Environmental Ethics Business Sustainability †Assignmenthelp.com

Question: Talk about the Environmental Ethics for Business Sustainability. Answer: Presentation: As per the data gave, Old Walka Water Station was first worked in the time of 1882 to 1886 by the Public Works Department. Around then, the structures primary reason for existing was to give more secure water to region of Maitland, Newcastle, Cessnock and Morpeth. It was an option for the current rivers, stockpiling tanks, and boreholes. Despite what might be expected, as the interest for water expanded, a dam was developed at Chichester. Subsequently, the Water Works station of Walka was put on backup and later shut in 1929. In 1951, the site was revived as a force station rather (Assignment Center 2017). Be that as it may, in 1978, it got decommissioned. As much as most pieces of the structure are as of now blocked off by general society, the City Council of Maitland is utilizing a few areas of the Building for financial purposes. Such incorporate weddings among other uncommon occasions. It is important that it is the wonderful encompassing of the structure that stands out for revi ving. The encompassing incorporates an untamed life hold to offer advantages for instructive and get-togethers. This proposition report will plot the conditions and procedures of transforming the old Water Works Station into an eatery. Such is because of the way that Northwest Business Group hopes to begin a business in Maitland. For this situation, the café is required to contain kitchens, feasting regions, bars and different elements. When the structure is restored, the eatery will be required to have the option to have exercises, for example, weddings, gatherings, meetings and get-togethers. This action will likewise give an appropriate administration plot proposal towards the upkeep of the structure just as its offices. The structure being referred to is found 2kilometers in the North Western pieces of Maitland. The structure is gotten to through Scobies Lane running off Okhampton street. Nonetheless, there is another track that can be utilized. It runs from the nearby Abattoir; west to the structure. The track offers entry that isn't flood inclined (Bala 2017). The structure is additionally situated on a land that is some time ago peaceful. When the structure was first raised, the zone was marshy for plantations or harvests to develop. In any case, the land was reengineered. Later in 1971, the land was offered to Maitland City Council which guaranteed that the land was free for brushing just as marshaling the territory. It is likewise imperative to take note of that the structure was planned and built in stages. This was finished by the Department of Public Work. Strikingly, the heater and motor houses are planned in presentation of the Victorian-Italian style. The brickwork utilized was polychrome, the windows profiled, and each extent exquisite (Harold 2013). The figure beneath shows the general history of the site of the structure. It is significant that the development occurred in a few stages. The absolute first positive endeavors to open the site after its closer can be followed to. In any case, there was a Trust framed. This Trust was planned for opening and reestablishing the Waterworks complex. In 1976, the complex was ordered by National Trust (Morris 2013). As of now, the spot is opened as an open save. The exercises drawing in crowd include: Grills Picnics regions Play area Strolling trails A 7 1/4 inch measure railroad. This works just on Sundays. A store Encompassing vegetation with feathered creatures and different creatures additionally accessible. Attributes of Walka Water Works Building are: A siphon house with a smokestack Victorian Italianate design with lavish brickwork Gigantic water store Channel beds and Settling tanks for cleansing water Smaller than usual Railway Issue Analysis Because of the way that Northwest Business Group hopes to begin a business in Maitland, note that one of the imperative parts of the economy of Australia is the travel industry. Additionally, perceive the way that in 2015 alone, about AUS 47.5 billion with respect to the GDP of the nation was acquired from the travel industry division. In the entire of Australia, household the travel industry contributes what is seen to be the biggest level of tourisms direct GDP (Morris 2013). Since the quantity of guests pulled in to the site as of now is sufficiently enormous to accumulate benefits for the Business Group, promoting after the rebuilding the site would be a no issue. Guests have been accounted for to head out far and wide to appreciate the landscape gave. Likewise, one reason regarding why the part of the travel industry in the nation has acknowledged enormous measure of salary is on the grounds that the administration has put such a great amount in the business. For our situation, the office to be raised will give inn benefits just as settlement. The aim, for this situation, is to make utilize the fascinating view of nature around the site to build up a best in class resort. In any case, the techniques for organization and activity should be adjusted to advance improvement just as guarantee that administration conveyance is great (Kerzner 2013). The investigation, for this situation, is for the site recognized just as the components situated inside the region of study adding to the general centrality of this proposition. A portion of the importance of the site distinguished will be talked about with respect to the structure parts. The Water Works Complex: - It is the biggest complex in the zone. It is additionally one of the significant water work edifices that are extensively unblemished. It likewise happens to include one of the Victorian Industrial structures. Principle Engine and Boiler Houses The structure of this houses are produced using polochrome blocks which are all around saved and brought out as some other esteemed structure inside the nation. The setup of these pieces of the structure depicts the practical prerequisite and the innovation utilized around then. It is likewise essential to take note of that the stack mirrors the specialized necessities of the burning procedure. Its basically to oblige workplaces. Prior on, the workplaces were for the Sewerage Board just as the Hunter District Water. This is a structure raised with the end goal of water filtration. They are, be that as it may, at present for all intents and purposes unblemished. It is a portrayal of a model that is very much safeguarded. Notwithstanding, the channel beds are extended. Such was because of the addition of the quantity of individuals needing water. The structure of the dividers of the bed channels are from an off-structure solid fortification (PNMSOFT 2017). It is the structures most essential office. Essentially, it is utilized to spotless, gather, and re-use sand inside the channel beds. Be that as it may, one of these plants was obliterated to have the boundary street built. The structure of the pits and funnels are the key components of the treatment plant as was fabricated. Note that the reticulation framework, all things considered, is flawless and one of a kind as in the past. The street ways are made of cement. The states of being of the structures Walka Waterworks remaining structures are in a condition that is resoundingly well with respect to their age, change history, just as absence of upkeep. The fundamental pumphouse, for example, has its sandstone inadequate. The concrete is breaking which renders a string course. The north height is likewise latent and its structure breaking. The material sheet in this part is additionally extremely poor. Different states of the pumphouse include: Completely difficult to reach cellar Pervasion by termites Accessibility of stains, rust and fixes of lichen Minor harms to the surfaces of the blocks in explicit areas Harm of the ground dampness to locales where the levels are raised. The structure of the rooftop is, anyway stable Having taken a gander at the primary pumphouse, it is imperative to evaluate the states of being of different structures. These are: Sandstone bases spalling Render regions have molds and lichens Harm of the ground dampness to districts where the levels are raised. Fold pointing disintegrated The segments rooftop is rusted while water enters through the block work Invasion by termites on the structures of the south divider Inner blossoming specifically puts No entrance to the cellar The rooftop is rusted Expulsion of the cast iron columns Brickwork is harmed Three beds are not obvious enough Segments of a portion of the beds are demolished to permit electronic commission use. Notwithstanding, the passages and pits are flawless despite the fact that they are not kept up The site is disintegrated Occupant and Council Requirements Every single private structure in the site needs to conform to the structure guidelines illustrated during the development of the structure. Such approaches apply to all structures regardless of them being rented or proprietor involved. Nonetheless, it is good judgment that with time, the state of a specific structure is probably going to debase. Structures thusly need satisfactory support. In the event that worries emerge that a specific structure isn't offering satisfactory settlement standard, the board should be exhorted. The officials from the board are expected to examine the property to decide if the equivalent is protected to live in (PNMSOFT 2017). As indicated by the Residential Tenancies Act of 1997, there are obligations and rights that are set out for proprietors, specialists and occupants. For example, every single reason must be in a condition that is sensibly perfect. Landowners need to guarantee that at the time the inhabitant starts involving such rental premises, the premises or rooms are empty just as fit as a fiddle (s65). On the off chance that the premises are not fit as a fiddle, the inhabitant won't need to pay lease till the spot is tenable. Nonetheless, if the reason is tenable, it is the commitment of the inhabitant to guarantee that the spot is kept clean all occasions (s63). Different proclamations on obligations and rights are: Every single landowner is required to give a duplicate on the Statement of Duties and Rights concerning the arrangements

Philosophy of life Essay Example for Free

Reasoning of life Essay ?I saw this statement in Mr. Laxman Gnawali’s PC and I replicated it immediately, I don’t know however I enjoyed that line without a doubt. The statement was composed on the mass of some park the spot was truly perfect and that image demonstrated that it was extremely pleasant clean with bunches of trees. Subsequent to looking through it in the web I discovered it that it was the credit to the individuals who lost their lives in the war. We were discussing the showing instructional course. We were informed that we can accomplish the following level in our profession yet we have to think and do the meeting conveyance truly. There the statement was very related in light of the fact that we had the opportunity to be an instructor coach yet we must be increasingly mindful and build up certain propensity, there with the opportunity comes the duty. Taking a gander at the historical backdrop of opportunity one can generally consider war to be the synonyma for the opportunity. The principal thing that comes in our psyche when we talk about opportunity is war and squabbles. This expression is for the most part utilized by the individuals to show appreciation towards the individuals who have lost their life in wars. There are such a large number of articles and books composed on them or about them. Shiv Khera have composed a book â€Å"freedom isn't Free† and there are mny others who have discussed it and this is the expression I think will be talked in coming future or as long as the presence of the people. Opportunities are privileges of people, as per Webster its a state in which someone can act and live as the person in question picks, without being dependent upon any, or to any undue, limitations and limitations. As our nation is vote based nation and we gladly state that we are free, we have each opportunity to do whatever we like to yet at the outset we battled for our opportunity, would we be able to in any case be battling. Initially we battled for our opportunity, with the birtishers, we battled with them not for the opportunity however to keep our nation free. We battled for the popular government from the Rana rulers and afterward we battled for the remorseless illustrious principle and we accomplish the opportunity yet the inquiry remains that we encapsulate been battling. Presently we can practice choice and settle on decisions autonomously of any outer deciding power, yet are we genuinely free. I think we are as yet battling inside ourselves for the opportunity we long for. History has been our observer that at whatever point we battled we battled to control and not for the turn of events or development and we are as yet doing that. First we had MAHISHPAL than came GOPALA DYNESTYR and KIRAT after that numerous other than the most persuasive SHAH now we have lawmakers managing still to govern not to create. On the off chance that I talk about the opportunity realting with our history than it will never wrap up. Antiquarians accept were not free, however then again I simply state we have our privileges and controls. Since totally unhindered opportunity of activity would make quiet human presence outlandish, a few restrictions on opportunity of activity are essential and inescapable. Yet, we do need to perceive that essential confinement, to make our life safe. We the individuals need to turn over a portion of our privileges so our nation performs right and many state that the legislature is in our business however on the off chance that they werent all bedlam would happen. In any case, Freedom turns into a cost, an expense of simply surrendering a few rights consequently to be an incredible country. Be that as it may, some expense could turn into a worry. In the presentation of freedom, Thomas Jefferson have plainly expressed the challenges and issues that America needs to look on the procedure. The ongoing and clear model abo;ut opportunity isn't free is our own country’s battle against the maost. We confronted challenges than one can envision in any case we defeated with all the troubles we confronted. During the time spent opportunity government needs to incorporate all the militaries of clammy also. There comes the compensation for opportunity. We needed to experience injuries which huge numbers of the country have experienced however that injury was from our own kin to their own family. India, the greatest nation with huge populace, which is rising ijn each field in this cutting edge time, have confronted issues. They were colonized by British individuals and treated in the most savage carry on that one would ever treat to another person in their own nation however they battled for their opportunity and have lost such a significant number of lives yet finally they are free. The installment that they paid for the opportunity are the lives, the incredible government officials and excited young people, there province were isolated into parts and there is still battle among those nation. In spite of the fact that they got the opportunity they are as yet paying for it, that is the reason opportunity isn't free. America the place where there is new chances at life, was not free and with the assistance of numerous political dissidents they pronounce the autonomy. Rather than opportunity they call it autonomous, as everybody knows in America a large portion of the individuals are from various nations, the local individuals, the red Indians have really lost their character so as to be autonomous or free. the nation have confronted such a significant number of challenges and as yet confronting however it is the free nation everybody says and accepted that yet they have the most criminal records and most disappointment inside their nation. The divided society, conceited individual, loss of culture and center purpose of psychological warfare are the installment USA is paying with. Each nation have their own battle and history of opportunity and the sorts pf installment they are paying as the opportunity isn't free. All the extraordinary individuals in this world has paid either route for the opportunity they battled for. Nations have confronted the war and loss of the adolescents however the person who are the incredible persuasive for that occasion lost their family ,adored once, and their own life also. Hitler’s biography additionally propose that opportunity isn't free.he abhorred zuse and to liberate himself from them he carried out the wrongdoing which no human can overlook and he is the most remorseless individual in this world. He was unable to confront the disappointment and to make himself liberated from the idea of disappointment he kept doing the things which kept him liberated from that idea and the installment for the opportunity of his idea is being remorseless and called killer and be distant from everyone else in for his entire life. Anyway his homicide is still have no real proof however he was murdered in light of the fact that he was getting savage and danger for some individuals so in the mission of opportunity to free the maltreatment and sentiment of disappointment he paid it with his life. Mahatma Gandhi, India consider him their BAPU, was despised by his child since he had no opportunity to go through with the family as he was in incredible crucial free his nation from the Birtish. He liberated his kindred nation however the installment was his own youngsters, he was slaughtered by the youngster as individuals saw that his liberality is causing the nation into numerous nations. He was liberated from all the material things and cherished by all the individuals however to pick up this opportunity to adored by everybody with his life. The four saints, who was slaughtered by rana rulers for their opportunity discourse likewise shows that whatever our nation have isn't free. in the manner we are getting a charge out of or grumbling about is really the installment that those saints paid. They were from notable and taught family however in the mission to liberate the nation from the ranas they paid their life and we got opportunity. Being anybody as human isn't liberated from all the obligations and decides that we have to follow. As an infant you are allowed to cry over anything besides the installment is more often than not individuals don’t comprehend what your concern is. As an understudy you are permitted to settle on clamor or settle on wrong decision however the installment is later on you need to bomb in your test and in your life. As a social laborer you have the opportunity to help other people and accept their agony as your own and the installment you need to pay is your time, for you and for your family, as an architect, your opportunity is to utilize any model however the installment is you must be liable for the lives of the individuals who will remain there, as essayist you are allowed to compose anything besides the installment is nobody will expound on you, as the educator you have the opportunity to direct your study hall as you needed yet the installment is you must be the model constantly, you can't commit any error on the off chance that you do you need to manage all the outcomes that may happen or the installment is your time and exertion. At the point when you see some commercial on TV about the free plan, we generally need to purchase something with it since nothing is free, not even the water, the air. Opportunity is really the representation for all the duties that accompanies opportunity. At the point when one turns into the clergyman or join the legislative issues, as in our nation everybody accuses them to be the negative one, you are liberated to be the legislator however the installment is you won’t be trusted. At the point when I originally began to show I don’t have any opportunity to picked what I do in the homeroom, so I was simply following whatever the instructor advised me to do and there nobody expected anything from me so I was liberated from the duty and the installment I was paying is getting the low compensation. As I built up the showing learning ability and given the full duty of the class, I had the opportunity to do any sort of things in the study hall and make it my own and incorporate all that I have adapted yet the installment is time and the constant outstanding task at hand and no self time. Moreover with the PGDE course we had the opportunity to decorate ourselves and the installment is all the standards that was set for us to be what we were prepared to be. Opportunity IS NOT FREE, even the statement is questionable on the grounds that when opportunity isn't free than for what reason would one utilize these words and on the off chance that it is utilized why it is for the most part related with the individuals who have accomplished such a great deal for the advancement of the person?

