Mediation Paper Research Example | Topics and Well Written Essays - 1750 words

Mediation - Research Paper Example Man is also a social being. Because he belongs to the civilized society, man is expected to interact with his fellow human beings and form a variety of relationships like friendship. When man is required to make decisions, he may or may not solicit his friends’ opinions. â€Å"†¦in making decisions, people often consider all relevant information...† (Goodell, 2009) For man, a rational and social being, friends are important and so are their opinions which usually form part of man’s consideration. Since it is not a perfect world, man may have altercations with others. These can be trivial ones and/or serious fights. Whatever the dispute is, some form of mediation comes into play. In mediation, a neutral third party works with the people involved to resolve their dispute. (Kline, n.d.) â€Å"Unlike a judge or arbitrator, a mediator has no decision-making authority†¦[he] acts to facilitate the parties reaching their own solutions.† (Mediation v. Litigation, page 1) In mediation, the decision-making authority rests with the parties. (The Mediation Process, page 1) Thus, it is very important for the parties to take note of every variable before reaching an agreement. As mentioned earlier, being a social being as well as a rational one, it is common nature for man to hold his peers’ opinions as one of those variables. These people, who are not actually sitting around the table, can have a deep effect on mediation. (Rosenthal, 2009) One wonders just how strong a man is influenced by his peers’ opinions. Already, the strength of peer influence has been recognized and researched as evidenced by the studies done on peer mediation. In one article, researchers shared the results of their project â€Å"designed to investigate the effectiveness of a school-wide conflict resolution curriculum and peer mediation program.† (Daunic, et. al., 2000) The research was done in three middle schools.

Should taking photos be allowed everywhere Essay

Should taking photos be allowed everywhere - Essay Example Individuals often take photos for different reasons and in different avenues; however, issues may arise regarding where individuals decides to take their photos for various reasons that include privacy or security reasons. On another note, society today is liberal and this puts into question why people should be denied the liberty to take photos where they like. Taking photos needs to be allowed everywhere since this will allow individuals to relive their best memories on planet earth. This is especially important for those taking photos as a leisure, to commemorate a particular event or as a profession for instance photo journalism. In the contemporary world, photography has become part and parcel the working class, the youth and families who wants a piece of past events to keep as a souvenir. In industrialized nations such as the United States, United Kingdom and Japan are more attracted to tourism as a way of spending their vocation. In order to keep the memories of the areas that they visit as a tourist, taking photos is important for such tourists. This allows the tourists take back home part of the regions that they visit during their vocations. When back home such photos give some sense of satisfaction regarding how a person spent his vacation, this is often shaped with workmates or friends back home. The workplace is often hectic for professionals and vacations exist to help individuals to take a leave from the work environment. However, instead of resting home, these individuals often prefer to spend their vacation in a way that they will remember for a longer period. This has led to the establishment of vacation sites across the world. The scenes at these sites are often fascinating and tourists want to remember such sites by taking photos. On the other hand, photos hold a special place for families and in terms of remembering lifetime events such as

Health Care and Pharmaceutical Industry Research Proposal

Health Care and Pharmaceutical Industry - Research Proposal Example Hence consolidation can be in the form of merger between two or more pharmaceutical companies, acquisition of one pharmaceutical company by another, merger or acquisition between a formulations company and a bulk drugs company terming which as vertical integration will be more appropriate. There can also be mergers or acquisitions between a health care industry and a pharmaceutical industry, a form of vertical integration. All these activities centre around one goal, that is consolidation. The generic meaning of consolidation is strengthening. Hence consolidation is for obviously strengthening of merging entities. The question this proposal however poses is who the beneficiaries of the consolidation are. The stakeholders in the consolidation process are shareholders of the company, its consumers, its suppliers, its customers, its employees, Government and environmentalists. Apart from them, behind the scenes are the consultants and the directors of the company who manipulate consolid ation. This proposal will undertake a detailed study as to who the real beneficiaries of consolidation are. This is the research question the proposed research will address for which purpose detailed literatures review will be undertaken. The very question presupposes existence of a problem of who actually the beneficiaries are in consolidations. There are bound to be vested interests beneath the surface and in the deliberate hostile takeovers. Problem viewed in this context, the research question gains significance as