Investor Perception and Information Disclosed in Financial Reports to the Stock Exchange - Free Essay Example

The new business environment is ever changing and needs lot of expertise to compete effectively. Due to vast development of the capital markets, investors are now giving a great concern to the credibility of the companies in which they are investing. Information disclosure is considered as an indispensable phenomenon for the effectual functioning of securities markets. Due to improper allocation of the resources in the market, the need for added capital values on part of funds provider has increased, in order to attract enough capital for operations and to generate huge profits. Information is considered as a communication bridge between all efficient market associates. Information disclosure gains significant to maintain asymmetry between the investors and management, once they have made a deal (Freedman Stagliano, 2002). To evaluate the nexus among accounting data, relevant information and investors perception is considered as the prime objective of the capital market study. The inconsistency in stock prices and volume of security trades derives the information content of accounting numbers, within a short time span when these are published. However, there is no significant evidence on the impact of information disclosure on investors decision in Pakistan. Schrand Elliott (1998) highlighted the fact that the focus of study of most researches wa s to find the effects of risk; hence they provide little guidance on how investors assess risk and which disclosures can help investors in determining risk. In order to bring pricing efficiency and market confidence the availability, usefulness and adequacy of the relevant information is highly significant. Complete relevant information is considered indispensable for investors to make sound judgments of the value of securities. El-Erian Kumar (1995) and Mobarek Keasey (2000) stated that the fragmentation of capital markets, political and economic instabilities can hinder the efficiency of capital markets. Some other factors like deficiency of corporate information, the lack of auditing experience, and the flaws of regulations and disclosure requirements lead to curtailed vital information. Cassar Friedman (2009) depicted in their study that self efficacy also has a nexus with the investors decision while perceiving risks of the stocks. Self-efficacy describes a persons self-conf idence in his/her ability to accomplish tasks. Self-efficacy has been shown to influence a wide range of individuals behavior. Self efficacy self-efficacy is associated with increased expectations and goals (Bandura, 2001), impacting investment decision (Cassar Friedman, 2009), better academic performance (Luszczynska, Gutià ©rrez-Doà ±a, Schwarzer, 2005) improved work-related performance (Stajkovic Luthans, 1998), greater job search activity (Eden Aviram, 1993), and health-related choices (e.g. Clark Dodge, 1999; McAuley, Courneya, Rudolph, Lox, 1994; Wulfert Wan, 1993). Self-efficacy can be either task-specific, relate to many related tasks within a domain, or be generalized. The focus in this study is on investors self efficacy, which depicts the confidence one has in his/her ability to make sound investment decisions either doing it on entrepreneur basis or on individual basis and to trace out the significance of self efficacy in relevance to the judgment of investors p erception. The main objective of this study is to find out the how information disclosure and investors self efficacy affect investors perception while investing in stocks and taking decisions pertaining to investment in Pakistan. Literature Review Investors Perception Germon Meek (2001) believe that accounting exists because it satisfies a need primarily a need for information. In order to be relevant accounting data must among others, be quick to respond to users (particularly the investors) needs. Generally, investors are not in a situation to directly assess the performance of companies in which they intend to invest. They usually depend on financial reports prepared by the management of such organizations. Financial report is one of the best sources of accounting information about a company. Financial reporting is an essential part of disclosure and helps investor to discover investment opportunities. Studies on the usefulness of interim reporting for investors are limited compared to those of annual reporting. A number of evidence on the usefulness of interim reporting could be gathered from annual report studies. Cerf (1961) provided evidence on the usefulness of interim reporting in the US. In his study on the major sources of financ ial information used by 215 analysts, Cerf (1961) found that analysts named the interim report as one of the main sources of information, alongside with the annual reports, direct contact with management, and brokers studies of corporations and industries. In Malaysia, at least two studies, that is, Izah Zuaini (1995) and Rahman (1998) provided evidence on the use of interim reports by investors. Izah Zuaini (1995) showed that interim reports were, on average, rated third by the financial analysts in making investment decisions, after the annual reports and contacts with the management of a company. Rahman (1998) provided evidence that financial analysts, on average, rated interim reports as the third most important source of information after visits to companies and prospectuses. The annual reports were rated sixth most important source of information by the analysts. Quarterly financial reports were used by professional investors but their usefulness varies across types of in vestors: scanners, trackers, and sophisticates. Different groups of investors perceived usefulness based on their respective needs, Although investors regard quarterly reports as the sixth most useful source of information, usefulness of quarterly reporting remains significant. Annual reports appear to be more useful than quarterly reporting despite the fact that the latter is timely. One explanation is that quarterly reports are not audited thus perceived to be less reliable and susceptible to income manipulation. Another reason is that investors may take some time to familiarize themselves with the nature and role of quarterly reporting, as they have just shifted from half-yearly reporting (Ismail Roy, 2005). Abdelkarim, Shahin Arqawi, (2009) have contributed a lot in assessing the investor perception. They articulate that external users attached a higher level of importance to the profit and loss statement, balance sheet, and cash flow statement, statement of shareholders equity, management commentary, and footnotes to the financial statements. These results are consistent with the results of previous studies, especially in the Arab region. According to the quality of information, all users consider the timeliness and availability of information as important. They also considered other quality items such as adequacy, credibility, relevancy, and understandability important for their investment decisions. Information users evaluated the companys level of disclosure as poor and weak (Abdelkarim, Shahin and Arqawi, 2009). These results reflect the inadequacy of the information quantity and quality that companies listed at the Palestine Stock Exchange usually disclose. Companies should comply with the minimum international disclosure requirements and timeliness of the disclosure process (Abdelkarim, Shahin and Arqawi, 2009). Another important point to note is that investors considered information related to risk, and investment opportunity, as the mos t important of non-traditional financial information. Net income, share price growth, net cash flow, sales revenue amount, and amount of current liabilities were the most important items that users perceive. Finally, all investors deemed that more quantity and quality of items disclosed by listed companies could create fair stock price value. While examining the multi-user perceptions in a study suggest that investment user who holds finance and/or accounting qualification could perceive information differently from one with an engineering qualification (Abdelkarim, Shahin and Arqawi, 2009). The different user groups considered timeliness, availability, and credibility of relevant information as the most important features of corporate information. The users however, gave less importance to independent verification, as it is considered as contributing features to the usefulness of corporate information. A high degree of importance was attached to disclosure items such as earnings pe r share, investments opportunities, and performance. Despite of financial reports low quality, all information users do find information items disclosed in financial reports as useful for their investment decision-making process. In addition, the most important items were found in the profit and loss statement, balance sheet, and cash flow statement. Investors Self Efficacy Mavra Bandura (1977) Self-efficacy implies a conscious awareness of ones ability to be effective, to control actions or outcomes. Self-efficacy refers to a persons belief that they can perform tasks and fulfills roles, and is directly related to expectations, goals and motivation (Bandura, 2001). Bandura postulated that an individual characterized by high self-efficacy concerning a specific behavior, would be highly confident in his or her capability to successfully perform the task hence would most likely decide to pursue it, expand effort and pursue the task even while facing difficulties. Investors self efficacy is stated as the belief of investor in his own decision making, confidence while making investment even in difficult scenarios (Bandura, 1986). Cassar Friedman (2009) depicted in their study that self efficacy also has a nexus with the investors decision while perceiving risks of the stocks. Indeed, research on self-efficacy in various contexts has indicated that effic acy beliefs affect performance levels through their influence on ambitious goal setting, efficiency in dealing with problems, investment of effort and persistence (Wood Bandura, 1990; Bandura, 1997). Self-efficacy has been shown to affect a wide range of choices, including work-related