The Great American Inventor - 1301 Words

In 1868 Edison, an independent inventor flourished with an acquiring reputation as a top inventor. In Newark, by creating and improving stock tickers, he managed and prepared a manufacturing shop. His profession comprised upon improving the achievement of the quadruplex telegraph, which sent two messages simultaneously in each direction on one wire. Here, he met Alexander Graham Bell and his associate Benjamin Franklin Bredding. Bredding was much more advanced in the techniques of telegraphy and electricity out of both Edison and Bell.Thomas Alva Edison was born on February 11, 1847 in Milan, Ohio, to Samuel Ogden Edison, Jr. and Nancy Matthews Elliott. However, in 1854, the family was forced move to Port Huron, Michigan, where Edison was†¦show more content†¦In Newark, by creating and improving stock tickers, he managed and prepared a manufacturing shop. His profession comprised upon improving the achievement of the quadruplex telegraph, which sent two messages simultaneous ly in each direction on one wire. Here, he met Alexander Graham Bell and his associate Benjamin Franklin Bredding. Bredding was much more advanced in the techniques of telegraphy and electricity out of both Edison and Bell. Once Edison resigned from Western Union, he simply did so to enhance further trialing on multiplexing telegraph signals. Along with this, he provided his first patented invention, an Electrical Vote Recorder for legislature. Following this creation, Edison now became focused in inventions that called for a high public demand. As soon as Edison received the first cash payment being a $40,000 check for one of his inventions in 1870, he promptly forwarded it to his financially impaired parents. In 1876, an industrial research site was created by Edison which consisted of integrating both laboratories as well as a machine shop. Being pressured by his employing company, Western Union, to cultivate a telephone that could exceed Bell’s, resulted in the developmen t of a transmitter. This establishment was capable of in which a button of compressed carbon changed its resistance as it was vibrated by the sound of the users voice. While occupied on the developing process of the telephone in the summer of 1877, Edison discovered the phonograph,Show MoreRelatedThe Impact of African American Inventors1516 Words   |  7 PagesWhether we know it or not, black inventors have impacted our lives drastically. From the time we wake up, until we go back to sleep at night, we use at least one thing that has been made by an African- American inventor. Whether it is something as big as a traffic light or as little as a hair brush, black inventors have made major contributions to our everyday lives. Many people know about the big inventions, but both small and big inventions have impacted America. (Lund 2008) During slavery, mostRead MoreEssay Richard Drew and His Revolutionary Invention: Scotch Tape596 Words   |  3 PagesStarting off as a simple fix to a common problem, scotch tape was introduced in 1925 by a humble engineer, Richard Drew. Almost a century has passed since Richard Drew’s invention of scotch tape, and it is still used for various uses. The inventor, Richard Drew, grew up in St. Paul, Minnesota. After dropping out of college, he miraculously obtained a job, working for the Minnesota Mining and Manufacturing Company or more commonly known as 3M. Drew was hired to take trial products to auto shopsRead MoreThe Industrial Revolution Is The Cornerstone Of What Makes America958 Words   |  4 Pagesthe relations that the United States had with between Britain and France. The Embargo Act was established after an American ship had been seized, to include the merchantmen and cargo, by the British. 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SyCo’s main productions are Got Talent and The X Factor whichRead MoreInvention, Innovation, and Interdependence Essay1667 Words   |  7 Pageshumanity’s effort streams throughout history. One of the hallmarks of any great society is what new or improved knowledge of the world and how it works that the society can contribute. A strong and vibrant culture celebrates the spirit of invention and innovation. Closely allied with this conc ept is the spirit of entrepreneurship, considered one of the greatest qualities of the American culture. Americans laud the success of the inventor and salesman alike; while the greatest self-promoters are more fullyRead MoreThe Invention Of The Incandescent Light Bulb By Thomas Alva Edison1540 Words   |  7 PagesEdison was a renowned American inventor of the nineteenth century who has contributed greatly to the world. Edison is most famously known for his invention of the incandescent light bulb, but many people are blind to his other achievements that have contributed immensely to society. There was more to Thomas Edison than his numerous inventions. Paul B. Israel, Director and General Editor of the Thomas A. Edison Papers at Rutgers, describes Edison as a â€Å"symbol of mythic American past in which an unschooledRead MoreAlbert Enstein1246 Words   |  5 PagesMoney [pic] Inventors Top of Form [pic]Search Bottom of Form †¢ Inventors †¢ Basics †¢ Intellectual Property †¢ History Bios †¢ †¢ Share †¢ Print Ads:    †¢ Albert Einstein    †¢ Inventors Help    †¢ Einstein Quotes    †¢ Patent Invention Idea    †¢ Example of Biography Albert Einstein - Biography [pic] By  Mary Bellis Photo: Albert Einstein Albert Einstein was born in Germany in 1879. He enjoyed classical music and played theRead MoreFour Products case study Essay1701 Words   |  7 Pagesimpress and entertain real â€Å"big wallets† owners, the other seems to be a real innovative breakthrough in equestrian sport. Stave Puzzle attracts me with a perfect match of the target market – rich fine people who â€Å"relish the opportunity to spend great quantities of money and time on aggravation† – and the product technology and features – tiny hand-made mahogany pieces, full of creatively shaped, gorgeous and expensive looking. It differs from an average puzzle – it has its own technology, it requiresRead MoreEssay on Artifical Heart Can Save Lives554 Words   |  3 Pagesthem when they required it the most? An artificial heart transplant would be a great option that could save their life. The artificial heart is one of the greatest inventions ever invented. â€Å"Dr. Robert Jarvik is widely known as the inventor of the first permanent total artificial heart.† (Jarvikheart.com). Robert Koffler Jarvik is the outstanding inventor of the artificial heart which has saved many lives of Americans and other people throughout the world. Robert was born on May 11, 1946 in theRead MoreThomas Edison Essay837 Words   |  4 PagesJada Logan HIS 132 Josh Dobson 11 October 2017 Thomas Edison On average, two billion five hundred million light bulbs are sold each year. Thomas Edison was an American inventor, who happened to â€Å"invent,† the lightbulb. He is considered one of America’s greatest inventors. He is also considered â€Å"The Wizard of Menlo Park.† Even in the nineteenth century, he has contributed to the world today. Born on February 11th, 1854 he was born to Nancy Matthews Elliott and Samuel Ogden Edison Jr. They were

The Effects Of Television On Children s Perception Of The...