to whether consolidations are serving the interests of stakeholders or the vested interests which may be against public policy. The outcomes examined on case by case basis may be mixed. Therefore the study has to see the overall impact of consolidations in health care and pharmaceutical industry. To this extent, the issue is problematic and answer is not readily forthcoming without a deep research into the subject. Objectives of Research To examine the benefits of consolidations. To ascertain risks associated with the consolidations. To make a comparative study with consolidations in other industries and ascertain why pharmaceutical or health care sector is unique .and To arrive at a balanced view for future policy. PART 2: Literature Review This part of the paper is important in that literature review is part of the research methodology by which the researcher will examine data already available on the subject of study. In research parlance this is the secondary data through which the research questions raised in the study will be likely to be answered if the data so gathered is adequate. Generic drugs manufacturing companies were once poor relations of the pharma industry. But they have now grown and attained international stature via acquisitions. In 2006, the generic drugs' sales all over the world were $ 77 billion. (URCH) Shukla (2006) states that pharmaceutical companies across the world persuade their counterparts for consolidation with a view to benefit from their respective core competencies in various segments of R & D, manufacturing and unique marketing opportunities in a global setting. Pharmaceutical comp

The art history Essay Example | Topics and Well Written Essays - 1000 words

The art history - Essay Example Arts are revolving but language is also evolving. This means that it exists in different definitions. It depends on the understanding of an individual. At some point, it is seen as a therapeutically process. It could be with corrective or treatment aim that involves painting. The process can be satisfying or frustrating for an individual depending on a person’s interest. The end product is the part that will produce an exhibition of the art. Therefore it can be considered as the process of creating in a secondary manner. It still does nit change that it is a non verbal form of communication that aims at stating the objective or purpose. This type of art is defined to produce certain changes in the personality of an individual. Aesthetics is a form of art that is connected to contemporary arts. Contemporary arts describe painting to posses two definitions which could be rated as inspirational (aesthetic) of craft. This means that it is an inspiration to create something beautif ul. All this should be stated behind the mind of an artistic personality. The real definition of aesthetics reveals that it is a form of philosophy that deals with beauty, taste and art. Appreciation and creation of beauty should also come along in the definition for it to be complete. Scholars in the field define it as critical definition of art and beauty that comprises f nature and culture. Aesthetics can be traced back to pre-historic arts that were done in ancient arts. Since then, it underwent a slow revolution. as it is considered the philosophy of art. Most artists in this field believed that beauty is a factor that should be disclosed as an inner sense hence a subjective fact. William Hogarth believed that it consists of many attributes including fitness of some of its part into the design system. By the beginning of the 18thcentury, art had a totally different meaning. It revolved around pursuing a skill that was directed to the aim of creating taste or a clear production of what is considered beautiful. This is the first time that taste and beauty are mentioned in association with art. Artists like Francoise Bouncher were part of bringing out the taste and elegance in art. By the 19th century, art was aimed at pleasing with beauty as the major object. The relevance in this is that the idea in the art is the center for what is shown in the piece of art. Avant Garde was the brain behind the idea of skills exhibited by an artist. According to him, these skills were for the purpose of providing moral and

How to analyze an ad Essay Example for Free

How to analyze an ad Essay Analysis of how a particular advertisement attempts to appeal to consumers By giving form to audience motives and desires, advertisers have the best chance of arresting attention and affecting communication. This is an analysis of the lift advertisement for Maxwell House Coffee created by the design agency Ogilvy Beijing of China. When the doors opened, sleepy people in an office building were shocked awake, providing a tongue-in-cheek metaphor for the effects of drinking a cup of Maxwell House Coffee. The marketplace has grown increasingly congested in a frenzied competition for the consumer’s attention. Within this context advertisers believe that in order to get consumers to buy their product ads need to have two orders of content: an appeal to deep seated emotions and information on the product. A sales pitch is used to attract attention and effectively convey the virtues of the product on offer. Elements of good layout are necessary to control the message. Emotional appeals seem to fall into several distinguishable categories. Every ad uses a variation of these appeals: the need for sex, affiliation, guidance, prominence, attention, autonomy, or the need to nurture, aggress, achieve, dominate, escape, or to feel safe. This ad totally circumvents all conscious reaction when the lift doors