International and comparative HRM Assignment Example | Topics and Well Written Essays - 3000 words

International and comparative HRM - Assignment Example As argued by Edwards et al. (2001, p.201), the intricate connection between markets and institutions, and the physical benefits of actors ultimately influence the transfer of HR practices within MNCs. This paper will critically evaluate the manner in which host and home country environments interrelate to yield the forces that eventually influence the transfer of HR practices within British MNCs operating in China. This evaluation will consider the cultural, institutional, and organisational barriers or facilitators while citing examples of specific HR practices that are more likely to be adopted in the Chinese national cultural and institutional context. Within the context of increasing interconnectedness and interdependence of nations, businesses have successfully expanded their operations beyond national frontiers thereby leading to the rise of MNCs (Ferner & Quintanilla 1998, p.710). MNCs can simply be understood as corporations that have their headquarters in one state and operations spread out in several other countries as suggested by the word multinational. MNCs are naturally oligopolistic powers that tend to dominate markets while joining forces with other great businesses to gain monopoly. MNCs explore the latest advanced technologies to deliver excellent value products and services across their chains. In most cases, MNCs invest heavily on research and development of new improved technologies for maximum efficiency in chain operations. MNCs have grown significantly in the recent past thereby contributing immensely to the global GDP (Edwards, Marginson & Ferner 2012, p.2). The scope of MNC’s operations has increased further, following the prevalent deregulation of global economies to eliminate barriers to foreign domestic investment. The level of transfer of HRM practices in different types of MNCs varies exceedingly, because they adopt varying strategies to the transfer of HRM practices

The Endangered Arabian Leopard Sociology Essay

The Endangered Arabian Leopard Sociology Essay This project is about investigating the biodiversity and the importance of preserving biodiversity. Each group have chosen an Arabian species to evaluate it and to investigate its status. Every member of the group has to write one part of the report. Investigating biodiversity, the status of the species and how can we protect this species from loss. And how can the society as a whole contribute to the preservation of the biodiversity and the specific species that we chose to write about. Biodiversity is a very important subject, as today the world is facing a biodiversity crises. The biodiversity crises basically means the loss of many types of different species on earth that humans lives depend on (IUCN, 2010). Biodiversity is the variety of life it is the variety of all species on the planet. Biodiversity contains all the different animals, plants, creatures, insects, microorganisms and it includes the diversity within species, between species and of ecosystems. Biodiversity can be divided into three types Genetic diversity, organismal diversity, and ecological diversity. The genetic diversity covers the components of the genetic code that makeup organisms and the variations between the individuals in the population and between populations. Organismal diversity includes the taxonomic hierarchy from individuals to genera and beyond. Ecological diversity includes the scales of ecological differences from populations, niches, habitats, up to biomes (Gaston, K. Spicer , J. 2004). We have chosen to write about a very beautiful and amazing animal. This animal lives in parts of the Arabian peninsula. People used to kill it to save their cattle from being eaten by this animal, and then they used its nice patterned fur for decorating their homes, and they were also hunted for their teeth and claws (McGregor, T., Spalton, A. Hikmani, H. 2007). The animal that we will discuss is the Arabian Leopard, as we know that it is an endangered animal in the Arabian peninsula and we would like to explore more information about this gorgeous animal. Kingdom ANIMALIA Phylum CHORDATA Class MAMMALIA Order CARNIVORA Family FELIDAE Genus Panthera Species PANTHERA PARDUS Sub Species PANTHERA PARDUS NIMR The Arabian Leopard is one of the common names of this animal, the other common name is the South Arabian Leopard. The Arabian leopard is a sub species of the known leopard panthera pardus. The scientific name of the Arabian Leopard is Panthera pardus ssp. Nimr. The taxonomy of the Arabian Leopard is shown in the table below (IUCN, 2010). The trophic level of the Arabian leopard is Carnivore. The panthera pardus nimr is considered the smallest subspecies of leopards. Its total length is between 160 cm 220 cm, the length of its tail only is between 66 cm 100 cm. The Arabian leopard weight is between 28 kg 75 kg. The Arabian leopards has special small and widely spaced spots (Kingdon, j. 1991). The color of the Arabian leopards body is nearly pale brown or golden color. Its lower part of the body can be yellow or white. The spots are black and sometimes have the shape of a flower (Selim, M. El-Batanouny, K. n.d.) Hessa Aqab Shahin 200880840 The ecological niche means the species way of life or role in a community or an ecosystem and it includes everything that affects its survival and reproduction (Spoolman, S. Miller, T. 2008). The Arabian leopards depends on livestock, domestic goats, Arabian Tahr, and other small birds and mammals as a food source. The Arabian Leopard is considered a very powerful predator in the region where it is on control. The habitat of the Arabian leopard is mostly in mountainous and hilly areas and its rarely venture into open plains (McGregor, T., Spalton, A. Hikmani, H. 2007). Because of the lower numbers of the Arabian leopards in the region another predator has taken its place which is the Caracal (McGregor, T., Spalton, A. Hikmani, H. 2007). So the Caracal has taken over the Arabian leopards place and is occupying its area, and this can cause the Arabian leopards numbers to become less because there is another predator that is taking its food and habitat areas. According to local peopl e in Oman the Caracal is their enemy because it hunts their livestock in wadis and close to their homes while that Arabian leopard only preys on livestock in the mountains so they were aggressive towards that Caracal, they hunt it and kill it because it causes a lot of damage to them. Another thing that affected the Arabian leopards survival in the region is the constant civilization and building roads that reaches the top of the mountains, people also are taking its place by local housing expansion, over grazing, and farming (McGregor, T., Spalton, A. Hikmani, H. 2007). All these human activities and modernization are endangering