Digital Fortress Chapter 6

Although Ensei Tankado was not alive during the Second World War, he carefully studied everything about it-particularly about its culminating event, the blast in which 100,000 of his countrymen where incinerated by an atomic bomb. Hiroshima, 8:15 a.m. August 6, 1945-a vile act of destruction. A senseless display of power by a country that had already won the war. Tankado had accepted all that. But what he could never accept was that the bomb had robbed him of ever knowing his mother. She had died giving birth to him-complications brought on by the radiation poisoning she'd suffered so many years earlier. In 1945, before Ensei was born, his mother, like many of her friends, traveled to Hiroshima to volunteer in the burn centers. It was there that she became one of the hibakusha-the radiated people. Nineteen years later, at the age of thirty-six, as she lay in the delivery room bleeding internally, she knew she was finally going to die. What she did not know was that death would spare her the final horror-her only child was to be born deformed. Ensei's father never even saw his son. Bewildered by the loss of his wife and shamed by the arrival of what the nurses told him was an imperfect child who probably would not survive the night, he disappeared from the hospital and never came back. Ensei Tankado was placed in a foster home. Every night the young Tankado stared down at the twisted fingers holding his daruma wish-doll and swore he'd have revenge-revenge against the country that had stolen his mother and shamed his father into abandoning him. What he didn't know was that destiny was about to intervene. In February of Ensei's twelfth year, a computer manufacturer in Tokyo called his foster family and asked if their crippled child might take part in a test group for a new keyboard they'd developed for handicapped children. His family agreed. Although Ensei Tankado had never seen a computer, it seemed he instinctively knew how to use it. The computer opened worlds he had never imagined possible. Before long it became his entire life. As he got older, he gave classes, earned money, and eventually earned a scholarship to Doshisha University. Soon Ensei Tankado was known across Tokyo as fugusha kisai-the crippled genius. Tankado eventually read about Pearl Harbor and Japanese war crimes. His hatred of America slowly faded. He became a devout Buddhist. He forgot his childhood vow of revenge; forgiveness was the only path to enlightenment. By the time he was twenty, Ensei Tankado was somewhat of an underground cult figure among programmers. IBM offered him a work visa and a post in Texas. Tankado jumped at the chance. Three years later he had left IBM, was living in New York, and was writing software on his own. He rode the new wave of public-key encryption. He wrote algorithms and made a fortune. Like many of the top authors of encryption algorithms, Tankado was courted by the NSA. The irony was not lost on him-the opportunity to work in the heart of the government in a country he had once vowed to hate. He decided to go on the interview. Whatever doubts he had disappeared when he met Commander Strathmore. They talked frankly about Tankado's background, the potential hostility he might feel toward the U.S., his plans for the future. Tankado took a polygraph test and underwent five weeks of rigorous psychological profiles. He passed them all. His hatred had been replaced by his devotion to Buddha. Four months later Ensei Tankado went to work in the Cryptography Department of the National Security Agency. Despite his large salary, Tankado went to work on an old Moped and ate a bag lunch alone at his desk instead of joining the rest of the department for prime rib and vichyssoise in the commissary. The other cryptographers revered him. He was brilliant-as creative a programmer as any of them had ever seen. He was kind and honest, quiet, and of impeccable ethics. Moral integrity was of paramount importance to him. It was for this reason that his dismissal from the NSA and subsequent deportation had been such a shock. Tankado, like the rest of the Crypto staff, had been working on the TRANSLTR project with the understanding that if successful, it would be used to decipher E-mail only in cases pre-approved by the Justice Department. The NSA's use of TRANSLTR was to be regulated in much the same way the FBI needed a federal court order to install a wiretap. TRANSLTR was to include programming that called for passwords held in escrow by the Federal Reserve and the Justice Department in order to decipher a file. This would prevent the NSA from listening indiscriminately to the personal communications of law-abiding citizens around the globe. However, when the time came to enter that programming, the TRANSLTR staff was told there had been a change of plans. Because of the time pressures often associated with the NSA's anti-terrorist work, TRANSLTR was to be a free-standing decryption device whose day-to-day operation would be regulated solely by the NSA. Ensei Tankado was outraged. This meant the NSA would, in effect, be able to open everyone's mail and reseal it without their knowing. It was like having a bug in every phone in the world. Strathmore attempted to make Tankado see TRANSLTR as a law-enforcement device, but it was no use; Tankado was adamant that it constituted a gross violation of human rights. He quit on the spot and within hours violated the NSA's code of secrecy by trying to contact the Electronic Frontier Foundation. Tankado stood poised to shock the world with his story of a secret machine capable of exposing computer users around the world to unthinkable government treachery. The NSA had had no choice but to stop him. Tankado's capture and deportation, widely publicized among on-line newsgroups, had been an unfortunate public shaming. Against Strathmore's wishes, the NSA damage-control specialists-nervous that Tankado would try to convince people of TRANSLTR's existence-generated rumors that destroyed his credibility. Ensei Tankado was shunned by the global computer community-nobody trusted a cripple accused of spying, particularly when he was trying to buy his freedom with absurd allegations about a U.S. code-breaking machine. The oddest thing of all was that Tankado seemed to understand; it was all part of the intelligence game. He appeared to harbor no anger, only resolve. As security escorted him away, Tankado spoke his final words to Strathmore with a chilling calm. â€Å"We all have a right to keep secrets,† he'd said. â€Å"Someday I'll see to it we can.†

