US National Security Policy Towards Pakistan During the Last Three Research Paper

US National Security Policy Towards Pakistan During the Last Three Administrations - Research Paper Example The various issues which the United States has to take into account while dealing with Pakistan include the role of Pakistan in the Afghanistan war, the nuclear weapons proliferation, the Kashmir issue, and India-Pakistan relations, economic development of Pakistan and ensuring human rights protection and stability of the democratic process in Pakistan. Since the very beginning of the relationships between the United States and Pakistan, immediately after Pakistan’s independence from British colonial rule, the United States has managed to exercise a great influence over Pakistan because the United States realizes very well the geostrategic importance of Pakistan. Whether it was the issue of the Soviet expansion in the world during the Cold War era, or the Soviet War in Afghanistan or the recent War against terrorism, Pakistan’s importance in the global scenario has always been at the crests. Moreover, due to the Soviet influence on India and the increasing power of Chin a, the United States want to have a good influence in the region and that is best served by influencing the Pakistani administration. The whole story of the relationship between the United States and Pakistan has been very complicated one. Though Pakistan’s first Prime Minister Liaquat Ali Khan’s eagerness to visit the United States despite an invitation from the Soviet Union is widely seen as Pakistan’s inclination towards the United States from its very inception, however this is not true because of the fact that Pakistan’s foreign policy during the very beginning was of non-alignment. And this was not actually planned by the Pakistani administration of that time, rather they were forced to have a policy of non-alignment because of the inclination of both the British and the US governments towards the Indian administration under the Indian National Congress which was seen as a party which shared similar policies with the Labor Party in Britain and the Democrats in the United States.

Contemporary Developments in Psychology and Counseling Essay Example for Free

Contemporary Developments in Psychology and Counseling Essay Every human behavior includes in an events and activities that a human being show in his lifetime. Human’s intelligence and creativeness produced great inventions that prolong human lives and make living on this earth convenient. But at the same time human intelligence have produced life threatening inventions that can take away lives at the press of a button. In other words, men nurtures and protect his fellow human and at the same time destroys them. And so with these, we became curious. â€Å"Why do people behave the way they do?† with these problem we can now enter the world of Psychology. Psychology nowadays is universally defined as the science of scientific study of behavior and mental processes. And under this field of Psychology there are major areas which are the biopsychology, experimental psychology, developmental and personality psychology, health clinical and counseling psychology and social-industrial-organizational consumer and cross cultural psychology. And under this field we have the cognitive learning which assumes that learning results from thinking and other mental processes. Cognitive learning grew from a combination of Gestalt psychology and Behavioral Psychology. Cognitive Perspective focuses on how a person knows, understands and thinks about his or her environment. The Development of Cognitive Learning was according to the theory of Jean Piaget a Swiss Psychologist. He states that mental development undergoes different stages from birth until adolescence when a person acquired most of the cognitive functions. Some scientist also made their studies about the so-called Cognitive learning. Like Edward Tolman and Wolfgang Kohler. According to Tolman all organisms are capable of thinking. He believes that organisms takes in the information and use it to adapt to its environment. While Kohler experiment on insight of learning. He suggested that cognitive processes play an important role in learning. Insights are formed suddenly and transferred immediately to other similar problems. There are two steps in the process of cognitive interpretation in emotions. The interpretation of stimuli from the environment The interpretation of stimuli from the body to autonomic arousal As the first method says it means that individuals are not affected by the events but by the interpretation of the individuals on these situations. While the second method means the interpretation of within the body stimuli resulting to autonomic arousal. Another thing, Psychologists categorizes the diverse fields of Psychology under different models, approaches and perspectives. And these are seven perspectives; these are the evolutionary perspective, psychodynamic perspective, behavioral perspective, cognitive perspective, humanistic perspective, biological perspective or neurobiological perspective and neuropsychological perspective. These perspectives help Psychologists to organize their scientific findings to connect them to theories as they seek for further research. References Gines, Adelaida C. General Psychology. Philippines: REX Bookstore, Inc.,2003

Commedia dell’ Arte Essay -- essays research papers fc

The first question is why use "commedia dell' arte" as a training tool for modern actors at all, since drama and the business of acting has hopefully moved on since the Italian Comedians finally left Paris. The fact remains, however, that the dominant form of acting today that both exists as the aspiring young actor's performance role model and as a category of performance in itself is T.V. naturalism. We are lucky in that something both inspirational and technical has survived from those heady times. When contemporary acting technique does not provide all the answers that actors may be looking for, it is not surprising that they look towards the past for inspiration. It is in this grey area between researching historical certainties and reconstructing guessed at acting technique that we must look. These Martinellis and Andreinis were the superstars of their day and the question that most often gets asked is "how did they do it?"(Oliver Crick). The fact that some of these performers were verging on genius is without dispute. This fact alone does not help us at all in training a contemporary performer. What can help us, though, is the wide variety of theories concerning the acting techniques, styles and training of these late entertainers. In a sense it is irrelevant where these theories come from and even how historically correct they are. As an actor (and a trainer of actors) one has a duty to choose what will work for an audience and to ignore the rest. The current historical theory as to how Isabella Andreini performed a particular "lazzi" might come from an impeccable source, but if a contemporary audience is unappreciative, then dump it quick, and on with something will work. There may be a case for re-creating "commedia dell'arte" as it was done, but does this really help the modern actor? Even in the more old-fashioned drama school period movement is meant to help an actor interpret a historical role, and is not mean't as an end in itself (David Claudon). One solution is to approach an actor at the beginning of their training, and see where knowledge of "commedia dell'arte" and its performance can expand a performer's range. The contemporary young actor's most familiar performance role model is that of televisi... ...terisation (Claudon). It may not be the whole answer, but it certainly plugs a few gaps that naturalism leaves open. "Commedia dell'arte" is also beneficial in any study of acting because it utilises a theatrical grammar, as well as a very intimate relationship with the audience (Crick). Now we can only wait until The Globe reopens to experiment with these theories in a purpose-built theatre. Works Cited Claudon, David. A Thumbnail History of Commedia Dell’Arte. 15 Oct. 2003 . Crick, Oliver. â€Å"The Uses of Commedia Dell'Arte in Training the Modern Actor.† Austin Commedia Society. 27 Nov. 2003 . Gordon, Mel. â€Å"Lazzi: the Comic Routines of the Commedia Dell’Arte.† New York; Performing Arts Journal Publications, c1983 (1992 printing). Lea, Kathleen M. â€Å"Italian Popular Comedy; a Study in the Commedia Dell’Arte, 1560- 1620, with special reference to the English stage.† New York: Russell & Russell, 1962. Rudlin, John. â€Å"Commedia Dell’Arte: an Actor’s Handbook.† London; New York: Routledge, 1994.