the Arabian leopards survival in the region. Figure 1: http://www.biosphere-expeditions.org/images/stories/pdfs/reports/report-oman0607.pdf The Arabian leopard can only be seen in several areas in the Arabian peninsula. The distribution range of the Arabian leopard is shown in figure 1. Its distribution ranges from the mountains of Haqel in the north-west of Arabia, Yemen, the mountains of Hadramout to north-east of Oman, and the eastern mountains of the United Arab Emirates. The Arabian leopards extends from the rugged arid, to semi arid mountains along the coast of the Red Sea in the Kingdom of Saudi Arabia (Al Johany, A. 2006). The figure below shows the distribution of the Arabian leopard in the Arabian peninsula and the neighboring region and it shows whether the Arabian leopard distribution is confirmed, probable, possible, or historical in that particular area. Hala Ibrahim 200601460 Species classified by Biologists that heading toward biological extinction as threatened, extinct and endangered species. Firstly, threatened species is a species that still abundant in its natural range but they continues to decrease and most likely to became endangered in the future. Also, threatened species can known as vulnerable species and the example of this kind of species is Dugong dugon. Secondly, some species not known in wild, it only can found in zoos or private collection such as Arabian Oryx and that an example of extinct species. Thirdly, an endangered species is a few numbers of organisms population that at risk to be extinct or threatened because of environmental changing or human impact and the Arabian leopard is an example of this species(Miller, T., Spoolman, S). Endangered species include 1 in 4 mammals, 1 in 8 birds and 1/3 of all amphibians(The plight of endangered species). However, many scientists and some university courses are focusing in this type of spe cies to preserve and protect them to not be extinction. Arabian leopard is one of this endangered species which estimated to no more than 250 mature individuals. Also, this number is subject to decline in the future which mean that Arabian leopards are able to be extinct because of the small population they have. The Arabian leopard was spread widely in the mountains of Arab countries such as Haqel in the northern part of Median Mountains, in Hijaz and the Sarawat Mountains. In addition, this leopard existed in the northern Yemen highlands, in the mountains of Ras al-Khaimah and the eastern region of UAE and in the Jebel Samhan and Dhofar mountains in Oman(Arabian leopard- critically endangered(CR)). However, the lack of awareness amongst the people in the past lead to decrease the numbers of leopards. What are the reasons that make species threatened and endangered? Hunting, killing and perishing are the causes of the reduction of Arabian leopard which mostly caused by people in a direct and indirect way. Sometimes leopards were killed accidentally when they was eating poisoned which is putted to wolves and hyenas. In 1986, four Arabian leopards killed in the Ras Al-Khaimah mountains in the UAE(Harman, A). Moreover, a recently killed leopard found in 1992 in the border area between Sultanate Oman and UAE, sadly, in the same area other two leopards found one of them killed and another injured. 50,000 leopard were killed during the early 1960s just in East Africa(Harman, A). In addition, some of farmers and cattle herdsmen are forced to kill the Arabian leopard to save them self and their livestock because they thought that leopard are attacking and killing their goats and may attack them and people who live around. On the other hand, some people are killing and hunting the Arabian leopards because of the commercial value they have. Hunters take the advantages from leopards through selling their skins and the leopard furs and that happened with some traders in Africa and Yemen(Harman, A). This kind of illegal situation could increase the income of traders but affect negatively in Arabian leopards which make them endangered and threatens their population. Habitat destruction it also considered as the most serious cause that threatens species when it mean the complete lose of areas with it all resources that species need to survive(Miller, T., Spoolman, S). Unfortunately, the increase of peoples population has a negative effect in areas that mammal live in, there is always a new construction of shopping malls, parks, developed houses and factories. Also, there is a daily cut of forests and Hala Ibrahim 200601460 grassland in areas that Arabian leopard and other mammals live in (Kirkland, G). Species are basically need food, shelter, water and the proper environment as human needs to survive and live in suitable environment (Bailey, R.) . Moreover, habitat fragmentation which represent the isolation of areas to many sections and make it difficult for species to feeding, migration and mating. Also, the number of Arabian leopard declined because of the reduction in numbers of deer and bucks that live in the mountain area that leopard live in and characterize as the main source of food for leopard(Arabian Leopard). Species affected by changing and rendering habitat and that changes come from draining wetlands, constructing flood-control reservoir and plowing native grasslands. Directly or indirectly, Arabian leopard can be affected and died because of the environmental pollution, that pollution can limiting and reducing the needs of the mammals. Some mammals die after drinking waters that contai ned a cyanide(Kirkland, G). Endangered species has some certain common characteristics that shared with other endangered and extinct species such as the large size. Some of endangered species has a large size which need hundreds or thousands of acres to support their population , when other mammals such mice need a small woodlot to live in. Also, endangered species has a low productive rate because some mammals naturally produce just one offspring each year and it is difficult to recover rabidly if the mortality rate is high(Kirkland, G). Compared to small rodents, they are able to produce many large litters in each year. Endangered mammals and Arabian leopards can also considered as a species that has a small population, rare and has high trophic level. Mammals as Arabian leopard become threatened if the specialized habitats they live in is widely separated to many spaces and in small sizes, because these species need a large areas in order to find their priorities of food and water to survive. Figure 2: http://gulfnews.com/news/gulf/oman/oman-yemen-tie-up-urged-to-save-leopards-1.18006 Haya Sultan 200520663 Over the last million years, nearly five mass extinctions have occurred since the beginning of the universe. They either determine the end of an era of time or the beginning of another. The Ordovician-Silurian extinction, the late Devonian extinction, the Premian-Triassic extinction, the Triassic-Jurassic