Benefits of security awareness training

Security in information systems training has come to be one of the most needed requirements in an organization. As Acquisti (2008) explains, in today’s fast moving and technically fragile environment safe communication systems are required to be secure in order to benefit both the company and the society as a whole. This fact needs to be clearly highlighted so that adequate measures be implemented not only to fosters the organization’s daily business transactions but also ensure that the much needed security procedures are implemented within the accepted companies code of ethics and thorough training given.Think of a case where company’s data is exposed to malicious attacker, this situation is constantly increasing especially among the security illiterate staff having access to sensitive and secretes business information. This information can be like sensitive company’s data, browsing the company’s website through an insecure gateway, receiving emai ls from suspicious sources and the threat posed by Instant messaging (IM). This paper aims at giving a critical review on the benefits of security awareness training on IT systems to an organization.Provide better protection for assets We need to help employees identify potential threats since this is one of the most valuable technical advantages a society can get (Brancik, 2008). We need to provide updated information to our staff on the new security risks that have been discovered. The staffs need also to be updated on the current technology so that they easily are aware of security breaches within the e-commerce environment.Furthermore employees, Brancik, (2008) asserts, business partners, and contractors should be informed that the data on their mobile phone devices and computers portable document format (PDFs), smart phones and thumb drives though are devices that are of value are vulnerable to security breaches so that they are alert whenever a security threat is discovered wi thin their systems. This can enhance swift action to be taken by the IT professionals to cap the situation. Save moneyAccording to Pfleeger and Pfleeger (2007), to reduce the number and extend in security breaches then training is vital. If a security breach is discovered sooner then ways of dealing with it promptly can be devised. , cost to notify customers of breaches, Cost to recovering data altered or lost during an a security breach, non-compliance fines and lost productivity, lost customers(indirect costs), resolving breaches and hoaxes ,time spent investigating) will reduce.These enables control measures to be added into systems other than adding them into the system that has been installed. Coordination and measuring of all security awareness, education, training should be enhances while duplication of effort is reduced (Pfleeger and Pfleeger, 2007). Improving the Competitive Advantage of your organization and protection of its brand One of the factors in the world of commer ce that is focused on by almost all companies is the ability to gain a competitive edge over similar companies.As explained by Killmeyer (2006) customers should be informed that your organization is considerate in protecting their data. Take a situation where Barclays Bank received when the management decided to protect customers installing ATMs that hides the users’ identity from its printout transaction receipt, if a malicious user were to gain access to unprotected receipt (having users identity and password) what harm will he do to customers’ account?