According to George Gerbner, Cultivation theory suggests that exposure to television, over time, subtly cultivates viewers perceptions of reality (Griffin 2015). Watching television can affect an individual’s perception of the world. Gerbner offers two categories in which one person is affected by television or not. Heavy viewers, also referred to as television types, are people who watch four or more hours of television per day. Light viewers are people who watch television two hours or less per day. Gerbner argues that heavy television viewing creates an exaggerated belief in a mean and scary world (Griffin 2015). A mean and scary world according to all the dramatic violence that is portrayed in television. To explain how violence in television affects viewers and their perception of the world, we must play part in experiments. We would have to recognize whether or not viewers are seen as heavy or light viewers which identify if they are affected by dramatic violence of te levision to reality. Lately, I have found myself to being a heavy viewer. This has only began when I owned my own computer along with a Netflix account. I fell into this category by binge watching recently added shows on Netflix. It allowed me to catch up on a lot of shows I failed to finish the time they had came out. Way back when I did not have access to internet and mobile ways to watch shows, I was a light viewer. I had no interest in watching shows because of all the commercials. If I were toShow MoreRelatedChildren Having A Television On Children1200 Words   |  5 PagesOne major concern is children having a television placed in their own bedroom; parents can often find it is easier for their child to have this amenity in their own room as this can keep them entertained whilst the parents find themselves in a busy position. 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The television, when first discovered, covered only a couple programs like sports and news, with very poor quality. Current day and age, television covers thousands of programs with 3D and hi-definition television pictures with screens as big as 75 inches. Television is an essential means of socialization. If used appropr iately, it brings familiesRead MoreDoes Reality Television Influence Youth?1480 Words   |  6 PagesJaesuk Eom Dr. Mary Gray English 1303 29 March 2016 Does reality television influence youth? Part I Television plays a very large and influential role in spreading modern pop culture. It seems like there is no doubt that television are taking over and regulating many of our business, social value, and lifestyle. Its entertaining aspect led it to become a significant part of our lives. Since it has deeply rooted into our culture, we might believe that it always has been on our side. 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Many people view the programs that are aired on television; they can gain a lot of information and knowledge. Most programming like the National Geographic and Discovery Channels can be used as an educational tools in schools and at home to teach our children to learn instead

Cultural Analysis †Taiwan Free Essays

Abstract This paper is an analysis of culture within Taiwan. It will focus on how different cultural elements and dimensions effect and influence business in Taiwan. This paper will also look into the implications for businesses from the United States seeking to conduct business within Taiwan. We will write a custom essay sample on Cultural Analysis – Taiwan or any similar topic only for you Order Now Taiwan has a unique blend of traditional Chinese cultural as well as modern Western influences. It is an open and welcoming culture and one that plays an important role in the East Asian economy. Global Business Cultural Analysis: Taiwan Introduction to Taiwan Taiwan is a small island country located off the east coast of China in Asia. Also known as the Republic of China (ROC), it is the place where the ROC settled after losing control of mainland China to the People’s Republic of China (PRC). Taiwan’s population is made up of mostly Han Chinese with a few other Chinese ethnic groups and a smaller number of aboriginal tribes. The official language spoken in Taiwan is Mandarin Chinese; however, about 70% of people in Taiwan speak both Mandarin and a dialect known as Taiwanese. Another dialect call Hakka is spoken by about 15% of the population and the aboriginals have several other dialects as well (Deaton Paxson, 2000). Taiwan has unique political status because of their strained relationship with China. At present, the PRC claims it has control over Taiwan and its territories, even though the PRC has never has exercised any governmental control over those regions. China has threatened to put political pressure on any country wanting to officially recognize Taiwan as a sovereign nation, which has led many countries, including the United States, to only recognize Taiwan in an unofficial capacity. These countries, while still doing business with Taiwan, are forced to only officially recognize China, thereby reducing Taiwan’s global influence (Friedberg, 2005). On the economic front, Taiwan has done very well in the past few years, experiencing rapid economic growth. It is commonly referred to as one of the East Asian Tigers, a group which includes Hong Kong, Singapore, South Korea and Taiwan. The countries in this group were relatively poor until around the 1960’s when they underwent educational reforms. These educational reforms, coupled with their cheap yet dynamic workforce helped industrialize their countries and spark rapid economic growth. â€Å"In the 21st century, all four regions have since graduated into advanced economies and high-income economies† (Vadra, 2010, p. 0). Although the economic growth rate in Taiwan has slowed recently, it remains at a relatively high, yet sustainable rate. What are the major elements and dimensions of culture in Taiwan? Taiwan, like almost every country, has many different elements and dimensions of culture woven together to form an intricate and unique society. These components of so ciety affect day to day life in both obvious and also unexpected ways. Taiwan has the same core grouping of cultural elements that one would think of affecting any country: communication, religion, ethics, moral values, social structure, and education. However, the main elements which control the actions of most individuals and society as a whole will differ from other countries. For Taiwan, education and religion along with social structure play the major roles in the shaping of Taiwanese culture. It will be found that the main, guiding cultural elements in Taiwan, such as their religions, the sources from which they get their values and attitudes, and also their feelings of responsibility, are especially different from the main cultural elements guiding most of the western world. 