extinction and the Cretaceous-Tertiary extinction was the five mass extinctions. Figure 3 Figure 3 Each one of them had causes, in the end of the Ordovician extinction about 447 until 444 million years ago; mark the border between the Ordovician period and the period following which is the Silurian. In that extinction there were several important changes in the size of carbon isotopes of essentials of the reaction and the biology of oxygen. Those changes refer to classified different stages in a single event. At that time, complex multicellular organisms lived in the sea, and about 100 families of them covers about 49 percent of the marine. More reliable estimate of species of the animals has become extinct. The earth lost brachiopods and small bi-valve bryozoans colonials, along with many families of trilobites and graptolites (small colonial marine animals). The late Devonian extinction was equivalent to the global cooling and has been suggested as a cause of extinction of the Devonian, as is also suspected of causing the extinction of the terminal Ordovician. Climate change and the drop of sea level caused the Premian-Triassic extinction also. In the Triassic-Jurassic extinction and the Cretaceous-Tertiary extinction, the scientist said that a volcano caused it. Volcanoes release a range of Haya Sultan 200520663 gases into the stratosphere of which SO2 and CO2 are volumetrically the most important (Devine, J.D. Sigurdsson, H. Davis, A.N. (1984). Those causes that happened in the past naturally happened. But nowadays, we might face another mass extinction but this time humans are the main cause of it. The causes nowadays are many. First on is the destruction of species habitat and fragmentation. We remove many forests either to use the trees in making furniture or papers or either to make papers, which destroys lot habitats of many kinds of species. Second thing is rapid human population growth. Which means more land to be cleared to build houses and facilities. Third cause is genetic pollution. Pollution caused by factories and transportations. Forth cause is Global warming. According to wildlife Middle East news they said, The recent rapid decline of the Arabian leopard is due to a variety of reasons, most of which are caused by people. Rapid human population growth causes encroachment into wilderness areas, putting pressure on leopards and other wild. Depletion by hunting of natural prey such as Nubian ibex (Capra ibex), Arabian tahr (Hemitragus jayakari), Mountain gazelle (Gazella gazella cora), and rock hyrax (Procavia capensis) leaves little for leopards to eat so some are forced to prey on livestock. This leads to conflicts with villagers who kill leopards in order to protect their herds. Wealthy animal collectors who pay huge sums for Arabian Leopards encourage the trapping of leopards for the illegal market. Different sectaries in the UAE are taking action to protect the Arabian leopard. In 1993, the UAE set up the Arabian leopard trust which is planning to protect its habitat in the mountains, and conserving native Arabian wildlife in general. The Arabian Leopard Trust is trying to maintain the impact on the Arabian leopard locally and globally. Also in Sharjah there is a breeding center which successfully had the third litter of cubs born. We as individuals we can help protecting the Arabian leopard by stop introducing non-native animals and leave them in the wild. Also recycling and reducing pollution helps. Not just the Arabian Leopard, but also all the species that are threaten and endangered. And government can help by protect the mountainous habitats and set laws to stop hunters from threaten the Arabian leopard. The media also have a very big impact on people. It can spread awareness among people about endangers animals and how can we help in protecting them. Summary conclusion: Biodiversity means the variety of life on earth. The Arabian leopard is an Arabian animal that faces the danger of being extinct. Endangered species as Arabian leopard is a species that still abundant in wild but their population are able to decline. Human impact and environmental pollution has a significant role of the reduction of Arabian leopards population. This endangered leopard has some common characteristics such as low productive, small population and large size. There are also some initiatives done to protect this animal from loss. After doing research and writing this report we found out that animals and different species in the entire world are very important. Each and every animal, insect, plant, or even bacteria has an important role in this ecosystem and in maintaining the balance of life on earth. All these different species, both the ones we discovered and the ones we didnt, are interconnected in a way or another. For example the species that we based our report abou t; the Arabian leopard, has mostly disappeared from many regions so another animal took its place in that area like the caracal who is now attacking cattle more than the Arabian leopard would do if it was in its normal region. And this thing affects the ecosystem there. So we noticed that if any species is lost it affects the ecosystem in some way; thats why we should be concerned about saving the species and preventing them from loss, because we want to live in a balanced healthy world. And the species loss is breaking the balance and the harmony of life. Islam is a very merciful religion for both humans and animals. For example there is Hadith Sharif a saying by prophet Mohammed peace be upon him Narrated Abu Huraira: Allahs Apostle said, While a man was walking on a road. he became very thirsty. Then he came across a well, got down into it, drank (of its water) and then came out. Meanwhile he saw a dog panting and licking mud because of excessive thirst. The man said to himself This dog is suffering from the same state of thirst as I did. So he went down the well (again) and filled his shoe (with water) and held it in his mouth and watered the dog. Allah thanked him for that deed and forgave him. The people asked, O Allahs Apostle! Is there a reward for us in serving the animals? He said, (Yes) There is a reward for serving any animate (living being) . (Good Manners and form, n.d.). Thats why we should protect biodiversity out of our religion, and even out of the persons values also. If the status of our species was reevaluated when we are 50 years old. We think that Arabian leopards will be extinct in the wild, but there will be some raised in captivities and wildlife preserves. As we notice this huge development and change in the habitat of this species which lives in the mountains. But if the concerns about its loss started from now the situation might improve and we might have an increase in the numbers of the Arabian leopards. But they would probably be raised in places far from this development and they might create more preserves to save what can be saved from its habitat.

