Innocent Smoothies Customer Relationship

The Mayans of Mesoamerica      The old Mayans were an all around created society with an extremely exact schedule, talented planners, craftsmans, broad brokers and trackers. They are known to have created medication and space science also. The entirety of this was created while the Europeans were still in the Dark Ages.      Their realm secured a region of about 400,000 to 500,000 square kilometers. This zone incorporated the current day nations of Belize, Guatemala, western Honduras and El Salvador, and furthermore southern parts of Mexico. These grounds have a differing territory, from the rugged good countries to the tropical swamps. The wide scope of land highlights implied that the Mayans food sources fluctuated relying upon their area.      The Mayan trackers sought after huge game like panthers, wild pigs, and snow panthers just as little game like bunnies, hares, and squirrels. The three creatures that appear to be the most common in Mayan compositions are the deer, iguana, and the quetzal winged creature. This has persuaded that these creatures more likely than not been something other than a food source. It is accepted that the quetzal winged animal was not murdered yet just caught. While it was caught, they would cull the quills from it since they were viewed as entirely significant. The Maya saw chasing as something beyond a food source, like the other local people groups we have examined. They had certain ceremonies t...

Effective Advertising Essay Example | Topics and Well Written Essays - 1750 words

Compelling Advertising - Essay Example Publicizing is one of the advancement apparatuses that organizations use to associate with the buyers. Known as over the-line-advancement now and then, it is a paid-for association with the clients to illuminate or convince about the item the organization is giving, for example Television or Magazine publicizing. Commercials are commonly engaged towards the correct objective market by settling on the correct correspondence connect for example Media. Be that as it may, it is additionally obvious that numerous individuals who are not willing or ready to purchase the item may see the ads as well. Extraordinary publicizing tasks can prompt expanded purchaser mindfulness and turnover for the item, in this manner inspiration can be accomplished, for example, brand dependability. There are two sorts of promoting: Informative and Persuasive. Enlightening are adverts that offer data to potential buyers of a decent, rather than simply attempting to make a name. Cost or highlights of the item c an be composed on it, or to be increasingly applicable, places where the item can be found. Firms utilize this sort of publicizing since it is compelling when it is attempting to animate early on enthusiasm for customers for the item that isn't been known previously, or attempting to educate about the structure or details. Another sort of publicizing is convincing promoting. This is expected to make an unmistakable thought of the item, despite the fact that it doesn’t uncover all the data of the item for example cost or spot it tends to be found at, or materials used to make the item. It is fairly done to ‘play’ with the psyches of the buyers so customers can separate about the specific item and different results of a similar kind accessible in the market. â€Å"The increasingly enlightening your promoting, the more powerful it will be.† (Shields, 2007). Then again, not all promoting is centered around the end client. One kind of promoting is focused at re tailers to stock and offer items to shoppers and, if conceivable, to give a superior picture than rival items. This sort of item publicizing is generally utilized and imprinted in business diaries and exchange reviews or business channels which for the most part are not accessible to buyers but rather just to firms and businesspeople. Promoting should be possible from multiple points of view. Publicizing organizations can be there to offer these types of assistance. (Stimpson and Farquharson, 2010). Despite the fact that it can end up being costly, these masters can offer a total compelling promoting procedures and this can be valuable to a business without its own showcasing specialists or to one that may have encountering this just because. These organizations will charge significant expenses and carry out the responsibility as: Researching the market, Use financially savvy promoting procedures, Using specialists and innovative heads to configuration, recording and printing the ad verts, and surveying and checking the work done. Viable publicizing is the focusing on appropriately at the correct clients through the correct media and the opportune time and promoting what the business brings to the table utilizing the most significant and conceivable method. Publicizing must be powerful if the message has been gotten and gathered by the recipient (open), and the sender is fulfilled that it has been passed on appropriately. Key components of successful promoting are: Transmitter or sender (Firm) Clear-cut conveyance of the message Appropriate channel (method of publicizing) Receiver (open) Feedback to survey the result Advertisements might be portrayed into two classifications â€Å"Branding† adverts or â€Å"Tactical† adverts for items explicitly. This proficient strategy permits the organization to advance an assortment of items under its impact simultaneously. â€Å"Tactical† commercials †generally give an answer for a specific issue. It gives the specific subtleties of the item that will be sold. Strategic promotion for the most part prompts firm rivalry from rivals in the business. Ongoing inquires about have been directed upon this idea in the case of promoting truly expands the deals or brand esteem or not. As indicated by the looks into, NASCAR fans were

Cause And Effects Of The Dust Bowl History Essay Free Essays

string(47) Plains got government exigency alleviation. Humongous dust storms destined Numberss of individuals in inkiness. No way to escape, individuals were encircled. Residue was obtaining everyplace: in their oral depression, eyes, nose doing it hard to slowly inhale. We will compose a custom article test on Cause And Effects Of The Dust Bowl History Essay or then again any comparable theme just for you Request Now It had gone into houses through any minor clefts. The residue was even in supplement individuals ate and it was difficult to obtain freed of. People groups were in edginess. â€Å" Now the air current became solid and troublesome and it worked at the downpour outside layer in the maize Fieldss. Little by little the sky was obscured by the commixture dust, and stole away. The air current became more grounded. The downpour outside split and the residue lifted up out of the Fieldss and drove dark tufts into the air like glum smoke. The maize sifted the air present and made a dry, hotfooting sound. The best residue did non settle back to Earth currently, however vanished into the darkening sky. †¦ The individuals came out of their homes and smelled the hot stinging air and secured their olfactory organs from it. Also, the children came out of the houses, yet they did non run or yell as they would hold done after a downpour. Men remained by their fencings and took a gander at the de molished maize, drying quick now, only a little green demoing through the film of residue. The work powers were soundless and they did non travel every now and again. What's more, the grown-up females came out of the houses to remain adjacent to their work powers †to encounter whether this clasp the work powers would interfere. â€Å" †John Steinbeck, â€Å" The Grapes of Wrath ( 1939 ) † Dust has destroyed existences of individuals, genuinely and intellectually, it had contacted the financial framework each piece great. Who caused this tremendous cataclysm? Individuals did. Presently they needed to make the stuff to procure free of lethal impacts of the residue bowl. The fiasco was environmental, practical, cultural, and social. The fiasco was brought about by the blend of natural and human elements. It kept going 10 mature ages. Fiasco caused individuals change their farming ways, leave their places and endure. This dreadful calamity kept going ten mature ages, and got its name from Associated Press newsman who called it dust bowl on knowledge â€Å" Three little words painfully recognizable on the Western farmer ‘s lingua, guideline life in the residue bowl of the mainland †on the off chance that it downpours. † The clime was an of import reason for the residue bowl. The clime of the Great Plain ‘s part is dry and blowy ; air flows arrived at the speed of 60mph. Researchers accepted that drouth which caused the residue bowl to take topographic point happened in light of the fact that it happened same clasp as La Nina occasion in the Pacific Ocean. Cold ocean surface temperatures diminished the whole of wet come ining the stream conduit and guided it south to U.S. , were it hit The Great Plains. The solitary thing that kept the soil on topographic point is its verdure, which is thick grass that does n’t require a lot of H2O. The place where there is Great Plains had encountered drouth from 1931 to 1937 which ended up being a lot of more regrettable so it would in view of human intercession. In 1800s