Elaine Showalter-The Female Tradition Essay

In her book ‘A Literature of Their Own’, Showalter attempts to rediscover the lost Atlantis of female writingfrom the archives of British literary history, for which she tries to assemble women’s writing of that period into a linear developmental process dividing it into three phases depending upon their unique characteristics, that is, the Feminine, Feminist and Female phase which thereby establishes the existence of a female tradition in the history of literature. In this essay, I shall elaborate the three phases as propounded by Showalter while critically evaluating the boundaries of these said categories. The latter half of this essay shall deal with the complexities of Showalter’s formation and classification of British women novelist’s literary genealogy. Showalter classifies the first stage of female literary history as the ‘feminine phase’ referring to literature produced during the period of 1840 to 1880.She proposes that women wrote during this period as imitator of dominant patriarchal standards conforming to the notions of high-brow literature and internalised masculine standard of art and their view on social roles, thereby developing an internalized feminine ‘self-hatred’. The disguise taken up by female authors through the use of male pseudonyms as seen in the case of the Bronte sisters, George Eliot, etc. is a perfect example of the constant rejection that women practised with regards to their ‘masculine’ nature, while at the same time signals a ‘loss of innocence’ for women as they subtly grapple with the idea of role playing required by their gender. Certain areas of experience and knowledge such as sexuality, passion, ambition and male transcendence (as propounded in Simone De Beauvoir’s theory) lied beyond the ambits of the Victorian ‘angel in the house’ or ‘the Perfect Lady’ and therefore were suppressed by women in their writing through practices of displacement (as seen in Lydia’s case in Pride and Prejudice), splitting of self (as seen in Jane Eyre through the figures  of Jane and Bertha) or even punishment (as seen in the character of Maggie in The Mill On The Floss) to uphold the idea of ‘womanliness’ in their writing. Therefore, it seemed that women novelists were compensating for their will to write by preaching submission and self-sacrifice, working at home and denouncing female self-assertiveness. However women did not simply conform to the pattern of society’s concept of ‘work for others’ and challenged the patriarchal reception of women’s writing in their own subtle ways. Emily Bronte in her novel Wuthering Heights finds release to explore the fenced territories of dark passion, madness, ruthless desire and its politics through the character of Heathcliff as he would be less scrutinised by male critics. This struggle became a site of anxiety for women writers as the act of writing in itself represented the wish to transcend the defined feminine boundaries of their society, and therefore reconstructed the political and public spheres for women. As Showalter states, the women writers of this period often grappled with the question, â€Å"where did obedience to her father and husband end and the responsibility of self-fulfilment became paramount?† Another vital aspect of this phase is the carving of space for womenin the literary circle as done by feminine writers for women to follow against the hostility and critiques they received from their male competitors and society at large. G. H. Lewes in his 1852 review â€Å"The Lady Novelist† proposed that women’s literature had fallen short of their task owning to their natural weakness of imitation. Many male critics called women’s novel â€Å"bland, didactic and senseless rambling† not taking into account the antagonism women received at the hands of male critics whenever they tried to transgress into the ‘male domains of knowledge and language’ of politics, power and desire. The ‘damns’ in Jane Eyre or the ‘dialect’ in Wuthering Heights or the slangs of Rhoda Broughton’s heroine termed as vulgar, unholy and termed by Victorian readers as ‘coarseness’. On the one hand, this ‘double bind’ that paralysed women writers made them feel humiliated by the condescension received from male critics making them obsess over the desire to avoid special treatment and achieve genuine excellence and on the other hand,it made them anxious about appearing unwomanly in their works too. Despite all such obstacles, women overcame the hurdles placed upon them by  patriarchal conditioning of repression, concealment and self-censorship and participated in the literary process thereby creating a space for their sex which was earlier not availed to them. The major contribution of the novelists of this phase to the female tradition to follow was the enabling of a cultural exchange that had a special personal significance for women at large. Following this comes the ‘feminist phase’ spanning from 1880 to 1920 which comes to aculmination following the winning of â€Å"the vote† for women. This period was marked by protest and struggle for one’s rights, oppositional equation that the female author developed with their male critics, advocacy of minority rights and values, including a demand for autonomy and seems to stand in opposition to the earlier feminine phase as it defined by an ardent ‘feminist withdrawal’. As against the casing of issues as practiced by earlier writers, women writers of the feminist period acknowledged their sexuality, passions and desire publically without any sense of patriarchal guilt or shame. Since this period also overlaps with women’s suffragette movement in Britain and America, they had also become politically assertive and this literally was translated into literature as the battle of the two sexes. The impetus provided to women’s writin g by such political activism can be seen in the works of Virginia Woolf, Elizabeth Robins, etc. The influence of the political movement gave rise to the development of an array of new characters such as men who were â€Å"effeminate fops by day and fearless heroes by night†. In contrast to earlier women writers who saw male characters as a means to escape patriarchal domination, not realising that they were exchanging one set of chains for the other; female writers of this period use male figure to further their own emancipation and re-examine the stereotypes placed upon them by their patriarchal society as done by the Sensationalist women writers in their novels. An example of this would be Florence Marryat’s Love’s Conflict where she holistically examines the exploitative trap set for women by patriarchal society’s conception of love.Such awakening resulted into a complete rejection of the notion of femininity and attacked the figure of the self-sacrificing woman in exchange for agency and self-expression. Fidelity and chastity on men’s part became a contested issue in the literature of this period and thereby reversed the  question of female faithfulness to question male loyalty. The politics of pseudonym also changed during this period as ‘Sarah Grand’ the persona taken up by Frances Elizabeth Bellenden McFall expressed a feminist pride. All these trends amalgamated into the creation of an ‘Amazon Utopia’ which rejected all notions femininity in exchange for intense female solidarity derived from a complete rejection of the then established notion of ‘womanhood and femininity’. Another major contribution of the writers of this phase is the professionalism they introduced with regards to female authorship. Just as the transition from self-hatred to feminist withdrawal was an essential shift in the two phases, similarly equality in terms of monetary payments to women writers as against the disparate differences in terms of earnings of male and female writers (a characteristic of the previous phase) was challenged and overhauled which provided women writes of this period further incentive to take up writing as a profession rather than an activity of leisure as practised by their predecessors. As Showalter argues, women by 1860’s had started â€Å"to retain their copyrights, work with printers on the commission basis and edit their own magazine†. This did not only offer women with an alternative space for securing financial support and fortifying independence