Social performance of Unilever an Example of the Topic Business Essays by

Social execution of Unilever Presentation: Need paper test on Social execution of Unilever subject? We will compose a custom paper test explicitly for you Continue Each business house, regardless of how large or little it is, has some social obligations which are should have been met basically. The prime objective of a corporate house isn't just to maintain a beneficial business and use network assets for its own benefit, yet additionally to give satisfactory come back to the general public by taking dynamic part in the advancement of the general public inside which it works. A corporate house should regard and secure human rights and take productive measures to guarantee that they are not occupied with any thoughtful occurrence identifying with maltreatment of human rights. Not just that, a business house ought to likewise work in a situation well disposed way. It ought to guarantee that condition doesn't get disintegrated by its activity; rather it should take some viable measures so as to improve ecological conditions. The United Nation has additionally perceived social cooperation of corporate houses. It has made an immense stride in propelling the universes biggest activity for making corporate resident socially dependable by presenting worldwide smaller in 2000 which instituted some general rules that corporate houses ought to follow so as to work in the worldwide market in an increasingly steady route and to fabricate progressively prosperous and thriving social orders. This worldwide minimized propelled by the United Nations really connects with players in the private parts to recognize and spread great corporate practices in the zones of human rights, work rights, security of the earth, and hostile to debasement. (Rasche 2009, 513) The worldwide conservative remembers ten standards for the zones of human rights, work eight, condition, and anticorruption that a corporate house ought to follows. In the regions of human rights, a business house ought to expand backing and regard the assurance of human rights inside the zone of its impact, and guarantee that they are not occupied with human rights infringement. If there should be an occurrence of security of work rights, a corporate house should offer appreciation to one side of aggregate haggling and the opportunity of work affiliation, ought to dispense with a wide range of mandatory or constrained work, should take part in successful annulment of youngster work, and ought to maintain a strategic distance from any kind of separation regarding business and occupation. Most definitely, every business house ought to attempt prudent way to deal with address ecological difficulties, should take activities for advancing more prominent duty towards condition, and ought to empower the turn of events and execution of condition inviting innovations. Lastly, in the zones of hostile to defilement, every business should take dynamic measures against a wide range of debasement including pay off and coercion. (Joined Nations 2010) This paper will attempt to dissect how far one of the universes most eminent corporate houses, Unilever, has performed towards meeting its social obligations, at the end of the day to state, this paper looks to analyze to what degree Unilever has been fruitful in following the standards of the worldwide smaller. Social execution of Unilever: Unilever is world well known worldwide organization that claims a number prestigious brands in the market of food, home and individual consideration, refreshments and so on. It works on a worldwide stage with a well persified item portfolio including acclaimed brand like Persil, Dove, Flora, Knorr and so forth it for the most part makes food items alongside home and individual consideration items. Its market has become so gigantic that its market has stretched out to upwards of 150 nations. It has an immense representative base including 227,000 individuals around the world. It is completely worldwide organization as in each mainland, with the exception of Antarctica, it has its plants and operational organizations. Throughout the years so as to expand its market power it has been following the technique for acquisitions and take overs. Through various enormous acquisitions it currently possesses upwards of 400 brands. (Brands forever (Unilever 2010, 1)) Being such an enormous corporate house, the corporate social duty of Unilever is likewise expected to be colossal and it has appropriately perceived its obligation towards the general public other than satisfying its benefit making objective. Be that as it may, acknowledgment of duty isn't sufficient, rather it is important to concentrate more on those exercises which can help recognizing the organization as a socially dependable corporate house. In this way let us take a gander at the presentation of Unilever towards satisfying its social obligations. To the extent the companys duties towards securing nature is concerned, the organization has made some powerful strides towards delivering its items in condition benevolent ways. For instance, it has made some viable strides towards satisfying its responsibility of purchasing required palm oil from feasible sources which are ecologically ensured so as to meet the necessity for its organizations in whole Europe, Australia and New Zealand. In 2010, the organization has had the option to make sure about adequate GreenPalm testaments for purchasing maintainable palm oil. GreenPalm is really an endorsement program for exchanging palm oil which has been intended to handle a wide range of ecological and social issues that are related with he creation of palm oil. Be that as it may, disregarding gathering enough of GreenPalm declarations, the organization has been reprimanded by Greenpeace fro causing deforestation. In 2008, Greenpeace UK Accused Unilever for making sure about palm oil from those providers who created palm oil so that the rainforest of Indonesia got harmed. One of the palm oil providers of Unilever was likewise blamed for deforestation for the manors of palm trees which undermined a types of monkey. (Natural manageability ((Unilever 2010, 1)) Despite the fact that there are a few reactions and allegations against Unilever in the territories of natural issues, one crucial point ought not be disregarded that in every one of these cases Unilever reacted in a positive manners via looking through successful techniques which ought to follow ecological standards. Truth be told, the endeavor of making sure about enough of GrenPalm authentications is a case of such an exertion. Aside from purchasing palm oil from earth ensured sources, the organization has likewise made an imperative stride towards acquiring upheaval the tea business by making the dedication of purchasing all its tea from moral and reasonable sources. Being the proprietor of the universes smash hit tea brand, Lipton, the organization targets getting all its tea sacks earth guaranteed in the worldwide market by 2015. This move denotes the initial step by any tea organization in acquire new economically confirmed tea the market for a huge scope. The organization has built up Lipton as a potential brand which can console its purchaser about the tea sources. It generally participates in improving the nature of the tea in a domain inviting way. In any case, one thing ought not be disregarded that while the organization has attempting to make sure about its crude materials from economical sources so as to secure condition, a few times it gets blamed for dumping of substance squander. For instance, Hindustan Lever, its Indian auxiliary, as often as possible has condemned for dumping compound waste even in those spots which are ensured nature holds. (Ecological maintainability ((Unilever 2010, 1)) Regardless of having a few claims in the regions of ensuring condition, the organization has had the option to set up itself as the principal organization which has set due consideration towards utilizing condition benevolent crude materials for its items. This would basically build markets for its items and make the organization progressively productive and therefore partner would now be able to get higher pidends. (Brammer, et al. 2005, p. 13) Unilever is additionally dynamic towards stretching out assistance to the network inside the circle of its impact at the period of scarcity. For instance, on January 15, 2010, Unilever had made a financial gift of $500,000 in association with the United Nations World Food Program to the staggering earth tremor casualties of Haiti. The organization is, be that as it may, some of the time censured for boosting bigotry through its ads. For instance, in an ongoing commercial of its skin helping item, reasonable and Lovely it demonstrates how a darker looking woman who used to be overlooked by her managers and other men out of nowhere gets appealing to all men and get marvelous profession, this promotion is by all accounts disheartening for darker looking ladies. Not just that, the organization has additionally presented another dessert in Austrailia with the name Mohr im Hemd which was before utilized for a chocolate claim to fame so as to allude stripped wild Africans. The organization in any case, disproves such charges and claims that it has utilized the name after directing a wide market concentrate without having any basic input. (Regarding Rights (Unilever 2010, 1)) To the extent its obligation towards ensuring work rights is concerned, some significant claims has been made against the organization, especially against its auxiliaries in India and Pakistan. These claims concerned the issues of utilization of kid work, site terminations, opportunity of work affiliations, and aggregate haggling. Where everybody is soughting for prohibiting youngster work, being one of the universes most famous MNC, Unilever is blamed for utilizing kid work in its assembling units. This sort of occurrence may take the organization to the court which would not be generally excellent for its notoriety and partner may sell their stakes in the organization in the dread of terrible results. In any case, the organization has had the option to determine most the grumblings. ((Regarding Rights (Unilever 2010, 1)) To the extent the zones of ensuring human rights are concerned, the organization has made some powerful strides. An extremely intriguing point to be noted here is

The Negro Takes His Place in American Art - 275 Words

The Negro Takes His Place in American Art (Essay Sample) Content: NameProfessorTitleDateAfrican Americans in the ArtsThe Negro Takes His Place in American ArtThe theme in this article proposes that African Americans are in a unique way skilled in artistic power which may be very important to the development of a nation. According to Locke, Black-American people are more naturally talented with artistic skills compared to Caucasians. He believes that art is glamorous, a luxury. Confronting adversity enables the Black-American artists to tap into a creative circulation of thought and ideas that those who have prior experience cannot artistically compete with (Locke 133). Art is an indication of civilizations and race. To the author, spirituals are also inherently parts and parcel of Black-American culture. These aspects can be traced back from the slavery era, and hence use art at a way of teeming with sadness and bitterness. The author believes that Black-Americas utilize these influential songs to utter their artistic potential in its simplest form. According to Daniels (59), the civilized white people owes to the soul-utterances of its black counterpart numerous moments of joy not to recognize ungrudgingly the considerable fact that what the Black has attained is of great civilizing worth. To the author, Negros got the same opportunities and education facilities of the whites. Criteria of Negro Art The above topic presents work done by Du Bois. The author explores the value of the artistic potential found in the black people and the manner that it has been absorbed into the American culture. The position of the black race has always faced series of criticisms and often been considered feeble (Daniels 103). The author suggests that the only remedy to the matter is to behave as if there is no color difference between human races. After many years of holding back the true Negro inherent potential, it is hurtful to conceptualize how numerous artistic geniuses have been frustrated purely because of their skin col or. The black people in America were deprived of their right to understand their skills in crafts. The White America race has always stifled the attempts of numerous black artists. This has resulted to the question of whether the Black idea that gained support from the whites is the only one that is still there. According to historical evidence, there were and still are numerous systems of Black art that have endured racial bigotry. However, they may not have had the spotlight or acknowledgement that they ought to have had. Therefore, it is the responsibility of the black people in America to preserve what they still have and to make famous what they has been ignored in the past and have not had opportunities to express. The Negro Artist and the Racial MountainThe theme here is based on Hughes story of Negro poet who admires being a white poet. By a white poet he implies being a white writer or artist. This was manifested at the time when Black community was realizing that it was n ot very difficult to become like whites or white poets and other artists in American society. During the time, artists such as writers, poets and musicians in the black community were ignored and frustrated by racial bigotry....

Characteristics Of Southern Gothic Literature - 1694 Words

Jordan Cole English 1102 Professor Myszkowski 1 December 2017 Southern Gothic Literature Throughout the course of history, literature has gone through considerable changes. Dating back to its humble beginnings in folklore, fables, and storytelling all the way up to the scientific books and dramatic novels of today. Literature is arguably the centerpiece of all mankind. It is useful for record keeping, education, and bringing cultures and societies together. It has allowed us to expand our minds by painting a picture of the beautiful places this world has to offer outside of our corners of the earth. One genre of literature I find especially intriguing is Southern Gothic Literature. It is a subclass of gothic fiction, specifically set†¦show more content†¦The irony of the story is that it is under the directions of the Grandmother that leads the family into a run in with The Misfit, which is what she told her son she would never do. Throughout the trip we are given examples of the racism that was present during this period. The Grandmot her makes multiple racist innuendos such as her observation of the â€Å"cute little pickaninny,† and her statement that â€Å"little niggers in the country don’t have things like we do† (O’Conner 2). During the ride, The Grandmother convinces Bailey to take a detour down an old, dirt road which supposedly leads to an old southern plantation home she once visited. The road leads them deep into the woods where an accident is caused by The Grandmothers cat, which leaves the car upturned and the family stranded. It is then the family encounters The Misfit, whom discovers them stranded as he was passing by. He approaches the family with two young men and shortly after The Grandmother lets out a scream as she realizes him. During their encounter, the readers are given a small glimpse into the deranged mind of The Misfit. It is apparent that he has an upturned moral compass. He gains pleasure from committing crimes and the meanness that goes along with it. Duri ng his conversation with the Grandmother, he slowly has his men take members of the family outShow MoreRelatedCharacteristics Of Southern Gothic Literature1337 Words   |  6 PagesSouthern Gothic literature dates back to the 19th century, with specific elements that portrayed the society. As Woodstock, Alabama and John is put together for Brian a contemporary piece of Southern Gothic Literature is created. The audience would benefit from listening to S-town because of the many valuable lessons that are taught. Certain elements provide the strongest makeup of Southern Gothic Literature, to give readers real life relations to the topic of the story. 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When used as a device, the purpose is often in the style of expressionism, making the grotesque a parody of human qualities or a distorted reflection of a familiar place. In many ways grotesque characters have some kind of problem in society, and example would be a veteran who lost a limbRead MoreA Rose For Emily And Gothic Literature1212 Words   |  5 PagesHave you ever read a story filled with horror, death, and a little romance? In literature, stories with these characteristics are classified as gothic literature. For example A Rose For Emily by Emily Faulkner is Southern gothic literature as the setting is specific to the south while The Cast of Amontillado by Edgar Allen Poe is gothic literature. In A Rose for Emily, Emily and the community are stuck in the old ways of the South as they attempt to avoid the inevitable changes happening around

Medical Records Is Responsible For Scheduling And...