Climates and Climate Related Factors Essay

Tropical wet climates or wet equatorial climates are usually found in areas near the equator as the name states. These areas include the Amazon, Congo, Southeast Asia and are sometimes found in the trade wind belts. The Koppen symbol for this type of climate is Af. This climate has the smallest temperature range in the world being between 2 and 3.6 degrees. These areas don’t have a dry season because of the close proximity to the equator which covers 5-10 degrees. The weather remains constant being warm and wet year around. Tropical wet climates see 60-100 inches of rain annually and experience convective thunderstorms. This climate is known for being seasonless due to the consistency in day to day weather. The reason for thse constant weather patterns is mainly location. The latitude position allows sun coverage directly above creating uniform insolation. Also, the ITCZ creates the year around humid, unstable air. These weather conditions create oxisol and latosol soils which are the least fertile; however, are an ideal location for tropical rainforests to emerge. Tropical rainforests and selva are home to animals such as birds, reptiles and insects. Those who live in these types of climates may use the weather to their advantage with agriculture, forestry, and with slash and burn cultivation. Tropical savanna climates are found further from the equator extending to 25Â °N and S latitude. The Koppen symbol for this type of climate is Aw. Characteristics that make this climate distinctive is the alternation of a wet and dry season. Locations that experience the Aw climate are Africa, S. America, and N. Australia. Winters in this climate are dry with clear skies and are associated with subtropical highs. The summers are wet with many thunderstorms anf convectional rain of the ITCZ. The tropical savanna sees an average of 35 to 70 inches of rain annually which mostly comes from the summer season. The average annual tempeteature range is 5 to 15Â °. A surplus of the water supply comes during the summer. These weather conditions create a laterite soil type making it an ideal location for grasslands and tall grasses to thrive. These grasslands are home to lions, gazelles and zebras. Those who live in these locations can create ranches with animals or use the wildlife to their advantage for ecotourism. The tropical monsoon climate is similar to the tropical savanna climate in the way they both have wet summers and dry winters. The Koppen symbol for this climate is Aw. This type of climate is found in areas such as southeast Asia, western Africa, northeastern South America, the Phillipines, northeastern Australia, and some islands of the East Indies. It isn’t uncommon to see 30 inches of rain within two or three months in the summer. The annual total rain in inches falls within 100 and 200. There is a surplus of rainfall in the summer and a deficit in the winter. The tropical monsoon climates are dominated by offshore winds and seasonal reversal of winds. Latosol soils, red or yellow in color, are found in the Aw climate allowing deciduous forests with some grasses to grow. Birds, reptiles and insects call this climate home. Those who live in tropical monsoon climate can build plantations, grow rice or sugarcane. The tropical desert climate, or Bwh, is found in North Africa and southwestern Eurasia. Moist winds are kept out of this area by the Andes mountains. These locations are found 25-30 degrees N and S latitude. The tropical desert climate experiences very hot summers and mild winters. The annual temperature ranges 15 to 25Â °F with scarce rainfall typically less than 12 inches. Climatic controls that cause these weather patterns are cool ocean currents that cool any air that comes across it and subsidence from subtropical highs. The desert has aridosol soil which is fertile, but requires irrigation. Snakes, birds, reptiles and rabbits call the tropical desert climate home. Those who call the tropical desert home can create jobs by salt mining. The steppe climate, or Bsh, is very similar to the tropical desert climate and surround the Bwh climates except on the western side. They are found mostly on the edges of the desert. Rainfall is somewhat greater than the tropical desert climate and temperatures are slightly moderated with hot summers and mild winters. The weather system is controlled by cool ocean currents and is affected by the rain shadow of mountains. The steppe climate has short grasslands making it an ideal home to many reptiles, snakes, birds, and rabbits. Chestnut/brown soils allow these grasses to grow. Those who call the steppe climate home may take up cattle ranching to earn an income. The humid subtropical climate, represented as Cfa Cwa and Cwb, is located at 30 degrees latitude on eastern sides of the continents. Some locations that experience this type of climate include North America, South America, and Eurasia. The summers at this latitude are warm and hot, while the winters are mild to cold. During the summer, the average temperature ranges between 75 and 80 degrees. These climates receive convectional rain during the summer and cyclonic rain during the winter. Annual precipitation is abundant between 40 and 65 inches. The location of the humid subtropical climate plays a huge role on the climate. It is located in between and on up tilted side of subtropical high pressure cells. There is gray/brown or yellow podsol soil in this climate allowing forest growth. Forests also bring along the forest animals such as deer, raccoons, and black bears. This also makes it an ideal farming area. The Mediterranean or sometimes referred to as the Dry- summer sub-tropial climate, is known as Csa or Csb. These C climates are located 35 degrees North and South latitude. Some locations that experience this type of climate include Southern Europe, Central Chile, and the South tip of Africa. Summers in these locations are hot and dry with wet, mild winters. Average annual precipitation ranges from 15 to 25 inches. Rainfall in the Mediterranean is cyclonic. A large amount of the precipitation falls in the winter and summers are mostly rainless. These weather patterns are controlled by the subtropical high pressure cells. There is a deficit of rain in the summer and a surplus in the winter. The soils in these C climates can be very fertile if irrigated. The soil is a chestnut/brown pedical which is very dry with an abundance of calcium. Chaparrals thrive in this type of climate. They take on a brown/yellow color in the summer and become green in the winter. Mountain lions, bears, deer, coyotes, gofers and birds call this climate home. These areas are used for agriculture with irrigation in the winter. Moving further from the equator at 40-60 degrees North and South latitude is the West Coast Marine climate. The koppen symbols for this type of climate are Cfc and Cfb. Some major locations within this climate are Western and Central Europe, the Western side of North America, and New Zealand. For this latitude, these areas experience very mild winters as well as mild summers. Westerly winds adjacent to the ocean are the reason for the mild summer and winters. It is wet year around due to oceanic influence with an annual rainfall between 30 and 50 inches received mostly in the winter. Podsol or spotosol is the soil type this climate allowing needle leaf forests with some deciduous trees to grow. Deer, bears, birds and other forest animals call this climate home. These forests may be used people for lumbering to gain a profit on the lands. The mid-latitude desert and steppe climates are also very similar. First, the mid-latitude desert climate, or Bwk, can be found distant from the ocean and surrounded by mountains. Some of these locations include central Eurasia, North American and southern South America. The Bwk region receives most of its precipitation during the summer when warming is occurring. This warming also causes the ice to melt and create more of a water supply. The winter is dominated by severely low temperatures and anticyclonic conditions. These low temperatures create a much lower annual temperature range than the subtropical desert climate. The most fertile soil in the world is found in the mid-latitude climate allowing grasslands to grow. These grasslands are home to grass eating animals and the lands are used for animals to graze. The mid-latitude steppe climate, or Bsk, isn’t much different from the desert climate. It’s mainly used as a transition between desert and humid climates. Some areas that experience these climates are in found in the interior southwest of the United States such as Colorado. The temperatures in the Bsk climate are similar to the desert climate; however, have more precipitation and lesser temperature extremes. These climates are similar in the way that they are both grassland oriented, home to grass eating animals, and the land is used for animals to graze. Moving even farther from the equator, between 35 and 55 degrees North and South latitude, is the Humid Continental climate, or Dfa, Dfb, Dwa, and Dwb. Eurasia and North America are a couple locations that have this type of climate. They experience long, very cold winters and hot summers. Precipitation is not high ranging only between 20-40 inches. Westerly winds and storms, especially in the winter play a key role in the weather conditions. The average winter month temperature is usually between 10 and 25 degrees F. Gray-brown podsols are found in the humid continental climate as well as prairie grasses and mixed forest, deciduous and evergreen. There is a large variety or mammals and birds. The humid continental climate is ideal for farming. 50 to 70 degrees North and South latitude is the Continental Subarctic climate, or Dfc, Dwd, Dfd, and Dwc. Locations that experience this climate are Western Alaska across Canada, Eurasia, and Scandanavia. There are extremely cold winter conditions in these D climates with a light amount of snow that falls during the winter; however, little melting takes place until the summer. Cyclonic storms alternate with prominent anticylonic conditions. The annual precipitation is 5-20 inches. Also, continentality is also a key factor in the reason for the cold winters and hot summers. The absolute annual temperature variation has sometimes been as dramatic as -90 degrees F to 98 degrees F. Podsolization occurs here making the soil cold and wet. This is an area where evergreen trees will thrive and be a home to animals such as deer, birds, bears and elk. Many people use these locations for forestry. The last two climates are Tundra and the Icecap which are both cold climates. The Tundra, or ET climate, is located pole ward of the margins and occupies small coastal areas in the Antarctic. The warmest month will only reach up to 32 degrees F making it extremely difficult for plant life other than small bushes and grasses to grow. The ET climate experiences long, cold winters and cool summers. Most of the precipitation falls during the summer, but is less than 10 inches annually that falls mostly in the form of snow. There is a low evaporation level due to the low temperatures. Tundra soil is found in these climates. Polar bears and some birds can tolerate the coldness of the ET climate and many people use these animals for fur trapping. The last climate is the Icecap or EF climate. Antarctica and Greenland are two locations that experience these freezing weather conditions. 50 degrees F is the average temperature of the warmest month found on the very edge of the Tundra. More towards the center of the tundra, temperatures don’t exceed 32 degrees F. There is a sparse amount of precipitation in this climate with only less than 5 inches all in the form of snow. The cause for these freezing temperatures is mostly the latitude location. Also, the distance from sources of heat cause cold temperatures. There is no soil type here, with no vegetation and no economic activity.

