New Jersey Legislature

The New Jersey Legislature is the branch of government seated in New Jersey State House at the capital in Trenton.   The legislature is bicameral, meaning that it consists of two houses.   These houses are called the General Assembly and the New Jersey Senate. The New Jersey State Legislature and Governor has been running under a cloud of suspicion, corruption, graft and a Treasury that had spent the first half of this decade in debt. These problems seemed to have alleviated a little since New Jersey’s new governor, Jon Corzine, took office in January of 2006. He has not been the complete reason for the turnaround but his common knowledge ideas concerning fiscal responsibility and personal sacrifice has led by example and the idea that ineffective government and the New Jersey State Legislature linked, is starting to fade. The study of my state legislature reveals some important questions that need to be addressed and answered: First, should the size of the legislature be increased or decreased? Second, Should the legislatures’ pay be raised and should the job be on a full time or part time basis? And lastly, should there be term limits and does the legislature meet too often or too little? These questions raise many opinions as the citizens of New Jersey are ready for their government to again work for them and their needs. The General Assembly is the lowest house of the legislature.   It contains eighty members and its requirements to be among its body: one must be at least twenty one years of age, have resides in the state for at least two years and must live in the district that it the member represents.   The state of New Jersey is made up of forty districts. The members of the New Jersey Legislature are chosen by forty electoral districts, each district electing one member to the Senate and two members of the Assembly. Districts are redefined after each census.   New Jersey’s current district map is based upon the 2000 census. Even though New Jersey is a small state, it ranks 10th in population in the country and is one of the most highly population density in the country.   The high concentration of districts is a good idea and is advantageous towards the attempt in a democracy, that all of its citizens’ voices may be heard. The â€Å"upper house† which is what the Senate is referred to, is made up of forty members and the qualifications for its members is that each must be thirty years of age, must live in the state for at least four years as well as reside in the district that he/she is wanting to represent. Elections for the state of New Jersey are unique in the fact that they are held on odd-numbered years whereas the majority of the states in the Union hold their elections on even numbered years. â€Å"New Jersey is also unique in the fact that Senators serve four year terms except during the first two years of the decade. This â€Å"2-4-4† cycle was put into place so that the senate can reflect the changes that the census has displayed if there was a significant change in the population density of one district over another.† ( Wikipedia)   The General Assembly is headed by the speaker, whereas the Senate is headed by the President. Each house is led by a majority and minority leaders, assistant leaders as well as what is referred to as whips. â€Å"The Legislature is empowered to make new law, subject to the Governor of New Jersey’s power to veto a bill.   However, the veto may be overridden by the Legislature if there is a two-thirds majority in favor of overriding in each house.† (Wikipedia) This is typical in most of the state’s constitutions as well as in the Federal Constitution.   The Governor can veto a bill but if the legislature comes back with a 2/3 majority vote, then the Governor’s veto is made null and void. This is an essential aspect of a democracy: That the final word in a decision, is left up not to a single individual, but to the people as a whole. The Governor’s decisions can be overridden only by the majority will of the people. This aspect of New Jersey’s Constitution should never be changes and if so, it would serve as an impediment to the democratic system here in New Jersey that we all enjoy and respect. However, one instance where this democratic ideal was not followed was in the 2006 shutdown of the New Jersey Legislature.   Even though the shutdown was finally decided upon by Governor Corzine, it speaks to a larger ineptitude regarding the state legislature and its ability to continue working for its citizens. It was the first shutdown in the history of the state and it occurred when the Legislature and the Governor failed to agree on a state budget by the deadline set forth in the state Constitution. It began on July 1, 2006 and lasted until the 8th of July. All government services were not revived until July 10th. The background into this most recent failing by the state legislature helps to realize that the job of a member in the state legislature should be full time, there should definitely be term limits and the pay should remain constant as long as thousands of government workers were told that they were non essential and told to stay home for a week without pay. The shutdown was over different opinions concerning the state’s budget and the unchecked spending by Corzine’s predecessor despite the large debt that the state was suffering through. As a way to set an example, Governor Corzine, bypassed the $175,000 annual budget and took only a ceremonial $1 salary. The rest of the members should take note of this and should follow the Governor’s example. The New Jersey Constitution states under Article VIII that a state’s expenses for the year be provided for â€Å"in a single budget act.† (Star Ledger) The constitution also specifics a provision stating preventive measures against going into debt.   