1. Scheduling/referrals: Medical records is responsible for scheduling and appointments. The Physician also will ask the nurse to schedule patients for specific time and days. The Patient Care Representative is responsible for referrals and ensuring each patient is informed about resources needed. 2. Documentation: Each nurse is responsible for their own documentation pertaining to their patient. Physicians may also document in the chart according to their assigned patients. There is typically a phone nurse that may document the status of each patient, there whereabouts, the assigned provider and the patient’s complaint. 3. Assisting the Physician: Each nurse is assigned to a Physician for the day and is responsible for assisting with all tasks. The Physician’s have a certain amount of assigned rooms and the nurses are responsible for keeping the Physician updated on how many rooms are occupied with patients. The nurses may also check the Physician’s mailbox and assist with minor needs. 4. Clean/Stock: There is a full-time janitor in the clinic that is responsible for providing the majority of upkeep throughout the office. The RN’s clean and stock the work-up rooms, med rooms, procedure rooms, orthopedic rooms and the autoclave room. The LPN’s are responsible for cleaning and stocking the Physician’s room first in which they are assigned and then they assist the others with whatever needs to be done. All and all, everyone typically helps each other with cleaningShow MoreRelatedThe Measurement Of Health Care Providers Are Responsible For Patient s Personal Health Privacy1530 Words   |  7 Pages In the healthcare settings, health care providers are responsible for patient’s personal health privacy and calculations to prevent any medical and diagnose problem. The useful technique of healthcare are the units of measurements and formulas. 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After a year, with Good Samaritan, I resigned and accepted a temporary position with St Joseph Medical Center. My duties include assisting in creating and maintaining the physicians’ database. I remained in this assignment for seven mon ths. At the completion of my assignment I worked for a small surgical clinic, as a Medical Records Clerks. In addition to managing medical records, I was also responsible for filing, retrieving filmsRead MoreQuality Assessment Of A Medical Biller And Team Player With A Positive Attitude1439 Words   |  6 PagesCharge Entry and Collections Rep Washington, DC erikhinton2_zo9@indeedemail.com - 571-349-0603 Highly efficient Medical Biller with experience in physician billing across many different specialties. Effective multi-tasker and demonstrated team player with a positive attitude. Seeking a position requiring automated and clearinghouse billing systems expertise. Desires a challenging role as a Medical Biller and Collections Representative. 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The current CDC recommendation is that 11 and 12 year olds receive two doses of the vaccine, at a cost of approximately $148 per dose, withRead MoreUsing A Systems Theory Model1023 Words   |  5 Pagesorganization, and design a solution to the workflow issue. Systems Theory Description Cardiac and Vascular holding unit is an eight-bed unit open system unit in that this unit regularly exchanges feedback with the outside environment. The unit staff is responsible for providing care to patients receiving invasive patient both inpatients and outpatients vascular or cardiac procedures. Myers and O’Brien-Pallas, 2010, contend that an open system, Nursing Services Delivery Theory (NSDT), certain concepts: input

Adolescence and Adulthood Stages free essay sample

Though the changes in adulthood may not be considered as dramatic as those which happen in the years of childhood they hold their own importance as they begin to affect quality of life and how long an individual will remain independent. Physical Development Milestones in Adolescence Adolescence is a time of many changes in an individual’s life and several physical changes take place during this time in the life span. A few of the most marked changes which occur regarding physical development deal with the endocrine and reproductive system. The endocrine system gives off hormones will allow for the beginning of puberty from a hormonal aspect then the pituitary gland controls the secretion of hormones (Boyd Bee, 2006). Adolescence is the beginning of sexual maturity and changes of the body will appear which emphasize physical sexual characteristics. Other changes also occur in other body systems, the brain goes through several growth spurts in which portions of the brain further develop and allow for more complex functioning. The skeletal system also continues to grow and adolescents may grow up to six inches per yet during times of growth spurts (Boyd Bee, 2006). The muscular system changes right along with the skeletal system in which joints grow and prepare themselves for the other changes the body will go through. The development of the heart and lungs continue to change and grow which allows for higher amounts of overall endurance of activity. Though these are some of the milestones that an adolescent goes through in development other health issues also exist. Health issues are important to examine not only because they relate to health but because they snow the cognitive thinking levels of an individual and his or her decision making skills. These types of issues will also effect socioemotional development and relationships with those an individual is surrounded by. Cognitive Development Milestones in Adolescence In adolescence cognitive development is noted by the change sin thinking and memory that occur. Piaget proposes that in adolescence an individual reaches the formal operational stage where they are able to reason logically about abstract concepts (Boyd Bee, 2006). This means that several types of problem solving become available to an adolescent and are able to use logic. With the idea of logic comes the idea of hypothetico-deductive reasoning which is the ability to come to a conclusion from a hypothetical situation, something an individual is not able to do in childhood (Boyd Bee, 2006). Advances in memory occur in adolescence that were not present in the years of childhood until several growth spurts of the brain occur. Information processing such as metacognition or strategy use become advance by the age of 15 and an individual is able to remember a higher capacity of elements (Boyd Bee, 2006) all the way until early adulthood before cognitive functions slowly begin to decline. Teenagers also benefit more from particular trainings than younger children – this is especially applicable in text learning. As an individual becomes older learning becomes less interactive and more independent. Since learning is more independent text is often relied on to point out main ideas and objectives; researchers have shown that adolescents carry more information from text learning than younger children. Studies have also shown that particular patterns exist with regard how information was processed and the ability to delete unwarranted information and retain what is important (Boyd Bee, 2006) – again with this study the older the individual the more likely they were able to hold more of the relevant information in their minds. Socioemotional Development Milestones in Adolescence Many of the socioemotional developmental changes that occur in adolescence relate to self-discovery and an individual finding what they want to do out in the world – this idea is called identity versus role confusion. Several different arguments exist both against and for the idea but where they meet in the middle deals with the fact that during adolescence many ideals are formed about the concept of self that will be with an individual throughout the rest of his or her life. Identity achievement is formed with different statuses that occur throughout life and they help to define how an individual’s identity is actually formed. This idea relies on the degree of crisis and degree of commitment to classify an individual into being in one of four statuses (Boyd Bee, 2006). Self-concept and personality are also further developed in the stages of adolescence. The older an individual grows the more area of opportunity exists for them to understand who they are in relation to the world and as an individual. Several elements can take place in self-understanding such as sex-role, self-esteem, and personal identity. Many adolescents are influenced by their peers and the media during these years of development but it becomes crucial for an individual to allow themselves in a natural way without ignoring the traits they wish to exhibit as an adult. With this self-concept and discovery experiences out in the world are given which produce a locus of control, or a set of beliefs which follow particular events (Boyd Bee, 2006). Relationships take on a new stance during adolescence and the importance of them shifts from family to their peers. Throughout adolescence it is likely that there will still be a strong relationship with parents but along with teenage years conflict will always arise. Relationships with the opposite begin to take on a different role as sexual maturity progresses and the opposite sexes become interested in one another as more than friends. Common interests become an important element for adolescent relationships and the majority of friendships remain to be between the same sex as they have more in common to relate to at this developmental stage. Peer groups begin to change structures into cliques and crowds (Boyd Bee, 2006). Many elements of relationships are based upon the relationships an adolescent was exposed to when they were children but these are some of the common traits which begin to change as a child enters adolescence. Physical Development Milestones in Adulthood The transition for an adolescent into adulthood might not be easy but as adulthood progresses they are many physical traits that can be marked to describe the stages than an individual experiences. During early adulthood two different types of aging can be examined – primary and secondary. Primary aging refers age-related changes based upon physical changes that are biologically based which secondary aging is individual and based upon environment, mental influences, and other choices an individual themselves have made (Boyd Bee, 2006). Throughout the entire span of adulthood the brain and nervous system will go through changes. In early adulthood it is seem that growth spurts of the brain can continue to the age of 22 which connects itself to formal operation which is more heavily relied on in middle adulthood. It has also been hypothesized that a brain peek in development occurs by the age of 21 and that it may be connected to abstract reasoning and thinking – this is also tied to the limbic system which is responsible for emotional responses (Boyd Bee, 2006). Studying the brain of someone in middle adulthood is more difficult because finding a brain which has not yet been damaged in some way is difficult. Many different factors have an effect on the adult brain such as mental health and trauma – these instances change the physical structure of the brain and as a result the brain has to compensate and does not always perform at a defined level of normal (Boyd Bee, 2006). Eventually when an adult reaches late adulthood there is a loss of speed in nerve impulse within the brain and this allows for typical traits of old age to be exhibited. Outside of the changes that occur within the brain and nervous system there are also many other physical changes that an adult goes through. The main focus of physical change from early to late adulthood is a change in functionality and its decline. Every year in adulthood it becomes likely that physical functionality slowly declines and this can be thought of as a change between physical capacity and physical demand (Boyd Bee, 2006). Fitness is often measured through the heart and lungs and as an individual grows older strength, speed, reproductive capacity, and immune system functionality will all decline. During the span of middle adulthood the functionality of the reproductive system will become climacteric in which reproductive capacity begins to decline or is lost (Boyd Bee, 2006). This is exhibited in different ways between the two sexes and women go through many psychological effects and changes throughout menopausal phases. Regardless of the loss of the functionality of the reproductive system sexual activity has the ability to remain the same and often does with adults who are in middle age. Another large change that begins to occur in middle adulthood and falls into late adulthood is a change in the skeletal system with the loss of bone mass which can be experienced. Finally, there is often a change in the ability of vision and hearing in an individual who is aging. Presbyopia is the loss of normal vision due to age and presbycusis is the equivalent to the loss of hearing (Boyd Bee, 2006). Cognitive Development Milestones in Adulthood Cognitive changes occur through life and adulthood is no different in this area. As an individual transitions from adolescence to adulthood they are able to use thinking skills that are more highly advanced and do not have to rely on basic, formal operations; however, this does not mean that one mode of thought is better than the other but instead of a different structure (Boyd Bee, 2006). Two other models of thinking and cognitive development exist for those in early adulthood but the above model is most commonly built off of and accepted for what it has brought to the world of science. Intelligence remains consistent throughout childhood to early adulthood but early adults do gain the ability to use crystallized intelligence and fluid intelligence. Crystallized intelligence is the knowledge and judgment that is used through experience and judgment calls made by an individual while fluid intelligence is base off of biological processes (Boyd Bee, 2006). Memory follows a very similar pattern to that shown with intelligence in early adulthood; however, its process does become more intensified for long-term memory. In middle and late adulthood cognitive functioning becomes tied to the health of the individual. Many of the changes (physical and cognitive) can be seen as a single model but the model does not take all facts into account and should not be the only piece of information which is relied on in a study. Both primary and secondary occur at the same time and it often becomes difficult to separate the two; however, the relationship between cognitive function and secondary aging is of interest to researchers. Researchers have found that certain illnesses help to decline cognitive function while things such as exercise over time allows for a lower mortality rate (Boyd Bee, 2006). Memory functions in middle adulthood are again hard to define because of the lack of study of undamaged braids. Regardless of this fact middle aged adults overcome memory difficulties by providing themselves with hints and clues; however, memories seem to not be as permanent overall as they were in early adulthood (Boyd Bee, 2006). Practiced and unpracticed skills are skills that are either used or not and tie into new learning, something middle aged adults are very capable of. In late adulthood several changes happen with memory that may be considered an element of old age. Short-term memory function begins to decline and this is where a significant change can be seen (Boyd Bee, 2006). Such things as every day tasks become difficult such as recognizing numbers – that said, not all patterns will be standard among individuals. Everyday memory is a topic of debate and as to whether or not older individuals and younger individuals are able to remember on the same level. An element of memory which defers is whether or not memory is task-specific and they can be dependent on factors such as vocabulary or elements of health (Boyd Bee, 2006). Like many elements of development cognition changes throughout each stage from childhood to late adulthood and though there is a decline in function the cognitive functions do not disappear completely. Socioemotional Development Milestones in Adulthood Through the years of adolescence through late adulthood there are many changes that happen within Socioemotional development. In early adulthood individuals will begin to form relationships that they choose to keep throughout his or her entire lifespan. Erikson presents an idea that relates to this in the fact that individual’s choose to find a life spouse because otherwise they will become isolated in the later years of their life (Boyd Bee, 2006). Another element of formal lifelong relationships is that of having children, some individuals have the desire to become a parent nd others will not; however, having a child also does have a developmental impact on the parents themselves (Boyd Bee, 2006). In middle adult hood Erikson’s Stage of Generativity versus Stagnation is an important developmental tool of social and personality development which will be discussed in more detail later. Another element of middle adult hood is whether or not the mid-life crisis really e xists and role transition and conflict throughout life but especially at this developmental stage; these elements can deal with both personal and professional elements and are not solely based upon one or another. At the end of life in late adulthood Erikson has a stage which he calls the state of ego integrity versus despair which describes older adults coming to a sense of satisfaction and piece with life and the life that has been lead. Social engagements have a tendency to taper off in late adulthood and an individual separates themselves from people in their life, this eventually ends with acceptance of their situations and ends an individual’s legacy of socioemotional development (Boyd Bee, 2006). Erikson’s Stage of Generativity versus Stagnation Erikson’s Stage of Generativity versus Stagnation tries to describe a stage of life in which middle-aged adults find a purpose in contributing to future generations and development of those who are younger than his or herself (Boyd Bee, 2006). This plays a roll in socioemotional development of adults because this is related to mental health alongside the role that an individual plays to others in their life. Generativity means to establish and guide something and in this case it is the next generation of individuals who are to follow. It has become commonly suggested that this is more applicable during middle-age because of the changes that an individual goes through and empty nest syndrome if a parents children have left home. This also affects socioemotional development with regard to how an individual acts – those who are not generative often exhibit symptoms of acting life the world is their own and full of stagnation and thus a contribution or lack thereof to future generations (Boyd Bee, 2006). Conclusion Every element of developmental stages has its place within a human life. Though it can sometimes be difficult to understand the purpose of each stage as an individual experiences it the process of evolution has allow for them to be experienced in different ways according to the way an individual had to live their life. The stages of adolescence into adulthood are not a simple process – through adolescence an individual has already gained many of his or her perceptions about the world, many of which stick with an individual throughout their entire adulthood. It may be argued that individuals stop developing after they reach adolescence but as can be seen people develop until the day they die, it’s an entirely different story as to what comes to that – one that science can keep out of its pocket for now and let the focus stay on human developmental stages. References Boyd, B. Bee, H. (2006). Lifespan Development. (4th ed). Pearson Education, Inc. Retrieved April 23, 2009, from Denise Boyd Helen Bee, Week Five, PSY375 Website.