Valuation at acquisition (operational assets) Essay

Valuation at acquisition (operational assets) - Essay Example Tangible operational assets generally include assets that may be covered under the broad category of ‘Property Plant and Equipment’ like land and buildings, machineries and equipments, vehicles, and others. Such assets may be acquired by purchase or gift, or the entity may construct its own assets. Regardless of the method of acquisition, decisions need to be made as to which costs should be capitalized and which cost which should be expensed with. In addition the amounts at which such assets should be capitalize is not clear. Intangible assets have the main characteristic is that they lack physical substance. It is generally difficult to estimate the value of intangibles and there is high degree of uncertainty regarding the length of time over which they will provide revenue or future benefits to the entity. â€Å"In general, the value of an intangible asset lies in its future use, and can be estimated from the incremental profits that such use will through off.†(Farok J. Contractor,2001, page 10)1 The initial accounting for intangibles is largely dependent on whether they are purchased or developed internally. Intangible assets include patents, goodwill, copyrights, trademarks, franchises, organizational costs and others. The general rule to capitalized costs is that the purchase price of an asset and all costs incurred in preparing the asset for its intended use are capitalized as part of cost of the asset. Let us examine the capitalization aspect under both tangible (Property Plant and Equipment) and intangible assets Cost of Land that needed to be capitalized is all the expenditure on its acquisition that is incurred for getting it ready for its intended use. Such costs are purchase price and the closing costs like legal fees, fee of the attorney and registration charges. Some time an old structure exists on land being acquired. Then costs of demolishing such structure and also the expenditure relating to clearing, filling, and