Hobbies: Fruit and Idle Mind Essay

Hobbies are leisure time activities. They are gardening, reading books, stamp collecting, learning musical instrument such as Veena, Violin, Guitar etc., painting, photography, bee-keeping, poultry-farming, and writing stories or novels. Hobbies are for recreation and relief from routine, stereo typed and monotonous work. They help us to develop our manual skill. They kindle one’s imagination and make one give vent to one’s latent talents. They make brisk and some of them benefit us monetarily. Everyone should have a hobby. W.H.Davies, the poet writes ‘What is this life full of care, we have no time to stand and stare’. Further an idle mind is a devil’s workshop. One must choose a hobby according to one’s tastes. They keep one engaged. They educate and help us learn many things. Some times hobbies become one’s full time profession and in a high position. Hobbies make us brisk both physically and mentally. Hobbies like stamp collection and coin collection make us rich also. So everyone should have a valuable hobby. My hobby is gardening. My father has constructed a house in one ground, there is half a ground place for gardening around the house. There is a well at the back of the house. My father advised me one day that an idle mind devil’s workshop and I should educate me and benefit me in future. He asked me to look after the garden. After my school hours, I engage myself in gardening. I will do work such as purchasing proper seeds, sowing, weeding, watching the plant, pruning, and making channels for water. This hobby has taught me the features of the plant, and their habits and my teacher would give me suggestions as times about it. Now I have grown trees such as mango, neem, coconut, banana, guava, jack and pomegranate, plants like brinjal, tomato, ladies finger and flower plants like Rose, Jasmine, and Kanakambaram. I usually sell the fruits and vegetables to my neighbours. They gives me money. I save it in small savings scheme. My father has said that it would be helpful for my higher studies. I am happy, doing it.

Step up to Writing Essay Samples Tips & Guide

Step up to Writing Essay Samples Tips & Guide Choosing Step up to Writing Essay Samples Limit your focus and attempt to select a topic based on the purpose you're writing the essay for. If you haven't been assigned a topic, you have a bit more work to do. Once you have selected the topic to write don't begin to write immediately instead take into consideration the topic for 30 minutes'. In case the topic isn't specified, please choose a topic you're comfortable with and straightforward. It's possible to discover extra info on the specifics of each sort of essay paragraph in different videos for this program. If you're given the subject, you ought to think about the kind of paper that you need to produce. Once you've got a summary of the essay, you're in a better place to pick a title that is not only relevant but engaging for your readers. Don't begin with the introduction. Choosing Step up to Writing Essay Samples Is Simple A very clear strategy is essential to writing a prosperous persuasive essay. The more detailed your outline is, the simpler it is going to be to compose your essay. As you progress through school, you will be asked to compose essays. It's vital that you learn early on how best to compose effective essays that communicate clearly and accomplish certain objectives. Going through different varieties of essay can motivate you to compose your own essay. Structures for the three kinds of essays. If you know how to compose essays better, your academic performance will be excellent. If your aim is to educate, select a subject that you've already studied. If your aim is to persuade, pick a subject that you're passionate about. Each body paragraph is going to have the same standard structure. Search for phrases like the value of'' which tell you exactly what aspect of the subject to center on. Your final sentence should uphold your principal idea in a very clear and compelling way. There are various kinds of essays based on several criteria. You have to follow along with the fundamental things to do to attain the intended objective. Review an d use the steps below. Utilise the assistance of our service and don't fret about how you complete the school. An academic essay writer is somebody who will ideally have a good deal of experience in both academia and the company world, and they'll request a fair quantity of money. Consequently, value your time and take pleasure in the training. If your essay is describing a process, like how to make a huge chocolate cake, make sure your paragraphs fall in the proper order. For clarity and quick grasp of the paper, you ensure that every paragraph discusses one particular point. While it's true that every paragraph should stay focused on a single concept, the paragraph is also 1 part of an entire argument. The very first paragraph of the human body should put forth your strongest argument to back up your thesis. What the In-Crowd Won't Tell You About Step up to Writing Essay Samples There are specific locations to locate good info. The assay article needs to be apart into d ianoetic, adhesive components, everything ought to be artificial in the dead condition. You can always locate a great source. Well our online expertwriters provide you with an entire package of solutions! Proposal writing is a hard task that numerous students avoid by trying to find help from expert dissertation writers. If you still don't know how to come across an interesting subject, then you ought to seek out assistance from your teachers, mentors, guides, etc.. While an essay is a sizable project, there are lots of steps a student can take which will help break down the task into manageable components. Together with the UK Essay Help undergraduates find it impossible to get worried about the time but delight in a complete life.