from ‘patriarchal commercialism’ but also provided them with themuch required artistic and ideological freedom to explore issues concerning their lives and experiences. Women by discerning over ideas of their day to day concerns actively participated into reviewing ideas of established ‘Femininity’ and thereby providing the foundation for future women writers to develop and completely deconstruct the notion of gender and its attributes. This was followed by the last stage,that is, the ‘female phase’ beginning in 1920 and continuing to the present, which according to Showalter from 1960 onwards has entered a new era of self-awareness. This phase is the least theorised and developed by her as it is yet to meet a conclusion. The writers of this phase carry the dual cultural baggage of the history of female authorship in the form of ‘feminine self-hatred and feminist withdrawal’, yet have initiated the task of insistent self-exploration  backed by rejection of male culture moving towards separationist literature focusing on inner space and psychological interrogation rather than being socially focused so as to escape the materialistic, harsh realities of the patriarchal world. The metaphor explored by many female writers for this motif was ‘the enclosed and secret room’ which ‘extended the fantasies of enclosure’ in the form of secret rooms, hideaway attics and suffragette cells as represented in the works of Mrs Molesworth’s The Tapestry Room or Virginia Woolf’s A Room Of one’s Own. The application of this female aestheticism by writers of that period transformed itself into the fragmentation of the self through a feminist cultural analysis of words, language and ideology in their novels. This self-destructive rite of women’s aestheticism and receptivity leading to suicidal vulnerability is exemplified in the careers of Virginia Woolf and Sylvia Plath.Paradoxically, the furthering of female aestheticism also led to an apparent fringing from sexuality and its politics, where the site of the body wasveiled, disguised or denied for insistence of artistic freedom and autonomy, leading Showalter to state that even though women’s writing was â€Å"erotically charged and drenched with sexual symbolism, female aestheticism is nonetheless oddly sexless in its content†. This leads to the popularization of the idea of ‘androgyny’ in women literature of this period (Bloomsbury group being a major contributor to this ideology). Showalterfurther develops this phase stating that the literature of the female phaseentered a new, dynamic stage in 1960 to incorporate and develop itself on Marxist, Feminist and Psychoanalytical theories and therefore helped women to both deconstruct and reconstruct their identities while providing society with women’s view of life, experience, originality and individuality; as demanded by G. H. Lewis and J. S. Mill. Continuing with the conflicts of the feminist phase, novelists of this period continue to struggle with the binaries of â€Å"art and love, between self-fulfilment and duty†, but work by consolidating the gains of the past while working with a new range of language and experience converting sexuality and anger (earlier treated only as attributes of realistic characters) into sources of ‘female creative powers’. In this light, women writers have tried to unify their fragmented experience through artistic vision which Showalter states will  u ltimately leadthem to make a choice between assimilation and separation into literary mainstream in the near future. The assembly of the lineage of women novelists as done by Showalter through the construction of the above mentioned three phases in her book has significantly contributed to the establishment of a Female Literary Tradition and has helped to unearth the vast expanse of women’s literature, previously ignored. However, it appears to me that there are certain foundational impediments in her work. A major premise for her work remains the construction of women’s literary history through the genre of novel writing alone which thereby excludes the colossal mass of literature that women wrote in the forms of drama, poetry, diaries, social tracts, autobiographies, etc. To formulate any kind of literary history for women’s writing without taking into account all these genres will necessarily provide us with a fractional and restrictive imagine thereby undermining the profundity and versatility of women’s imagination, creativity and intellectual labour. To see novel writing as the only path through which women entered and created a space for themselves in literary field is not just a reductionist interrogation of the history of writing but is also an injustice done to the massive proportion of women writers who were not ‘fortunate enough’ to enter this particular field and instead worked incessantly to carve out a space for women in other genres as done by figures of Elizabeth Barrett Browning andAlice Meynell (poetess), Alice James (diarist), Hannah More (dramatist), Florence Nightingale and Mary Carpenter (social Tracts) etc. Similarly, many novelists also attempted other genres of writing and deflating their efforts outside novel writing is also playing into the patriarchal trap of reducing the toils of women writers to a singularly defined category for purposes of convenience. Similarly, Showalter in her book advances a certain dimension of universality into the category of 19th century British women novelist, pedestrianizing her struggles and triumphs over many others. Though she mentions that her foundation for the historical re-evaluation of women’s writing is the 19th century British novelist, her disregard for the categories of third world, post-colonial women’s literature is apparent in her vocabulary. Within the  foundation of her work, she fails to take into account the pivotal issue of class based Marxist evaluation of the development of women’s writing movement.To not take into account the economic constraints under which women had to work to enter the field of literature will blemish the depth and shared experience of a particular class of women writers and will also deter us from analysing their works as repositories of class strained social realism of that age. The absence of any class based differential paradigm for reviewing the works of British women novelists is an immense undercutting of the forces of patriarchy and capitalism and the role they played in obstructing women’s path to literacy emancipation.Therefore, even though she challenges the notion of the ‘canon’ by re-evaluating the exclusion of women from its centre, Showalter nonetheless, never deconstructs the ‘canon’ itself but works simply to readjust it to the requirements of a specific group of ’21st century female British academician’. Her stating that the sensation novelists of the late 19th century did not add significantly to the intellectual issues of that age but rather contributed to women’s cause byacquiring public literary space exemplifies the same. Nonetheless, despite all such complexities, Showalter’s assertion of the value of the ‘lost’ works of women writers and their role in history initiates a process of questioning and subverting of the patriarchal edifice of the ‘history of literature’. Feminine, Feminist and Female writers all had to contend with the cultural and political forces of their age and the epistemological classification of these three stages themselves reveals the developmental process that has taken place with regards to women’s writing. â€Å"The Female Tradition† is a record of the conditions and struggle that women breathed through to gain agency andchoice for their sex. Therefore even though Showalter does not pursue the full scope of her questions, she nevertheless opens the opportunity for individuals following her to further her theory and critically analyse the homogenizing politics of literary history, from not just the perspective of gender but also from a class, race and linguistic perspective. Here, Louise Bernikow’s comment becomes extremely crucial and exemplary: â€Å"What is commonly called literary history is actually a record of choices. Which writers have survived their time and which have not depends upon who noticed them and chose to record the notice.† Bibliography: Elaine Showalter’s â€Å"A Literature of Their Own†.