performance (Stajkovic Luthans, 1998), small business growth (Baum Locke, 2004; Baum, Locke, Smith, 2001), job search activity (Eden Aviram, 1993), academic performance (Hackett Betz, 1989; Luszczynska et al., 2005), choice of academic major (Hackett, 1985), and career choice (Lent Hackett, 1987). A vital facet of self-efficacy is its level of specificity. Self-efficacy can be completely general at the broadest level (Shearer, Maddux, Mercandante, Prentice-Dunn, Jacobs, Rogers, 1982), referring to confidence about any and all tasks. Whereas, it refers to beliefs about ones confidence in completing one specific task successfully, at the narrowest level. Also most scholars today distinguish betw een two types of self-efficacy: general self efficacy and specific self-efficacy (Shearer, 1981). The former relates to a general belief in ones overall abilities across different situations, and the latter relates to a domain-specific belief in ones ability in a specific area. Entrepreneurial self-efficacy (ESE) describes a persons confidence about their ability to perform the various tasks and roles relevant to entrepreneurship and related decisions. The use of ESE, rather than general self-efficacy is highly effective in this study, to explain entrepreneurial investment because domain-specific self-efficacy has been shown to have greater impact than general self-efficacy when describing investment choices (Betz Hackett, 1983; Gist, 1987). ESE is not venture-specific; individuals ESE should apply at all entrepreneurial activity regardless of distinctive factors related to each unique venture. More generally, ESE differs from locus of control because self-efficacy refers to belief s about achievable levels of performance or behavior, while locus of control concerns beliefs about the achievements of outcomes in addition to performance levels (Rotter, 1966). Self-efficacy differs from self-esteem because self-esteem is an affective self-evaluation, such as ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢I take a positive attitude towards myself (Rosenberg, 1965), whereas self-efficacy is a judgment about ones capability to complete a task (Gist Mitchell, 1992). Dispositional optimism connotes a generally positive outlook, not a judgment about ones efficaciousness (Puri Robinson, 2007). Core self-evaluation is a construct that encompasses locus of control, generalized self-efficacy, self-esteem and emotional stability (Judge Bono, 2001). This broader construct, due to its abstractness, is not closely related to ESE, except that individuals with high core self-evaluation may be expected to have high ESE, as they would be more likely to have high domain-specific self-eff icacy. Overconfidence has been defined as occurring when individuals overestimate the accuracy of their predictions or more generally when individuals hold excessive confidence in relation to abilities, knowledge, and beliefs (Hayward, Shepherd, Griffin, 2006). However, in this study the emphasis is on investors self efficacy, which depicts the confidence one has in his/her ability to make sound investment decisions either doing it on individual basis or on entrepreneur basis and to trace out the significance of self efficacy in pertaining to the judgment of investors perception. Information Disclosure The association between capital markets accounting information has attracted considerable attention (Ball Brown, 1968). The concentration for this subject is justifiable, given the objective of financial reporting that accounting figures are aimed at providing investors with useful information for their investment decisions. In capital markets, financial information is thought to assist the prediction of firms future cash flows and help investors assess future securities risk and returns. Al-Mubarak (1997) studies of the market reaction to the release of new accounting information that analyze the stock price impact of accounting disclosures in order to determine whether these are useful to market participants. Studies of the long-term association between stock returns and accounting numbers, which examine the extent to which the information conveyed by accounting figures is consistent with that reflected in stock prices. Complementary studies devoted to the use of accounting dat a by investors and to the influence of market considerations on accounting choices. The worthiness of financial reports is in the top research playgrounds nowadays. Some recent studies even report a decreasing trend in the value-relevance of financial statement information in the U.S. over the past decades (Francis Schipper, 1999). Ball and Brown (1968), stated that present accounting literature has well documented the usefulness of accounting earnings, book value and other items in the financial reports. While most of these studies provide evidence that annual report is an important source of information, they also show a low association between accounting numbers and stock prices or returns [Graham and King (2000), Chen (2001)]. Many prior studies empirically establish the usefulness of financial reports or other financial information by the statistical association between the financial information and stock prices or returns. Hodge (2003) suggests that a survey-based research ca n complement the archival-based research in that it gathers data on a multitude of individual beliefs and practices to provide the underlying reasons for investors behavior. The disclosure of relevant corporate information is an essential element of a market-based monitoring of companies. Disclosure and transparency induce corporations to better protect investors, and thereby enhance investors confidence in capital markets. The characteristics of significant, timeliness, correctness and instructive should be present in a good disclosure. In relation to the reliability of disclosed information, companies must adopt internationally recognized accounting and auditing standards, and assure the independence of the audit process. Corporate disclosure has evolved from being solely focused on financial information excerpted predominantly from a firms financial statements. Richardson Welker (2001) highlighted that corporate disclosure is utilized as a strategic tool in risk assessment and t he value creation process, currently. The appearance of complete disclosure strategies that cover all aspects of a firms performance has resulted in the broadening of both the scope and scale of the information released by firms. Disclosure strategies, including economic, social and environmental information, are now a key component of many firms investor communication programs. This evolution in corporate practices appears to be well founded, since empirical findings suggest that an open disclosure policy provides many benefits to a firm, e.g., a lower cost of capital (Botosan and Harris, 2000). Environmental reporting typically occupies a prominent place within the scope of a firms disclosure strategy (Cormier and Magnan, 1999). In Jordan, Abu-Nassar Rutherford (1996) undertook a study to discover the view of external users of annual corporate reports. They targeted different groups of external users, namely individual shareholders, institutional shareholders, bank loan officers, stockbrokers, and academics. They found out that bank loan officers were the heaviest users of the annual reports in Jordan, while individual shareholders and academics were found to be the least. They also found the income statement and balance sheet to be the most widely read parts of the annual corporate report by all users. In Saudi Arabia, Al-Mubarak (1997) confirms that the annual corporate report is the primary source of corporate information and his findings are in line with those found in developed countries. Abdelsalam (1990) reports that the vast majority of respondents indicate that investors read the annual reports and that the profit and loss statement was the most important part of the annual report. Al-Fayyoumi (2003) tested the informational efficiency by analyzing the relationship between trading volume and stock-price volatility. The results provided that investors in the PSE should pay more attention to the fundamental (financial) information in order to improve the rationality of the decision making process. Abdelkarim Shahin (2007) and Abuzarour (2005) used the variance ratio test, developed by Lo and Mackinlay in 1988, and the nonparametric run test, to examine the PSE efficiency and the results provided further evidence that the PSE is weakly efficient. In the context of Palestine, market inefficiency and corporate governance were identified as the main reasons for PSE being a shallow market and the main obstacles for PSE capitalization growth (MAS 2004). Financial disclosure procedures are weak; there is low public awareness about securities, poor investment culture, and poor accounting and auditing procedures. All these factors have negatively affected the performance of the PSE in terms of depth, liquidity, volatility, and trading volume (Jafary Makhool, 2004). While no significant research have been found in this context in the stock exchange and capital market of Pakistan. This identified a need to bridge the gap and to find out the association between these three variables in the scenario of Pakistan capital markets and stock exchanges. Considering the above all mentioned literature, the conclusion can b made that there are no studies to investigate the investors perception towards information disclosure. Because little is known about the stock price behavior in this market, the aim of the study is to study is to find out the impact of financial information disclosure and investors self efficacy on the investors perception. This can be achieved by assessing the perception of users towards the availability, adequacy and usefulness of relevant information disclosed by companies listed at stock exchange in Pakistan. Moreover, the relationship between investors perception and self efficacy is assessed by ambitious goal setting, confident in performing tasks and pursuing tasks with facing difficulties. Methodology A questionnaire survey was designed where respondents were asked to determine the degree of importance of each information item using two questionnaire forms. This