firms. However, when they combined both the actively traded and non-traded firms, they found that dividends are more important than earnings. In the determinants of payout ratios, they found that there is a negative relationship between the leverage ratio and market to book ratio, tangibility, and firm size on the one hand, to the payout ratios in actively traded firms. On the contrary, they also found that there is a positive relationship between the business risk, market to book and firm size (measured by total assets) to payout ratios in non-actively traded firms. Furthermore, for the whole sample, leverage has a positive relationship with payout ratios, while firm size (measured by market capitalization) is negatively related to payout ratios. Finally, the stepwise logistic regression analysis shows that decreasing dividends is associated with lack of liquidity and overall profitability. In addition, increasing dividends is associated with higher overall profitability. 2.4 Summary In this chapter the relevant literatures addressing the reviews of the agency cost theory related to the financial policies. It also gives a theoretical background on how the conflicts of interests arise between the agents (managers) and the principal (shareholders). The second and third sections present the determinants of leverage and dividend payout policy. The following chapter will go through the description of data, and data methodology was employed for this dissertation. 3. Methodology, Research Design and Data Description The aim of the current study is to investigate firstly, the empirical evidence of the determinants of leverage and dividend policy under the agency theory concept for the period 2002-2007. The majority of the previous studies in the field of capital structure have made in the context of developed countries such as USA and UK. It is important to investigate the main determinants of leverage and dividend policy in developing countries where, capital markets, are less developed, less competitive and suffering from the lack of compatible regulations and sufficient supervision This chapter will explain the research methodology of this study. This chapter also identifies the sample of the study. Moreover, it presents an illustration of the econometric techniques that have been employed. In addition, this chapter gives a brief explanation of the specification tests used in the study to identify which technique is the best for the data set. This chapter structured as follows; Section (3.1) presents data description.  Section (3.2) presents the sample of the study. Section (3.3) discusses the econometric techniques employed in the study. Finally, Section (3.4) provides a brief summary. 3.1 Data Description The data used in the study are secondary data for companies listed at Amman Stock Exchange (ASE) for the period of 2002-2007. The data was extracted from the firm’s annual reports, and from Amman Stock Exchange’s publications (The Yearly Companies Guide, and Amman Stock Exchange Monthly Statistical Bulletins). Data is readily available in the form of CD and on the website of the Amman Stock Exchange. The reason for the study period selection was to minimize the missing observations for the sample companies. Moreover, a different reporting system has been used since 2000. The application of the new reporting system was the result of the transparency act which was launched in 1999, and forced all companies listed in Amman Stock Exchange to disclose their financial information and publish their annual reports according to the International Financial Reporting Standards. In other words, this data series for the period from 2002-2007 was chosen in terms of consistency and comparability purposes. 3.2 Sample of the study The sample of the study consists of the Jordanian Manufacturing companies listed on the Amman Stock Exchange for the period of 2002-2007. The total number of the companies listed in ASE at the end of year 2007 was 215. Officially, these companies are divided into four main economic sectors; Banks sector, Insurance sector, Services sector and finally Industrial sector. Moreover, this study is concerned only with Jordanian manufacturing companies that their stocks are traded in the organized market. It is important to note that the capital structure of financial firms has special characteristic when compared to the capital structure of non financial firms, they also have special tax treatment (Lester, 1995). On the other hand, the financial firms have a higher leverage rate, which may tend to make the analysis results biased. Moreover, financial firms their leverage is affected by investor insurance schemes (Rajan and Zingals, 1995). For these reasons, the potential sample of the study consists of non financial (Manufacturing) companies that are still listed in Amman Stock Exchange. The total number of industrial companies listed in ASE at the end of year 2007 was 88 companies, which are 40.93% of the total number of the companies listed in that market. The study conducts the following criteria in selecting the sample upon the Jordanian manufacturing companies by excluding all the firms that was incorporated after year 2002, and all the firms that have merged or acquired during this period, further, the firms have liquidated or delisted by the Amman Stock Exchange, and finally, the study have also excluded the firms that have information missing for that period. The application for those criteria has resulted in 52 samples of manufacturing companies. The data for the variables that are included in the study models is tested using three different econometric techniques which will be discuss briefly in the next sections. 