Shakespeare, William Comparing And Contrasting Hamlet And MacBeth Ess

Shakespeare, William: Comparing and Contrasting Hamlet and MacBeth Christine Tirman April 7th, 1999 Professor King Essay # 3 Comparing and Contrasting Hamlet and MacBeth Throughout William Shakespeare's plays Hamlet and Macbeth there are many similarities, along with many differences. These plays are both Shakespearean tragedies, which often use supernatural incidents to intrigue the reader's interest, and consists of a hero that has a tragic flaw. There are many comparative and contrasting aspects in these plays. The opening of Hamlet involves a supernatural, as does the opening of Macbeth. In the first scene the ghost of his father, King Hamlet, approaches Hamlet. Similarly, the opening of Macbeth involves the three witches. Although the witches can be seen by anyone they approach, the ghost of King Hamlet is only seen by Hamlet himself, and in one scene by Marcellus and Bernardo, Hamlet's servants. Similarly in both plays, the main characters are slightly suspicious of the actual powers these supernatural figures have. As the witches use their apparent powers to tell Macbeth the future, the ghost of King Hamlet tells Hamlet what has happened already. Hamlet states in one of his soliloquies ?The spirit that I have seen / may be the devil? (2.2.598-599). Macbeth also has his doubts because when the witches tell him that he will be named Thane of Cawder, Macbeth himself had not known, but many people had. It is possible the witches could have known. In the same matter in both plays, the presentation of the supernatural began to lead to the final downfall of each of the characters. In Macbeth, the three witches cause him to think and do evil deeds. In Hamlet, if he had not seen the ghost of his father, he would not have known that Claudius has killed his father to claim the throne. In both instances the characters gave into the nagging supernatural beliefs. And hence they lost their lives. Other characters in these plays show parallels in their plots. Both plays have a main character that portrays the king of that country. In Hamlet, the King of Denmark, Claudius is directly related to Hamlet. He is his uncle, and also his mother's new husband. However, in Macbeth the King of Scotland, King Duncan, is not directly related to the main character. Both plays do however, have the main character killing off the king in order to get the throne, which ultimately results in there own death. Horatio, in Hamlet and Banquo, in Macbeth share the same loyalty to the main characters. In both stories these friends are more skeptical of the supernaturals than the main characters themselves. In a meeting with the witches, Banquo challenges them to ?Speak then to me, who neither beg nor fear / Your favours nor your hate? (1.3.60-61). In a scene where Horatio and Hamlet witness the ghost, Horatio tries to keep Hamlet from going with the ghost. He was even reluctant in the opening scene to go with Marcellus to hear about the ghost. Some themes in the plays are also similar. The way that the weeds and flowers illustrate good and bad in Hamlet is like the way the birds do in Macbeth. This is also true of the fair and foul theme in Macbeth and the indirections theme in Hamlet. In Macbeth, to the weird sisters, what is ugly is beautiful, and what is beautiful is ugly. Through the play fair appearances hide foul realities. This theme has a lot in common with the theme in Hamlet where the appearance varies from the reality. In contrast, one of the main themes in Macbeth is Manhood, while in Hamlet it is frailty, and more specifically, the frailty of women. It seems evident that Shakespeare used a strong, similar story line in these two tragedies. Apparently Macbeth and Hamlet are similar stories in numerous ways. These two plays seem different because of the variation in story lines, but in fact are very similar due to the parallel characters and themes.

Feasibilty study of a proposed new Thames river crossing The WritePass Journal

Feasibilty study of a proposed new Thames river crossing Introduction Feasibilty study of a proposed new Thames river crossing IntroductionENVIRONMENTAL ISSUES:FINANCING AND EVALUATION OF A PROJECT:Economic evaluation:RISK ASSESSMENT:LOCATION OF THE PROPOSED BRIDGE:BUDGET COSTS FOR CONSTRUCTION WORKS:REFERENCES:Related Introduction Thames River is the longest river in England and second longest river in United Kingdom. The significance of the river is that it flows through the London. It starts from Thames head in Gloucestershire with an elevation of 110m and ends at Thames Estuary, Essex with an elevation of 0m. The length of river is 346km. It consists of 214 bridges and 17 tunnels which are very helpful in development. These bridges and tunnels are helpful in providing good transport facilities to the public and also for the supply of goods and cargo. By this the bridges and tunnels play vital role in development and also they are helpful in creating great opportunities for the development of industrial areas, education and also increase in the number of jobs. Thames gateway is a largest gateway in Europe. It is a largest regeneration programme. Thames gateway is of 40 miles starting from the estuary from canary wharf in London to south end in Essex and Sittingbourne in Kent. It is a very best place to invest, work and live. The world first under water tunnel was constructed in the Thames River. And the latest tunnel constructed on Thames River was Dartford tunnel. Our proposal is to connect the A130, Canvey Island in Essex with the M2/M20 in Kent. In order to reduce the traffic volumes on the existing bridges and tunnels and also for providing the better transportation facilities for the public a proposal of new river crossing across the river Thames is made. The United Kingdom government wants to construct a new river crossing. Some of the other organisations are also helping in constructing a new crossing they are Kent council, Essex council, department for London (DFT), Thames gateway south Essex partnership (TGSEP). The main aim of these organisations is to develop and help in getting more number of jobs and in the construction of new homes in the future. Although there are two existing routes which are Queen Elizabeth 2 bridge and the other is Dartford tunnel which are serving the same purpose. The new proposal is made to get more benefits to the people and also to meet the traffic volumes in future. Bridge is the best solution for the new river crossing. Cable stayed bridge with approximately 4.5 km length and a dual carriage way and also the new roads should be constructed in order to link the existing routes. The length of the new roads is approximately 3 km. ENVIRONMENTAL ISSUES: Environment plays a major role in construction industry. Environmental issues are to be considered carefully before the construction process is going to start and also the environmental impact assessment is to be done to the particular area where the construction is going to take place. After the environmental impact assessment done then only the project is to be started it should not start before it. The environmental issues which are to be considered for the new project Geological considerations Ecology problems Land contamination Landscape Water pollution Noise pollution Air pollution Traffic and transport considerations. The construction process involves the emission of co2. The construction process is responsible for air pollution because construction works generates dust largely because of the materials which are useful for construction contains more number of dust particles. And also by the use of diesel, petrol, demolitions, burnings these all involves in air pollution. This air pollution causes damage to the public in their healths. The construction process is also responsible for noise pollution because of the machinery, vehicles and also the other useful equipment for the construction creates lots of noise that makes people to face lots of problem. By these health problems arises. Water pollution is also arises due to construction because the use of diesel, petrol, toxic materials, chemicals, solvents, cleaners, paints everything which are used in the construction process involves in water pollution. The polluted water cause great damage to the aquatic life and also to the other animals. The polluted drinking water may cause damage to human lives. Use of sustainable materials: We can reduce the wastages in the construction process by using sustainable materials. The following are some points considered. Shortage of raw materials is to be considered Consider the ecological damage caused by the extraction of raw materials Consider the amount of energy consumed at all stages Consider the amount of water consumption. FINANCING AND EVALUATION OF A PROJECT: Finance is the most important and the key factor in the construction process. In order to maintain or run a project finance is badly needed. The generation of finance can be made from different sectors such as public or private sectors. In this type of proposals the public sector involvement is more because in order to make public more comfortable with the services provided. And the private sectors also involve largely gaining more profits. Finance from government Funds from private sector By the contributions from different organisations. Economic evaluation: Better solution is to be adopted in order to provide good service and to balance economically. Cost benefit analysis is to be adopted. Generation of extra revenue from taxes. RISK ASSESSMENT: Risk assessment is the process of evaluating that a specific site poses risk to human environment or to human health. The purpose of all hazardous waste site remediation is ultimately to render a site safe for human or ecological populations. Consequently, risk assessment, as the process used to measure the effectiveness of the remediation process, is critical to all hazardous waste-site work. Risk assessment depends upon the following: Finance: It is the most important in the process, make sure of the finance. Site investigation: It is to be done properly before the project is to be started. Estimation of the project: Proper estimation should be done. Proper use of code: The code should be used properly if not it leads to great damage. Design criteria: we should follow the design criteria properly in order to avoid delays and loss in the projec Health and safety: It is the most important thing in the entire process. It deals directly with the public we should be more careful and follow the rules strictly to provide good safety measures. Environmental impact assessment: First we have to consider the environmental issues and the proper environmental impact assessment should be made properly in order to avoid delays. Natural hazards: If the natural hazards take place the project gets disturbed depending upon the severity of the hazard. If it is less small amount of loss occurs if it is more the project takes more time and money to reconstruct. Land acquisition: It is to be done properly in order to avoid delays and loss in the project. Quality of work: The quality of work is to be maintained properly in order to avoid damages to the structures and delays in the work. Transportation concerns: Proper transportation facilities are to be made before the project is going to start in order to make the work continue with out any risks or problems. Proper management: The proper management should be there in order to avoid risks and delays and also the proper running of project. FEASIBILITY PROGRAMS: Depending upon the volume of traffics, surveys are to be made. Time based traffic surveys are to be made to know the volume of traffic and proper design is to be prepared. Automatic data collection surveys are to be made. Parking surveys are to be done. Pedestrian traffic surveys are to be made. Proper investigations are to be made depending on the studies and the required information. Site investigation is to be done properly in order to avoid further delays. Proper maps of the site are to be gathered. Suitability of site is to be considered depending up on the investigations. Because to adopt the proper suitable methods which can be suitable for the project. Availability of materials is to be considered properly on the site. Consider the design parameters properly in order to maintain the standards of the project. Soil classifications are to be considered and type of soil is to be considered in order to safe guard the site from failures. Ground investigations are to be made in order to study the entire required information. Geological considerations should be followed properly. LOCATION OF THE PROPOSED BRIDGE: The proposal for a new river crossing across the Thames River. A bridge is going to be constructed which connects a link between A130, A13 near a round about in Canvey island and A228 passing through A226 and joins with M2 which builds a link to M20, Kent. The attachment shown below is the location of a proposed bridge on the Thames River. The proposed bridge length is approximately 4.5 km. BUDGET COSTS FOR CONSTRUCTION WORKS: Considering the cost of the proposed bridge. It can’t be estimated exactly as it is a proposal and it can be estimated approximately with the comparison of the other bridges which are already constructed and also with the help of some other books and the information available on the websites some data is collected and the approximate estimation of the bridge is made. The funds can be raised from different sectors like public and private sectors. The approximate cost of the proposed bridge is  £3.8 billions along with the connecting roads. REFERENCES: 1)` http://en.wikipedia.org/wiki/River_Thames#Summary 2)communities.gov.uk/documents/planningandbuilding/pdf/157989.pdf 3) http://books.google.co.uk/books?hl=enlr=id=O7klw-QUraECoi=fndpg=PA1996dq=sustainable+methods+of+constructionots=PH3J0dqGGUsig=z-YFjDsYfDNRQR-GEdff9YuzB-0#PPA2007,M1 4) http://books.google.co.uk/books?id=povFlfv82O8Cdq=risk+assessment 5)rta.tkk.fi/Kurssit/240/Risk%20Assessment%20in%20Construction%20Schedules.pdf 6) nltdc.co.uk/ 7) dur.ac.uk/~des0www4/cal/roads/si/si.html 8) http://maps.google.co.uk/maps?hl=entab=wl 9) sustainablebuild.co.uk/ 10)ciria.org/service/Home/AM/ContentManagerNet/HomePages/CIRIA_1502_20080929T115140HomePage.aspx?Section=Home

Fashion and style Essay Example | Topics and Well Written Essays - 1000 words

Fashion and style - Essay Example The essay "Fashion and style" talks about fashion and different styles. Women began to use dresses to express their identity. â€Å"Fashion and style may be regarded as expressive or oppressive, but nobody could argue that fashion reflects expression of woman’s identity, creativity and sensuality, and is connected to a sense of personality on the levels of class and gender†. (The Fashion Plate and the Rise of Consumer Culture) This fashion had features of modern urban culture, which percolated into the contemporary fashion magazines. They focused on brightness, sophistication, metropolitan culture and commerce. There were some famous UK magazines that represented a French world of haute couture - The London and Paris Ladies’ Magazine of Fashion, Le Follet and The World of Fashion. The women’s clothing in the early nineteenth century is the reflection of their persistent watch over their own public identities, and that of other women. Because clothing and a dornment has always been a means of identifying tribe, status and awareness, it is not surprising to discover fashion emerged as a dominant force within the city. â€Å"A whole range of exciting yarns, new fashion fabrics, protective materials and engineered fabrics became widely available after 1960. New materials and fabric finishing techniques are at first exclusive and expensive. Initially, they are offered to the world of haute couture. A couple of years later they filter to the mass market†. In addition, women had more need to present themselves.... se the areas in which women can take up public residence, but, while this led to increased interaction and increased pressure for women's rights, this does not necessarily mean women were quick to accept each other or other classes.With the addition of more women to the workforce who had some degree of control over the money they earned, retailers began to recognize a tremendous new market. During the last part of the nineteenth century women were targeted for successful development of consumerism. Accordingly, pictures in fashion magazines either for advertising purposes or images were as the prototype of a show window. The models on these pictures never looked into the eyes of the reader, representing a feeling of superiority, and expressed sexuality, modesty and self-consciousness at the same time. (Brewer) Development of department stores in the 70s and 80s provided women an escape from their dull living of housewives, and in the 90s the process of shopping was "sexualized". All this was complemented throughout with various genres of advertising. These tendencies in marketing and advertising flourished in the modern world. Myra Macdonald notes in her book "Representing Women: Myths of Femininity in the Popular Media": "As evidence grew in the early decades of the twentieth century that the developing arts of retailing and advertising were attracting a predominantly female clientele, marketers and advertisers became significant definers of twentieth century women's desires and aspirations. " (p. 180) Women as potential consumers are studied now with the help of numerous market researches and surveys. The power of consumer decision-making is changing, and advertising now describes a woman as the person who decides how to spend her money on herself and her family.

