Examining the correlations in credit risk through data - Free Essay Example

Abstract: We examine the correlation in credit risk using credit default swap (CDS) data. We find that the observable risk factors at the firm, industry, and market levels and the macroeconomic variables cannot fully explain the correlation in CDS spread changes, leaving at least 30 percent of the correlation unaccounted for. This finding suggests that contagion is not only statistically but also economically significant in causing correlation in credit risk. Thus, it is important to incorporate an unobservable risk factor into credit risk models in future research. We also find, consistent with some theoretical predictions, that the correlation is countercyclical and is higher among firms with low credit ratings than among firms with high credit ratings. I. Introduction: Correlation in credit risk is a well-known phenomenon. Understanding the causes of correlated credit losses is crucial for many purposes, such as managing a portfolio, setting capital requirements for banks, and pricing structured credit products that are heavily exposed to correlations in credit risk; for example, collateralized debt obligations (CDO). This issue has become particularly important because of the rapid growth of structured credit products in the financial markets in recent years. But despite much research on the subject, we do not understand many aspects of correlation in credit risk; this paper attempts to move the literature forward. First, we explore the economic importance of contagion in credit risk correlation. This is an open empirical question. Many credit models are based on the doubly stochastic assumption that, conditional on observable risk factors, defaults are independent of each other. This assumption is widely accepted and implemented in banking to determine capital requirements.Evidence exists that contagion has a notable impact on the correlation in credit risk of firms subject to significant credit events. On the basis of these findings, some researchers have tried to include contagion in credit models. However, the economic importance of contagion in a firms credit risk correlation is not clear from the literature. If the role of contagion is statistically significant but not economically significant, modeling contagion may not be of first-order importance. But even though some researchers and practitioners reject the doubly stochastic assumption, they find that the proportion of correlation in credit risk that cannot be explained by observable risk factors is small (1 to 5 percent), which suggests that unobservable risk factors may be of minor importance in credit risk models. In this paper, we attempt to clarify this issue. We also explore the credit risk correlation pattern over time and across firms with varying credit quality. The academic literature cannot agree on these patterns either. These questions are important because credit risk has been and still is the biggest risk facing banks. And with securitization and the new products that have been developed in the financial market, credit risk has been spread out beyond the banking sector to various market segments. Ambiguity regarding these issues poses serious challenges for investors, practitioners, and regulators. In this paper, we approach credit risk in two ways. First, unlike earlier studies, we use data from the credit default swap (CDS) market. Most researchers examine the correlation in a firms credit risk using either estimated default intensity based on actual default observations or implied default probability derived from the Merton (1974) model. The former approach may not be reliable, because some default events are strategic decisions and, therefore, may not correspond to economic default.1 Also, some financially distressed companies may be able to negotiate debt restructuring to avoid default or may be acquired with bankruptcy looming on the horizon, and these informal resolutions of financial distress are difficult to identify.2, 3 The problem of reliable numbers is a serious challenge-default is a low-frequency event, and any misclassification may have a major impact on the precision of parameter estimates. Thus, the estimated default intensity might be contaminated, and this w eakness could be behind some rather surprising findings in the literature. On the other hand, default probability estimated from the Merton model could be confounded by the oversimplified assumptions behind the model. In contrast, the CDS market enables the direct measurement of credit risk by many market participants. CDS is insurance against a default by a particular company or sovereign entity (known as the reference entity). The buyer of the CDS contract makes periodic payments to the seller for the right to sell a bond issued by the reference entity for its face value if the issuer defaults. So the price of CDS contracts (or the CDS spread) is a direct measure of the credit risk of the reference entity. Because CDS spreads can be based on a wide array of credit risk models, it is also a comprehensive measure of credit risk. The second way we approach credit risk in this paper is by investigating the observable factors and their contributions to the correlation in risk. Although previous studies have incorporated some macroeconomic factors into modeling credit risk, the impact of these variables is not consistent across studies, and some results are counterintuitive. We study the impact on credit risk of various macroeconomic variables as well as firm- and market-level variables, and we model the industry effect on the credit risk of individual firms. Although many researchers have suggested that the industry effect partially accounts for the correlation in credit risk, the literature has yet to provide conclusive evidence. On the basis of monthly changes in CDS spreads from January 2001 through December 2006, we find that changes in CDS spreads are positively correlated, with an average correlation of 21 percent. Observable variables at the firm level can reduce the correlation by 8 percent, resulting in a correlation of 13 percent among the regression residuals. Market-level and macroeconomic variables are significantly associated with changes in CDS spreads, with the expected signs of the regression coefficients. These variables, together with firm-level variables, can reduce the correlation by two-thirds to 7 percent. We also confirm the existence of the industry effect and find that firms in less cyclical industries have lower correlations in credit risk. Although industry variables are significantly related to CDS spread changes in the right directions, the industry effect can be responsible for less than 1 percent of the correlation in CDS spread changes after we control for firm-level, market-le vel, and macroeconomic variables. When all observable variables are combined, they can account for about 14 percent of the correlations, leaving 7 percent unaccounted for. The main observable variables that contribute to the correlations are firm-level variables and credit spreads, which can be affected by both contagion and systematic risks. Excluding these variables, the mean correlation among the residuals is 12 percent. These findings suggest that contagion could contribute from 33 percent to 57 percent of the correlation in credit risks. We also investigate the potential nonlinearity in the relationship between credit risk and observable variables, and find that accounting for nonlinearity does not qualitatively change our findings. Thus, the evidence suggests that contagion does play an economically important role in the credit risk correlation. In addition, we find that the correlation in credit risk is countercyclical; that is, it is higher during economic downturns and lower during booms. Also, it is higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with some theoretical predictions but not with the findings based on measures from the Merton model. We believe that the results derived from CDS spreads are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure does not forecast default probability well. Since the study period was short, it included one full business cycle; thus, the results have general implications. The study period did not include the recent market turmoil; however, if contagion is a major phenomenon during severe economic downturns, failing to include the recent period of turmoil is biased only against the finding that contagion plays an important role. The evidence, therefore, suggests that modeling the unobservable risk factors should be of first-order importance for future research in credit modeling. This paper is organized as follows. In section II, there is a review of the current literature. In section III, description of the sample is given. Discussion of observable risk factors and their contributions to the correlation in credit risk is given in section IV. Section V presents results on the correlation in credit risk over time and by rating groups. In the last section, a brief conclusion is given. II. Literature Review Modelling Correlation in Credit Risk The two branches of credit risk measurement are (1) the structural approach and (2) the reduced-form approach. Structural models originate from the Merton (1974) model and assume that a company will default if the value of its assets is below a certain level; for example, the amount of its outstanding debt. The key to structural modelling is to capture the stochastic asset diffusion process, and default correlation between two companies is introduced by assuming that the stochastic processes followed by the assets of the two companies are correlated. Correlation in the stochastic asset diffusion processes of two firms can be caused by both observable risk factors and unobservable risk factors, such as contagion. The advantage of structural models is the flexibility in modeling correlation in credit risk; the disadvantage is the difficulty in implementing them empirically. The general theoretical predictions from this school are that credit risk correlation is higher for firms with a low credit rating than for those with a high credit rating, and that the correlation increases during economic downturns The reduced-form models assume that a firms default time is driven by a default intensity that varies according to changes in macroeconomic conditions In other words, when the default intensity for company A is high, the default intensity for company B tends to be high as well, which induces a default correlation between the two