railwaies were worked all through the United States. In 1862 specialists guaranteed free land to any individual who moved to the prairie for five mature ages. Free land was a decent g round for a move, while the railwaies supported the relocation. They planted collect and cultivated. Somewhere in the range of 1909 and 1932 all the more so 30 million homes of land were furrowed. It appeared to be a gigantic total compensation for the husbandmans to furrow so much land, yet they disregarded one moment, that the land those mature ages lost its main assurance, the grass. All furrowing they did turned significant doing the dark blizzards. In 1920s individuals thought of new, quick, and strong methods of gaining harvests, they had new hardware and the work was considerably more proficient. A large portion of husbandmans could n’t bear the cost of such costly building, so they leased it and worked harder so as to pay for the lease and still get some total compensation. In late 1920s national financial framework went into lessening, so this had urged husbandmans to work more earnestly. In 1930 husbandmans of Southern Plains planted a cluster of wheat, furrowing th e land which ought to non be furrowed. The part was n’t set for the European-way agribusiness ; it was known as The Great American Desert. The land was mishandled. Dry seasons followed and nil would turn, on the other hand the furrowed land went dry and titanic air flows have brushed this land off creation gigantic haze of completely dark residue covering the skies, hurting individuals, doing populating dangerous and exceptionally hard. In 1931 was the record wheat collect, which sent the wheat financial qualities to as far as possible which requested more endeavor of husbandmans who expected to run into the required hardware and ranch installments. In 1931 the air flows start to blow making â€Å" dark blizzards † . In 1932 the figure of residue storms expands significantly to fourteen, after twelvemonth rose up to thirty two. Numerous Europeans moved to the fields in twentieth century. The greater part of them relocated for cultivating. This prompted significant expansion in cultivating. Not simply individuals, yet gear was bettering doing cultivating significantly progressively proficient and of more noteworthy graduated table. After WWI the money related qualities on stocks dropped significantly, elevating husbandmans to work more enthusiastically. Ranchers utilized unpleasant agribusiness techniques which prompted disintegrating. For representation cotton husbandmans left land exposed in winter when air flows are at their most grounded. Some consumed the stubble, or signifier of weeding front to seting where the natural nourishments from soil are denied doing land powerless against dissolving. The local grasses which used to keep the soil were furrowed. This left the land unprotected. In 1930s drouth declined the financial status. Numerous husbandmans required specialists ‘s help. Orchestrating to ( hypertext move convention:/www.drought.unl.edu/whatis/dustbowl.htm ) 21 % of country family units in the Great Plains got government exigency mitigation. You read Cause And Effects Of The Dust Bowl History Essay in classification Paper models Peoples from Southern Plains relocated on the grounds that life was profoundly hard at that place. People groups had no place to travel â€Å" And so the seized were drawn west-from Kansas, Oklahoma, Texas, New Mexico ; from Nevada and Arkansas, family units, people, cleaned out, tractored out. Vehicle loads, trains, destitute and hungry ; twenty thousand and 50 1000 and a hundred thousand and 200 1000s. They spilled over the mountains, eager and ungratified †anxious as emmets, rushing to happen work to make †to raise, to drive, to draw, to pick, to cut †anything, any heap to shoulder, for supplement. The chi lds are eager. We got no topographic point to populate. Like emmets hurrying for work, for supplement, and above all for land. † †John Steinbeck, The Grapes of Wrath, 1939.These individuals moved to a great extent to California and were named Oakies. Despite the fact that individuals were non only from Oklahoma, they were named Oakies because of biggest per centum from Oklahoma. They picked California generally in view of its gentle clime ; its clime gave long turning season and enormous gather assorted variety, it was an ideal topographic point for husbandmans. California did n’t welcome the Oakies on the grounds that they searched for occupations making business employments, abrupt developing of laborers and less occupation infinites. As Oakies relocated to California, social fights among them and individuals from California happened, in light of the fact that Oakies were ethnocentric, meaning that they thought their way of life/ethnicity is foremost to all. This made some long lasting impacts like terrible generalizations of Oakies in Californian culture. As Oakies took farmland the prizes went exceptionally low which was n’t bounty for taking care of the family units. Many set cantonments at water system dump on ranches. These dump Bankss had hapless restorative conditions and caused some significant wellbeing issues. Ranchers were kicked out of occupations on the grounds that the land was failed and they could n’t turn harvests, families who possessed homesteads became hapless furthermore, on the grounds that their cash depended on work of husbandmans who got terminated. Landowning families moved on the grounds that else they were bankrupt. Some state that underlying foundations of this calamity went way over from 1914 when the Turkish Navy barricaded the Dardanelles and slice off Russian wheat dispersion to the rest of the universe. In light of the unexpected expansion of interest Southern Plain husbandmans furrowed the land that they had ne’er furrowed before. From 1932 the downpour has halted go forthing the land unprotected to inclining air flows , which passed the dry earth over arranging dust storms. As the wheat money related worth fell as a result of collapse after World War I they furrowed considerably more to run into financial requests which made the land significantly progressively powerless. In May another residue storm blew east blockading the Sun in New York. The residue from Southern Plains had even showed up on President Roosevelt ‘s work area! Ref. ( http:/www.humanities-interactive.org/texas/dustbowl/thedustbowl_essay.htm ) Dust arrived at 500 detail mis out to the ocean Ref. ( hypertext move convention:/www.eyewitnesstohistory.com/snprelief2.htm ) Because of the residue bowl childs saw their folks getting broke which influenced their, yet insecure mental science. Childs needed to play with anything they finance since guardians could n’t bear to buy any toy. Greater childs needed to help their folks do various occupations important for perseverance. It was really hard to happen supplement since everything was in dust, husbandmans did n’t hold clasp to turn cowss, in light of the fact that they were fighting the unpleasant conditions. People groups would go to Parkss were particul

Free Essays on Alcoholism

One night a gathering of companions and I were sitting at my home observing motion pictures. As we were all staying there we out of nowhere heard somebody slamming into my entryway, I couldn’t consider who it would be around then of night. As I glanced through the window, I saw my Uncle Jim remaining there. All I had the option to see when I opened the entryway was his ragged looking eyes and the solid smell of liquor coming from his breath. As he was strolling up my corridor steps, I can just recall him bumbling, and expressing â€Å"There’s no chance I can go home†. Despite the fact that having been around drunkards throughout my life, I have never genuinely comprehended what makes a few people so appended to the liquor. Numerous individuals today feel that liquor addiction is a fixation which is a settled propensity, yet I feel that liquor addiction is viewed as a dynamic malady where an individual devours inordinate measures of liquor what's more, can't control his/her need to drink (Encyclopedia of Psychology 111-115). This is on the grounds that liquor addiction has been named a sickness by the American Medical Society just as by the National Council of Alcoholism as a result of the four factors, for example, it has side effects and signs, it is diagnosable, it is dynamic, and it very well may be dealt with (Facts about liquor and Alcoholism 8). Drinking liquor is an individual decision. Individuals may drink for some various reasons. A couple of instances of why individuals drink are to be increasingly amiable, be loose, and to feel greater or more grounded (Kinney and Leaton 8). It does, notwithstanding become an issue when an individual has a staggering impulse to drink. This is the point at which they are viewed as a drunkard. Liquor addiction has numerous early admonition signs and manifestations, any of which an individual can flag a creating issue. A portion of the side effects comprise of swallowing the liquor drink in huge sums, or concealing the measure of liquor they expended from others. For instance, keeping bottles reserved in the trunk of a vehicle, or the m... Free Essays on Alcoholism Free Essays on Alcoholism Presentation While analyzing social orders ‘normal’ families today we