Analysis of organization Essay Example | Topics and Well Written Essays - 1750 words

Analysis of organization - Essay Example He calls this the 20 mile walk and gives an analogy of two people walking from one city to another separated by a three thousand mile distance. Jim Collins says that the first person goes through a journey of 20 miles per day and makes sure that despite the bad weather or any other challenge, he manages this. This first person also makes sure that even when the weather is good, the person will still only walk the twenty percent and not more. The second person on the other hand walks longer distances during good weather but slips back to rest during the bad weather. Jim Collins shows hwy the first person is likely to reach the second city faster than the second person and also easy that the second person ay never be able to reach the destination. What the author is talking about here is that the first controlled progress is very important and involves setting achievable but significant goals that must be achieved no matter what. This, as the author puts it, means that the firm has to have the ambition to achieve and the discipline to restraint itself. Controlled progress then becomes the best way to steer the firm to the right destination and therefore means t that the firs will be able to grow during the bad weather as well as the good weather. Good versus bad leadership Jim Collins also identifies leadership as a very important factor to determine how the company will grow. According to this book, leadership is very important in determining how the organization will be able to fight through the fog of economic hardship. Good leaders, he argues, will be able to help their followers to achieve better and to achieve growth regardless of the situation the economic condition. Good leaders will help those under them to have the willpower and the motivation to press on even through the bad times. They will also inspire those under them to be able to act in the professional and ethical way. This book identifies that the leaders are most able to go on and make a bi dif ference in the way the organization will be able to survive in a very harsh marketplace. Jim Collins’ revolves around the role of leadership in determining whether the organization will manage to growth during the bad times and even during the good times. He gives an illustration of how bad leadership can lead the failure of an organization. To do this, the author uses the real life example of two team that set to visit the south pole and gives and account of how the first team, led by Scott was able to arrive at the south pole over a month earlier than the second team and managed to come back safely while the other team perished. Good leadership combined with controlled growth makes organizations to be able to grow evenly regardless of the economic conditions or even regardless of the bad situation they may be going through. Jim Collins lists a number of organizations which can be seen to be able to achieve this kind of growth and those which have failed to achieve this kind of growth. One example of an organization that Jim Collins says has been able to achieve this is the Stryker Corporation which is a medium scale firm that manufactures medical equipment. Stryker Corporation was able to achieve continued growth even during the time when many other

God silences and comforts Essay Example for Free

God silences and comforts Essay Milton wrote â€Å"When I consider how my light is spent† when he was rapidly losing his eyesight. He contemplates on his life prior to blindness (â€Å"light†) and on his life after –â€Å"dark world and wide. † As a Christian, he questions the current state of his being and laments at how it has rendered him inadequate in serving his Maker. He feels that he now cannot serve God as best as he can due to his handicap. Understandably so, he is bitter, frustrated, and in despair. Often in our lives, we are faced with difficulties of all kinds. We do not like it so we get angry, but we cannot change it so we get cynical. We lash out on God by constantly asking â€Å"Why,† and wallow in self-pity in believing ourselves to be useless. But see, in the poem, this is where God shows Milton that he’s wrong. First and foremost, God in Himself is complete (â€Å"God who doth not need/Either man’s work or His own gifts†). For God, who needs neither man nor man’s abilities to define Him, Milton simply needs to bear his situation and trust in God wholeheartedly. All God requires is for man to serve him as best as he can to the extent that his circumstances allow him to. In Milton’s case, he need not be up to par with the most able and talented people to serve God; His service in light of his condition may in itself, be sufficient. With this, God silences and comforts Milton’s distrusting heart, and Milton yields to Him in unquestioning compliance. Your last name, 2 Reality confronts me with a world where circumstances don’t always go my way. In fact, things can even go so horribly wrong as to leave me feeling completely lost. Like Milton, it takes time for me to fully accept an unfavorable situation beyond my control. I question it, I curse it, and I tell myself that I can be and do better otherwise. In short, I use a bad situation as a convenient excuse to justify my failures and shortcomings. Like many others, I am guilty of humanity’s problem of wanting to control every aspect in life. However, problems constantly remind me that I will always be subject to the unforeseeable and the inevitable. I cannot be so arrogant in that I must always be in control of every situation, but neither can I just let circumstances prevent me from doing my best. Like Milton, I realize that the true test of character is how I act in the most trying times. The best of my ability is seen in how I am able to make the most of what I have. I know that when I do my best, my talents and abilities are never wasted in the eyes of God. Of course, there are still days when I feel that all elements are against my attempts to accomplish something, but that’s all right; I can let go with faith in the fact that I have done my very best. That, perhaps, is all that is really required of me. â€Å"Who best Bear His mild yoke, they serve Him best† –Milton, in referring to his troubles as mild, gave me something more to think about: How often have I thought of my problems as unsurpassable? How often have I believed myself to be the unluckiest of the unlucky? Quite often, I’m afraid. But as I look beyond myself and at the problems of people around me, I shamefully realize how my troubles pale in comparison. There is a whole world of people around me who suffer in ways I cannot even comprehend. Compared to them, my problems are small Your last name, 3 and trivial. If they, in their state, can bear and go on with their lives to the best of their abilities, how much more can I? In fact, history tells us that Milton’s best works were written after he became blind! Truly, I have no excuse to validate a contemptuous disposition. So with an acquired sense of humility, I admit that the only real limit to my abilities is myself. Nowadays, I confess that problems still get to me. As much as I tell myself to â€Å"just grin and bear it,† I still find it hard to do so unquestioningly. But as I think of Milton’s poem, I see things clearly and more rationally. Essentially, God’s message to Milton is that it is not the situation that makes a man, rather, it is what man makes of the situation. For as long as I live out my life as best as I can, I define who I am and what I do. And circumstances, no matter how difficult or shattering, will never defeat me. Works cited: 1. http://www. poetry-online. org/milton_when_i_consider_how_my_light_is_spent. htm

Macbeth: The Breakdown Of Character :: essays research papers

The two main characters in Shakespeare's play, Macbeth, are Macbeth himself and his wife Lady Macbeth. Their marriage seems to be mainly one of convenience for Lady Macbeth, but for Macbeth it is clearly more than that. He loves his wife, and she takes advantage of that for her own gain. She is continuously making him feel guilty, for being weak, and for not being able to give her a child, as is suggested by her words, "I have given suck and know how tender 'tis to love the babe that milks me". She also challenges his manhood, through words such as, "When you durst do it, then you were a man, and, to be more than what you were, you would be so much more the man.", which loosely means, Be a man, and then I will admire you.Macbeth is originally a hero to Scotland, and a strong character. He is a Lord under the rule of King Duncan, and has no reason to feel unhappy with his position. It is only after the prophecies of the Weird Sisters, that he begins to long for the throne of Scotland, and even then needs Lady Macbeth to convince him to commit the murder.Lady Macbeth, on the other hand, begins as pure evil, and remains that way. She has previously been married, and is therefore presumed older and trickier than Macbeth. She appears to always be using him for her own gain, by using her femininity to seduce him into doing the wrong thing, and in this way she persuades him to kill the king.When Macbeth hears the prophesies of his future, he appears to disregard them, but when he is made Thane of Cawdor (as foretold), he already is considering murdering the king: "My thought, whose murder yet is but fantastical, shakes so my single state of man that function is smothered in surmise and nothing is but what is not.". It is perhaps for this reason that he writes to Lady Macbeth, as though prompting her for some persuasion for him to kill Duncan, and she later refers to this as his agreement on the murder:"Nor time nor place did then adhere, and yet you would make both"; basically meaning that he was prepared to kill him before, and now he is too weak to go through with it.The breakdown of both characters is revealed through their soliloquies.

