Essay on My Educational Philosophy - 474 Words

My Educational Philosophy To describe my educational philosophy, I needed to combine two philosophers into one making it my own. I plan to explain my philosophical view by discussing the purpose of public education in society. I felt that essentialism, popularized by William Bagley, and progressivism, led by John Dewey, best described my attitudes and views towards education. I feel the overall purpose of education is to teach students traditional academic subjects such as math, reading and writing, social studies, the sciences, music, art, computer science, health, and physical education. These classes are the foundation needed by students to survive in today’s society. However, I also believe that some students need†¦show more content†¦They need to experience activities outside of the classroom that are meaningful to them. Education is important for several reasons. One, it gives children a strong academic background to compete in a technological society. Two, the educational setting allows students to interact and develop socially. Three, classes give students the opportunity to achieve success and failure at different ages. Four, education allows for many different experiences that help shape a child’s personality. Five, education teaches children the need for discipline, rules, leadership, and responsibility. I am sure everyone could add one or more reasons to this list but I felt these five to be most important to me. As a teacher, I hope to accomplish many different things. I would like to develop a good rapport with my students. Helping them as much as possible before school, with math assignments or listening to their problems, and after, by starting a math tutor program or chaperoning a school dance. I want all the students I have in class to achieve some success to help build self-esteem and confidence. I know that seeing an â€Å"A† on my assignments or tests makes me feel good. I also want my students to retain most of what they have been taught. I would feel disappointed if students failed to remember what I had tried to teach them. Finally, I would someday like to be recognized as an excellent teacher. I feel that I will be able to do a goodShow MoreRelatedMy Philosophy : My Educational Philosophy780 Words   |  4 PagesIt was very challenging for me to write my educational philosophy due to the fact that I never really thought about the kind of teacher I want to bec ome. Though this was a challenging task, I am grateful for the opportunity because figuring out what my philosophy is will help me to understand what kind of teacher I want to be. Looking back at my learning and teaching experiences, I always had strong beliefs in what I want my classroom to look like and how I would go about providing a high qualityRead MoreMy Personal Philosophy : My Educational Philosophy1747 Words   |  7 PagesAbstract My educational philosophy can be summarized in one word â€Å"family†. Every thing can begin and end with the family. This paper examines my personal belief that a student has higher success rate in life when they have a supportive, loving family environment. The primary roles of a mother and father in today’s society are drastically lacking. These particular reasons vary from absentee fathers, overworked single mom, and/or grandparents having to assume the role of parents again. My theory startingRead MoreMy Educational Philosophy : My Philosophy Of Teaching Philosophy952 Words   |  4 PagesMy Teaching Philosophy Wk. 13 By, Julie Bernard EDPC603 My objective as a teacher is to make a difference in the lives of the student I teach. Similarly, through teaching I will provide students with the necessary tools to become critical thinkers. As critical thinkers, my students will be able to make reasoned judgements that are logical and well thought out. My students will not just passively accept arguments and conclusions; my students will be equipped to questionRead MoreMy Educational Philosophy : My Philosophy Of Education946 Words   |  4 PagesPhilosophy of Education My philosophy of education has changed over the years of teaching to what I belief today. My belief of education is to focus on construct knowledge and personal experiences. As an educator, I try and encourage students to discover principles themselves. Numerous scholars have described education as being the key to a prosperous life. The most successful people are believed to be once behind a desk in elementary schools as teachers instill knowledge in them. With a right learningRead MoreMy Philosophy Of Educational Philosophy834 Words   |  4 Pages Education Philosophy My mission as a teacher is to guide students to their full potential by giving them fundamental tools that they can use outside of the classroom. This mission is directly correlated to my philosophical orientations on how students should be educated. Most importantly, I believe that the student should be at the center of instruction; Moreover, it is valuable in a child’s development to know not only the curriculum but skills that they can use outside of the classroom likeRead MoreMy Educational Philosophy : My Philosophy Of Education1006 Words   |  5 Pagesthat to take on the daunting task of shaping the nation’s future citizens will require that I outline my own ideology about America’s education system. The following philosophy of education will be comprised of the analyzation of knowledge, teaching, and democratic equality in relation to purposes of the education. Knowledge, the comprehension of a subject or concept, is at the core of the educational experience. This attainment of this knowledge should be the desired result of compulsory educationRead MoreMy Philosophy And Philosophy Of Personal Educational Philosophy1042 Words   |  5 PagesIt is true that many educators do not know what their educational philosophy is. However it is imperative for educators and future educators to know their personal educational philosophies so that they can be accountable, explain how they teach, what they are doing and why. My personal Educational philosophy is made up of four components; metaphysics, epistemology, axiology, and logic. My educational Philosophy Metaphysics (reality) is a combination of realism and idealism, that the mind, spiritRead MoreMy Educational Philosophy : My Philosophy Of Education805 Words   |  4 Pagesthe philosophy they believe in. As a future educator, my goal is to educate the student in ways they have not been taught before. Over time students come across teachers who generally do not care and just do it for the money and time off in the summer. When a student has a teacher who makes a difference in their life, it is very rewarding for both the teacher and student. In class we received a philosophical self-inventory. After grading these statements I have come to the conclusion that my philosophyRead MorePersonal Philosophy : My Educational Philosophy1452 Words   |  6 Pages When I first set out to write my educational philosophy, I had absolutely no idea what to write about, to be perfectly honest. So, I thought that I would start with the most essential aspect of an educational philosophy: why do I want to become a teacher? The reason why I want to teach is because I want to be able to impact young people’s lives and help them to learn how to become successful citizens in our world. I feel that it is important that no matter what students do with their lives, theyRead More My Educational Philosophy Essay1186 Words   |  5 PagesSocrates warned his students over 2000 years ago that the unexamined life is not worth living. (Kreis) This statement, though made so many years ago, mirrors my own beliefs about learning and knowledge acquisition in today’s society. In my own personal philosophy of education, I believe that individuals must continually examine their surroundings and learn from the things they find. I do not believe that just knowing random facts or bits of information is true education. Just as the ancient Greeks