open to reveal a gaping hole. The illogical link between a gaping hole in the floor and a cup of Maxwell House Coffee is embedded in the metaphor: a better way to wake up. The link is forged pre-logically in the mind of the person who steps into that lift. Ones primal instinct is to protect oneself from falling. This is so deep-seated and spontaneous that the advertiser leaves no other option for the onlooker. This ad relies on aesthetic sensation for its appeal which, needless to say, has been executed with perfection. Nothing in this layout could be added or left out. Apart from the initial â€Å"shock† the onlooker has to admire the optical illusion and the cleverness of its presentation. The impact of this ad on all of one’s senses is undeniably large. Other appeals that are present in a lesser and overlapping degree are a need to nurture; a need for guidance; a need to escape; a need to feel safe; and a need for curiosity. Stylistic features are not appeals in themselves but influence the way the basic appeal is presented. This ad could be classified as avant garde. This ad is innovative, experimental and unconventional. The most striking element of the ad is the floor graphic which instantaneously grabs ones attention and penetrates the mind so profoundly, you’ll never forget the experience. The viewing angle on this ad relies on the premise that people instinctively look down when entering a lift, not only to look where they are stepping, but to avoid eye-contact with strangers. When they do look up, they look straight into the solution: a cup of steaming hot Maxwell House Coffee to â€Å"wake up†. Targeted customers: sleepy office workers. All the elements of the ad come together in a single appeal: drink Maxwell House Coffee to wake up. The vast majority of ads employ a common set of textual features: headlines, body copy, and slogans. Copywriting has a function: to sell the product. This ad epitomizes the words â€Å"art in pursuit of a business goal†. The floor graphics replace the need for a headline. The body is presented in a most refreshing way (no pun intended) and consists only of two words embedded in the steam to further engage ones imagination of the aroma of freshly brewed coffee. Body copy follows a picture and caption style. The traditional need for a slogan is sufficed by the placement of the logo of the product on the coffee cup. The elements of the layout of this ad totally control the way the message is received. The message is delivered in a uniquely creative and totally unexpected way. There is no competitive â€Å"noise† as the presence of the ad takes up the whole space within the lift. All layout elements have been used to maximum effect: attention, balance, proportion, movement, unity, clarity, simplicity and emphasis. Balance is achieved by proper weight distribution. In this ad the weight is on the floor. One’s knowledge of the effects of gravity plays a subconscious role. The tonal quality of the floor graphic and its fear inspiring content visually pulls one â€Å"to the centre of the earth and back again†. The poster is optically centered so the reader cannot miss the â€Å"sales pitch† and the artistic composition is nothing short of excellent – the floor graphics, the bare lift, the metallic surface of the lift walls and the design and placement of the single poster. In a highly original way forceful emotions are brought forth in an experience of uncontrollable surprise. The presentation of the information in the poster is reserved, dignified, formal, clean, uncluttered. One’s emotions guide the consumer through the ad, from beginning to the end. Directional impetus favors the elements to be stressed. The onlooker has nowhere to go. The recipient is taken â€Å"inside† the advertisement. Inside the lift, there is nothing to compete with it. The layout is unified by the confines of the lift, the muted colors of the walls, and the complementary colors in the poster. The inside of the lift determines the parameters of the ad space. This is a classic use of â€Å"white space† where the advertiser cleverly employs the barest necessities in such a profound way that this ad and the product it offers become unforgettable. The two important elements of shock (floor graphic) and solution (poster) are uniquely and very cleverly tied together. The message is clear and simple. Wake up with Maxwell House Coffee. Emphasis is achieved through the dominant element, the floor graphic which contrast sharply in size, placement and most of all its the impact to that of the poster which is strategically placed in the optical centre of the lift wall, directly opposite the doors (shock versus solution). Perfect. Does this ad effectively appeal to its target market? Yes, profoundly. And here is why: The chief element of this ad is the clever use of graphics to depict a gaping hole in floor of the lift. The product information is minimal as it needs no elaboration. The logo and a cup of coffee are all that is required. The rest is dependent upon the recipient’s own experience and feelings towards the product. The target market is well defined. The communication between the producer and the consumer is crystal clear and totally unambiguous: This product is experienced to be genuinely gratifying to the prospective consumer and a even non-coffee drinker will enjoy the emotional â€Å"ride† offered by the advertiser. Here both ends of the communication channel have been abundantly rewarded. The ad is clever, innovative, refreshing and directed at one appeal: drink Maxwell House Coffee. This won an international award for â€Å"Best use of Ambient Media: Large Scale† in 2008.