A start to New Jersey’s troubles was ignoring this sound advice. Governor Corzine, in an attempt to pass his budget, came into conflict with fellow Democrats within the General Assembly. The main point of contention was the Assembly’s refusal to increase the state tax from 6% to 7% in order to fill the budget gap. Corzine stated that there was no other way in coming up with the money as the state’s constitution forbade other forms of revenue raising. Months before the shutdown, Corzine states that he would not accept a budget that did not include a tax increase and he stood firm in this conviction and the General Assembly did the same which eventually resulted in the shutdown. When the budget failed to pass, the shutdown occurred. This resulted in 45,000 workers being told that they were non essential and would have to stay home for an indefinite period of time. Some of these institutions included the casinos, the Motor Vehicle Commission and inspection stations as well as the New Jersey Department of Education to name a few. Other shutdowns would include, state beaches, public parks, historic sites and horse racing. New Jersey did have enough sense however to keep prison, state police offices, hospitals and child welfare programs running. A sense of urgency prevailed across our state and an emergency July 4th session of the State Legislature was called.† (state.nj.us) â€Å"On July 6, 2006, Democratic factions within the General Assembly reached a   Ã‚  Ã‚  compromise budget. That tentative budget proposed an increase in the state sales tax from 6% to 7%, which is estimated to generate an additional $1.1 billion in revenue. The plan also included a requirement to use half of that for direct relief toward New Jersey's property tax — highest of all states. The plan also called for the same dedicated purpose for all of the money raised by this sales tax increase in subsequent years. The new budget law includes a provision for a constitutional amendment which must, like all such amendments in the state, be approved in an Election Day referendum, to be held on November 7, 2006.† New Jersey voters approved this measure by a 2-1 margin statewide. ( wikipedia) On July 8Th, both houses of the legislature passed the proposed budget. At 6 a.m. that day, Corzine signed executive order ? 19] to restore government services. The fact that 1% of the sales tax was so bitterly fought over was in the forefront of the minds of the members of the legislature. Most of them were up for reelection much sooner than the governor.   Many of New Jersey citizens blamed the state legislature more than the governor and 71% of people polled said that they would not vote for their district representatives if they had voted for the sales tax rate hike. â€Å"New Jersey voters clearly blame the state legislature for the budget crisis, and say the property-tax relief that the legislature insisted on in the compromise is more politics than real reform. Of those polled, 23% indicated that they will not vote for those representatives who voted for the sales-tax hike in the future. The state legislature's next election will be in November 2007, but Corzine does not face another election until 2009.† (Star Ledger) From the above mentioned description about the most recent shutdown of New Jersey’s state legislature, it is plain to see that the elected officials from my state are not doing what are the supposed to be doing.   I think that the blame needs to be shared.   The governor did gain points with me by bypassing the salary of the governor in order to help alleviate the financial problems of the state. I realize that he is already a millionaire but there are many governors and even members of the House and Senate of this country who have millions of dollars, yet such ideas of fiscal responsibility and self sacrifice to the smallest degree is not even considered. The governor did fight to raise the sales tax against the state legislature, who many of them fought against this occurring.   But it was not the governor who created the mess in the first place but rather inherited it after his predecessor James McGreevy was forced to step down. I had always thought that the members of my state legislature were already out of touch with its constituents.   One already has to me a person of financial means if they wish to even be able to afford to run. Many members of the state legislature are not there for the salary.   They have alternate sources of income in different types of investments. Also, the campaign promises of the majority of the members of the State Legislature are saturated with promises of wanting to make a genuine difference in their home state.   Let us put those promises to the test and put a cap on their current salaries. This is especially necessary when the state’s treasury is in as much trouble as it is and hard working people have to be told that they are non essential and lose out on a week’s worth of pay because its state legislatures do not know how to balance a budget until it is too late.   Personal and state revenue was lost on many different levels due to the shutdown. And to say that because this was the first shutdown in our state’s history, it somehow is going to be the last is naive. It is naive as long as our state legislatures feel that ignoring a problem is the same as fixing it. As long as each state legislature does not treat this job as one of their top priorities in their life and that this is most certainly a full time job that demands their time, attention and respect for the members that he/she represents. A member of the state legislature should recognize these things and if he/she does not, then it is up to an informed public to exercise their precious right to vote and to make a change with that vote.   As far as term limits are concerned, I would like each member of the state legislature realize that his job is not safe and is depended upon a stellar work record. However, do term limits limit the free speech of the representative’s constituents? If a public figure is doing a job well done, then they should be rewarded with another two or four year term.   This is definitely the case in The United States Congress. For that diamond in the ruff that has all of the above mentioned qualities and is in the State Legislature, I would not be against term limits except for the number of terms for a governor. That number should be set at three since a prolonged appointment to the highly responsible job of governor can only breed apathy. And a state legislature that does not seem to be in touch with their job responsibilities, can breed a much more dangerous apathy; that of its citizens! WORKS CITED http://www.statelocalgov.net/state-nj.htm www.wikipedia.com www.njleg.state.nj.us/ CNN’s Larry King Live www.state.nj.us            