3.3 Econometrics techniques Hairs et al. (1998) argued that the application of econometrics technique depends on the nature of data employed in the study, and to what extent it would be realised to the research objectives. In order to find a best and adequate data model, the current study employs pooled data technique and panel data analysis which is usually estimated by either fixed effect technique or random effects technique.  The following sections provide a brief discussion on the econometrics techniques that the current study uses to estimate the empirical models. 3.3.1 Pooled Ordinary Least Square (OLS) technique All the models used in the study have been tested by the pooled data analysis technique. The pooled data is the data that contains pooling of time series and cross-sectional observations (combination of time series and cross-section data) (Gujarati, 2003). The pooled data analysis has many advantages over the pure time series or pure cross sectional data. It generates more informative data, more variability, less collinearity among variables, more degrees of freedom, and more efficiency (Gujarati, 2003). The underlying assumption behind the pooled analysis is that, the intercept value and the coefficients of all the explanatory variables are the same for all the firms, as well as they are constant over time (no specific time or individual aspects). It also assumes that the error term captures the differences between the firms (across-sectional units) over the time. However, (Gujarati, 2003) has pointed out that these assumptions are highly restrictive. He argues that although of it is simplicity and advantages, the pooled regression may distort the true picture of the relationship between the dependent and independent variables across the firms. Pooled model will be simply estimated by Ordinary Least Square (OLS). However, OLS will be appropriate if no individual (firm) or time specific effects exist. If they exist, the unobserved effects of unobserved individual and time specific factors on dependent variable can be accommodated by using one of the panel data techniques.   According to (Gujarati, 2003) panel data is a special form of pooled data in which the same cross-sectional unit is surveyed over time. It helps researchers to substantially minimize the problems that arise when there is an omitted variables problems such as time and individual-specific variables and to provide robust parameter estimates than time series and (or) cross sectional data. All the empirical models that have been tested by using pooled data analysis and tested again on the basis of panel data analysis techniques (Fixed Effects and Random Effects).   3.3.2 The fixed effects model (FEM) Fixed effects technique allows control for unobserved heterogeneity which describes individual specific effects not captured by observed variables. According to Gujarati (2003) the fixed effect model takes into account the specific effect of each firm â€Å"the individuality† by allowing the intercept vary across individuals (firms), but each individual’s intercept does not vary over time. However, it still assumes that the slope coefficients are constant across individuals or over time. Two methods used to control for the unobserved fixed effects within the fixed effects model; the first differences and Least Square Dummy variables (LSDV) methods.  For the purposes of the current study, (LSDV) was used where; two sets of dummy variables (industry, and year dummy variables). The additional dummy variables control for variables that are constant across firms but change over time. Therefore, the combine time and individual (firm) fixed effects model eliminates the omitted variables bias arising both from unobserved factors that are constant over time and unobserved factors that are constant across firms. However, fixed effects model consumes the degrees of freedom, if estimated by the Least Square Dummy Variable (LSDV) method and, too many dummy variables are introduced (Gujarati, 2003). Furthermore, with too many variables used as regressors in the models, there is the possibility of multicollinearity. It is worth noting that OLS technique used in estimating fixed effects model. 3.3.3 The Random Effects Model (REM) By contrast, fixed effects model, the unobserved effects in random effects model is captured by the error term (ÃŽ µit) consisting of an individual specific one (ui) and an overall component (vit) which is the combined time series and cross-section error. Moreover, it treats the intercept coefficient as a random variable with a mean value (ÃŽ ±0) of all cross-sectional (firms) intercepts and the error component represents the random deviation of individual intercept from this mean value (Gujarati, 2003). Consequently, the individual differences in the intercept values of each firm are reflected in the error term (ui). On the other hand, the Generalized Least Square (GLS) used in estimating random affects model.  This is because the GLS technique takes into account the different correlation structure of the error term in the Random Effect Model (REM) (Gujarati, 2003). 