1. 2. Communication Communication plays a major role in any functioning society. The way people communication and interpret the communications of others can drastically shape the actions of a society. Communication within a culture can usually be defined as either low context or high context. In low context cultures, â€Å"cultural behavior and beliefs may need to be spelled out explicitly so that those coming into the cultural environment know how to behave† (Satterlee, 2009). On the other hand, in high context cultures, â€Å"as a result of years of interaction with each other, many aspects of cultural behavior are not made explicit, because most members know what to do and what to think† (Satterlee, 2009). Communication within Taiwan is high context, with more nonverbal forms of communication used than in low context countries, such as the United States or United Kingdom. Even the official spoken language of Taiwan, Mandarin Chinese, is a high context language (Hall, 2000). High context communication. High context communication implies that â€Å"there is less verbally detailed communication and less written/formal information. Instead, there is a more subliminal understanding of what is communicated† (Kuo-Ying Majtaba, 2010). Duties and responsibilities are frequently assumed or subtly implied rather than directly assigned or commanded. Elements of communication in high context cultures such as Taiwan include indirect and embellished verbal messages, avoidance of directly challenging another person’s opinions, and situational changes. Also, an importance is placed on personal face-to-face interaction. Nonverbal communication. Nonverbal communication plays a large role in the communication process in high context countries like Taiwan. Elements, such as facial expression, eye movement, the tone of voice, gestures, and body language are all important parts of communication within Taiwanese culture. Religious beliefs Taiwan has a large population of people practicing eastern religions such as Buddhism, Taoism and small bits of Confucianism, as well as a small but growing Christian and Catholic population (Chou, Chen, 2005). It is also common for individuals to do some mixing of religions to accommodate their personal ideas or desires. Most religions in Taiwan incorporate ancestral worship, which is a large part of the religious practices in Taiwan. Ancestral worship even affects national holidays within Taiwan. Ancestral worship in Taiwan. Ancestral worship is a religious act born from the belief that an individual’s ancestors have a continued existence after death and that these spirits of deceased family members have the ability to influence things in the physical world. Ancestral worship is practiced by some out of respect and honor for their ancestral heritage. For others, however, it is practiced more out of fear of upsetting spirits that may possibly influence the individual’s fortune on earth. In Taiwan, several national holidays are focused around ancestral worship practices. Among these holidays is Tomb Sweeping Day, a holiday where families visit the graves of their ancestors to attend to their burial place as well as pay homage. Another holiday which sprang from the traditions of ancestor worship is Ghost Festival, which is a time where people place food outside their homes to feed wandering spirits. Chinese New Year also has its roots in the traditions of ancestor worship and is a time often used by families to pay their respects to their ancestors (Newell, 1976). The role of Buddhism in Taiwan. Buddhism and Taoism are the two foremost religions practiced in Taiwan. Combined, they are practiced by more than 75% of the religious population in Taiwan (USDS, 2008). Although Buddhism teaches the putting aside of earthly ties and possessions, including family, influences from both Taoism and Confucianism and integrated some forms of ancestral worship into practiced Buddhism within Taiwan. The role of Taoism in Taiwan. Taoism and Buddhism together are the two largest religions in Taiwan. The beginning of the Taoist religion came from the early Chinese nature worshipers. Taoist beliefs center on the idea that all things have a natural order and that through obtaining harmony with nature one can obtain eternal life. These beliefs add to the non-confrontational aspects of Taiwan’s high context culture. The role of Confucianism in Taiwan Confucianism, though practiced in Taiwan by lesser numbers than Taoism or Buddhism, is to many â€Å"an honored school of thought and ethical code† (USDS, 2008). Very similar to Taoism, Confucianism has more of a focus on performing well within society and also ritualistic ancestor worship. The Role of Christianity in Taiwan. Christian churches have been active in Taiwan for many years, and today, the population includes a small but significant percentage of Christians† (USDS, 2008). Both Catholic and Mormon churches are set up in Taiwan, but their numbers are much smaller. A majority of the aboriginal population in Taiwan are Christian. Ethical practices Ethical standards are often tied very closely to the culture in which they are practiced. According to Stedham, Yamanura, and Lai in an article examining Japanese and Taiwanese ethics: â€Å"ethics cannot be understood independent of the