Axe Analysis Essay

The environment Axe was inspired by another Unilever’s brand, Impulse. Like Axe, Impulse was a fragranced deodorant body spray for women that promised wearers male attention. Thanks to Axe’ success in France, Unilever decided to launch the brand in other European countries from 1985. However, in United Kingdom, the brand was renamed Lynx. Then, Axe encountered the same success in Latin America but it was less important in Asia and Africa. In 2000, the brand has been launched in the USA and Canada and encounters an important success. Since 1983, Axe is offering new fragrances every year. Therefore, from 1983 to 1989, the variant name was a description of fragrance inside. From 1990 to 1996, the names were geographic names like Africa, Alaska and Inca. Then it uses abstract names like Apollo and Gravity. Since 2003, Axe’s deodorants give the possibility for the men to attract many women. Its last launching was in 2008: Dark Temptation. It is a smelling chocolate smelling fragrance; thanks to chocolate, the women will find Axe users irresistible. Axe also launches limited edition variants like Recover and Shock in 2008. However, Axe encountered many controversies like its sexist and depraving advertisement and its deodorants include ingredients tested on animals. The industry Axe is a one of the European leader of the male grooming products thanks especially to the marketing of it lead product: the deodorant body spray. However, several competitors with the same product exist in the market. On one hand, direct competitors who have or will have an important place in the market (TAG Fragrance Company, Old Spice and RGX) and on the other hand, competitors like Adidas and Power Stick, who are â€Å"weaker† and less known than others on the market. I will focus here on the serious competitors of Axe and especially on their marketing and their packaging. First of all, I will insist on the TAG Fragrance Company who dominates the European body spray market with Axe. TAG Fragrance Company was a subsidiary of Global Gillette when his lead product, TAG Body Spray, was released in 2005. Then, in 2007, Procter and Gamble bought Gillette and dissolved this company. {draw:a} As you can see, the packaging is very similar from Axe. Also, the advertising for TAG Body Spray looks alike Axe: this product helps boys getting women. Actually, TAG’s advertising campaign shows that having this body spray will attract women in a way that they will want to attack him. Secondly, we’ll focus on the brand Old Spice who is the American leader of deodorant stick and body wash brand. His product is also manufactured by Procter and Gamble who bought the brand in 1990 from the Shulton Company. {draw:a} Here, the packaging of the product is developed around a colonial theme. Therefore, sailing ships are used as a trademark. Over the years, those various ships have become a valuable trademark for Old Spice male product. Old Spice managed to advertise his products in famous movies (for example, E. T. ) or in commercials with famous actors like Neil Patrick Harris in 2008. Thus, Old Spice is using a different kind of advertising than Axe and it works in the American market. Now, I will describe the main new entrant in the market – the brand RGX – and how the brand tries to break into the body spray market. RGX is owned by Dial and was launched in January 2007. As a new entrant, the main difficulty for the RGX’s product is to enter a body spray market with an excellent marketing strategy. First, the RGX’s product is mainly directed at older men that is to say customers who don’t actually use a competitor product. Secondly, the brand tries to create buzz on Internet via a website called RGX Life but also he tries to do commercials and online banners with a famous actress Rachel Specter. Men’s magazines are also a part of the advertising campaign. The advertising will also be like Axe and TAG (how boy can get girls) but will be more focused on mature men (what a girl wants in a man and what separates a man from a boy). {draw:a} The packaging is also an appeal to maturity. Instead of the black plastic of Axe (which suggests affairs), the RGX’s packaging will be modified as an â€Å"updated aerosol can† more futuristic and made in aluminum. Axe’s lead product is a deodorant body spray which has a specific smell that s to say it mixes a deodorant and a perfume. So, substitute products might be a simple deodorant (for example, Narta Deodorant), a perfume or Cologne. In this market, a simple deodorant will please consumers who don’t like the smell of Axe’s or TAG’s body spray. Actually, despite the high sales of the Axe’s product, a lot of consumers aren’t satisfied about the strong smell of it. In case of the perfume, consumers could prefer a lighter smell than Axe’s product.

Traditional concept of domicile in accordance with English Law Essay

Traditional concept of domicile in accordance with English Law - Essay Example Many have observed that with the growing modernity, the rules regarding the loss and acquisition of domicile have become increasingly artificial and complex. Indeed it is correct to conclude that despite the significance of the concept of domicile, the rules for determining a persons domicile is unnecessarily complicated, technical, and sometimes leading to absurd results (Law Reform Commission 2004). The division of the concept of domicile into three types (domicile of origin, dependency, and choice) is one of the reasons for legal complications. The distinctions do not provide smooth and intelligible rules. Hence this unnecessary complexity led to calls for needed reforms, mostly premised on the idea that one general concept may suffice as a connecting factor in determining a person’s status and affairs. A radical yet widely supported proposal is the abolition of the domicile of origin and dependency. North believed that the abolition of domicile of origin and dependency in favor of one concept has the positive effect of simplifying the position (as cited in Law Reform Commission 2004). As a result, certain gaps in the existing common law rules will be settled. For instance, there is a gap with respect to determining the domicile of dependency of a child without parents. It must be noted that under the general rule a legitimate child follows the domicile of the father, while an illegitimate child that of the mother. There is however no clear rules with respect to those children without mother and father. Furthermore, it has been rationalized that there is no clear justification at least in principle for making a child’s domicile dependent on the parent’s marital status or whether the child is legitimate or not (Law Reform Commission 2004). There are those who voiced that the proposed changes in the law on domicile is a significant