companies. The reduced-form models usually assume that observable risk factors are the main drivers of firm credit risk and that, after controlling for observable factors and default intensity, defaults should be independent. This is the doubly stochastic assumption. Because of its mathematical tractability, most researchers and practitioners gravitate toward this approach; thus, the doubly stochastic assumption is behind many commonly used reduced-form models to predict default, such as the duration models and the survival time copula models. The doubly stochastic assumption is also the key assumption behind the proprietary models. For instance, Moodys KMV Risk Advisor considers systematic factors using a three-level approach: (1) a composite market risk factor, (2) an industry and country risk factor, and (3) regional factors and sector indicators. The factor loading for an individual firm for each of the factors is estimated using asset variances obtained from the option theoretical model, and the factor loadings are then used to calculate co-variances for each pair of firms. In Credit Metrics, the credit transition matrix is conditioned on a credit cycle index, which shifts down when economic conditions deteriorate. The credit cycle index is obtained by regressing default rates for speculative grade bonds on the credit spread, 10-year Treasury yield, inflation rate, and growth in gross domestic product (GDP). In contrast, Credit Risk Plus incorporates cyclical factors by allowing the mean default rate to vary over the business cycle. Credit Risk Plus models find that correlation in credit risk is higher among firms with low credit ratings. In summary, the doubly stochastic assumption plays a critical role in the vast majority of credit models used in research and practice. The findings say that variations in the observable factors cannot fully explain the correlation in credit risk and that the doubly stochastic assumption is violated; however, the proportion of the correlation that cannot be explained by observable factors is rather small. The conclusion may be contaminated in two ways. First, the evidence could result from the misspecification associated with the model to predict default intensity. A different model could lead to two possibilities: (1) observable factors may be sufficient to account for the correlated default risk, or (2) the proportion not explained by observable factors could be much larger. It is not clear from the literature how the correlation in credit risk varies over business cycles and across firms with different credit quality, as studies on these subjects have yielded conflicting results. This lack of clarity poses a major challenge for investors, portfolio managers, bankers, and bank regulators. Macroeconomic Impact in Credit Risk Modelling Some studies incorporate macroeconomic conditions into credit risk models; however, researchers have used different macroeconomic variables, and some variables that are important in one paper are found to be unimportant in another. Also, some empirical results are quite counterintuitive. Some researchers find intuitive relations between credit risk and macroeconomic variables. For example, Collin-Dufresne, Goldstein, and Martin (2001) examine determinants of changes in credit spreads using changes in 10-year Treasury rates, changes in the slope of the yield curve, changes in market volatility, and monthly SP 500 returns. They find that all these variables are significantly related to changes in credit spreads, with the direction implied by structural models. Carling and colleagues (2007) investigate how macroeconomic conditions affect business defaults using a corporate portfolio from a leading Swiss retail bank. They find that the output gap, the yield curve, and consumers expectations of future economic development can help explain a firms default risk. In summary, the impact of macroeconomic variables is not consistently documented in the literature, and some results are counterintuitive. These findings add to the puzzle of whether observable risk factors can explain the correlation in credit risk. We believe that the inconsistent and sometimes counterintuitive findings may be contaminated by the noise in the default data, as default events are rare and can contain misclassifications that lead to estimation errors. CDS data are more suitable for this purpose. III. Data Description and Sample Statistics The Sample The primary data in this study are the monthly CDS data from January 2001 through December 2006. We use the five-year CDS, as this instrument is the most liquid in the CDS market. We use monthly data to match the monthly macroeconomic variables because price movements in monthly data are less contaminated than daily or weekly data by temporary imbalances between supply and demand. The CDS spread measures total credit risk, which includes both default probability (DP) and losses given default (LGD). It is widely documented that DP and LGD are positively correlated thus, the CDS spread is a comprehensive measure of total credit risk. The sample includes 523 firms (25,113 firm-month observations)-376 investment-grade firms and 147 speculative-grade firms, based on the average rating for each firm during the sample period. Our sample period (2001-2006) includes one full business cycle consisting of varying economic conditions: an economic downturn in the early period, a recovery in 2003, and a normal period afterward. Variables at the Firm, Industry, and Market Levels We use three firm-level variables to explain the changes in CDS spreads: monthly stock returns, monthly stock volatility change, and firm leverage change.According to the structural model, a firms default risk is higher when either volatility or leverage is high. Also, stock returns indicate the markets assessment of a firms future performance. Lower returns imply a dimmer outlook, which should correlate with a higher credit risk, so stock returns should be negatively associated with changes in CDS spreads. We use the following market-level variables: changes in implied market volatility (VIX), changes in market leverage, and changes in market returns (measured by NYSE-AMEX-NASDAQ value-weighted returns). An increase in either market volatility or market leverage, or a decrease in market returns, suggests a worsening economic outlook, which should be associated with an increase in credit risk. We define industry variables similarly-changes in industry volatility, changes in industry leverage, and changes in industry aggregate returns-and the same logic should hold at the industry level if there is an industry effect. Macroeconomic Variables We use real GDP growth rate and changes in capacity utilization rate to describe the business cycle. If credit risks are higher during an economic recession, we would see changes in CDS spreads negatively related to both real GDP growth rate and changes in capacity utilization rate. We also include inflation among our list of macroeconomic variables. Since previous studies have shown a negative relationship between real activity and inflation, we expected a positive relationship between inflation and credit risk. We use the following interest rate variables: changes in three-month T-bill rates, changes in term spreads (difference between the yields of 10-year T-bonds and three-month T-bills), and changes in credit spreads between BBB and AAA bonds and between AAA bonds and 10-year T-bonds. The relationship between the three-month T-bill rate and credit risk should be negative for two reasons. First, the Feds monetary policy is pro-cyclical. Second, a higher interest rate can increase the risk-neutral drift of the process of firm value, thus reducing credit risks Collin-Dufresne and colleagues (2001) and Duffee (1998) both documented a negative relationship between interest rate and credit risk. Credit risk should also be negatively related to the term spread (Estrella and Hardouvelis 1991, Estrella and Mishkin 1996, and Fama and French 1989) and positively related to both measures of credit spread (Chen 1991, Fama and French 1989, Friedman and Kuttner 1992, and Stock and Watson 1989). Data Description Table 1 provides summary statistics of the sample. For all firms, the mean CDS spread is 126.27 basis points (bps). The median and standard deviation suggest that the distribution of CDS spreads is quite skewed and volatile. The mean change in CDS spreads is small (-0.07 percent), but the range is wide (-17.78 to 23.43 percent). Both the high and low in CDS spread changes are found among the speculative-grade firms; these firms also have higher mean changes in CDS spreads. As expected, all three measures (CDS spreads, equity volatility, and firm leverage) are lower among investment-grade firms and higher among speculative-grade firms. Panel B of table 1 shows that the average CDS spread was highest in 2002; it declined sharply in 2003 and 2004, then leveled off.11 The average monthly return on the NYSE-AMEX-NASDAQ index was 0.47 percent during the sample period, and the average annualized volatility was 19.08 percent. Over the entire sample period, the mean market leverage was 0.23. The average return across the industry portfolios was 0.57 percent, and the mean annualized industry volatility was 25.27 percent. Table 1. Descriptive Statistics Table 1 shows the summary statistics of the variables used in the study. Panel A presents the descriptive statistics for the firm-level variables: five-year CDS spreads (in basis points), CDS spread percentage changes, equity returns, equity volatility, and leverage. The monthly equity volatility is computed as the annualized standard deviation based on daily returns. The firm leverage is computed as the ratio of book debt value to the sum of market capitalization and book debt value. The data are from January 2001 through December 2006. Investment-grade refers to firms with ratings at BAA or above; speculative-grade refers to firms with ratings below BAA. Panel B presents the descriptive statistics of CDS spreads by year. Panel C presents the summary statistics of the market and industry variables. VIX is the implied volatility of the SP 500 index options obtained from the Chicago Board Options Exchange. The market return is the NYSE-AMEX-NASDAQ value-weighted index returns. Other m arket (industry) variables are the value-weighted average from all firms in the market (industry). We use the Fama-French 12-industry classification. Panel A. Firm Characteristics Variables Mean Median Minimum Maximum All firms CDS (bps) 126.27 63.10 8.65 1,632.36 