Criminal Law in Hong Kong Essay Example | Topics and Well Written Essays - 2000 words

Criminal Law in Hong Kong - Essay Example Secondly, duty to act arises from certain relationships, for example, parent/child, husband/wife and doctor/patient.2 Thirdly, duty to act when s/he is bound by contract to do so, they will be criminally liable if harm or injury arises from their omission even though the person harmed was not a party to the contract. We can support this with the case of Pittwood3; where D was contracted to open and close level-crossing gates to ensure people do not get run over by trains. His failure to do so caused the victim killed by a train. The legal principle of that case was said to be if a person under contract will be liable for the harmful consequences of his failure to perform his contractual obligations. The duty extends to those reasonably affected by the omission, not just the other party to the contract. What about situations which do not fall into the three categories I have mentioned above. The person at the scene has neither created the dangerous situation, nor there is a special re lationship between the two, and there is no contract bound on her/him to act. This can be illustrated in Stephen's Digest of the Criminal Law (fourth edition, 1887): A sees B drowning and is able to save him by holding out his hand. A abstains from doing so in order that B may be drowned, and B is drowned.4 The Criminal law's current position in Hong Kong is very unlikely to hold A liable for any criminal offence since the basic requirement of 'voluntary conduct' is not satisfied. But the main area that we are most interested in is whether the common law is too lenient on such people Good Samaritan Law has not yet existed in the Hong Kong's jurisdiction; someone who comes across another who is in distress might precluded from offering assistance for fear of having to endure a court proceeding. However, if that person does choose voluntarily to intervene to render assistance he will assume a duty of care towards the individual concerned.5 If gross negligence is found, s/he could be prosecuted criminally.6 Theoretically, the person who puts the victim in distress could also raise a defence of novus actus interveniens meaning the rescuer's negligent treatment has broken the chain of causation. But, practically, this plea is rarely successful against medical treatment as a matter of policy.7 I would assume someone who tries their best to save others in distress would be in the same position. In the United States and Canada (except Quebec), citizens are not obligated to rescue someone who is in distress, but if they choose to do so, the Good Samaritan Law protects rescuers from being blame.8 The Good Samaritan Law's existence is intended to reduce bystanders' hesitation to assist.9 However, Good Samaritan Laws in Quebec, as well as many other European countries such as Italy, Japan, France, Belgium, Andorra, and Spain require its citizen, at minimum to call the local emergency number, unless doing so would be harmful.10 In Germany, a citizen is obliged to provide first aid when necessary and is immune from prosecution if assistance given in good faith turns out to be harmful. Knowledge of first aid is a "must" before a citizen is given a driver's license. In conclusion, I feel that the common law is not too lenient on such people. Even if the law of Hong Kong compel its citizens to rescue whenever they see someone in distress, would this practically be effective as such Take the Stephen's example as I have

History 1949-1960 Essay Example | Topics and Well Written Essays - 500 words

History 1949-1960 - Essay Example This was used in the observation of outer space, including galaxies and distant planets. In the same year, an American banker, John Biggins invented credit cards, which initiated the use of plastic money for expenditures. Later, the transistor, a device used to switch electronic signals, was invented in 1947 by John Bardeen and Walter Brattain. In the same year, a number of tests led to the invention of a supersonic aircraft. This increased the speeds of airplanes from transonic to supersonic. Still in 1948, cable television came into being from the diligence of John and Margaret Walson. The year 1952 saw the origination of airbags as safety gadgets in automobiles. Barcodes and artificial hearts were also technological improvements in the same year. In the computer world, the hard disk drive was discovered in 1952. This appreciably augmented the memory capacity of computers. These and many more hundreds of inventions market the high-tech innovations in America between the year 1946 a nd 1960. Naturally, technological advancements had substantial effects on America. America’s economy grew considerably because it was able to process superior goods through a short and efficient production process (Saul, 1970). New ways of production were initiated, and new products produced. Consumers were able to get low-cost high quality goods. Technological developments also led to urbanization as people moved into America from the outside world to take up the new jobs that were accessible. There was also an extraordinary migration from the rural to urban areas as people looked for jobs, according to Saul (1970). Cities began to enlarge because they had to accommodate the large incursion of people immigrating into the city. In addition, technological advancement also enhanced substructure. Transportation was upgraded as better roads, and faster rail came to place (Mollenkopf, 1983). The improvement of air transport also meant that people could travel to other continents