survey was conducted both manually and electronically (through emails) to the participants. One questionnaire was measuring the dimensions of information disclosure. It consisted of Likert-type five scales, where (N+) referred to strongly disagree, and (Y+) to strongly agree, and tested statistically to fulfill the objectives of this research. An extensive review of relevant literature was undertaken in order to form a list of the information potentially used by financial statements users, e.g. Taylor (1965), Epstein Pava (1993), Abu-Nassar Rutherford (1996), Ba-owaidan, M. (1994), Bartlett Chandler (1997), Mangena Kinman (2003). Moreover, the dimensions of self efficacy were assessed through a 10-items questionnaire likert scale, in which options ranged from 1 to 4, 1 representing not at all true and 4 representing exactly true. The Islamabad Stock Exchange (ISE) was selected as a target location; the individual investors were assessed through these questionnaires form filled in a short span of time. The target groups were asked to indicate their opinion, using the designed scale, in order to achieve authentic results. Hypotheses This study aims to assess the availability, adequacy, and the perceived usefulness of information for investment decisions. Moreover, the impact of investors self efficacy on investors perception through by ambitious goal setting, confident in performing tasks and pursuing tasks with facing difficulties. To smooth the progress of our analysis, the following hypotheses were developed and are tested: Ho: Investors self efficacy has positive impact on investors perception, H1: Investors self efficacy has no impact on investors perception, H2: Information disclosure in financial reports has positive impact on investors perception H3: Information disclosure in financial reports has no impact on investors perception Details of the study The purpose of this study was to test the designed hypothesis in order to find the above mentioned relationship by using statistical tools and running the collected data on SPSS software. This study measured the co relational impact of the independent variable on the dependent variable. Moreover, the study was done in the non-contrived type of setting in which the field study was done through questionnaire survey. Further this is cross sectional study being done to find out the behavior aspect of investors. The unit of analysis in this study was individuals who were filled the questionnaire about their respective behaviors. The level of interference of the researchers was minimal as it was done in non-contrived setting. Model of the study After reviewing the literature work in detail and analyzing the previous model of the study, a new model was proposed to fill the gap of the previous studies. This model was then designed to depict the aims of the study in a precise way. The model consists of two independent variables which are investors self efficacy information disclosure and one dependent variable investors perception along-with their respective dimensions. The model attached here, vividly depicts the nexus of the variables and the purpose of the study. The final model is as follow: Fig 1: Model of the study Final Questionnaire Questionnaire for Information Disclosure Dear Respondents: Thank you for your willingness to join this survey. Please respond to all the questions in this questionnaire. We understand that the interpretation of the questionnaire and the responding to the questionnaire require a high level of professional judgment. Please check (ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¡) the appropriate parentheses or express the extent to which you agree or disagree on the given statement by choosing (circling) one of the following: (Y+) strongly agree, (Y) agree (O) neither agrees nor disagrees (or no opinion), (N) disagree; (N+) strongly disagree. No. Question Mark (ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¡) General Information Q 1 Kind of Information Users You Are 1 Individual investor 2 Institutional investor 3 Creditors; (Bank loan officers) 4 Stock brokers 5 Financial analysts 6 Academics Q 2 Information Users by Qualification 1 PhD 2 Masters Degree 3 First degree 4 Professional qualifications 5 Other Q 3 Information Users by Experience (Number of years) 1 Less than 1 year 2 1-5 Years 3 6-10 Years 4 Above 10 Years Q 4 Information Users by Industry Focus 1 Telecommunications 2 Insurance companies 3 Banks 4 Investment Management Companies 5 Pharmaceuticals 6 Services 7 Industrial Q5 Investors By Amount of Money Invested 1 Nothing 2 Less than 100,000 3 Between 100,000 249.999 4 Between 250,000 499,999 5 Between 500,000 999,999 6 More than 100,000 Investors Perception Q6 Investors Goals Y+ Y O N N+ 1 Safety of capital 2 Steady income 3 Speculative gains 4 Investment opportunity Q7 Kind of Analysis usefulness to predict future stock value 1 Political analysis 2 Macroeconomic analysis 3 Technical analysis 4 Fundamental (Financial) analysis 5 Statistical analysis 6 No Analysis, Imitation other investors Q 8 Users View towards various sources of information 1 PSE Market statistics 2 Corporate financial reports 3 Advice of investment services (Specialists) 4 Advice of stockbrokers 5 Direct information from the company 6 Investors own analysis 7 Market rumors, and adages Q 9 Users Readership of the corporate reports 1 Balance sheet 2 Profit and loss statement 3 Cash flow statement 4 Footnotes to the financial statements 5 Statement of shareholders equity 6 Management commentary 7 Auditors report Q 10 Users evaluating of the of corporate disclosure quality 1 Timeliness 2 Availability of specific information 3 Understandability 4 Credibility 5 Easy access to sources of information 6 independent verification Information Disclosure Q 11 Level of disclosure by companies Y+ Y O N N+ 1 In Management Commentary Section 2 In Income Statement section 3 In Balance Sheet Section 4 In Cash Flow Statement Section 5 In Segmental Information Section 6 In Accounting Policies and Notes Q 12 Users view about usefulness of information 1 Provide primary information to investors to help them in making investment decisions 2 Provide information to help investors to monitor their investment 3 To predict expected income and earnings per share 4 To help investors in assessing liquidity of the company 5 To predict future dividend of the company 6 To evaluate companys performance over time 7 To make comparison between companies performance Q 13 Importance of Non Traditional Information 1 Information Related to Risk 2 Business opportunity 3 Social Responsibility Information 4 Market regulation Q 14 Importance of Non Financial Information 1 Execution of Corporate Strategy 2 Corporate product or service Creation 3 Kind of management, especially directors 4 Customer Satisfaction 5 Indication of employee morale and Satisfaction 6 Quality of Processes 7 Environmental Social Policies 8 Industrial sector Sustainability 9 Organizational and functional structure 10 Corporate governance 11 Company profile 12 Competitor Position 13 Quality of Published Materials 14 Voluntary disclosure 15 Disclosure by the website Usefulness of Financial Reports Q 15 Usefulness of Financial Reports, Items 1 Net cash flow 2 Gross and disaggregated value of current liabilities 3 Gross and disaggregated amount of shareholders equity 4 Capital structure 5 Share price growth 6 Strategies of Profit 7 Current research and development expenditure 8 Sales revenue amount 9 Dividend per share for the period 10 Sales growth expected 11 Gross and disaggregated value of current assets 12 Discussion of results with reasons for changes 13 Number and amount of authorized and issued shares 14 Overall financing costs 15 Net assets book value 16 Money resources and uses 17 Description of the company main product or services 18 Inventories value and method used to determine the cost of (e.g. LIFO, FIFO) 19 Working capital Expenditure last five year 20 Discussion of Increase or decrease of Expenditure 21 Discussion of Increase or decrease of revenues 22 Expenditure on advertising and publicity for the past years 23 Discussion of financial strength of the company 24 Breakdown of borrowings (e.g. lending institution, date of maturity, security) 25 Information relating to investments (e.g. names, percentage, ownership) 26 Summary of net sales for at least the most recent five years 27 Current market value of quoted investments 28 Revenue recognition method 29 Future economic outlook of the company 30 Breakdown of sales revenue by major product line, class of customer and geographical location 31 Expenditure on human resources (e.g. training, welfare facilities) 32 Basis of accounting methods used, and any change 33 Discussion of the major factors likely influence following years results 34 Analysis of sales revenue and earnings attributable to foreign operations 35 Information relating to subsidiaries (e.g. names, addresses, percentage ownership) 36 Forecast of following years profits 37 Number and type of ordinary shareholders (e.g. institutions, individuals) 38 Information relating to past five balance sheet events 39 Net income 40 Total public and management expenditure Questionnaire for Self Efficacy Self efficacy represents how much you are aware of your abilities to be effective, to control an action or a situation while performing tasks. Please rate each statement in terms of how true it is of you. Please tick only one response for each question according to the following keys. 1= not at all true, 2= barely true, 3= moderately true, 4= exactly true S.No Statement 1 2 3 4 1 It is easy for me to stick to my aims and accomplish my goals. 2 If I am in trouble, I can usually think of a solution. 3 I can usually handle whatever comes my way. 4 I am confident that I could deal efficiently with unexpected events. 5 I can solve most problems if I invest the necessary effort. 6 When I am confronted with a problem, I can usually find several solutions. 7 I can always manage to solve different problems if I try hard enough. 8 Thanks to my resourcefulness, I know how to handle unforeseen situations. 9 If someone opposes me, I can find the means and ways to get what I want. 10 I can remain calm when facing difficulties because I can rely on my coping abilities.