Relationship Between Man And God - 983 Words

One thing that people from different eras have in common is that they were continuously inspired by faith. Throughout time people have consistently sought for answers to the mysteries of this world; in doing so a multitude of religions have burgeoned, with the Greek Gods and Christianity being among the most prominent religions in history. There are a plethora of Greek texts, with some of the more notable including Homer’s Iliad and Ovid’s Metamorphoses, which focus on man’s relationship with the Greek Gods. Likewise, Saint Augustine, an illustrious figure in the Catholic Church, wrote Confessions which focuses on his relationship to God throughout his long, confusing path to conversion. Man’s relationship to God(s) has long been a debated topic, mainly due to varying perspectives within one’s religion, as well as the profusion of religions that this world offers. The relationship between man and God(s) is of utmost importance as it serves as th e inspiration for the bulk of society, and individuals’ values. There are a multitude of questions, however, that stem from this relationship. One of the most prevalent questions is that of whether or not man has free will. It is the relationship between man and God(s) that I explored in my poems Folly and Light. The poem Folly investigates the relationship between man and the Greek Gods as seen in Metamorphoses and The Iliad. The poem is arranged in the form of seven stanzas, with the last stanza being a repeat of theShow MoreRelatedRelationship Between Man And God1419 Words   |  6 PagesWithrow English 2423 23 September 2014 The Relationship between Man and God A covenant is an agreed upon relationship between two or more partners. Within the scripture of the Hebrew Bible, the covenant between God and man changes into a far more formal relationship than it begins in the story of â€Å"Genesis†. In the beginning, the relationship between God and man could be categorized as convenient. While, opposition to that, the relationship between God and the people of the Pharaoh’s, would be categorizedRead MoreThe Relationship Between Man and God Essay2522 Words   |  11 PagesGerard Manley Hopkins’ poem â€Å"Carrion Comfort† was written after his ordainment as a Jesuit priest, and his conversion from a High Church Anglican. At the time of his ordainment, Manley Hopkins believed practicing poetry interfered with his relationship with God and thus led him to give up poetry almost entirely for seven years. However, in 1872 he recanted this belief and returned to writing. In 1884 he accepted a position teaching Greek and La tin at the University College Dublin. During his timeRead MoreMan s Relationship Between God And God1194 Words   |  5 PagesMan’s relation to God distinguished God from his creation. Firstly, Man was made in God’s image, therefore they desire to communicate with God. 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Essay on Theories of Personality - 525 Words

Introversion has the greatest chance of negatively affecting SLA. Students that are afraid of embarrassing themselves by speaking incorrectly or by not being able to speak at all may try to avoid opportunities that would otherwise aid their learning (Zhang, 2008). Since 1960, personality has emerged as major field of specialization among doctoral candidates (Vance Macphail, 1964). Many investigations have been accomplished followed by literature on a variety of theories of personality. The importance on individual differences and distinctiveness of the individual are the most frequent features of the study of personality. There is a guarantee that each person’s profile is different from that of another person and thus, each person†¦show more content†¦The study can merely be called systematic and scientific when it concerned unbiased observations that are quantified so that systematic analyses can be performed (Allen, 1990). Dworkin and Kihlstrom (1978) underlined th at the prediction of behavior will be improved by the use of personality tests. In line with this, many personality inventories with certain extent of reliability and validity have been developed to aid in the study of personality. There are essentially two forms of personality tests that can be found in the literature. One of it is named projective test, allowing an extensive variety of freedom in making response, whereby the test items are more unstructured, vague or open-ended. Example of this is the Rorscharch Technique (1951). In the meantime another form of test is called the objective test. Objective tests are extremely structured paper and pencil questionnaires such as true/false or multiple choices, each of which can be scored with a key. Sidek personality Inventory is one case of an objective test. As objective tests are highly structured and scientific, they are higher in validity and reliability compared to projective tests. 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Ifrs 10 Application to Hyundai and Kia Free Essays

string(24) " the total volume of 2\." ————————————————- ACCT333 Advanced Financial Accounting ————————————————- Group Project Assignment (IFRS 10) Cheong Wang Shen Gordon Prepared for: Prof Bernardine Low Prepared by: Gordon Cheong Wang Shen Jason Tan Zhu En Twain Teo Wei Ren Wee Huixiang (G4) Table of Contents Question 1: IFRS 10 flowchart3 Question 25 (a) Identifying ambiguity of control5 Background5 Control issues5 Co-owning of subsidiaries5 Inter-company director relations6 Same platform manufacturing6 b) (c) Application of IFRS 10 flowchart to determine existence of control by Hyundai7 Step 1: Determine the purpose and design of investee (Kia)7 Step 2: Determine relevant activities7 Step 3: Determination of ability to direct relevant activities8 Step 4: Determine if exposed to variable returns9 Step 5: Determine if Hyundai is a principal or an agent10 Question 310 Identification of four requirements in IFRS 10 that are challenging to interpret and apply10 Considering the purpose and design of the investee10 Determining the relative size of voting rights11 Considering related parties12 Determining if investor is a principal or agent12 References14 Question 1: IFRS 10 flowchart Question 2 (a) Identifying ambiguity of control Background The Hyundai Motor Company (hereafter referred to as Hyundai) is a multinational automaker based in Seoul, South Korea. Hyundai is one of the two best-known divisions of the global conglomerate Hyundai, the other being Hyundai Heavy Industries, the largest shipbuilder globally. A famous Korean businessman, Chung Ju-yung, founded Hyundai in 1974. We will write a custom essay sample on Ifrs 10 Application to Hyundai and Kia or any similar topic only for you Order Now Following the Asian Financial Crisis in 1997, Hyundai bought over Kia Motors Corporation (hereafter referred to as Kia) in 1998, which resulted in the formation of the Hyundai Kia Automotive Group (HKAG). It consists of multiple affiliated companies related through complex shareholding agreements, although Hyundai is taken to be the de facto representative in transactions done with HKAG. During the acquisition of Kia in 1998, Hyundai out-bidded Ford motors to acquire 51% of the company’s shareholding. After a series of divestments over the years, the total ownership of Hyundai in Kia has been reduced to only 33. 