Gino and Mogilner’s (2014) Hypothesis | Critical Review

Gino and Mogilner’s (2014) Hypothesis | Critical Review Critical Review of Focus Paper: Assessing the credibility of Gino and Mogilner’s (2014) hypothesis and applications Joanna Huang Abstract The focus paper by Gino and Mogilner hypothesises that the reason for previously witnessed relationships between time, money and morality is due to the mediator, self-reflection. Gino and Mogilner (2014) operationalise the construct of morality to measure the subsequent cheating in participants through controlled laboratory experiments. The methodology employed in the paper uses validated and reliable techniques to maintain internal validity (Wicklund and Duval, 1971). In addition, the paper controls and removes possible confounds that may impact the consistency of the results to improve internal reliability. However, the applicability of Gino and Mogilner’s (2014) findings are limited by the controlled laboratory conditions which reduce external validity. Greater applications of this study can be found in alternate research directions regarding the relationship between time, money and morality. Main body The nature of morality and its determinant is a long debated and theorised topic; many experimental investigations in morality attempt to produce supporting evidence for hypothesised relationships between morality and related factors. The focus paper by Gino and Mogilner endeavours to provide empirical evidence that supports the underlying mechanism between time, money and morality is self-reflection. Gino and Mogilner (2014) draw their conceptualisation of morality from the theoretical framework provided by previous studies which have shown a conclusive relationship between time, money and morality. Their methodology operationally defines morality and maintains a standardised procedure to maximise the reliability and validity of their experimental results. Whilst Gino and Mogilner (2014) are able to reliably demonstrate that self-reflection is the underlying mechanism connecting money, time and morality, the immediate applications of the research finding is limited by their approach . The multifaceted definition of morality provides difficulties in measuring the construct within laboratory environments. However, by simplifying moral behaviour to cheating, the seemingly abstract construct has been operationalised by many for experimental research and produced consistent findings, such as Gino and Pierce (2009). In addition, by eliminating the monetary reward (in Study two) and providing anonymity, potential bias from the motivation of money and social desirability of participants to appear competent has been removed. When compared to previous studies by Diener and Wallbom (1976) where anonymity was not provided in the experiment, the recorded cheating could have resulted from two viable motivations; moral ambiguity and possible demonstration of competence (Vallacher and Solodky, 1979). Gino and Mogilner (2014) have shown superiority in operationalising and controlling their experiment to produce empirical evidence that supports their hypothesis. The study follows a standardised procedure to ensure greater generalisability and reliability. Study three uses the mirror technique, a reliable method to encourage self-reflection (Wicklund and Duval, 1971), and improving internal validity by the use of a reliable and consistent technique in the methodology. The mirror technique further validates the robustness of the effect by showing internal consistency between the effects of priming money and time to a validated method. In comparison to the use of environmental stimulus (real cash) by Gino and Pierce (2009), the subtlety of priming money and time constructs benefits external validity by increasing generalisability (Mogilner and Aaker, 2009). Priming the constructs allows greater generalisation to the real world situation by broadening the stimulation of time and money to include mental as well as environmental stimuli. It should be mentioned that the focus paper does have flaws, notably in the use self-reporting scales in Study 4 to measure self-reflection. Self-reporting is limited by the assumption that individuals are insightful and truthful about their own attitudes and behaviours. Additionally, self-reporting may be skewed by the individual desire to appear moral (Nargin and Pogarsky, 2003). Thus, many studies have included social desirability tests to identify to remove possible contenders of lying, such as Nargin and Pogarsky (2003) and Gino and Pierce (2009). Despite lacking such a social desirability test, the questionnaire used to measure self-reflection is similar to the one used by Gino and Pierce (2009), which has proven reliability. Furthermore, Gino and Mogilner (2014) do include a mediation analyses using bootstrap analysis to verify that self-flection was the underlying mechanism between money, time and morality; presenting convincing empirical evidence of the relationship between the constructs. In conceptualising morality as cheating, the study may risk over-simplifying and limiting the construct as cheating may only represent a form of moral judgment rather than morality as a whole (Abend, 2012). Indeed, the experiment essentially limits the concept of morality to the individual moral judgment in response to the given conditions of the study, such as anonymous cheating opportunities. Furthermore, these confined laboratory conditions inhibit the external validity of the study due to the variability of cheating opportunities and occurrence in real life (Gino and Pierce, 2009). However, Gino and Mogilner are not alone in their approach; studies with a similar method include those by Gino and Pierce (2009), and Shu, Gino and Bazerman (2009). These studies adapt their conceptualisation from Jones’ (1991) definition of immorality as behaviour that violates the moral and legal regulations of the wider community; supporting