History Of Evaluation And Management ( E / M ) Codes

Issues and Trends Purpose and history of Evaluation and Management (E/M) Codes Accurate and comprehensible medical records documents are crucial for a positive outcome for the patient and health care providers. Health records sequentially convey significant details concerning patient’s health history and future care plans. These records are pertinent when initiating care in the acute and chronic setting for the patient. Medicare, Medicaid, and other personal health care providers necessitate rational documentation to guarantee that a procedure and/or examination is consistent with the individual’s health care coverage. The documentation also authorizes the place of health care treatment, eligible medical requirement and suitability of diagnosis and/or therapy, and that the services rendered were appropriately documented. Precise and reliable medical documentation should be recorded at the time of treatment or shortly after the intervention. Inappropriate documentation can result in erroneous and inappropriate imbursement for provided health care s ervices. Evaluation and Management (E/M) coding principles and guidelines were founded by Congress in 1995 and amended two years later. E/M codes are based on the foundation of the Current Procedural Terminology (CPT) codes recognized by the American Medical Association (AMA). Active health care suppliers access E/M coding for medical reimbursement by Private Insurances, Medicaid, and Medicare programs. The E/M codes are aShow MoreRelatedexam on inpatient and outpatient codinhg Essay1230 Words   |  5 PagesPayment Reform are to decrease Medicare expenditures. As well as redistribute physician’s payments more equitably. Also to ensure quality health care at a reasonable rate. 2. I would use modifier -57, decision for surgery with the E/M code for this case. Due to the E/M service and the decision for surgery were made earlier that same day. 3. There are three components of the relative value unit the first component is work, which is the amount of time, the intensity of effort and the technical expertiseRead MoreCodeing Scenarios Essay851 Words   |  4 PagesAn initial inpatient consultation with a detailed history, detailed exam, and MDM of low complexity would be coded to what E/M code? 99253 7. What are the four elements of history? Chief complaint (CC), history or present illness (HPI), review of systems (ROS), past present family and/or social history (PFSH) 8. The complexity of medical decision making is based on what three elements? a) Number of diagnoses or managements options (minimal, limited, multiple or extensive) Read MoreThe Classification Of E M Services1308 Words   |  6 Pages2005). The APRN submits either current procedural terminology (CPT) codes or evaluation and management (EM) codes for Medicare reimbursement. CPT codes are a systematic listing and coding of procedures or services performed by the APRN. The American Medical Association (AMA) establishes, maintains, and copyrights the CPT codes. The ï ¬ ve-digit number allocated to each code indicates a particular service or procedure. CPT codes provide a consistent description of the services rendered that is sharedRead MoreMedical Coding 1 Final Examination Essay1131 Words   |  5 Pages1. Differentiate between the official coding guidelines for using V codes in an inpatient and outpatient setting. The difference between the official coding guidelines for using V codes in an inpatient and outpatient setting is the guidelines for an outpatient setting indicates code sequencing for physician office and clinical encounters. V codes also may be used as the principal and secondary diagnosis in the inpatient setting compared to those that may be as the first listed or secondary diagnosisRead MoreQuestions On Correct Billing And Coding1220 Words   |  5 Pagesfor the patient must be transcribed into the correct codes. Along with these codes, there must be sufficient supporting information documented in the patient record. When the supporting evidence is not there, that line will either be down-coded or the billing being rejected. A rejected bill requires more time and effort by the physician’s staff to correct the issue and resubmit it. Billing with the correct primary, sub and supporting codes will prevent the extra work and possible loss of moneyRead MoreEvaluation and Management2290 Words   |  10 PagesEVALUATION AND MANAGEMENT E/M coding is the process that physicians, use to translate the patients visit into a five digit CPT( current procedural terminology) codes, so they can submit it to the insurance company for payment. Every procedure has it own CPT codes that describe the different level of care at the time of the physician-patient encounter. Every patient encounter is a unique procedure that requires specific documentation. Each individual E/M code has a set of rules calledRead MoreComponents Of A Product Recall Coordinator1239 Words   |  5 Pages7.3 These facts and related information will include: A. Item Number or UPC code and label information B. Type of deficiency or issue C. Customer and location involved D. Invoice numbers E. Quantity of people affected and their condition 8.0 The Product Recall Coordinator will also obtain the name, agency or customer and the phone numbers of the persons making the notification. If the notification is coming from the FDA, it is important to determine the status of the investigation. This situationRead MoreClassification Of Information For The Healthcare System1008 Words   |  5 PagesICD-9-CM, ICD-10-CM, CPT and HCPCS codes. The codes help classify and document the information for the healthcare system in the United States. The ICD-9-CM stands for the International Classification of Diseases, Clinical Modifications. October 1st 2014 ICD-10-CM came out to update the class with more illnesses, conditions, and injuries of any patient that used the medical services. The ICD-9-CM is generally classified as numerical and alphanumerical codes with codes describing the illness and injuriesRead MoreThe Reimbursement Of Medical Services Essay1434 Words   |  6 Pagesprovider must have a clear understanding of requirements of Medicare, Medicaid, and insurance plans. Additionally, knowledge regarding Current Procedural Terminology (CPU), International Classification of Diseases (ICD-9), Evaluation and Management (E/M), and the new ICD codes could enhance the documentation resulting in less mistakes and reimbursement issues (Craig, 2014). Currently, studies to evaluate NPs documentation and coding practices are obsolete. There are insufficient retrospective studiesRead MoreConduct Disorder And Its Effects On Children And Adolescents1178 Words   |  5 Pagesdisorder, biological parents with schizophrenia, and/or biological parents with a history of CD themselves (DSM-V). Unfortunately the symptoms of CD are so maladaptive they are often placed in residential treatment facilities (DSM-V). Additionally children labeled with this disorder often have run-ins with law enforcement (DSM-V, 2013). In a study conducted by Holly E. Erskine, Alize J. Ferrari, Guilherme V. Polanczyk, Terrie E. Moffitt, Christopher J. L. Murray,Theo Vos, Harvey A. Whiteford, and James