Book Art Essay Example | Topics and Well Written Essays - 1000 words

Book Art - Essay Example The pictograms are purely inclined to capturing what the working class endeavor to do. Photography from Egypt, Italy, India as well as the Alps highlights a bias in presenting mythology and concurrence of easy sightseeing and splendid natural attractiveness. In capturing the Eiger Mountain, the signal is remitted of what constitute typical tourism; the consumption of sights, seeking of easy views and the having of casual and non occupied similarities to mere passing backdrop, despite of its grandeur. Without a qualm, humanity is like this; enlightening discernment is erected to construct mans responses as presently subsisted in a world where the idealism of the part is deconstructed like superfluous creed. A collection of pictures in the book art presents an interesting bunch of ideas dependable with postmodernism and a perceptive refutation of simulated meaning. The Eiger, exclusive on the left of photographs, or even Everest, is phony amusement definite and subjected to consumerism . These thoughts, as portrayed by various photographers were dependable with some of their accomplishments. Cinematography has been defined as a process of consumption conducted with a board up-click acquirement. It's a mode of cultural colonialism where the photo embodies a proof of being there, where carrying a camera endows a trip with a direction and devoid of connotation when adrift in a foreign place, unconnected from your typical orientation points. The core line of attack in Book art is a game, an intellectual contrivance, and there's a kind of arrogance within it through which a delicate feeling is made into a right-on collectiveness. Book art endeavors to depict a documented wilderness and virtually exposing the innate curiosity in capturing the significance of a logical compilation. Relatively, probably the persons that appear mostly in his documentaries tend to have been blas tourists, seeking a commercial reminder for a commercial holiday. It could be possibly they were walkers, mountain climbers with a passion; a moment with an unreliable description. Lippard L (2003; 57-60) Scanning through Book art, a trendy concept of postmodernism portraying fitting photography is visible. The book champions a non judgmental academic arrangement, oriented on fundamentally flawed theories amassed as artistic expression on the postulation that constructing it makes exactly so. In simple words, the erection of Book art's maxim of thought becomes its underlying principle and substantiation. Pictograms on Alps; ushers the exposition and thought process as vividly highlighted behind the pictures and how they fall short in appreciating or respecting the experience of witnessing some of the most awesome examples of nature. To experience a knack of some prolific footages, Book art deviates from the norms of what tourism is all about and delve into the wildest, tranquil yet timeless vast, prompting a divergent kind of image, that corresponds to nature rather than commanding oneself onto it with a eccentric postmodern schema. Book art is inclined to depicting work of art that e mbodies maturity with desire for the most tawdry of mass produced commodities, or mulled over with the world-weariness of shopping and seeing the sights. The presentation is uncovered not in black and white, but in the mainly impetuous and striking of super-wringing wet color. Research shows that Book art photographic representations have made the book the most priced possession in

Free will vs Determinism Essay Example | Topics and Well Written Essays - 500 words

Free will vs Determinism - Essay Example Based on his past transgression, King Laius of Thebes, the father of Oedipus, and his descendants were doomed to tragedy as predicted by Apollo’s Oracle. Thus, the tragic hero Oedipus’ fate was sealed even before his birth (Dilman 21). Laius was destined to perish at the hands of his own son, Oedipus. The king attempts to eliminate the infant son by ordering his wife Queen Jocasta to get him killed. However, his will to divert his destiny is interceded by fate through a kindly shepherd who rescues the abandoned baby. Ultimately, Oedipus is raised by the childless king of Corynth, Polybus and his queen Merope (Sophocles 36). The greater the attempts to intervene with fate, they serve only to strengthen the victory of the prophecy. Later Oedipus as a grown man comes to know from Apollo’s Delphic Oracle, that he would be the murderer of his father and would mate with his own mother. In an attempt to prevent this prediction from coming true on Polybus and Merope whom he believes to be his true parents, Oedipus leaves Corinth. It is clear that Oedipus pits his strength against the fate predicted for him by Apollo (Dilman 22). However, by leaving his foster home in Corynth to protect his parents from himself, unaware that Polybus and Merope were not his true parents, he makes the prophecy come true. Thus, while travelling to Thebes, he meets his true father Laius, while both are unaware of each others’ identities. The haughty father and the arrogant and impetuous son (Dilman 23) quarrel over whose chariot has the right of way, and Oedipus kills his father. Thus, fate works through the participants’ characters, and one part of the Oracle’s prophecy comes true. He frees the kingdom of The bes from a sphinx’s curse (Sophocles 10), is rewarded with the kingdom and married to the dowager Queen Jocasta, his biological mother, while each is unaware of the other’s identity, consequently fulfilling the entire prophecy. After

Problem Facing UK Copyright Law Arising in Digital Market Essay

Problem Facing UK Copyright Law Arising in Digital Market - Essay Example This paper will evaluate the Problems facing UK copyright law as a result of the digital market. Additionally, I will explain why I chose this topic. Moreover, the paper will cover my intended research methodology. Also, it will cover a review of the previous studies conducted on this topic. Many organizations and people come up with new innovations and inventions in addition to improving their current properties. This innovations, inventions and improvements have an economic value. As such, laws have been formulated to protect such intellectual properties and innovations against copying or illegal usage. These laws are founded on the concept or idea that if an individual, group or organisation has utilized his or her expertise, knowledge and resources to design and create a new item, no other person must benefit from that invention without the inventor’s authorization. In order to enforce compliance, there is need for legislation to deter illegal usage of another person’s property. Most governments enact copyright laws to guard and provide exclusive rights to creators of original work for a specified time. Often, it is referred to as the right to copy. However, it gives the copyright holder other additional rights. The development and creation of the computer network and digital media technologies have prompted the UK government to reinterpret the copy right laws. Patents, trade secrets and trademarks are applicable to expressible forms of information or ideas. Under the intellectual property law, owners are given exclusive rights to a multitude of intangible assets (Lemley, 2004). For example, literary, artistic works; inventions and discoveries, designs and symbols and musical works. Intellectual and copyright property rights encompass patents, trademarks, trade secrets and industrial design rights depending on the jurisdiction. Although most copyright laws in protecting property are territorial and confined to the area of their origin, a lot of