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The discussion of supply chains going green has become a bone of contention among major stakeholders in the industry. The discussion started after the Carbon disclosure project released a report indicating that supply chains contributed greatly to the emission of carbon in the atmosphere. Due to the report, pressure has been mounting on the administration of supply chains to implement strategies on their carbon management. Analysts have however stated that there are various pros and cons of the supply chains going green, which have to be considered in the implementation of carbon management strategies. This paper analyzes the pros and cons of supply chains going green. Advantages of supply chains going green Improvement in financial†¦show more content†¦It is however important for companies to understand that the improvement of financial performance as a result of going green is not immediate since the company has to adjust in its operations, which might take a while to adjust to (Palevich, 2012). Resource sustainability Through the move by supply chains to go green, there is an effective utilization of available resources. Going at the current rate where carbon emissions have increased, the environment is being compromised and the future generations may have a problem in producing even the basic products that they may need. Additionally, environmentalists have warned of the increase in global temperatures that are affecting climate. With the decision to go green by the supply chains, the carbon emissions will be reduced at a certain percentage, which is important for the conservation of the environment. Increase in efficiency Through the effective management of resources, chances are that efficiency will be embraced. When supply chains go green, resources are limited and this translates to development of effective models that not only focus on reduce carbon emissions but also improving efficiency through the limited resources. Through efficiency, production of hazardous substances will be reduced and organizations will not have to be fined for violation of regulations regarding the environment (Laloux, 2014). Competitive advantage and differentiation of products

Emma of Normandy Twice Queen Consort of England

Emma of Normandy (~985 – March 6, 1052) was a  Viking queen of England, married to successive English kings: the Anglo-Saxon Aethelred the Unready, then Cnut the Great. She was also the mother of King Harthacnut and King Edward the Confessor. William the Conqueror claimed the throne in part through his connection to Emma.  She was also known as Aelfgifu. Much of what we know of Emma of Normandy is from the Encomium Emmae Reginae, a writing probably commissioned by Emma and written to praise her and her accomplishments.  Other evidence comes from a few official documents of the time, and from the Anglo-Saxon Chronicles and other medieval chronicles. Family Heritage Emma was one of the children of Richard I, Duke of Normandy, by his mistress Gunnora. After they married, their children were legitimized.  Gunnora had Norman and Danish heritage and Richard was the grandson of the Viking Rollo who conquered and then ruled Normandy. Marriage to Aethelred Unraed When Aethelred (known as The Unready or, in a better translation, The Ill-Advised), Anglo-Saxon king of England, was widowed and wanted a second wife, he may have considered marrying  Emma, to ensure peace with Normandy. She was a daughter of the Norman Viking rulers, from where many of the Viking raids on England were originating.  Emma arrived in England and married Aethelred in 1002.  She was given the name Aelfgifu by the Anglo-Saxons. She had three children by Aethelred, two sons and a daughter. In 1013, the Danes invaded England, led by Sweyn Forkbeard, and Emma and her three children fled to Normandy. Sweyn succeeded in toppling Aethelred, who also fled to Normandy. Sweyn died suddenly the next year, and while the Danes supported the succession of Sweyn’s son, Cnut (or Canute), the English nobility negotiated with Aethelred to return. Their agreement, setting conditions for their relationship going forward, is considered the first such between a king and his subjects. Cnut, who was also ruling Denmark and Norway, withdrew from England in 1014.  One of Emma’s stepsons, Aethelred’s heir and eldest, died in June of 1014. His brother, Edmund Ironside, rebelled against his father’s rule.  Emma allied herself with Eadric Streona, an advisor and husband of one of Emma’s stepdaughters. Edmund Ironside joined forces with Aethelred when Cnut returned in 1015.  Cnut agreed to divide the realm with Edmund after Aethelred died in April of 1016, but when Edmund died in November of that year, Cnut became sole ruler of England.  Emma continued to defend against Cnut’s forces. Second Marriage Whether Cnut forced Emma to marry him, or Emma negotiated the marriage with him, is not certain.  Cnut, on their marriage, allowed her two sons to return to Normandy. Cnut sent his first wife, a Mercian also named Aelfgifu, to Norway with their son Sweyn when he married Emma.  Cnut and Emma’s relationship seems to have developed into a respectful and even fond relationship, more than just a political convenience.  After 1020, her name begins to appear more often in official documents, implying an acceptance of her role as queen consort. They had two children together: a son, Harthacnut, and a daughter, known as Gunhilda of Denmark. In 1025, Cnut sent his daughter by Emma, Gunhilda, daughter of Emma and Cnut, to Germany to be raised, so that she could marry the king of Germany, Henry III, Holy Roman Emperor, as part of a peace treaty with the Germans over a border with Denmark. Battles of the Brothers Cnut died in 1035, and his sons contended for succession in England.  A son by his first wife, Harold Harefoot, became regent in England, as he was the only one of Cnut’s sons in England at the time of Cnut’s death.  Cnut’s son by Emma, Harthacnut, became King of Denmark; Cnut’s son Sweyn or Svein by his first wife, had ruled there from 1030 until his death around the same time as Cnut’s death. Harthacnut returned to England to challenge Harold’s rule in 1036, bringing Emma’s sons by Aethelred back to England to help consolidate his claim. (The Encomium claims Harold lured Edward and Alfred to England.)  Harthacnut was frequently absent from England, returning to Denmark, and those absences led many in England to support Harold over Harthacnut. Harold became officially the king in 1037. Harold’s forces captured and blinded Alfred Aetheling, Emma and Aethelred’s younger son, who died of his injuries.  Edward fled to Normandy, and Emma fled to Flanders. In 1036, the marriage of Gunhilda and Henry III, arranged before Cnut’s death, took place in Germany. King Harthacnut In 1040, having consolidated his power in Denmark, Harthacnut prepared for another invasion of England.  Harold died, and Harthacnut took the crown, Emma returning to England.  Edward the Confessor, Emma’s older son by Aethelred, was given control of Essex, and Emma served as regent for Edward until his return to England in 1041. Harthacnut died in June of 1042.  Magnus the Noble, an illegitimate son of Olaf II of Norway, had succeeded Cnut’s son Sweyn in Norway in 1035, and Emma backed him on Harthacnut’s over her son Edward. Magnus ruled Denmark from 1042 until his death in 1047. King Edward the Confessor   In England, Emma’s son Edward the Confessor won the crown.  He married the well-educated Edith of Wessex, a daughter of Godwin who had been created Earl of Wessex by Cnut.  (Godwin had been among those who killed Edward’s brother Alfred Aetheling.)  Edward and Edith had no children. Probably because Emma had backed Magnus over Edward, she played little part in Edward’s reign. Edward the Confessor was king of England until 1066, when Harold Godwinson, brother of Edith of Wessex, succeeded him. Shortly after, the Normans under William the Conqueror invaded, defeating and killing Harold. Death of Emma Emma of Normandy died at Winchester on March 6, 1052.  She had lived mostly at Winchester when she was in England– that is, when she was not in exile on the continent – from the time of her marriage to Aethelred in 1002. Emma’s great-nephew, William the Conqueror, asserted his right to the crown of England in part through being related to Emma. Related: Women of the 10th Century,  Aethelflaed,  Matilda of Flanders, Matilda of Scotland, the Empress Matilda,  Adela of Normandy, Countess of Blois Family Heritage: Mother: Gunnora, from a powerful Norman familyFather: Richard I of  Normandy, son of  William I of Normandy  by Sprota, a captured concubine from Brittany.Siblings included: Richard II of Normandy (grandfather of William the Conqueror), Robert II (Archbishop of Rouen), Maud (married Odo II, Count of Blois), Hawise (married Geoffrey I of Brittany) Marriage, Children: Husband: Aethelred Unraed (probably best translated â€Å"ill-advised† rather than â€Å"unready†) (married 1002; king of England )He was the son of  Aelfthryth  and King Edgar the PeaceableChildren of Aethelred and EmmaEdward the Confessor (about 1003 to January 1066)Goda of England (Godgifu, about 1004 – about 1047), married Drogo of Mantes about 1024 and had children, then Eustace II of Boulogne, without offspringAlfred Aetheling (? – 1036)Aethelred had six other sons and several daughters from his first marriage to  Aelfgifu, includingAethelstan AethelingEdmund IronsideEadgyth (Edith), married Eadric StreonaHusband: Cnut the Great, King of England, Denmark and NorwayHe was the son of Svein (Sweyn or Sven) Forkbeard and Ã…Å¡wiÄ™tosÅ‚awa (Sigrid or Gunhild).Children of Cnut and Emma:Harthacnut (about 1018 – June 8, 1042)Gunhilda of Denmark (about 1020 – July 18, 1038), married Henry III, Holy Roman Emperor, without offspringCnut had other children by his first wife, Aelfgifu, includingSvein of NorwayHarold Harefoot