3.3.4 Statistical specification tests The study uses three specification tests to identify which empirical method is the best. These tests are used for testing the fixed effect model versus the pooled model (F-statistics), the random effect model versus pooled model (Lagrange Multiplier test) (LM), and the fixed effect model versus the random effect model (Hausman test). The following sub-sections offer brief disc Impacts on Agency Cost Theory Impacts on Agency Cost Theory The main purpose of this research is to investigate how the determinants of the capital structure (leverage) and the dividend payout policy impact the agency cost theory. Literature review part picked up the relevant material related to agency theory, leverage, and dividends payout policy. The literature review section goes through the agency cost literature, and explores the financial policies; the capital structure (leverage), and the dividend payout policy and that these policies would influence the agency cost theory. 2.1 Agency theory Literature The notion of the agency theory is widely used in economics, finance, marketing, legal, and social sciences; Jensen and Meckling (1976) initiated and developed it. Capital structure (leverage) for the firms is determined by agency costs, i.e., costs related to conflict of interests between various groups including managers, which have claims on the firm’s resources (Harris and Raviv, 1991). Jensen and Meckling (1976) defined the agency relationship as â€Å"a contract under which one or more persons (the principal) engage another person (the agent), to perform some service on their behalf which involves delegating some decision making authority to the agent† pp.308. Assuming that both parties utility maximizes, the agents are not possible to act in the best interest of the principal. Furthermore, Jensen and Meckling (1976) contended that the principal can limit divergences from his interest by establishing appropriate incentives for the agent, and by incurring monitoring costs (pecuniary and non pecuniary), which are designed to limit the aberrant activities of the agent. Jensen and Meckling (1976) argued that the agency costs are unavoidable, since the agency costs are borne entirely by the owner. Jensen and Meckling (1976) contended that the owner is motivated to see these costs minimized. Authors who initiated and developed the agency theory have argued that if the owner manages a wholly owned firm, then he can make operating decisions that maximise his utility. The agency costs are generated if the owner manager sells equity claims on the firms, which are identical to his.  It also generated by the divergence between his interest and those of the outside shareholders, since he then bears only a fraction of the costs of any non-pecuniary benefits he takes out maximizing his own utility (Jensen and Meckling, 1976). Jensen and Meckling (1976) suggested two types of conflicts in the firm; First of all, the conflict between shareholders and managers arises because managers hold less than a hundred percent of the residual claim. Therefore, they do not capture the entire gain from their profit enhancement activities, but they do bear the entire cost of these activities. For example, managers can invest less effort in managing firm resources and may be able to transfer firm resources to their own, personal benefit, i.e., by consuming â€Å"perquisites† such as a fringe benefits. The manager bears the entire cost of refraining from these activities but captures only a fraction of the gain. As a result, managers over indulge in these interests relative to the level that would maximize the firm value. This inefficiency reduced the large fraction of the equity owned by the manager. Holding constant the manager’s absolute investment in the firm, increases in the fraction of the firm financed by debt increases the manager’s share of the equity and mitigates the loss from conflict between the managers and shareholders. Furthermore, as pointed out by Jensen (1986), since debt commits the firm to pay out cash, it reduces the amount of free cash flow available to managers to engage in these types of interests.  As a result, this reduction of the conflict between managers and shareholders will constitute the benefit of debt financing. Second, they also suggested that the conflict between debt holders and shareholders arises because the debt contract, gives shareholders an incentive to invest sub optimally. Especially when the debt contract provides that, if an investment yields large returns, well above the face value of the debt, shareholders capture most of the gain. However, if the investment fails, debt holders bear the consequences. Therefore, shareholders may benefit from investing in very risky projects, even if they are under valued; such investments result in an adverse in the value of debt. Lasfer (1995) argued that debt exacerbates the conflict between debt holders and shareholders. Shareholders will benefit from investments in risky projects at the expense of debt holders.  