Gino and Mogilner’s operational definition of morality as a standardised method. Whilst using more subtle primes can increase generalisability, as aforementioned, the limitations of applicability are inevitable in laboratory and experimental research. Experimental research is challenged by the difficulty to maintain external validity within the controlled laboratory conditions. Whilst encouraging moral conduct in society is a worthy pursuit, direct application of Gino and Mogilner’s (2014) findings may be difficult and limited by situational and environmental influences of morality. A study by Reed, Aquino and Levy (2007) develops the construct of morality in an alternate approach, suggesting instead that individual concept of morality directly influences attitudes towards money and time. This reverse approach is advantageous in having immediate applications, specifically in marketing; non-profit organisations can manipulate the community for more time or money donations based on the prominence of the respective constructs in their advertisement (Reed et al., 2007). Despite forgoing the mediator role of self-reflection, the research does not contradict Gino and Mogilner. Hence, given that the thought of time can increase ad herence to moral conduct (Gino and Mogilber, 2014), the focus paper may find applications in an indirect way, such as time prominent marketing strategies. The work of Gino and Mogilner (2014) may be limited in the short run for immediate benefits to society; however it will inarguably be a great asset when considering the growing prevalence of immorality. Gino and Mogilner (2014) present reliable empirical evidence to determine that self-reflection is the mediator between time, money and morality. The focus paper appropriately operationalises morality to construct a reliable and valid research that increases the credibility of the results. In demonstrating sound empirical results, Gino and Mogilner have proposed a plausible method to reduce immoral behaviours in society. However, the immediate applications of this method are restricted by difficulties in generalising the experimental research to the external, real world environment, and may have to wait until further research is conducted regarding ethical and effective applications. References Abend, G. (2012). What the Science of Morality Doesnt Say About Morality. Philosophy of the Social Sciences, 43(2), 157-200. Diener, E., Wallbom, M. (1976). Effects of Self-Awareness on Antinormative Behaviour. Journal of Research in Personality, 10(1), 107-111. Gino, F., Mogilner, C. (2014). Time, money, and morality. Psychological Science, 25(2), 414-421. Gino, F., Pierce, L. (2009). The abundance effect: Unethical behaviour in the presence of wealth. Organisational Behaviour and Human Decision Processes, 109(2), 142-155. Jones, T.M. (1991). Ethical Decision Making by Individuals in Organizations: An Issue-Contingent Model, The Academy of Management Review, 16(2), 366-395. Mogilner, C., Aaker, J. (2009). The Time vs. Money Effect. Journal of Consumer Research, 36(2),277-291. Nagin, D.S., Pogarsky, G. (2003). An Experimental Investigation of Deterrence: Cheating, Self-Serving Bias, and Impulsivity. Criminology, 41(2), 167-194. Reed, A., Aquino, K., Levy, E. (2007). Moral Identity and Judgements of Charitable Behaviours. Journal of Marketing 71(1), 178-193. Shu, L.L., Gino, F., Bazerman, M.H. (2011). Dishonest Deed, Clear Conscience: When Cheating Leads to Moral Disengagement and Motivated. Personality and Social Psychology Bulletin, 37(3), 330-349. Vallacher, R.R., Solodky, M. (1979). Objective Self-Awareness, Standards of Evaluation and Moral Behaviour. Journal of Experimental Social Psychology, 15(3), 254-262. Wicklund, R.A., Duval, S. (1971). Opinion change and performance facilitation as a result of objective self-awareness. Journal of Experimental Social Psychology,7(3), 319-342. 1 Nella Larsen Novel: Passing Nella Larsen Novel: Passing Nella Larsens novel Passing was written in 1929 and reflected the reality she experienced herself as for the questions of racial identity and hard integration of African Americans into the civilized society. On the whole, Passing is, in contrast to the title, the story of complete failure of two girls who tried to divide themselves from their race and be normal citizens adopted by the society. One of them, Irene Westover Redfield, was a common representative of the middle class who suffered from fears and discomfort being among people and who wanted only to be tranquil because security was the most important and desired thing in life (Larsen 235). Everywhere in the street she felt disturbance and threat of impermanence, instability and lack of confidence. All those symptoms, as Neil Sullivan (26) investigates, testify to Irenes inevitability of disintegrating subjectivity meaning that not only circumstances themselves were obstacles on her way to integration and passing, but from the very beginning, by her nature and through entire life she was never ready to become an adequate part of the community. For Irene, the reality was disgusting and she was disgusting to herself, she was awkward in that reality. Her friend, Clare Kendry Bellew, doesnt look like a Nig (as her own husband calls her playfully), but she has African routes and thus all her story is a story of inner conflict, of bifurcation and lack of perfectness, of wholeness. She struggled since her early childhood, as was born in misery and privation, and furthermore lost her father (alcoholic janitor) and had to live with her two white aunts, Grace and Edna, not a jot better than Cinderellas stepmother and sisters. From her early years she had to work hard, and the aunts even tried to persuade her that physical labor was nothing but useful for her. And at the same time she had to tolerate not only physical exploitation, but also moral tension because loving relatives never missed a trick to remind her where she was