Wilderness Bradley Watker Free Essays

string(110) " matted to his simian shaped skull, his beard was torn and tangled, his skin was red and lined from exposure\." I hobbled as fast as I could across the moor. I didn’t look back and I didn’t look down – the former because I didn’t want to know just how close it was, the latter because I didn’t want to see the blood spurting from my foot. It was chasing me. We will write a custom essay sample on Wilderness Bradley Watker or any similar topic only for you Order Now I didn’t turn round, but with each limped and painful step I knew it was right behind me, ready to pounce and end any futile hope of survival. It was so near, at my shoulder, on top of me, right through my brain. I could feel its breath pushing against my neck, salivating in hunger. Why didn’t it just finish me off? Maybe it wanted me to turn, maybe the moment I looked it would be there. Its red eyes shining into mine, its wide mouth ready to make an aperture of my throat. The temptation to turn was immense. If I turned it would be over, I wouldn’t have to run – hobble, limp, stagger – anymore. I heard it growl, ready to pounce. My arms flailed, my mangled foot slipped in a coating of my own blood – but still I ran, still I refused to look back. I kept thinking of survival, thinking there’d be a future, thinking I’d live – and it was with that thin slice of hope that my legs disappeared from under me. I screamed, but it was a sound of surprise rather than pain – and it was lost in a terrible scream from across the moor. Who was that? Was it Mark? Was it Pete? We’d run together, separated – thinking it couldn’t hunt down all three of us across these moors. But was that right? It was a long way to run and we had no idea how swift it was. I closed my eyes and listened. It was Mark. It was Mark screaming into the night. It was Mark being torn apart. I opened my eyes, slowly, and looked behind me. There was nothing. There were no red eyes, there were no bloodied teeth. Yet I could hear its breath so close, smell its disgusting raw hunger. But it wasn’t there, Mark’s cries told me that. It had followed Mark – the fattest one – meat on the carcass for a good feast. But I could still hear its breath, trapped in my mind, telling me it was near, that despite Mark’s cries it was still hunting me. I steadied myself and looked around. I’d tumbled into a crimson ditch, a jagged hole covered in blood. Every inch of grass, every patch of mud was smeared red. I blinked a couple of times and gagged as the stench beat its way through my nostrils – and then, under the moonlight, I saw them. There were a dozen rabbit carcasses in the hole with me, each of them dissected and eviscerated by teeth. This is where it was before the bar, this is where it started before it came to us for the main course. I pulled myself up, scared I’d vomit. Mark’s cries had stopped. Mark had been stopped. It was silent again, so I couldn’t retch. If I threw up it would know where I was, it would find me easy. I crawled from the ditch, away from the blood and the smell. I lay on the grass, keeping my face pressed down, hoping the aroma of night time freshness would remove all others. I was tempted to just stay there, but the pain in my heel was too much. I had a knife in my shack, a good sharp blade. I could cut out the wound, remove the infection. The shack wasn’t far. I knew this land, knew how to navigate these moors – I just prayed I could move fast enough it wouldn’t catch me. I stood up, putting my weight on my right foot, only gingerly using my left. I took my bearings. Mark’s cries had come from the east. What was it doing now? Was it feasting? Was it burrowing its nose into Mark’s blubber? Or was it going to use the darkness to hunt down me and Pete as well? It had started in the bar – what? Half an hour earlier? A life time ago? ‘The Bar At The End Of The World’ we called it. There had been three of us in, and Paul the bar-keep. No matter who else was there, the three of us – and Paul the bar-keep – were always there. We were single men, away from civilisation, glad – in the absence of any other human companionship – to have a kind of family to go to of an evening. It wasn’t exclusive, we never made anyone feel an outsider. When others came in from the moors they were welcomed, they were old friends. Even strangers received a cheery greeting. We’d had lost English motorists, Scotsmen in kilts, even once a Japanese coach party. We always treated strangers kindly, we always wanted the stranger to leave as a friend. We weren’t a bar which looked shifty and suspicious at every unknown who walked in. We smiled, we cheered, we brought another round. The stranger who walked in that night was different. He looked cold, distant, unfriendly. He looked like a man who wouldn’t appreciate smiles or cheers or any warm welcome. He was huge, the size and shape of a bear – near seven foot of him. He lowered his head through the doorway and then straightened, standing dead still, staring at us on our bar-stools. Pete – the friendliest, youngest and lithest – tended to pounce forward and shake the hand of whoever came in, he didn’t with this guy. This man just stood and glared at us, like he was ready to growl if we came near. We were in the wild, we ourselves were part of the wild – but he looked like he was born of it. His hair was greasy and matted to his simian shaped skull, his beard was torn and tangled, his skin was red and lined from exposure. You read "Wilderness Bradley Watker" in category "Papers" His long jacket was the brown of every kind of dirt, his trousers were stained and short on his bruised calves, his torn shirt was only buttoned once – showing off a scarred and lined torso. It was Paul who spoke. Paul was the custodian and was never scared of confronting the unruly elements – his shotgun was never far from reach below the bar. â€Å"Can I help you?† he asked. The man did nothing, just continued to stare with passive venom. â€Å"Can I help you?† said Paul. The man moved. He turned his head, slowly, towards the bar-keep. â€Å"Whisky.† said the man, his voice as dark as earth. â€Å"You got money for that?† asked Paul. It was never usually a problem. Once or twice we’d had a tramp stray out that far and we’d brought them drinks – tramps have stories too. No one seemed willing to volunteer this time. The man took three strides, three strides which seemed to dent and echo against the floor. He grabbed a bar stool and swooped it under him. It was amazing those rickety old stools could take such a weight. â€Å"Whisky.† said the man. â€Å"You got money for that?† said Paul. They stared at each other. Paul kept his hand beneath the bar, clutching the gun. There was music on the jukebox, an old pop hit of the nineteen-seventies, but even though it played it was like silence had come and crushed it. The man brought his hand up, a brutal weapon of a fist – huge, scarred and red. He opened it, dropping a dozen coins down onto the bar. He smiled at Paul, or gave what passed for a smile on that face. Paul let go of the gun and pulled out a clean glass. â€Å"What kind?† he asked. â€Å"Whisky.† Paul shrugged and reached for a bottle – the cheapest – and poured out a measure. The whisky made itself at home at the bottom of the glass, but the man just stared at it in disapproval. â€Å"Whisky.† he said. Paul poured another measure. Again the man stared at it with disgust strained across his wrinkled, bruised face. â€Å"Whisky.† Paul shrugged again and poured it so the glass was brimming with brown liquid. Helicopters! I could suddenly hear choppers. They were up there, more than one – patrolling the night-sky. I dropped to the grass and looked up, but couldn’t see them despite the moonlight. How did they know about it? Who had called them? It took a long time to get a helicopter out here – helicopters were city. They must have been hunting this thing awhile, must have tracked it down here. But what were they going to do now? It was an animal, it had natural senses – they didn’t know this moor, they didn’t know where things were. It was ridiculous, what were city men in helicopters going to do against a beast like that? I lay still. They were on my side. The police, the army, the protection authorities – whoever they were – we all wanted the same thing, we wanted it gone. But I knew they wouldn’t be as careful as I would. They’d come to the moors before looking for things, other animals roaming these parts. They’d found them, they’d got them – and so what if a local got in the way of their sharpened bullets? It was collateral damage, it didn’t matter. After all, we were too far away from the cities and the towns and the newspapers and the television cameras for anyone to care what actually happened. We were too far away for the death of a few yokel innocents to matter. But we knew. We knew it was as just as dangerous encountering a city man sent with a gun as it was encountering a beast. I