CDS change (%) -0.07 -0.46 -17.78 23.43 Equity return (%) 1.23 1.13 -4.26 4.86 Equity volatility 0.31 0.28 0.13 0.78 Leverage 0.32 0.29 0.00 0.94 Investment-grade CDS (bps) 60.22 47.10 8.65 444.89 CDS change (%) -0.42 -0.60 -5.06 7.93 Equity return (%) 1.18 1.13 -0.80 4.39 Equity volatility 0.27 0.25 0.16 0.64 Leverage 0.28 0.24 0.00 0.94 Speculative-grade CDS (bps) 295.23 223.24 53.81 1,632.36 CDS change (%) 8.26 5.78 -17.78 23.43 Equity return (%) 1.34 1.34 -4.26 4.86 Equity volatility 0.41 0.39 0.13 0.78 Leverage 0.44 0.43 0.06 0.92 Table 1. Descriptive Statistics (contd.) Panel B. Summary Statistics of CDS Spreads (bps) Year Mean Median Minimum Maximum 2001 151.67 83.33 17.83 3,249.57 2002 212.29 99.70 15.22 3,232.04 2003 150.72 69.62 9.84 2,508.39 2004 109.33 49.27 8.72 1,843.10 2005 107.17 44.90 5.21 2,181.16 2006 94.39 41.40 3.98 2,396.08 Panel C. Market- and Industry-Level Variables Variables Mean Median Minimum Maximum Market aggregate return (%) 0.47 1.11 -10.01 8.41 VIX (%) 19.08 16.69 10.91 39.69 Market leverage 0.23 0.23 0.19 0.27 Industry return (%) 0.57 1.57 -12.64 10.23 Industry volatility (%) 25.27 20.21 11.91 80.57 Industry leverage 0.23 0.17 0.07 0.48 IV. Observable Risk Factors and Correlation in Credit Risk Because most of our analyses involve panel data, our estimates are based on robust standard errors. We estimated these errors by assuming independence across firms, but we accounted for possible autocorrelation within the same firm. We use the contemporaneous variables on the right-hand-side variables . Market and Macroeconomic Effect Table 2 shows the effect of firm-level variables on changes in CDS spreads. We calculate the pairwise correlations (of the raw CDS spread changes or residuals from the regressions) and report the means in the last row of the table. The first column of table 2 shows that, without controlling for any observable covariates, the average correlation in changes in CDS spreads in the entire sample is 21 percent. The correlation ranges from a minimum of -30 percent to a maximum of 72 percent, and the interquartile spans a range of 30 percent. Table 2. Effect of Firm Characteristics on the Correlation in Changes in CDS Spreads Independent Variables Model 1 Model 2 Model 3 Model 4 Model 5 Equity returns -0.567*** -0.473*** [0.023] [0.025] Change in firm leverage 1.662*** 0.318*** [0.114] [0.084] Chance in equity volatility 0.199*** 0.148*** [0.015] [0.012] Constant 0.003*** -0.002*** -0.003*** 0.003*** [0.001] [0.001] [0.001] [0.001] Observations 25,113 25,113 25,113 25,113 25,113 R2 9% 5% 3% 11% Correlation/residual correlation 0.21 0.17 0.14 0.16 0.13 Industry Effect Table 5 shows the average pairwise correlation in CDS spread changes among firms in each of the 11 Fama-French industries.12 The table shows much variation in correlation in credit risk among firms in the same industry. Over the study period, the energy sector has the highest correlation among all industries, whereas the health care sector has the lowest correlation. Only four of the 11 industries have a higher average correlation than the overall average of 21 percent. The ranking of correlation by industry changed over the six-year study period. The financial industry had the highest correlation in 2001 and 2002, suggesting that an economic downturn affects financial firms more than others. The energy industry had the highest correlation from 2004 to 2006, likely driven by volatile price movements in oil. The health care, medical equipment, and drug industries had the lowest correlations in three of the six years, and consumer nondurable goods had the lowest correlation in two years. These findings suggest that less cyclical industries have lower correlations in credit risk. Table 5. Correlation in CDS Spread Changes Across Industries Year Ind1 Ind2 Ind3 Ind4 Ind5 Ind6 Ind7 Ind8 Ind9 Ind10 Ind11 2001 0.12 0.44 0.44 0.63 0.24 0.36 0.51 0.28 0.41 0.65 2002 0.13 0.43 0.26 0.26 0.14 0.41 0.43 0.38 0.24 0.17 0.45 2003 0.20 0.33 0.15 0.24 0.05 0.13 0.25 0.36 0.17 0.03 0.29 2004 0.24 0.26 0.21 0.35 0.17 0.21 0.26 0.32 0.23 0.14 0.30 2005 0.22 0.28 0.23 0.55 0.18 0.22 0.22 0.35 0.20 0.23 0.31 2006 0.06 0.07 0.09 0.33 0.17 0.11 0.12 0.26 0.22 0.06 0.13 2001-2006 0.16 0.28 0.18 0.35 0.18 0.17 0.16 0.29 0.19 0.11 0.22 V. Conclusions In this paper, we examine the correlation in credit risk using CDS data. We find that observable variables at the firm, industry, and market levels, as well as macroeconomic variables, cannot fully explain the correlation in credit risk, leaving at least one-third of the correlation in credit risk unaccounted for during the study period (2001-2006). These findings suggest that contagion may be a common phenomenon in an economy and that the doubly stochastic assumption may not hold in general. Because of the large proportion of correlation that cannot be explained by observable risk factors, future research in credit modeling should focus on incorporating unobservable risk factors into models. We also find that credit risk correlation is higher during economic downturns and higher among firms with low credit ratings than among those with high credit ratings. These findings are consistent with the theoretical predictions but inconsistent with some empirical findings based on the Merton default probability measure. We contend that our results are more reliable because of the oversimplified assumptions behind Mertons model and the evidence in the literature that the Merton default probability measure cannot accurately forecast default probabilities.

The Care Act For The Asian American Subgroups - 1629 Words

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Dealing With The Issues Of The Environment Commerce Essay - Free Essay Example

Sample details Pages: 9 Words: 2790 Downloads: 3 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The dissertation topic deals with the environment of Century Inks which is an SME based in a developing country like India. SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s i.e. Small-medium sized enterprises have been defined in various ways taking into consideration carious constraints like employment, turnover, investment in land and machinery. Don’t waste time! Our writers will create an original "Dealing With The Issues Of The Environment Commerce Essay" essay for you Create order For example in UK, under sections 382 and 465 of Companies Act 2006, SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s have been classified under two categories, namely Small and Medium Size according to their turnover and employment. A small enterprise is one which employs less than 50 people and has a turnover of not more than  £6.5 million along with a balance sheet total of not more than  £3.26 million. A medium-scale enterprise is one which employs less than 250 people and has a turnover not more than 25.9 million along with a balance sheet total of not more than  £12.9 million. In USA, the definition is not the same for all types of industries and depends on the à ¢Ã¢â€š ¬Ã‹Å"size standardà ¢Ã¢â€š ¬Ã¢â€ž ¢ of the company. For example most of the manufacturing and mining, industry fall under small enterprises if they employ less than 500 people. However, for Wholesale Trade Industry a small scale enterprise is one which employs less than 100 people. Similarly, in Service Industries and Heavy Construction Industry, the constraint is the annual receipt rather than employment. The definition of small businesses is given by Small Business Administration (SBA) Size Standards Office which is a government department to deal with benefits associated to SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s(1). In India, MSMED Act 2006, firms have been classified into two categories i.e. Service and Manufacturing. They have been further classified under three categories namely Micro, Small and Medium according to their investment in equipment (for services), plant machinery (manufacturing). Century Inks falls under the category of Small Scale enterprise engaged in manufacturing activity as it has an investment of more than Rs 25 lakhs ( £36,000 approximately) and less than Rs.5 crores( £720,000 approximately) in its plant and machinery. Hence an SME in USA might not necessarily be regarded as one in India as different countries have different definitions of an SME. Accordingly, they are rendered with certain benefits due to their small size and nature of business. Interestingly, government from various developing and developed countries look to provide certain benefits to SME and start-up organisations as they are believed to generate large employment, bring about innovation in products and services their contribution to the national income. Another striking difference between SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s and MNEà ¢Ã¢â€š ¬Ã¢â€ž ¢s is the ownership. Most SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s are initiated by a family member who is an entrepreneur who sets up the business and the ownership is then transferred to a close family member and decision-making is mostly autocratic. This is often the case in countries like India, Pakistan and Bangladesh etc. where the culture is more family-oriented. This forms a key part of the internal business environment for SME firms. The equity of the SME is confined to close members of the family and the decision-making is autocratic. The managerial positions are taken up by family members irrespective of their qualifications or expertise. This is a double-edged sword which has its own advantages and disadvantages. In a family oriented business, decision-making is faster and there is a lot of trust between the members of the organisation which reduces transactional uncertainties. They have long-term goals and do not look for short-term profits. They develop strong ties which are long-lasting with their employees, suppliers and customers. The disadvantages are that shareholders misuse their power for their own benefits rather than looking at overall benefit of the firm. Also, it is not necessary that the successor possesses the expertise and managerial entrepreneurial skills like the founder family member which might lead to failure or deteriorating performance of the firm. This also limits the opportunity for deserving employees to take up top managerial positions (Wenyi Chu, 2009). MNEà ¢Ã¢â€š ¬Ã¢â€ž ¢s on the other hand though having large equity holding amongst the founding family membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ show a more corporate governance structure where ownership and management are often