Outline and explore the importance of a consumer-centric approach in Essay - 1

Outline and explore the importance of a consumer-centric approach in marketing - Essay Example As the number of customers increase, organization has a chance to increase their profits. Secondly, customer-value models play an important role in understanding the consumer behaviour which helps in design desirable products. Besides, customer based models seek to detect changes in customer behaviour patterns and hence helps the organization to adjust its business strategy. On this ground, customer-centric marketing approaches are crucial if organization have to remain profitable with the contemporary business environment. Marketing strategies within an organization has generated a lot of attention within the modern business environment. Marketing seeks to create product awareness within target markets as one way to ensure that customer understand products and are attracted to the organization distribution channels (Cheng & Dogan, 2008). Therefore, marketing ensures that companies push their products towards the customers, as one way of increasing sales within the market. Today, many organizations have appreciated that a customer-centric model is one of the best marketing strategies. A customer-centric marketing model puts customers at the heart of the business and all strategies are directed towards winning the customer (Niininen, Buhalis & March, 2007). The role of a customer within the modern market has increasing generated attention. With increase is competition within the modern markets, customers are becoming important factors while designing marketing strategies. As competition increases, the p rofits decrease and the consumer bargaining power increases in the market. Resultantly, organizations are competing for available customers to ensure that they survive the harsh market times when customers have many options to choose from. Generally, organizations that higher customer share within the market will survive while those that lose customers will eventually collapse. As such, customer based models of

Annotated Bibliography-Terence Coursework Example | Topics and Well Written Essays - 1250 words - 1

Annotated Bibliography-Terence - Coursework Example It is work done by McMurtrey that was published at the University of Central Arkansas. The information contained suggests that there is a difference in the use of digital data between the older generation and the young generation. In fact, the gap is widening which is such a concern to many researchers. The article provides avenues for other studies as to establish as to what criteria can be used to make them adopt the technology. The review involved past studies that enabled comparison easier while the methodology was limited to surveys that were in line with other research. It is significant on how the number of the elderly individuals is increasing, and yet the manufacturers cannot take the upcoming opportunities. Osman, Z., Poulson, D., & Nicolle, C. (2005). Introducing computers and the internet to older users: Findings from the care OnLine project. Universal Access in the Information Society, 4(1), 16-23. doi:10.1007/s10209-005-0111-8 This is an article by Osman and the core. It provides various computers to selected households of the old generation and determines their experiences with the use of services on the internet and various websites. This coincided to the gaps existing on the usability of the computers by the old generation. The peer-reviewed paper nonetheless does not offer space for other studies and provides analysis based on the research findings. The literature review used case studies to provide an in-depth overview of the paper. Research methods used is interviews to determine their experiences with computers and were common to all the researchers. It is important on how persons are concerned with the elderly generation to become literate on computer usage. It is an article by Paurasama and Colby published at the research gate. The report shows how technology advancements can be used to spread the knowledge to

Explain the true-justified-belief theory of knowledge. Then make up Essay

Explain the true-justified-belief theory of knowledge. Then make up your own Gettier case and explain why it is counter-example to the analysis - Essay Example It is the efforts that would be needed for people to have knowledge. Knowledge and belief are used differently in philosophical terms. The connection between knowledge and belief is that belief is a belief is considered to be knowledge if the belief held is true and if the believer has a reasonable justification to believe it is true. According to the famous scholar Plato, knowledge can, therefore, be defined to mean Justified True Belief (JTB) also known as knowledge theory. There are three terms â€Å"truth†, â€Å"belief†, and â€Å"justification† which are very pronounced in the knowledge theory. In epistemology, belief denotes faith. It is concerned with what we believe such as traditional held believes. This includes the truth and everything we believe to be right from our cognitive point of view. What a person belief of something as true or not is not a necessity for a belief. One my belief something which is wrong but that will not disregard the belief from being true. The belief held by such a person was a mistaken belief but not that the belief was wrong. This brings the concept of truth. These conditions of truth, belief and justification must be taken together to be sufficient for JTB. The justified True Belief was strongly held in the world of philosophy but not until Gettier came in and questioned the knowledge that was held for thousands of years. In his argument, Gettier claimed that the knowledge held by someone may be justified and true, yet fail to count as knowledge. This was known as Gettier problem. Suppose I stumble on Mary, a class mate driving license which is written that she comes from Chicago. Having seen that legal document, I’m justified to belief that Mary comes from Chicago. Suppose I infer from the above case and say that someone in my class comes from Chicago. Now, Mary driving license turns to be a fake one. It seems that what I believed was wrong which even makes my second belief to be wrong. Unknown to me, I may have

