PORTFOLIO Essay Example | Topics and Well Written Essays - 2000 words

PORTFOLIO - Essay Example This kind of investigation is less tedious and savvy. Auxiliary sources accessible in scholarly diaries and distributions of the business affiliations are solid. 1. ‘Facilities Management’ gives an account of client assistance, operational effectiveness, administration recuperation in giving ‘Brand experience’ to the clients, resource the executives, chance administration and improvement of HR. 2. ‘Outsourcing’ covers key contemplations, for example, nature of client assistance, cost of redistributing and kind of clients engaged with dynamic. 3. ‘Environmental Management’ manages ecological contamination, preservation of assets and corporate social duty so as to upgrade the company’s picture with the general population and clients and for a reasonable turn of events. 4. ‘Technology’ talks about the effect of mechanical improvements in the business so as to upgrade the degree of client assistance and visitor exper ience. Proposals: Important suggestions in regard of offices the executives incorporate giving preparing offices to representatives, repair and remodel on persistent premise and empowering decent variety in work place. It ought to be guaranteed that redistributing doesn't influence nature of client care. ... Suggestions References Outsourcing in Hotel Industry Introduction Broad zones of Outsourcing Opportunities for Outsourcing in Hotel Industry Conclusions and Recommendations References Environmental Management in Hotel Industry Introduction Customer Education and Employee Involvement Environmental Management Conclusions and Recommendations References Technology in Hotel Industry Introduction Technology in Hotel Industry Conclusions and Recommendations References Facilities Management in Hotel Industry Introduction According to the International Facilities Management Association (2013a), â€Å"Facility the board is a calling that envelops numerous controls to guarantee usefulness of the constructed condition by coordinating individuals, spot, process and technology.† Therefore, regarding inn industry it alludes to the entire host of tasks which incorporates front office the executives, house-keeping, property the executives and client care. The transformation of the business ove r the timeframe calls for internationalization at all level for endurance. The principle point of this report is worried about upkeep of value guidelines, improving execution through preparing and advancement and restoration and remodel of the offices for upgrading the degree of client assistance. Improved offices the board and HRD rehearses increment operational effectiveness and consumer loyalty. Preparing and improvement programs reasonably structured will rouse the workers and guarantees security of the representatives and visitors. This will likewise make the administration recuperation process productive if there should arise an occurrence of administration disappointments. Offices the board According to Mass and Pleunis (2001, p. 28) FM is the obligation of organizing endeavors in regard of structures, innovation, furniture and

Cancer Staging and Skilled Helper Model

Diagram OF THE SKILLED HELPER MODEL Gerard Egan depicted 3 phases in his helping model, which he sees as a â€Å"map that helps . . . in your connections with clients†. †Each stage can bolster the helpee in posing an inquiry of themselves. Stage 1: Current situation: â€Å"What is here? † †¢ This is tied in with building a confiding in relationship with the helpee and helping them to investigate and explain their difficult circumstance. †¢ It manages what's going on now for the helpee. Stage II: Preferred situation: â€Å"What do I need here? † †¢ This is tied in with encouraging the helpee to distinguish what they need. †¢ It is tied in with recognizing what choices are available to the helpee. Stage III: Action: â€Å"How may I help this to occur? † †¢ This is tied in with supporting the helpee to take a gander at how they may support themselves. †¢ It is tied in with taking a gander at potential results Note: The stag es don't really follow this request †helping connections don't move in an orderly fashion! Customer focused aiding is liquid and adaptable †and follows the helpee †maybe moving in a winding, round and down. This model is valuable in helping us to take a gander at the distinctive ‘stages’ that we may involvement in a helpee as our relationship creates. †Egan, G. (1994) The Skilled Helper: a Problem Management Approach toHelping. Pacific Grove: Brooks/Cole Publishing Company (361. 323) Overview of Skilled Helper Model, H Baker, 2009 â€â€â€â€â€â€â€â€ Helper Skills: compassion; upr; coinciding; reaching; reflecting; attending(to conduct and feeling); explaining; rewording. Partner Skills: Stage I + recognizing subjects; focussing; offering elective points of view; sharing assistant experience/emotions; helping customer move to Stage III. Assistant Skills: Stage II + encourage helpee in creating and picking approaches to support se lf; causing helpee to consider and assess their decisions.