got up slowly. What would I look like to them? A man limping in darkness across the moor, smeared with dirt and remains – how was I going to appear to them? I tried to figure out where they were – the sound of propellers said they were close, but I could also hear that breathing. I shuddered. I had to keep moving, I had to get safe. My shack, with heavy bolts on the doors and windows, was still a mile away. There was nowhere else though. Nowhere between where I stood and my shack. Nowhere in that direction between the bar and my shack. It was all so desolate. I had to get home – I could lock himself in, I had weapons, I’d be able to treat my ankle and give myself a chance of a tomorrow. I just had to get off the moor. I didn’t want to die out there from either sharpened teeth or sharpened bullets. The man had just stared at that glass of whisky. Rain fell, records changed on the jukebox and still the man watched that glass with slow contemplation. All human sound had died. Before the man walked in Pete was regaling us with a childhood story we’d all heard three hundred times, Mark nevertheless could not stop sniggering at it – now there was only silence. We stared at the man – anxious of what he was going to do, scared of what he was going to do. Paul’s hand was below the bar, tight on the gun. Maybe the man would just drink and leave. Maybe he’d drink and start a conversation. Maybe. His hand reached quick for the glass. One moment it was lying still in his lap, the next it was dropping the brown liquid down his throat. He took it in one gulp, then slammed the glass back to the bar and stared at it disappointed. He seemed to wonder if that was it. Paul reached his free hand to the bottle, to offer a refill, when the man jerked himself over the glass. He hunched his body over as if about to vomit the contents back in, his head so close he could have snapped the rim with his teeth. But he didn’t. Instead he unfurled his tongue, pushing it into the empty glass so it curled at the bottom and piled up on itself. The tongue was long, dark, thick – it had two black veins running and pulsing up the back. He pushed it into the glass and filled it. The receptacle crammed full with purple flesh spilling over the top Then he made a slurping sound, like his tongue was a paper-straw reaching for the last drop of liquid. He slid it out, but stayed hunched forward and unfurled it again, wrapping his tongue around the base of the glass. He lifted it from the bar, tilting his head back and shaking whatever atoms of whisky might be left into his wide eager mouth. He dropped the glass back to the bar carelessly, so it landed on its side and rolled. The man grunted as it came to a stop right at the edge. I wasn’t far now, but still far from safe. The helicopters had moved away, but there were men on the moors. I could hear them communicating, I could hear the static of their walkie-talkies. They were armed and scared in the moonlight, and it didn’t matter what they saw – man, sheep, deer, great big beast – they’d all get the same treatment. I kept moving, conscious of them, conscious of the salivating breath, conscious that one wrong turn and I’d be exposed for all in the moonlight. I rounded a ridge, and there – close enough to see – was my shack. I felt so much relief I nearly wept, but then I heard them on the bank right above me. I hit bank-side and listened, they were chatting about vectors and shut downs and containing the area. All the time the beast was getting nearer. It was so dark out there – even with the moon – that it could have pounced from five feet and surprised me. Even with armed city men so close, it would still have time to tear out my throat before taking them too. They were above me so I couldn’t move, but I could hear the beast and knew I had to move. The sound of its hunger was louder when I stopped. It seemed like it could attack from all sides, like I could be ripped apart by more than one of them. It was everywhere. What were those idiots doing? Why were they advertising themselves? I held my breath and listened to them and listened to it, and figured I was in for a bloody death. Then there were screams. From across the moor came dreadful cries, that even through the wind I recognised as Pete. I lurched forward from the bank, but then reality knocked me back again. Even if I knew where to run it would be too late. The screams swirled in the wind, they echoed, so it seemed that each death throe was repeated again and again across the moors. The men primed their weapons, but what were they going to fire at? It could be miles off, it could be bursting up from just over the next hillock. Finally there was movement, orders were given, the men raced away. I could still hear the breathing, rattling between my ears even with the screams. I could hear the helicopters swooping back. The men had gone, the helicopters weren’t near enough yet and it was as close as it had ever been. If I looked to my left I could make out the brickwork of my shack. I moved hastily towards it. With the empty glass in front of him, the man closed his eyes and became still. Why hadn’t Paul shot him then? Why didn’t he just blast him one? What had gone through Paul’s mind to make him wait? But then the opportunity was gone, his eyes opened and he spoke. â€Å"I get so lonely,† he said. â€Å"I get so very, very lonely.† His voice was quiet, a growled monotone. â€Å"I know the kind of life I lead isn’t meant to have company, but still I am lonely. I think it’s an odd thing for me to have become lonely – I wasn’t born lonely, I didn’t grow up lonely, there was nothing in my life that suggested loneliness. But now I am alone. I don’t miss the people I knew, I don’t miss the people who loved me – some of them I can’t even remember – but I do miss the sensation of somebody else, I do miss there being another. I talk to myself a lot, I talk to myself and try to make sense of it, because after all – who else is there to talk to? Sure, there are people like you. There’s the welcome of strangers when I can get it. But you’re not my friends, you’re not even my friends for the hours I spend here. You’re just people I meet. You don’t like me and you don’t trust me – and I’ll be honest with you, you have no reason to do either. You know what I am, or you have a good idea what I am. You know what I have to do, you know what will happen next. And later on when I’m alone I might regret it, but for now†¦Ã¢â‚¬  And there it was – an angry mass of hair, claws and teeth. It went for Mark first – the most meat – but Mark was strong and pushed it back. It was only for a second, knocking it off balance, but enough for the three of us to get passed. We scrambled, had almost reached the outside, when it clamped me in a hungry vice. I looked to my foot and saw its horrible mutated face, growling and supping at my flesh. I screamed and it was answered by a gunshot. Paul put both barrels into its back. It roared and let go of my heel, and I hobbled out as fast as I could. There was another shot, and then a scream from Paul. I reached my shack, fumbling in the darkness as I tried to open the door. I had to be quicker – my blood was in the air, surely I was going to be next. It was so near, its breath seemed to bruise the back of my neck. Finally the door opened. I slammed it behind me, bolted it, pushed furniture to block the windows. Outside were choppers, men running – but they weren’t going to get near it. It was coming for me, stalking me. I opened the table drawer and pulled out my revolver, then went to my book shelves and cracked open a little box. It was a present, given to me as a keepsake, a lucky charm, in case I ever needed it. A silver bullet. I looked to the door and with shaking fingers slipped it into the chamber. The full moon shone on me despite the furniture. I could hear growling, panting, a nearby and desperate salivating. But then I heard a chopper, I heard men. It receded, cowering, taking a tactical retreat. The sound of breathing softened in my head. I took a gulp of relief and vomited on the floor. The vomit was blood red. I sat down, shaking with tears. I reached to the drawer and pulled out a carving knife, bringing it to my heel. But it was no good. The wound was deeper than I’d realised, the teeth had sunk in further than I thought, meeting below my flesh. There was no way I could just cut it out, the infection was in me, rampant in my blood. I put the gun to my temple. Why not? Anyone who passed as my friend had already died that night. But then the moonlight touched me and I realised just how powerful I felt. I could hear the breathing again, friendlier now though. There was a new smell in the night air – warm, welcoming. The beast was just the other side of the door, I could sense it. I could smell it, it could smell me. I put the gun down and smiled. I guessed neither of us would be lonely for a little while. How to cite Wilderness Bradley Watker, Papers