from and what she was like. But nevertheless she didnt make complaints against her life: I was, it was true, expected to earn my keep by doing all the housework, and most of the washing. But do you realize, Rene, t hat if it hadnt been for them, I shouldnt have had a home in the world? (Larsen 158). Clare is described as truly light (as her name is translated) person trying to enjoy life and to take everything from it, but again, from the very beginning, she is doomed as she has no integrity in herself and cant find stability neither at home nor outside. Her husband, a white financier John Bellew, leads on the processing started by her aunts: he repeats again and again that he hated Negroes and that no Negroes can live in his house: When we were first married, she was as white as as well as white as a lily. But I declare shes gettin darker and darker. I tell her if she dont look out, shell wake up one of these days and find shes turned into a nigger, he jokes (171). If Clare could simply forget her origin and live a normal life of a white person, she may have found serenity and her place under the sun. But the hostile attitude and moods of the nearest, let alone rest of the society leaves n o chance for her. She is punched by words, and she is constantly being lynched morally. Hence her end is determined from the very beginning. Her passing is determined as, to certain extent, the author uses the word not only in the meaning of merging of African Americans with the white community in the United States, but obviously in its colloquial meaning standing for death. The two girls fates are tightly bound and one is used to tint another one. They are different, but they have much in common, and their lives turn to interweave in strange, dramatic matter. The two persons conflicting each within herself cant help conflicting with other, and passions burning between them have ambiguous nature. The uneasy circumstances have made them suspicious and emotionally very sensitive, therefore by interaction they not only help each other to survive, but do help each other to fade. The matter is, assimilation is always a problem, even when all the circumstances are favorable and the accepting party is really adopting. A lot of things must be changed in your conscience, in your style of life, in your attitude to things of everyday life and, broader, you view of the world. The question, what is more, is why you should forget your true identity, why you have to play your origin false and adjust to others. It is always difficult to put up with such injustice, and no matter how hard you try, you will always stay the second sort. Sometimes such subordination is hidden well, and with time you may forget about all those difficulties. But when day after day you are reminded that you are mud blood (nigger, nig, creature, boy,), how much strength do you need to cope with it? Especially it turns out to be unbearable for Clare who is already not belonging to the Black community and neither is she one of the Whites. Then, negative reputation is regularly supported by media, they are accused of all the most awful crimes, and this prejudice based only on the color of their skin is being spread from family to family, from generation to generation. The cycle with no way out. Or, to be more precise, with the only way out chosen by Clare the entrance to freedom through the window. In the meantime her need for recognition was much higher than Irenes. Clare experiences deliberate courting of attention (203); her husband has taken her out of poverty and provided her with almost everything for happy bourgeois living. So she spends days dressing this and that and trying to adopt white values, but cant find peace and through the whole novel seeks for the answer from everyone: what am I to you? What am I of you? It is interesting to underline that the two girls benefit from each other: While Clare claims Irene as her link to blackness, Irene mediates her desire for whiteness through Clare (Sullivan 31). When associated with Clare, Irene finally was aware what was wrong in her life and she feels sorry that Clare was not born a Negro (Larsen 225). The conflict is sharpened in the scene with letters from Clare torn by Irene: The destruction completed, she gathered them up, rose, and moved to the trains end. Standing there, she dropped them over railing and watched them scatter, on tracks, on cinders, on forlorn grass, in rills of dirty water (178). While we are all dependent on what others think of us, it is not easy to stay cheerful when you are oppressed on the ground of your minority identity. In this way total rejection brings Clare to the tragic final: Clare vanishes, and Irene faints in pursuit of her. Panama: An Introduction Panama: An Introduction Panama La Republica de Panama, or just simply Panama, is a country slightly smaller than South Carolina located south of Costa Rica and north of Columbia. Panama is most famous for the Panama Canal, which allows passage from the Caribbean Sea to the Pacific Ocean. Panama has a chain of mountains along the west of the country, has moderate hills in the interior, and has flat land along the east coast. There are vast forests in Panamas tropical weather. Panamas tropical temperature makes it possible for Panama to grow its biggest exports: coffee, sugar, shrimp, bananas, etc. However, Panama cannot grow or manufacture certain items, such as capital goods, foodstuffs, consumer goods, and chemicals. Some of Panamas major trading partners include the U.S., Sweden, Spain, Netherlands, Costa Rica, Antilles, Japan, Mexico, and Colombia. Panama has one of the most important trading ports in the world. Its geographical location makes it one of the busiest ports in the world. Panama is most famous for the internationally known Panama Canal. The Panama Canal was first thought up in 1513 by Charles V, who at the time was the king of Spain. Although Charles V never followed through, the