local cultural fabric† (2008). Taiwanese tend to be very utilitarian representing â€Å"a collectivist culture that tends to be more homogeneous and has a greater group orientation† (Muk, 2007). Therefore, ethical decisions made by Taiwanese people are likely to focus on the wellbeing of their social group. Values and attitudes â€Å"Values are invisible and a ‘core element of culture’. These invisible values become evident in behavior. Decision making and the resulting actions and behavior are manifestations of the predominant values in a culture† (Stedham et al. , 2008). In Taiwan, many of the values center around the individual’s social groups, most notably, the family. Saving face is another factor which often influences and motivates decision making within the Taiwanese culture. The concept of face is â€Å"related to the preference for harmony and avoidance of conflict. One aspect of face is concerned with a person’s moral character which can only be earned by fulfilling one’s obligation to others† (Stedham et al. , 2008). Face also includes â€Å"one’s reputation or prestige which can be earned through accomplishments or through bureaucratic or political power† (Stedham et al. 2008). Great lengths will be taken to avoid situations which might cause damage or embarrassment for one’s self or other resulting in a loss of face. Another factor affecting Taiwanese cultural attitudes is the concept of guanxi, which literally translated means relationship. Having a good reputation and relations on both a personal and professional level is very important to Taiwanese people. Attitudes toward gender within Taiwanese society. Gender, though in the process of equalizing, still plays an important role within Taiwanese society. Research indicates that women in Taiwan’s job market â€Å"suffer lower earnings than men as job opportunities are not made available to them due to the labor market discrimination, family responsibilities, or lack of job mobility† (Bishop, Gronder, Liu, Chiou, 2007). However, due to the fact that Taiwan’s industry is constantly growing, with more jobs in the labor market being filled with female workers, discrimination against females in both hiring and compensation is effectively diminishing over time (Bishop et al. , 2007). Generational differences. Younger generations tend to follow the religious or ethical guidelines set by their predecessors more out of tradition than true belief. Therefore, there is some movement away from previously accepted religious thoughts and ideas within the younger generations in Taiwan. Recent research indicates that â€Å"young Chinese people seem not to identify themselves with traditional Chinese values and Confucian ethics. Maybe it is the result of conflict between Eastern and Western cultures. However, traditional thoughts still significantly influence most people in Chinese ocieties† (Lin Ho, 2009). Social structures Social structures are very important in Taiwan because the culture is quite Unitarian in its design. One of the largest and most central social structures in Taiwan is family and filial piety. Religion, because of its widespread acceptance, is also a major social structure in Taiwan. Another important social structure is politics with many people in Taiwan voicing their o pinions on political matters, especially those matters dealing with mainland China. Military service also has bearing within society, and is an inevitable part of young men’s lives in Taiwan due to the fact that military service is compulsory. The importance of filial piety. Especially popular in Confucian households, filial piety is, along with brotherly love, considered the ‘roots’ of humanity. It is believed that the way perfect virtue and human perfection will become evident as an individual shows care and respect for these ‘roots’ of humanity (Ruiping, 2006). This belief translates into strong familial ties within the Taiwanese culture, as well as deep feelings of responsibility to one’s family. The cultural effects of politics. A Datamonitor country profile of Taiwan stated: â€Å"the issue of reunification with mainland China continues to dominate domestic politics and international relations. With both the People’s Republic of China (the mainland) and the Republic of China (Taiwan) claiming to be the legitimate authority over Taiwanese land, frequent tensions between the two are common† (2010). Within Taiwan, the debate over international policy with China is ongoing, with some in favor of increasing ties with the mainland and others advocating more independence for Taiwan. Another aspect of the strained relationship between Taiwan and China is the fact that China has greater influence in the global arena and has therefore been able to stop Taiwan’s efforts in seeking to gain global recognition as a sovereign national by the United Nations. China has also threatened severing diplomatic standings with any country to officially recognize Taiwan as its own nation. Therefore, many countries, including the United States maintain unofficial diplomatic ties with Taiwan, keeping their official diplomatic status with China intact. Mandatory military service. It is written into Taiwanese law that males between the ages of 18 and 22 are eligible for selective compulsory military service. Service duration is 12 months. Males students seeking higher education can obtain deferments, were they have several years to complete their education before serving their time in the military. Also, any citizen between the ages of 19 and 36 are considered eligible for drafting into the Taiwan military (USDS, 2008). Education Education is a very important part of Taiwanese society. Because of the high population density in Taiwan, there are high levels of competition for spots in top universities as well as positions in the job market. Academic excellence is so emphasized by parents that it often creates stress for students, who feel pressured to be the best. Emphases on education. Even though Taiwan’s laws mandate education through the ninth grade, approximately 95% of students go on to some form of