European Paintings Female Nude Essay Example For Students

European Paintings Female Nude Essay There was something special or unusual about them. It could have been for their beauty, power or their social status. In todays world, beauty of women is shown in magazines, television, billboards and catalogue advertisements. Before all these technology was invented, the only media beauty could be expressed was through paintings, The women in these paintings werent just any women walking down the street. Just like what we see today in the media, consider these women to be models. They had what was believed to he the figure of perfection; softness, curves and long thick hair. One of the paintings shown in Ways of Seeing video is a painting by Jean Augusta Ingress called La Grandee Odalisque, This painting was commissioned by Caroline Mural, Queen of Naples in 1814. Beauty is clearly expressed in this painting. Although Ingress ideal of female form is anatomically impossible with the enhancement of the overly long back appearance, her figure is the ideal It is boneless. Her pose and her gaze have a deeper meaning than just a naked woman staring at the spectator. There is nothing sexual about this painting. The fact that it was commissioned by another woman also support hat the nude is not only for male viewing pleasure. Another painting shown in the video is by Sir Peter Levy. It was created in 1972. Without knowing its history, many people would think that it was painted for a mans fantasy. Many people also think that the woman represents Venus and cupid. The woman in the painting was in fact one of the mistresses of King Charles II, Nell Go. Yen with her child. The fact that the woman is a mistress off powerful man shows that power plays a part in the making of European female nude paintings. Being an object in the painting also lifted up her status her and identity. The nude in European paintings do celebrate the woman within them. Just like the models in todays world, they were no ordinary women. They had the ideal figure and have earned their place to be chosen as an object. It is a celebration of their beauty.