Achieving Success on International Assignments Essay

Achieving Success on International Assignments - Essay Example As more companies grow and become globalised many employees are also being charged with international assignments and therefore it is important to be prepared. This involves assessing your own personality, team skills, as well as leadership in order to make sure they match international. With these important personal and corporate skills gained through experience with many people from across the world serving in different I believe I am ready to take up an international assignment anytime it is presented my way.  If sent for an international assignment I believe I will easily achieve success owing to great interpersonal skills gained over time. I have a strong confidence in myself, self reliant and proven ability of working independently with little or no supervision at all. As an individual I also am well versed with major international languages and am open to learning new languages used in whatever host country. When faced with obstacles I have observed myself to be very resilie nt and have persevered extremely difficult circumstances. I also view myself as a very flexible individual with impeccable ability to strongly face and come out of uncertainties unshaken. Another great personal trait that I know in myself is the ability to interact with all kinds of people, tolerate everyone and uphold respect for other people as well as their cultures even if they are not familiar. This has helped me to get along well with persons from all spheres of life and I therefore believe will also influence my fast adapting.

Write a reflective learning journal Essay Example | Topics and Well Written Essays - 1000 words - 1

Write a reflective learning journal - Essay Example Whilst the slowdown of last year can be expected to influence the luxury sales growth to raise upto 2.5% for the Chinese consumers, many insignificant players are however predicting the sales growth to increase by â€Å"double-digit rates†. Organizations have now decided to exploit this prevailing trend in China to the fullest and niche brand fashion, clothing and beauty retailers like Lane Crawford, Galeries Lafayette and 10 Corso Como have started running their outlets recently in the locations of the mainland China. The minor boutique brands are on the growing phase in both the e-commerce and the brick-and-mortar domains. The online outlets for individuality such as new social media websites and fashion blogs are reshaping the tastes of the Chinese consumers in the coming years and the retailers are presenting more personalized and special-edition products, as well as  Ã¢â‚¬Å"VIP  services†, to the Chinese market (Doran, 2014). These changes are the result of incr eased penetration of online shopping trends and enhanced visits of the Chinese customers to the foreign nations. Thus it can be stated that in the recent months, the changes in the taste and preference of the Chinese customers has affected the fashion and clothing trends of the population and as a result more and more foreign brands are entering the nation to serve those transformed fashion patterns. PETA  has recently acknowledged the fashion brands that are "kind to animals" in its 2nd yearly PETA-Approved Vegan Fashion Awards. The long time promoter  of cruelty-free fashion, Stella McCartney  is pleased to be counted among the â€Å"long-time the line-up†. The designer stated to Vogue, "PETA are always willing to put their necks on the line and always with a provocative sense of humor† (Miligan, 2014). McCartney is strictly against the usage of animal skin and fur in apparel designing. She herself never used animal skins in her accessory or clothing

Business Plan Essay Example | Topics and Well Written Essays - 1000 words - 2

Business Plan - Essay Example Online business development starts with development of an online business place, widely known as website. Several facets are attached with development of a website and depend on the type of website as per requirement. Major contributions are from design and technology perspective keeping in mind the business objective, e.g. a corporate website can be static in nature with a professional design aspect, whereas a retail website (portal) has to be dynamic and communicative with consumers, with detailed product information, and purchase and multiple payment options. FlexiCoolGifts FlexiCoolGifts is a gift store, which requires the dynamic aspect of design to effectively communicate with perspective consumers. The website needs to be an e-commerce website with detailed information about the products offered, and purchase and multiple payment options for best user experience. Once the website is developed, a complete online marketing strategy and online business revenue model has to be est ablished. Online Marketing Online marketing is the process of marketing and advertisement of a business (brand) and its products and services on the â€Å"World Wide Web†. A simple concept plays the role in the Internet marketing scenario – â€Å"Customer Reach – anytime, anywhere†. Online marketing strategy is a combination of certain factors depending on the business type, model and business objective. It is also a combination of â€Å"primary† and â€Å"complementary† marketing channels to make the entire strategy objective oriented and result driven. Complete understanding of online marketing strategies and careful utilization of online marketing tools and channels make online marketing highly effective with minimum cost. FlexiCoolGifts can utilize the following types of online marketing channels for business development. Types of Online Marketing Online marketing is a combination of certain types of marketing and advertisement activitie s carried out in the Internet environment with an objective of reaching out to the perspective customer, anytime & anywhere. There are various types of online marketing channels such as Search Engine Marketing (Paid Search Results), Search Engine Optimization (Non-paid Search Results), Social Media Marketing (Marketing and Advertisement through Social Networking Channels and websites), Social Media Optimization (Marketing and advertisement message optimization in social media), Display Advertisement (marketing and advertisement through display or banners online), Contextual Advertizing (marketing and advertising text messages on other websites), Affiliate Marketing (marketing and advertising on a affiliate website), Directory Submission (Submitting Websites to Online Directories), Webinars (Online Seminars), Online Audio and Video Marketing (Interactive Marketing and Advertisement), Mobile (Cell Phone) Marketing (SMS, MMS, Audio and Video Clips), E-Mail Marketing (Marketing and Adve rtisement through e-mails), Online Chat Support (Online Support Mechanism), Viral Marketing (Audio-Video option to Spread through people), Interactive Advertising (Audio & Video Clips recorded or animated), and blogging. Online Marketing Strategy By careful consideration of market dynamics, customer segmentation, market research results, SWOT of business and unique selling proposition (USP), a marketing strategy and marketing mix can be devised. FlexiCoolGifts is a unique gift store with a wide range of gift items, music; videos etc. for various occasions are available along with customized