If the investment yields higher return than the face value of debt, shareholders capture most of the gain, however, if the investment fails, debt holders lose, given that. Therefore, shareholders protected by the limited liability. On the other hand, if the benefits captured by debt holders reduce the returns to shareholders, then an incentive to reject positive net present projects has created. Thus, the debt contract gives shareholders incentives to invest sub optimally. In addition, Myers (1977) argued that the firms with many growth opportunities should not be financed by debt, to reduce the negative net value projects.   Furthermore, some of arguments have been debated that the magnitude of the agency costs varies among firms. It will depend on the tastes of managers, the ease with which they can exercise their own preferences as opposed to value maximization in decision making, and the costs of monitoring and bonding activities. Therefore, the agency costs depend upon the cost of measuring the manager’s performance and evaluating it (Jensen and Meckling, 1976). (Jensen, 1986) either points out that when firms make their financing decision, they evaluate the advantages that may arise from the resolution of the conflicts between managers, shareholders and from long run tax shields.   In addition, Lasfer (1995) argues that debt finance creates a motivation for managers to work harder and make better investment decisions. On the other hand, debt works as a disciplining tool, because default allows creditors the option to force the firm into liquidation. Debt also generates information that can be used by investors to evaluate major operating decisions including liquidation (Harris and Raviv, 1990). Jensen (1986) debated that when using debt without retention of the proceeds of the issue, bonds the managers to meet their promise to pay future cash flows to the debt holders. Thus, debt can be an effective substitute for dividends. By issuing debt in exchange for stock, managers are bonding their promise to pay out future cash flows in a way that cannot be accomplished by simple dividend increases. Consequently, managers give recipients of the debt the right to take the firm to the bankruptcy court if they do not maintain their commitment to make the interest and principle payments. Thus, debt reduces the agency costs of free cash flow by reducing the cash flow available for spending at the discretion of managers. Jensen (1986) claimed that these control effects of debt are a potential determinant of capital structure. In practice, it is possible to reduce the owner manager non pecuniary benefits; by using these instruments external auditing, formal control systems, budget restrictions, and the establishment of incentive compensation systems serve to identify the manager’s interests more closely with those of the outside shareholders (Jensen and Meckling, 1976). Jensen (1986) suggested that leverage and dividend may act as a substitute mechanism to reduce the agency costs. Agency cost models predict that dividend payments can reduce the problems related to information asymmetry. Dividend payments might be consider also as a mechanism to reduce cash flow under management control, and help to mitigate the agency problems (Rozeff, 1982, and Easterbrook, 1984). Therefore, paying dividends may have a positive impact on the firms value. â€Å"Agency theory posits that the dividend mechanism provides an incentive for managers to reduce the costs related to the principal agent relationship, one way to reduce agency costs is to increase dividends† Baker and Powell (1999). They also claim that firm use the dividends use as a tool to monitor the management performance. Moreover, Easterbrook (1984) and Jensen (1986) argue that agency costs exist in firms because managers may not always want to maximize shareholder’s wealth due to the separation of ownership and control. Jensen (1986) addresses the free cash flow theory, in terms of this theory the conflict of interest between managers and stockholders is rooted in the presence of informational and self interest behavior. He defines the free cash flow as â€Å"cash flow in excess of that required to fund all projects that have positive net present value when discounted at the relevant cost of capital† (Jensen,1986). Within the context of the free cash flow hypothesis, firms prefer to increase their dividends and distribute the excess free cash flow in order to reduce agency costs. Consequently, markets react positively to this type of information. This theory is attractive because it is consistent with the evidence about investment and financing decisions (Jensen, 1986, Frankfurter and Wood, 2002). 2.2 Leverage Literature This section reviews the determinants of capital structure by different relevant literatures. Titman and Wessels (1988) study is considered to be one of the leading studies in the developed markets. They tried to extend the empirical work in capital structure theory by examining a much broader set of capital structure theories, and to analyze measures of short term, long term, and convertible debt. The data covers the US industrial companies from 1974 to 1982, and they used a factor analytic approach for estimating the impact of unobservable attributes on the choice of corporate debt ratios. As a result, the study confirms these factors, collateral values of assets, non-debt tax shields, growth, and uniqueness of the business, industry classification, firm size, and firm profitability. They also found that there is a negative relationship between debt levels and the uniqueness of the business. In addition, short term debt ratios have a negative relationship to