Extinction free essay sample

Utilizing the word â€Å"thou,† showering once every year, and sprucing up at air terminals are everything that were once rehearsed strictly not, at this point a need of today’s ever-evolving world. Annihilation is a piece of the characteristic development of our reality. The cycle asserted the dinosaur and the dodo flying creature, chime bottoms and speakeasies. Be that as it may, in the event that I could wave my hands in a roundabout movement, float within the sight of the god-like and spare one thing from this endless loop it would be writing. For through writing, we as a general public can shape thoughts and practices that at no other time entered our thoughts. A wellspring of inquiries, thoughts, youth, genuine excellence, love, desire, and everything without exception found on the mind boggling palette of human feeling and thoroughly considered releases the pages of writing marinating our cerebrums in the possibility that there is a great deal more. Our reality i s a position of broken forms and broke discriminatory constraints. We will compose a custom article test on Termination or on the other hand any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Award it Gossip Girl and The Sisterhood of the Traveling Pants presumably had nothing to do with it, however any semblance of Socrates, Thoreau, and Twain did. In the case of considering theory on the shores of Walden Pond or finding out about how to be a genuine companion with Huckleberry Finn, writing can take us to spots and considerations simply out of our span. For writing tests the restrictions of our spirits and the heading of our souls essentially through words splattered in ink in like manner onto paper. It is the heartbeat of human idea siphoning thoughts into our ever-evolving methods of reasoning. To spare writing from termination I would ask the existence where it would be without works of fiction and reality that roused the incredible masterminds within recent memory and those before us. Where might we be if Shakespeare never asked, â€Å"To be or not to be?† Where might we be if Gatsby never longed for the green light, or if Atticus Finch never went to bat for e quivalent rights in a sweat-soaked southern court? To delete all types of writing from society is eradicate propelled thought. For due to its history with the world, the relationship it has with society, and the articulate significance of it in our way of life, writing could never get terminated in a normal world. In â€Å"Ulysses† Tennyson states, â€Å"We are not currently that quality which in days of yore Moved earth and paradise, that which we will be, we are, One equivalent temper of courageous hearts, Made frail by time and destiny, however solid in will To endeavor, to look for, to discover, and not to yield.† We can not, at this point set out on epic journeys to find new arrive on earth. However, writing has given us the mental fortitude to understand our qualities, set aside our shortcomings and like Ulysses stretch to the skyline, to take â€Å"the street less headed out by,† to raise our sails and never think back. Writing is a vessel that knows no h indrances; it is the physical proof of the improvement of the human mind. For without writing our brains would everlastingly stay inside the molds of society, caught in a set example. Knowing not of the contemplations of those that preceded us would choke us too much. For writing is an outlet to the world, a window into our spirits, and a motivation to the following extraordinary brain. Referenced: †¢ Gossip Girl Cecily Von Ziegesar †¢ The Sisterhood of the Traveling Pants Ann Brashares †¢ Walden †Henry David Thoreau †¢ Huckleberry Finn-Mark Twain †¢ Hamlet-William Shakespeare †¢ To Kill A Mockingbird-Harper Lee †¢ The Great Gatsby-F. Scott Fitzgerald †¢ Ulysses-Alfred Tennyson †¢ The Road Not Taken-Robert Frost

AMD vs Intel

Of all the corporate names playing in the (PC) equipment advertise, no two organizations are apparently also known as Advanced Micro Devices (AMD) and Intel Corporation. That these two names are equivalent with individualized computing isn't unexpected as these two organizations fabricate the sheer larger part of the microchips which are at the center of a shopper PC.In 2008, Intel had a 76.7% piece of the overall industry of the universally useful chip showcase (which incorporates work area and server processors) to AMD’s 23.1% (Shilov, 2008). While Intel surpasses AMD 3-to-1, the two organizations joined boat 99.8% of the world’s work area and server processors.Both Intel and AMD were established from previous representatives of Fairchild Semiconductor. Intel was made in 1968 by Fairchild Engineers Bob Noyce and Gordon Moore while AMD was established in 1969 by previous Fairchild Executive Jerry Sanders and his group of representatives (Singer, 2005). Today, AMD has q uarterly incomes of $1.7 billion and Intel has yearly incomes of almost $40 billion.While both known for their processor items, both AMD and Intel began producing memory chips. The entirety of this changed in 1971 when Intel built up its 4004 †a chip intended for Japanese organization Busicom to be utilized in their line of calculators.The 4004 chip incorporated the accompanying segments †16 registers for holding information, a program counter to monitor execution, a math rationale unit to perform numerical calculations, a decoder for guidelines, and a clock to keep its procedures synchronized.Together, these parts permitted the single 4004 chip to disentangle directions put away in outer memory, directions which could contain any number of numerical calculations that the 4004 could execute. By planning a customized progression of guidelines, the 4004 could be utilized to play out any number of errands, not just the figurings required by Busicom’s calculators.This m ade the 4004 Intel’s, and therefore, the world’s first universally useful microchip chip (â€Å"Intel's First Microprocessorâ€the Intelâ ® 4004†).Intel made sure about the privilege from Busicom to advertise the 4004 as a piece of Intel’s product offering up. As an independent chip, the 4004 was the introduction of an upheaval. Rather than building a PC for each assignment without any preparation, an architect can just purchase a 4004 chip, a memory chip and compose a lot of orders for the errand at hand.A 4004 can be thought of playing out any undertaking which the specialist could program. The 4004 was then trailed by the 8008, an all the more impressive form of the 4004.By 1981, IBM had picked Intel’s 8088 as the processor to be utilized in its PC items. While the 8088 was the chip, IBM was basically picking not the 8088 but rather Intel’s x86 design as the reason for their PC family.This was significant for two reasons, first on the grounds that the IBM PC was an open norm. Any organization can manufacture a good machine purchase building it from parts which fit in with the norm. The normal model is the means by which a RAM module can be stopped out from a DELL machine and be embedded into a HP machine and work fine. Also it was on the grounds that the utilization of x86 implied that solitary chips good with Intel’s design could be utilized with PCs (â€Å"Intel Corporate Timeline†).To maintain a strategic distance from overdependence on Intel items, IBM requested that Intel should locate a second provider of chips. Along these lines, Intel contacts AMD in 1982, giving AMD full access to its 286 chip innovation and permitting AMD to fabricate 286 items. In this way to start with, AMD must be thought of as a re-appropriated producer of Intel processor structures (Singer, 2005).