higher education. Many parents see education as the best way to advance their children’s future. Taiwan also has a large number of cram schools for subjects ranging from math and English to sports. Students will often spend several hours after the normal school day or on weekends getting extra tutoring and study at cram schools. High stress levels in education faced by students. According to statistical analysis by Cheng Kai-Wen, some of the biggest contributors to stress for Taiwanese college students include fear of inferiority, excessively high expectations from parents, anxiety about the future, and lack of sleep (2009). Many parents believe that a better life can be achieved through academic excellence and therefore push their children to perform well in school. This mind set from parents can lead to children who feel guilt or shame when they are not performing up to expectations. Though Taiwan has not seen the high rates of student suicide that its Asian neighbor South Korea has experienced, it is not unheard of for students to take their own life after poor test performances. Higher education. Higher education is popular in Taiwan and, due to an increasing number of universities, greater numbers of students are able to attend under-graduate and graduate schools. How are these elements and dimensions integrated by locals conducting business in Taiwan? Successful businesses will understand the culture they are operating within and seek to incorporate elements of that culture into their policies and practices in order to be more appealing to their target markets. Therefore, many elements of culture will automatically be integrated into locals’ businesses. In Taiwan, cultural elements such as religion, education, and attitudes are sown into the fabric of local businesses. This section will examine how elements such as religion, education, and ethics are taken from the surrounding culture and integrated into local businesses within Taiwan. 1. 2. 3. Religion in local business Research done on the affects of religion in business negotiation styles indicated that the principles of Buddhism as well as Confucianism can have an effect on the business making decision made by Taiwanese (Farazmand, Tu, Daneefard, 2011). Business decision made will take into account the good of the group over the good of the individual. Also, because of the high religious population, there is a large market for items used in religious practices such as incense burners, paper money, good luck charms, prayer beads, and religious ornaments. Education and its effects on business With increasing levels of education in Taiwan has come increased competition for better and higher paying jobs. This increased competition has led to a rapid growth in the number of people obtaining higher education degrees, such as masters or doctorate degrees (Wang, 2003). Taiwan’s economy is very open to small business owners, which gives those with the education and desire to start their own business a welcoming and available environment. Business ethics and attitudes In Taiwan it is believed that â€Å"ethical standards and moral conduct must come from within business people† (Cavico, Majtaba,Venezia, Venezia, (2011). Many ethical standards and cultural attitudes in Taiwan are rooted in their religious beliefs, especially the teachings of Buddhism, Taoism, and Confucianism. Taiwanese businesses incorporate these standards of hard work, and family responsibility. Often, the unwritten cultural norms are relied upon to govern the decisions of employees. Also, the concept of corporate social responsibility is gain more popularity in Taiwan, with more people calling for corporations to operate in a more honest and open manner (Ip, 2007). Generational differences. As the new generations shift away from the traditional religious practices and beliefs held by previous generations there is also a shift in moral and ethical standards. Thought possibly to be a result of the increasing embracement of Western culture, this shift in viewpoint within Taiwan could actually be beneficial for American businesses within Taiwan due to the fact that the younger generations are moving more towards Western values and ideas. After researching moral cognizance in both the United States and Taiwan, Cavico et al. ecommended a stronger push not only for business ethics education, but for the incorporation of teaching ethics into every aspect of education (2011). How do these factors compare with culture and business within the United States? The differences between high context and low context cultures include communication differences, relational differences, as well as religious and educational differences. Research has shown that there is a â€Å"significant di fference between Taiwan and America in individualism/collectivism attitude† (Jung-Tsung, 2010). Communicational differences Communication differences between the United States and Taiwan involve so much more than a simple difference of spoken languages. There is a completely different style of communicating with different backgrounds of understanding as well as different personal beliefs and goals. Businesses in the United States operate within a low context culture whereas businesses in Taiwan operate within a high context culture. To cross this barrier will require American businesses to have an understanding of high context communication and managers that are capable of working within a high context environment. Comparing high context and low context cultures. â€Å"High context communication tends to be more indirect, ambiguous, and understated than low context communication, which is direct and precise, and expresses feelings and intentions rather open† (Usunier, Roulin, 2010). Therefore, business communication may contain more implied concepts in Taiwan than business communication in the United States. Religion in the workplace The United States approach to dealing with religion in the workplace has been one of suppressing outward signs and discussion of religion so as to avoid any potential conflict which may arise. Taiwan