English Olvier Twist essay Essay

Dickens has a very unique style; he uses very descriptive language that contains a lot of adjectives. He also uses lists particularly when he’s describing a place in the following passages the features of dickens style are evident.  What impressions does the reader gain of the nineteenth century in London?Dickens knew London very well and in Oliver twist he describes the London he knew. The artful dodger takes Oliver to Fagin’s den through London’s streets. The reader gets the feeling of speed to show this dickens uses a list â€Å"They crossed from the angel into st Johns road; struck down the small street which terminates at saddlers welis theatre†.  This sounds like directions for somebody who doesn’t know where they are going it creates a sense of speed. As Oliver looks around him he realises that he is in a poor, slum area dickens write  Ã‚  Ã¢â‚¬Å"A dirtier or more wretched place he had never seen†Ã‚  Ã¢â‚¬Å"And the air was impregnated with filthy odours†.  By writing this Dickens gives the reader a feeling of what sort of disgusting area Oliver is travelling through. The word dirtier suggests that the area looks poor and indecent. The word wretched means that even the people who live there are unhappy. The word filthy gives an impression of a smelly odour. Dickens also appeals to not just to the sense of sight but to the sense of smell too. How does dickens create an atmosphere of sadness at the start of chapter 18?  At the start of chapter 18 Oliver is recaptured by Fagin again and locked up in his den. Dickens describes how Oliver is feeling at this point of time. Dickens writes  Ã¢â‚¬Å"And so Oliver remained all that day and for the greater part of many subsequent days†.  He uses repetition to describe the pasting of time so slowly for Oliver, he also uses an alliteration the words left and long also to show the pasting of time. At the end of the paragraph dickens uses the word â€Å"sad† to describe Oliver mood because the times passing by so slowly.  Dickens then describes the room. He uses adjectives to show the large, dirty and the darkness of the room. Dickens uses â€Å"Great high and large†Ã‚  To describe how small Oliver feels walking the large doors. Dickens also uses the words  Ã¢â‚¬Å"Black, neglect and dust†Ã‚  To show the dirtiness and darkness in the room. Alliteration has also been used  Ã¢â‚¬Å"Dismal and dreary†Ã‚  This describes the gloominess and the sadness in the room. These words have long symbols.  Dickens then describes what its like for Oliver inside room  Ã¢â‚¬Å"Spiders had built their webs in the angles of the walls and ceilings.†Ã‚  The quote describes the neglected house the same way as Oliver was. Dickens also uses the quote.  Ã¢â‚¬Å"The mice would scamper across the floor and run back terrified to their holes†.  This quote is similar to when Nancy used to say that her and Oliver were like brother and sister. Oliver was terrified just like the mice when people entered the room. Dickens starts his description of Oliver and Sikes journey to chirstey at dawn. The streets are quiet, dickens writes  Ã¢â‚¬Å"A few country wagons were slowly toiling†.  Dickens uses toiling and slowly to show the pace is slow. As the passage goes on the pace speeds up. Dicken’s shows the pace is speeding up by using a quote,  Ã¢â‚¬Å"other shops began to be unclosed and a few scattered people were met with†.  In the next paragraph the pace increases, Dickens lists all the people coming into London  By the end of this passage the streets become livelier, also at the end of this passage dickens uses alliteration a quote to show this is  Ã¢â‚¬Å"Shoreditch, Smithfield, Sheets and Swelled†. These words all begin with the letter S this shows the pace and movement. Dickens also uses the word ‘roar’ this gives the reader an idea of what sort of sounds he hears.  This carried on in the next few lines, Dickens writes  Ã¢â‚¬Å"So into Smithfield from which the latter place a rose a trumult of discordant sounds†.  Dickens uses the word discordant this means formitting out; he also uses the word trumult, which means noisy and bustle.  The book Oliver Twist is a very different book compared to the other novels that Charles Dickens wrote. But in all his books he uses the same technique, which keeps the reader interested.