Article Analysis on Marijuana

Clinical Marijuana? A young lady has HIV. Truth be told, she has had HIV for a long time. She contracted it from her sweetheart after her first sexual experience. Sadly, she has gotten ugly. Her body is currently breaking down. She is experiencing cachexia, what one would allude to as HIV squandering disorder. Cachexia characterized, is the physical squandering and lack of healthy sustenance of the body that is related with incessant illness. HIV squandering disorder makes tainted individuals get more fit and to experience the ill effects of harming the runs, in addition to other things. She is consistently in a broad measure of agony, influencing various pieces of her body. The doctors that she visits have attempted endless medicines to ease her torment; notwithstanding, nothing appears to work. There is an exploratory medication, then again, whose adequacy to mitigate HIV squandering side effects is being tried at this point. The medication that could help facilitate this youthful woman’s torment and enduring is cannabis or, at the end of the day, maryjane. Pot, in many states, is said to have no health advantages. In this way, it is viewed as a timetable 1 controlled medication by the national government. This implies weed can't be utilized as treatment for any ailments or illnesses. The little youngster presently faces the inauspicious reality that something out there might have the option to decrease her misery, but since of legislatively commanded laws, she won't have the option to acquire it legally. Numerous American residents face this situation every year. Regardless of whether cannabis is illicit or not will be not far from being obviously true in this exposition. What is up for conversation is if cannabis can be utilized as a powerful medication to furnish medicinally characterized debilitated people with help from what troubles them. As in advance of referenced, this article is to examine the legitimization or proceeded with illegalization of clinical cannabis for the numerous residents in unexpected frailty. David G. Evans composed a letter to the Time magazine editorial manager entitled, â€Å"Medical Marijuana: an oxymoron†. David G. Evans contends that the national government should proceed with the disallowance of Medical Marijuana. His most legitimized contention is the way that the Food and Drug Administration presently can't seem to support clinical maryjane for clinical use (Evans standard. 2). Then again, Kevin O’Brien and Peter A. Clark contend for the sanctioning of clinical weed in required cases. They guarantee that in certain examples clinical maryjane is the main type of medication that is successful. The two of them worked together to compose the contextual investigation â€Å"Mothers and Son: the instance of Clinical Marijuana†. A third article will be utilized to dishonor or strengthen each article’s guarantees in a prudent unpredictable way. The third article is an examination paper composed by Tia Taylor from the American College of Physicians. The article is with respect to clinical maryjane. This inside and out examined paper has exceptionally looked into and bolstered contentions. The examination paper’s objective is to explain the Physicians’ aims for clinical cannabis and to contend reasons how clinical pot could be a resource for the clinical field. The two articles are elegantly composed just as basically verifiable. In any case, one article is increasingly convincing and all the more verifiably based then the other. The contextual analysis â€Å"Mother and child: the instance of clinical marijuana† has marginally progressively sensible cases, in this way it would appear to have the better contention. While trying to be unprejudiced, a far reaching examination of the two articles is required. This will be done in a manner that talks about each author’s cases and a portion of their natural worth. The title of the main article is â€Å"Medical Marijuana: a confusing expression. † This article is a letter to the editorial manager imprinted in Time Magazine and composed by David G. Evans. David G. Evans is the official chief of the Drug-Free Schools Coalition, a program that shows kids the perils of utilizing drugs. His activity capabilities involve knowing data about pot and other hurtful medications. Thus, he is very much educated about issues of medications just as being a harsh rival of anything master sedate. He makes a lot of pertinent cases. One such case is that the Food and Drug Administration (FDA) still can't seem to favor smoked cannabis as medication (Evans standard. 2). This is on the grounds that smoked weed presently can't seem to fulfill the clinical preliminary guidelines for open use. Numerous associations dismiss cannabis in light of the fact that smoked pot is â€Å"crude† or ineffectual (Evans standard. 4). Pot is certainly not a generally excellent decision of medication when contrasted with other more secure and powerful medications. Evans asserts that smoking isn't the best method to convey the medication to the body (Evans standard. 5). Notwithstanding not having the option to compute the measurements of maryjane viably, there are hurtful reactions that the utilization of weed can make. He asserts that weed use expands the odds of compulsion and medication use among kids (Evans standard. 7). He likewise asserts that marijuana’s kept mainstreaming is impeding children’s perspective on it as a hazardous medication. He proceeds to state that, the states with genius clinical pot â€Å"initiatives† have the most noteworthy measure of illicit drug habits (Evans standard. 7). He proceeds to end by saying that he is a malignant growth survivor and he knows how it feels to have sentiments of sadness (Evans standard. 9). He says that he isn't against individuals who really need clinical weed. He is contrary to the individuals who will control the framework to help their medication propensities (Evans standard. 8). The accompanying article is entitled â€Å"Mother and child: the instance of clinical marijuana† from The Hastings Center Report. This subsequent article is a contextual investigation done by Kevin 0’Brien and Peter A. Clark. The subject of the contextual investigation is a family, a mother and her seven-year-old child JJ. JJ is hyperactive and forceful; actually, he has been similar to this for a large portion of his life (Clark, O’Brien standard 1). He has seen various doctors just as had various drugs endorsed to help treat his condition (Clark, O’Brien 2). In any case, nothing appears to work adequately. JJ’s mother started attempting to discover options that might support her child. In 2001, she found that weed might support her child (Clark, O’Brian standard. 3). With counsel from her son’s doctor, she started JJ on a day by day routine of weed. Up to this point, JJ’s mother has seen improvement in her son’s condition in the wake of treating him with clinical cannabis. Clinical maryjane has helped this small kid work. Kevin O’Brien and Peter A. Clark have composed their assessments for this situation study; be that as it may, this paper will just concentrate on Peter A. Clark’s supposition for time. Subside A. Clark is a partner teacher of wellbeing organization and religious philosophy at Saint Joseph's University in Philadelphia, Pennsylvania. He is likewise the bioethicist for Mercer Health System in Philadelphia. He underpins the utilization of clinical cannabis. He fortifies his conclusion by utilizing data from eleven researchers authorized by the leader of the United States and designated by the Institute of Medicine to examine maryjane in 1999 (Clark, O’Brian standard. 14). The reports state that the advantages of the clinical utilization of maryjane are restricted on account of the unfriendly effect of the smoke. They despite everything suggested its utilization if no different choices were compelling. They additionally found that regulating the medication to wiped out individuals doesn't impact the medication utilization of the overall population. As per the examination, cannabis isn't a passage tranquilize and the way that the administration despite everything has not renamed maryjane as a calendar 2 medication is endangering the wellbeing and prosperity of numerous Americans (Clark, O’Brian standard. 