firm size. However, they do not provide support for the effect on debt ratios arising from non debt tax shields, volatility, collateral value of assets, and growth. In Jordan, Al-Khouri and Hmedat (1992) aimed to find the effect of the earnings variability on capital structure of Jordanian corporations from the period from 1980 to 1988. They included 65 firms. The study used a multivariate regression approach with financial leverage as the dependent variable measured in three ways; first, long term debt over total assets, secondly, short term debt over total assets, and finally, short term debt plus long term debt over total assets. The standard deviation of the earnings variability and the size of the firm measured as independent variables. They concluded that the firm size is considered as a significant factor in determining the capital structure of the firm, and insignificant relationship between the earning variability and financial leverage of the firm. Furthermore, they suggest that the type of industry is not considered as a significant factor in determining the capital structure of the firm. Rajan and Zingales (1995) provided international evidence about the determinants of capital structure. They examined the capital structure in other countries related to factors similar to those that influence United States firms. The database contains 2583 companies in the G7 countries. They used regression analysis with the firm’s leverage (total debt divided by total debt plus total equity) as the dependent variable. Tangible assets, market to book ratio, firm size, and firm profitability used as independent variables. They found that in market bases firms with a lot of fixed assets are not highly levered, however, they supported that a positive relationship exists between tangible assets, and firms size, and capital structure (leverage). On the contrary, they confirmed that there is a negative relationship between leverage and the market to book ratio, and profitability. From the capital structure literature, Ozkan (2001) also investigated that the determinants of the target capital structure of firms and the role of the adjustment process in the UK using a sample of 390 firms. The multiple regression approach (panel data) was used to measure the debts by total debt to total assets, on the one hand. He also used in his model, non debt tax shield, firm size, liquidity, firm profitability, and firm growth as an independent variables. He confirmed that the profit, liquidity, non debt tax shield, and growth opportunities have a negative relationship to capital structure (leverage). Finally, he supported that there is a positive effect arising from size of firms on leverage. The study provided evidence that the UK firms have long term target leverage ratios and that they adjust quickly to their target ratios. The study by Booth et al. (2001) is considered as a one of the leading studies in the developing countries. It aimed to assess whether capital structure theory is applicable across developing countries with different institutional structures. The data include balance sheets and income statements for the largest companies in each selected country from the year 1980 to 1990. It included 10 developing countries: India, Pakistan, Thailand, Malaysia, Zimbabwe, Mexico, Brazil, Turkey, Jordan, and Korea. The study used multivariate regression analysis with dependent variables; total debt ratio, long term book debt ratio, and long term market to debt ratio. The independent variables are; average tax rate, tangibility, business risk, firm size, firm profitability, and market to book ratio. Booth et al. found that the more profitable the firm the lower the debt ratio, regardless how the debt ratio is defined. In addition, the higher the tangible assets mix, the higher is the long term debt ratio but the smaller is the total debt ratio. Finally, it concluded that debt ratios in developing countries seem to be affected in the same way by the same set of variables that are significant in developed countries. Voulgaris et al. (2004) investigated the determinants of capital structure for Greek manufacturing firms. The study used panel data of two random samples one for small and medium sized enterprises (SMEs) including 143 firms and another for large sized enterprises (LSEs) including 75 firms for the period from 1988 to 1996. It used a leverage model as a dependent variable (short run debt ratio, long run debt ratio, and total debt ratio). On the other hand, It used firm size, asset structure, profitability, growth rate, stock level, and receivables as independent variables. The study suggested that there are similarities and differences in the determinants of capital structure among the two samples. The similarities include that the firm size and growth opportunities positively related to leverage. While, they confirm that the profitability has a negative relationship to leverage. Moreover, they pointed out the differences that the inventory period, and account receivables collection period have been found as determinants of debt in SMEs but not in LSEs. Liquidity doest not affect LSEs leverage, but it affects the SMEs. Finally, they also suggested that there is a positive relationship between profit margins and short term debt ratio only for SMEs. Voulgaris et al. (2004) have debated this arguments as; ‘‘the attitude of banks toward small sized firms should be changed so they provide easier access to long-term debt financing’’. In addition, â€Å"enactment of rules that will allow transparency of operations in the Greek stock market and a healthier development of the newly established capital market for SMEs will assist Greek firms into achieving a stronger capital structure’’. 