Medical Marijuana Essays - Herbalism, Medicinal Plants,

Medical Marijuana On November 5, 1996, Californians voiced their honest opinion. Californians voted yes on a very controversial proposition - proposition 215. This law allows doctors to prescribe marijuana to patients with diseases that have severe symptoms. For example, cancer patients that undergo chemo-therapy and suffer from severe nausea and aching can benefit from smoking marijuana. Marijuana helps these patients get through these very painful symptoms by numbing the body and soothing the stomach. It also improves the appetites of AIDS patients and increases their weight and chance of survival. Marijuana also helps MS patients with bladder control and tremors. The use of marijuana for medical purposes is not a new issue. The Marijuana Tax Act made the cultivation or possession of marijuana illegal in 1937, but it only has been a heated issue since the 1960's. In 1970, Congress passed the Controlled Substance Act, which placed all illicit drugs into 5 categories. Marijuana was placed under the category of "Schedule 1," because Congress decided that it has no medical use and a high potential for abuse of the "drug." But in 1970, Congress hardly new the potential benefits of marijuana for medical purposes because chemo-therapy wasn't even an issue back then, just as NORML pointed out in their petition to change the scheduling in 1972. NORML (National Organization for Reform of Marijuana Laws) insisted that Congress had made their decision without accurate information about the plant. In 1975, the IND began a program that would allow patients to receive marijuana from the government. This program lasted until 1992, when Congress discontinued it. Not more than a year ago, the same request for the rescheduling of marijuana was presented to Congress and it was once again, denied. In 1990, the Drug Advisory Board stated that "personal use and cultivation should be legalized." The Drug Advisory Board wanted to legalize marijuana for all purposes, not just for medical use because it would benefit our economy by being a taxable good and it would decrease crime over obtaining the "drug." Opponents to the legalization of marijuana are those who consider marijuana a "gateway" drug, which lead users to more harmful drugs. These assumptions have no real facts supporting them because in 1995, a survey was taken by the National Survey on Drug Abuse. The Survey found that 20% of illicit drug users smoke marijuana and that 57% of illicit drug users smoke only marijuana. Proposition 215 would legalize the cultivation, possession, and smoking of marijuana legal for persons with prescriptions for it. Even though the people of California voted yes of proposition 215, the United States Supreme Court denied it because it went against federal drug initiative prohibiting the possession and cultivation of marijuana. This is ridiculous. Whose to say that the government can let a cancer patient suffer when there is a medicine that can sooth his or her pain. People who are terminally ill do not deserve to be put in jail because they are only trying to feel better and relieve some of the nasty side effects of medicines for their sickness. Bibliography Gooding, Robert. "Healthy Marijuana," July 1996, http://trailerpark.com/phase1/hempman.html