Timeline of the Mexican-American War

Timeline of the Mexican-American War The Mexican-American War (1846–1848) was a brutal conflict between neighbors largely sparked by the US annexation of Texas and their desire to take western lands such as California away from Mexico. The war lasted about two years in total and resulted in a victory for the Americans, who benefited greatly from the generous terms of the peace treaty following the war. Here are some of the more important dates of this conflict. 1821 Mexico gains independence from Spain and difficult and chaotic years follow. 1835 Settlers in Texas revolt and fight for independence from Mexico. October 2: Hostilities between Texas and Mexico commence with the Battle of Gonzales. October 28: The Battle of Concepcion takes place in San Antonio. 1836 March 6: The Mexican army overruns the defenders at the Battle of the Alamo, which becomes a rallying cry for Texas independence. March 27: Texan prisoners are slaughtered at the Goliad Massacre. April 21: Texas gains independence from Mexico at the Battle of San Jacinto. 1844 On September 12, Antonio Là ³pez de Santa Anna  is deposed as President of Mexico. He goes into exile. 1845 March 1: President John Tyler signs the official proposal of statehood for Texas. Mexican leaders warn that annexing Texas could lead to war. July 4: Texas legislators agree to annexation. July 25: General Zachary Taylor and his army arrive in Corpus Christi, Texas. December 6: John Slidell is sent to Mexico to offer $30 million for California, but his efforts are rebuffed. 1846 January 2: Mariano Paredes becomes President of Mexico.March 28: General Taylor reaches the Rio Grande near Matamoros.April 12: John Riley deserts and joins the Mexican army. Because he did so before war was officially declared, he could not legally be executed later when he was captured.April 23: Mexico declares defensive war against the United States: it would defend its territories under attack but not take the offensive.April 25: Captain Seth Thorntons small reconnaissance force is ambushed near Brownsville: this small skirmish would be the spark that kicked off the war.May 3–9: Mexico lays siege to Fort Texas (later renamed Fort Brown).May 8: Battle of Palo Alto is the first major battle of the war.May 9: Battle of Resaca de la Palma takes place, which results in Mexican army being forced out of Texas.May 13: US Congress declares war on Mexico.May: The St. Patricks Battalion is organized in Mexico, led by John Riley. It consisted largely of Irish-born deserters from the U S army, but there are also men of other nationalities. It would become one of Mexicos best fighting forces in the war. June 16: Colonel Stephen Kearny and his army leave Fort Leavenworth. They will invade New Mexico and California.July 4: American settlers in California declare the  Bear Flag Republic in Sonoma. The independent republic of California only lasted a few weeks before American forces occupied the area.July 27: Mexican President Paredes leaves Mexico City to deal with a revolt in Guadalajara. He leaves Nicols Bravo in charge.August 4: Mexican President Paredes is deposed by General Mariano Salas as chief executive of Mexico; Salas re-institutes federalism.August 13: Commodore Robert F. Stockton occupies Los Angeles, California with naval forces.August 16: Antonio Lopez de Santa Anna returns to Mexico from exile. The Americans, hoping he would promote a peace accord, had let him back in. He quickly turned on the Americans, stepping up to lead the defense of Mexico from the invaders.August 18: Kearny occupies Santa Fe, New Mexico.September 20–24: The Siege of Monterrey: Taylor capt ures the Mexican city of Monterrey. November 19: US President James K. Polk names Winfield Scott as leader of an  invasion force. Major General Scott was  a highly decorated veteran of the War of 1812 and the highest-ranking US military officer.November 23: Scott leaves Washington for Texas.December 6: Mexican Congress names Santa Anna President.December 12: Kearny occupies San Diego.December 24: Mexican General/President Mariano Salas turns over power to Santa Annas Vice-president, Valentà ­n Gà ³mez Farà ­as. 1847 February 22–23: The Battle of Buena Vista is the last major battle in the northern theater. The Americans will hold the ground they gained until the end of the war, but not advance any farther.March 9: Scott and his army land unopposed near Veracruz.March 29: Veracruz falls to Scotts army. With Veracruz under control, Scott has access to resupply from the USA.February 26: Five Mexican National Guard units (the so-called polkos) refuse to mobilize, rebelling against President Santa Anna and Vice-President Gà ³mez Farà ­as. They demand repeal of a law forcing a loan from the Catholic Church to the government.February 28: Battle of Rio Sacramento near Chihuahua.March 2: Alexander Doniphan and his army occupy Chihuahua.March 21: Santa Anna returns to Mexico City, takes control of the government and reaches an agreement with the rebellious polkos soldiers.April 2: Santa Anna leaves to fight Scott. He leaves Pedro Marà ­a Anaya in the Presidency.April 18: Scott defeats Santa Anna at the Battle of Cerro Gordo. May 14: Nicholas Trist, charged with eventually creating a treaty, arrives at Jalapa.May 20: Santa Anna returns to Mexico City, assumes the presidency once more.May 28: Scott occupies Puebla.August 20: The Battle of Contreras and the Battle of Churubusco open the way for the Americans to attack Mexico City. Most of the St. Patricks Battalion is killed or captured.August 23: Court-martial of members of St. Patricks Battalion at Tacubaya.August 24: Armistice is declared between US and Mexico. It would only last about two weeks.August 26: Court-martial of members of St. Patricks Battalion at San Angel.September 6: Armistice breaks down. Scott accuses Mexicans of breaking the terms and using the time on defenses.September 8: Battle of Molino del Rey.September 10: Sixteen members of St. Patricks Battalion are hanged at San Angel.September 11: Four members of St. Patricks Battalion are hanged at Mixcoac.September 13: Battle of Chapultepec: Americans storm gates into Mexico City. Thirty mem bers of St. Patricks Battalion hanged within sight of the castle. September 14: Santa Anna moves his troops out of Mexico City. General Scott occupies the city.September 16: Santa Anna is relieved of command. The Mexican government attempts to re-group in Querà ©taro. Manuel de la Peà ±a y Peà ±a is named President.September 17: Polk sends recall order to Trist. He receives it on November 16 but decides to remain and finish the treaty. 1848 February 2: Trist and Mexican diplomats agree on the  Treaty of Guadalupe Hidalgo.April: Santa Anna escapes from Mexico and goes into exile in Jamaica.March 10: The Treaty of Guadalupe Hidalgo is ratified by the USA.May 13: Mexican President Manuel de la Peà ±a y Peà ±a resigns. General Josà © Joaquà ­n de Herrera is named to replace him.May 30: The Mexican Congress ratifies the treaty.July 15: The last US troops depart Mexico from Veracruz. Sources and Further Reading Foos, Paul. A Short, Offhand, Killing Affair: Soldiers and Social Conflict During the Mexican-American War. Chapel Hill: University of North Carolina Press, 2002.Guardino, Peter. The Dead March: A History of the Mexican-American War. Cambridge: Harvard University Press, 2017.McCaffrey, James M. Army of Manifest Destiny: The American Soldier in the Mexican War, 1846-1848. New York: New York University Press, 1992.