2.3 Dividends payout ratio literature Dividend payout ratios vary between firms and the dividend payout policy will impact the agency cost theory. Rozeff (1982) investigated in his study that the dividends policy will be rationalize by appealing the transaction cost and agency cost associated with external finance. Moreover, Rozeff (1982) had found evidences supporting how the agency costs influence the dividends payout ratio. He found that the firms have distributed lower dividend payout ratios when they have a higher revenue growth, because this growth leads to higher investment expenditures.  This evidence supports the view of the investment policy affect on the dividend policy; the reason for that influences is that would the external finance be costly. Conversely, he found that the firms have distributed higher dividends payouts when insiders hold a lower portion of the equity and (or) a greater numbers of shareholders own the outside equity. Rozeff (1982) pointed out that this evidence supports that the dividend payments are part of the firm’s optimum monitoring and that bonding package reduces the agency costs. Moreover, if the agency cost declines when the dividend payout does and if the transaction cost of external finance increases when the dividend payout is increased as well, then minimization of these costs will lead to a unique optimum for a given firm. In addition, Hansen, Kumar, and Shome [HKS], (1994) pointed out the relevance of the monitoring theory for explaining the dividends policy of regulated electric utilities. From an agency cost perspective, they emphasized their ideas that the dividends promote monitoring of what they call the shareholders regulator conflict. Therefore, it is a monitoring role of dividends. On the contrary, Easterbrook’s (1984) has noted that the dividends monitoring of the shareholders managers conflict. They also have observed that the utilities firms have a discipline of monitoring mechanism for controlling agency cost, depending on the relative cost effectiveness of those costs (Crutchly and Hensen, 1989). The regulator process will impact the conflict between the shareholders and mangers, by mitigate the managers’ power to appropriate shareholders’ wealth and consume perquisites (Hansen et al. 1994). On the other hand, they argued this issue by the cost-plus concept, regulators may set into motion of managerial incentive structure that potentially conflicts with shareholders interests, this concept solve the shareholders-regulators concept since the sources of the conflict lies in differences in the perceptions of what constitutes fair cost plus. Therefore, the regulation can control some of the agency cost while exacerbating others. In their study, they conduct also that the managers and shareholders of unregulated firms have a several mechanisms whether, internal or external, for controlling agency cost. In addition, they observed that the dividend policy to reduce the agency theory is not limited, depending on their findings they suggested that the cost of dividend payout policy might be below the costs paid by other types of firm. In fact the utilities company maintain high debt ratio that would maintain as well as equity agency costs. Aivazian et al. (2003b) compare the dividend policy behaviour of eight emerging markets with dividend policies in the US firms in the period from 1980 to 1990. The sample included firms from; Korea, Malaysia, Zimbabwe, India, Thailand, Turkey, Pakistan, and Jordan. They found that it is difficult to predict dividend changes for such emerging markets. This is because the quality of firms with reputations for cutting dividends is somehow similar to those who increase their dividends, than for the US control sample. In addition, current dividends are less sensitive to past dividends than for the US sample of firms. They also found that the Lintner model[1] does not work well for the sample of emerging markets. These results indicate that the institutional frameworks in these emerging markets make dividend policy a weak technique for signaling future earnings and reducing agency costs than for the US sample of firms. Furthermore, Omran and Pointon (2004) investigated the role of dividend policy in determining share prices, the determinants of payout ratios, and the factors that affect the stability of dividends for a sample of 94 Egyptian firms. They found that retentions are more important than dividends in firms with actively traded shares, but that accounting book value is more important than dividends and earnings for non-actively traded firms. However, when they combined both the actively traded and non-traded firms, they found that dividends are more important than earnings. In the determinants of payout ratios, they found that there is a negative relationship between the leverage ratio and market to book ratio, tangibility, and firm size on the one hand, to the payout ratios in actively traded firms. On the contrary, they also found that there is a positive relationship between the business risk, market to book and firm size (measured by total assets) to payout ratios in non-actively traded firms. Furthermore, for the whole sample, leverage has a positive relationship with payout ratios, while firm size (measured by market capitalization) is negatively related to payout ratios. Finally, the stepwise logistic regression analysis shows that decreasing dividends is associated with lack of liquidity and overall profitability. In addition, increasing dividends is associated with higher overall profitability. 