Terrorist Threats Faced In The Uk Criminology Essay

Terrorist Threats Faced In The Uk Criminology Essay For Steven Greers article on anti-terrorism law, there were many distinctions he picked out when taking into account the background, and other facts on the terrorism organisation. He contrasts between the threat before 9/11 and after 9/11 using Northern Ireland and Al-Qaeda as his examples. He states how Northern Ireland were subjected to the diplock process, characterised by non-jury courts, extended police and army powers to stop and question, stop and search, search and seize, and arrest and detain for up to seven days without charge. He emphasizes and distinguishes how most of the people arrested under this diplock process, three quarter of them were released. And convictions mainly based on largely based on confessions extracted in police interrogation or obtained as a result of evidence provided by supergrasses. Mr Greer distinguishes the shoot to kill policy, whereby it was introduced before 9/11. There is evidence that elements in the British security agencies colluded in mur der with Loyalist paramilitaries due to this policy. Another distinguish is the seven day policy, Mr Greer points out how before 9/11, the united kingdom had seven-day detention provision did not violate the Convention because there were grounds for maintaining that the conflict in Northern Ireland amounted to a public emergency threatening the life of the nation. In 1998 human rights act was introduced whereby it empowers UK courts to consider whether anti-terrorist detention provisions are compatible with the Convention and, if necessary, to force a government rethink as dramatically occurred in the Belmarsh case in 2004. For post 9/11, Mr Greer using the two prime examples, to outline how each of them operates differently and how much of a risk they are to the UK. He states how some people perceive terrorism as too broad the long war where it is more of a struggle against terrorism with terrorism in the UK context meaning something narrower than the definition, namely violent threats to a liberal democratic state and society .He distinguishes many factors which when putting into account make the pre 9/11 terrorism seem minor implications. First, he distinguishes post 9/11 how the IRA embraced a modern, secular, nationalist ideology, whereas AQT terrorists invoke Islamism, a political ideology which relies heavily on Islam, a pre-modern religion. Consequences of this, Muslims in the United Kingdom and elsewhere would repudiate as inauthentic and illegitimate. The second difference is that the IRAs violence had limited territorial objective to enhance the political power of the nationalist minority in the north of Ireland. It was never intended to destroy a civilization or a way of life. Indeed the way of life. Post 9/11 threats to the UK Greer points out how terrorist organisations such as AQT their goals were much more ambitious and were clearly linked to a conflict over control of territory in the Middle East and not Britain. Greer also points out British jihadists are motivated by a sense of injustice stemming from disadvantage and discrimination suffered by British Muslims. In contrast with pre 9/11 and post 9/11 the old-fashioned nationalism of the IRA is quite different to Islamist terrorism objective to destroy the West as a decadent and ungodly anti-civilization. Another distinction that Steven Greer uses is the terrorisms fire power. He shows how pre 9/11 the IRA never used suicide bombs, which in contrast to post 9/11 is the favoured method of AQT terrorism. The IRA always had in mind to minimise civilian casualties whereas post 9/11 AQT terrorism seeks to maximise civ ilian casualties. Steven Greer also outlines how pre 9/11 the IRA remained a centrally-controlled and hierarchical paramilitary organisation. Whilst AQT organisations, very loosely structured with no central command other than the inspiration provided by charismatic and highly independent leaders. In the sense outlined, the IRA was a terrorist organisation and Al Qaeda type (AQT) associations are terrorist organisations. But there the similarities end. There are nearly a dozen much more significant differences between post 9/11 and pre 9/11 threats facing the UK. Mr Greers distinctions are very clear to where each terrorist organisation differs for instance when it comes down to casualties, pre 9/11 the IRA would try to minimise the casualties and be effective but post 9/11 the more casualties the better for AQT. It may be that the law has not been so harsh on anti-terrorism that the boundaries on casualties have increased. During the years the fire power and technology has become m ore advanced such as bombs, effectively to deter people or stop them security measures and more harsh laws have been placed. This could explain the 28 day period they can derogate them for, in order to have enough time to gather evidence. Relatively the key objective of antiterrorist laws must now be to contribute significantly to the prevention of attacks and to prosecute those responsible before they occur, since the risk has tripled from pre 9/11. To be effective as possible when risks such as this are at large, gathering accurate intelligence and responding to it appropriately is crucial relating back to pre-9/11 police confessions amount to arrests is not enough. However misuse of these powers could lead to inaccurate evidence such as the insensitive use of stop and question and stop and search powers can provoke anger which, in turn, can cause more damage to intelligence-gathering than the information produced. The use of arrest and detention powers for intelligence-gathering purposes is