Fast Food Public Relation Blunders - 2089 Words

Fast Food Public Relation Blunders Sam Powers Bridgewater State University Author Note This paper was prepared for COMM 226 Introduction to Public Relations Spring 2015 Fast Food Public Relation Blunders Introduction Fast Food can be defined as quickly made food that is sold in restaurants as a quick meal or to be taken out. The first fast food restaurants came around the 1920’s and have since then, blown up to be its own part of American Culture. Chances are, if you live in the United States there is a fast food restaurant within a mile of your house. As the century progressed these fast food restaurants expanded to countless countries across the world becoming a big part of peoples everyday lives. Since there are countless fast food franchises selling generally the same products, the market is extremely competitive. Fast Food franchises participate in aggressive marketing and are always trying to stay in the good graces of the public eye. One slip up and chances are they are going to lose a vast amount of business. As much as they try though there is no possible way they would be able to anticipate some of the public relations blunders that occur especially in an age where there are eyes everywhere in the form of cameras and social media. One of the biggest public relations disasters in recent memory involved the fast food pizza delivery franchise Domino’s and another more recently involving Starbucks. Domino’s Pizza Domino’s is a pizza deliveryShow MoreRelatedMcdonalds Marketing Mix2641 Words   |  11 PagesMcDonald’s Marketing Mix Product McDonald’s serves such fast foods as hamburger, Chicken products, Cheese burger, breakfast items, French fries, milkshakes, desserts and soft drinks. Recently, the company has ventured into the healthy foods category, serving wraps, salads and fruits. This is an endeavor by the company to counter the trend in obesity attributed to the consumption of fast food. 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Comp122 Week 2 Homework Free Essays

Week 2 Homework Complete the following problems. 1. Suppose you are given the following variable declarations: int x, y; char ch; What values (if any) are assigned to x, y, and ch after each of these statements execute? Assume that the input to each statement is the same:5 28 36 a. We will write a custom essay sample on Comp122 Week 2 Homework or any similar topic only for you Order Now cin gt;gt; x gt;gt; y gt;gt; ch; b. cin gt;gt; ch gt;gt; x gt;gt; y; c. cin gt;gt; x gt;gt; ch gt;gt; y; d. cin gt;gt; x gt;gt; y; cin. get(ch); a) x=5, y=28,ch=3 b)) x = 28, y = 36, ch = 5 c) x = 5, y = 8, ch = 2 ) x = 5, y = 28 ch is assigned a value associated with blank space i. e. , ‘ ’ 2. Suppose you are given the following variable declarations: int x, y; char ch; What values (if any) are assigned to x, y, and ch after each of these statements execute? Assume that the input to each set of statements is as follows: 13 28 D 14 E 98 A B 56 a. cin gt;gt; x gt;gt; y; cin. ignore(50, ‘ ‘); cin gt;gt; ch; b. cin gt;gt; x; cin. ignore(50, ‘ ‘); cin gt;gt; y; cin. ignore(50, ‘ ‘); cin. get(ch); a) x = 13, y = 28, ch = 1 ) x = 13, y = 14, ch = A 3. Suppose you are given the following variable declarations: int x, y; double z; char ch; Assume you have the following input statement: cin gt;gt; x gt;gt; y gt;gt; ch gt;gt; z; What values (if any) are stored in x, y, z, and ch if the input is: a. 35 62. 78 b. 86 32A 92. 6 c. 12 . 45A 32 3) a) x = 35 y = 62 ch = . z = 78 b) x = 86 y = 32 ch = A z = 9206 C) x = 12 4. Write a C++ statement that uses the manipulator ‘setfill’ to output a line containing 35 asterisk characters. 4) cout How to cite Comp122 Week 2 Homework, Papers

Extension of Transformational–Transactional Leadership Theory

Question: Discuss about the Extension of TransformationalTransactional Leadership Theory? Answer: The theories of leadership have been long a subject of interest in the history of humankind. However, in the recent times, many leadership theories have emerged formally. Earlier theories of leadership were based on the qualities of the followers and leaders that distinguished them whereas the recent theories emphasize on the prospective of skill levels and situational factors (Miner 2015). In case of vignette 1, the Romanian general manager was taking notes on his tablet computer. This was an unusual situation for him and he is not known to do the same. However, when the fire alarm went off, the managers remained silent. Although they were great leaders of the global company, yet they forgot their responsibility of giving out orders that were probably because of the presence of the big boss from Munich. They kept low of their normal behavior of giving orders but they failed to do the same. This in turn states that there is variability in their leadership qualities (Kenney 2012). This trait is found in the Contingency leadership theory and it focuses on the variable environment, which determines the type of leadership that is to be followed according to the situation. No particular leadership style is followed throughout the work tenure but it changes with the situations. This is due to the reason that the general manager from Romania believes that success is dependent on a list of variables like the situation aspects, leadership styles and qualities of the followers (Nohria and Khurana 2013). In case of vignette 2, Michael is an excellent analyst and he has performed well over the years. He is an extremely responsible person regarding his tasks and does not rely on new comers and inexperienced employees regarding critical jobs. He strongly believes that if he does not get involved personally in all the tasks, the quality of work might suffer. However, a feedback from his followers was not very satisfactory. Although he is an outstanding analyst, he is not that capable as a leader. He does not explain the task promptly to his team members and he distributes the work unevenly. Moreover, his team members feel that he was better as an analyst. This is a trait of the behavioral theory of leadership. According to this theory, great leaders are not born rather they are made. The theory focuses on the fact that the actions of the leaders have to be taken into account and not his internal states or mental qualities (Chemers 2014). Although Michael is a great analyst, but he has to learn the qualities of a great leader by observation and teaching for overcoming his shortfalls as a leader. In case of vignette 3, the husband explains his wife about his day in office. He had a tough day in office while listening to the advice of the trainers regarding the topic of optimization of supplier relationships. Everyone contributed and shared their opinions and ideas about the potential supplier that they were all discussing. Although the husband was aware of the fact that his boss hates the company, yet he continued the discussion and encouraged others to forward their opinions. This style of leadership accords to the participative theory of leadership, where the leader considers others inputs. They encourage the contribution and participation of the members of the group and help them to feel more committed and relevant in the process of decision-making. In this theory of leadership, the people become more committed towards their actions and their inclusion in the process of decision-making makes them feel more collaborative towards the goal of the discussion (Lam, Huang and Ch an 2015). In case of vignette 6, Margarita strongly believes that the managers should be evaluated by their ability to develop and grow their subordinates. She groomed and developed her direct report Nicholas and he later became a successful employee. During the process, she spent hours with him with his presentations and reports prepared by him and exploring ways for correcting his mistakes. This style of leadership relates to the relationship theory of leadership, also known as transformational theory. This theory emphasizes upon the relationships formed between the followers and the leaders. They inspire and motivate