14). He says that we are presently confronted with two great and terrible outcomes: weed can now and then work better than some customary strategies and maryjane has antagonistic long haul impacts that can prompt fixation (Clark, O’ Brian standard. 5). He likewise discusses the way that Marinol is an option in contrast to weed; nonetheless, it has its inadequacies (Clark, O’Brien standard. 17). Marinol is a manufactured type of cannabis. In spite of the fact that it invali dates the negative impacts of maryjane, Marinol is over the top expensive: $500 dollars for 100 ten-milligram containers. It is accounted for by patients that Marinol is exceptionally solid yet debilitates seriously after proceeded with use. He likewise says that reviews show that cannabis works more successfully than Marinol. That is the reason weed is a superior decision of medication than Marinol both exorbitance and adequacy (Clark, O’Brian standard. 17). He accepts that the main fundamental worries about clinical pot are the odds of long haul complexities and the way that the dose, soon, should be expanded (Clark, O’Brien standard. 18). He finishes by saying that it is unsuitable for doctors to will not offer restorative cannabis to patients. A few patients are enduring seriously and customary medicines are not working for them (Clark, O’Brien standard. 18). The specialist is committed to help the patient using any and all means. Both of the articles talk about whether smoked pot is a successful method to regulate cannabis to a patient. I accept that this contention is a significant contention so as to show which creator bolsters their contention with solid, genuine proof. In any case, to do this viably another increasingly demonstrated source must be presented. The third article is a paper composed by Tia Taylor from the American College of Physicians titled â€Å"Supporting Research into the Therapeutic Role of Marijuana†. This article is all the more deductively based then the other two. The article is a position paper demonstrating the American College of Physicians’ reasons why they accept the administration should bolster the logical investigation of clinical cannabis. The position paper has very elegantly composed argume

November 1st is coming up!

November 1st is coming up! It’s hard to believe that it’s been almost a year since I applied to MIT! For many of you applying EA, the deadline is fast approaching! I’m going to share my experience with applying early, and for anyone applying next year, hopefully teach you what not to do. I started early. Like, right when the application came out I jumped on it and was like, “I’m gonna get this done so early! I’m going to put so much time and energy in to this application! These essays have to be the best thing I’ve ever written!” and I wrote like crazy! I don’t enjoy writing very much (good thing I’m a blogger) and I can take hours to write a paragraph (_ _), but this time I was doing great! I finished up a few drafts and was ready to show them to someone to get some feedback. My older sister read them and provided some nice feedback. That feedback was essentially “write it again”. Oops! Looking back they were super terrible! I just listed things I liked to do/did for my community. It was incredibly boring to read. I started to re-write them and that’s when it hit me! No, not inspirition. The opposite. I realized “if I only have to change the style but keep the content, I can just do it later!” So, I didn’t re-write it yet! I waited, and waited, and waited, and waited, and waited, and waited, and waited, and, wai-oh look! the deadline to contact interviewers is coming up! I completely forgot! And oh wow! The deadline is only a week away (*cough* *cough*). And I waited! Then, the week of the deadline, a storm hit Main e. Knocking out the power for several days! I had to go to my public library (along with everyone else in town who needed to get work done) in order to finish my application. After a short period of EXTREME STRESS, I finally submitted my application on Oct. 31! And I didnt even miss Halloween because our town re-scheduled it! The relief I felt lasted almost a second. It was a wonderful second. Then the panic set in. Youre going to get nightmares of every tiny mistake you made (or think you made) on your application. This is normal. It shouldnt be, but it is! And of course, the normal anxiety that comes with applying to something as competitive as MIT. I entered a period of heavy self-flagellation. I wasnt just going to rejected because there so many great students and so few spots, but because I was just too stupid to go to here. How was I, someone who struggled in high school science classes, going to survive socially and academically at a school of geniuses? When I was deferred in December, I knew this had to be the case. I had given up any hope of being allowed anywhere near this school. In a sort of last attempt at improving my application, I created a maker portfolio where I showed off some games that I made (one of them can be seen in post about Splash!). I submitted that the day before the deadline. And, of course, I used this as ammunition against myself. Everyone else probably submitted everything on time, but not me. In general, the period between November 1st and March 14th brought my self-esteem down to levels I didnt know I could reach. 3 months of self-loathing and feeling stupid for trying. Although, as a trans person, I probably couldve put self-loathing as an extracurricular. After March 14th, things didnt get much better. I was going to MIT!!! I was gonna go there to sink into mediocrity and failure. Everyone there is going to be better than me at everything and Im going to fade away into nothingness. Ill be no one. What chance did I have at a school filled with some of the smartest students in the world? I knew I wouldnt be able to survive and that my insecurities would force me to go elsewhere. My first few months here washed those feelings away. Yes, everyone here is super smart, but theyre also very kind and relatable. Everyone here is very normal (mostly). I wanna give yall some advice. Dont be so self-critical. Yes, some self-criticism is healthy and helps you stay grounded, but hating yourself for being not being perfect is excessive. I constantly hear people talk about doing badly in classes, or struggling with exams and coursework. Everyone here struggles, but we struggle together. Im on PNR so I dont have that much to worry about, but you can still feel it in the air. I hated myself for a long time for thinking I could go to a school where people never have trouble with school. Its hard to remember sometimes because of stereotypes and stories, but MIT students have academic difficulties too. Nobody here is perfect. Im not perfect. I failed two exams this week, one that should have been easy but I didnt prepare for, and the other one that I did prepare for but just kicked my ass. I also have to finish a Wikipedia article for next Tuesday (which I havent even started!) and work on a digital synthesizer for my music technology class (guess how far I am with this). Even before MIT, I remember having two emotional breakdowns the night before my THIRD subject test attempt (Math II and Physics). I remember reading that if you have at least a 700 on both exams, youre fine. I somehow managed to scrape by with my scores, but what if I didnt? Was it worth agonizing and tearing myself apart just to go to MIT? Even after getting accepted, the pain of the possibility of having it taken away from was to much to bare. I cried after chem exams because I would do horribly and I was always worried I would get rescinded. I made many jokes to my friends about it, but to me the threat was real. I still have this issue. I dont give myself room to breathe, room to have flaws, to make mistakes. Please dont be like me. Its easy to get caught up in admissions rates, SAT scores, GPAs, extracurriculars, but also give your self some time and space to back away from all of it. Please just remember, you arent the sum of all your scores, or extracurriculars, and youre definitely not where you go to college. Please just remember to take a break every once in a while, especially after hitting submit.