also incompatible with the European Convention. So by law Human rights should overrule the arrest and derogation powers. What did the Law Lords rule in relation to the provisions under the Anti-Terrorism, Crime Security Act, 2001 concerning indefinite detention, without charge, of foreign nationals? Where are we now in terms of extraordinary powers of detention in cases of suspected terrorism? The Anti-Terrorism, Crime Security Act gave the Home Secretary power to verify a foreign national as a suspected international terrorist (s. 21). The House of Lords Judicial Committee on December 2004 concluded with their judgement on the compatibility of the Part 4 powers with the (ECHR). The Human Rights 1998 (Designated Derogation) Order 2001 was crushed and section 23 of the ATCSA was affirmed to be incompatible with Articles 5 (right to liberty) and 14 (freedom from discrimination) of the ECHR. The House of Lords considered Part 4 powers were discriminatory. Their reasoning was it only applied to foreign nationals and also acknowledged that they were not proportionate to threats the UK faced was facing on terrorism. From this action, the Government replaced the Part 4 powers with a new system of Control Orders. Control Orders would be subjected to all suspected terrorist, whether him or her being a UK national or not. Also whatever the aim of his/her terrorist activity is. In cases of extraordinary powers on suspected terrorism, control orders allows the authorities to impose conditions from prohibitions on accessing items or any service, restrictions on being with particular individuals, or restrictions on movement or curfews. The Home Secretary has the power to make a control order based on any intelligence provided. On suspected terrorism, Control Orders could be varied and controls changed if the individual poses a larger threat. These types of powers may be up to certain strict periods, as Control Orders will be time limited and can be set up to 12 months at a time allowing them to be renewable thereafter. The powers are set strict enough to when breach of a condition, it would be a criminal offence most likely of imprisonment. In the light of what you have read, do you consider that a period of up to 28 days detention without charge of those suspected of terrorism is reconcilable with Article 5, ECHR and with the ECtHRs jurisprudence on extended detention periods in such cases? In light of what I have read, 28 days is too much to keep a person in pre-trial detention on charges of suspected terrorism. The 2006 Terrorism act , I doubt would have considered beforehand putting a person away for 28 days what would the damage be to the mental health, personal and family relationships and employment of the person detained for periods as long as this. Putting people under long detention periods by the police may amount to a confess at the end, but might it is also well known that detention rules such as these can produce false confessions which, in their turn, can lead to miscarriages of justice. Steven Greer outlined this prime principle with his example of the evidence gathered on Northern Ireland indicated that most confessions in such processes are, in fact, made in the first 48 hours. But that was pre 9/11 however now the risks are much bigger several days would seem the best option. In contrast with Article5 (2), a person shall be informed promptly of the rea sons for the arrest and any charge against them and that they shall be brought promptly before a judge (Art.5 (3)). The 28-day pre-charge detention period would, therefore, appear to constitute a violation of human rights. In a more logic instances, factors should be considered and outlined on whether this person should be detained for longer, for example if the person is a potential threat to community and has previous charges of providence false statements or evidence. In any trial before on suspected terrorism it should be what characteristics does the current terrorist threat have, which would be able to extended power of pre-charge detention? The Government originally advocated a 90-day period on the grounds that much more time is required, is too extreme. This in most instances should violate the rights of an individual person. 28 days is still to be considered under the Convention test let alone 90 days or 42. In comparison other western democracy i.e. the USA, it is quite astonishing that the United Kingdoms 28-day has the longest pre-charge detention period. Under U.S. Federal law, the maximum period of pre-charge detention is 48 hours. This limit comes from the Fourth Amendment to the US Constitution. Overall, detaining people for 28 days without charge inevitably leads to injustice, and undermines our ability to fight terrorism. It also affects the British tradition of liberty and justice. Libertys Director, Shami Chakrabarti, has consistently argued against extended periods of detention in suspected terrorism cases and is critical of reliance on the states Article 15 power to derogate (enabling it to suspend the protection of the ECHR): It simply seems to me that a state of public emergency of indefinite length is as dangerous as the unending war on terror which allows the murderer to call himself a soldier. A limitless state of emergency is a contradiction in terms. It is no longer a temporary departure from the proper and normal order of society for as short a period as possible in order to re-establish means of existence, government and law. It is instead a new state of being. A state of constitutional poverty without the ethical framework that we most need in times of greatest difficulty. (last page of her article, Terrorism and the Rule of Law). Is she right? Libertys