people by helping them to see the higher good and importance of their role (Popper and Mayseless 2013). The leaders stress on the individual performances with the additional duty of fulfilling their potential. These leaders possess high moral and ethical standards. Although Margarita was a good leader with Nicholas, she was not that satisfied with Eugene that apparently raged h er. Vignette 2 Michael has been widely regarded as an excellent analyst. Although he is very successful as an analyst, he gets a setback as a leader due to the issues of uneven workload distribution and improper explanation of tasks. The assessment comments state that he should continue as an analyst as he loves his work the most. This failure of Michael can be justified from the fact behavioral theory of leadership has to be followed by him for enhancing their effectiveness as a leader (Derue et al. 2011). Since Michael has been promoted to a manager because of his outstanding abilities, now he has to learn the leadership skills by observation and teachings to become a good leader. Great leaders are often made and they are seldom born (Gavetti 2012). Behavioral theory will help Michael to become a great leader. Successful leadership can be developed by learnable behavior and is definable. The leaders here observe success as describable action and so it makes it easy for them to act in a similar fashion. They learn to assess the actions of the other leaders and their success stories. The behaviors that contributed towards failure also help them to shape up as great leaders. An action plan has to be developed for Michael to help him become an effective leader. Since the beginning of his employment, Michael has been an outstanding analyst. However, he prefers to do the work of the absent employees rather than trusting on his team members. Moreover, he double-checks every task before passing them on to the management. Therefore, he has to build a relationship of faith and trust with his employees to become a better leader without which, he will never be able to build a relationship of faith and trust that is very essential for a successful leader (Goetsch and Davis 2014). He needs to spend time with his team members and make them understand the tasks promptly by taking out some time from his busy schedule. Better distribution of tasks reduces the workload and every team member gets engaged. This has to be a prime objective of Michael to reduce dissatisfaction and encourage deeper relationships and trusts for inspiring them to have faith in him. Reading boo ks on leaderships, being trained and observing other leaders will also help him to develop his leadership skills. Vignette 4 The husband is a good leader and has shown good leadership skills during his discussion with the trainers. He was advised in the training session that the mangers need to apply a variety of styles depending on the situation and the followers. Based on this, he tried to apply his training on his discussion with the trainers. During the discussion, he applied the participative theory of leadership (Buengeler, Homan and Voelpel 2016). However, that did not work as everyone participated in the discussion and forwarded their views but they were not aware of the fact that it was of no good use. The division senior vice president hated the company and would have never allowed doing business with the potential supplier. In spite of knowing this fact, the husband applied the participative theory of leadership and allowed to continue the discussion, which he later repented to his wife, as he was late for dinner. The heads of production and purchasing enthusiastically expressed their interest regarding the new supplier, but the HR manager did not show any interest. This suggests that perhaps he was expecting his views and wanted him to join the discussion as well. However, his theory of leadership did not come out to be fruitful. The action plan for the husband to enhance his leadership skills shall include the change of his leadership theory from participative to situational theory. This theory proposes that the suitable action course has to be chosen by the leaders depending upon the variable situation. Different leadership styles have to be implemented for different decision-making situations (Dinh et al. 2014). An authoritarian style can be most appropriate when the leader is the most experienced and knowledgeable among the group members while democratic style can be the most effective one if the group members are found to be skilled experts. The situational leadership theory was advised to the husband during the training session. Since the husband is, the most experienced and knowledgeable group member on the discussion panel as he had prior experiences of working with his boss, his chosen action plan should be authoritarian leadership style for the situational leadership theory (Van Wart 2014). For avoi ding unnecessary waste of time by discussing over issues that have no results, this can be the action plan of choice by becoming authoritative. Vignette 3 According to the conversation between A and B in London, the conflicts in Prague were not an ordinary and easy one. In accordance with the issue, manager A suggested to fire both the commercial and production managers as he supposed that they were not competent enough to resolve their own issues. This was not a case of abusing his power, but he demonstrated management leadership theory. Management theory is also called as transactional theory and emphasizes on the group performance, organization and supervision. This leadership theory is based on the system of punishments and rewards (Avolio and Yammarino 2013). In its application in business, the employees are rewarded when they are successful and they are punished and reprimanded when they fail. Manager A had the belief that employees perform best only when they work under pressure and threats. This is also a perspective of the management theory of leadership, which states that both punishments and rewards motivate the employees an d they perform best only when they are commanded over in a clear and definite manner. Transactional leadership is based on directing and motivating the employees for satisfying their self-interest. They obtain this power from the responsibility and formal authority in the organization and they regard that the prime objective of the employees should be obeying the instructions of the managers. This is what manager A expects from both the managers at Prague. However, the biggest disadvantage of this type of leadership theory is that it cannot be observed as an ethical theory as manager A has no respect for the ethical values and beliefs or rights and dignity of his employees (Antonakis and House 2014). His leadership style will never allow him to set good standards and expectations to maximize the productivity and efficiency of the organization. The employees are also not encouraged to find innovative solutions or exhibit their creativity. Vignette 4 The division senior vice president of the company hates the potential new supplier because of an issue that goes back in history. This is a feeling of vengeance and has nothing to do with the leadership theories. In other words, the senior VP is abusing his power by not allowing the new supplier to enter the business when everyone else is very excited. An old incident drives him crazy by the name of the company simply states that he has a grudge for this company because of which, he will never allow to use the supplier under any circumstances. This is not an ethical leadership and the husband in the vignette realized that he would not value the opinions of the trainers and managers regarding their choice. This misidentification of values may lead to mistrust in the organization (Blundell 2015). The managers and trainers were not aware of the fact that the senior VP hated the company, so they carried on the discussion. After knowing the fact, their enthusiasm died and they left immedi ately. This suggests that the values and intentions of the VP are not clear to all the employees and he is abusing his powers regarding the selection of the supplier (Mohr 2013). For the sake of organizational growth, the senior VP should take into account the opinion of others. References Antonakis, J. and House, R.J., 2014. Instrumental leadership: Measurement and extension of transformationaltransactional leadership theory.The Leadership Quarterly,25(4), pp.746-771. Avolio, B.J. and Yammarino, F.J. eds., 2013.Transformational and charismatic leadership: The road ahead. Emerald Group Publishing. Blundell, A., 2015. The seven essentials of leadership development.development. Buengeler, C., Homan, A.C. and Voelpel, S.C., 2016. The challenge of being a young manager: The effects of contingent reward and participative leadership on teamà ¢Ã¢â€š ¬Ã‚ level turnover depend on leader age.Journal of Organizational Behavior. Chemers, M., 2014.An integrative theory of leadership. Psychology Press. DERUE, D.S., NAHRGANG, J.D., WELLMAN, N. HUMPHREY, S.E. 