Capital Structure In Chemical Industry Of Pakistan Essay Example Pdf - Free Essay Example

In the opening chapter, the background, problem discussion and purpose of the study were presented. The chapter ended with the targeted group and limitation of study. Capital structure was one of the most prolific domains of research in corporate finance. Research was spinning around a few theoretical models of capital structure since over than forty years but could not be able to provide the conclusive assistance to managers and practitioners for choosing between debt and equity in financial decisions. An important question that companies face in need of new finance was whether to raised debt or equity. A number of theories had been proposed to explain the variation in debt ratios across firms. The theories suggested that firms select capital structures depending on attributes that determined the various costs and benefits associated with debt and equity financing. In spite of the continuing theoretical debate on capital structure, there was relatively little empirical evidence on how companies actually select between financing instruments at a given point in time. The problem of capital structure choice had been heavily discussed by international researchers for the last few decades that: What were the determinants of capital structure choice? How did firms choose their capital structures? Given the level of total capital necessary to support a companys activities, was there a way of dividing up that capital into debt and equity that maximize current firms value? And, if so, what were the critical factors in setting the leverage ratios for a given company? Modigliani and Miller (1958) theory was considered as fundamental corporate structure model in the modern corporate finance. The theory ascertained the irrelevance of capital structure to firms value in perfect markets, without taxes and transaction costs. Following on the perfect classification of market, most subsequent research focused to demonstrate that a firms capital structure decision was considered corporate and personal taxes, agency costs, bankruptcy cost, and other frictions. Those aspects of corporate environment were referred as determinants of capital structure. Main research in corporate structure was focused on following two c ompetitive theories: The first one was the traditional static trade-off theory, which derived form the Modigliani and Miller (1963) hypothesis of capital structure irrelevance and suggested that firms choose their optimal capital structures by trading off the benefits and costs of debt and equity. The main benefit of debt was tax deductibility of interest, which was balanced against bankruptcy costs Kim (1978) and agency costs (Jensen Meckling, 1976; Myers, 1977). It suggested the existence of a target optimal capital structure, which companies tried to reached. Contrary to the above was the pecking order theory, developed by Myers and Majluf (1984) which emphasized that there was no target level of leverage and companies used debt only when their internal funds were insufficient, firms instead of aiming towards a target-specific capital structure, choose a type of capital according to the following preference order: internal finance, debt, equity. Myers (1984) and Myers and Majluf (1984) by referring to the existence of information asymmetry between managers (insiders) and investors (outsiders), Insiders knowing more about the value of the firm than outsiders, avoid issuing equity when the shares of the company were undervalued. Being aware of the above fact, outsiders tend to interpret a share issue as conveying unfavourable information as to the value of the firm. As a result, managers were reluctant to raise equity capital because it was typically followed by a decrease in valuation of the companys assets. Therefore, retained earnings were the most preferred sources of funds and, if external financing was needed, a firm first seeks low risk debt. According to the pecking order theory, external equity financing was used as a last resort. Titman and Wessels (1988), as well as Rajan and Zingales (1995), whose work were referred to as the most important empirical studies in the field, found strong negative relationships between debt ratios and profit ability. This evidence was consistent with the pecking order behaviour and inconsistent with the trade-off theory. One of the latest papers in support of the pecking order theory was by Shyam-Sunder and Myers (1999), who explicitly compare it with the static trade-off theory using a panel of US firms. They conclude that, compared to the static trade-off model, the pecking order theory explained more of the variation in actual debt ratios. Even if companies in their sample had well-defined optimal debt ratios, their managers were not trying to obtain them. Many empirical studies had tried to explain the factors that affect on capital structures choice. One of the most renowned initial empirical studies was made by Rajan and Zingales (1995) and they explain the various institutional factors of firms capital structure in the leading industrial countries. Predominantly ongoing debate in corporate finance research sustained the significance of above discussed theories. Majority of research work was based on the facts taken from western and Americans non-financial firms, For example, Rajan and Zingales (1995) study was made on G-7 countries, Titman and Wessels (1988) studied U.S firms, Bevan and Danbolt (2002) studied U.K firms. There were few studies that cover non-financial firms from emerging economies. Although Booth, Aivazian, Demirguc-Kunt, and Maksimovic (2001) had included Pakistan, in his empirical study of developing countries but Hijazi and Shah (2005) were the first to study determinants of firm-level capital structure in Pakistan. They discussed the all listed non-financial firms from period 1997 to 2001. But so far chemical sector of Pakistan has not been analyzed independently. This report presented an empirical analysis of capital structure of chemical sector in Pakistan with most recent available data. The report attempted to extend the knowledge of capital structure and its determinants in Pakistani companies. The aim of the study was t o analyze the determinants of capital structure of chemical sector of the Karachi stock exchange. A variety of variables that were potentially responsible for determining capital structure decisions in companies can be found in the literature. However in the study, the profitability and tangibility were tested as determinants of capital structure in chemical sector. Hypotheses: H1: There is a negative association between capital structure and profitability H2: There is a positive association between capital structure and tangibility 1.4 Outline of the study: Chapter 2 presented the literature review. Chapter 3 presented the research methods that illustrate the empirical methodology and statically tool that had been used. Chapter 4 presented the table assessment table followed by the results and findings. Chapter 5 presented the discussions, conclusion, implications and future research. Definitions 1.5.1 Capital Structure: A mix of a companys long-termÂÂ  debt, specific short-term debt, common equity and preferred equity. The capital structure wasÂÂ  how a firm finances its overall operations and growth byÂÂ  using different sources of funds. Debt comes in the form of bond issues or long-term notes payable, while equityÂÂ  was classified as common stock, preferred stock or retained earnings. Short-term debt such as working capital requirements was also considered to be part of the capital structure. 