E Essay Example | Topics and Well Written Essays - 1500 words

E - Essay Example What this means is that State A has the right to withhold State B’s ship and that â€Å"arrested vessels and their crews shall be promptly released upon the posting of reasonable bond or other security† (Part V). Therefore, State A believes that it has the right to keep the ship until State B comes up with $80,000,000 in reparations. This Convention also states that State A would have the right to pursue any legal avenues that it deems necessary in order to maintain its own sovereignty, which is threatened by another country taking resources from its sea. State B, on the other hand, disputes the fact that $80,000,000 is a reasonable amount of money to pay for this offence. Despite the fact that State B knew full well that it was breaking the law, since this is a clear violation of the Convention, State B also does not believe that the offence is severe enough to warrant the penalty that has been imposed. State A is now taking the case to the International Tribunal for t he Law of the Sea in order to have a verdict rendered. As both state should know, a state’s Exclusive Economic Zone usually expands a distance of 200 nautical miles from the state’s coast. While there are exceptions, such as when a two EEZs overlap, there is no reason to believe that this is the case in this particular situation. If an overlap had occurred, it would be up to the states to come to a solution before this happened, with the state that is closest to where the dispute took place usually having control over the region. The EEZ includes all marine life that is found within the zone, so any fish that State B caught were, in fact, the property of State A. Also, any samples that were taken from the subsoil in this dispute are also the property of State A. Because of this, State A was well within its rights to arrest the crew and impound the vessel. Despite this, the crew and vessel must be released promptly once an agreement on the financial security is reached.

Final Project Essay Example | Topics and Well Written Essays - 750 words - 4

Final Project - Essay Example Research has shown that this disorder has been successfully treated with medication and therapy, especially for those suffering from unipolar depression, or single episode experience. For those with mixed or maniac episodes, an ongoing treatment would be necessary to stabilize their depressive moods. The Diagnostic and Statistical Manual of Mental Disorders (Fourth Edition) manual, published by the American Psychiatric Association (1994), and referred to as DSM-IV, described Major Depressive Disorder (MDD) as a serious mental disorder that profoundly disrupted the lives of those affected by the disorder. Major Depressive Disorder is classified in the DSM-IV as Axis II: Developmental Disorders and Personality Disorders. In this classification, those who fall under criteria A for a single episode of MDD, exhibited at least five of nine symptoms: 1) depressed mood of sadness or irritability; 2) gradual diminished interest or pleasure in social or personal activities; 3) significant weight loss or gain, or increased or decreased appetite; 4) insomnia or hypersomnia; 5) psychomotor agitation or retardation; 6) fatigue or loss of energy; 7) feelings of worthlessness or excessive or inappropriate guilt; 8) diminished ability to think or concentrate, or indecisiveness; and 9) recurrent thoughts of death, or suicidal thoughts. Research has shown that MDD can be caused by chemical imbalances in the brain, brought about by stress and personal loss, or by some traumatic experiences (AllPsych Online-The Virtual Psychology Classroom). MDD may also be developed through certain medical illnesses such as cancer, stroke, diabetes, and myocardial infarction (All About Depression). About 20% to 25% of those suffering from these illnesses were likely to develop this disorder. It was also found that other mental activities. He was absent in his club meetings at Mid-Ohio Raceway for the past two months. He exhibited loss of energy, when he stopped visiting his favorite

Terrorism and Human Rights in Kenya Dissertation

Terrorism and Human Rights in Kenya - Dissertation Example This not withstanding, terrorism is gradually emerging to be one major setback to the protection of human rights in Kenya. This situation has created a situation that is best described by Karanja (2003) who states that â€Å"The word terrorism sends a cold chill down the spine of every Kenyan.† Indeed as far as terrorism is concerned, one attack is not small enough to be neglected. This is because acts of terrorism come with so much emotional and psychological traumas; not to talk of physical pain and agony, loss of property and most unfortunately death of human beings. Even as these negative effects of terrorism affect humanity and more specifically residents of Kenya, one other area of concern that has gained so much prominence and come to the table of discussion is the issue of human rights of people in Kenya who suffer in the various events of terrorists attacks. In 1956, 1998 and 2002, Kenya suffered various degrees of terrorist bombings of which Kenya suffered catastroph ic effects. Not quite unusual, Kenya responded to these bombings with counter-terrorism. These counter terrorisms however worsened Kenya’s plight: especially that of ordinary citizens as their human right protection and general security came under threat. It is against this background that this research has been set off to investigate the relationship between terrorism and human rights issues in Kenya. It is against this background that this research has been set off to investigate the relationship between terrorism and human rights issues in Kenya. The research proposal shall critically analyze the evolution of human rights in Kenya, history of terrorism in Kenya,