see them making progress toward estimations of affection, faithfulness and trust. Network shows and motion pictures in all likelihood represent adolescents drinking at ‘fun’ parties, or the guardians at a social event, failing to get caught in the shades of malice of drinking. Numerous individuals don't understand in reality that these social methods of collaborating can prompt considerably more genuine and more profound issues in ones life. The causes and improvement of drinking are extraordinary, and it’s stunning that we don’t hear enough of this data in the media. This is the subject which I wish to talk about in this paper, and to characterize the genuine importance of liquor abuse: It alludes to the drinking of mixed refreshments to such an extent, that it genuinely and over and again meddles with significant parts of an individual’s life, for example, work, school, family relations, or individual security and wellbeing. Liquor addiction is viewed as an ailment, implying that on the off chance that it follows a trademark course with known physical, mental, and social side effects. The alcoholic keeps on expending liquor in spite of the ruinous outcomes. (Acoholism-Encyclopedia; 427) How families manage the worries of a friends and family drinking propensities are significant to the manner in which the kid will figure out how to manage savoring what's to come. The impacts of liquor on the human body differ from individual to individual, as do the indications, and causes. The social impacts of liquor abuse will be reflected in this paper. Liquor abuse in the family can cause numerous issues for every person with in it. Causes and Symptoms â€Å"It has been said that there are the same number of reasons for liquor abuse as there are alcoholics.† (Ogilvie; 3) a portion of these are as per the following heavy drinkers as a rule resort to drinking to ease nervousness; to elevate their energy, to get them in an increasingly energetic state of mind; to improve the sentiment of intensity so they believe they are in control and they likewise may get aggressiv... Free Essays on Alcoholism Liquor addiction alludes to the maltreatment of liquor by people who can't control their hitting the bottle hard conduct over a drawn out timeframe. Heavy drinkers are not just individuals who devour liquor; rather, their whole lives spin around liquor. While numerous individuals typically excuse the impacts of substantial toasting a headache that won't last past the day, the impacts of liquor addiction are unendingly all the more suffering and wrecking for the drunkards, yet in addition for their families and companions. Over the top utilization of liquor can apply a serious effect on the cerebrum, both on the present moment and long haul premise. The motivation behind why heavy drinkers show forceful conduct can be ascribed with the impacts of liquor on different pieces of the mind. In the first place, liquor can influence the gamma-aminobutyoric corrosive receptor (GABA-A) complex in the cerebrum that restrains forceful conduct by making nervousness over socially improper conduct. Second, the impact of liquor on the dopaminergic framework that controls the psychomotor incitement can prompt an expansion in the power and level of hostility. The lower glucose in the cerebrum can likewise add to an elevated degree of hostility (Graham, Wells, and West, 1997, p. 626). Thus, heavy drinkers will in general go overboard to unsavory circumstances by utilizing hostility. Moreover, with unreasonable liquor utilization, drunkards lose their ability to practice restraint over their feelings and sentiments. All the time, liquor utilization turns into a methods for them to release repressed negative sentiments. For different drunkards, liquor is a route for them to cover their negative sentiments of outrage, blame and sorrow. In this way, their general perspective is ill humored and threatening, prompting expanded odds of forceful conduct at the scarcest incitement (Graham, Wells, and West, 1997, p. 627). Liquor likewise effectsly affects the individuals’ capacity to work adequately in an intellectual manner. Al... Free Essays on Alcoholism Liquor addiction is a horrendous infection, which has the chance of influencing one’s wellbeing, family or work. Undergrads intermittently go to liquor to take care of their issues as a discharge from mounting school pressure. Be that as it may, does drinking while at the same time going to class truly influence a student’s standard of conduct and execution in school? Studies demonstrate that the same number of as 30% of youth take part in visit drinking practices (Sullivan and Risler, 2002). In all honesty, this happens to be an in excess of a fourth of our understudy populace! Allowed learning can be dull now and again, however this most likely could be the last stop of gaining crude information before taking off into this present reality. I have collected a lot of components that may clarify student’s liquor misuse and how it influences their practices separately. Really awful it could be as simple as advising them to simply quit drinking. A considerable measure of experimental research is accessible showing an association between liquor utilization and debilitated scholastic execution (Perkins, 2002). How astonishing is this however? This entire proclamation helps me to remember a chain response down the line. Behave recklessly and you kick the bucket by fire. Drinking throughout the night makes an understudy lose enthusiasm for school. Their evaluations begin to vacillate and apathy transforms into significant lingering. A study was taken from a pool of around 40,000 understudies expressing that 22% had performed ineffectively on a test or venture and 28% had missed a class because of liquor use (Presley et al., 1996). One of the impacts of understudy drinking is the expansion of hazardous sexual conduct. In an investigation relating liquor and sexual conduct (Desiderato and Crawford), 59% of understudies reviewed reacted saying liquor utilization typically went before an explicitly movement. This is shockingly alarming since sexual circumstances can prompt modified lives not far off. Individuals will in general become more discreet which prompts either undesirable pregnancy or much more dreadful by contracting... Free Essays on Alcoholism The Psychosocial Effects of Alcoholism Liquor addiction alludes to the maltreatment of liquor by people who can't control their hard-core boozing conduct over a drawn out timeframe. Drunkards are not just individuals who devour liquor; rather, their whole lives rotate around liquor. While numerous individuals as a rule excuse the impacts of substantial toasting an aftereffect that won't last past the day, the impacts of liquor addiction are boundlessly all the more suffering and crushing for the drunkards, yet in addition for their families and companions. Inordinate utilization of liquor can apply an extreme effect on the cerebrum, both on the present moment and long haul premise. The motivation behind why heavy drinkers show forceful conduct can be credited with the impacts of liquor on different pieces of the mind. In the first place, liquor can influence the gamma-aminobutyoric corrosive receptor (GABA-A) complex in the cerebrum that restrains forceful conduct by making tension over socially improper conduct. Second, the impact of liquor on the dopaminergic framework that controls the psychomotor incitement can prompt an expansion in the force and level of hostility. The lower glucose in the cerebrum can likewise add to an uplifted degree of hostility (Graham, Wells, and West, 1997, p. 626). Therefore, heavy drinkers will in general overcompensate to unsavory circumstances by utilizing hostility. Moreover, with unnecessary liquor utilization, heavy drinkers lose their ability to practice discretion over their feelings and sentiments. All the time, liquor utilization turns into a methods for them to release repressed negative sentiments. For different drunkards, liquor is a path for them to cover their negative sentiments of outrage, blame and despondency. In this manner, their general perspective is irritable and antagonistic, prompting expanded odds of forceful conduct at the scarcest incitement (Graham, Wells, and West

Working Capital Management And Profitability For Listed Companies - Free Essay Example