Social Work Values essays

Social Work Values essays Identify and examine their own values, attitudes, and spirituality by considering societal responsibilities for others in need. Throughout all of my reading I have done a lot of thinking. Mainly thinking about what I believe is the right decision or view on topics. Reviewing this topic of social work values brought me to chapter 3. I read about how social workers are to be culturally sensitive to others beliefs upon many different ways of life. I want to examine values, attitudes, and spirituality. A social worker must understand his or her own self before he or she can help other people with their own problems or concerns. Should abortion be legal? Are gay and lesbian marriages right? Is it okay to have one nation under God on our countrys currency? These are all questions that I can quickly answer. I can answer them because I have already established a set of values that I follow in life. Some questions may be hard even though my values have already bee established. Values are the key to making decisions. What my values are will determine how I handle and take a stance on a given situation. I am sure this a very hard aspect of being a social worker, because many of the things that I have read about that social workers are obligated to do I do not believe in. I wonder how I would make a decision in those cases. The next aspect is attitudes. I really couldnt find any straight up answers to attitudes that should be given, but I know that the attitudes I form and show will be a result of my values, which have already been formed. The attitude, in my opinion, is how I display myself through actions or words after a situation has been handed to me. It is important to help all people and your reaction could be the result of them getting better or worse. So sensitivity is defiantly the key. The last is spirituality. This should be handled with the greatest care, in my judgment. Base ...

0.5 M EDTA Solution Recipe

0.5 M EDTA Solution Recipe Ethylenediaminetetraacetic acid (EDTA) is used as a ligand and chelating agent. Its especially useful for sequestering calcium (Ca2) and iron (Fe3) metal ions. This is the lab recipe for 0.5 M EDTA solution at pH 8.0: Solution Materials 186.1 grams EDTA (disodium ethylenediamine tetraacetate2H2O)Â  800 milliliters distilled watersodium hydroxide (NaOH) solution or solid (to adjust pH) Procedure Stir 186.1 g disodium ethylenediamine tetraacetate2H2O into 800 ml of distilled water.Stir the solution vigorously using a magnetic stirrer.Add NaOH solution to adjust the pH to 8.0. If you use solid NaOH pellets, youll need 18 to 20 grams of NaOH. Add the last of the NaOH slowly so that you dont overshoot the pH. You may wish to switch from solid NaOH to a solution toward the end for more precise control. The EDTA will slowly go into solution as the pH nears 8.0.Dilute the solution to 1 L with distilled water.Filter the solution through a 0.5 micron filter.Dispense into containers as needed and sterilize in an autoclave. Related Lab Solution Recipes 10x TBE Electrophoresis Buffer10X TAE Electrophoresis Buffer

Child Abuse and Neglect in the State of Ohio Assignment

Child Abuse and Neglect in the State of Ohio - Assignment Example Child abuse is regarded as a national tragedy that is annually affecting more than three million children and causing the death of three children every day. Statistics indicate that, in the state of Ohio alone, the practice is quite prevalent and it is reported that about 20 children are reported as neglected or abused every hour and with the total number of reported neglected or abused children averaging at around 480 cases per day. It has been noted that most cases involving the neglect and abuse of children in the state are not reported (Congressional Record, 1999). Children are increasingly being maltreated, neglected or even abused in many different forms of ways in the different communities, countries or even social strata. The types and nature of child abuse and neglect can be subdivided into five basic broad categories, these categories are sexual abuse, physical abuse, abuse for commercial purpose, psychological/emotional abuse and neglect (Deb, 2006). In the state of Ohio, the term â€Å"child abuse† refers to exposing a child to victimization via sexual activity. This activity can be informed of enticing, compelling, hiring, permitting, employing allowing a child to act or even model or participate in any production, photograph, presentation, advertisement or any other presentation that the offender knows to be sexually oriented or obscene (Lau, Krase & Morse, 2009). A caregiver or parent committing an action that causes nonaccidental death or physical injury to a child is regarded as having physically abused the child. Physical abuse can be defined as any nonaccidental injury occurring to a child as a result of the actions of a caretaker. The abuse includes the frequent, punching, slapping, beating shaking, burning, biting and kicking of a child (Deb, 2006).

Qualitative and Quantitative Research Methodologies Essay

Qualitative and Quantitative Research Methodologies - Essay Example Unlike research studies in other fields, studies in health and social sciences involving the use of human subjects requires greater caution. The Helsinki Declaration of the World Medical Association declares that, though progress in health-related fields requires research and experimentation involving the use of human subjects, considerations related to the 'well being of the human subjects should take precedence over science and the society' and that the primary objective of such studies, involving human subjects, is to better understand and improve on diagnostic and therapeutic procedures, and to better understand the causes and progression of diseases (WMA, 2000). Furthermore, the drive towards evidence-based practice in several fields has also meant that professional decision must be made on the basis of the best available evidence (Crawford et al., 2002). Putting all these factors together, it becomes obvious that making use of the most appropriate research instruments/methodology is not only important for the validity of the final result, but also for the utility and relevance of the result findings to professional practice. This fact has meant that deciding the best research methodology for any particular research effort is one of the most important decisions of a researcher. Obviously in response to this trend, over the decades, several research methods have been developed, while existing ones have been continually refined to meet the demands of the modern researcher. However, quantitative and qualitative research methodologies though composed of an array of several, and at times contrasting principles; have stood the test of time, in a number of research fields (Murphy, 2000). Therefore, the purpose of this essay is to argue in favour of the use of qualitative and quantitative research methods/methodologies to assess 100 risk factors collected over a period of five years based on interviews and considered as the primary data for a research study. To achieve this, the rest of the paper will be structured thus: the next section will define and briefly explain the concepts of qualitative and quantitative research methodologies; this will be followed by an analysis of the difference and similarities of these two methods of inquiry. The third section will examine the benefits of using qualitative and quantitative research methods in the research study at hand that is, assessing 100 risk factors collected over a five year period through interviews; in the light of other research methods like phenomenology and others. This is intended to show that qualitative and quantitative research methods are better suited for the study at hand. The last part of the essay wil l present the concluding remarks. According to Lindsay (2002), considering the fact that the ultimate goal of risk assessment is to achieve a health impact, through understanding the aetiology of disease conditions to effect a reduction in mortality and morbidity due to the risks, and thus, achieve an improvement in health (p.571), research studies involved with risk assessment are therefore better presented and more useful in quantifiable terms. As a result,

Tight Control in Beverage Operation Assignment Example | Topics and Well Written Essays - 500 words