1.5.2 Profitability: the ratio of net profit before tax (EBIT), to the book value of total assets PROFITABILTIY=EBIT/TA 1.5.3 Tangibility: the ratio of the book value of depreciated fixed assets (FA) to that of total assets TANGIBILITY=FA/TA CHAPTER 2: LITERATURE REVIEW A capable economic system calls for a reliable system to assign its labour, Capital, resources and optimized leadership of land. This allocation process consists mainly of a set of concealed decisions, which were aimed at by a flexible prices and network of free markets. Imperative with these were capital investments decisions that were very important at two levels, the prospect operability of the firm making the investment, and for the whole economy of the state. Capital investment decisions had inference for many features of operations, and frequently exert a vital impact on endurance, profitability and growth at the firm level. At the state level, the appropriate planning and distribution of capital investment were vital to a well-organized utilization of resources; inadequately placed investment decrease the efficiency of labour and materials and sets an inferior ceiling on the potential output of economy (Rajan Zingales, 1995). The Capital structure was the combination of equity and debt financing. Its option and determinants interrelated with many different factors. Capital structure of a firm illustrates the mode in which a firm increase capital needed to set up and expand its company activities. It was an assortment of various types of debt and equity capital a firm maintained resultant from the financing decisions of firm (Sun Tong, 2002). The capital structure of a corporation was a meticulous combination of equity, debt and other resources of finance that it utilizes to fund its long term asset. The main dissection in capital structure was between equity and debt. The amount of debt financial support was measured by or leverages. There were different aspects that involve a firms capital structure and a firm must effort to found out what its optimal or mix of financing. But determining the precise best capital structure was not a skill, so after analyzing a numeral of factors, a firm institutes a target capital structure which it consider was most favorable (Ramlall, 2009). Capital structure policy besides involves a trade-off among risk and return. By means of more debt elevates the threat in the firms earnings torrent, but a higher amount of debt usually show the way to a higher predictable rate of return and the higher risk connected with greater debt had a propensity to inferior the stocks price. At the same time, however, the higher predictable rate of return makes the stock further eye-catching to investors; in turn, eventually enlarge the stocks price. Therefore, the best capital structure was the one that hit a balance among return and risk to achieve our definitive goal of exploit the stock prices (Barclay Smith, 1999). Around four decades ago the theory established called modern theory of capital structure. Capital structure choice has stirred and enthralled many researchers. Innumerable studies explored into the elucidations of firms capital structure selection, both empirical ones and theoretical s tudies which signify the most favorable choice of capital structure by firms was equilibrium of corporate tax shield in opposition to the bankruptcy cost and agency cost. Although pecking order theory flings doubt on the subsistence of target capital structure, suggestive that firms use debt merely when the inner financing was not available (Rajan Zingales, 1995). Capital structure was principally enduring long term financing of an organization as well as common stock, long term, retain earning and preferred stocks . Even though there has been abundance of study focusing on the main determinants of the capital structure, there was still difference regarding which factors considerably influence a firms capital structure (Titman Wessels, 1988). The association between a firm and capital structure value has been the matter of substantial debate, both in theory and in experiential research. Throughout the past research, discussion has centered on whether there was a best capital structure for a firm or whether the percentage of debt usage was immaterial to the single firms value. Research reveals that in a frictionless world, monetary leverage was not related to firm value, except in a world with tax deductible interest costs, capital structure and firm value were absolutely related further personal taxes to the study and established that best debt usage take place on a macro altitude, although it did not subsist at the firm level. Interest deductibility at the organizations level was counterbalance at the investor level (Dodd Warner, 1983). Capital structure was the firms range of sources of finances used to funding its by and large operations and growth. Short term debt like working capital requirements was also considered part of the capital structure. The stable long term financing of a corporation, together with common stock, long-term debt, preferred stock and retained earnings diverge from financial structure that includes accounts payable and s hort-term debt. Analysts consider capital structure of its overall adequacy (Ramlall, 2009). Capital structure was necessary for the continued existence, performance and growth of an organization. There has been a rising interest globally in recognizing the factors linked among debt leverage. Still, nothing has been done in divergent medium, large sized enterprises (LSEs) and small sized enterprises (SMEs) on these facets. SMEs were very imperative for employment and growth in the manufacturing sector. Experiential studies illustrate that factors effecting capital structure distinguish with firm size. Past study showed that profitability was a main determinant for both size groups of capital structure. However, assets growth and proficient assets management were found necessary for the debt structure of large sized enterprises as contrasting to effectiveness of size, sales growth, current assets and high fixed assets (Titman Wessels, 1988). Capital structure of a firm explain s the way in which a firm increased capital to establish and develop its business activities. It was a combination of different types of debt capital and equity a firm continue consequential from the financing decisions of firms. Capital structure has encouraged and fascinated many researchers. Innumerable studies examine into the clarification of capital structure choice of firms, both empirical ones and theoretical studies. For instance, theory claims the accessible of the best capital structure, point out the optimal choice of firms capital structure that was equilibrium of corporate tax shield in opposition to the agency cost and bankruptcy cost. Past research throw reservation on the subsistence of target capital structure, signifying that firms only use debt once the inner financing was not available (Dodd Warner, 1983). The affiliation between capital structure and industry membership has acknowledged considerable attention. It was generally acknowledged that firms in a k nown business would had alike leverage ratios while vary across industries recognized a relationship between capital structure and industry. These studies all originate that particular industries contain a common leverage ratio which overtime, was comparatively stable. Using industry membership as a substitute for risk class, originate that levered beta principles within dissimilar industries diverse more than unlevered values (Titman Wessesls, 1988). There was a association between the financial