Spaniards built paved roads to transport goods. In 1880, French companies directed by Ferdinand de Lesseps, the builder of the Suez Canal, started construction on the Panama Canal. After seven years, the project was abandoned. In 1903, when Panama was declared independent, a treaty was signed which authorized the United States to begin construction of the canal in 1904. The canal was completed and started operation on August 15, 1914, when the US cargo ship, Ancon, made a historic first passage. However, before the canal was built, Panama struggled for its independence from Columbia. In 1821, Central America revolted against Spain, which is when Panama joined Columbia. For the next eighty-two years, Panama unsuccessfully tried to break away from Columbia. Between 1850 and 1900, Panama had 40 administrations, 50 riots, 5 attempted secessions, and 13 US interventions. Panama eventually gained its independence in 1903, with US giving its support. The Panamanian flag was a symbol of the newly freed country once it gained its independence from Columbia. It was designed be Mr. Amador Guerrero and it was made by his wife, Ms. Maria Ossa de Amador. The flag was baptized on December 20, 1903 by Reverend Fray Bernardino. It is celebrated on November 1. Today, the Panamanian government is an example of a constitutional democracy. It contains executive, legislative, and judicial branches of government. The executive branch consists of a president and two vice-presidents. The presidential position is held by Martin Torrijos Espino and the two vice-presidential positions are held by Samuel Lewis Navarro and Ruben Arosemena Valdes. The Legislative Branch has a unicameral National Assembly which contains seventy eight seats. The judicial branch is a Supreme Court of Justice, which contains nine judges who serve ten year terms, five superior courts, and three courts of appeal. When the Spanish controlled Panama, they brought with them Spanish cultures and traditions, creating a new culture. The natives of Panama, the Kuna, are a close community. They are close with their families and live a simple way of life. In the Kunas culture, ties are passed from the mothers side of the family, meaning that after the marriage, the husband must move into the wifes familys house and work for her family. In all countries, sports are a major part of the culture. Panama is no exception. The main sport in Panama today is baseball. Some of the Major League Baseball most prominent baseball players have come out of Panama. The most famous of them include Rod Carew, who played for the Minnesota Twins and the California Angels, Omar Moreno, who played for the Pittsburg Pirates, Ben Oglivie, who played for the Boston Red Sox, Detroit Tigers, and the Milwaukee Brewers, Mariano Rivera, who currently plays for the Yankees, and Manny Sanguillen, who played mainly with the Pittsburg Pirates and briefly with the Oakland Athletics. Some of todays Panamanian baseball players include Manuel Corpas, who plays for the Colorado Rockies, Carlos Lee, who plays for the Houston Astros, Mariano Rivera, who plays for the New York Yankees, Carlos Ruiz, who plays for the Philadelphia Phillies, and Olmedo Saenz, who plays for the Los Angeles Dodgers. As well as sports, food is a major part of a countrys culture. Some of Panamas most popular dishes include carimanola, empanadas, tortillas, tamales, tajadas, and patacones. Carimanola is a roll made from ground and boiled yucca and filled with chopped meat and boiled eggs. The roll is then fried before it is served. Empanadas are similar to a Cornish pastry that can be filled with meat, chicken, or cheese. Tortillas are a common meal in all of Latin America. In Panama, tortillas are made from ground maize and fried like a pancake. Tamales are a local delicacy made from boiled ground corn with spices, chicken, or pork inside. It is then wrapped in a banana leaf and boiled before serving. Tajadas are a dish that that are more commonly known as platano maduros. It is made from a ripe plantain cut i slices, length ways and baked with cinnamon. Lastly, patacones, also known as tostones, is made from green fried plantain, which is cut crossways in pieces, with salt, pressed and fried. Today, Panama remains most famous for the Panama Canal. However, it has also received attention from people due o the fact that one of their former leaders is imprisoned in Miami, Florida as a result of drug trafficking charges. Manuel Noriega used to be one of the United States top allies in Latin America. However, their relationship deteriorated when it was discovered that Noriega was a major player in drug trafficking in the Panamanian region. The US also accused him of violating human rights and rigging elections in 1989. Soon after their was a stand-off between US forces stationed at the Panama canal zone and Noriegas soldiers. Later, President Bush Sr. launched an invasion of Panama because a US marine was killed in Panama City. Noriega surrendered to US forces in 1990 and was flown to the US as a prisoner of war. He was found guilty of multiple charges and was sentenced to forty years in prison which was later reduced to thirty years in 1999. After serving seventeen years in p rison, he was scheduled for release on September 9 of this year. However, he is now wanted by the French for using profits from drug trafficking to buy land and remains imprisoned. In conclusion, Panama has a culture and history decorated by the people, food, and infrastructures that it has become famous for. Most people know Panama for the Panama Canal, but Panama is more than the Canal. People who will go down in American culture have come out of Panama. These people, such as Mariano Rivera and Rod Carew, have imprinted themselves into Americas favorite past-time (baseball). Panama has bred a culture that has made a name for itself in todays society and will forever be known for it uniqueness and cultural and historical offerings.