Tight Control in Beverage Operation - Assignment Example Conversely, this has created a paradox in these arguments (R11). Therefore, the paper seeks to discuss three operational elements where tight control can affect customer satisfaction and operational ease and vice versa. Many organizations have policies and procedures that govern all its operations in service delivery to its customers. These policies and procedures ensure ease of operation and customer satisfaction. However, there may be elements of operation within a company where tight control affects customer satisfaction and the operational ease. For customer satisfaction, important operations elements must be put in place. However, in case of a tight control of these operations, both customer satisfaction, and operational ease may be affected. For instance, good service, right strategy application, and beverage expertise are good examples of operational practices that enhance a smooth operational ease. If these operational practices are taken care of appropriately, customer satisfaction would also be achieved (Slack & Stuart 28). The operational practice, therefore, improves efficiency and visibility hence enhancing profitability, competitive advantage, and customer service. Expertise in a beverage is an essential component that enhances the operational ease and customer satisfaction. For a beverage company to achieve these, a team of experts of beverage should be in charge of handling the business. Operations and supply chains needs should guide these operations. These include technology and software selection, network design for the supply chain, and management of the workforce. These strategies need to be regulated depending on the customer needs and expectations in order to maintain customer satisfaction (Tamime 24). However, if a tight policy control is put in place without considering the customer needs, the satisfaction of the customers may be affected.

Writting health care business paper Essay Example | Topics and Well Written Essays - 1500 words

Writting health care business paper - Essay Example The organizations can prioritize them, work on the solutions and provide a cost effective measure to it that will attract the clients and increase the business. Based on the data that is given for the possible causes of health and illness conditions, accidents top the fatal count of children. If some emergency recovery centers are established, could prove as a decisive factor in improving the client feedback. The data provided is classified age wise, and for persons in the age of 45, cancer and heart problems are the prime cause of illness. For persons aging around 74, chronic diseases tops the list. Finally on general assessment, the evaluation of the economic condition would help greatly in identifying key market niches. For example, Jehovah's Witness community revenue details are most appealing considering the fact they just followed a single policy of implementing private insurance and Medicare. Such scenarios boost the economy of the region and thereby allow other organizations to tread the same path. Innovative Medical Groups Innovative Medical, a $265 million revenue medical group is considered to be the biggest competitor for MCMPC. It has more than 1100 employees and is expanding its serving region with its new alignment with County Regional Medical Center. Provided below are the basic details of the group. Their strengths, weakness as well as the opportunities and threats in comparison with MCMPC are detailed here. Strengths The main backbone of Innovative medical groups is their strategic planning headed by Dr. Schwartz, who has a degree of MBA aiding him in managing things effectively. He has a great record in dealing... Threats With about 50% of the residents of the county trying to relocate themselves, it is posing a bigger threat for the group to make them come back for treatment. It is demanding that several advanced technologies have to be implemented in order to sustain the same rate of client visits to the group. But this investment does not 100% ensure that the profits will be sustained. It is posing to be a serious threat. Partnership Analysis In order for MCMPC to regain its financial stability and stature in the market, it needs to partner with any of the two potential partners currently doing service in the same profession. It has to do it in order to achieve new strategy based advantages, similar to the way Innovative Medical has achieved through its collaboration with CRMC. Following are the analysis and consultation views on what would be the best association for MCMPC that could be with either Good Sisters or Riverside Hospitals. Good Sisters Association If Good Sisters is considered to be the partner, then there are certain pros and cons that need to be taken into account. The pros include that Good Sisters is present in the southern part of the county; partnering with it would increase benefits reaped through this association in that region. Apart from this sole reason, there is not much that would enhance the chances of partnership relationship.

New Product Development Process Coursework Example | Topics and Well Written Essays - 750 words

New Product Development Process - Coursework Example Organic food restaurant mission is to promote healthy eating. Customers are increasingly interested in pesticide free foods and other chemicals that may be risky to one’s health (Knudson, 2007). Organic produce includes; vegetable soup, fruit juice, smoothies, etc. The juices are of different sources (apple, pineapple, guavas, and mangoes). The juices and soup are packed in 200ml ‘squeeze’ plastic containers with a sucking straw inserted at the top; the ‘squeeze’ plastic container is standard but the top rid is oval in shape, they are crystal clear for easy color and type recognition for the consumer. The mix of organic products, the atmosphere and the environment make the organic food restaurant stand out among competitors. The ideas for the functional food designs are sourced from; market specialists, food scientists, nutritionists and gastronomists (Smith and Charter). Chefs also play a role in the formulation and utilization of new technology to c ontrol the appearance of the final product. They outline consumer needs and develop new ideas to design products that meet consumer expectations. In comparison to other food products, organic products contain more dry matter on pound to pound basis and high nutrient content level. Research shows that organic foods and products may contain high protein content and increased concentration of antioxidants (Godsey, 2010). The juices, smoothies and vegetable soup are freshly prepared for the customer thus meets personal dietary needs and preference. Major competitors for the products would be line restaurants who sell in almost ready state and retail chains who sell raw products for the consumers to develop products according to taste and preference. However, a new business model concept of food trucks is upcoming; it targets busy consumers and leisure walk consumers. The weakness of these products is that they may be quite expensive compared to conventional foods due to the

Writting health care business paper Essay Example | Topics and Well Written Essays - 1500 words