Working capital management (WCM) refers to management of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current assets and current liabilities, which is also a primary function that support firm daily operation such as used to funds its stock, credit sales, and credit purchases. The management of working capital is important in order to maintain its liquidity in day-to-day operation; to ensure it operation is running smoothly and meets its obligation (Eljelly, 2004). A firm without sufficient cash flow will have difficulties to survive in the future as it will be unable to pay its obligations. Therefore, if a firm does not manage their liquidity position well, it will affect firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth, survival and profitability (Shafii, 2010). The trade-off between profitability and liquidity are essential, however most of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s ultimate objective is to maximise profit, while disregarding the dilemma of liquidity. One objective should not be cost of the other because both of them have their important (Raheman Nasr, 2007). Jose et al. (1996) also point out this fact saying à ¢Ã¢â€š ¬Ã…“firms with glowing long term prospects and healthy bottom lines do not remain solvent without good liquidity managementà ¢Ã¢â€š ¬?. For these reason WCM should be given proper consideration. However, the management of working capital is complex as it needs to manage a number of different components which are inter-linked to each others. The management needs to concern on account receivables, account payables, inventories and cash, as altering one component w ill affect the others. Therefore, firms need to identify the optimal level of working capital that can maximise firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s value (Afza and Nazir, 2007). According to Ganesan (2007), optimization of working capital means minimisation of related costs and maximisation of related income. Efficient WCM will increase firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ free cash flow, which in turn increases the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ growth opportunities and return to shareholders. Consequently, efficient WCM is crucial in order to maintaining firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ survival, liquidity, solvency and profitability. Thus, WCM has enormous influence to firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. Research Question à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã…“Does the past evidence showing a relationship between WCM and profitability hold true in Malaysian Listed Companies à ¢Ã¢â€š ¬Ã¢â‚¬Å"manufacturing and services industries.à ¢Ã¢â€š ¬? 1.2 AIM The aim of this study is to provide empirical evidence of the relationship between WCM and profitability in a sample of Malaysian listed companies by looking at the manufacturing and services industries. The cash conversion cycle (CCC) will be the indicator of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidity which is a comprehensive measure, so that able to identify the most important variable that will affect CCC for two different industries. 1.3 OBJECTIVES OF THIS STUDY Examine the relationship between the CCC and firm profitability. Examine the relationship between CCC components which are account receivables, account payable and inventory turnover period with firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Investigate whether the two industries have the same effect on the relations. 1.4 RATIONAL OF THIS STUDY Extensive empirical research on WCM has been carried out around the world widely and those researches had given different results on the relationship between WCM and profitability. As the studies on the data undertake from Ernst Young, 2010 reveals that WCM vary across different industries. The study also gives significant evidence that different firms or sectors adopt different approaches to WCM. So, different firms will use different approaches and strategy to manage their working capital, such as those firms that is less competitive will choose to minimise their receivable in order to increase their cash flow. While for those firms that depends on supplier will maximise their payable account. Therefore, the impact of various working capital mechanisms on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance from Malaysia perspective might be different due to divergence business environment and culture between other countries. Besides that, there are few factors that may influence firm working capital such as nature of business, production policy, production cycle, credit policy, and availability of supply (Rama, 2009). Nature of Business The nature of business between different industries or firms is different. Thus, working capital requirement needed, also different among different industries or firm. For example, manufacturing is the productions of the product where the inventory can be keep in the warehouse. While services are the services provided to customer which cannot be stored. It also does not have investment in either raw materials, work in progress (WIP) or finished goods. Besides that, it also involves in immediate realization of cash after the services are provided, which means there will be less accounts receivables is exists. In here, it can be believed that services will have lower working capital requirement. [low wc, more risk n return] This is further proven by John Louie Ramos Production Policy The management of hospitality capacity (inventory) is difficult as compared to manufacturing firm due to fluctuating demand pattern. For example, for service industry their inventory is room availability. The number of rooms in a hotel is fixed, once the room is vacant, they will lose the chances of earning money and the inventory during the period is wasted. Meanwhile, the services provided to customer cannot be store. Besides that, if the demand for the room is more than supply, they had to lose the income as they cannot produce the inventory based on demand. While for the manufacturing firm, they can produce their inventory based on the seasonal demand. They can produce more inventories during the peak demand and less during off-seasons. Then, the firm will have low working capital during off-season. While for those firm that have fixed inventory production policy which means produce the same quantity of inventory to meet the peak demand, then the firm will have large accumul ation of inventory during the off-seasons. The large accumulation of inventory will increase the amount of working capital. Thus, the production policy will affect the firm and industry working capital requirement. Production Cycle The time and process involved in manufacture of goods will also affect firm working capital requirement as more fund is needed to invest, in order for the goods to be completed in time and in good quality. Credit Policy Credit policy also one of the factors that will affect firm or industry working capital requirements which it determine the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s receivables. For services industry, it will have low working capital as it involved cash sales while for manufacturing the working capital requirement will depend on the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s credit policy. If the firm offer short credit period, then it will only need low working capital and vice versa. Availability of supply The availability of inventory such as raw materials will affect firm working capital requirements. If the availability of raw materials is easily to obtain then firm can maintain low inventory which mean only need low working capital. However, if the level of supply is hard to predict or obtain then the firm had to keep a large amount of inventory in their warehouse in order to avoid the shortage of production. Thus, the firm need large amount of working capital. Therefore, this study is to examine the differences of the WCM between to the two industries and relationship between liquidity and profitability in Malaysia listed company. 2. LITERATURE REVIEW 2.1 WORKING CAPITAL MANAGEMENT Working capital represents safety cushion for providers of short term funds of the firm. Without a proper management of working capital, it will have cash shortages and will result in difficulty in paying its obligations, especially in the competitive business worlds nowadays (FPR, 2010). Besides that nowadays, most companies normally do not think of improving liquidity management until them faces financial crisis or becoming on the edge of bankruptcy. In order to make sound decision and survive in the long term, firm must combine strategic planning with comprehensive data by using both financial and non-financial data. Working capital and liquidity management is important for all businesses either are small, medium or large firm. As cash is the most liquid asset in a firm, therefore efficient liquidity management involves planning and controlling firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current assets meets its current liabilities is essential so that firm will not excessive invest in short ter m finance and avoid risk of inability to meet its short term obligation. Furthermore an efficient WCM enable firm to minimise the need for external financing as the external financing comprises of financial risk. By referring to the risk and return theory (Pettengill et al, 1995), higher risk investments will result in higher returns and vice versa. Hence, firms with low liquidity of working capital may have higher risk then high profitability. Conversely, high liquidity of working capital may face low risk then low profitability. Therefore, firm must take into consideration all the current assets and current liabilities when making financial decision making and try to balance the risk and return. As a result, in addition to profitability, liquidity management is vital for ongoing concern. Working capital management comprises of inventory management, cash management and credit management. A detailed of those components will be discussed below: 2.1.1 INVENTORY MANAGEMENT Inventory management is essential for businesses, without proper control and management of the inventory will lead to serious issues facing by the