5%. Hyundai and Kia are both listed individually on the Korean Stock Exchange. In 2008, Hyundai was ranked the 8th largest automaker in the world. It was also the fastest growing automaker globally for 2 consecutive years (2010 and 2011). The chairman and CEO of Hyundai is Chung Mong-koo, one of the surviving sons of Chung Ju-yung. Control issues Hyundai currently has a 33. 75% direct shareholding in Kia, with the remaining shareholdings being presumably widely dispersed. As such, it evidently has significant influence over the operations and running of Kia’s business. However, establishing direct control between Hyundai and Kia is not as straightforward. There are a number of issues that we have to look at. Co-owning of subsidiaries Hyundai and Kia co-own a large number of subsidiaries. As evidenced by the 2010 consolidated financials of Hyundai, the global branches of the Kia Motors Group are 100% held by Hyundai through Kia themselves. Both companies also have percentage ownership in Hyundai’s various component manufacturing companies like Hyundai HYSCO Company Limited and Hyundai Powertech Company Limited. Aside from this, they also have holdings in Autoever Systems Corporation, where their main Research and Development unit is located. Inter-company director relations The current Chairman and CEO of HMC is Chung Mong-koo. He took over Hyundai in 1992 when the Hyundai Group split into its various divisions. The Hyundai group itself follows a South Korean Business form of conglomerate known as chaebol, where the unique characteristic is that it is usually a huge family controlled corporate group. As such, it is not surprising to see that many of the third generation members of Chung Ju-yung’s family are heading many of the different divisions of the Hyundai Group. Chung Mong-koo’s only son, Chung Eui-sun was a key operating officer in various corporate planning divisions in Hyundai-Kia before eventually heading Kia as its president from 2005 to 2009. Currently, he is the vice chairman of Hyundai and is on the internal board of directors for Kia. Aside from this, Chung Mong-koo also has a 5% shareholding in Kia. Same platform manufacturing Both Hyundai and Kia co-own manufacturing subsidiaries that produce component parts to both companies. As a result, their production facilities get the similar component parts from the same suppliers. The companies also use the same power trains (engines and transmissions) all manufactured largely from the Hyundai Powertech Company Limited. A majority of the automobile electronic components from both brands also come from Hyundai MOBIS Limited. Both these companies are co-owned subsidiaries of Hyundai and Kia. Both Hyundai and Kia also share design studios. In fact, the vice president of design based in HMC actually oversees the design management of both brands. The family controlled heading of both Hyundai and Kia allows us to consider the possibility of Hyundai having a controlling influence over Kia, especially with Chung Eui-sun’s dual positions on both companies’ board of directors. Furthermore, given the fact that both companies virtually sprout from the same supply chain, and control over their research and development and design of the vehicles are headed by staff based in Hyundai, we can see hat these revenue generating activities greatly affect the business operations of both companies. Even though Kia is clearly not a subsidiary at first glance, given the meagre 33. 75% ownership by Hyundai, it would appear that Hyundai may be exerting more than just significant influence over Kia through the various factors mentioned. (b) (c) Application of IFRS 10 flowchart to determine existence of control by Hyundai Step 1: Determine the purpose and design of investee (Kia) Hyundai purchased shares in Kia for 1. 18 trillion won in November 1998. The purpose of this acquisition in Kia is for Hyundai to gain significant foothold and widen its market share in the auto industry. By taking over Kia Motor, the Hyundai-Kia group was able to forge a solid position having over 70% of domestic market share and become the 7th or 8th global automaker by combining its affiliates’ production capacity into the total volume of 2. You read "Ifrs 10 Application to Hyundai and Kia" in category "Essay examples" 9 million units in 1999. Step 2: Determine relevant activities Activities| Does it significantly affect investees’ returns – relevant activities? | Example of decisions about relevant activities| How decisions about relevant activities are made? Research and development| Yes| Reduce the number of platforms to 718 by the end of 2005, in order to save the costs of product development and manufacturing and produce a variety of car models having differing external styling and interior options for the brands of Hyundai an d Kia| Decisions are made by a joint RD Division led by the Chief Technology Officer (for Hyundai and Kia combined)| Auto-assembly| Yes| Which type of vehicle that each plant should produce? Whether Hyundai and Kia should share power-train parts (i. e. engine and transmission) to be supplied to assembly plantsWhether Hyundai and Kia should share production technology| Decisions are made by top management of the Hyundai-Kia group, where the de facto representative is Hyundai| Auto parts supply| Yes| Which vendor should supply auto parts to the companies? How many vendors should they engage? | Decisions are made by Joint Material Handling Division that Hyundai and Kia set up| Marketing and competition| Yes| Whether to focus on price or non price competition such as customer service and product quality| Decisions are made by top management of the Hyundai-Kia group| Step 3: Determination of ability to direct relevant activities Hyundai owns 33. 75% of the shares in Kia Motors. In addition, Chung Eui-sun, the son of the Hyundai Motor Group Chairman, owns another 1. 