Director, Shami Chakrabarti, has regularly argued against extended periods of detention (imprisonment) in suspected terrorism cases and is critical of (confidence) reliance on the states Article 15 power to derogate (take away) (enabling it to suspend the protection of the ECHR): It simply seems to me that a state of public emergency of indefinite (unfixed) length is as dangerous as the (endless) unending war on terror which allows the murderer to call himself a soldier. A limitless (unlimited) state of emergency is a contradiction (conflict) in terms. It is no longer a temporary departure (retreat) from the proper and normal order of society for as short a period as possible in order to re-establish (re-build) means of existence, government and law. It is instead a new state of being. A state of constitutional poverty (shortage) without the ethical (moral) framework (structure/background) that we most need in times of greatest difficulty. (last page of her article, Terroris m and the Rule of Law). Is she right? Prior to shami chakrabati principle on how an unlimited period of public emergency is the same as an endless war on terror. Being able to derogate our rights on detention and on other rights, retreats us from the proper normal society we are living in today. Laws such as these will never be able to allow us return to normal but instead lead us into a state of a constituinoal poverty without the moral structure. Governments at a time like this would instead of focusing on how to prevent any terrorisim from happeneing, split our society up based on our views rather than our actions. As lod hoff man stated the real to the life of the nation comes not from terrorisim, but from laws such as these. An example can be the new-anti terror control orders surely the are likely to breach Article 6. Not surprising as to some quite significant interference with liberty without charge or trial. Another prime example being the government trying to extend the pre trial detention to ninety days. Sur ely under Article 5, demands prompts information on reasons of your arrest and any charges against you. And this is only for terror supects. Picture how ninety days in prison and being released without charge, not only would he be disgusted with the britsh laws but other people would stay clear of the police when it comes to co-operating with some useful inside information on the latest terrorist activity. Even so what with chakarbati giving some in sight on the rule of law , in todays news there are various news articles on how britian has been torturing our own british suspects in camps such as guantamano bay and Pakistan. The British have paid whatever costs to use all means possible to access any information relating to terrorists activity.

Dividend Payments Impact On Shareholders Wealth Finance Essay

Dividend Payments Impact On Shareholders Wealth Finance Essay Dividend  is a form of payment made to shareholders by an organization; Its a profit which is paid out to the company shareholders. When a profit is earned by the company, the profits are used again to invest for a better growth of the company for its future, or it can also be paid to the company shareholders in the form of dividends. Dividends are also paid to the shareholders in the form of cash or shares. The company must have sufficient funds in order to pay dividends to its shareholders. Dividends are generally paid out by a company only when the company make good profit and its been paid form its earnings. Dividend policy is of great interest n todays financial industries when the joint stock companies came into existences. Dividends can also be defined as a distribution of companys earnings which is decided by the board of directors to a class of its shareholders, dividend is also quoted as a percentage of the current market price. It is also known as dividend per share (DPS). Dividend can also be in a form of cash, stock or property. The level of dividends also depends on the companys dividend policy. Many large companies have a progressive dividend policy. They are usually paid after half year and full year financial results, even though some companies pay quarterly. There are various types of dividends which are as follows: Cash Dividend à ¢Ã¢â€š ¬Ã‚ ¢ Regular Cash Dividend, Special Cash Dividend, Stock Dividend Stock Repurchase Cash dividend: When a company pays dividend in the form of cash is known as cash dividend, cash dividends are generally paid four times a years to its shareholders. Such as Regular cash dividends and special cash dividends. THEORIES OF DIVIDEND POLICY: DIVIDEND RELEVANCE THEORY DIVIDEND IRRELEVANCE THEORY DIVIDEND RELEVANCE THEORY: This was a theory proposed by  Myron J. Gordon(1959)  and  John Linter(1956). Therefore, Dividend  relevance theory  suggests that investors are taking a risk generally  and would rather have  dividends today rather than share appreciation and dividends tomorrow. Myron J Gordon(1959) and John Lintner (1956) have also suggested that in the early sixties, investors see current dividends as less risky than future dividends and capital gains Dividend relevance theory also states that dividend policy effects the  share price of a company. Therefore, an optimal dividend policy should be determined which will ensure the better wealth of the shareholders. However some market participants state that there is some connection between share price and the dividend policy of a company. DIVIDEND IRRELEVACE THEORY: According to Modigliani and Miller (1961) the dividend policy is irrelevant to the share price of the company. The value of the firm is determined by the earning capacity of a company and not by its dividend decision. Modigliani