different. The influence of family ownership on SME performance: evidence from public firms in Taiwan Wenyi Chu https://www.lib.strath.ac.uk/busweb/guides/smedefine.htm https://www.bankofindia.com/smepol.aspx India is a developing country and every country has a unique business environment. There are various elements that constitute the business environment of a particular firm or business. The environment includes competitors, buyers, suppliers, financial institutions, government, and law etc. which affects a way a firm conducts its business. The business might be sensitive towards one or more of those elements of the business environment and it might affect their strategy and survival. Hence, it is important to understand and analyse the environment of a particular business and use it our advantage. High labour regulations, power shortage, access to finance and corruption are four major obstacles affecting small-business growth in India and are a big part of the environment in evolving economy like India. Corruption plays an important role and impacts the other three obstacles and has also led to uneven growth rates of SME. (Maddalena Honnorati Taye Mengistae, 2007). Corruption is one of the major elements of the business environment in India and more so for Small-scale businesses as they lack the power to influence governments and bureaucrats which MNEà ¢Ã¢â€š ¬Ã¢â€ž ¢s seem to have a good hold over. Access to finance is another important factor which is a major obstacle to SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s due to high rates of interests, lack of collateral securities etc. Often, firms remain small throughout due to the lack of adequate finance and conservative nature of Indian firms. Labour regulations power shortages are more subjective to industry type and the region/state you condu ct your manufacturing activity. Other factors affecting the growth of SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s in developing countries are access to information, technological advancement, culture, competition, government regulations and environmental constraints. According to Stephenson. K. Arinaitwe of Breyer State University technology, access to finance and infrastructure as the main reasons constraints of SME. He explains why small firms do not invest in technology due to reasons of poor access to finance and volatility in the market. He believes that SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s were less capable of taking advantage of technological advancement and are still backward in use of accounting system and quality standards (Stephenson. K. Arinaitwe). Culture and Competition are factors which are bound be there in every environment where business is conducted. Environmental constraints is a less relevant factor for firms in developing countries as compared to developed countries as more focus is laid on following environmental regulations i n advanced countries where the people are aware and concerned about the environmental issues. Technological advancement and access to information finance are a key part of the overall business infrastructure which form a part of the macro-environment and is largely affected by government policies. Government affects the nature and pace of SME development in direct and indirect ways through its policies like tax, interest rates, subsidies, developing infrastructure and even direct support. Previous researches maintained that setup of new SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s was more due to the result of creativity and commitment of individuals but failed to take into consideration the impact of macro-environment on the strategy and operations of SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s which was largely dependent on government policies and regulations. The burden of compliance costs i.e. cost associated with understanding government legislations, adhering to them, hiring tax professionals and lawyers or training employees for changing laws on SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s are more compared to larger firms as they have limited resources compared to MNEà ¢Ã¢â€š ¬Ã¢â€ž ¢s. à ¢Ã¢â€š ¬Ã…“In economies where market reforms are low, not properly installed, it is reflected in the characteristic of and the nature of the S MEà ¢Ã¢â€š ¬?. (David Smallbone and Friederike Welter). In a country like India, where the development is uneven the pace of SME development are heavily dependent upon how supportive the local government bodies are as different states have different governments. Government bodies are the single most important element of the business environment that affects the business and even plays an important role in defining the other elements that constitute the environment like tax, power supply, employment regulations, law order etc. The dissertation tries to analyse the current strategies of Century Inks along with suggesting future strategic options available to them. It also describes the business environment and its effect on the firm as a whole. The business environment plays a key role in shaping a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current and future strategy. à ¢Ã¢â€š ¬Ã…“The PESTEL framework provides a comprehensive list of influences on the possible success or failure of particular strategies. The PESTEL framework categorises environmental influences into six main types: political, economic, social, technological, environmental and legal. Politics highlights the role of governments; Economics refers to macro-economic factors such as exchange rates, business cycles and differential economic growth rates around the world; Social influences include changing cultures and demographics, for example ageing populations in many Western societies; Technological influences refer to innovations such as the Internet, nanotechnology or the rise of new composite materials; Environmental stands specifically for à ¢Ã¢â€š ¬Ã‹Å"greenà ¢Ã¢â€š ¬Ã¢â€ž ¢ issues, such as pollution and waste; and finally Legal embraces legislative constraints or changes, such as health and safety legislation or restrictions on company mergers and acquisitions. It is import ant for managers analyse how these factors are changing now and how they are likely to change in the future, drawing out implications for the organisation. The PESTEL framework can be used to identify how future trends in the political, economic, social, technological, environmental (à ¢Ã¢â€š ¬Ã‹Å"greenà ¢Ã¢â€š ¬Ã¢â€ž ¢) and legal environments might impinge on organisations. This PESTEL analysis provides the broad à ¢Ã¢â€š ¬Ã‹Å"dataà ¢Ã¢â€š ¬Ã¢â€ž ¢ from which to identify key drivers of change.à ¢Ã¢â€š ¬? (Gerry Johnson, Kevan Scholes, Richard Whittington, 2008). Therefore, to understand the macro-environment environment of a firm PESTEL tool analysis has to be applied. Since the main purpose of the dissertation is to analyse the current situation of the firm, its environment and strategies while suggesting them future strategic choices it is important to understand the internal capabilities of the firm and the opportunities and threats it has to survive and grow. SWOT analysis is the most widely used tool to understand the strengths, weaknesses, threats and opportunities of the firm. It helps in the initial stages of decision-making and acts as a first step towards strategic planning. (Johnson et al., 1989; Bartol et al., 1991). It considers various internal and external factors and tries to maximise the strength and opportunities while minimising the effect of weaknesses and threats. SWOT balancing then helps match the strengths of the company to the opportunities available to them to create competitive advantage over other firms. à ¢Ã¢â€š ¬Ã…“SWOT summarises the key issues from the business environment and the strategic capability of an organisation that are most likely to impact on strategy development.à ¢Ã¢â€š ¬? It also helps to plan out future strategic options available to a firm for the future. It intends to recognise the extent to which a firm strengths and weaknesses are capable of dealing with the changes occurring in the business environment. However SWOT analysis is subjective and is generally useful when ità ¢Ã¢â€š ¬Ã¢â€ž ¢s compared to competitors. It analyses the strengths, weaknesses, opportunities and threats only compared to competitors and is not absolute. (Gerry Johnson, Kevan Scholes, Richard Whittington, 2008). As mentioned earlier, competition in the market or industry is a key factor in determining the strategy for a firm. It is the most important element in the environment of the business after the governing bodies. Competition affects sales, price, product features and practically the whole marketing mix of a firm. Most importantly competition determines how profitable an industry is. Hence, it becomes necessary for a firm to define the competition in its industry/market to develop or plan future strategies. Porter Five Forces is one of the most efficient tools used by firms and MNEà ¢Ã¢â€š ¬Ã¢â€ž ¢s to understand the current and future trends in competitive rivalry amongst firms in a particular industry. Porterà ¢Ã¢â€š ¬Ã¢â€ž ¢s Five Forces include Threat from New Entrants, Power of Buyers, Power of Suppliers, Threat of Substitute Products/Service and Competitive Rivalry. The configurations of these forces differ from industry to industry. These forces and their origins, discloses the roots of an industryà ¢Ã¢â€š ¬Ã¢â€ž ¢s current profitability also provide a framework which helps anticipating and influencing profitability and competition over time. (Michael Porter, 2008) Porterà ¢Ã¢â€š ¬Ã¢â€ž ¢s Five Forces help determining the attractiveness of the market in the current situation as well as in the future. Along with that it also highlights the key issues or agenda in the market which a firm should focus and act upon for its survival (Gerry Johnson, Kevan Scholes, Richard Whittington, 2008) For formulating the strategic plan for Century Inks the core strategy needs to be decided. The core strategy helps the firm deciding the broad term strategy they will follow. Ansoff Matrix is the best tool used by various experts for deciding upon the broad strategy of the firm. The Ansoff product/market growth matrix gives a technique of generating four basic alternative directions for strategic development.