Annotated Bibliography-Terence Coursework Example | Topics and Well Written Essays - 1250 words - 1

Annotated Bibliography-Terence - Coursework Example It is work done by McMurtrey that was published at the University of Central Arkansas. The information contained suggests that there is a difference in the use of digital data between the older generation and the young generation. In fact, the gap is widening which is such a concern to many researchers. The article provides avenues for other studies as to establish as to what criteria can be used to make them adopt the technology. The review involved past studies that enabled comparison easier while the methodology was limited to surveys that were in line with other research. It is significant on how the number of the elderly individuals is increasing, and yet the manufacturers cannot take the upcoming opportunities. Osman, Z., Poulson, D., & Nicolle, C. (2005). Introducing computers and the internet to older users: Findings from the care OnLine project. Universal Access in the Information Society, 4(1), 16-23. doi:10.1007/s10209-005-0111-8 This is an article by Osman and the core. It provides various computers to selected households of the old generation and determines their experiences with the use of services on the internet and various websites. This coincided to the gaps existing on the usability of the computers by the old generation. The peer-reviewed paper nonetheless does not offer space for other studies and provides analysis based on the research findings. The literature review used case studies to provide an in-depth overview of the paper. Research methods used is interviews to determine their experiences with computers and were common to all the researchers. It is important on how persons are concerned with the elderly generation to become literate on computer usage. It is an article by Paurasama and Colby published at the research gate. The report shows how technology advancements can be used to spread the knowledge to

Born Black, Live Brave, Die Free

Born Black, Live Brave, Die Free Essay â€Å"Id rather die my way than live yours.†- Lauren Oliver. At some point in your life you have been put down, burdened, discouraged, or even depressed. Sometimes there are certain things you can do to help ease these human issues, but sometimes these issues are opportunities to be even better than you were before; this is so in Richard Wright’s case. In the novel Black Boy Richard Wright was in a constant state of oppression, whether he was encompassed by friends or foes; he was constantly put down, even if it was those who were supposed to always love him. Because of this continuous adversity in his life, Richard Wright gradually develops into a very independent, self-reliant and strong person. Through Richard Wright’s own experiences, maybe other individuals who are in the same situations of life can learn the dexterity of persistence and liberation as well. Throughout Richard’s life, he faces the need for a loving family to help and encourage him. However, they unknowingly help to form his independence. For instance, he has to be independent regarding his negligent father, whom abandons him and the rest of his family (16). Thereafter, Richard’s mother puts the responsibility on him to buy the family’s groceries; â€Å"One evening my mother told me that thereafter I would have to do the shopping for food.† â€Å"When I reached the corner, a gang of boys grabbed me, knocked me down, snatched the basket, took the money, and sent me running home in panic.† He is repeatedly beaten and robbed by a group of boys when he goes to the corner store to buy the groceries, and complains to his mother saying, â€Å"I’m scared,† or, â€Å"They’ll beat me; they’ll beat me.† She simply reacts by giving him a stick and telling him to fight them if they bother him again, in which he does (17-18). She attempts to make Richard tenacious and independent in this particular situation because she believes this is the only way he can survive. Although he was abandoned, afraid, and discouraged he still overcame all of that, initiating the development of his independence. In this instance in Wright’s life, he is almost forced to be independent because of the irresponsibility of his father. In life, arduous situations may cause an individual to have a lot more responsibility put on them. Think about a time in your life where you had to be responsible when things didn’t turn out to your liking. Responsibility forms independence. During most of Richard’s adolescent years, he is often disciplined through the church and religion mainly because of his grandmother and Aunt Addie. For instance when Richard said, â€Å"I could not get a job that would let me rest on Granny’s holy Sabbath.†(133), it showed that strict religion was enforced upon him stripping him of freedom to do things. However, Richard did not allow that to get in his way, and he took hold of his desires whether Granny liked it or not. Also, at very few moments during this time he comes very close to being influenced by religion; â€Å"While listening to the vivid language of the sermons I was pulled towards emotional belief, but as soon as I went out of the church †¦ I knew that none of it was true and that nothing would happen.†(102). This instance, and the many other instances where his grandmother had gotten people to attempt to influence Richard religiously, shows how uneasily influenced Richard is, and does not feel the need to agree with everyone else so that he can fit in. When Richard refuses the church and religion at all, he shows his independence and that he does not have be a part of something that he is indifferent about, no matter who may be attempting to influence him. Sometimes being disciplined by someone can also cause you to be independent, because you understand the responsibility of not â€Å"overstepping† boundaries; but, sometimes you must overstep them to prove that you are your own person. Finally, as a young boy it is recognized in the novel that Richard is not like most of the other people around him. He is a passionate reader and writer, and most of the people he lives and associates himself with are skeptical and puzzled at his hunger for knowledge. In one instance Richard writes a story, The Voodoo of Hell’s Half-Acre, and almost everyone he knows discourages his writing, except a newspaper editor (165-166). He learns to be independent from both his family and friends subjugation and discouragement of his writing. Also, when Richard joins the Communist Party they do not always except him, or the things that he does (ch.18). Once again Wright has been put down and suppressed, yet he remains the same. Sometimes being independent does not only make you responsible, disciplined, and individualistic, but a strong person altogether. If you cannot handle the adversities of life, you’ll never finish your journey and never really experience life for yourself. To conclude, Richard Wright has definitely proven through the novel Black Boy that he is a very independent individual. Wright is showing that the things that may be disguised as nothing but trouble are actually opportunities to grow into this thing we call a human being; this includes being an independent, self-reliant person. Through all of the disappointments, pain, and depressing times in his life he remained liberated and accepted the responsibilities he had to accomplish as a young man, which involved him even disciplining himself just to show his independence and maturity. Also, his independence developed who he wanted to be, and not what others wanted him to be. In the end the universal theme of this essay is that it is vitally important to be a self-sufficient, independent person and who you want to be, not who others want you to be, and knowing that adversities aren’t made to hurt you but to make you stronger. â€Å"Open your eyes look within. Are you satisfied with the life youre living?†- Bob Marley.