2.4 Summary In this chapter the relevant literatures addressing the reviews of the agency cost theory related to the financial policies. It also gives a theoretical background on how the conflicts of interests arise between the agents (managers) and the principal (shareholders). The second and third sections present the determinants of leverage and dividend payout policy. The following chapter will go through the description of data, and data methodology was employed for this dissertation. 3. Methodology, Research Design and Data Description The aim of the current study is to investigate firstly, the empirical evidence of the determinants of leverage and dividend policy under the agency theory concept for the period 2002-2007. The majority of the previous studies in the field of capital structure have made in the context of developed countries such as USA and UK. It is important to investigate the main determinants of leverage and dividend policy in developing countries where, capital markets, are less developed, less competitive and suffering from the lack of compatible regulations and sufficient supervision This chapter will explain the research methodology of this study. This chapter also identifies the sample of the study. Moreover, it presents an illustration of the econometric techniques that have been employed. In addition, this chapter gives a brief explanation of the specification tests used in the study to identify which technique is the best for the data set. This chapter structured as follows; Section (3.1) presents data description.  Section (3.2) presents the sample of the study. Section (3.3) discusses the econometric techniques employed in the study. Finally, Section (3.4) provides a brief summary. 3.1 Data Description The data used in the study are secondary data for companies listed at Amman Stock Exchange (ASE) for the period of 2002-2007. The data was extracted from the firm’s annual reports, and from Amman Stock Exchange’s publications (The Yearly Companies Guide, and Amman Stock Exchange Monthly Statistical Bulletins). Data is readily available in the form of CD and on the website of the Amman Stock Exchange. The reason for the study period selection was to minimize the missing observations for the sample companies. Moreover, a different reporting system has been used since 2000. The application of the new reporting system was the result of the transparency act which was launched in 1999, and forced all companies listed in Amman Stock Exchange to disclose their financial information and publish their annual reports according to the International Financial Reporting Standards. In other words, this data series for the period from 2002-2007 was chosen in terms of consistency and comparability purposes. 3.2 Sample of the study The sample of the study consists of the Jordanian Manufacturing companies listed on the Amman Stock Exchange for the period of 2002-2007. The total number of the companies listed in ASE at the end of year 2007 was 215. Officially, these companies are divided into four main economic sectors; Banks sector, Insurance sector, Services sector and finally Industrial sector. Moreover, this study is concerned only with Jordanian manufacturing companies that their stocks are traded in the organized market. It is important to note that the capital structure of financial firms has special characteristic when compared to the capital structure of non financial firms, they also have special tax treatment (Lester, 1995). On the other hand, the financial firms have a higher leverage rate, which may tend to make the analysis results biased. Moreover, financial firms their leverage is affected by investor insurance schemes (Rajan and Zingals, 1995). For these reasons, the potential sample of the study consists of non financial (Manufacturing) companies that are still listed in Amman Stock Exchange. The total number of industrial companies listed in ASE at the end of year 2007 was 88 companies, which are 40.93% of the total number of the companies listed in that market. The study conducts the following criteria in selecting the sample upon the Jordanian manufacturing companies by excluding all the firms that was incorporated after year 2002, and all the firms that have merged or acquired during this period, further, the firms have liquidated or delisted by the Amman Stock Exchange, and finally, the study have also excluded the firms that have information missing for that period. The application for those criteria has resulted in 52 samples of manufacturing companies. The data for the variables that are included in the study models is tested using three different econometric techniques which will be discuss briefly in the next sections. 