( Gerry Johnson, Kevan Scholes, Richard Whittington, 2008 )It divides the strategies into four parts i.e. Market Penetration, Market Development, Product Development, Diversification. The constraints used for this are the markets and products. In market penetration, the firm strategizes to focus on the same product the firm produces and focuses on the same market. The main motive here is to gain significant market share. Similarly in market development the firm focuses on expands their markets with the same product they produce product development seeks to focus on developing ne w products for the same markets the firm operates in. Market Diversification as the word suggests focuses on creating an entirely new product for a new market altogether. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s the most risky options and often taken up by firms when the original markets for the products start to mature. Strategies are not independently based on a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s position or strengths in the market. It is also based on what the competitorà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategies are and where they are placed. This makes important to analyse your position against your competitors in the market/industry. This helps the firm to know their position in the industry in the market, how would they like to be placed against their competitors and what segment of the market they should focus on. Strategic Group Analysis ( SGA) developed by Hunt in 1972 is a great strategic tool which helps us understand and analyse our positions in the market against our competitors under various constraints. Strategic group analysis is a part of the industry analysis which specifically focuses various groups of rival firms clustered around a similar competitive approach or strategic position. It helps determining the competitive positions that competitors occupy determines level of competition amongst the firms in the industry. It also helps to understand the profit potential of the different strategic groups operating within the industry along determining the consequences firms can face. Strategic group analysis is a comprehensive tool of analysis which incorporates a wide array of possible variables which can be used to demeanour an environmental analysis. à ¢Ã¢â€š ¬Ã‹Å"It provides several layers of finer analytical proceduresà ¢Ã¢â€š ¬Ã¢â€ž ¢ for making the link from broad industry structure to firm-specific strategic implications. It provides more accurate results for strategic analysis compared to traditional approaches to market segmentation.( Babette Bensoussan, The MindShifts Group and Craig Fleisher, 2003) Century Inks is an industrial marker manufacturer with wide range of products. Each product is at a different stage of life cycle. Hence, the strategy to adopt for every product is different which depends on the conditions prevailing for that particular product in the market/industry. Hence, it becomes necessary to frame appropriate product strategies. They can be treated as SBUà ¢Ã¢â€š ¬Ã¢â€ž ¢s. GE matrix is an appropriate tool that helps analyse the current situation of a particular SBU/product of a firm taking into consideration two broad factors which are Long term Industry attractiveness of the marketing they operate in Strength of the SBU/Product. Long term Industry attractiveness is determined by various factors like growth rate of the market, profitability or future profit potential, intensity of competition, return on investments, PEST etc. SBU strength is determined by factors like brand equity, market share, access to distribution channels, production capacity, cost adv antage over competitors etc. It was developed by McKinsey Co for General Electric for managing its business units. It overcomes some of the shortcomings of BCG matrix as they acknowledge some difficult situations where the company has to be selective and it is based on a wider number of factors other than market growth rate and market share. It helps to provide solutions and strategies to firms by defining their positions in the matrix. For example harvest, divest or invest. (Gerry Johnson, Kevan Scholes, Richard Whittington, 2008) (Quick MBA) (Business Tools Templates) Every organisation

Gender Stereotypes in Literature Essay - 1969 Words

There is no doubt that certain books children read are made especially for boys or for girls. Like any developmental form of entertainment, from toys to movies, childrens books are often littered with hints that dictate whether they were originally meant for male or female enjoyment. Sometimes these hints can be as simple as the specific gender of the main characters, for example Carolyn Keenes Nancy Drew series calls for a female audience while the extremely similar yet sexually opposite Hardy Boys mysteries fall into the hands of boys, yet other times more important factors decide who the book will best be suited for. Gary Paulsens Hatchet and Katherine Patersonss The Great Gilly Hopkins are books for a boy and a†¦show more content†¦Hatchets survival story, then, is two-fold. Because stereotypically boys are less focused on the emotional aspect of things, and boys raised on G.I. Joes as opposed to a game of â€Å"house† are less interested in domesticity, the a dventure trappings of Hatchet serve to mask what is really happening in the story. When Brian crashes in the woods he has already been set adrift by the rift between his parents, has already been left as one that will have to survive on his own. Brian was comfortable in the security of his stable familial unit but now he is left alone in a new world, the untamed wilderness of a broken home. These aspects of divorce and infidelity, however, would hold no real sway over young male readers, so it is made real by the woods that Brian finds himself in. Everything he has to do in the woods revolves around a â€Å"home†. When Brian takes stock of everything he must do once he first crash lands, from building a â€Å"lean-to† (Paulson, p. 53) and not just eating, but hoarding and storing the â€Å"gut cherries† (p. 67) what he is really doing is rebuilding the home that he felt his parents separation has stolen from him. It is indeed only a few days before he comes to think of his new crude lodgings as home, but when heShow MoreRelatedGender Stereotypes in Literature1570 Words   |  7 PagesThroughout history women have been victims of many stereotypes. The stereotypes that will be analyzed in this essay are the ideas that women are somehow inferior to men, the weaker sex, both mentally and physically; they are self-sacrificing mothers and wives and that they are dependent on men. This is seen in the play Medea, set in Greece during a time that was dominated by men. 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Essay about Emma in Jane Austens Emma - 731 Words

Emma in Jane Austens Emma For the greater part of the book, Emma is allowed a much greater level of social and moral freedom than any other character in the book. As the opening chapter has it, the real evils of Emmas situation were having rather too much her own way. For Austen, the use of the word evil is not as a throwaway term, it is meant to give a very strong impression of how the heroine is trapped by her freedom into becoming arrogant and interfering. Emma indulges herself considerably, her response to learning of how disastrous her attempt at making a match between Harriet and Mr Elton is immediately to think of a match between Harriet and William Cox and although she stopped to†¦show more content†¦It could be argued that Austen is simply to fond of her Handsome, clever and rich creation. It may also be that the annoying traits of the other characters serve to highlight the fact that Emmas weaknesses are considerably deeper than those many of her companions display. Emma is the victim of pride, and proof of this is the extent to which this rubs of on Harriet. In Emmas own thoughts If Harriet, from being humble, had grown vain, it was her own fault. According to the Christian moral values held by Jane Austen, Pride and Vanity were the sources of all the other deadly sins. It was through pride, after all that Lucifer fell. Emma too can be seen as an angel being condemned for her arrogance. Just after her hurtful remark at Box Hill, she is described by Knightly as guiding the opinion of many of those present. She has a certain power and prestige that she abuses, in ding so reveals herself, at least in the eyes of Austen to be beyond mockery and instead deserving of remonstrance and Knightly describes his lecture. The apparent indulgence with which Emma is treated by Austen does serve one very important purpose in the novel. It allows her to make a fool of herself at regular intervals and through doing so to improve, if rather slowly, her character. Austen provides a powerful insight into the process of self-improvement. Emma does not experienceShow MoreRelated Jane Austens Emma Essay869 Words   |  4 PagesJane Austens Emma Jane Austen does indeed present a picture of a community who look to each other for entertainment as well as support, and are content with their limited outlook. The story never leaves the close surroundings of Highbury and there is no desire to do so. When the party goes to Box Hill, away from Highbury, there is tension and the trip is not enjoyed. It is interesting to note that the three characters that come into Highbury, are those which have the potential to ruinRead MoreJane Austens Emma Essay1958 Words   |  8 PagesChantal Fauconier This essay shall explore Jane Austen’s novel, Emma. Jane Austen’s writings were greatly influenced by the society she came from. She grew up in the Victorian era whereby the status of women was very limited. 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Brief of Calgary Oil Shale Technologies Inc(COST) Case Study