Is spanking child abuse Essay Example | Topics and Well Written Essays - 750 words

Is spanking child abuse - Essay Example The varying points of view relate to the definition of spanking and further, what can be termed as rational force. In this light, spanking involves the physical infliction of pain as a sign of instilling discipline, better known as corporal punishment and it is legal as long as the force used is rational (Mercer 26). The definition of rational would also be important to point out, being the application of such force that will lead to the correction of the wrong behavior that does not lead to injury. The key to this definition, any force used to serve disciplinary action to the child may be termed as irrational when the behavior is not corrected or the circumstances do not show proof of a clear intent of correcting (Quinn 50). Although most people hold different opinions on the subject, spanking has been seen to be ineffective to correction and the infliction of pain may be termed as abuse to the children. Proponents of spanking believe that children who are spanked in their childhood years grow to be better adults. They express high codes of discipline and are less likely to engage in unlawful activity in their later years. This group believes that discipline is a vital issue in the society and every means possible must be used to uphold it (Mercer 31). Further, if a pinch on the arm would teach the child a lesson for a child who fought, another in class, then some teachers contend that the method would best be applied in the school environment. Some people believe that corporal punishment made them change in their earlier years, without which things would not have been the same if other methods had used. This perceived effectiveness of spanking is therefore used to justify this mode of abusive punishment. Conversely, it is imperative to go beyond the mere fact of correcting the child, to the psychological perspective of corporal punishment. Researchers in this line argue that

Devils man Essay Example for Free

Devils man Essay This scene is also very captivating as there are so many different storylines and agendas going on in it, on the surface you have Elizabeth Proctor lying for her husband which results in them having a dire consequence, and Hales dramatic change of opinion. Underneath you have Abigail pushing Mary to join her by getting herself and her tools (other girls from Salem) to act as if they are being possessed by Mary and Mary has transfigured herself into a yellow bird Oh Mary this is a black art to change your shape. Abigail knows she has to win Mary over to her side so all are ganged up against John Proctor as he has started violently accusing Abigail Give me a whip, Ill stop it and Abigail realises these accusations have to stop. Abigail knows it will not take long for Mary to cave in, and this is what makes Abigail such an alluring character, as in this scene I cannot help but quite like her as she is so over the top and melodramatic, from a modern day reader of the play the ridiculousness but intelligence of her ideas provide a lot of the appealing aspects of the play and especially this scene. It would be a mistake to say Abigail is totally evil as in the same way it would be a mistake to say Proctor is totally good as although in the end of the play he dies a martyr as he refuses to confess to witch-craft we cannot forget he did commit adultery and has had more than a few feuds with other members of Salem (most notably Parris). Abigail also witnessed her parents deaths and therefore was bought up with no family around her. She also is totally in love with John Proctor and would do anything to wed him and by accusing Elizabeth of witchcraft all she is doing is trying to get closer to John. Another engaging aspect of this scene is the fact that the audience watching the play experiences so many emotions. There is the anxiety and suspense felt when Elizabeth has to say if her husband was a lecher, and then there is the tragic, saddened emotion when you realise what is going to happen to John Proctor as Elizabeth said he had had no affair. There is the excitement when Abigail fakes Marys possession of her, and also the shock of Hales remarkable change in character. I believe what makes this play so popular, and what is particularly represented in this scene is all the characters are so human, their personalities so deep and structured. I feel this is for many reasons although predominately because Miller wrote the characters from The Crucible from historic evidence in Salem town records- many of the characters names appear in the records and even Proctors affair is recorded. Also what makes these characters so realistic is there are no characters who are purely good or purely bad and what makes them so enthralling is they all have their little faults for example (Proctor to Elizabeth) You ought to bring some flowers in the house. Oh I forgot! I will tomorrow. This shows us Elizabeth can at times be forgetful which makes the audience able to relate to her and the rest of the characters as everyone has their own imperfections. John Proctor is an extremely enchanting character, however at times personally I felt he became a little tiresome especially during the end when he keeps on at Elizabeth whether she will forgive him if he confesses to witchcraft and lies to God I would have your forgiveness, Elizabeth. In this scene though Proctor has an unnerving desperation about him pleading for his wifes and his own lives. It only hit me when I had just finished the book the similarities between John Proctor and Arthur Miller himself as they were both persecuted and punished for things out of their control (Miller for not being anti-communist) and John Proctor (for being accused of trafficking with the Devil). They also both refused to confess as neither of them felt they were guilty of a crime and therefore were in effect Martyrs although Miller did not die. Principally, however the main reason I like this scene so much is from a dramatic point of view. It would be fantastic to perform as there is so much going on and the characters are so well formed by Miller. There is also a vast contrast of characters to play in the scene. What also makes it appealing from a theatrical aspect is the roller coaster of emotions and changes of emotions, which happen so quickly. This passage is also a prime example of why Miller wrote the play, which is a further reason I admire the scene so much. This scene shows not only the persecution of a man who is innocent like the persecution of the communists, but also shows the power of religion, and how when the majority of people in a community believe something so passionately in this instance God and Christianity, arguing against it will do far more harm than good. It shows the dangers of living in a theocratic society where everything is kept behind closed doors, and when it is exposed the consequences can be literally in Salem in the seventeenth century, fatal. This scene is strengthened by the 17th century language, which adds a certain harsh quality to the way the line sounds. The ending of the scene is my favourite part of the passage, this is because the is when Mary sees Danforth is believing Abigail more and more and she knows that she will be hanged if she does not join Abigail. Therefore she admits to speaking with the Devil, but says to the court (Mary pointing at Proctor) You are the Devils man! This surprises everyone probably even Mary herself as she didnt think she was strong enough to do it, but she realises fighting against Abigail was fighting a losing battle. Throughout the play there are many interesting and dramatic scenes, which captivated my imagination, however this scene stood out above all others largely because of the acting potential and the tremendous depth to the characters although the reasons above also played a part in why I enjoyed the scene. Recently Arthur miller was stated saying, At least the play is still living I believe it certainly is.