tends to be more accepting of displays of religion, probably due to their focus on group harmony. Many prominent businessmen in Taiwan are very open about their religious affiliations, making charitable donations in the name of their religion (Hoh, 2002). Religious discussion is allowed and sometime encouraged, but when issues become uncomfortable or divisive it is ignored or avoided. Education emphasis in the US compared to in Taiwan In Taiwan, there is an emphasis put on education by parents and also businesses looking to hire new employees. In fact, education is emphasized so heavily that â€Å"attendance at  cram  schools  is an experience that the majority of Taiwanese have while growing up† (Liu, 2012). This causes individuals to seek higher education such as graduate degrees or doctorates in order to obtain highly contended, higher level jobs. Social Structures One of the main differences between Taiwanese social structures and those in the United States is the strong family connection maintained by the Taiwanese people. While Americans still view family as an important group in society, the feelings of filial piety in the United States are not as deep and motivating as they are in Taiwan. Also, religion, while still a factor in American culture is not as prevalent to the culture as it is in Taiwan. What are the implications for US businesses that wish to conduct business in Taiwan? Businesses seeking to conduct business within Taiwan should have a clear and complete understanding of how business is done in Taiwan. Not only should they learn laws and regulations which will be relevant to their desired business, but they must also study the culture to understand the people and what motivates and inspires them. Businesses from the United States who are studying the culture of Taiwan will discover important differences between American and Taiwanese ways of doing business. They will then need to incorporate policy which will successfully blend the needs and goals of their business with the needs and goals of the Taiwanese culture. Possible miscommunication Whenever companies conduct business in a foreign country, language must be taken into account. The Taiwan’s national language is Mandarin Chinese, with some of the population speaking Hakka along with some aboriginal dialects. There has been a strong push recently to learn English in Taiwan, with English classes being mandatory in school and a large number of English cram schools open for further training. Even so, the English level may be quite low, so American businesses seeking business opportunities in Taiwan should have interpreters who have a complete knowledge of both languages. An understanding of the culture is also important when communicating and research on cultural do’s and don’ts should be conducted before initiating communication to avoid confusion and unintentional offense. For example, it is offensive in Taiwanese culture to give a clock or watch to someone as a gift because it symbolizes the termination of the relationship. A full understanding of the culture will help businesses from the United States in forming good relationships and create good guanxi for their company in Taiwan (Stedham et al. , 2008). Accommodating religious freedom It is important for American businesses to understand and facilitate the different religious practices in Taiwan. As simple as insuring employees have adequate time off for important religious holidays and not requiring them to break their religious convictions, such as vegetarianism, respecting and accommodating the religious beliefs of the Taiwanese will help to insure the success of a prospective business there. The cultural element of avoiding conflict will help to make sure no religious discrimination or fighting will take place so businesses need not worry about that aspect as much as they do in America. Ethical policies Businesses from the United States with operations in Taiwan should have ethics policies that are written with the Taiwanese culture in mind. They should remember that, often times, there is no need to spell everything out specifically. With the concept of corporate social responsibility become more prevalent in Taiwan, it will be important for American business to highlight appropriate social involvement (Ip, 2007). Understand employee’s family focus. One aspect that businesses can encourage their employees to focus on is family. This will demonstrate the company’s commitment to one of Taiwan’s most important social structures, the family. The encouragement and facilitation of strong family ties will go a long way to establish a favorable public image for foreign companies operating within Taiwan. Effects of current political environment Taiwan’s economy is currently independent of China; however, any foreign business in Taiwan would be wise to watch the political relationship between mainland China and Taiwan very closely. Taiwan has been slowly moving towards closer ties with China which would allow China to â€Å"assert increasing influence over Taiwan. As a consensus emerges in Taiwan on establishing closer relations with China, the thaw [of political tensions] is calling into question the United States’ deeply ambiguous policy, which is supposed to serve both Taiwan’s interests (by allowing it to retain its autonomy) and the United States’ own (by guarding against an expansionist China)† (Gilley, 2010). Should China be allowed to exert control over Taiwan’s economy and political environment it could drastically change the way foreign businesses are allowed to operate in Taiwan. The effects of national healthcare on business. While healthcare is not a major cultural issue, it is useful to note that Taiwan currently has nationalized healthcare, offering inexpensive healthcare to all their citizens. While some in Taiwan oppose this system of healthcare because it can be easily abused, national healthcare would affect businesses by lowering their employee coverage costs. Conclusion With favorable ties to the United States and growing acceptance of the Western world, Taiwan is a