International Diversification and the Market Value of New Product

Journal of International Management 17 (2011) 333–347 Contents lists available at ScienceDirect Journal of International Management International diversi? cation and the market value of new product introduction Chi-Feng Wang a,1, Li-Yu Chen b,? , Shao-Chi Chang c,2 a b c Department of Business Administration, National Yunlin University of Science and Technology, Taiwan Department of Management, Fo Guang University, Taiwan Institute of International Business, National Cheng Kung University, Taiwan article info Article history: Received 11 January 2011Received in revised form 31 March 2011 Accepted 31 March 2011 Available online 2 May 2011 Keywords: International diversi? cation New product introduction Technological capability Marketing capability Event study abstract Although previous studies on international diversification are plentiful, they mainly focus on the effect of international diversification on overall firm performance, and the results are mixed. This study extends this line of research and explores the impact of international diversification on new product performance.Specifically, we ask if international diversification explains the stock market reactions to new product introduction (NPI) announcements. We find an inverted-U-shaped relationship between international diversification and the announcement returns of NPIs, revealing that the market value of NPIs initially improves and then declines with increasing international diversification. The results also show that intangible assets, such as technological and marketing capabilities, positively moderate the relationship between international diversification and the market value of NPIs.Our study not only highlights the importance of considering both sides of international diversification in affecting investors' assessments of corporate new product strategies, but also shows the possibility of internal capabilities in changing the fixed relationship between international diversification and the market value of new products.  © 2011 Elsevier Inc. All rights reserved. 1. Introduction According to the theory of foreign direct investment (FDI) (Caves, 1996; Dunning, 1988; Hymer, 1976) and portfolio theory (Jacquillat and Solnik, 1978; Lessard, 1973, 1976; Solnik, 1974), international diversi? ation will lead to higher ? rm value. However, existing studies examining the impact of international diversi? cation on ? rm performance have yielded inconclusive results. The results on the relationship between international diversi? cation and ? rm performance has been found to be positive (Delios and Beamish, 1999; Grant, 1987; Rugman et al. , 2008), negative (Collins, 1990; Zaheer and Mosakowski, 1997), U-shaped (Capar and Kotabe, 2003; Gaur and Kumar, 2009; Lu and Beamish, 2001), inverted-U-shaped (Brock et al. , 2006; Garbe and Richter, 2009; Gomes and Ramaswamy, 1999; Hitt et al. 1997) and horizontal-S-shaped (Contractor et al. , 2003; Lu and Beamish, 2004; Ruigrok et al. , 2007). To better understand the in? uence of international diversi? cation, we extend this line of research by studying the impact of international diversi? cation on new product performance. Speci? cally, we test if international diversi? cation explains the stock ? Corresponding author at: Present address: Department of Management, Fo Guang University, No. 160, Linwei Rd. , Jiaosi, Yilan County 26247, Taiwan. Tel. : + 886 3 9871000 23816. E-mail addresses: [email  protected] net. tw (C. -F. Wang), [email  protected] fgu. edu. w (L. -Y. Chen), [email  protected] ncku. edu. tw (S. -C. Chang). 1 Present address: Department of Business Administration, National Yunlin University of Science and Technology, No. 123, University Road, Section 3, Douliou, Yunlin 64002, Taiwan. Tel. : + 886 5 5342601Ãâ€"5245. 2 Present address: Institute of International Business, National Cheng Kung University, No. 1, University Road, 701, Tainan, Taiwan. Tel. : + 886 6 2757575Ãâ€"53506. 1075-4253/ $ – see front matter  © 2011 Elsevier Inc. All rights reserved. doi:10. 1016/j. intman. 2011. 03. 002 334 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 arket responses to new product introduction (NPI) announcements. NPIs are an important dimension of innovation output. 3 Firms with the ability to introduce new products are signaled as those with the opportunity for differentiation and future earnings (Chaney et al. , 1991; Kleinschmidt and Cooper, 1991; Subramaniam and Venkatraman, 2001). In order to improve the performance of NPIs, many ? rms are engaged in international diversi? cation activities (Kogut and Zander, 1993; Peng and Wang, 2000). Previous studies have documented that international diversi? cation comes with both bene? s and costs (Contractor et al. , 2003; Lu and Beamish, 2004; Ruigrok et al. , 2007). We suggest that these bene? ts and costs might create both opportunities and challenges for ? rms to develop new products, and hence in? uence investors' assessment of the new products introduced by ? rms. International diversi? cation may have positive effects on NPIs. For example, it allows ? rms to reach outside their domestic boundaries, providing them with more opportunities to gain new ideas in terms of the types of new products that can be developed (Hitt et al. , 1997). Internationally diversi? ed ? ms also have better access to the resources resident in foreign countries that may be necessary for producing these new products (Craig and Douglas, 2000; Peng and Wang, 2000). Furthermore, international diversi? cation creates the bene? t of economies of scale by ef? ciently leveraging the initial investments on new products over a broader market base (Subramaniam and Venkatraman, 2001). In spite of the bene? cial effects of international diversi? cation, we suggest that international diversi? cation may also entail disadvantages when it comes to introducing new products. For instance, cross-nationa l distances increase the dif? ulty for internationally diversi? ed ? rms to transfer technological knowledge between countries. Differential environmental settings among countries might also constrain the ? rm's ability to absorb and apply resources towards new product development. In such cases, new products are expected to be less worthwhile for introducing ? rms with international diversi? cation activities. In addition to investigating the direct impact of international diversi? cation on the stock market reactions to NPI announcements, we postulate that investors' assessments of the value of new products may depend on a ? m's internal capabilities. Extending previous research documenting the importance of technological and marketing capabilities in determining new product success (e. g. , Cooper and Kleinschmidt, 1987; Yeoh and Roth, 1999), we argue that both marketing and technological capabilities assist in enhancing the bene? ts of international diversi? cation while simulta neously restricting its drawbacks with regard to the introduction of new products. We test our hypotheses by measuring the stock market responses to NPI announcements using the event-study methodology framework.The events of NPI announcements are collected for the period 1997–2005. Under the assumption of the ef? cient markets hypothesis (Fama, 1970), NPI announcements bring unanticipated information into ? nancial markets that may change the market value assessments of the announcing ? rms. In response to the new information, changes in stock prices occur, which represent investors' revision of their expectation with regard to the net present value of a ? rm's risk-adjusted expected cash ? ow generated by the new products, or stated differently, the investors' expectation of the wealth impact of NPIs.This paper is organized as follows: Section 2 provides the theoretical background and develops the hypotheses. Section 3 introduces the sample and methodology. The empirical res ults are presented in Section 4. Finally, Section 5 contains the discussion and concluding remarks of this study. 2. Theoretical background and hypotheses International diversi? cation has been suggested by FDI theory and portfolio theory to provide ? rms with bene? ts ranging from the ability to realize scale economies (Grant, 1987; Porter, 1986), the possibility to spread investment risks over different countries (Kim et al. 1993), the potential to arbitrage factor cost differentials across multiple locations (Kogut, 1985) and the opportunity to access resources resident in foreign countries (Hitt et al. , 1997). However, there is considerable theoretical evidence that international diversi? cation comes with both bene? ts and costs. We suggest that that these bene? ts and costs that accompany foreign expansion may create both opportunities and challenges for ? rms in terms of developing new products, and thereby affect the stock market reactions to NPI announcements.In this secti on, we review various theoretical domains in order to identify the channels through which international diversi? cation might in? uence value creation for ? rms in the context of NPIs. 2. 1. Effects of international diversi? cation International diversi? cation provides several advantages towards developing new products. First, international diversi? cation offers opportunities for ? rms to gain new and diverse ideas from a variety of perspectives (Hitt et al. , 1997). Being exposed to heterogeneous customers, technology, cultures, and competitive practices, internationally diversi? d ? rms are able to learn from the experience in foreign operations to ? nd new solutions to bettering product design and improving the quality of manufacturing know-how (Craig and Douglas, 2000). For example, the launch of a new cordless telephone by Sanyo, which had been adjusted to better meet the phone use habits of American consumers (Barkema and Vermeulen, 1998), consequently expanded the company's sales in the U. S. market. 3 Prior studies have used several ways to measure the performance of innovation, which includes R intensity (Hill and Snell, 1988; Hitt et al. 1997), number of NPIs (Cardinal and Opler, 1995; Hitt et al. , 1996) and number of patents (Francis and Smith, 1995). Though they have provided valuable insights, the measures they developed have some limitations in capturing the true value of innovation (Chaney et al. , 1991; Schankerman and Pakes, 1986). For example, R intensity is more related to the input value of innovation but does not directly measure the output value of innovation. Furthermore, numbers of NPIs or patents only measure the quantity of inventive output without considering the quality of innovation.As well, patent counts often represent a very noisy measure of the underlying value of innovation because most patents are not worth anything. The measure used in our study allows us to directly measure the wealth effect of innovation, rather than on ly considering the quantity of inventive output as has been done in prior studies. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 335 International diversi? cation also allows ? rms to gain access to resources that may only be available in foreign markets but not frequently obtainable in the home countries to develop new products (Peng and Wang, 2000).By tapping into the technological skills and knowledge that originates from other countries, multinational ? rms may be able to successfully increase their technological strength in developing new products (Hitt et al. , 1997; Kotabe, 1990; Peng and Wang, 2000; Subramaniam and Venkatraman, 2001). Moreover, international diversi? cation provides a ? rm with a wider national network, which helps increase its ability to effectively leverage technological resources and rationalize production processes. These economies of scale can enable the ? m to obtain higher returns from new product innovations (Bartl ett and Ghoshal, 1989; Kogut, 1985). Furthermore, the broader market outlets available to new products create higher returns on the sunk costs of innovative spending (Subramaniam and Venkatraman, 2001), while cash ? ows generated from large-scale foreign operations provide ? rms with the resources needed for extra investment in new product development (Kobrin, 1991; Kotabe, 1990). Notwithstanding the above bene? ts, international diversi? cation can bring challenges to the development of new products. The ? rst challenge comes from the dif? ulty in transferring technological knowledge between countries. The more countries within which the ? rm operates, the larger geographic distance the technological know-how has to be transferred, and the less effective the ? rm will be in developing new products. Furthermore, with increasing diversi? cation, the differences in cultural, economic and technological settings among the countries increase. These differences reduce the effectiveness in assimilating and applying the technological knowledge that is critical for new product development (Chang and Wang, 2007; Hitt et al. 1997); while knowledge diversity can create greater learning value (Inkpen, 2000), differences in knowledge does not guarantee successful learning (Bowman and Helfat, 2001; Chang and Singh, 2000; Szulanski and Winter, 2002). In addition, arguments from the economic law of diminishing returns suggest that the higher degree of international diversi? cation a ? rm is involved in, the more likely it is to be entering markets whose marginal contributions are relatively minor (Contractor et al. , 2003). Beyond a certain point, after already having expanded into the most advantageous markets, the ? m is left with minor or peripheral foreign markets whose resources for and cash ? ow from new product development will exhibit diminishing returns. By drawing on various theoretical perspectives, the above discussions suggest that international diversi? cation no t only create opportunities but also impose barriers to the value creation provided by new product innovation. With moderate levels of international diversi? cation, ? rms can capitalize on valuable bene? ts of knowledge learning, resource access and production ef? ciency in producing new products.At the same time, economic pro? ts rise as the ? xed costs of new product development are spread across more markets (Kogut, 1985; Porter, 1986). However, ? rms that expand internationally beyond an optimal level may ? nd that the costs of international diversi? cation eventually exceed the bene? ts. Firms at this stage often enter countries that are more geographically and culturally dissimilar, which increases the dif? culties of transferring technological knowledge between countries. The value of new product innovation may also exhibit diminishing returns when international diversi? ation is increased beyond the optimal level. Based on the above, this study proposes a non-linear and inv erted-U-shaped relationship between international diversi? cation and the stock market reactions to NPI announcements, suggesting that the market value of NPIs is expected to improve with increasing international diversi? cation at lower levels of international diversi? cation and then decline with increasing international diversi? cation at higher levels of international diversi? cation. For these reasons, we propose our ? rst hypothesis as follows: Hypothesis 1.The relationship between international diversi? cation and the stock market reactions to NPI announcements is inverted-U-shaped, with a positive slope at lower levels of international diversi? cation and negative at higher levels of international diversi? cation. We utilize event-study methodology to capture the valuation effect of corporate new product strategies. This approach not only permits direct investigation of changes in announcing ? rms' shareholder value, but is also suited to conduct cross-sectional analysis of the strategies underlying the value creation or destruction (Reuer, 2001).Applying event-study methodology to NPIs also facilitates comparisons with previous studies on other corporate major strategic events. 4 2. 2. Interaction effects of intangible assets and international diversi? cation Although our theoretical framework should hold for all ? rms, the effect of international diversi? cation on new product performance may depend on ? rms' intangible assets. Scholars in international business have shown that multinational ? rms with greater marketing and technological capabilities may receive higher returns from international expansion (Kotabe et al. , 2002; Lu andBeamish, 2004). Other researchers also document the importance of marketing and technological capabilities in the success of new products (e. g. , Cooper and Kleinschmidt, 1987; Danneels, 2002; Krasnikov and Jayachandran, 2008; Moorman and Slotegraaf, 1999; Yeoh and Roth, 1999). We make advances in linking these two stre ams of study by investigating the moderating effect 4 Previous studies have used event-study methodology to test the wealth effect of major corporate events, such as diversi? cation (Doukas and Lang, 2003; Hoskisson et al. , 1991), divestitures (Benou et al. , 2008), alliances (Das et al. 1998; Kale et al. , 2002), regulatory change (Bowman and Navissi, 2003), NPIs (Chaney et al. , 1991; Chen, 2008; Kelm et al. , 1995), R expenditures (Szewczyk et al. , 1996), and patents (Austin, 1993). 