leverage and cost of equity, documentation of the industry outcome as one quarrel for the occurrence of an industry allied best capital structure and entail that it was the tax rate and tax code differences across industries that basis the inter industry similarity in leverage ratios (Cook, 1977). It was likely that the expansion of a firm may had an effect on the market response to debt declaration. One might anticipate that a high growth firm could pay to had better financial leverage for the reason that it might generate sufficient earnings to sustain the additional attention expense. Conversely, it may be riskier for a small growth firm to augment its financial leverage as its income may not add to enough to cover the additional fixed obligations. The issuance of debt by providing a device for controlling and monitoring managers by decisive the market response to debt issuance by firms with dissimilar expansion rates (Bradley, Jarrell, Kim, 1984). Large firms were evidently compulsory to accomplish economies of scale in research, production and marketing. The strength of these advantages has been growing as enhanced communications, deregulated capital and rising globalization had preferential multi-national companies. Large sized enterprises by investing in Research and development can innovate directly and consequently lead to a raise of general economic progress. It was also extensively accepted that small sized enterprises had an imperative role in main taining rivalry and in the utilization of new improvement that might be afterward commercialized by large firms (Niu, 2008). Capital structure decisions were the most imperative and vital decisions for any company for the reason of their result on cost and value of the company. Capital structure, a vital feature in a firms performance has engaged economic researchers for a long time. Perfect capital market propositions of the firm were developed on the capital structure can be classified into three categories: agency cost theories, asymmetric information theories and tax based theories. But not any of the above theories makes difference among small and large firms (Dodd Warner, 1983). A competent economic system describes for a reliable instrument to apportion its labor and Capital, resources and optimized management of land. This distribution process consists mostly of a set of classified decisions directed by a set of connections of free markets and elastic prices. Significa nt among these conclusions were the decisions regarding capital investments that were essential at two levels first one was for the future operability of the firm building the investment and secondly for the economy of the country as a complete (Bradley et al., 1984). Capital investment decisions had insinuation for numerous aspects of processes, and often apply a vital impact on continued existence, profitability and growth at the firm level. At the national level, the appropriate development and allocation of capital investment were important to a competent utilization of resources; inadequately placed investment decreases the productivity of labor and materials in addition to sets an inferior ceiling on the potential output of economy (Cook, 1977). In broad-spectrum, debt ratios in rising countries seem to be exaggerated in the similar way and by the identical types of variables that were important in developed countries. However, there were methodical differences in the wa y these ratios were pretentious by country aspect, such as inflation rates, GDP growth rates and the development of capital markets (Rajan Zingales, 1995). Empirical capital structure studies had generated numerous results that attempt to clarify the determinants of capital structure. Consequently a result of these studies, a number of broad kinds of capital structure determinants had emerged. Though, point out that the selection of suitable descriptive variables was potentially controversial (Myers, 1984). Researchers argue that the tax environment, legal environment, technological capabilities, the economic system influence the capital structure in the European countries examined in their study argue that both firm-specific factors and macroeconomic conditions had an consequence on firms financing choices (Sun Tong, 2002). The asymmetry theory of capital structure presume that firm executives or insiders possess confidential information about the distinctiveness of the f irms return river or investment opportunity, which was not recognized to common investors. In an effort to elucidate some financing behaviour was to not steady with the prophecy of static trade-off theory that shows a negative relationship between leverage and profitability give emphasis to that external funds and internal funds were used hierarchically. Firms had a inclination to finance new investment, primary internally with retained earnings and then with debt and lastly with an matter of new equity. The more profitable firms were supposed to hold not as much of debt, because high levels of profits give internal funds at high level (Myers, 1984). Issuing debt protected by collateral may decrease the asymmetric information connected costs in financing. The dissimilarity in information sets among the parties involved may show the way to the moral danger problem (hidden action) or diverse choice (hidden information). Therefore, debt held by collateral may alleviate asymmetric in formation related charge in financing. Consequently, a positive relationship between financial leverage and tangibility may be expected (Sun Tong, 2002). The use of temporary sources of debt, conversely, may alleviate the agency problems, as some attempt by shareholders to take out wealth from debt holders was probable to confine the firms access to interim debt in the instant future (Sun Tong, 2002). The prospective for shareholders to take on actions dissimilar to the benefit of debt holders that was most stern for companies whose worth was predominately accounted for prospect investment opportunities. Growth companies may perhaps also be unwilling to receive on debt in the case if high interest rates or limiting convention compel constraints on their prospect maneuverability. Constant with these forecasts, numerous researchers discover a negative association between the level of gearing and growth opportunities (Niu, 2008). The link between gearing and growth opportuniti es might be different for long term and short term forms of debt. The problem of agency was mitigated if the organizations issues short term to a certain extent than long-term debt. However, even as they found a positive association between the short term debt and growth opportunities, they moreover found long term debt to be positively associated to the MTB (market-to-book) variable although not significant. Thus, the past research indicates the evidence on the impact of growth opportunities in corporate gearing on the cross-sectional variation was quite mixed (Ramlall, 2009). Profitability was defined as the ability of an investment, or a company to make a profit after all costs, overheads, etc. It was also defined as the ratio of profits to the capital that had to be invested to generate these profits. Profit margin was awfully helpful while comparing companies in comparable industries. A higher profit margin signifies a more profitable company that has good control and comman d over its costs and overheads compared to its competitors (Bradley et al., 1984). Larger firms had a propensity to be more diversified and fall short less often, so size may be a contrary substitute for the likelihood of insolvency. The agency conflict between lenders and