promising opportunity for businesses from the United States. With careful research and consideration of the culture, Taiwan could be a very profitable venture. American companies in Taiwan should be careful not to ignore the strong cultural elements in Taiwan, such as religion, family, and communication differences. However, because of Taiwan’s willingness and eagerness to work with foreign business and to expand its global presence, it is very open to foreign commerce. Taiwan’s rapid growth and solid economy can be a very useful tool in the future as they seek to gain wider global acceptance. Taiwan’s favorable economic situation provides the ideal environment for businesses from the United States. American businesses can take advantage of the available workforce and welcoming culture found in Taiwan. Ultimately, Taiwan is a culture that is based in tradition, yet still open to new ideas and influences. The people are friendly and accepting of foreigners into their culture. They are eager to share their culture with others. On the business side of things, Taiwanese companies work together with many American corporations and the both the culture and regulations in Taiwan in favorable to incoming businesses. Even though Taiwan has faced many challenges in the past and will continue to face those challenges in the future, mainly the task of reaching satisfactory and beneficial foreign relationships with China, Taiwan has remained strong and continued to grow. Taiwan is certain to have a bright future in the world arena. References Bishop, J. A. , Grodner, A. , Liu, H. ; Chiou, J. (2007). Gender earnings differentials in Taiwan: A stochastic frontier approach. Journal Of Asian Economics,  18(6), 934-945. Chou, T. , ; Chen, M. (2005). An exploratory investigation of differences in personality traits and faith maturity among major religions in Taiwan. Chinese Journal of Psychology,  47(4), 311-327. Datamonitor: Taiwan. (2010). Taiwan Country Profile, 1-76. Deaton, A. , ; Paxson, C. (2000). Growth, demogra phic structure, and national saving in Taiwan. Population and Development Review,  26, 141-173. Erling, H. 2002). Buddha business. Far Eastern Economic Review,165(35), 54. Gilley, B. (2010). Not so dire straits. Foreign Affairs,  89(1), 44-60. Hall, E. T. (2000). Context and meaning. In L. A. Samovar ; R. E. Porter (Eds. ). Intercultural communication: A reader (9th ed. ). Belmont, CA: Wadsworth Publishing Co. Farazmand, F. A. , Tu, Y. , ; Daneefard, H. (2011). Is religious culture a factor in negotiation: a cross-cultural comparison of Iran, Taiwan and the United States. Journal Of International Business Research,  10(1), 27-44. Friedberg, A. (2005). The future of U. S. -China relations: Is conflict inevitable? †Ã‚  International Security  30(2), 7-45 Ip, P. (2007). Corporate social responsibility and crony capitalism in taiwan. Journal of Business Ethics,  77(1-2), 167-177. Jung-Tsung, T. (2010). Cross-cultural comparisons between Taiwan and America. Interdisciplin ary Journal Of Contemporary Research In Business,  2(4), 116-129. Kai-Wen, C. (2009). A study of stress sources among college students in Taiwan. Journal Of Academic Business Ethics,21-8. Kuo-Ying, H. , Mujtaba, B. G. (2010). Stress, task, and relationship orientations of Taiwanese adults: an examination of gender in this high-context culture. Journal Of International Business Cultural Studies,  31-13. Liu, J. (2012). Does cram schooling matter? Who goes to cram schools? Evidence from Taiwan. International Journal Of Educational Development,  32(1), 46-52. Lin, L. , Ho, Y. (2009). Confucian dynamism, culture and ethical changes in Chinese societies – a comparative study of China, Taiwan, and Hong Kong. International Journal Of Human Resource Management,  20(11), 2402-2417. Muk, A. 2007). Cultural influences on adoption of SMS advertising: A study of American and Taiwanese consumers. Journal Of Targeting, Measurement Analysis For Marketing,  16(1), 39-47. Newell, W. H. (1976). Ancestors. Chicago, IL: Aldine Publishing Company. Ruiping, F. (2006). Confucian Filial Piety and Long Term Care for Aged Parents. HEC Forum,  18(1), 1-17. Satterlee, B. (2009). Cross Border Commerce  (pp. 40-43 ). Roanoke, VA: Synergistics Inc. Stedham, Y. , Yamanura, J. H. , LAI, S. (2008). Business Ethics in Japan and Taiwan: Relativist and Utilitarian Perspectives. Asia Pacific Business Review,  14(4), 535-551. United States Department of State, Background Note: Taiwan. (2008). Background Notes on Countries of the World: Taiwan, 1-12. Usunier, J. , Roulin, N. (2010). The influence of high- and low-context communication styles on the design, content, and language of business-to-business web sites. Journal Of Business Communication,  47(2), 189-227. Vadra, R. (2010). India’s Trade with Asian Tigers. Journal Of Marketing Management,  1(1), 49-69. Venezia, C. C. , Venezia, G. , Cavico, F. J. , Mujtaba, B. G. (2011). Is Ethics How to cite Cultural Analysis – Taiwan, Papers

Accounting and Finance for Business Corporate Finance

Question: Discuss about the Report for Accounting and Finance for Business of Corporate Finance. Answer: Case Study 1 The relevant data for the given case study is summarised below (Yahoo Finance, 2016) Date Adjusted Closing Price Dividends Paid ($) Domino RFG Domino RFG June 30, 2010 4.12 1.7 June 30, 2011 5.04 1.67 0.317142 0.192857 June 30, 2012 8.79 2.01 0.35 0.228572 June 30, 2013 10.19 3.25 0.422858 0.264285 June 30, 2014 20.67 3.99 0.472857 0.3 June 30, 2015 35.09 5.04 0.622857 0.325 1. Formula for Holding Period Return (HPR) = [(P1 + D P0)/P0]*100 Where P1 = Next year price, P0 = Current year price , D = Dividend Hence, using the above formula the HPR for the two companies is as shown below. Year HPR (%) Domino RFG 2010-2011 30.03% 9.58% 2011-2012 81.35% 34.05% 2012-2013 20.74% 74.84% 2013-2014 107.49% 32.00% 2014-2015 72.78% 34.46% 2. Expected returns (Domino) = (30.03+81.35+20.74+107.49+72.78)/5 = 62.48% Expected returns (RFG) = (9.58+34.05+74.84+32.00+34.46)/5 = 36.99% 3. The risk of each company is measured by the calculation of the standard deviation