Microsoft Powerpoint Presentation Essay Example for Free

Microsoft Powerpoint Presentation Essay a) Answer online Week 7 Forum Question: (2%) i. Research a few of the proposed changes to SMTP and DNS that are designed to reduce or eliminate SPAM. Simple Mail Transfer Protocol (SMTP) is responsible solely for sending e-mail messages. In Linux/UNIX, the send mail program activates in response to a command and sends the requested message.DNS servers, also called name servers, contain the server application that supports name-to-address translation. I was introduced to DNS servers earlier in the.Typically, the system on which the name server resides is called the name server system. DNS is a decentralized system: It does not depend on one source for updates, and one server does not store all the data. Instead, DNS is a distributed database that exists on name servers across the Internet. Microsoft Outlook, a popular email application often used in conjunction with Microsoft Office, comes with many Windows operating systems as a standard feature. Like other email programs, Outlook is vulnerable to spam, or junk emails. Spam emails sometimes carry viruses and can fill your inbox with junk, obscenity and advertisements. But you can stop spam in Outlook by altering the level of spam protection on the program. One of the most dramatic changes of the next 10 years will be the emergence of everyday robots and computer intelligences in our economy and everyday lives. And since the real estate industry is, at its core, a knowledge industry, the emergence of computer intelligences is going to affect all the players in the industry in a variety of ways. Richard Worzel is not only a Chartered Financial Analyst and best-selling author, but is Canada’s leading futurist. In this presentation, he provides an overview of how these developments, plus other tech-related matters, will change the industry and the way things are done, including: Crowd sourcing – The rating of houses, real estate companies, and legal services will move even more quickly in the directions pioneered by tripadvisor in travel, and Amazon in customer-rated books. This will include comments on neigh bourhoods, brokers and agents, and home-builders, as well as alternative service providers and even times of the year when sellers can achieve the greatest success. Artificial intelligence – Computer intelligences will become power aids to those in the real estate industry, as well as potential threats to some. Such intelligences will be able to quickly assess industry, national, regional, and neighbour data to reveal trends not immediately apparent, gauge the strength of economic activity with special emphasis on shifts in sentiment and interest rates, and read body language to assess the seriousness or excitement of specific individuals about either buying or selling. Meanwhile, routine work, such as legal documentation, will increasingly be done by ever-more sophisticated computer software. Its clear that technology is advancing with unprecedented speed, but what is less clear is what effects these advances will have on business, government, consumers, and society. Yet the downstream effects the secondary, tertiary, quaternary effects and beyond of technological developments are almost always more significant than the immediate impact of the technology itself. For instance, refrigeration extended life expectancy; the invention of air travel revolutionized warfare, helped produce McLuhans Global Village, spread new diseases with unprecedented speed, and boosted global terrorism; computer games lead to childhood obesity and health problems and may be eroding the socialization skills the allow society to function; and the Internet is redefining the way business is conducted as well as revolutionizing politics. Respond to at least 2 students. b) Complete and submit the class Project Paper and Presentation – see details below (15%) Lessons: View the video for Lesson 7 Project Paper and Presentation: (Post them under Week 7 Assignment area as a Microsoft Word document (10%) and a Microsoft PowerPoint Presentation (5%). You must include at least ten references. Details of the Project: Research and select a current trend in the area of telecommunications. Prepare a 10-15 page paper in Microsoft Word (counts as 10% of the final grade) AMU approved APA format (see writing expectations in the Policies section) (350 words per page). At a minimum include the following: †¢ Detailed description of the area researched †¢ Technology involved in the area. We provide both point and end-to-end solutions that leverage industry best practices and technology to deliver world-class logistics and supply chain performance. Our approach helps companies create competitive advantages by reducing costs while increasing service, visibility, responsiveness and customer satisfaction through enhanced supply chain performance. Technology The technology utilizes robust, innovative technology to optimize transportation assets and shipments, reduce empty miles, and provide our clients with succinct, actionable management information. Our web-enabled transportation management system provides clients with real-time visibility into transportation status and information anywhere in the world. Complementing this technology is our team of dedicated front-line logistics managers and staff. With decades of experience improving the flow of goods through every step in the supply chain, the team is committed to supply chain excellence and to accelerating time to results. The comprehensive supply chain assessments and analyses enable clients to capitalize on opportunities to shorten order-to-cash cycles, and reduce transportation expenses, optimize production processes, and improve customer service, No matter what your logistics challenges, The company’ solutions pave the way to operational efficiency and competitive advantage. †¢ Future trends in the area. The top business trends event providing you with the visionary views and practical applications that make you more valuable as a person and more effective as a professional. Polling from the United States and major countries in Latin America, Asia and Europe, the survey reported that 60 percent of employees use a mobile device for work, with an anticipated increase in number of devices per employee. Whether it’s multiple laptops, smart phones or tablet computers, the number of devices will rise from 2.3 per employee in 2012 to 2.8 in 2014. This is the next in a series that Ive been