shareholders may be mainly relentless for miniature companies. Lenders can handle the risk of lending to these companies by restricting the span of maturity offered. These companies can consequently be predictable to contain less long term arrears although probably more short term debt comparing to the larger companies (Jensen Meckling, 1976). The tax deduction of interest payments companies may have a preference debt to equity. This would propose that exceptionally profitable firms would pick to have high levels of debt in classify to attain attractive tax shields. It has been also argued that interest tax shields might be insignificant to companies by means of other tax shields as depreciation. Due to the clash of interest among shareholders and debt providers, lenders come across to risk of undesirable selection and ethical hazard. Lenders may demand sanctuary, and collateral value may be a key determinant of debt finance accessible to companies In particular, Average debt and mainly short term debt ratios in the sample firms come into view to be declining during economic boom and ever-increasing during the economic recession whereas the contradictory was correct for the long term debt (Harris Raviv, 1991). Profitable firms may have improved admittance to debt finance than low profitable firms; the requirement for debt finance might perhaps be at the lower side for high profitable firms if their retained earnings were enough to fund new investments. The pragmatic association between earnings and debt might thus replicate the demand and supply relations. Supply limitation might have had grown to be increasingly marked and thus emerge to become more careful in their lending and i ncreasingly dependent upon sufficient earnings capability of the firm. Previous consequences demonstrate that the largest part noteworthy shift in regression coefficients narrate to the impact on capital structure of profitability. All forms of gearing were pessimistically associated with the point of profitability (Ramlall, 2009). Profitable firms had bigger needs to guard income from corporate tax and should scrounge more than low profitable firms. Whereas pecking order theory proposes an inverse association between the level of debt and profitability. Organizations were assumed to desire internal financing to external financing according to the theory. This liking leads organizations to use retained income as investment funds and shift to external financing simply when retained earnings were inadequate. When facing the preference between equity and bonds, firms would have had a preference debt issue to equity issue. Profitable firms were probable to contain less debt in the ca se (Barclay Smith, 1999). When organizations were able to pledge assets as investment, collateral and borrowing become endogenous. These assets prop up more borrowings that allow for more investment in pledge able assets (Cook, 1977). Investment cash flow sensitivities were rising in the amount of tangibility of controlled firms assets. If firms were unimpeded, investment cash flow sensitivities were unaltered by asset tangibility. Asset tangibility itself may found out whether an organization faces credit constraints with more tangible possessions may had better access to external funds indicating that the association between cash flows and capital expenditure was non monotonic in the asset tangibility (Myers, 1984). Tangibility was defined as the book value of, plants, property and equipment scaled by total assets. The tangible assets were capable to be used as securities in external borrowing, the existence of a big fraction of tangible assets facilitate to obtain bank loa ns at an inferior interest rate. Also, it helps to decrease the threat the lender suffering from the cost of debt (Barclay Smith, 1999). In view of the fact that the debts can be safe of tangible assets by the collateralization, the firms prospect to connect in asset replacement was abridged by the existence of a large portion of secured debts. For those firms that had more intangible assets, than the costs of capital were at the higher side as monitoring was more complicated. Therefore, firms that had a large fraction of tangible assets were probable to have more debt (Ramlall, 2009). To a large extent of the presumption in corporate sector was based on the supposition that the objective of firm must be to make the most of the wealth of its present shareholders. The main reason of setting the goal was financial ratio (Bradley et al., 1984). One of main factors area under discussion to intense contest in capital structure was whether to employ the market cost or the book v alue of equity and debt as the accurate measure of leverage. The main cost of borrowing was the anticipated cost of financial suffering in the happening of insolvency. Financial distress affects the average cost of capital and accordingly the optimal leverage. In the situation, the worth of the distressed firm was ended to its book value. Changes in the market worth of debt do not change the interest tax shield cash investments. Furthermore, if insolvency occurs, the accurate measure of debt-holders liability was the book value of debt and not the market value of debt (Jensen Meckling, 1976). Book values were more effortlessly accessible, accurately recorded and also not focus to market volatility unlike market values. Those who have a preference the market value to book value squabble that the market value eventually decides the real value of an organization. It was probable for an organization to have a negative book value of equity though simultaneously benefit from an affirm ative market value. This was achievable for the reason that a negative book value replicates previous sufferers whereas a positive market value indicates the firms expected future cash flows. In practice, both procedures of market and book values were often used. Previous research demonstrated that adjusted value and market value measures of capital structure in contrast with book value procedures had stronger connection with performance. This way market value must be taken more into consideration in evaluating capital structure (Myers, 1984). Different theories on the subject of capital structure discussed that in competent markets the debt equity option was immaterial to the worth of the firm and remuneration of using debts would recompense with reduce of companies stock (Bradley et al., 1984). Conventional perception believed that by means of financial leverage raise Companys worth. In this admiration, an optimized capital structure that decreases capital costs. It has show ed in past research that in capital market imperfection, interest expenses were tax deductible and firm value would raised with privileged financial leverage. Models on impact of tax, propose that profitable companies must had further debts these firms that more need for tax organization in corporations earnings. Conversely, rising debt may results in possibility of increasing bankruptcy. Therefore, the best capital structure corresponds to a level of influence that balances insolvency costs and reimbursement of debt finance. Firms most favorable capital structure would engage the exchange among the effects of personal and corporate taxes, insolvency costs and agency costs, etc (Harris Raviv, 1991). Research theory proposes separation of possession and direct and conflicts of attention between groups of agents. One of the main problems that effect conflict among shareholders and managers was free cash flows. therefore, in the companies that had soaring cash flow and profitabilit y , rising of debts can be used as a contrivance of