firm. For example, if the inventory does not managed properly or in an efficient manner, it may delay firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s production process, lost of important customer, customer dissatisfaction, and or result in working capital curtailment (Richard A, 1978). Inventory consists of raw material, WIP and finished goods (Adeyemi, 2010). By referring to (Marilyn, 2006) raw materials are used to make production scheduling easier, to take advantage of price changes and quantity discounts, and to hedge against supply shortages. If raw material inventories were not held, purchases would have to be made continuously at the rate of production. This would not only mean high ordering costs and less quantity discounts, but also production interruptions when raw materials cannot be procured in time. WIP serves to make the production process smooth er and more efficient. Besides that, it will provide a buffer between the various production processes. Finished goods have to be held to provide immediate services to customers and to stabilise production by separating production and sales activities. Firm can improve the inventory turnover or shortening the inventory turnover period by speeding up the WIP into finished goods, however it cannot be fully transformed. While for the raw material and finished goods is depend on management decision. Thus, it can be said every firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s inventory turnover level is significantly different from each other. High inventory holding in a firm will reduce the risk of shortage and decrease the ordering cost. However, hold too much inventories on hand there may be a risk of inventory obsolesces (Van Horne, 1995). Therefore, firm must find a trade-off between those risks by discovery an optimal inventory level. An optimal inventory level can be measured using the economic order quant ity (EOQ) as it minimise the annual holding costs and ordering costs (Adeyemi, 2010). The formula for EOQ is as below: A = Annual demand Cp = Cost to place an order Ch = Cost of holding an inventory in a year Besides that, EOQ can also be explained using graph in the Figure 1. The graph is plotted for total ordering cost, total holding cost and total cost for the quantities ordered. The point at which the line of total ordering cost intersects with the total holding cost is the EOQ. At the point of EOQ, it will show the minimum costs that will incurred when the firm placing the total amount of quantities. The graph also shows that the cost of ordering is decreased when the order quantity is increased. Then, the holding cost will increase when the order quantity is increased. In addition, when the order quantity is increased or decreased, the total cost will increased and decreased as well, where the total cost is the sum of total ordering cost and total holding cost. Hen ce, the optimal level of inventory cost is at the point of EOQ. According to Abraham (2005) inventory for services industries consists of two kinds of perishable inventory. One is room availability and the other is food beverages. The identification of fast and slowing moving of these inventories is within the total inventory is essential in order to avoid insufficient inventory. He also states that an optimal inventory is important in order to have a proper management of the inventory as those unused inventory will lead the firm suffer a lost. 2.1.2 CASH MANAGEMENT According to Van Horne (1995) cash management is involves managing the monies of the firm in order to maximize cash availability and interest income on any idle funds. Cash management also include the trade receivable of a firm which play an important role in managing working capital. By improving the trade receivable routine more efficient, firm can reached optimal receivables by having adequate credit policy and collection procedure. A credit policy specifies requirements to value the worthiness of customers and a collection procedure provides guidelines to collect unpaid invoices that will reduce delays in outstanding receivables (Richards Laughlin, 1980). An efficient cash management is essential as it can be an instrumental in preventing losing of cash, maintain sufficient cash to made payment and prevents unnecessary large amounts of cash from being held idle in banks account that produce little or no revenue. 2.1.3 CREDIT MANAGEMENT Lastly, the optimal payables can be achieved by extending its trade credit from supplier. Simona and Paul (2007) state that trade credit is a substitute financing choice of short term borrowing, where trade credit is à ¢Ã¢â€š ¬Ã…“freeà ¢Ã¢â€š ¬? while short term borrowing is à ¢Ã¢â€š ¬Ã…“costlyà ¢Ã¢â€š ¬? as it needs to incur interest cost. For example, when firm extends its credit period from suppliers it will save the cost of short term borrowings. This means that an increased in account payables, will lead to a decrease in the short term borrowing costs. However, by delaying the payments to supplier will damage the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s reputation and loss some of the cash discounts offered by supplier for early settlements. 2.2 LIQUIDITY MEASURES Corporate liquidity is examined from two distinctive dimensions either static or dynamic views (George, 1997; and Lancaster et al., 1999). 2.2.1 CURRENT AND QUICK RATIO The static view is normally based on traditional measure of current ratio and quick ratio which is calculated based on information at the balance sheet and incorporates no cash flow variables. The underlying behind why these two ratios are well-known in used is due to its simplicity. Current ratio is defined as the relationship between currents assets and current liabilities. It is calculated by dividing the total of the current assets by total of the current liabilities. The current ratio represent margin of safety to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s creditor, an index to the firm stability. While for quick ratio is the ratio of liquid assets to current liabilities. Kamath (1989) argues that the information generated from the ratios is inadequate to measure the liquidity and future cash flow due to their static nature which measures liquidity at a given point of time. George (1997) assert that it will be more appropriate and accurate to evaluate effectiveness of WCM by CCC, rather than the traditional measures of liquidity à ¢Ã¢â€š ¬Ã¢â‚¬Å" current ratio and quick ratio. 2.2.2 CASH CONVERSION CYCLE (CCC) Whereas dynamic CCC measures ongoing liquidity from the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s operation is define as more comprehensive measure of working capital and as a supplement to current ratio and quick ratio (Richards and Laughlin, 1980). CCC shows the time lag between expenditure for the purchases of raw materials and the collection of sales of finished goods (Schilling, 1996). This CCC measures also has been highly recommended by Kamath (1989), and others. CCC is a measure for the efficiency of WCM as it indicates how quickly the current assets are converting into cash. CCC comprise three components of days inventory outstanding (DIO), days sales outstanding (DSO) and days payables outstanding (DPO) [CCC = DIO+DSO-DPO]. DIO is a key figure that measures the average amount of time that a firm hold its inventory. It is calculated by inventory/cost of sales x 365 days. A decrease in the DIO represent an improvement, increase is deterioration (Ross et al, 2005). DSO is the key figure that measures the average amount of time that a firm hold its account receivables. It formula to calculate is account receivables/sales x 365days. A decrease in DSO represents an improvement, whereas increase represents deterioration (Ross et al, 2005). DPO is the key figure that measures the average amount of time that a firm hold its trade payables. It is calculated by trade payable/cost of sales x 365days. For DPO, an increase in days represents an improvement, whereas decrease indicates deterioration (Ross et al, 2005). The traditional view on CCC and profitability highlight that the shorter the CCC, the superior the firm profitability. The firm can shorten their CCC by improving the inventory turnover, collects cash from receivables more quickly and slowing down the payments to suppliers. This will increase the efficiency of firm internal operation and result in greater profitability (Mohammad, 2010). This can be seen in the case of Dell manufacturer in American, which i t mainly business is sales of its own brand (Dell) computer and computer accessories through internet and open door sales. Their primary focus is on student market and home user. Richard (2003) had analyse on the Dellà ¢Ã¢â€š ¬Ã¢â€ž ¢s working capital showing that the increase in inventory turnover and receivable turnover days were affect Dellà ¢Ã¢â€š ¬Ã¢â€ž ¢s overall profitability. Later in the year 1997, Dell had made some changes on its business operation by only producing those computers when the order is placing by customers and thus, the company able to reduce its CCC to negative working capital due to low inventory turnover. The negative CCC show that Dell able to collect payments from customers before they made payment to their supplier. On the other hand, shortening the CCC could harm firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability as reducing the inventory conversion period could increase the shortage cost, reducing the receivable collection periods could makes the companys lo using its good credit customers, and lengthening the payable period could damage the firms credit reputation. Therefore, shorter cash conversion cycle associated with high opportunity cost, and longer cash conversion cycle associated with high carrying cost. By achieving the optimal levels of inventory, receivable, and payable will minimize both carrying cost and opportunity cost of inventory, receivable, and payable and maximises sales, and profitability of firms. In this regards, an optimal cash conversion cycle as more accurate and comprehensive measure of working capital management. Schilling (1996) mentions optimum liquidity position, which is minimum level of liquidity necessary to support a given level of business activity. Briefly, he says it is critical to deploy resources between working capital and capital investment, because the return on investment is usually less than the return on capital investment. Therefore, deploying resources on working capital as much as to main tain optimum liquidity position is necessary. Then he sets up the relationship between CCC and minimum liquidity required such that if the CCC lengthens, the minimum liquidity required increases; conversely, that if the CCC shortens, the minimum liquidity required decreases. 2.3 EMPIRICAL EVIDENCE There are numerous empirical research had done on the relationship between WCM and profitability in different countries and industries by using different variable selection for analysis. Some of the research prove that there is a positive relationship between profitability and CCC such as Dell, however there also had research shows that there are negatively related. Richards and Laughlin (1980) concluded that there is a positive relationship between the current and quick ratios and the cash conversion cycle. Besides that, Chowdhury and Amin (2007) also had found positive correlation between working capital and profitability which examine on the pharmaceutical industry in Bangladesh. The study done by Lazaridis and Tryfonidis (2006) using the sample of listed company from Athens Stock Exchange for the period 2001-2004 showed that there is a significant relationship between CCC and profitability, which use gross operating profit as a measure of profitability. It same apply for Gan esan (2007), analysis on the WCM efficiency in telecommunication equipment industry, found that there is negative relationship between working capital and profitability. It can be said that management of working capital have significant impact on profitability and liquidity in different countries and industries. Besides that, an empirical research on Pakistani firms done by Raheman and Nasr, (2007) with a sample of 94 firms listed on Karachi Stock Exchange from period 1999-2004, shows that there is a negative relationship between variables of WCM and debt with profitability of the firm. In addition, a study in Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s hospital for the period 2005-2006 by Christopher and Kamalavalli, (2010) the correlations and regression analysis signifying that working capital component namely current ratio, cash turnover ratio, current assets to operating income and leverage negatively influence profitability of the firms. Lastly, the recent study in 2009 by Uyar (2009), he used t he ANOVA and Pearson correlation to analyse the relationship between CCC and return on asset for the firm listed in the Istanbul Stock Exchange for the year 2007. The research showed that there is a significant negative correlation between those two variables. Belt (1985) examined for US companies the trends of cash conversion cycle and its components during the period 1950-1983, for those lines of businesses for which Quarterly Financial Report for Manufacturing, Mining and Trade Corporations (QFR) . He found that retailing and wholesaling firms both had cash conversion cycles shorter than those of manufacturing firms. Mining firms had the shortest cash conversion cycle because this type of industry has the longest payment deferral period of all the major business types. Besley and Meyer (1987) evaluated empirically the interrelationships among the working capital accounts and cash conversion cycle, the firms industry classification and the rate of inflation for US companies for the period 1969-1983. Using the Spearman rank correlation coefficient they found that the cash conversion cycle was most correlated with the average age of inventory and least correlated with the age of spontaneous credit. The conclusion suggests that inventory activity is the most important input to the cash conversion cycle. The age of inventory, the average collection period and the age of spontaneous credit proved to be highly correlated. The cash conversion cycle and its components for the examination period differed from industry to industry, but did not vary from year to year. By looking at the empirical literature on WCM, there is limited research study on the consequences of WCM from Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s firm perspectives. Irene Lee (2007) research results show that the Malaysian public listed firms have positive relationship between profitability and working capital to a certain extent. Besides that, the recent study by Mohammad (2010) explores the relation bet ween WCM and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. He measures the relationship by selecting 172 listed companies in Bursa Malaysia for the period 2003-2007. Using the Pearson correlation and multiple regression analysis, he found significant negative associations between working capital variables with firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s market value and profitability. Therefore, he highlights the importance of managing working capital requirements to ensure an improvement in firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s market value and profitability and must consider the working capital when making companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategic. It can be seen from the above that many studies have done on the WCM, its component and profitability by using different variable to test those relationship. From those studies, different countries, industries and strategies gives different results, some are positively related between WCM and profitability while some are negatively related. Since the previous studies of WCM in Mal aysia, is focusing on the relationship between WCM and profitability. Therefore, in studies will further study on the relation of the both variables by making comparison on the two listed industries of manufacturing and services industries in Malaysia. 3. RESEARCH METHODOLOGY The objective of this study is to look at one parts of financial management which known as WCM with reference to Malaysia. Here, will see the relationship between WCM practices and its effects on profitability of two industries in Malaysia; 16 firms listed on main board of Bursa Malaysia for the period of three years from 2007 to 2009. This section of the study will discuss on the sample selection, variables, and statistical techniques that will be used to examine the relationship between firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ WCM and profitability. 3.1 DATA SET SAMPLE In this study secondary data; firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statements will be used to examine the research question. Those secondary data will be collected from Bursa Malaysia. A sample of eight companies will be randomly select for both manufacturing and services industries for the period of three years from 2007-2009. The reason for selecting this period was that latest data that will be available for investigation. Manufacturing and services industries are selected for this study because they reveal district difference in term of nature and management of the business. The services industries have a seasonal period and profit as they unable to predict the sales and demand from customers as services industries are people-oriented and people-driven, it is more difficult to effectively automate and control the service costs than in other non-services business sectors. Whereas the inventory for the manufacturing can be stored in the warehouse in order to avoid shortage but for t he services industries unable to stored their capacity (inventory) as it will affect their firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Therefore, a comparison of the WCM between the two industries will be look at in this study. Primary data will not be used as the data that has not been gathered before and the collection of data is time consuming, and high cost. Besides that, the primary data is not able to measure the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial strength and weaknesses. The measurement of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial wealth can only be measures and compare by using quantitative data. In addition, this study is to examine the relationship between WCM and profitability which required the quantitative information. 