and Miller (1961) pointed out that the investors who are rational may make the choice but maximise their utility, which are indifferent to receiving capital gains or dividend on their shares. The assumption of this theory states that: There are no transaction cost on the buying and selling of the shares Investors are having sufficient knowledge about the company Taxes are ignored Same interest rate would be available to investors According to the above assumption, the company which has good prospective with a positive NPV will have a good share price in the market. Dividend payment has impact on shareholders wealth: Arguments for and against of a cash dividend payout that would have an impact on the Market value of a company: Arguments in favour of the impact: Signalling effect: If a company pays dividend to its shareholders regularly, it conveys a message to its investors showing the current growth of the company and its future prospectus. Since company pays dividends regularly to its investors, they do not have any agency problem. Clientele Effect: There are two types of shareholders in the industry. One group who are accepting regular income as dividends for eg: Pensioners. The other group are the ones who are not expecting dividends, because they are interested in the future growth of the company by increasing the capital gain. Arguments against the impact: Tax effect: When shareholders receive income from dividends they have to pay tax which will affect their earnings. If the company pay high dividends to the investors, it would affect the earnings of the company. This would also reduce the cash flow of the company if it wants to make investments. Earnings: The market capitalization of the company depends upon the earning per share of the company and not on the dividend policy of the management. Investment: If the company pays all its earnings to the shareholders as dividend, they would not have sufficient reserves for future projects. Therefore the growth of the company is an important decision than the decision of the dividend. Liquidity: A company would not have any liquid cash left if it pays all earnings and profits to its investors. So liquidity is the main factor in a company as it would affect the business. Arguments for and against, whether a cash dividend is paid or not is irrelevant in the context of shareholder wealth maximization Arguments favoring the impact: The Net profit value (NPV) of a company plays a major role when dividends are given to its shareholders. Dividends would not necessarily be paid to its shareholders as destroying shareholders wealth in the real world is replaced with new set of shares. Retained earnings: If the company pays all the income to its shareholders as dividend, then the company would not have sufficient retain earnings to make investment in the profitable projects. If the company needs any funds for the future, it would borrow from sources like equity or debt markets which will increase the cost of the capital because the cost of external funds are comparatively higher than the cost of internal funds. Arguments Against the impact: Information content: If the company does not pay dividend regularly to its investors, shows a sign of negative signal to the capital market and hence the share price would also decrease in the market and would also affect the growth of the company. One of the major problems is the agency cost between the shareholder and the management. The shareholders generally expect a good growth of the company which would in turn give good dividend to the investors. But, the aim of the management is to grow the company in order to maximize the wealth and the power which may not be of interest to the shareholders. Arguments for and against weather dividend payments should be avoided, as they would lead to a decrease in shareholder wealth. Arguments favoring the impact of shareholders wealth: If the company does not pay dividends to its shareholders, the funds can be utilized for the future growth of the company. There would also be a dual benefit both to the company and the shareholder, where the shareholders may not need to pay an tax on dividend and for the company, they do not need to pay any transaction cost. There is also an argument to change the dividend policy from low to high payouts. Policy Formulation: In a company there is an administrative cost that is involved with the dividend policy which would in turn reduce the earnings of the company. Cost of capital: When a dividend payment is reduced, the external financing plays an important role in reducing the cost of capital of the firm. Due to this reduction of cost of capital, the value of the firm has increased because there is an relationship between cost of capital and the value of the firm. Arguments against the impact of shareholders wealth: If a company avoids dividend payment to its investors, shareholders would withdraw their investment that they have invested in the company and thus this would also have an negative impact on the shareholders wealth. Signalling effect: When a dividend payment is avoided there is an signalling effect which effects the growth of the company and will also have an impact on the share price and effect the shareholders wealth. FACTORS AFFECTING THE DIVIDEND POLICY OF A COMPANY: Stability of earnings: Companies which have regular income formulate regular dividend policy than those companies having an uneven flow of income. This can be easily know by the earnings of the company. Liquidity of Cash: The main factor in the dividend decision of a company depends on the cash flow. The higher the funds the company earns is better for the company in order to pay high dividends