Empirical Formula of a Hydrate-CE Essay Example for Free

Empirical Formula of a Hydrate-CE Essay Conclusion and Evaluation: Aspect 1 Based on the interpreted data of group A, the empirical formula of aluminum chloride did not stay the same. The expected empirical formula was. In group A the empirical formulas are as followed Group Name Empirical formula Laurie Jordan Rica, Victoria Stephanie Vince Josh Jane Kaityln So, as a group, we all had a different outcome of the empirical formula but the percent composition of water is the same for all. 11.2% for hydrogen and 88. 8% for oxygen as shown in table #7.3. A random error would be the measurement of the hydrate crystal. A scoopula was used to measure 3g. Also another one would be the electronic balance having an uncertainty of à ¯Ã‚ ¿Ã‚ ½0.001g. A systematic error would be heating the evaporating dish through a wire mesh instead of a clay triangle. You notice that the theoretical yield and experimental yield values are shown in a pie graph. Both of the pie graphs are the exact same as both percentages are 11.2% and 88.8%. In these pie graphs, neither trends nor patterns apply. Aspect 2 The procedural weaknesses are stated above. For example the measurement of the hydrate crystal wouldve affected the lab. There wasnt an accurate measurement so that couldve affected the weight of the final product or the reaction of the product. Another weakness was that the evaporating dish was being heated through a wire mesh instead of a clay triangle. The wire mesh had a white coating on it, so therefore the evaporating dish was being heated indirectly and the wire mesh would absorb the heat itself. This would affect the heating process of the evaporating dish and the substance inside of it. There were a few assumptions made in this particular lab. They are as followed Assumption Possible effect on the result All of the moisture was removed from the evaporating dish If all the moisture wasnt removed, then an accurate and precise reaction isnt obtained. The aluminum chloride was pure If impure aluminum chloride was used then other products could have formed The only substance reacting with the aluminum chloride was itself as a hydrate form This could have had other reactions which therefore will affect the products formed. All of the aluminum chloride hydrate evaporated Could possibly effect the measurement of the weight 3g of aluminum chloride was added to the evaporating dish Obviously if there were less or more than 3g added, it will affect the outcome result The quality of the data was fair. The precision and accuracy of the aluminum was absent since it was measured by a scoopula and estimation. Although, the same balance was used to weigh all the masses, therefore the accuracy of those measurements were present with the exception of the uncertaintyà ¯Ã‚ ¿Ã‚ ½0.001g. Aspect 3 If this lab were to be redone, I think that everything should stay the same besides 2 factors which are the use of wire mesh and the measurement of the hydrate crystal. If we were to use a clay triangle instead of the wire mesh, the evaporating dish would have been directly heated instead of being indirectly heated. This would remove the systematic error. A better precision and accuracy would be obtained if we actually used a measuring device. For example, a measuring spoon wouldve been more accurate than the scoopula. Using the same balance for all masses would obtain greater control of variables and reduce the random error.

Institutional Holdings and Corporate Governance

Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23 Institutional Holdings and Corporate Governance Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23