2011, "TRAIT AND BEHAVIORAL THEORIES OF LEADERSHIP: AN INTEGRATION AND METAà ¢Ã¢â€š ¬Ã‚ ANALYTIC TEST OF THEIR RELATIVE VALIDITY",Personnel Psychology,vol. 64, no. 1, pp. 7-52. Dinh, J.E., Lord, R.G., Gardner, W.L., Meuser, J.D., Liden, R.C. and Hu, J., 2014. Leadership theory and research in the new millennium: Current theoretical trends and changing perspectives.The Leadership Quarterly,25(1), pp.36-62. Gavetti, G., 2012. PERSPECTIVEToward a behavioral theory of strategy.Organization Science,23(1), pp.267-285. Goetsch, D.L. and Davis, S.B., 2014.Quality management for organizational excellence. pearson. Kenney, M.T. 2012, "Evolutionary leadership theory",Journal of Leadership Studies,vol. 6, no. 1, pp. 85-89. Lam, C.K., Huang, X. and Chan, S.C., 2015. The threshold effect of participative leadership and the role of leader information sharing.Academy of Management Journal,58(3), pp.836-855. Miner, J.B., 2015.Organizational behavior 1: Essential theories of motivation and leadership. Routledge. Mohr, J.M. 2013, "Wolf in Sheep's Clothing: Harmful Leadership with a Moral Faade",Journal of Leadership Studies,vol. 7, no. 1, pp. 18-32. Nohria, N. and Khurana, R. eds., 2013.Handbook of leadership theory and practice: An HBS centennial colloquium on advancing leadership. Harvard Business Press. Popper, M. and Mayseless, O., 2013. Addendum: Additional Insights Derived from Associating Attachment theory with Leadership.Transformational and Charismatic Leadership: The Road Ahead,5, pp.265-268. Van Wart, M., 2014.Dynamics of leadership in public service: Theory and practice. Routledge.

Paper Is To Evaluate and Analyze Advocacyâ€Myassignmenthelp.com

Question: Paper Is To Evaluate and Analyze Advocacy? Answer: Introduction The main objective of this paper is to evaluate and analyze advocacy policies in the health care sector. Advocacy policies are different from public policies since the advocacy policies are formulated and championed by nongovernmental organizations and other bodies that may be involved or concerned about a particular issue in the health sector(Rollins Hart,2013). Advocacy group identify issues in the health sector in a particular society and take action to bring about change that will solve the problem. This includes calling upon the government to intervene and make programs and policies that will help to resolve the problem. This paper discusses ways in which health issues organization has been able to advocate for policies in the health sector. The policy evaluates the issue of improving quality assurance and safety standards in Victoria. The paper also analyzes ways in which the policy will help in improving health sector among the people of Victoria. The analysis is carried out using the Ottawa charter framework. The Ottawa Charter for Health promotion is an international agreement which was signed at the first International Conference on Health Promotion. It was organized by the World Health Organization and held in Ottawa Canada in November 1986. The agreement launched a series of actions among many organizations in the health sector globally. The local communities and national governments were also involved in implementation of the agreement. The goal of the agreement was to achieve Health For All by the year 2000 and beyond by promoting better health services(Nass, LevitGostin,2009). Background and history of the organization Health issues Center is a nongovernmental organization that operates in Australia. Its membership is community based with most of its members being residents of Victoria. The organization aims at ensuring involvement of consumers in advocating for health issues in Victoria. The organization is involved in many policy advocacy programs as well as health promotion program through training program. WHO is an acronym to World Health Organization which works under the United Nations. The main objective of WHO is promoting and advocating for health issues and formulation of international policies to govern health care sector in order to improve health care services delivery. WHO is a specialized agency under the United Nations and it is concerned with promotion of health globally. It was established in Geneva in the year 1948. It was preceded by Health Organization which was an agency under the League of Nations. WHO has played a major role in eradication of diseases such as small pox. The current priorities of WHO is the fight against communicable diseases like HIV/AIDS, Ebola, and Tuberculosis. The agency is also concerned with nutritional issues, substance and drug abuse, reproductive health, food security and occupational health. In the 1986, UN member countries signed an agreement on promotion of Health. This agreement would later come to be known as the Ottawa charter. The c harter emphasized on the importance of a joint and coordinated effort to promote health across all the member countries. The main areas of focus in the charter include building of health care policies and strengthening community action and participation in Health care. The Ottawa charter therefore is under WHO and its implementation and evaluation has been done by WHO for all the years it has existed. Objectives of improving quality assurance and safety standards in Victorian hospitals The policy of ensuring customers is involved in assessing the quality assurance and safety standards in Victoria. It is important for the consumers of health services who include individuals and family members to be involved in formulation of policies and decision making concerning their health (Talbot Verrinder, 2010). The policy on strengthening quality assurance and safety standards in Victorian hospital aims at ensuring that the quality of services offered to patients is of the highest standards possible. This is because sometimes consumers of medical services are not able to get high quality medical services due to various reasons. Some of these reasons include negligence by hospital staff. By ensuring that the quality and safety standards are improved in Victoria, the number of deaths as a result of poor quality services and poor standards in Victorian hospitals will reduce. Another objective of this policy advocacy is to ensure that patients or consumers of health services are treated in a very clean and hygienic environment. Poor hygiene is one of the leading causes of diseases among many people in Victoria. It is therefore very important that hospitals are able to maintain high levels of hygiene so as to reduce infections in hospitals (McCormick In Blair, 2014). The policy on advocacy for improved quality assurance and standards in Victoria aims at ensuring that consumers of health service get value for their money. The hospitals in Victoria charge a lot of money for medical services. It is therefore important that customers get value for their money. This can only happen by improving quality standards as well as safety in Hospitals (Nay,Garratt Fetherstonhaugh, 2013). Quality medical services will help patients to recover quickly from the illnesses they suffer and after that, they are able to resume their normal lives. By improving safety standards in Victorian hospitals, there will be increased public confidence in the public health sector. This is because the patients will be assured of safety when undergoing operations and other medical procedures that are normally very risky. Achieving improved quality and safety assurance in Victorian hospitals will also help to contribute to positive social and economic change. This is because, good health is an important asset to all people and once the quality standards have been improved in hospitals, it means that Victorians will receive good medical care. Good medical care will ensure that Victorians remain healthy and contribute to development of the society and economy since good health is crucial for productivity. Analysis of contribution of the improvement of quality assurance and safety standards to improving health in Victoria based on Ottawa charter The policy on improving quality assurance and safety standards will help in promotion of improved health policies in Victoria. This is because once the policy issue has been implemented it will contribute to development of other policies in the health sector that will promote improved health standards. The Ottawa charter aimed at promoting advocacy of health policies throughout the world. Good health is a major resource for financial, economic, and personal development. This therefore means various factors that such as behavioral and environmental have either a positive or negative effect on the health of an individual (Healy Dugdale,2009). Through the Ottawa charter WHO aims at promoting and ensuring that these factors are favorable so that the health of all the people can be improved equally. The policy of improving quality assurance and safety standards in all Victorian hospitals will promote coordination between various sectors of the government and private sector which are required to achieve