Writting health care business paper - Essay Example The organizations can prioritize them, work on the solutions and provide a cost effective measure to it that will attract the clients and increase the business. Based on the data that is given for the possible causes of health and illness conditions, accidents top the fatal count of children. If some emergency recovery centers are established, could prove as a decisive factor in improving the client feedback. The data provided is classified age wise, and for persons in the age of 45, cancer and heart problems are the prime cause of illness. For persons aging around 74, chronic diseases tops the list. Finally on general assessment, the evaluation of the economic condition would help greatly in identifying key market niches. For example, Jehovah's Witness community revenue details are most appealing considering the fact they just followed a single policy of implementing private insurance and Medicare. Such scenarios boost the economy of the region and thereby allow other organizations to tread the same path. Innovative Medical Groups Innovative Medical, a $265 million revenue medical group is considered to be the biggest competitor for MCMPC. It has more than 1100 employees and is expanding its serving region with its new alignment with County Regional Medical Center. Provided below are the basic details of the group. Their strengths, weakness as well as the opportunities and threats in comparison with MCMPC are detailed here. Strengths The main backbone of Innovative medical groups is their strategic planning headed by Dr. Schwartz, who has a degree of MBA aiding him in managing things effectively. He has a great record in dealing... Threats With about 50% of the residents of the county trying to relocate themselves, it is posing a bigger threat for the group to make them come back for treatment. It is demanding that several advanced technologies have to be implemented in order to sustain the same rate of client visits to the group. But this investment does not 100% ensure that the profits will be sustained. It is posing to be a serious threat. Partnership Analysis In order for MCMPC to regain its financial stability and stature in the market, it needs to partner with any of the two potential partners currently doing service in the same profession. It has to do it in order to achieve new strategy based advantages, similar to the way Innovative Medical has achieved through its collaboration with CRMC. Following are the analysis and consultation views on what would be the best association for MCMPC that could be with either Good Sisters or Riverside Hospitals. Good Sisters Association If Good Sisters is considered to be the partner, then there are certain pros and cons that need to be taken into account. The pros include that Good Sisters is present in the southern part of the county; partnering with it would increase benefits reaped through this association in that region. Apart from this sole reason, there is not much that would enhance the chances of partnership relationship.

Criminology Assignment Example | Topics and Well Written Essays - 1750 words - 1

Criminology - Assignment Example It is indicated that personality and genetics of a person have link with social influences like family and peer environment. The impact of parental role is also explained by psychological theories that state neglect or abuse from parents can also lead to criminal tendencies. Therefore, where biological theories stress upon genetic and brain compositions, other theories look at external factors like social and environmental impact (Theories of the Causes of Crime, 2009). 2. It was during the 19th century that physical appearance was given importance regarding studying criminal aggressiveness in individuals. Collins (1999) has explored the core subject of physiognomy which states that unaltered body structures can reflect the characteristic of a person. In the field of physiognomy it is considered that physical features like distance between two eyes or structure of the forehead can tell about a person’s strengths like intelligence and honesty (Collins, 1999, p.251). It was the 19th century Italian criminologist, Cesare Lombroso who had observed resemblance between the skulls of a notorious criminal and those belonging to lower races. He coined the term â€Å"born criminals† and attributed their criminology to physical features like â€Å"drooping eyes, large ears, protruding jaw, flat nose† (Valla et al., 2011, p.70). 3. During the 1970s and 1980s, various studies have demonstrated that children born from parents who have been imprisoned carry greater potential of becoming criminals during adult years even if they are brought up by law-abiding foster parents. From these adoptive studies, it has been concluded that genetic impact on criminal behavior is significant irrespective of gender although females are more subjected to individual genetic risk than the males. Moreover, it has been observed that parents with records of petty

Audio Surveillance Essay Example for Free

Audio Surveillance Essay Audio Surveillance is implemented with the use of a tape recorder. This method is only effective when one is sure of the origin of the attack and may be used to gather information about a particular activity taking place or how it took place. Telephone conversations may also be recorded to provide security. Models that may be used could include High Tech voice recorders, Tube mike, radio mikes and so on. The modern ESS (Electronic Switching System) is also available to tap into people’s phone lines without having to visit the location physically. Phone Tapping and Encryption Phone tapping is normally used for the protection of national security and prevention of serious crimes. When a phone is tapped, it is possible to listen to conversations from both sides of the telephone. Voice and Word Pattern Recognition In this method of surveillance, an organization uses a central computer to monitor conversations that contain voice patterns and key words that an agency is interested in. This technology involves digital sampling of speech, acoustic signal processing and special analysis. Transmitter Location Transmitter location is used anytime a telephone or mobile phone is involved in an investigation and is used to detect the location of the user. This can be achieved by triangulation and some other innovative methods. E-mail at Workplace Personal messages sent via an organization’s e-mails are not private. Reading employee’s emails may help to alert organizations about possible terrorist activities or sabotage that may be going on within the organization. Electronic Databases Databases containing information about residents within a particular area, biometrics. directories, voter registration records and many other databases present within an organization can help to provide relevant information on terrorism. The Internet Many organizations, individuals and so on, have access to the internet and are able to share information via this global network. Websites that offer social networking features should be continuously checked for possible terrorist correspondence. Challenges of Surveillance Technology Privacy is one of the major issues being faced by operators of businesses and organizations across the world. Surveillance Technologies pose a threat to them because people are unsure of how far vendors are willing to go to sell their products without risking confidential data. This constitutes a threat to commercial businesses (Bogonikolos). Privacy is a big issue and a significant constraint in the deployment of surveillance systems because most people see it as a right that they possess. Privacy has a lot of dimensions and some of the dimensions include: Privacy of the person, personal behaviour, personal communications, data and so on (Bogonikolos). The future of Surveillance Technology In recent times, almost all information is exchanged through electronic means, i. e. via telephone, email and so for this reason, wiretapping capabilities are being incorporated into surveillance systems (Bogonikolos). A continuous education strategy may help to achieve an online data and privacy protection strategy. Global e-commerce has changed the way trade is being conducted all over the world. This had led to the increased complexity of Surveillance Technologies. Enhanced wiretapping capabilities are being incorporated into surveillance technologies and so electronic commerce is getting more and more attention. New technologies for analyzing large amounts of data such as credit card information, online transactions can also help to identify unusual purchasing patterns and relationships (Bogonikolos). Conclusion To operate successfully online and protect countries from attack, we need to assure people that their data is safe and protected from misuse such as unauthorized access, alteration, total loss, and misappropriation (Bogonikolos). After all has been said and done, it can be argued that technology has both negative and positive sides to it. When used for the benefit of society, technology can be seen as a positive contribution to society but when it is used by miscreants to cause havoc to innocent people and unsuspecting organizations, it becomes a disadvantage. The fact remains that it is difficult, if not impossible to stop the misuse of technology but one thing that can help us all is to continually keep ahead of the terrorists by conducting research on state-of the art technologies and inventing new media and surveillance technologies that can help to combat the evils of terrorism. Works Cited Bogonikolos, Nikos. Development of Surveillance Technology and Risk of Abuse of Economic Information. Interim Study. 1999.

Study on the Determinants of Corporate Borrowing

Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Study on the Determinants of Corporate Borrowing Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). 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