Question: A Case Study on Calgary Oil Shale Technologies Inc. Answer: Fireside chats: Fireside chats indicate the self-directed teams in the organization called Calgary Oil Shale Technologies (COST). COST is a subsidiary of an international oilfield service company. The organization supplies the data management and technology for enhancing oil recovery process in Alberta, Colorado and Utah. The main issue of the business is that there is a clash between labors and scientists. Hence, the organization has hired Algoma Howard for re-aligning the teamwork program in an effective manner. With the engagement of the enhanced teamwork plan, the organization has tried to resolve those management issues from the business (Ohtani et al. 2012). In this context, the fireside chats consist of operational meetings on the recent business issues. In the Fireside chats, the organization invited all employees for participating in the process. The higher management of the company believes that such meeting would facilitate them in diminishing the management issues from the business (Goetsch and Davis 2014). Algoma Howard has selected cafeteria for conducting the meeting with the employees. The meeting has been conducting at the late afternoon. The primary objective of the meeting was to provide a relaxed environment to employees for discussing their problems and unsolved issues in the work design. The discussion has been conducted through three stages such as follows: 1st Stage: At the initial stage, employees discuss their issues while dealing with other groups in the business. The prime issue of the organization is that the employees face challenges in cooperating with other groups (Beecham, Carroll and Noll 2012). 2nd Stage: In the second stage, the meeting focuses on the issues of the business. However, the team would not focus on any individual in the business. Rules of the engagement or the guideline have been provided at the 2nd stage of meeting in the business. 3rd Stage: At the final stage, the meeting has discussed the issues involved in all level. The problem solving discussion has facilitated the organization to identify the key developing issues in the business. Moreover, the Fireside chats have involved employees for obtaining information about their daily work challenges (Turner 2014). Problem busting teams: Problem busting teams was another team dealing with the business related issues in an effective manner. It was the next process to Fireside chats, and it had engaged the temporary teams. It was dependent on the problem identified in fireside chats in the business. The organization has recruited the special purpose team to conduct the process in an effective manner (Grunig 2013). COST engages the team members of the 3 functional areas and different hierarchies. In the problem busting teams, one leader has been assigned for better team building. In this segment, the teams were disbanded when the problem was resolved. It also consists of three primary stages as follows: 4th stage: In the 4th stage, the problem-Busting teams discontent while sharing decision-making and the responsibility with the ground level employees in the business. 5th Stage: In the 5th stage, the leader needed to evaluate the issues and challenges to enhance commitment within the group. With the involvement of the leaders engagement, the problem busting teams evaluate the challenges out of the business to enhance the work design in the organization (Kerzner 2013). 6th Stage: In this stage, the team came together to focus on some chronic issues in the business. With the involvement of introducing this team effort, the problem-busting team has experienced the success in the work process. 7th stage: In the final stage, problem-busting teams have been organized in permanent cross-functional teams. Several cross-functional teams organized the entire workforce. Through the engagement of the cross-functional team, the organization includes the different expertise from several fields such as finance, marketing, human resources and operations (Menz 2012). It involves the employees from all level of the business. With the involvement of the cross-functional teamwork, the organization has identified the key issues in the business. The prime problem is that there was a clashing between the scientist and the labors in the business process. Hence, the cross-functional team efforts have tried to diminish the clashing between the upper management team and labors (Majchrzak, More and Faraj 2012). It can be assessed that the fireside chats are the informal teams consists of employees from the same hierarchical level. On the other hand, the problem-busting team has been a special project team designed outside of the formal organizational structure. The problem-busting team has taken up the case of special or urgent projects for facilitating the operational department to uphold a healthy work design at the workplace. The fireside chat teams developed through several stages including storming, forming and performing stages. The fireside teams conduct the informal meetings for resolving the personal matters of group members (Ghobadi and D'Ambra 2012). On the other hand, the problem-busting teams have conducted same stages more quickly, as the team consists of skilled professionals of the business. Cross-functional team efforts have facilitated the organization with some competitive advantages. For example, the organization experiences the enhanced productivity in the business thro ugh the implementing of the cross-functional team effectiveness. By analyzing the Tuckmans model of teamwork, it can be assessed that the no team starts off fully formed and functioning (Goetsch and Davis 2014). Consequently, teams grow through clearly identified stages. In this context, Debrito had tried to build cross-functional teams through a continuous development process for obtaining enhanced performance from the business. Moreover, the Truckmans teamwork theory indicates that the teamwork must be executed by considering a different aspect of the businesss situation (Belbin 2012). In this context, Debrito has played the socio-emotional role in the success of the team-based activities. Debrito was a long-time COST employee who was highly respected at the Alberta office. Moreover, Carlos Debrito was looking forward to making changes in the business before his retirement. Carlos has been engaged in the business for more than 26 years, and he has worked in every department in the organization. With the huge experiences in the business, Debrito has utilized his vast knowledge to encourage team members in an effective manner. In this context, Carlos has facilitated to resolve the disagreement in the business process management. Moreover, Carlos Debrito has facilitated the organization to harmonize the group by reducing tensions, support, and follow teams best ideas (Shin et al. 2012). Debrito has focused on the Socio-emotional development in the business. Consequently, the team members of COST have successfully understood the importance of team management on the org anizational success. Debritos role had indicated the contingency leadership approaches. As per the contingency leadership theory, the leadership style should be based on some particular situations that identify certain people performing at their maximum level (Klarner et al. 2013). As Carlos Debrito had multi-skilled, he played a dual role at Alberta. The prime objective of Carlos was to accumulate the ideas from the team members for implementing changes in the business. Moreover, he motivated the team members by influencing them in a different manner. He performed the socio-emotional role in the business, and he has supported the team members emotional requirements by participating with them in several recreational activities and sports activity such as hockey games (Scarborough 2012). Hence, it can be assessed that Debrito has balanced the teams technical requirement with human interaction challenges, meeting both socio-emotional needs and task. Debrito has employed interactive leadership and utilized the participating style contingency approach. The leadership style of Debrito is characterized by several values including inclusion, collaboration, and relationship building and caring. In this form of leadership style, Debrito has motivated the employees in the business. Most of the time, Debrito has provided adequate opportunities to the leaders of the individual team for sharing their ideas. Consequently, different business ideas have facilitated Debrito to resolve the business issues in an effective manner. Debrito has believed in the participative leadership where employees obtain opportunity to share their feedbacks and ideas to enhance the work design in an appropriate manner. Under his leadership trait, leaders have shared their suggestions to the subordinates for enhancing the business opportunities (Weske 2012). Moreover, it has provided adequate opportunity to the group several chances to participate and facilitate in the decision-making process. On the other hand, Debrito has employed a collaborating style for reducing conflict between professionals and labors. Debrito has utilized the combination of high degree of cooperativeness and a higher degree of assertiveness. It was required to obtain success and commitment in the business. Yes, I agree with the fact if Algoma Howard just had a Debrito in Colorado, the project would be succeeded in an effective manner. Debrito was one of the key people for structuring the horizontal team in the business. Moreover, he was responsible for building up the horizontal team that made up of employees from same hierarchical level (Jeston and Nelis 2014). However, he built up the team with a different level of expertise who has provided adequate supports for enhancing the business in an effective manner. By collaborating with Debrito, Algoma Howard has implemented the required changes in the business. Although Carlos Debrito might help in obtaining the team success, there was no guarantee that presence of Debrito would surely bring success in the business. Debrito had 26 years of experience that has helped the organization to enhance the productivity in an appropriate manner. Huge experiences have facilitated Debrito in dealing with laborers and the professionals. On the other h and, Debrito had earned trust through working several years in the business. Hence, it can be assessed if Howard could identify such a person like Colorado, she would be able to proceed further in the process. Nevertheless, the organization may consist of several factors that might create difficulties for the company to execute the teamwork in an effective manner (Hooper and Newlands 2012). The prime difference between Alberta and Colorado were that the process of Alberta was imposed on the people in Colorado, whereas in Alberta, the team possesses naturally guidance from Howard and Debrito. The imposition of others success indicated the significant cause of resentment among staffs and workers at the Colorado facility. Hence, it can be assessed that Algoma Howard will need to establish cooperation and a renewal of trust among Colorado facility. On the other hand, Algoma Howard will need to establish its methods for addressing and solving different business challenges. Changes in the organization do not indicate the process of forcible execution. Changes can be executed in the following manner. 