Prejudice and Discrimination in South Africa

Prejudice and Discrimination in South Africa Free Online Research Papers If you have ever thought of visiting South Africa, you are in for a treat! South Africa is rich in history, not to mention culture and diverse racial groups. From the Afrikaners to the Indians, South Africa’s diverse population is enough reason in itself to visit this famous nation. You can stroll along Gerhard Moerdyk Street in the region of Tshwane and sample many different ethnic restaurants, listen to jazz in one of the many clubs, and get a real feel of the cultural diversity that South Africa has to offer. However, most everyone is aware of the racial struggles that the people of South Africa have endured; for those that haven’t, this article can help you in understanding the people you are likely to encounter if you’re planning a trip to South Africa. It wasn’t until the 1600’s that settlers began coming to the South African Plateau. Before that, the region was primarily inhabited by the Khoi Khoi. When the Khoi Khoi realized that the people coming there were there to stay they began fighting the Dutch for control of their land. This was the beginning of the dispossession of the indigenous people of South Africa, which really didn’t end until 1994 (Britannica, 2008). The Dutch took control of the land and of the people of South Africa. They made the Khoi Khoi farm laborers destroying their political economy. The arrival of other settlers from France brought slaves from Asia and slaves from eastern and western Africa. These slaves and their descendants became the core of the Coloured Community. The Kaffir Wars was the struggle of the indigenous people of South Africa against the European rule. It lasted more than three centuries ending in 1994 with the end of Apartheid. The Kaffir wars gave the Europeans the upper hand in the situation. Once diamonds were found in 1967, although the native South Africans fought bitterly against the British, the British and the Dutch became the dominant rule in South Africa (Britannica, 2008). To protest European domination, indigenous Africans established the South African Native Conference in 1912. The South African Native Conference later became the African National Congress and it was the first pan tribal organization on the continent that resolved to gain political control back of their country. However, the British and the Dutch, or Boers firmly established control of the country by forming the National party in 1933. By then, most of the European immigrants were calling themselves Afrikaners and their language Afrikans. The Afrikaners’ National Party came in to power politically in 1948 under the promise of Apartheid. Apartheid called for the complete separation between all Europeans and other races living in South Africa. This began the most intensive period of anti-African legislation in South Africa’s history. Supported by the United States, Apartheid called for a system of different â€Å"homelands† that was used to separate different ethnic groups to separate parts of the country. A pass system was set up that was strictly enforced to maintain official segregation. However over the next several decades the government witnessed its own segregation from other Nations, including expulsion from the United Nations because of South Africa’s unrelenting segregation and abuse of the majority of its citizen’s human rights (Stalker ,2008). Because of segregation, several groups were formed to end apartheid. Although the ANC, had been around for some time, the Pan African Congress, or the PAC was formed as a splinter group. The PAC petitioned the South African government to relieve the oppression and exploitative conditions that Indigenous people were living under, but their pleas fell on deaf ears and eventually led to the outlawing of the ANC and the PAC in 1960. In the late 1960’s on segregated college campuses became hotbeds of revolution. The Black Africans were tired of the oppression their people were enduring. A call for â€Å"Black Consciousness† rose with the emergence of the South African Students Organization in 1968. This group was a harbinger of a new revolutionary spirit among the oppressed and eventually would bring an end to Apartheid. The refusal of the students at many universities and secondary school refused to accept Apartheid and became the most potent challenge to white domination in South Africa. Although the South African Government tried to do away with these groups by outlawing them, the strategy to undermine the South African resistance failed. Resistance to the White rule in South Africa increased as international support increased and economic sanctions were levied against the South African government. Although the white government of South Africa felt that the oppression and segregation protected their interests in South Africa by keeping the indigenous people under their control, in the end they failed. In 1990 South Africa’s last non-indigenous president lifted the ban on the ANC and the PAC and released all political prisoners including Nelson Mandela. (ANC.ORG ,2008) The Homelands system was abolished with the end of Apartheid and the election of Mandela as president. The Truth and Reconciliation Commission was founded in South Africa to help repair the extensive damage done not only to the physical integrity of South Africans and their country’s social infrastructure but also on mending the South African soul. The TRC sought to help heal the trauma caused by years of torture, murder and abuse at the hands of a racist state that previously would not permit individuals of different races to marry. Today in South Africa, although apartheid has ended, conditions for Black Africans have not changed much. Economically many black Africans live way below the poverty level, and more Afrikaners live above it, creating a division among them. The pandemic of HIV in the country has given rise to a new form of discrimination against those who struggle with the disease. The scale of infection and deaths from HIV/AIDS exceeds that in most other countries. Government inaction and certain dangerously mistaken beliefs and abusive practices concerning the protection from the disease are largely responsible for this line of discrimination. The Khoi San were the true original indigenous people of South Africa. They were stripped of their right to call themselves Africans and were labeled coloured. They were robbed of their land, culture, language, and identity. The indigenous people were eager and excited at first when Apartheid was destroyed but little has changed for them. They are still labeled as Coloured and not Africans. There is still a sharp color line drawn between the Black Africans and the Afrikaners. Although many are working to change this to liberate the people from the thinking that Black Africans don’t have their own history and identity. Education and awareness are the only ways to end the struggles of the black Africans of South Africa. Although they have progressed much as a people, they still have a long way to go. As time passes their plight is sure to become better, just as African Americans lives have become better in this country since segregation ended. The Black Africans are a strong people and they will accomplish their goals in time as they unite and become stronger as a people. References ANC. (n.d.). Nelson Mandela. Retrieved February 23, 2008, from anc.org: anc.org.za/people/mandela.html Britannica, O. E. (2008). South Africa. Retrieved Februrary 20, 2008, from Encyclopedia Britannica Online: search.eb.com.ezproxy.apollolibrary.com/eb/article-9109715 Stalker, P. (n.d.). South Africa Oxford Guide to the Countries of the World. Retrieved February 22, 2008, from Oxford Reference Online: oxfordreference.com/views/ENTRY.html?subview=Mainentry=t42.e195 Research Papers on Prejudice and Discrimination in South AfricaBringing Democracy to Africa19 Century Society: A Deeply Divided EraNever Been Kicked Out of a Place This NiceAssess the importance of Nationalism 1815-1850 EuropeQuebec and CanadaComparison: Letter from Birmingham and CritoRelationship between Media Coverage and Social andAppeasement Policy Towards the Outbreak of World War 2PETSTEL analysis of IndiaThe Effects of Illegal Immigration

Virtual lab #3 Assignment Example | Topics and Well Written Essays - 250 words

Virtual lab #3 - Assignment Example The three slides were observed severally and the number of species counted and recorded. Paramecium caudatum reached the carrying capacity of the environment on the 10th day when grown alone. To support the claim, the species attained its highest count on that day. The species attained a maximum number of 60. After the 10th day, the species did not grow any further due to the limited resources in its environment. Infact, the species population started to diminish the following days. However, the species died off after mixing with Paramecium caudatum to share the same ecological niche. On the other hand, Paramecium aurelia reached its population capacity of the enviroment on the 8th day. On the 8th day, the species attained a maximum number of 98 organisms. When grown alone, the species recorded its highest count on this specific day. It maintained the same number count for the next days. On the other hand, it had a slightly lesser count when mixed with Paramecium caudatum. In this case, it had a muximum number on the 12th day. The differences in population growth patterns between the two species results from the way each individual species utilizes its available resources. In this case, Paramecium caudatum utilizes more resources hence resulting to a lower population count. However, Paramecium aurelia has a high population count because each individual organism utilizes lesser available resources when gown alone. According to the principle of competitive exclusion, thwo or more species competing for the same available resources cannot co-exist in the same environment keeping other factors constant. When mixed in the same test tube, Paramecium aurelia survived while Paramecium caudatum died off. In this scenaio, Paramecium aurelia had the advantage of survival and high population growth rate. As demonstrated in this experiment, no two species can occupy the same ecological niche keeping other factors constant. As a result, one species will have an

New Zealand Film History Essay Example | Topics and Well Written Essays - 2000 words