Evaluation of corporate performance Essay

Evaluation of corporate performance Introduction Hershey Company History   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey chocolate company was founded in the United States by Milton Hershey in 1909. The Hershey Company is a leading manufacturer of quality non-chocolate and chocolate and other chocolate-related grocery products in North America. The company has in excess of 80 brands around the globe and its annual revenues are about $ 7.1 billion. Some of the famous brands of Hershey Company include Jolly Rancher, Reese’s, Hershey’s, Ice Breakers and Hershey’s kisses (Bozich, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey Company has been focusing on improving its presence in main international markets as well as making sure that they have a competitive edge in North America. In addition, Hershey Company has great plans of expanding its portfolio into other brands other than confectionery, where they will find out new ways of bringing goodness to individuals everywhere. For over 120 years, the company has been committed in carrying out good business through operating sustainably, ethically and fairly thus making a positive influence on the society. In this regard they been contributing towards a better life for its consumers, communities, employees, and eventually making sure that those children who are in need have a bright future (Stansberry, 2012). Strengths and weaknesses of Hershey Strengths   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey Company has grown from to a $ 4 billion having various quality chocolates. The company also has a strong brand name which gives the company a strong image. The company has many strengths since they have been in business for a long period of time. The company has got a very good reputation among the shareholders since it pays the dividends always in time to all their shareholders. This has also led to many consumers being loyal to them and to have trust on the company. The company is popular due to their strong customer relations. Another strength of Hershey is that their pricing reasonable thus making them to be affordable to everyone. The Hershey Company enables their customers to make lifestyle choices which are balanced at work, school and also in the community. The company has more than fifty brands in their portfolio and has acquired very many corporations in America (â€Å"The Hershey Company,† 2012).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey has a huge share of the market in North America and the sales keeps increasing almost each year. Hershey brands are produced for the health conscious customers to make sure that Hershey chocolates are healthier alternatives. Hershey Company assures their consumers with health issues for instance diabetics that the chocolates they sell to them are safe and healthier alternatives. The key strategy has been reinventing the image of the chocolates from being the way they are deemed as a source of excessive calories and sugar thus making individuals to be obese and/or diabetic, to a more appealing image where the chocolates are regarded to be a significant aid for protecting the customers from the heart disease and also enhancing the metabolism rate through using the flavonoids in their products (Kash, 2012). Weaknesses   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey company has however some weaknesses where they are supposed to improve in some areas so as to be more effective and profitable. The company is supposed to try gaining more experience in international market. Also around the world, the company has got very few multinational distributors. The company also has focused their business operations more in United States, where they make more money in United States more than countries around the globe. The company has high borrowing level in order to finance their business operations (Bozich, 2009). Financial analysis of Hershey Company   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey earns very high returns on the invested capital than most businesses because of its leading brands and huge market share. Dividing the after-tax operating profit of the company by its average invested capital reveals that Hershey earns a return on invested capital in excess of 15 percent on the average. This shows that for every dollar that the company invests in maintaining or expanding its business, Hershey earns in excess of $ 0.15 in the after-tax profits every year. Therefore, Hershey earns approximately 15 percent of the after-tax return on their stock portfolio every year thus making it a very profitable business (Freedland, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In addition, the company compounds the effect through lowering its share count continually. Although since the financial crisis Hershey Company has been unable to repurchase a huge number of the shares, the continuing trend reveals that the company is committed towards reducing its share account over time. The Hershey’s combination of shareholder-friendly management and high returns on the invested capital has enriched the shareholders of Hershey Company over the last 20 years (Bozich, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey Company has a leading and growing share of the United States chocolate market; its brand’s portfolio is more popular among the Americans compared to other brands of the other companies. This enables the company to charge prices which are higher than those of its competitors, thus enabling it to earn very high returns on the invested capital. Hershey will continue earning super profits as long as the Americans focus more regarding the brand which they are buying compared to the price of sugar-and-cocoa combination (Bozich, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In 2010, the net revenues of the company were 5.67 billion dollar with a net income of 510 million dollars. There was an increase of about 7% from 2009. Financial analysis shows that Hershey has been doing well financially. Hershey Company has for many years remained stable and profitable. The revenues of the