the objective. The Ottawa charter aimed at ensuring coordination of various sectors that contribute to improvement of health. Coordination is important because, there are many other factors that determine health. Ottawa charter promotes mediation and good understanding with governments, media, local community, families, and other social players who are fundamental in fulfilling the overall aim of the charter of Health for All. Professional groups are involved in the integration and coordination of all activities that are geared towards achieving health for all. Ottawa charter also indicates that health promotion programs and policies should be adapted to the needs of the individual countries and community needs (World Health Organization2007). This is because of the economic, soci al and environment differences between regions. Another objective of the charter is building healthy public policy. The charter puts health at the top of the agenda in all sectors and levels of in a community. Health promotion policy by Ottawa and the WHO combines diverse and complimentary approaches which includes legislation, organizational change, and fiscal policies. Taxation is also an important policy issue when it comes to promotion of health (Hughes United States, 2008). This is because if drugs and medicines are highly taxed, it may become difficult for most people to afford basic health services. WHO works with governments to ensure that legislation enacted in each countries promote health needs of the society. By improving quality and safety standards in Victoria, the people of Victoria will have a better say in health care matters by improving community action. Hospitals operate in society and therefore, it is important that the hospitals allow the community in having a say on the safety standards and quality that they desire in their hospitals. This will ensure the health needs of Victorians are fulfilled. Strengthening of community action is another major objective of the Ottawa Charter. In order for the organization to achieve its goal of health for all, it is vital to ensure there is effective community action in decision making and planning. Communities should be empowered to participate actively in promoting their own health needs through training and mentorship (Pairman,2015). The importance of community action in health promotion is that the people living in the community have deeper knowledge of the health issues that they face. In order to solve these problems, it is important t o involve the people in the community since change cannot be achieved without their cooperation. The policy advocacy for improved quality assurance and safety standards in Victorian hospitals will promote personal development. This is in line with the Ottawa charter objective of developing personal skills. Improved quality standards and safety will in improvement of social and personal development through provision of information in health issues affecting the people of Victoria. Improved quality standards will help the people to understand factors that trigger diseases in their life so that they can prevent these diseases(Talbot Verrinder,2010). Through this policy, Victorians will be informed chronic diseases and how they affect their lives as well as ways in which they can be managed. Through the policy of improved quality assurance and safety standards, Victorians will be able to enjoy professional counseling and guidance for patients with psychological issues. The current system focuses on physical injuries only and doers not factor in the psychological effects that some diseases and illnesses have on the patients (Aguirre, Borrell Vega, 2010). This policy will ensure all hospitals have highly trained and equipped psychologists who will offer services to patients in need of psychological support and counseling. This will help people suffering from diseases such as HIV/AIDS and cancer to accept their condition and move on with life while managing the disease to reduce its effects. This is in line with the Ottawa charter which calls for improved health in all sectors not only physical injuries and illnesses. The charter aimed at ensuring all people receive sufficient and necessary health care at all times and therefore, this policy will contribute towards achievem ent of that objective. The policy on advocacy for improved quality assurance and safety standards will help to ensure all the people living in Victoria receive quality medical services irrespective of their income levels and social status. This will be attained since all the hospitals will be required to adhere to the standards that will be set by the relevant authorities in collaboration with other stakeholders in the health sector (Australian Commission on Safety and Quality in Health Care, 2011). All the hospitals will be required to implement all measures outlined in the policy to improve quality standards and therefore irrespective of the reputation of a hospital, it will offer services that meet the required threshold. This policy is aligned perfectly with the Ottawa charter objective of ensuring equality in health promotion. The charter aimed at ensuring that people of all economic backgrounds, social backgrounds and all races get equal opportunities and services that will help to promote their heal th. Therefore even the people of Victoria who are not capable of paying for expensive medical services will be subjected to almost the same safety and quality standards as the rich receiving the same services in a reputable medical facility. This policy on improvement of quality assurance and safety standards in Victorian hospitals will contribute immensely to prevention of diseases among the Victorian population. This will be achieved since improved quality standards in Victorian hospitals will involve providing patients with important advice and information that will help them to prevent some diseases. Information dissemination is important in the health care alone and treatment is not the only role of hospitals in Australia (Hanlon, Carlisle Lyon, 2012). Therefore, hospitals should take all the necessary steps and actions to educate patients on ways in which they can prevent the occurrence of disease such as Cholera, typhoid and other common diseases which are preventable (Willis, Reynolds Keleher, 2009). This policy will therefore reduce the instances of sicknesses which will help to reduce congestion in hospital in Victoria as well as reducing death and suffering among Victorians. The Ottawa charter prioritizes sen sitization and equipping people with the right and sufficient information as one of the ways by which health for all can be achieved. Therefore the new policy will ensure patients are provided with all the right information and advice which will help to prevent diseases among Victorians. This will be a major step towards achieving the overall objective of Health for All. Recommendations The government should ensure that all hospitals in Victoria have very highly trained qualified and competent medical staff. This is because the competence and experience of medicals staff is very crucial in achieving improved quality and safety standards in Victoria. The life of patients is usually in the hands of doctors and other medical staff and therefore, it is important to ensure that all the people working in Victorian hospitals are highly trained and qualified (Cattaneo, 2010) The government should ensure fair distribution of resources so as to promote improved quality and safety standards. Not all hospitals in Victoria will afford the resources to meet all the quality assurance standards and therefore it is important for the government to intervene and offer support to smaller hospitals so that they dont find themselves in a disadvantaged position. Government should ensure that all the hospitals uses medical technology and machines which are up to date and well function. This will help to reduce cases of misdiagnosis and also improve general medical care in Victoria. The government should appoint a board to oversee the implementation of all the requirements in the new Quality assurance standards in Victorian hospitals. This will ensure that the does not remain a policy in paper but also ensure that its implemented and its objectives are met. Conclusion Quality assurance and safety standards are important policy issue not only in Victoria but also in the whole of Australia. It is important that the government keeps on reviewing quality assurance and safety standards in hospitals so as to make sure that all the arising issues are catered for in the new standards and safety requirements. This paper analyzes the policy issue of quality assurance and safety standards in Victoria and how the implementation of this policy could help achieve the goals outlined in the Ottawa charter. The paper also highlights the possible courses of action that the government can take to improve health care in relation to this advocacy issue. 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