New Zealand Film History - Essay Example New Zealand is a cultural melting-pot. Its national identity didn't come ready-made to be served in a silver platter but it is a fusion of many cultures that are varied and oftentimes contradictory to each other. All of this hodge-podge of cultures that was the outcome of intermingling and sometimes violent embroilment of diverse heritages for hundreds of years produced a unique national cultural identity that is one of its kind and which is so "quite unlike anywhere else in the world" (New Zealand Facts). This can never be truly understood and Ruth Harley's claim that "our culture is the well from which filmmakers draw their inspiration" will never be fathomed if we do not dissect the various cultures that make up this multi-cultural nation that is called New Zealand. And this has to start by tracing New Zealand's history and describing the cultures that these various people possess. Oral tradition of the Maoris claimed that a dark-skinned people called Morioris or moa hunters were the original inhabitants of New Zealand. Legend has it that these pre-Maori Polynesians (Australia, New Zealand Encyclopedia 1975, p.1013) came to the eastern North Island to hunt for moas, which were extinct wingless birds standing about 12 feet tall. Various literature failed to give us their kind of culture but only that they were assimilated into the Maori society. A Maori navigator named Kupe was the known discoverer of the land he called Aotearoa or Long White Cloud at about 950AD. Thereafter the Maoris came to settle the land National Identity 2 at about 1350 AD. They came in 8 outrigger canoes from either Society Islands or Tahiti and with their advent, they brought with them their own distinct culture. Although described as cannibalistic warriors, these tough, resourceful and handsome people were and are closely-knit who are "bound in families and subtribal communities" and have a deep "sense of closeness and homeyness" (Schafer 1998, p.11). The Maori society was already highly evolved at that time and was characterised by division of social classes i.e. chieftains, commoners and slaves. Yet despite this, they had remained family-oriented rather than individualistic (MacInnes 1964, p.109). They are also highly eloquent and witty with a predilection for debating. Maoris are also gifted with the talent for wood carving which is distinguished by intricate convolutions and feature pseudo-Oriental masks that are probably the finest in the world. What makes Maori culture so unique is that they always strive to achieve physical perfection through dancing and their

The different influences which impact on the reform of unlawful Essay

The different influences which impact on the reform of unlawful conduct - Essay Example By definition, unlawful conduct refers to any action that can be identified as contrary to, or forbidden by the law (The W100 team, 2011). This definition covers both criminal and civil unlawful behavior. In criminal law, the litigation is always brought forward by a specific prosecutor -the state (in the name of the Crown). However, in civil cases, the circumstances are a different in that, the lawsuit can be initiated by any legal private party who is normally referred to as the claimant. The task of bringing collecting and presenting proof against the defendant rests squarely on the shoulders of the claimant (Samaha, 2012). The W100 team (2011) posits that in order to determine unlawful conduct, it is paramount that sufficient proof is produced placing the particular party at fault so that relevant action may be taken. Without doing this, no legal action can be taken against either party. It is very important to analyze in depth the factors which influence why any conduct should b e considered unlawful. Technological development plays a very significant role in this. Issues to do with copyright infringement and intellectual property are constantly changing and so reforms need to be carried out from time to time regarding the same. Social climate also determines a lot in influencing reform. Changing times affect what laws are made and implemented. A perfect example is cited whereby during the Shakespearean period, it would be perfectly legal for a girl of 13 and a boy of 18 to get married. However under the current laws of Wales and England, this would be unlawful conduct because 16 is the minimum age for marriage (The W100 team, (2011). Worth noting here is that not all rules of social morality are considered unlawful. Differences in social values in different countries may to some level dictate the differences in laws. Protecting individuals and society from harm is a very important factor that influences reform. The activities classified as unlawful for thi s reason are usually seen to cause direct harm to those engaging in them or to the society at large. For example, the possession of cannabis is considered unlawful. However, the legality of this situation may change in the circumstance whereby the cannabis is prescribed by a physician to be used for medicinal purposes. It is inevitable that social morality will sometimes influence the lawful or unlawful nature of an act. Economic reasons also come into play in matters of legislation. Borrowing items without someone’s consent may be considered unlawful in some societies whereas it is perfectly legal to do so in others, provided the items are returned. These are societies where ownership of property is more communal as opposed to where private ownership is prioritized. In some cases, the economic effect of a person’s action is actual ground for determining whether an action is unlawful or not. The array of factors mentioned above clearly indicates the complexity of defin ing conduct as unlawful or otherwise. Some activities that are considered to be out rightly immoral and antisocial do not necessarily warrant them to be earmarked as unlawful. Parliament plays a big role in reform and determining unlawful conduct. It represents the democratic will of the people. Pressure from the public and the media has been seen to work on many occasions in contentious issues regarding legislation, therefore making parliament one of the most direct ways of reform on unlawful conduct. Despite the judiciary not being primarily concerned with law reforms, it is involved in identifying anomalies in the law and calling for relevant amendments to be made on the same (The W100 team, 2011). The truth of the matter is that the judiciary has a

Cash Flow and Profitability of Dividend Payout

Cash Flow and Profitability of Dividend Payout CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researches but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Owner responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensens free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF arguments postulate there are fewer funds available for costly overinvestment. Likewise, if company didnt pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensens and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firms earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firms at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensens (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companys point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Free  cash flow is important be cause it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression models ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firms dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout. Cash Flow and Profitability of Dividend Payout Cash Flow and Profitability of Dividend Payout CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researches but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Owner responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensens free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF arguments postulate there are fewer funds available for costly overinvestment. Likewise, if company didnt pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensens and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firms earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firms at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensens (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companys point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Free  cash flow is important be cause it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression models ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firms dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.