Hershey company have been increasing every year. Despite the high revenues the company was highly affected by recession in 2007; however the company was able to recover the recession at a pace which is fairly quick. The net income of the Hershey company in 2007 decreased from 559 million dollars to 214 million dollars (Freedland, 2010). The net income of the company since 2007 has risen and in 2010 was listed at 510 million dollars. The revenues of the Hershey Company from 2006 were as follows: 2006: $4.94 billion2007: $4.95 billion2008: $5.13 billion2009: $5.30 billion2010: $5.70 billion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The EPS and profit margin of Hershey Company from 2006 goes along in the same trend. Hershey’s profit margin went to 4.3% in 2007 from 11.3% in 2006. The profit margin has been increasing steadily and recently was backed up to 8.9 percent. Similarly, the earnings per share of Hershey in 2007 went to $0.93 from $2.34 in 2006. After a constant increase, recently the earnings per share was listed at $ 2.21. The sales of Hershey Company rose by 2.4 percent year- over – year in first quarter of 2014 (â€Å"The Hershey Company,† 2012).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Shares in Hershey Company have increased by over 25 percent in past one year, and now they are trading at 100.38 dollars. Earnings per share for the recent financial year were $ 3.61and in the current financial year Hershey expects the earnings per share (EPS) to be in a range of between $ 4.02 and $ 4.11. This means Hershey Company is currently trading at 27.8 times compared to the earnings of last year and between 24.4 times and 25.0 times anticipated earnings for 2014. However, even if the EPS for 2014 is expected to be $ 4.11, the anticipated EPS growth for 2014 is 13.85 percent. This growth rate in EPS is a bit lower compared to the recent years. The EPS growth from 2008 to 2013 were as follows; 46.24% in 2008, 39.71 in 2009, 16.32 in 2010, 23.98 in 2011, 5.84 in 2012 and 24.48% in 2013 (Bozich, 2009). Despite a growth rate which is lower than usual, Hershey Company is trading a price to earnings ratio which is higher than usual. Shar eholders who invested in the company paid 23.5 times on average of the EPS of the previous year between 2008 and 2013. This level is a bit lower compared to the 27.8 times of the last year’s earnings that Hershey Company is valued at currently. Hershey is currently valued 3.1 times of the last year’s revenues. The financial analysts anticipate that the revenues of the company will be 7.63 billion dollars in the current financial year thus giving Hershey Company a ratio of price to sales of 2.9.This is relatively high ratio compared to that of the last six years (Stansberry, 2012). The Hershey Company pays $ 0.485 as the quarterly dividend. The increase experienced in the price per share made the dividend yield to go down to 1.92 percent. Nevertheless, Hershey’s dividend has been increasing at an increased rate in the recent the recent years. Due to the anticipated growth of EPS of 13.85 percent, the dividend is expected to rise to 0.55 dollars per quarter. This would lead to an increase the dividend yield to about 2.19 percent while the payout ratio will be between a range of between 50% and 55% (â€Å"The Hershey Company,† 2012). Hershey Company has a balance sheet which is excellent with quick ratio of 1.30 and current ratio of 1.77. In addition, Hershey Company has 1.12 billion dollars or 5 dollars per share in regards to cash and cash equivalents. Hershey Company is a great company ideal for investment for those investors who focuses on long-term income growth. Although, the company has high growth in the recent years, at the current valuations the Hershey’s stock seems to be overvalued (â€Å"Why Hershey Is Overvalued,† 2012).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   ROE (Return on equity) assesses the rate of return realized on the money invested by the shareholders and retained earnings of a given company emanating from the previous profitable years. This shows the ability of the company in generating profits from the equity of the shareholders (â€Å"Financial management,† 2011).ROE (DuPont formula) = (Net profit / Revenue) X (Revenue / Total assets) X (Total assets / Equity) = Net profit margin X Asset Turnover X Financial leverage X Net Income = $497.170731707million Net profit margin= (Net Income / Revenue) = (497.170731707 / 4666.22320769) = 10.65 %Asset turn over = (Revenue / Total Assets) = (4666.22320769 / 3881.64976454) = 1.2021Financial leverage = (Total assets / Equity) = (3881.64976454 / 1152.32256262) = 3.3685The Hershey Company’s annualized ROE for the quarter ended in Jun. 2014: =10.65 X 1.2021 X 3.3685 ROE (Dupoint system) = 43.15 %   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   ROE (Return on equity) shows how efficiently a company is using investment funds in generation of earnings growth. ROEs that are between 15 percent and 20 percent are deemed desirable.Economic Value Added measures the financial performance of the company on basis of the residual wealth. EVA is calculated through deducting the cost of the capital from the company’s operating profit (â€Å"Financial management,† 2011).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Economic Value Added = Net Operating Profit After Taxes (NOPAT) – (Capital x Cost of Capital).