3.2 VARIABES This study had identified key variables that will influence Malaysia firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s WCM. Choice of variables is influenced by previous study on WCM and also to further study on the previous study on Belgianà ¢Ã¢â€š ¬Ã¢â€ž ¢s WCM by Deloof. CCC will be used as a comprehensive measure of WCM which also used as independent variables. CCC is simply DSO plus DIO  less  DPO. Profitability is measured by gross operating income (GOI), which is defined as sales minus cost of sales, and divided by total assets minus financial assets. Why it was divided by total assets minus financial assets? As from the list of companies that are randomly selected from Bursa Malaysia, their financial asset is a significant part of its total assets, where financial asset include cash and bank balances, stock and securities that can be readily converted into cash. This also the reason why return on assets is not considered as a measure of profitability in this research, as if firm ha s mainly financial assets in its balance sheet; its operating activities will contribute little to the overall return on its assets. Besides that, sales growth ([this yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales à ¢Ã¢â€š ¬Ã¢â‚¬Å" previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales]/previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales) will be used as control variable in the regression analysis. 3.3 HYPOTHESIS TESTING As the objectives of this study are: Examine the relationship between WCM and profitability. Examine relationship between the DSO, DIO, DPO and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Investigate whether the two industries have the same effect on the relations. The following hypothesis will be formulated and attempt to find statistical evidence for the two industries to support those hypothesis. Hypothesis H1: The CCC is negatively related to firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability (ROA) à ¢Ã¢â€š ¬Ã¢â‚¬Å" higher CCC, lower the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢ profitability and vice versa. Hypothesis H2: Shortening the DSO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Hypothesis H3: Shortening the DIO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Hypothesis H4: Lengthening the DPO will increased firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. 3.4 ANALYSIS USED IN STUDY In this study, two types of analysis are performed; there are descriptive and quantitative analyses. 3.4.1 DESCRIPTIVE ANALYSIS The initial analysis in this study is descriptive statistic, which will provide detailed information of each relevant variable and describe the relevant aspects of cash conversion cycle. All the relevant variables were calculated using balance sheet value, rather than using market value, it is because the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial statement did not provided market value on the variables that is required in this study. Besides that, the measurement of profitability à ¢Ã¢â€š ¬Ã¢â‚¬Å" GOI could only be based on value in income statement values as there is no way to measure it at so-called market values. In addition, if the market values are used, there will a question on which date the à ¢Ã¢â€š ¬Ã‹Å"market valuesà ¢Ã¢â€š ¬Ã¢â€ž ¢ are referred to. Thus, in this study the book values of the variables in the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial statement will be used. 3.4.2 QUANTITATIVE ANALYSIS Two methods had been applied in quantitative analysis. Firstly, correlation analysis is carried out, which specifically to measure the possible linear relationship between different variables under consideration. Secondly, is regression analysis, which is to estimate the relationship between liquidity, profitability and other selected variables. We have used Pooled Ordinary Least Squares and Generalized Least Squares (cross section weights) methods for analysis. We used panel data in a pooled regression, where time-series and cross-sectional observations were combined and estimated. In other words, several cross-sectional units were observed over a period of time in a panel data setting. For this purpose of analysis the E views software was used to analyze financial data and especially in case of pooled data. 4. DATA ANALYSIS AND DISCUSSION The results of the two types of analysis will be discussed below. 4.1 DESCRIPTIVE ANALYSIS Initially, descriptive statistics is the first step analysis in this research. It will provide a useful summary of central tendency; mean and median, and variability such as standard deviation, minimum and maximum. Table 1 and Table 2 presents descriptive statistics for the components of working capital efficiency for eight manufacturing firms and services firms in Malaysia for the period of three years starting from year 2007 to 2009. Based on Table 1, manufacturing firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ gross operating income is on average of 40%, and the standard deviation of 32%. It means that the value of profitability can deviate from mean to both sides (left and right) by 32%, where the standard deviation is a measurement of dispersion from its mean. The larger standard deviation, the more disperse the data over a large range of values. Whereas the maximum value of gross operating income is 124% for a company in a year while the minimum value is 9%. CCC which is a proxy used to as sess how a firm manage their working capital efficiency. The average CCC for manufacturing firms in Malaysia is on average of 66 days, and standard deviation of 59 days. Manufacturing firms receive payment on sales after on average of 45 days and standard deviation is 40 days. The maximum time that a manufacturing firm needed to collect payment from receivables is 143 days while the minimum time taken to collect the payment is 16 days. Besides that, it takes on average of 71 days to sell its inventory and standard deviation of 36 days. The maximum time taken for manufacturing firm to convert their inventory into sales is 126 days while the minimum time is 6 days. Manufacturing firms wait an average of 50 days to pay their purchases to their suppliers with standard deviation of 30 days. Here, the maximum time take to made payment to suppliers is 108 days, and the minimum time is 6 days. While based on Table 2, services firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ gross operating income is on averag e of 45%, with standard deviation of 28%. The maximum value for the service firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s gross operating income is 117% for a year, and the minimum value is 1%. The average of CCC for services firm is 60days, and standard deviation of 105 days. Besides that, services firms in Malaysia will receive payment on sales after on average 33 days and standard deviation of 27days. The maximum time that service firm need to take to collect cash from receivable is 98 days, while minimum time is 2 days. Services firms also needed on average of 67 days to provide their services to customers. Whereas the maximum time taken to provide the services to customers is 276 days, which is a very large period of time to convert their services to sales, it is because some of the services firmà ¢Ã¢â€š ¬Ã¢â€ž ¢ have marketing strategy such as promotion for à ¢Ã¢â€š ¬Ã‹Å"early birdsà ¢Ã¢â€š ¬Ã¢â€ž ¢ booking. The minimum time taken to provide service to customers is 1 days. Lastly, service fir m wait an average of 42 days to pay purchases with standard deviation of 31 days. Here, the maximum time taken to made payment is 96 days, and the minimum time is 6 days. The standard deviation of CCC for services firm in Malaysia is 105 days which indicates a wide dispersion in CCC among the two industries; manufacturing and services industries. Table 1 Descriptive Statistics 8 Manufacturing Firms, 2007 2009  Mean Std. Dev. Min Max   GOI 0.40 0.32 0.09 1.25 DSO 45.32 40.30 0.16 143.40 DIO 71.29 36.46 6.47 126.00 DPO 50.43 30.00 5.81 107.74 CCC 66.18 59.00 (7.29) 198.53 Sales growth 0.10 0.14 (0.16) 0.42 Table 2 Descriptive Statistics 8 Services Firms, 2007 2009  Mean Std. Dev. Min Max   GOI 0.45 0.28 0.01 1.17 DSO 32.68 27.39 1.92 98.67 DIO 67.17 79.83 0.17 275.96 DPO 42.42 30.46 6.24 95.65 CCC 60.23 105.26 (63.15) 291.08 Sales growth 0.13 0.42 (0.25) 1.97 4.2 QUANTITATIVE ANALYSIS Two methods had been chosen for quantitative analysis. First, correlation is used to measure the possible linear relationship between different variables under consideration. 