73% of the shares. This presumably gives Hyundai control of 35. 48% of Kia Motors, which is significantly less than the 50% shareholding that would give Hyundai the majority of the voting rights. However, we are unable to find any evidence that anyone has control of a large proportion of the remaining shares, and thus we feel that the assumption that the rest of the shares in Kia are highly dispersed is a reasonable one. If that is the case, then it is almost impossible that all these shareholders will collectively outvote Hyundai when a decision needs to be made, so Hyundai can be said to have power over the relevant activities. Another factor to consider is that Mr Chung is both the vice chairman of Hyundai and an internal director of Kia. As Mr Chung sits on Kia’s board, he should have a certain amount of influence over Kia’s decision-making process. This factor, coupled with Hyundai’s holding of voting rights, lend much weight to the claim that Hyundai can direct the relevant activities. Last but not least, we notice from the table above that the Hyundai and Kia managements jointly make most decisions regarding relevant activities. In fact, Hyundai and Kia share almost the same supply chain. Many companies in the supply chain are subsidiaries or associates co-owned by these two parents. However, because Hyundai owns a larger portion of shares, and hence voting rights, in most of these entities, Kia is understandably at risk if it goes all out to oppose Hyundai in some way or another. It can be seen that when decisions are made, Hyundai is better represented because of both the presence of its management and its voting rights, and Kia would tend to concede ground to Hyundai when there are disagreements. So, even though Hyundai owns less than 50% of the shareholding in Kia, they probably still have enough power to direct the relevant activities. Step 4: Determine if exposed to variable returns If Hyundai has actual control of Kia, they will be exposed to returns, which can be positive, negative or both. Also these returns must be variable rather than fixed. The returns that Hyundai is exposed to can be classified into two categories: 1) Returns not available to other interest holders. This refers to cost savings and synergies that arise from Hyundai owning Kia, which other shareholders in Kia would not be entitled to. In this case, they are mostly in the form of cost savings, due to the similar operations of the two companies. Consolidation of RD centres of Hyundai and Kia, sharing of RD centres allowed both companies to lower costs by reducing number of employees in the RD centres * Products share similar core platforms leads to savings and economies of scale * Sharing of factories leads to further specialisation, for example, Kia’s Kwangju plant was designated as a specialised assembly plant for small-sized commercial vehicles for both Hyundai and Kia, leading to cost reduction * Sharing auto-part suppliers to apply greater pressure on suppliers for cost savings on supplies 2) Dividends Kia paid out 96 billion won in dividends in 2010 * Hyundai’s ownership of common stock entitles them to receive dividends from Kia. Thus, it can be seen that Hyundai meets all our requirements that would allow it to classify Kia as a subsidiary. Our last step would be to ensure that Hyundai is acting in the capacity of a principal, rather than that of an agent, which is holding delegated power. Step 5: Determine if Hyundai is a principal or an agent In determining whether Hyundai is acting as a principal or an agent, we need to consider four factors: 1) Scope of decision making authority * Unable to find information proving that Hyundai has any limits to the decisions it can make for Kia * Presumably, Hyundai can make most decisions for Kia 2) Rights held by other parties * No evidence of rights held by other parties 3) Exposure to variability of returns from investees * High cost savings due to economies of scale Many of Hyundai’s subsidiaries depend on Kia for revenue * Affected by dividends paid out by Kia 4) Remuneration * Almost solely dependent on dividends, which are highly variable * No actual fixed remuneration In consideration of all the four factors, Hyundai is most likely a principal and not an agent. Hence we can reasonably conclude, after thorough application of the framework, that Kia is a subsidiary of Hyundai. Question 3 Identification of four requirements in IFRS 10 that are challenging to interpret and apply Considering the purpose and design of the investee Paragraph B5 of IFRS 10 explains that â€Å"when assessing control of an investee, an investor shall consider the purpose and design of the investee in order to identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities†. Paragraphs B51-B53 then goes on to explain the factors to be considered when determining the purpose and design of the investee. However, IFRS 10 does not explain how the purpose and design of the investee can be used to â€Å"identify the relevant activities, how decisions about the relevant activities are made, who has the current ability to direct those activities and who receives returns from those activities†, which paragraph B5 suggested. A simplistic scenario is given in paragraph B6, whereby the investee is controlled by means of equity investments. Beyond this straightforward case, paragraph B7 directs readers back to the factors listed in B3 to determine control (relevant activities, ability to direct relevant activities, variable returns and ability to use power over investee to affect returns). Furthermore, the factors provided in paragraphs B51-B53 are hard to determine and require much professional judgment. For instance, paragraph B51 states that in the process of assessing the purpose and design, we â€Å"evaluate whether the transaction terms and features of the involvement (at investee’s inception) provide the investor with rights that are sufficient to give it power†. No conclusive elaboration is provided by IFRS 10, and it is uncertain whether being involved in the investee’s inception signifies control. This creates much ambiguity and inconsistent interpretation across firms. Rather than making it seem like an isolated step with little purpose, IFRS 10 should provide clearer guidance for the objective of determining the purpose and design of the investee. Clearer linkages, between the consideration of purpose and design of investee and the other factors to be considered when determining control, could also be provided to improve the flow of IFRS 10. Furthermore, more comprehensive and conclusive guidelines