336 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 of internal capabilities on the association between international diversi? cation and the stock market reactions to NPI announcements. We suggest that internationally diversi? ed ? rms that have greater marketing and technological capabilities are more able to extract the bene? ts and reduce the costs of international diversi? ation, resulting in higher returns from NPI announcements. Each moderating effect is disc ussed independently below. Marketing capability is related to a ? rm's ability to acquire external knowledge through the processes of gathering, interpreting, and using market information (Day, 1994). Though international diversi? cation gives ? rms opportunities to access new knowledge, ? rms that do not have ability to identify customers' needs and to understand the factors that in? uence consumer choice behavior will not be able to achieve better targeting and positioning of its products.Therefore, ? rms that have invested in developing their marketing capability are more able to integrate the information on consumer needs in diverse markets into new product designs, and thus generate higher returns from the new products (Dutta et al. , 1999). In addition, marketing capability is re? ected in a ? rm's ability to differentiate its products from those of competitors (Kotabe et al. , 2002). A higher level of product differentiation allows a ? rm to charge higher prices for its new p roducts (Day, 1994; Yeoh and Roth, 1999). Furthermore, ? ms that spend more money on advertising and promoting their products are more likely to build successful brands, which are essential to building awareness, reducing the perceived risk that consumers associate with new products, and ? nally increasing the adoption rate of new products introduced (Chandy and Tellis, 2000; Dowling and Staelin, 1994; Sorescu et al. , 2003). This is particularly important for ? rms that are completely new to foreign customers (Helsen et al. , 1993; Srivastava et al. , 1998). Consequently, we expect that NPIs are expected to be more worthwhile for internationally diversi? d ? rms with greater marketing capabilities, leading to Hypothesis 2: Hypothesis 2. Marketing capability will positively moderate the relationship between international diversi? cation and the stock market reactions to NPI announcements. As mentioned, technological capability is also likely to moderate the effect of international d iversi? cation on new product development. Technology capability might represent a ? rm's ability to absorb external knowledge (Penner-Hahn and Shaver, 2005; Tsai, 2001). A ? rm may be able to access certain new knowledge through international diversi? ation, but without the capacity to absorb such knowledge a ? rm may not enhance its capabilities within new product innovation. Since knowledge gained from international markets is often tacit and socially complex (Zahra and Hayton, 2008), ? rms that have established a capability in a particular research skill are better able to interpret and assess the knowledge in that area. Technological capability also refers to a ? rm's ability to apply knowledge gained from foreign markets to commercial ends (Krasnikov and Jayachandran, 2008; Moorman and Slotegraaf, 1999).Kotabe et al. (2002) have stated that ? rms with greater technological capabilities are more capable of ? nding better product design solutions. The technical risks in developi ng new products are more likely to be reduced for such ? rms (Kelm et al. , 1995). Furthermore, ? rms with greater technological capability are more able to lower production costs by improving manufacturing processes. Moreover, technological capability helps ? rms to speed up the product development process and satisfy the market more quickly (Rabino and Moskowitz, 1981). Thus, ? ms that have greater technological capabilities are more likely to enhance their revenues in international markets by providing those markets with new products of better quality. Meanwhile, ? rms that leverage their technological capabilities in the greater scope of the global market may enjoy the bene? ts of economies of scale inherent in the innovation process. As a result, we expect that NPIs are more worthwhile for internationally diversi? ed ? rms with greater technological capabilities, leading to Hypothesis 3: Hypothesis 3. Technological capability will positively moderate the relationship between in ternational diversi? ation and the stock market reactions to NPI announcements. 3. Sample and methodology 3. 1. Sample design We test our hypotheses using a sample of NPI announcement events. We collect the sample data on ? rms listed on either the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX) from the Dow Jones News Retrieval Service (DJNRS) database, which provides news-service articles and selected stories from the Wall Street Journal, Dow Jones News Wire, and Barron's. We use the words and phrases commonly used to describe NPIs as keys for a database search routine.Examples are â€Å"introduce,† â€Å"new product,† â€Å"unveil,† â€Å"launch,† â€Å"received approval,† â€Å"to market,† â€Å"test market,† â€Å"begin selling,† along with other pertinent words and phrases. When a repeat NPI announcement from a ? rm is found in a different publication, the announcement that has the earliest date is ch osen as it is the earliest date when the information about the NPI is publicly available (Chaney et al. , 1991; Chen, 2008; Kelm et al. , 1995). The sample period is from January 1997 to December 2005. Four criteria are used when selecting ? rms for our sample: (1) the announcing ? rms should not have other announcements ? e days before and after the initial announcement date in order to avoid any confounding events that could distort the measurement of the valuation effects; (2) daily stock return information must be available from the Center for Research in Security Prices (CRSP), with a minimum of 50 daily returns in the estimation period; (3) companies' ? nancial information must be available from the COMPUSTAT ? les; and (4) since we want to test the effect of international diversi? cation, only those ? rms with foreign sales data available from the COMPUSTAT ? les are included. C. -F. Wang et al. Journal of International Management 17 (2011) 333–347 337 Following these procedures, we collect a ? nal sample comprising 3061 new product announcements made by 531 ? rms in 57 industries based on the two-digit Standard Industrial Classi? cation (SIC) codes. 5 Table 1 reports the distribution of the sample by year and industry. Our data shows no obvious cluster by time period. In 2004, there are 530 announcements, accounting for 17. 32% of the total. Observations are nearly evenly distributed through the remaining years. However, our sample shows certain levels of concentration in speci? c industries.The largest concentration comes from electrical equipment (33. 61%), computer equipment (18. 09%), electro-medical instruments (9. 38%), and business services (e. g. , computer programming and the software industry) (7. 19%). These three broad categories constitute nearly 70% of the total sample. As suggested by Chaney et al. (1991), this result is expected since neither the investment opportunities nor their valuation should be random across industries. 3. 2. Measuring the stock market responses to new product announcements We employ the event study methodology to examine the stock price responses to the announcements of NPIs. This approach has been widely used in the management, accounting, economics and ? nance disciplines to examine the impact of ? rm-speci? c events on ? rm value. The event study approach suggests that, in an ef? cient capital market, the market will adjust and result in returns different from those that are normally expected if the NPI announcement has unexpected information content (Hoskisson et al. , 1991). We use the market model suggested by Brown and Warner (1985) to estimate the abnormal returns to NPI announcements. This model captures a ? rm's stock price change after adjusting for general market-wide factors and the ? m's systematic risk (Bowman, 1983; Brown, 1989; Brown and Warner, 1980, 1985). The abnormal return for ? rm i on day t, ARit, is computed by: ARit = Rit ? E? Rit = It ? 1 ? ; where Rit is ? rm i's actual returns on day t, and It ? 1 represents the information set available to the market about the ? rm at time t ? 1. The expected return for ? rm i on day t is estimated by: E? Rit = It ? 1 ? = ? i + ? i Rmt where Rmt is the return for the market portfolio on day t, ? i is the intercept, and ? i measures the risk or sensitivity of the ? rm's returns relative to the market portfolio. We de? e Day 0 (t = 0) as the initial announcement date. We use the value-weighted CRSP Index as the proxy for the market portfolio. The parameters ? i and ? i are estimated using data for the period of 200 to 60 days before the initial announcement date. The two-day cumulative abnormal returns, CAR (? 1, 0), are estimated by summing the daily abnormal returns over the window period of days ? 1 and 0. The equally weighted cross-sectional average abnormal returns on ? event day t, ARt , is further calculated by: 1N ? ARt = ? ARit ; N i=1 where N is the total number of sample NPIs. The cumulati ve average abnormal return over the period (? , 0) is similarly de? ned. 3. 3. Measuring international diversi? cation We use the entropy index to estimate international diversi? cation. 7 The entropy measure of international diversi? cation is de? ned as ? [Pi* ln(1/Pi)], where Pi is the percentage of sales in geographic segment i, and ln(1/Pi) is the weight of each geographic segment. This measure thus considers both the number of geographic segments in which a ? rm operates and the relative importance of sales contributed by each geographic segment. 5 For the industry classi? cation, we follow Hitt et al. (1997) and use the our-digit SIC codes as the indicator of the industry or business segment that a ? rm operates. Therefore, two variables in this study, namely product diversi? cation and industry R&D intensity, are estimated basing on the four-digit SIC codes. However, for the sake of brevity, we report the sample distribution by industry on the basis of the two-digit SIC code s. 6 Other performance measures of new product strategies that are most commonly used in previous studies include return on assets, return on sales, return on equity, return on investment and pro? t margin (e. g. , Li and Atuahene-Gima, 2001; Moorman, 1995).However, these accounting measures have several limitations in measuring new product performance (Chang and Wang, 2007; Kalyanaram et al. , 1995; Pauwels et al. , 2004). For example, the differences in accounting policies across ? rms make performance comparisons dif? cult. These measures are also not risk-adjusted as they do not consider business risks associated with individual ? rms when measuring performance, and they are based on historical accounting data and thus may not adequately re? ect future expected revenue streams resulting from the new products. More importantly, these measures re? ect aggregate ? m performance, making it more dif? cult to directly link them to the effect of speci? c new product introductions. Due to these limitations we employ an event study methodology in order to examine stock price responses to announcements of NPIs. This method captures the ? rm's stock price change after adjusting for the ? rm's systematic risk (Bowman, 1983; Brown, 1989; Brown and Warner, 1980, 1985), as well as re? ects investors' expectations of a ? rm's future cash ? ow related to this new product (Chaney et al. , 1991; Chen, 2008; Chen et al. , 2002; Kelm et al. , 1995). 7 Previous studies have used several proxies of international diversi? ation. The most commonly used measures are the ratio of foreign sales to total sales (Grant, 1987; Tallman and Li, 1996), the ratio of foreign assets to total assets (Daniels and Bracker, 1989; Ramaswamy, 1995), numbers of foreign countries in which a ? rm has subsidiaries (Delios and Beamish, 1999; Tallman and Li, 1996) or a composite index encompassing these three dimensions (Gomes and Ramaswamy, 1999; Sullivan, 1994). However, these measures only capture the extent but not the distribution of international diversi? cation. In this study, we follow Hitt et al. (1997) and use the entropy measure of international diversi? ation to account for the extent of sales in global markets and their weighting. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 338 Table 1 Distribution of new product introduction. Panel A. Sample distribution by year Year Number of announcements Percent of sample (%) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Total 354 279 370 313 232 247 391 530 345 3061 11. 56 9. 11 12. 08 10. 22 7. 58 8. 07 12. 77 17. 32 11. 30 100. 00 Panel B. Sample distribution by industry Two-digit SIC code Industry group 01 12 13 15 16 17 20 21 22 23 24 25 26 27 28 29 30 31 33 34 Agricultural production cropsCoal mining Oil and gas extraction Building construction: general contractors Heavy construction other than building construction contractors Construction: special trade contractors Food and kindred produc ts Tobacco products Textile mill products Apparel, ? nished prdcts from fabrics and similar materials Lumber and wood products, except furniture Furniture and ? xtures Paper and allied products Printing, publishing, and allied industries Chemicals and allied products Petroleum re? ning and related industries Rubber and miscellaneous plastics products Leather and leather products Primary metal industriesFabricated metal products, except machinery and transportation equipment Industrial and commercial machinery and computer equipment Electronic and other electrical equipment and components, except computer equipment Transportation equipment Measuring, analyzing, and controlling instruments; photographic, medical and optical goods Miscellaneous manufacturing industries Railroad transportation Motor freight transportation and warehousing Transportation by air Pipelines, except natural gas Transportation services Communications Electric, gas, and sanitary services Wholesale trade: durabl e goods Wholesale trade: non-durable goodsBuilding materials, hardware, garden supply, and mobile home dealers General merchandise stores Food stores Apparel and accessory stores Home furniture, furnishings, and equipment stores Eating and drinking places Miscellaneous retail Depository institutions Non-depository credit institutions Security and commodity brokers, dealers, exchanges, and services Insurance carriers Insurance agents, brokers, and service Real estate Holding and other investment of? ces Hotels, rooming houses, camps, and other lodging places Personal services 35 36 37 38 39 40 42 45 46 47 48 49 50 51 52 53 54 56 57 58 59 60 61 62 63 64 65 67 0 72 Number of announcements Percent of sample (%) 1 1 8 1 1 1 28 4 2 2 3 6 13 76 118 2 9 2 23 21 0. 03 0. 03 0. 26 0. 03 0. 03 0. 03 0. 91 0. 13 0. 07 0. 07 0. 10 0. 20 0. 42 2. 48 3. 85 0. 07 0. 29 0. 07 0. 75 0. 69 554 1029 18. 09 33. 61 72 287 2. 35 9. 38 41 4 2 144 1 1 120 20 19 10 2 3 3 8 6 14 13 2 18 17 34 5 3 9 6 6 1. 34 0. 13 0. 07 4. 70 0. 03 0. 03 3. 92 0. 65 0. 62 0. 33 0. 07 0. 10 0. 10 0. 26 0. 20 0. 46 0. 42 0. 07 0. 59 0. 56 1. 11 0. 16 0. 10 0. 29 0. 20 0. 20 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 339 Table 1 (continued) Panel B. Sample distribution by industryTwo-digit SIC code Industry group 73 78 79 80 82 87 Business services Motion pictures Amusement and recreation services Health services Educational services Engineering, accounting, research, management, and related services Nonclassi? able establishments 99 Total Number of announcements Percent of sample (%) 220 13 4 2 1 10 7. 19 0. 42 0. 13 0. 07 0. 03 0. 33 36 3061 1. 18 100. 00 As data is not available at the country level, we use sales of regional markets to measure international diversity (as used by e. g. , Hirsch and Lev, 1971; Hitt et al. , 1997; Miller and Pras, 1980). Following Hitt et al. 1997), we group foreign markets into four regions based on economic and political conditions: Africa, Asia and the Paci? c, Europe, and the Americas. Although not perfect, this approach allows us to focus on between-market heterogeneity (Kim et al. , 1989). The international market sales data are from the COMPUSTAT geographic segment tapes for the ? scal year preceding the announcements. 8 3. 4. Measuring intangible assets We measure marketing capability as the average marketing intensity (the ratio of advertisement expenditures to net sales) for the three ? scal years prior to the announcements. 9 We suggest that ? ms who invest more in marketing activities are considered to have superior marketing capabilities. We measure technological capability as the average R&D intensity (the ratio of R&D expenditures to net sales) for the three ? scal years prior to the announcements. We suggest that ? rms outspending their competitors in R&D are considered to have greater technological capabilities. We scale the measures of ? rm capabilities by ? rm size in order to ensure that the capability measure does not merely re? ect higher levels of ? nancial resources of large-scaled ? rms (following Moorman and Slotegraaf, 1999). 3. 5. Other variablesOther potential variables that could affect the value of NPIs are controlled. The ? rst is ? rm size, measured by the natural logarithm of total sales of the announcing ? rm for the ? scal year preceding the announcement (following Kotabe et al. , 2002; Lu and Beamish, 2004). We next control for a ? rm's leverage ratio, measured as the ratio of total debt to total assets for the ? scal year prior to the announcement (following Chen et al. , 2002; Chen, 2008). We also control for the degree of product diversi? cation for the ? scal year preceding the announcement. Product diversi? cation is measured by the entropy index (? Pi * ln(1/Pi)], where Pi is the percentage of ? rm sales in business segment i, and ln(1/Pi) is the weight of each segment). Following Hitt et al. (1997), we de? ne business segments as those having the same four-digit SIC codes. The product-speci? c effects are also controlled. This is necessary as some researchers have suggested that high-newness products are expected to create better opportunities for product differentiation and competitive advantage (Kleinschmidt and Cooper, 1991; Meyer and Roberts, 1986), and as such, high-newness products should receive a larger market value than updates of existing products.Furthermore, scholars have argued that ? rms introducing multiple products are more competitive in the product market and seize more market share than those announcing single products. This implies that ? rms announcing multipleproducts announcers may appropriate much of the bene? ts associated with new products, and are thus expected to experience a larger increase in market value than those announcing a single product (Acs and Audretsch, 1988; Hendricks and Singhal, 1997). Moreover, researchers have documented that the ? rst to introduce a new product in the marketplac e usually enjoys ? st-mover advantages stemming from the creation of entry barriers and switching costs, and from high consumer recognition and preference to the ? rst product (Jovanovic and MacDonald, 1994; Lee et al. , 2000). Therefore, ? rst-moving ? rms are predicted to gain a higher announcement return at the time of NPIs than followers do. The aforementioned ? rms that introduce high-newness and multiple products or ? rms that are the ? rst to introduce new products are suggested to obtain sustained competitive advantage. This argument corresponds to Williamson (1999) that ? ms getting ahead of their competitors by providing multiple and new technology, products and business solutions have more opportunities to ensure lasting sales growth. We identify these product announcement types by using structural content analysis on the news content (as in Chaney et al. , 1991; Lee et al. , 2000; Firth and Narayanan, 1996). Based on the analysis of the news content, we create three dumm y variables: NEWNESS, MULTIPLE and TIME. 8 The main reason for using data one year before the announcements is to capture the most recent impact of a ? m's attributes on the market reactions to new product introductions. Several independent variables are measured by the data one year preceding the announcements, including international diversi? cation, ? rm size, debt-to-asset ratio, product diversi? cation and two industry sector dummy variables. 