4.3 CORRELATION ANALYSIS Correlation analysis is carried out to test those variables with profitability; GOI, DSO, DIO and DPO. As the correlation analysis is to measure how strength is the relationship between those variables. The result of coefficient correlation (r) is between -1 and 1. A value of 1 indicates perfect positive correlation as one variable increases, the second increases in a linear fashion. Likewise, a value of -1 indicates perfect negative correlation as one variable increases, the second decreases. A value of zero indicates zero correlation. The shortcoming of correlation analysis is that they do not allow identifying causes from consequences. From Table 3, correlation analysis on listed manufacturing firms in Malaysia for the period of three years from 2007 to 2009 had been analysed. Table 3 Correlation Coefficients 8 Manufacturing Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.932 1  DIO 0.909 0.889 1  DPO 0.187 0.236 0.119 1  CCC 0.962 0.983 0.946 0.224 1  SV 0.907 0.972 0.939 0.267 0.975 1 Correlation Coefficients 8 Services Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.543 1  DIO 0.546 0.967 1  DPO 0.517 0.977 0.926 1  CCC 0.520 0.983 0.979 0.964 1  SV 0.438 0.749 0.779 0.631 0.719 1 4.4. REGRESSION ANALYSIS Regression is a generic term for all methods attempting to fit a model to observed data in order to quantify the relationship between two groups of variables. Regression analysis also helps in understanding how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed. Therefore, in here the independent variable will be CCC and the dependent variable will be ROA as for the Hypothesis H1. While for the Hypotheses H2, H3 and H4 the dependent variable will be CCC and the independent of variables will be DSO, DIO and DPO. In addition, firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales, sales growth ([this year sales à ¢Ã¢â€š ¬Ã¢â‚¬Å" previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales]/ previous yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s sales) are included as control variables. Correlation Coefficients 8 Manufacturing Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.932 1  DIO 0.909 0.889 1  DPO 0.187 0.236 0.119 1  CCC 0.962 0.983 0.946 0.224 1  SV 0.907 0.972 0.939 0.267 0.975 1 Correlation Coefficients 8 Services Company, 2007 2009  GOI DSO DIO DPO CCC SV GOI 1  DSO 0.543 1  DIO 0.546 0.967 1  DPO 0.517 0.977 0.926 1  CCC 0.52 0.983 0.979 0.964 1  SV 0.438 0.749 0.779 0.631 0.719 1

Discussion Assignment On The Side Effects Of Drug Use - 825 Words

Discussion Assignment On The Side Effects Of Drug Use (Essay Sample) Content: Effects and Side Effects of Drug UseStudent NameInstitution Affiliation 1 IntroductionCurrently, the number of people who are abusing drugs have increased. The most affected are the teenagers who indulge in drugs in school and when they are idle because of peer pressure and other reasons. There is a need for people to understand the side effects of abusing drugs. This paper will discuss how using powerful stimulants such as cocaine amphetamine and methylphenidate causes certain abnormalities, it will explain the stimulants that people commonly use, how the cocaine affect the transporter reuptake, how the brain compensate for excessive dopamine and the dangers of smoking coca paste. 2 Physiological abnormalitiesUse of powerful stimulants for example cocaine, Methamphetamine,and the likes have been seen to cause physiological abnormalities on the victims. People who abuse stimulants tend to have euphoria, insomnia, paranoia, increased physical activity and they have vio lent behaviours. Abuse of stimulants leads to increased blood pressure in the body, respiratory problems and increased heart rates which can lead to heart attacks (Gould, et al., 2009). Similarly, abuse of stimulants causes a person to lose interest in friends, sports, food and sex. They also lose touch with reality and they are characterized by confusion, a lot of anxiety and they always seem depressed. Abuse of stimulants causes damage of some blood vessels in the brain. Additionally, males tend to have reduced sperms count while women are at a higher risk of becoming infertile. 3 Most commonly used stimulantsThere is a long list of stimulants but there are those that are commonly used by people to enable them to stay alerted, attentive, lose sleep and get high. The same stimulants are used as medicine for several conditions such as depression and narcolepsy. However, when abused, which most people do, it becomes harmful instead of beneficial. Gould, et al. (2009), the stimulants which are commonly used include; cocaine, Methamphetamine, Amphetamine, Methylenedioxymethamphetamine or Ecstasy, methylphenidate (Ritalin or Concerta), Caffeine, Coca, Nicotine (found in tobacco), Khat or Miraa and Tea. Other stimulants such as tea is not known to have bad side effects apart from addiction. 4 How cocaine affects transporter reuptakeWhen cocaine is smoked or snorted it blocks the reuptake of some neurotransmitters for example norepinephrine, serotonin, and dopamine to the dopaminergic neuron. Cocaine does this through blocking the reabsorption of neurotransmitters by the neurons that released them and binding themselves to the transporters that are supposed to remove the excess neurotransmitters hence making their concentration in the synapses to increase (Heal, Gosden, Smith, 2014). This will, in turn, amplify the natural effect of dependency from dopamine, feel of confidence from serotonin and energy from norepinephrine on the post-synaptic neuron. As a result of the above, cocaine users enjoys high degrees of pleasure (Riezzo et al., 2012). 5 How the brain compensates for excessive dopamineWhen drugs are abused they affect the brain faster than natural rewards such as food. For a drug addict, the brain tries to adapt to manageable levels and it compensates this through reducing the number of excessive dopamine receptors at the synapse which in the long run makes the brain becomes less responsive to the drug and reducing the response of the brain to other natural rewards such as social interactions (Heal, Gosden, Smith, 2014). As a result of changes, drug users will have to take more drugs as time goes by for them to get stimulated hence becoming tolerant to the drug. 6 Dangers of smoking coca pasteCoca paste is known to contain between 40%-90% of cocaine and people who smoke experience mental disorders within months of use. Riezzo et al, (2012), there are four stages of disorder which include; euphoria, dysphoria, hallucinosis and paranoi d psychosis....

William Rehnquist, Conservative Stalwart on the Supreme Court

William Rehnquist was one of the most influential U.S. Supreme Court justices in modern history, a conservative stalwart who dissented with the majority jurists in the Roe v. Wade opinion legalizing abortion and who built a coalition on the bench who sought to limit the power of the federal government. Rehnquist, an appointee of Republican President Richard M. Nixon who was named chief justice by President Ronald Reagan, served 33 years on the high court before dying at age 80 in September 2005. Rehnquist was a Goldwater Republican whose passions were federalism — limiting congressional power and strengthening state powers — and expression of religion. He argued that just because an action is religiously motivated, does not make it consequence-free for society, and should not make it consequence-free, under societys laws. Rehnquist also voted consistently in support of the death penalty and in opposition to gay rights. He often wrote solo dissents in his early years on the bench. Rehnquist may best be remembered for the 5-4 decision in the 2000 presidential election that stopped the Florida recount and propelled George W. Bush into the White House. He was only the second chief justice to preside over presidential impeachment hearings. Heres a look at Rehnquists biggest opinions on the Supreme Court. Roe v. Wade The courts majority held in 1974 that a woman, with her doctor, could choose abortion in earlier months of pregnancy without legal restriction, based primarily on the right to privacy. Rehnquist wrote  the dissent, in which he noted: I have difficulty in concluding, as the Court does, that the right of privacy is involved in this case. National League of Cities v. Usery Rehnquist wrote the majority opinion in 1976, which invalided federal minimum wage requirements for local and state government employees. This case highlighted the 10th Amendment, which reserves for the states powers not explicitly enumerated elsewhere in the Constitution; this Amendment is the foundation for the states rights movement. Wallace v. Jaffree This 1985 court decision invalided an Alabama law providing a moment for silent prayer in public schools. Rehnquist dissented, contending that the belief that the founders intended to erect a wall of separation between church and state was misguided. Texas v Johnson This 1989 case found flag-burning to be a protected form of political speech under the First Amendment. Rehnquist wrote one of two dissents in this 5-4 decision, saying that the flag is the visible symbol embodying our Nation ... not simply another idea or point of view competing in the marketplace of ideas. United States v. Lopez   Rehnquist wrote the majority opinion in this 1995 case, which declared unconstitutional the Gun Free School Zones Act of 1990. The act gave schools a 1,000-foot gun-free perimeter. Rehnquists ruling states that Congress can regulate only commerce - its channels and instruments as well as substantive actions. Kelo v New London In this controversial 2005 decision, the court expanded the power of the Fifth Amendment, saying that local governments may take property for private use because, in this case, there was a plan that promised jobs and revenue. Sandra Day OConnor wrote for the minority, which included Rehnquist: Under the banner of economic development, all private property is now vulnerable to being taken and transferred to another private owner, so long as it might be upgraded - i.e., given to an owner who will use it in a way that the legislature deems more beneficial to the public - in the process.