1st Step: employees should have to make the realistic discussion with the top management in the business. The particular process ensures them that Howards team will make their best possible business approaches to resolving the team management issues. Employees do not need to be time-pressured. The realistic discussion facilitates employees in sharing their individual feedback to the higher management of the business. 2nd Step: There was a need of worker like Debrito to diminish the team collision at Colorado. With the involvement of worker like Debrito, Howard could ensure healthy work environment at the organization. Debrito had 26 years of work experience in the same organizations, and he had utilized his knowledge on improving employees perception towards different types of business challenges. Hence, it can be assessed that the Howards team could gain recognition in an effective manner through the involvement of the worker like Debrito. Debrito has accumulated several feedback and ideas from leaders in the business. Consequently, it has contributed in identifying the key development areas at the organization. 3rd Step: Howard could employ the new process where employee obtains several opportunity for making irregular attendance at the fire chats. Compulsory attendance could refuse the purpose of collaborative problem solving and voluntary. Collaborative problem solving is one of the major factors for diminishing the business issues in an effective manner. With the involvement of the collaborative team efforts, organization could able to understand the key challenges in the business. Voluntary method and collaborative problem solving approaches could facilitate Howard to diminish the managerial issues from the business. 4th step: Howard could include the enhanced monitoring system in order to identify the key issues in the business in an effective manner. With the involvement of the enhanced monitoring system, COST could evaluate the key areas for development. Howard could gather information from the higher management about the challenges in daily work life. Implementation of Cross-functional teams- Cross-functional team effort was majorly success in the Alberta it has facilitated Debrito to understand the work-life challenges at the organization. With the involvement of the cross-functional teams effort, Algoma Howard could obtain positive outcome from the business. In this context, Howards team felt extreme pressure from the top management and they were unable to provide enhanced performance in the business. The top executives thought that implementation of the cross-functional teams would become the less costly and time-consuming process. Consequently, it would be a greater solution for obtaining a positive solution out of the business. Building problem-busting team: Howard thought that the employees should have the opportunity to select their leaders for teams. Problem busting team would solve the issues quickly, and it would make easier for the business enhancement in a particular process. Although the problem-busting team had shown quick responses for solving business challenges, they showed less commitment and enthusiasm in diminishing the team managing issues. Through the engagement of the problem-busting team leaders, the employees could be able to share their individual feedbacks and ideas on business process enhancement. On the other hand, the problem-busting team resolved the business challenges with the quick effect that ensured the enhancement of the productivity. References: Beecham, S., Carroll, N. and Noll, J., 2012, August. A decision support system for global team management: Expert evaluation. InGlobal Software Engineering Workshops (ICGSEW), 2012 IEEE Seventh International Conference on(pp. 12-17). IEEE. Belbin, R.M., 2012.Team roles at work. Routledge. Ghobadi, S. and D'Ambra, J., 2012. Knowledge sharing in cross-functional teams: a coopetitive model.Journal of Knowledge Management,16(2), pp.285-301. Goetsch, D.L. and Davis, S.B., 2014.Quality management for organizational excellence. pearson. Goetsch, D.L. and Davis, S.B., 2014.Quality management for organizational excellence. pearson. Grunig, J.E., 2013.Excellence in public relations and communication management. Routledge. Hooper, M.J. and Newlands, D. eds., 2012.The global business handbook: The eight dimensions of international management. Gower Publishing, Ltd.. Jeston, J. and Nelis, J., 2014.Business process management. Routledge. Kerzner, H.R., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Klarner, P., Sarstedt, M., Hoeck, M. and Ringle, C.M., 2013. Disentangling the effects of team competences, team adaptability, and client communication on the performance of management consulting teams.Long Range Planning,46(3), pp.258-286. Majchrzak, A., More, P.H. and Faraj, S., 2012. Transcending knowledge differences in cross-functional teams.Organization Science,23(4), pp.951-970. Menz, M., 2012. Functional Top Management Team Members A Review, Synthesis, and Research Agenda.Journal of Management,38(1), pp.45-80. Ohtani, J., Hoffman, W.Y., Vargervik, K. and Oberoi, S., 2012. Team management and treatment outcomes for patients with hemifacial microsomia.American Journal of Orthodontics and Dentofacial Orthopedics,141(4), pp.S74-S81. Scarborough, N.M., 2012. Essentials of Entrepreneurship and Small Business Management.Instructor. Shin, S.J., Kim, T.Y., Lee, J.Y. and Bian, L., 2012. Cognitive team diversity and individual team member creativity: A cross-level interaction.Academy of Management Journal,55(1), pp.197-212. Turner, J.R., 2014.The handbook of project-based management(Vol. 92). McGraw-hill. Weske, M., 2012.Business process management: concepts, languages, architectures. Springer Science Business Media.

Renewable and Sustainable Energy Reviews

Question: Discuss about the Renewable and Sustainable Energy Reviews. Answer: Introduction: Saudi Arabia which is officially also known as the Kingdom of Saudi Arabia is the largest of the Arab states of the Western Asia. According to Jouini (2013), the country is bordered by Jordan and Iraq on the northern side and Omen and Yemen in the southern part. The countries of Kuwait, Qatar and United Arab Emirates cover the country from the east. This is the land of the two great mosques of the Mecca and Medina. The economy of Saudi Arabia is very much dominated by the industrial sectors that have offered about 62.3% of the countrys total GDP in the year 2015. In the year 2009, the nation has under gone a global recession, however, due to the strong and determined fundamentals, the country has been able to survive during the time of crisis. Apart from the oil and petroleum industries, there are also many other industries prevailing in the country. The mining and the quarrying industries of the countries, however, contribute about the 26.8% of the country total GDP in the year 2015 (Nakov and Nuo 2013). Saudi Arabia (Source: Brown et al. 2013) The political, economic, social, technological, legal and environmental factors of Saudi Arabia have been analyzed in this study with the help of using the PESTLE analysis. The affects of these different factors on the import of the protective textiles by Saudi Arabia oil and gas industries from the Bruck Textiles of Australia have also been shown in the context to the PESTLE analysis of the market of Saudi Arabia oil and gas industry. Product chosen: The industrial product that has been chosen to be analyzed and discussed in this particular research study is the different oil industry. The Australian Organization that has been chosen is the Bruck Textiles that provides protective fabrics that are required for the oil and gas industry of Saudi Arabia. Justification for the product chosen: The different oil industries of Saudi Arabia have been chosen for the doing of the PESTLE analysis. The oil industries have been chosen to analyze because this nation accounts for almost 25% of the world's total oil reserves. This nation plays a very crucial and important role in the different affairs of the Organizations of Petroleum Exporting Countries. Therefore, this industry is countable among the most important industries of Saudi Arabia. The Australian organization, the Bruck Textile manufactures not only the normal kind of quality fabrics however, it is also specialized in manufacturing of a range of protective fabrics that are used in military, fire fighting, oil and gas, metal smelting, mining and other industry purposes. So this industry has been chosen as this industry of Australia supplies the protective fabrics for the oil and gas industries of Saudi Arabia (Bruck Textiles 2016). Relationship between the oil and gas industry of Saudi Arabia and the Bruck Textiles of Australia: The Bruck textiles is Australia based company which has its head office at Sydney. This company manufactures best quality protective wear fabrics and applications solutions for the requirement of the protective clothing for the emergency services and the safety of the oil and gas industry and other specialized industries workers. The protective fabrics from this company are exported to Saudi Arabian oil and gas industries. Saudi Arabia imports these fabrics for the work wear of its workers as it ensures safety of the workers (Bruck Textiles 2016). PESTLE Analysis: The decisions of the management system of any country depend on the different factors of the macro-environment. These factors can be managed and analyzed with the help of the PESTLE model. The PESTLE model has following classifications: Political factors: This shows the exact level at which the government of the country materializes with the political economy. The political factors mainly include the different laws of the country, tax and tax policy, trade restrictions and others. Economic factor: The economic factors have the main influence on the process of the operation of the business. It includes the interest and exchange rates, economic growth and the inflation rates of a country. Social factor: The demand for the goods of the country depends on upon and gets affected by the social factor of the country. The social factor includes the cultural aspects of the country. It also includes the rate of the population growth, health consciousness, age distribution and the career possibilities of the country people. Technological factor: The technological factor of the country affects the quality, costs and the leads to the innovation of a country. The technological factors would include the technological aspects of automation, technological change and incentives and the RD activity. Legal factor: The legal factors of the country that has an effect on the operational process, the demand