writing called Future Trends. In this series Ive been steadily looking at various states across the country, analyzing where trends are going. The last installment that I wrote was about the FL Panhandle. In this post I focus on the Jacksonville Area. Before I continue, though, here are previous installments: Overall the trend in the area is clear growth. St. Johns seems to be growing the fastest, although Clay isnt that far behind. Duval seems to have added the largest amounts of people. Baker and Nassau, while growing, dont seem to have been as significant as those other counties. Although these numbers dont include 2008, which doesnt include the drop-off in FL growth that might have happened due to the housing crisis, Jacksonville continues to attract people. It is a growing part of the state. †¢ Example companies involved in the area. Food Technology Service| Medical Service Companies| Information Technology Services Stocks| Funds Holding Matrix Service Company| Information Technology Services Shares| Communications Services Companies| Food Service Companies| Transportation Services Companies| Financial Services Companies| Energy Service Companies| Services Companies| Marketing Services Companies| †¢ Regulatory issues surrounding the area. Regulatory issues are those issues that result due to error on behalf of the accused. For example, when you walk into a business where someone is mopping, you tend to see that there are signs visible that say things like caution:wet floor or slippery when wet during the snow seasons. This is due to the regulations a business must adhere to. If these signs were not posted and a persons slipped, fell, and broke their leg, they would be able to to sue the business. This would create a regulatory issue. | Application Performance Management Solutions * Application Performance Management * Server Performance Management * System Management Server Application Free Tools * Help Desk Management * Active Directory Solutions * Desktop Management Software * Log Management and IT Compliance * Integrated IT Management * Virtualization Enterprise Management Security Products * Active Directory Management * Active Directory Auditing * Application Monitoring * Asset Management * Bandwidth Monitoring Traffic Analysis * Customer Support Software * Desktop Management * Exchange Reporting Tool * Firewall Configuration Log Management * Help Desk Software * Integrated IT Management (IT360) * IP Address Management (IPAM) Software * Log Management SIEM * MSP Desktop Management * MSP Help Desk Software * MSP Network Management Platform * Network Configuration Management * Network Monitoring Software * Network Security Scanner with Patch Management * OS Deployment * Password Management * Self-Service Password Management * Storage Management Software * SQL Server Management * Website Monitoring Server Monitoring (On-Demand) Social IT ManageEngine Free Tools †¢ Global implications for the area: Five Global Problems and How Canada Can Solve Them Maybe its that were not looking at the big picture. Or maybe it would just be too overwhelming if we did, but some of the solutions currently being applied to national issues have greater, global application and relevance. Most global problems are dealt with on a country-by-country basis. Sure, we have the Hague and Kyoto and Maastricht, but when you begin counting the meaningful international treaties, you almost run out of names before you run out of fingers. Its too easy to view issues on a regional level and miss the fact that most problems have global implications. So too, we tend to view the solutions on a regional level without considering that a local solution may have global benefit. Canadians have come up with creative solutions to problems that are not unique to Canada, but rather stretch well beyond our borders, and have the potential for worldwide application. Lets look at the some of the global issues that Canadians have attempted to solve on a regional level: Fisheries Depletion For over twenty percent of the worlds people, fishing is more than a pastime – its a means of survival. The international trade in fish and fish products exceeds $50 billion a year. With demand high and resources finite, the resultant shortfall has global implication. According to the World Wildlife Federation, a full 50 percent of marine fisheries are fully exploited, twenty percent are over-exploited, and the rest are being harvested in an unsustainable manner. Among the major marine fish stocks, such as cod and tuna, three out of four are being fished beyond their biological limits. To counter the shortages, many governments, including Canada, have encouraged the rapid growth of aquaculture. As a result, farmed fish now account for one-third of the worlds fish production. While this has countered the sustainability concerns, other problems have developed as a result. In Canada, particularly the West Coast, fish farms generate considerable amounts of pollution and waste. The close proximity of the confined fish increases the propagation of sea lice, and escaped farmed fish spread lice and disease to wild stocks. Just last year, as the British Columbia government lifted a seven-year moratorium on new fish farms, one of Vancouver Islands most significant pink salmon runs had already collapsed, and more than three million salmon failed to return to spawning rivers. Making the international fishing industry sustainable would require some large-scale initiatives, including massive reductions in fishing fleets, concerted effort in controlling illegal fishing and fishing practices, and strictly enforcing limits on the number of fish harvested in a given area. The fish farm industry would also need careful review to ensure that in attempting to meet demand for fish, wild stocks are not completely wiped out in the process. The solution, some argue, is even simpler: if fishing is banned in a given area for several years, the rebound in stock is significant, the overall catch is increased, and the industry becomes sustainable. Last fall the Economist reported a study which discovered that in some 100 areas where such bans occurred, the number of fish increased 90 percent within a few years, their size increased 30 percent, and the number of species by 20 percent. These effects, the researchers contended, seemed to spill over into adjacent areas where fishing remains permitted. As the Canadian experience can attest, it is not as easy as all that. Quota regulation of the Atlantic cod stocks was introduced in 