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

The Lion, The witch and the wardrobe Essay examples -- essays research

The Lion, The Witch And The Wardrobe By C.S. Lewis The four childeren, Peter, Susan, Edmund and Lucy had to stay at the home of a professor in the time of the second world war. Because there was not much to do and it rained a lot, the children decided to look around the house. They came across a room that had nothing in it, but a big wardrobe. Peter, Susan and Edmund found nothing interesting, and left the room. But Lucy opened the wardrobe, and looked inside. There were many coats in it. She left the door open, because she knew it was a foolish thing to lock oneself up in a wardrobe. She kept walking to the back, looking for the wall but she found none. Instead of feeling coats, or a wooden floor, she felt branches and snow. This confused her, as she kept walking. In the distance, she saw a light and when she reached it, it turned out to be a lamp post. She started walking around, when a starnge creature walked towards her. He was smaller than Lucy, and had the legs of a goat, a tail and held an umbrella in his hand. It was a Faun, and his name was Mr. Tumnus. Lucy introduced herself, and the Faun asked her if she was a Daughter of Eve. Lucy didn’t understand, and Mr. Tumnus asked her is she was a girl, which was true. Mr. Tumnus askedif she would like to go to is house and have some tea, and Lucy replied with a yes. They ate and drank, while Mr. Tumnus told her about all kinds of things like the White Witch, and Lucy told of her siblings. When Lucy told him she had to leave, Mr.Tumnus began to cry. Lucy tried to confort him, but he kept saying that he was a bad Faun, because he worked for the White Witch, whom made it always winter, but never Christmas. He had to take the Sons of Adam and the Daughters of Eve to her, but he couldn’t now since they became friends. He brought Lucy back to the lamp post, but they had to be quiet, for the Witch had spies everywhere, even some trees. Lucy ran through the door of the wardrobe and stumbled out and ran to her siblings, and told them she’d come ba ck. Her siblings didn’t understand what she meant, for Lucy had only been gone for a merely a second. She told them everything she’d experienced, but they did’t believe her. Edmund kept making fun of her and asked if she’d found any new worlds since then. A few days later, they decided to play hide and seek. Edmund was â€Å"it† and had to find everyone. Lucy was hiding in t... ...e healing liquid she had gotten from Father Christmas. She gave Edmund and the other creatures that needed it, a few drops of the liqiud and they all healed. Finally, when everything ended Peter, Susan, Edmund and Lucy were crowned the Kings and Queens of Narnia. Peter was known as King Peter the Magnificent the High King, Susan as Queen Susan the Gentle, Edmund as King Edmund the Just, and Lucy as Queen Lucy the Valiant. They ruled Narnia for many years, untill one day they were in the woods, and found the old lamp post, not remembering what had happened many years before that. They followed the path, and stumbled out of the wardrobe one again. They were in their own clothes again, and they’d turned back into children. They told the professor, and he said they could not go back to Narnia, at least not that way. They had to find another way. Once a King in Narnia, always a King. CHILDREN'S FICTION The Horse and His Boy (1954) The Last Battle: A Story for Children (1956) The Lion, the Witch and the Wardrobe: A Story for Children (1950) The Magician's Nephew (1955) Prince Caspian: The Return to Narnia (1951) The Voyage of the "Dawn Treader" (1952) The Silver Chair (1953)