and the costs of the products manufactured in the country. The legal factors include the different laws such as the discrimination law, consumer law and others. Environmental factor: The different environmental issues such as the climate change affect the operational process of the companies and the markets of the products. The environmental factors include the weather, climate and the changes in them. This mainly affects the insurance, tourism and the farming industries of the nation (Team 2013). The PESTLE analysis of Saudi Arabia oil and gas industries in the context with the importing of protective fabrics from an Australian Organization, Bruck Textiles: Political factors of oil industries of Saudi Arabia: According to Gause (2014), the oil and petroleum industry requires the high amount of labor work and also it requires paying the taxes and all the other charges that are levied on them by the Saudi Arabian government. The oiling industries of the nation have to follow and implement the labor law in the industry premises. There are some trade restrictions and different taxation processes also that the industries require following regarding the import and the exports of the oil and different other related products. There is also some import taxations and rules which the Bruck Textiles has to follow for the exporting of the protective work wear in the industrial sector of Saudi Arabia. The government of the country provides for the goods and the services that are required for this industry so that this industry can flourish and help the government to develop a strong economic position in the world by this industry. This is the main industry of the country; there are millions of people a ssociated with this industrial sector, therefore, the government requires enforcing a better law system and the safety of the workers. All the different political factors and their laws are in the reference of the governmental policy of Saudi Arabia. The government holds the power of enhancing the infrastructure and the quality of the products of this sector (Vassiliev 2013). Economic Factors of oil industries of Saudi Arabia: The economic factors of the oil and petroleum industry have its direct influence on the supply and the demand of the oil products and the prices related to them, the substitute goods. Saudi Arabia is a member of the OPEC (Organizations of Petroleum Exporting Countries) which was founded in Bagdad in the year 1960. The members of the country at initial were Iraq, Islamic Republic of Iran, Saudi Arabia, Kuwait and Venezuela. Being a member of the OPEC, which was founded in 1960year in Bagdad, Saudi Arabia, has benefitted wealth from the selling of the oil and petroleum to different other countries (Alshehry et al. 2015). As oil and petroleum are very necessary for different commercial and domestic for every country and Saudi Arabia being one of the most leading countries for petroleum supply, supplies oil and petroleum to different other countries. This resulted in earning lot of wealth for the country. As the country is economically self sufficient and does not has much financial issu es therefore, it also takes different steps for the safety of its workers and the country has also different laws regarding the welfare and the safety of the workers working in the commercial sectors of the country. The industries have to abide by the law and follow all the labor related laws. Social Factors of oil industries of Saudi Arabia: As said by Mokheimer et al. (2014) the different demographic, profit migration, culture, producing process and others are shown and depicted through the social factors of any industry. This is a sector which requires the hard and high amount of labor work to be done. The workers working in this sector are required to be professionals skilled and professionals. Therefore, the country treats its skilled labours as a resource of the country and their safety is utmost important for the industry as experienced labours are not available much. The oil and the petroleum industries cause great pollutions and here should be laws against it. However, no actions are being taken on it as this industry is considered to be the most important industry of the nation. The Bruck Textiles provides for the clothing that would act as a shield against all factors chances of accident, pollution and others. Technological factors of oil industries of Saudi Arabia: As stated by Al-Somali et al. (2013) the technological factors mainly include the technology and the techniques that are used and the way it affects the activities and the result of the operating process. The technologies and the modern techniques that are required by the industries of the oil sectors are very advance, huge and risk to handle. Therefore, the workers require special work wears that would ensure the safety of the worker while operating the different machines and others. All such fabrics and work wears for this purpose are imported in the country from Bruck textile. The latest technologies are required for the exploration of oil and gas and the use of roads drainage system and fuel tanks transportation. Legal Factors of oil industries of Saudi Arabia: The legal factor includes mainly the rules and the laws that are prevailing in the country under the order of the government. The legal factor also ensures that the industrial sectors abide by the laws set by the government for the labor of the country. As mentioned by (Baamir 2016) the laws of the nation have been formed according to the different departments and international organizations like ASEAN, European Union, and others. The issues of exploitation, corruption and commercialization of the oil products are addressed through the legal laws of the country. The different industries of the nation have to pay the taxes, subsidies and other charges for the fossil fuels and the oil and petroleum prices (Aust 2013). Environmental Factors of oil industries of Saudi Arabia: The presence and the position of the oil reserves of Saudi Arabia have a great effect on the different activities of the oil industries. Due to the exploration of the ground for the extraction of the natural oil, the country has recently started facing the issues of earthquakes, cyclones, tsunami, sandstorms, high temperature and volcanic eruption (Krten et al. 2014). Many a times such accidents take place while the workers are working in the industries. To save the workers from these dangers, the Bruck Textiles provides Saudi Arabia with the solution uniforms for high daytime visibility, vector barrier, protection from ultraviolet rays, anti- static environment, insect borne pathogens, protection from radiant heat and flash fire and electric arc fire. (Matter et al. 2015). Conclusions: From the above study, it could be concluded that the political relation of Saudi Arabia is mostly affected due to the presence of the oil reserves in the country. The government of the nation provides for the services and the goods that are required for the oil and petroleum industry so that these industries could get enhanced. The oil industries emit loads of pollution in the country and are responsible for almost 70% of the nation's total pollution. The government also could not take any required step to combat this issue in the country as the oil and petroleum industry is the main industry of Saudi Arabia and the government would do anything to promote this sector. The government only promotes the industry but also it treats its workers as their resources as without them the work in such dangerous and hazardous sector would not have been possible. The specialized protective fabrics and solution uniforms are imported for the safety assurance of the workers from an Australia based c ompany, Bruck Textiles. The government gives the most importance to the growth as this is the main industry of Saudi Arabia and because of this industry Saudi Arabia is economically prosperous. References: Al Mallakh, R. and el Mallakh, R., 2015.Saudi Arabia: Rush to Development (RLE Economy of Middle East): Profile of an Energy Economy and Investment. Routledge. Alshehry, A.S. and Belloumi, M., 2015. Energy consumption, carbon dioxide emissions and economic growth: The case of Saudi Arabia.Renewable and Sustainable Energy Reviews,41, pp.237-247. Al-Somali, S.A., Gholami, R. and Clegg, B., 2013. An investigation into the adoption of electronic commerce among Saudi Arabian SMEs.E-Commerce for Organizational Development and Competitive Advantage, p.126. Aust, A., 2013.Modern treaty law and practice. Cambridge University Press. Baamir, A.Y., 2016.Sharia Law in Commercial and Banking Arbitration: Law and Practice in Saudi Arabia. Routledge. Brown, G.F., Schmidt, D.L. and Huffman Jr, A.C., 2013.Geology of the Arabian Peninsula; shield area of western Saudi Arabia(No. 560-A). US Geological Survey. Bruck Textiles. (2016).About Bruck - Bruck Textiles. [online] Available at: https://www.brucktextiles.com.au/about-bruck/ [Accessed 20 Sep. 2016]. Bruck Textiles. (2016).Oil Gas - Bruck Textiles. [online] Available at: https://www.brucktextiles.com.au/safety-protective/oil-gas/ [Accessed 20 Sep. 2016]. El Bcheraoui, C., Memish, Z.A., Tuffaha, M., Daoud, F., Robinson, M., Jaber, S., Mikhitarian, S., Al Saeedi, M., AlMazroa, M.A., Mokdad, A.H. and Al Rabeeah, A.A., 2014. Hypertension and its associated risk factors in the Kingdom of Saudi Arabia, 2013: a national survey.International journal of hypertension,2014. Gause, F.G., 2014.Saudi Arabia in the New Middle East(No. 63). Council on Foreign Relations. Jouini, J., 2013. Return and volatility interaction between oil prices and stock markets in Saudi Arabia.Journal of Policy Modeling,35(6), pp.1124-1144. Krten, B., Al-Aidaroos, A.M., Struck, U., Khomayis, H.S., Gharbawi, W.Y. and Sommer, U., 2014. Influence of environmental gradients on C and N stable isotope ratios in coral reef biota of the Red Sea, Saudi Arabia.Journal of Sea Research,85, pp.379-394. Matter, A., Neubert, E., Preusser, F., Rosenberg, T. and Al-Wagdani, K., 2015. Palaeo-environmental implications derived from lake and sabkha deposits of the southern Rub'al-Khali, Saudi Arabia and Oman.Quaternary International,382, pp.120-131. Mokheimer, E.M., Dabwan, Y.N., Habib, M.A., Said, S.A. and Al-Sulaiman, F.A., 2014. Techno-economic performance analysis of parabolic trough collector in Dhahran, Saudi Arabia.Energy Conversion and Management,86, pp.622-633. Niblock, T. ed., 2015.State, Society and Economy in Saudi Arabia (RLE Saudi Arabia)(Vol. 6). Routledge. Team, F.M.E., 2013. PESTLE Analysis.Strategy Skill.