could be included to standardise the interpretation of the purpose and design of the investee. Determining the relative size of voting rights According to paragraph B42, an investor can consider the size of its holding of voting rights relative to the size and dispersion of other holdings of the other vote holders to determine whether its rights are sufficient to give it power. However, because relativity encompasses the use of personal judgement, this section may be open to manipulation. In Hyundai’s case, it holds around 35% of the voting rights, including those held by its vice chairman, Chung Eui-sun. If the rest of the voting rights are very widely dispersed, with nobody else holding more than 1%, Hyundai can say that it has control because it is very improbable that all the other parties will come together to collectively outvote Hyundai. On the other hand, Hyundai can also claim that there is still a possibility that the other shareholders will collectively vote against Hyundai if it introduces a policy that does not benefit them, so in that case, Hyundai does not have control. We notice that the voting structure remains the same, yet different interpretations can be derived. Paragraph B42 also says that other circumstances, such as voting patterns at previous shareholders’ meetings, can be considered, but it is hard to say if the historical patterns are able to predict the future. Shareholders might not have voted in previous meetings because there were no major decisions that affected them, but if Hyundai intends to propose something revolutionary, the voting situation will definitely change. IFRS 10 can provide more detailed guidance to ensure that this section is applied appropriately and consistently. For example, when determining how widely dispersed the rest of the voting rights are, an investor should consider only the next 10 largest shareholders. If their combined holding is larger than that of the investor, then the investor does not have control based on this requirement alone. When assessing previous voting patterns, the investor should only look at shareholders’ meetings where issues of similar impact were raised. If previous meetings did not encompass such issues, then the voting patterns for those meetings cannot be considered. Considering related parties Paragraph B18 states that an investor can consider whether the investee’s key management personnel are related parties of the investor when determining if the investor has the practical ability to direct relevant activities unilaterally. However, it does not specify how much influence the related parties must have over the investee, so this may not always be a good indicator of power. For example, Hyundai’s vice chairman, Chung Eui-sun, is also on Kia’s internal board of directors. According to paragraph B18, this should provide evidence that Hyundai has power over Kia. But in order to determine whether Hyundai can direct relevant activities through Chung Eui-sun, we must also consider the amount of influence that he has over Kia’s decision-making process. Kia has 9 directors on its board, of whom two are also presidents in the company, so Chung Eui-sun may not always have his way. If the investor does not take this into consideration, then the determination of control would be flawed. In that sense, this requirement would be more complete if guidance on the influence commanded by related parties was given. Instead of only determining whether there are related parties in the investee’s governing bodies, the investor should also take into account the role and power of the related parties. If the related parties have the final say when it comes to decision-making over relevant activities, then this factor can conclusively determine that the investor has power. But if the related parties do not have the final say, then only a minimal weight should be placed on this factor. Determining if investor is a principal or agent Being able to determine if the investor is a principal or an agent is crucial to determining whether the investor has control over the investee. A principal would have power over the investee, but an agent would only have delegated power. Delegated power is held on behalf of a third party who ultimately controls the investee. The method prescribed in IFRS 10 for determining if a decision maker is an agent is the consideration of the factors listed in paragraph B60. Upon further elaboration of the factors, IFRS 10 provides certain cases where the investee is definitely a principal or an agent. For example, paragraph B70 states that â€Å"a decision maker cannot be an agent unless the conditions set out in paragraph B69 (a) and (b) are present. † However, if none of these extreme conditions are met, we must assume that we would have to take all five conditions into account when trying to decide if the investor is an agent. However, there is no prescription in IFRS 10 about how to consider these conditions. In a situation where some of the conditions point towards the investor being an agent and some point towards them being a principal, there is a certain amount of ambiguity in whether the investor should be classified as a principal or an agent. This gives the company some leeway in choosing the decision that would reflect a better financial position of the firm. This could lead to reduced accuracy of financial statements and less comparability among financial statements of different companies. To make this requirement easier to interpret and apply, IFRS 10 should clearly state the relative importance of each factor. For example, the factors which are given a higher relative importance would have a higher influence on whether the company is a principal or an agent, as compared to those with a lower importance. As such, in ambiguous cases, companies will know which factors should be considered first. Given this, all companies will have more similar definitions of principal/agent, thereby reducing the ambiguity and increasing comparability among different financial statements. References 1) Hyundai 2010 Annual Report http://worldwide. hyundai. com/company-overview/investor-relations/financial-information-Annual-Report-view. aspx? idx=13nCurPage=1ListNum=11 2) Kia 2010 Annual Report http://www. kmcir. com/eng/library/annual. asp 3) Merger and Reconfiguring of Hyundai-Kia (Byoung-Hoon Lee, Sung Jae Cho) http://gerpisa. org/rencontre/9. rencontre/S13Lee-Cho. pdf 4) HYUNDAI MOTORS’ DE-CHAEBOLIZATION EFFECTS (Hyunjoong Jun) http://gerpisa. org/rencontre/9. rencontre/S13Jun. pdf How to cite Ifrs 10 Application to Hyundai and Kia, Essay examples