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey Company focuses on continuous improvement and thus the Company has adopted Economic Value Added concepts in order to help in measuring their performance. The Economic Value Added (EVA) of Hershey Company for a period of 5 years between 1997 and 2002 was 0.87. In 1997, the employees of Hershey realized that these processes and concepts were being adopted so as to get the required information which is needed in utilizing EVA. In 1988, EVA was being implemented fully, and it was part of hershey’s compensation program for the management, as well as free cash flow and earning per share measurements. Hershey also started recognizing the significant contribution by all the employees of Hershey towards the company’s market growth. Hershey’s Board of directors made an approval which oversees their employees increasing their stake in Hershey Company or providing those employees with a chance of becoming owners of the com pany for the first time. The opportunity was a great incentive to the employees in achieving goals of the company and in maintaining and enhancing the leadership position, increasing the company’s profitability and adding value in everything that the company does (Freedland, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hershey’s stock during the past quarter has outperformed the market benchmark thus increasing the investors’ interest in the company. The Hershey company has been using a dividend payout ratio of 63%.The company pays 3 percent solid dividend they have been able to increase the dividend regularly over the past 5 years. Recently, the earnings are reasonably strong, and Hershey has a solid balance sheet and growing free cash flow. Hershey Company has an excellent combination of manageable financial leverage and free cash flow generation which is strong. The cash flow margin in coming years is expected to be 11.6% on average. The return on invested capital of Hershey is expected to expand from 37.9 percent to 41.7% in the next two years (Freedland, 2010).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although, Hershey stock seems to be overvalued it is still worth buying which I can recommend to the investors. This is because the Hershey company is incredibly capital efficient. Also, the dividend payout ratio has been increasing every year since 1974. The company in actual fact pays out an extremely huge amount out of the profits produced by the company. For instance, in 2008, Hershey realized profits of about 500 million dollars from its operations but it spent approximately 300 million dollars on share buybacks and dividends (Stansberry, 2012). Hershey has the ability of returning so much capital to the shareholders since it necessitates little capital to grow. The company’s cash profits have increased nearly to 1 billion dollars while the company’s growth is approximately 200%. The company has got a very brand name among the investors since it pays the dividends always in time to all their shareholders. Due to all thes e outstanding factors, I would recommend the purchase of Hershey stock as a good investment decision since it is a no-risk investment. References Bozich, S. L. (2009). Hershey. New York, NY: Channel Lake. Financial management (3rd ed.). (2011). London: BPP Learning Media. Freedland, R. (n.d.). Is Hershey a Sweet Investment?. – The Hershey Company (NYSE:HSY). Retrieved April 1, 2010, from http://seekingalpha.com/article/196560-is-hershey-a-sweet-investment Kash, R. (n.d.). The Hershey Company: Aligning inside to win on the outside – Ivey Business Journal. Ivey Business Journal. Retrieved April 5, 2012, from http://iveybusinessjournal.com/topics/strategy/the-hershey-company-aligning-inside-to-win-on-the-outside-2#.VC0wNVcpfIU Stansberry, P (n.d.). One of the Greatest Investments of My Career. Why Hershey (HSY) is a Great No-Risk Opportunity. Retrieved February 16, 2012, from http://www.dailywealth.com/1990/hershey-great-no-risk-opportunity Why Hershey Is Overvalued. (n.d.). – The Hershey Company (NYSE:HSY). Retrieved July 24, 2012, from http://seekingalpha.com/article/741961-why-hershey-is-overvalued Source document

Police Power and Effective Policing Essay

Effective policing techniques are playing a major and an increasingly significant role with regards to keeping and maintaining peace in society. From this point of view, it seems that policing techniques are set to grow and develop in the years to come especially as the global society and community searches to develop and practice the principle of rule of law and to reform security establishments in the United States in order to recover from disagreement and conflict. Police are agents who are authorized to implement the law and to enforce social and public order by means of legally using force (http://www. tymonline. com/index. php? term=police). They are generally linked and associated with departments and agencies of the state that are empowered to observe and exercise police power of a particular state within a legal and defined area of responsibility. Police power is officially regarded as an intrinsic supremacy, controlled and limited by exclusions defined in the constitution of a state which makes it the most extensive, expansive and unrestrained certified power applied and implemented by the state (Hunter, 1994). The intent of writing this paper is to attempt to understand the idea of police power and effective policing that is being observed and exercised nowadays, mainly in the United States. Moreover, related literature about such a principle will be reviewed to better understand its concept and its role for maintaining peace and order in the society and community. Conclusions and recommendations will be generated from the existing literature. The idea of police power in English common law (1) dates back at least four centuries ago (http://www. un. org/apps/news/story. sp? NewsID=25538&Cr=UN&Cr1=police) and approximately concurs with the collapse of social order in Europe and the growth and expansion of both rural and urban areas. Police power is generally described as the ability of a state to control or standardize actions and conduct of its citizens and implement rules within its region which then includes aspects of security, safety, morality and public wellbeing. Also this kind of authority is not confined to the suppression of what is disorderly or offensive but encourages what is for the nation or state’s greatest welfare. Because the police power is the least limitable of the exercises of government, such limitations as are applicable are not readily definable. These limitations can be determined only through appropriate consideration to the subject matter of the practice or observance of that power. The police power is subject to limitations of the federal and State constitutions, and especially to the requirement of due