9 Since the values of advertising and R&D expenditures tend to ? uctuate substantially from year to year, we use the 3-year average values of advertising intensity, R&D intensity and industry R&D intensity to reduce the chance that a random and extreme value in one year disproportionately in? ences our measure of intangible assets. 340 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 NEWNESS equals one if the product is highly innovative, and zero if it is an update or an enhancement of an existing product (as in Chaney et al. , 1991; Chen, 2008). MULTIPLE equals one for multiple-products announced simultaneously by a ? rm, and zero for single announcements (as in Chaney et al. , 1991; Chen, et al. , 2002). TIME equals one if the announcing ? rm is the ? rst mover, and zero otherwise (as in Lee et al. , 2000; Chen, 2008).Finally, we consider two industry-related factors. The ? rst is the technological opportunity of the industry in which the announcing ? rms operate. Chaney et al. (1991) asserted that the valuation effect of NPIs is higher for ? rms in more technologically based industries, as they are considered to have more innovation opportunities and greater potential for future growth. In contrast, Kelm et al. (1995) found that investors respond positively to new product announcements by ? rms in less-technology-intensive industries because new product announcements by these ? rms are relatively nexpected by investors. Technological opportunities at the industry level are measure d by the average industry R&D intensity (the average values of R&D expenditures divided by net sales for all ? rms in the same four-digit SIC industry) for the three ? scal years prior to the announcements (following Chan et al. , 1990; Kelm et al. , 1995). In addition, we control for the industry-speci? c effect with two dummy variables: MANUFACTURING and SERVICE. MANUFACTURING equals one for announcing ? rms in manufacturing industries, and zero otherwise. SERVICE equals one for announcing ? ms in service industries, and zero otherwise. This is done as several studies have argued that the effect of internationality on performance for manufacturing ? rms is different from that for service ? rms (Capar and Kotabe, 2003; Contractor et al. , 2003). We therefore separate the sample ? rms into service, manufacturing and other industries according to 2-digit SIC codes and apply two industry dummies to control for the industry-speci? c effects. Table 2 presents the means, standard deviati ons, and correlations for all variables for the sample of NPI announcements. 4. Empirical resultsTable 3 provides estimates of abnormal returns around the announcement date and the surrounding days. The results show that innovations such as NPIs are perceived by investors as value-increasing activities. For the two-day announcement period cumulative abnormal returns, CAR (? 1, 0), the new product announcers experience a positive cumulative average abnormal return of 0. 194%, signi? cant at the 1% con? dence level. No signi? cant abnormal returns are observed preceding and following the announcement period. As a result, we use CAR (? 1, 0) as the dependent variable in the following regression analysis.Our results are consistent with prior studies (e. g. , Chaney et al. , 1991; Chen, 2008; Chen et al. , 2002; Kelm et al. , 1995). Table 4 reports the regression results with the dependent variable CAR (? 1, 0). We present the results without centering the variables in the ? rst ? ve mod els, and results with centering the variables on their means in the latter ? ve models. 10 Models 1 and 6 are baseline models that include only the control variables and two measures of intangible assets. Among the control variables, leverage ratio is found to be positively associated with CAR (? 1, 0), though insigni? cant in some models.This result suggests that higher levels of debt lower the expected costs of free cash ? ow (Jensen, 1986), and new products announced by ? rms with a higher leverage ratio are therefore perceived as more worthwhile. Of the two ? rm-speci? c assets variables, both R&D and advertising intensities have a signi? cant and positive impact in most models. Moreover, industry R&D intensity is found to be signi? cantly negatively associated with CAR (? 1, 0). This result suggests that investors respond positively to new product announcements by ? rms in less technology-intensive industries because new product announcements by these ? ms are relatively unexpe cted by investors (Kelm et al. , 1995). Other control variables are not found to have signi? cant explanatory power in terms of the variation in announcement abnormal returns. In model 2 (7), we test the impact of international diversi? cation on the stock market reactions to NPI announcements by including the linear and squared terms of international diversi? cation. We ? nd our Hypothesis 1 is strongly supported, as CAR (? 1, 0) is positively related to the linear term of international diversi? cation and then negatively associated to the squared term of international diversi? cation.This result suggests an inverted-U-shaped relationship between international diversi? cation and the market value of NPIs. Models 3 (8), 4 (9) and 5 (10) test the moderating effects of intangible assets by including the interaction term of international diversi? cation and advertising intensity and the interaction term of international diversi? cation and R&D intensity. 11 Model 3 (8) tests the intera ction effect between international diversi? cation and marketing capability. The statistically signi? cant and positive coef? cient of the interaction term suggests that the market value of NPIs increases when internationally diversi? d ? rms have greater marketing capacities. Thus, Hypothesis 2 is supported. Model 4 (9) tests the interaction effect between international diversi? cation and technological capability. We also ? nd a statistically signi? cant and positive coef? cient of the interaction term. Thus, Hypothesis 3 is supported. To test the robustness of these ? ndings, we simultaneously include the interaction of international diversi? cation and advertising intensity and the interaction of international diversi? cation and R&D intensity in model 5 (10). Results remain unchanged to those in models 3 (8) and 4 (9).It is noted that the â€Å"main effects† between international diversi? cation and the abnormal returns of NPIs remain robust in all models with the additi on of the interaction terms. To gain further insights into our ? ndings, we construct Figs. 1 and 2 by drawing on the results of models 3 and 4. We use CAR (? 1, 0) as the measurement of market value of NPIs. When illustrating the impact of advertising intensity (R&D intensity) and 10 Since some variables are constructed from other variables, we follow Aiken and West (1991) by subtracting each variable from its mean value in the sample to minimize their collinearity. 11To test the robustness of our conclusion, we re-examine the regression analysis by incorporating the interaction of quadratic terms of international diversi? cation and intangible asset proxies. Our conclusions remain unchanged. Variables a Mean s. d. Min Max 1. Two-day announcementperiod abnormal return(%)a 2. International diversi? cation 3. Advertising intensity 4. R&D intensity 5. Product diversi? cation 6. Firm size b 7. Debt-to-asset ratio 8. Newness 9. Multiple 10. Time 11. Industry R&D intensity 12. Service in dustry 13. Manufacturing industry 0. 194 0. 037 ? 0. 242 0. 230 0. 653 0. 012 0. 081 0. 816 8. 541 0. 00 0. 827 0. 302 0. 359 0. 236 0. 236 0. 748 0. 424 0. 022 0. 148 0. 659 1. 860 0. 149 0. 379 0. 459 0. 480 0. 390 0. 425 0. 434 0. 000 0. 000 0. 000 0. 000 ? 0. 781 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 1. 382 0. 317 4. 696 2. 533 12. 060 1. 099 1. 000 1. 000 1. 000 2. 334 1. 000 1. 000 2 3 4 5 6 7 8 1. 000 ? 0. 033* 1. 000 0. 102*** ? 0. 071*** 1. 000 ? 0. 004 ? 0. 042** ? 0. 016 1. 000 0. 149*** 0. 092*** ? 0. 158*** 0. 399*** 1. 000 ? 0. 111*** 0. 001 ? 0. 090*** 0. 052*** 0. 075*** 1. 000 0. 036** ? 0. 002 0. 010 ? 0. 003 0. 027 ? 0. 021 1. 000 9 0. 076*** 0. 050*** 0. 015 ? 0. 024 0. 016 ? 0. 100*** 0. 33* 1. 000 The two-day period (? 1,0) abnormal return is estimated by summing up abnormal returns from the day before (day ? 1) to the announcement date (day 0). Firm size is measured by the natural logarithm of net sales. ***p b 0. 01, **pb0. 05, *pb0. 1. b 10 11 12 13 0. 045** ? 0. 022 0. 056*** 0. 039** 0. 024 ? 0. 050*** 0. 170*** ? 0. 040** 1. 000 0. 257*** ? 0. 083*** 0. 252*** ? 0. 042** ? 0. 188*** ? 0. 098*** 0. 031* 0. 039** 0. 055*** 1. 000 ? 0. 382*** 0. 000 ? 0. 137*** ? 0. 206*** ? 0. 020 0. 199*** ? 0. 007 ? 0. 147*** ? 0. 064*** ? 0. 151*** 1. 000 0. 342*** 0. 017 0. 143*** 0. 151*** ? 0. 017 ? 0. 222*** . 009 0. 147*** 0. 068*** 0. 166*** ? 0. 960*** 1. 000 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 Table 2 Descriptive statistics and correlations. 341 342 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 Table 3 Abnormal returns for new product introduction announcements. Event day Mean AR (%) t-statistic ? 10 ?9 ?8 ?7 ?6 ?5 ?4 ?3 ?2 ?1 0 [? 1,0] +1 +2 +3 +4 +5 +6 +7 +8 +9 + 10 ? 0. 023 ? 0. 005 0. 025 ? 0. 016 ? 0. 025 ? 0. 005 0. 047 0. 001 ? 0. 039 0. 093 0. 101 0. 194 ? 0. 038 0. 058 0. 081 ? 0. 056 0. 027 ? 0. 073 ? 0. 055 0. 053 ? 0. 025 ? 0. 054 ? 0. 4 50 0. 092 0. 471 ? 0. 309 ? 0. 477 ? 0. 099 0. 888 0. 003 ? 0. 731 1. 918* 2. 038** 2. 885*** ? 0. 756 1. 086 1. 329 ? 1. 138 0. 529 ? 1. 403 ? 1. 078 1. 118 ? 0. 471 ? 0. 972 (0. 653) (0. 927) (0. 638) (0. 758) (0. 633) (0. 921) (0. 375) (0. 998) (0. 465) (0. 055) (0. 042) (0. 004) (0. 450) (0. 278) (0. 184) (0. 255) (0. 597) (0. 161) (0. 281) (0. 264) (0. 638) (0. 331) ***p b 0. 01, **p b 0. 05. Values in parentheses are p-values. international diversi? cation on CAR (? 1, 0), we hold other control variables at the average level. If the control variables are dummy ones, we substitute these variables with their modes. 2 Both ? gures provide supportive evidence for our hypotheses. First, the relationship between international diversi? cation and the market value of NPIs is found to be inverted-U-shaped, with the slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. For example, in Fig. 1, for ? rms with no mar keting capability, at the initial stage, there is a positive impact on the market value of NPIs with an increase of 0. 62% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this threshold of 0. , a higher level of international diversi? cation is associated with a decreasing CAR (? 1, 0). In Fig. 2, for ? rms with no technological capability, there is a positive impact on the market value of NPIs with an increase of 0. 63% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this point, more international diversi? cation results in lower market values of NPIs. In addition, these graphs illustrate the performance differences across ? rms with different levels of intangible assets. For example, in Fig. 1, for a ? rm with a degree of international diversi? cation of 0. and a level of marketing capability of 0. 3, there is an expected CAR (? 1, 0) that is almost 0. 89% higher than that for a ? rm at the same level of international diversi? cation but with the marketing capability of 0. 1; at a degree of international diversi? cation of 1. 2, there is an expected improvement in CAR (? 1, 0) of 3. 25% when the level of marketing capability increases from 0. 1 to 0. 3. The same procedure can be used to explain the moderating effect of technological capability. In Fig. 2, for a ? rm with a level of international diversi? cation of 0. 4 and a level of technology capability of 1. , there is an expected CAR (? 1, 0) that is 2. 09% higher than that for a ? rm at the same level of international diversi? cation but with the technological capability of 0. 4; at a degree of international diversi? cation of 1. 2, there is an expected improvement in CAR (? 1, 0) of 4. 92% when the technology capability of a ? rm increases from 0. 4 to 1. 6. 5. Discussion and conclusions This paper examines the importance of international diversi? cation in explaining the stock market reactions to NP I announcements. Using NPI announcements from the period 1997–2005, we found an inverted-U-shaped relationship between international diversi? ation and the market value of NPIs, with a slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. This relationship is moderated by the intangible assets possessed by internationally diversi? ed ? rms. We ? nd that announcing ? rms with greater technological and/or marketing capabilities achieve higher abnormal returns from NPIs. The main effects of the international diversi? cation variables still hold after the inclusion of these moderating factors. In view of recent research having suggested a sigmoid performance effect of internationalization (Contractor et al. 2003; Lu and Beamish, 2004), we test our hypotheses in the framework of an S-shaped relationship by simultaneously adding linear, squared and cubed terms of international diversi? cation in the regressio n. However, our sample does not reveal the S-shaped association between international diversi? cation and the market value of NPI. 12 The equations for the graphs presented in Figs. 1 and 2 are as follows, respectively: CAR (? 1, 0) = ? 0. 0037 + 0. 0157 * ID ? 0. 0099 * ID2 ? 0. 0147 * AD + 0. 1476 * ID * AD and CAR (? 1, 0) = ? 0. 0049 + 0. 0168 * ID ? 0. 0112 * ID2 + 0. 0056 * RD + 0. 295 * ID * RD, where ID = international diversi? cation; ID2 = International diversi? cation squared; AD = advertising intensity; RD = R&D intensity. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 343 Table 4 Regression analysis of new product introduction on international diversi? cation. Un-centered results Centered results Independent variables Model 1 Model 2 Intercept ? 0. 0005 (? 0. 072) ? 0. 0042 ? 0. 0017 ? 0. 0037 ? 0. 0009 (? 0. 591) (? 0. 233) (? 0. 525) (? 0. 122) 0. 0178 0. 0157 0. 0168 0. 0143 (3. 156)*** (2. 737)*** (2. 967)*** (2. 486)** ? 0. 0099 ? 0. 0099 ? 0. 0112 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** International diversi? cation International diversi? cation squared International diversi? cation ? Advertising intensity International diversi? cation ? R&D intensity Firm size a Debt-to-asset ratio Product diversi? cation Advertising intensity R&D intensity Newness Multiple Time Industry R&D intensity Service Manufacturing Adjusted R2 F value Number of observations a Model 3 Model 4 0. 1476 (2. 236)** ? 0. 0001 ? 0. 0002 (? 0. 336) (? 0. 484) 0. 0072 0. 0071 (1. 531) (1. 516) ? 0. 0001 0. 0000 (? 0. 069) (0. 037) 0. 0667 ? 0. 0147 (2. 100)** (? 0. 04) 0. 0090 0. 0087 (1. 878)* (1. 832)* ? 0. 0003 ? 0. 0002 (? 0. 182) (? 0. 138) 0. 0016 0. 0016 (1. 085) (1. 055) ? 0. 0007 ? 0. 0006 (? 0. 466) (? 0. 407) ? 0. 0034 ? 0. 0032 (? 1. 804)* (? 1. 686)* 0. 0020 ? 0. 0007 (0. 032) (? 1. 121) ? 0. 0005 ? 0. 0015 (? 0. 079) (? 0. 252) 0. 0051 0. 0064 2. 20*** 2. 41*** 3061 3061 Model 6 0. 0036 (0. 637) 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0030 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 5Model 7 Model 8 Model 9 0. 0022 0. 0032 0. 0030 0. 0042 (0. 392) (0. 567) (0. 517) (0. 726) 0. 0178 0. 0174 0. 0192 0. 0189 (3. 156)*** (3. 081)*** (3. 375)*** (3. 326)*** ? 0. 0099 ? 0. 0099 ? 0. 0112 ? 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** 0. 1476 (2. 236)** 0. 0333 (1. 978)** (2. 225)** ? 0. 0001 ? 0. 0002 (? 0. 257) (? 0. 410) 0. 0085 0. 0086 (1. 803)* (1. 824)* ? 0. 0001 0. 0000 (? 0. 102) (0. 012) 0. 0709 ? 0. 0185 (2. 226)** (? 0. 383) 0. 0056 0. 0049 (1. 107) (0. 971) ? 0. 0002 ? 0. 0001 (? 0. 109) (? 0. 051) 0. 0018 0. 0018 (1. 221) (1. 2061) ? 0. 0009 ? 0. 0009 (? 0. 641) (? 0. 99) ? 0. 0046 ? 0. 0046 (? 2. 341)** (? 2. 302)** ? 0. 0005 ? 0. 0016 (? 0. 082) (? 0. 265) ? 0. 0015 ? 0. 0027 (? 0. 252) (? 0. 463) 0. 0060 0. 0077 2. 33*** 2. 58*** 3061 3061 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0003 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 10 (1. 978)** ? 0. 0001 ? 0. 0002 ? 0. 0001 (? 0. 336) (? 0. 484) (? 0. 257) 0. 0072 0. 0071 0. 0085 (1. 531) (1. 516) (1. 803)* ? 0. 0001 0. 0000 ? 0. 0001 (? 0. 069) (0. 37) (? 0. 102) 0. 0667 0. 0817 0. 0709 (2. 100)** (2. 517)** (2. 226)** 0. 0090 0. 0087 0. 0249 (1. 878)* (1. 832)* (2. 659)*** ? 0. 0003 ? 0. 0002 ? 0. 0002 (? 0. 182) (? 0. 138) (? 0. 109) 0. 0016 0. 0016 0. 0018 (1. 085) (1. 055) (1. 221) ? 0. 0007 ? 0. 0006 ? 0. 0009 (? 0. 466) (? 0. 407) (? 0. 641) ? 0. 0034 ? 0. 0032 ? 0. 0046 (? 1. 804)* (? 1. 686)* (? 2. 341)** 0. 0020 ? 0. 0007 ? 0. 0005 (0. 032) (? 1. 121) (? 0. 082) ? 0. 0005 ? 0. 0015 ? 0. 0015 (? 0. 079) (? 0. 252) (? 0. 252) 0. 0051 0. 00 64 0. 0060 2. 20*** 2. 41*** 2. 33*** 3061 3061 3061 0. 0333 (2. 225)** ? 0. 0002 (? 0. 410) 0. 0086 (1. 824)*