1973. Labeled as the Total Allowable Catch (TAC), the policy was ineffective, due to the restrictions being set too high too quickly, and partly because enforcement was not effective. In 1992, Canadas Department of Fisheries and Oceans took one step further, imposing a moratorium on cod fishing off the coast of Newfoundland, after scientists determined that mature cod stock had dropped by 99 percent from the numbers recorded in the 1980s. Despite these measures, cod stocks really have not seen much of a rebound. It is now time for us to take a different approach. Stopping the commercial cod fishery alone will not work, argues Fred Woodman, chairman of the Fisheries Resource Conservation Council, an arms length body that advises the Federal Fisheries Ministry. He recommends that the government make a long-term commitment to rebuilding the stocks, establishing community councils to make recommendations about the local fishery, and amending the moratorium to provide protection for the most vulnerable areas and allow fishing in those areas where there has been some growth. The lessons Canada has learned from the moratorium in Newfoundland, the fish farms in the Pacific, and the Atlantic cod industry quotas are ones that need to be shared with other nations facing similar problems. Water Depletion One of the less-publicized, yet globally significant, side effects of climate change is global water depletion. Many of the worlds inland seas, such as the Black Sea, Aral Sea, and Lake Chad, have shrunk to a fraction of their size forty years ago. It is estimated that 1.5 billion people do not have access to adequate supplies of safe drinking water, and by 2020, up to 3 billion people could face acute water shortages. Water scarcity is caused mainly by increased demand and pollution, and is aggravated by global warming. Water deficits also occur from the demands of irrigation and industry, which account for almost three-quarters of the worlds demand for water. More than half of the water entering irrigation systems never actually make it to the crops, due to faulty irrigation equipment, leaks, or wasteful practice. Excess irrigation, on the other hand, does irreparable damage to rivers and marshes, by changing local ecosystems patterns and by carrying chemicals, fertilizers and pesticides back into the water supply. Water deficits have the potential to become a major global challenge. Control of water could become a major cause of international conflict, particularly where one country has the ability to restrict or control the flow of crucial waterways. Desalination of sea water is the most logical alternative to freshwater irrigation and drinking water. The process, however, is still prohibitively expensive. Greater effort, however, should be put toward this initiative. Canada actively supports desalination research and has provided federal subsidies to a number of Canadian companies like Candesal, which develops affordable desalination techniques such as using the excess heat generated by power stations. Water, labeled the new gold by some, has not quite matched its counterpart in price, supply or distribution. What we dont value, we wont conserve, contends Ducks Unlimited, an organization committed to preserving Canadas wetlands. One of the major causes of water scarcity and damage to freshwater ecosystems, the organization contends, is the gross under-valuation of water. By failing to acknowledge its importance to survival, we may unwittingly deplete the earths water supply. $75 billion per year is invested in water infrastructure and management in developing countries, almost one third of this coming from Canada alone. As well, Canada has played a significant role in desalination efforts and is a key player in supporting the development of desalination units. These efforts, however, must be sustained over the long term to make any meaningful impact. Canada, a country which possesses the greatest amount of freshwater in the world, can to use this position to raise awareness of worldwide water deficits, and the need to actively deal with the shortage. †¢ References (minimum of 10) i. Prepare a 10-12 slide Microsoft PowerPoint highlighting the content from the paper. Use Camtasia’s world-class screen recording technology to record your PowerPoint slides, onscreen activity, voice, and webcam video. Easily turn your PowerPoint presentations into reusable, HD-quality videos that your viewers can access anytime, anywhere (Counts as 5% of the final grade) ii. Use Camtasia’s world-class screen recording technology to record your PowerPoint slides, onscreen activity, voice, and webcam video. Easily turn your PowerPoint presentations into reusable, HD-quality videos that your viewers can access anytime, anywhere. Open a new document in Microsoft PowerPoint. When you first open the program, the workspace is divided into parts. The main window is the Slide pane, where you add new content to individual slides. On the left side is the Slides tab, which has thumbnails of each slide. You can use this tab to add, delete or rearrange slides, and select which slide you want to work on. i. ii. ii. You are only required to submit a final paper and presentation. However, during the previous six weeks, you will be assembling the research paper and presentation. Feel free to post questions or portions of the paper for review at any time as an email to your professor. iii. You may use esources from the APUS Online Library, any library, government library, or any peer-reviewed reference (Wikipedia and any other publicly-reviewed source is not accepted). The paper must by at least 10 pages double-spaced, 1† margin all around, black12 point fonts (Times New Roman, Arial, or Courier) with correct citations of all utilized references/sources, (pictures, graphics, etc are extra allowed but extra for the minimum page count). The title page and references are also required but don’t count in the minimum page count. The PowerPoint of 10-12 slides is a summary of this paper. No new topics, ideas or concepts are introduced in the PowerPoint that is not included in the paper. A minimum of 10 references are needed. The paper will be subjected to checking against plagiarism. iv. The required number of pages do not include title or references pages – although these must be included.

Institutional Holdings and Corporate Governance

Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23 Institutional Holdings and Corporate Governance Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23