to the investors. In order to pay dividends the company needs funds and therefore the availability of cash will be the main factor of the dividend policy. Extent of shareholders: A company makes decision against the shareholders for the suspension of the dividend to its investors. On the other hand, a company having lots of shareholders are distributed forming high and low income group. This would also have difficulties in securing the assets, because of higher dividend. Taxation Policy: If a company pays high tax, not the earnings of the company would be affected but also the dividend would be decreased. Tax on dividends is waived by the government only up to a certain limit. This would in turn effect the capital growth of the company. Reduction in tax dividends reduces the value of all the tax payers. The capital gain tax is also likely to be below the shareholders tax rate. Shareholders may also prefer gapital gains to dividends. Directors resolve the conflict between the conflict of interest between the shareholders of a company. Past dividend rates: When the company pays dividend to its shareholders, it has to review the rate of dividend paid to the shareholders in the previous years, The dividend rate should be should be equal or more to the past dividend rate. Ability to Borrow: Only large firms and well established firms can borrow funds from the capital market and other external sources. These companies should have a good payout ratio. And smaller firms who are not well established rely on internal sources, and they would also have to build good reserves by reducing the payout ratio. Legal constraints: There were some constraints in the payment of dividends make by the UK government in the year 1960. There was some control in the payment of dividend. As a government measure, to overcome the anti inflation, but later in 1979, they removed these restrictions so the company must know the legal rules and the government policies before forming the dividend policy. Policy of Control: This is another main factor for the dividends. The control of the company is determined by the ordinary shares of the company. If the company wants to make investment they need funds. These funds should be obtained from equity capital, If they raise the equity capital, the new shareholders will invest in the company so the directors of the company have full control where they would not want to add any new shareholders to the company, and would announce a low dividend rate to its existing shareholders. The directors do not want to add new shareholders because they would not have any control and diversion on the policies of the management. Time for Payment of Dividend: Payment of dividends are planned in such a manner that there is no cash flow at the time of issuing dividends, as during the peak time of the company would require funds for urgent finances. Regularity and stability in Dividend Payment:   Companies maintain dividend equalization fund in order to pay regular dividends to its investors and also have a constant rate of dividends to most of its investors. Investment opportunity: While the board of directors make dividend policy decisions, they should consider if there is any profitable project or not. If there is a project in which they have to invest, then they have to announce a lower dividend to its shareholders. Opportunity to collect funds: The management should think about if there is any source to collect the required funds if needed at a cheaper cost, if not they should not announce more dividends to the shareholders. Growth: A growth of a company is one of the major factor and plays an important role when dividends are issued to its shareholders. Growth can be measured in sales, market share and the profit of a company. Conclusion: Dividend policy is concerned with level of dividends for the shareholders of a company. Thus from the above mentioned two theories, we can conclude the following: As per the opinion of Director A, dividend should be provided to the shareholders for the following reasons: Signalling effect: This conveys a message to its investors showing the current growth of the company and its future prospectus. Clientele Effect: If a company pays higher cash dividend to the shareholders, it gives more sign of chances about its future to its investors and the increase in dividends may lead directly to an increase in the companys share price in the market. As per the opinion of Director B, Dividend payment is irrelevant to shareholder maximization wealth for the following reasons. If the company pays all the income to its shareholders as dividend, then the company would not have sufficient retain earnings. If the company needs any funds for the future, it would borrow from sources like equity or debt markets which will increase the cost of the capital As per the opinion of the Director C, dividend payments should be avoided due to the following reasons. If the company does not pay dividends to its shareholders, the funds can be utilized for the future growth of the company. There would also be a dual benefit both to the company and the shareholder, where the shareholders may not need to pay an tax on dividend and for the company, they do not need to pay any transaction cost. Thus we conclude based on the managements views of a company on dividend payments and the effect on firm value. Because the dividend policy is a natural consequence of dividend theory being applied, the conclusions to this are categorised under the dividend policies, such as the managed dividend policy, and also there is a consequence of the relevant dividend theory and the residual dividend policy, a consequence of the irrelevant dividend theory.