3.3 Econometrics techniques Hairs et al. (1998) argued that the application of econometrics technique depends on the nature of data employed in the study, and to what extent it would be realised to the research objectives. In order to find a best and adequate data model, the current study employs pooled data technique and panel data analysis which is usually estimated by either fixed effect technique or random effects technique.  The following sections provide a brief discussion on the econometrics techniques that the current study uses to estimate the empirical models. 3.3.1 Pooled Ordinary Least Square (OLS) technique All the models used in the study have been tested by the pooled data analysis technique. The pooled data is the data that contains pooling of time series and cross-sectional observations (combination of time series and cross-section data) (Gujarati, 2003). The pooled data analysis has many advantages over the pure time series or pure cross sectional data. It generates more informative data, more variability, less collinearity among variables, more degrees of freedom, and more efficiency (Gujarati, 2003). The underlying assumption behind the pooled analysis is that, the intercept value and the coefficients of all the explanatory variables are the same for all the firms, as well as they are constant over time (no specific time or individual aspects). It also assumes that the error term captures the differences between the firms (across-sectional units) over the time. However, (Gujarati, 2003) has pointed out that these assumptions are highly restrictive. He argues that although of it is simplicity and advantages, the pooled regression may distort the true picture of the relationship between the dependent and independent variables across the firms. Pooled model will be simply estimated by Ordinary Least Square (OLS). However, OLS will be appropriate if no individual (firm) or time specific effects exist. If they exist, the unobserved effects of unobserved individual and time specific factors on dependent variable can be accommodated by using one of the panel data techniques.   According to (Gujarati, 2003) panel data is a special form of pooled data in which the same cross-sectional unit is surveyed over time. It helps researchers to substantially minimize the problems that arise when there is an omitted variables problems such as time and individual-specific variables and to provide robust parameter estimates than time series and (or) cross sectional data. All the empirical models that have been tested by using pooled data analysis and tested again on the basis of panel data analysis techniques (Fixed Effects and Random Effects).   3.3.2 The fixed effects model (FEM) Fixed effects technique allows control for unobserved heterogeneity which describes individual specific effects not captured by observed variables. According to Gujarati (2003) the fixed effect model takes into account the specific effect of each firm â€Å"the individuality† by allowing the intercept vary across individuals (firms), but each individual’s intercept does not vary over time. However, it still assumes that the slope coefficients are constant across individuals or over time. Two methods used to control for the unobserved fixed effects within the fixed effects model; the first differences and Least Square Dummy variables (LSDV) methods.  For the purposes of the current study, (LSDV) was used where; two sets of dummy variables (industry, and year dummy variables). The additional dummy variables control for variables that are constant across firms but change over time. Therefore, the combine time and individual (firm) fixed effects model eliminates the omitted variables bias arising both from unobserved factors that are constant over time and unobserved factors that are constant across firms. However, fixed effects model consumes the degrees of freedom, if estimated by the Least Square Dummy Variable (LSDV) method and, too many dummy variables are introduced (Gujarati, 2003). Furthermore, with too many variables used as regressors in the models, there is the possibility of multicollinearity. It is worth noting that OLS technique used in estimating fixed effects model. 3.3.3 The Random Effects Model (REM) By contrast, fixed effects model, the unobserved effects in random effects model is captured by the error term (ÃŽ µit) consisting of an individual specific one (ui) and an overall component (vit) which is the combined time series and cross-section error. Moreover, it treats the intercept coefficient as a random variable with a mean value (ÃŽ ±0) of all cross-sectional (firms) intercepts and the error component represents the random deviation of individual intercept from this mean value (Gujarati, 2003). Consequently, the individual differences in the intercept values of each firm are reflected in the error term (ui). On the other hand, the Generalized Least Square (GLS) used in estimating random affects model.  This is because the GLS technique takes into account the different correlation structure of the error term in the Random Effect Model (REM) (Gujarati, 2003). 3.3.4 Statistical specification tests The study uses three specification tests to identify which empirical method is the best. These tests are used for testing the fixed effect model versus the pooled model (F-statistics), the random effect model versus pooled model (Lagrange Multiplier test) (LM), and the fixed effect model versus the random effect model (Hausman test). The following sub-sections offer brief disc