process. In many countries, crimial law procedures have been developed to regulate officers’ discretion, so that they do not randomly or unjustly use their powers of â€Å"arrest, search and seizure, and use of force† (Walker, p. 43). Police power has a particular importance for understanding the constitutional division of power. The United States Supreme Court in the Nineteenth Century has confirmed that the national government had specific authority delegated by the constitution. However, all the undefined or specified regulatory powers rested with the states. The idea was extended in the new deal era to provide police power to the federal government under the commerce clause of the constitution, expanding it to the terms of services to promote public welfare. The United States courts are not based on a balance of interest’s principle to agree issues over police power (Walker, p 143). Controversies arise regarding the observance and practice of police power, specifically the utilization of physical means when it disagrees with the rights of individuals and states or social freedom such as the police power of American states or police violence or brutality. Since the 1960s in the United States, concerns over such matter has increased and reflected on law enforcement agencies, courts and legislatures at every level of government (Walker, p 143). Local governments and police agencies that supervise these officers in some aspects have tried and aimed to lessen or diminish some of these issues by means of community policing and community outreach programs (http://www. ncjrs. gov/App/Publications/abstract. aspx? ID=198029). This is to make the police more available to attend to the concerns of local communities by increasing diversity upon hiring, updating the training of these agents in their responsibilities to the community under the law and by improved supervision within the department or agency or by resident commissions (http://www. di. ucl. ac. uk/publications/short_reports/problem_oriented_policing. php). The United States Department of Justice will be bringing civil law suits against local law enforcement agencies which are authorized under the 1994 Violent Crime Control and Law Enforcement Act. This has obliged local agencies to create organizational amendments and changes, enter into consent decree agreements to assume such changes and will be presented to the Department of Justice to be controlled and standardized (http://www. jdi. ucl. ac. uk/publications/short_reports/problem_oriented_policing. php). Today the police power of a state embraces systems that are designed to uphold public security and convenience as well as those to support public safety health and morals. Though police power is said to be the greatest authority a state could ever gain, this type of control also has its limitations. Police powers are restricted by state constitutions. The notion of police power is utilized by federal courts which do not have power to interpret state constitutions: from the federal constitutional law’s point of view, states have universal police powers except where restricted by the federal Constitution. Because congress as a body has restricted authority granted in the Constitution, the Federal government does not have a universal police power, unlike the states. The exclusions are laws concerning Federal property and the military. Police forces also find themselves under criticism for their use of force. In this case, the police departments in the United States have devised programs such as outreach programs and further training for police officers to better review their responsibilities in the community in order to address and eventually mitigate this issue. This illustrates the effectiveness of policing in their nation. Training and further development are being planned to assure their community’s orderliness and wellbeing. However, since police power being granted to officers differs in their region or area or responsibility, it is suggested that their power or authority will be well defined and calibrated to avoid any discrepancies. Moreover, this idea may also help elevate the impression of some people in the society that some police officers are using their authority unjustly. With this is mind, a pleasant environment will be created with the use of an effective way of controlling and manipulating the citizen’s behavior.

Analysis Of The Poem The Candles - 1298 Words

The windows were dark and covered in trickles of water droplets falling down the stained glass slowly when Emma awoke that night. The candles, which were located on each bedside table, were illuminated with strengthening magic to make the room fully lit, the candle next to Emma s bed wavering once she looked over at it, a drop of wax slipping down the side of it. Three pots, all of them pale, pastel colours were sitting near to the candle, and one green potion sat next to it which looked a very murky displeasing colour. The girl slowly pushed herself up with her good arm and took a quick glance around the Hospital Wing, noticing a boy and Madam Pomfrey who were talking in hushed voices. The boy looked over and caught Emma s eye; it was Oliver, a concerned look on his face which Emma had never seen before. â€Å"See, she’s awake!† He protested to the matron. â€Å"You may come back in ten minutes.† Pomfrey said and turned around before he could protest again, and she walked over to Emma. â€Å"It’s okay.† Emma said, â€Å"He can stay whilst I heal, I don’t mind. Please, Madam Pomfrey. I’ll just do my usual healing process.† â€Å"Okay.† The matron nodded. â€Å"You may stay.† She called to Oliver. â€Å"I’ve put all of your usual remedies on the desk, and you can go when you’re ready, Emma. I’ve healed your arm as well, it merely took a heartbeat for me to do it.† â€Å"Thank you.† Emma said gratefully and Pomfrey gave her a smile before she walked away. Oliver raised his eyebrow before strolling over toShow MoreRelatedThe Poetry of Sylvia Plath734 Words   |  3 Pagespoetry roots from her harsh life long battle with heart break, death, and depression. 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