of the sample returns calculated above (Damodaran, 2008) The standard deviation for Domino based on sample return is captured in the table below. X (X- Mean)^2 30.03% 0.105286 81.35% 0.035622 20.74% 0.174203 107.49% 0.202598 72.78% 0.010611 Total 0.528319 Hence, standard deviation = (0.528319/4) = 0.3634 = 36.34% pa The standard deviation for RFG based on sample return is captured in the table below. X (X- Mean)^2 9.58% 0.075107 34.05% 0.000864 74.84% 0.143297 32.00% 0.002485 34.46% 0.000637 Total 0.22239 Hence, standard deviation = (0.22239/4) = 0.2358 =23.58% pa 4. Total Return to Shareholders (Dominos) = [(35.09 + 2.185714)/4.12]1/5 -1 = 55.35% pa Total Return to Shareholders (RFG) = [(5.04 + 1.310714)/1.7]1/5 -1 = 30.16% pa 5. It is apparent that in terms of returns the performance of Dominos is comparatively superior in comparison with RFG. However, the underlying risk in case of Dominos is also more as indicated by the higher standard deviation of the returns of the stock. As a result, in order to compare the performance of the two stocks we need to compute the risk adjusted shareholders return for each of the stock as shown below (Brealey, Myers Allen, 2008). Risk adjusted shareholders return (Dominos) = (55.35/36.34) = 1.52 Risk adjusted shareholders return (RFG) = (30.16/23.58) = 1.28 Based on the above computation, it is apparent that performance of Dominos stock is significantly superior to RFG during the given period. Case Study 2 1. Contribution Margin = Sale Price Variable Cost Unit sale price of cupcake (Given) = $ 3 Royalty Expenses = 8% of sales = (8/100)*3 = $ 0.24 Contribution to marketing cost = 5% of sales = (5/100)*3 = $ 0.15 Cost of ingredients per unit = $ 0.38 Hence, unit variable costs = 0.24 + 0.15 + 0.38 = $ 0.77 Hence, unit contribution margin = 3 -0.77 = $ 2.23 2. Let the breakeven volume be x cupcakes Then, according to the breakeven condition Unit contribution margin * x = Total fixed costs The calculation of the total annual fixed costs is shown below. Yearly rental = 350*52 = $ 18,200 Annual outgoings = $ 3,500 Total wages = (16+17)*8*252 = $ 66,528 Superannuation = (9.5/100)*66528 = $ 6,320.16 Hence, total fixes costs = 18,200 + 3,500 + 66,528 + 6,320.16 = $ 94,548.16 Hence, 2.23x = 94,548.16 Solving the above, we get x = 42,399 units 3. No. of cupcakes produced in a day = 144 Hence, annual pre-tax profit = Total contribution margin Total fixed costs = 144*2.23*252 - 94,548.16 = - $ 13,625.9 Hence, the pre-tax annual loss would be $ 13,625.9. 4. New selling price = 3.70 Unit contribution margin = 3.70 (0.13*3.70)- 0.38 = $ 2.839 No. of cupcakes produced in a day = 134 Hence, annual pre-tax profit = Total contribution margin Total fixed costs = 134*2.839*252 - 94,548.16 = $ 1,319.19 Thus, the pre-tax annual profit would be $ 1,319.19 5. New selling price = 2.70 Unit contribution margin = 2.70 (0.13*2.70)- 0.38 = $ 1.969 Pre-tax profit desired = $ 10,000 Let the cupcake required to achieve the above profit be x Hence, 1.969x (94,548.16 +17*8*252*1.095) = 10000 Solving the above, we get x= 72,157 Thus, the annual sales of cupcakes need to be 72,157 in order to earn an annual pre-tax profit of $ 10,000. Case Study 3 1. The assumptions for computation of discounted payback are as follows. All cash inflows and outflows are expected to occur at the end of the year only. Further, the initial investment on fittings has been depreciated on a straight line basis over a period of 10 years. The discounted value of the incremental cash flows arising from the business during the first 12 years is summarised in the table shown below (Petty et. al., 2015) It is apparent from the above table, that discounted payback period cannot be found out in the given case as the years increase the discounted value of the cash flow would keep on decreasing and the vendor would not be able to ever recover the initial investment of $ 200,000 using the discounted cash flow. The analysis has been extended to future years (i.e. upto 50 years) and then also the discounted cash flows are not sufficient to meet the initial investment. Hence, the discounted payback period cannot be computed in the given case since it does not exist (Damodaran, 2008). 2. In this case, since the business is sold in third year only, hence depreciation is considered to be absent in this case. The NPV of the business is calculated using the table below. Year 0 1 2 3 Cash inflow Number of cupcakes sold 70000 80000 90000 Unit Price ($) 2.7 2.7 2.7 Total Revenue ($) 189000 216000 243000 Sale price of business ($) 150000 Cash outflow Royalty Payment ($) 15120 17280 19440 Contribution towards marketing 9450 10800 12150 Cost of ingredients 26600 30400 34200 Annual Rental 18200 18200 18200 Annual Outgoings 3500 3500 3500 Annual Shop Assistant Wage 32256 32256 32256 Annual baker wage 68544 68544 68544 Annual superannuation contribution 9576 9576 9576 Initial investment in fittings and equipment 200000 Total cash outflow($) 200000 183246 190556 197866 Net cash inflow/(outflow) pre tax -200000 5754 25444 195134 Tax @ 30% 0 1726.2 7633.2 58540.2 Post tax net cash inflow ($) -200000 4027.8 17810.8 136593.8 PV of discounted cash flow -200000 3472.241 13236.33 87509.87 NPV ($) -95781.57 The NPV of the given business is -$ 95,781.57 3. The formula for profitability index is as shown below. Profitability index = (NPV + Initial Investment)/Initial Investment Profitability index = (-95781.57 + 200000)/200000 = 0.52 4. The investment in not financially viable since the NPV of the project is negative. Hence, Jane should not make an investment in the project (Parrino Kidwell, 2011). 5. From the article, it is apparent that there are significant business risks that are attached with the cupcake business. In order to overcome these risks, it is imperative that Jane should look to build up a brand and there focus on the whole value chain. This is imperative due to the low entry barriers and difficulty in differentiation. Thus, Jane should try to a premium baker with a strong brand so that it could differentiate itself from the competitors whose offering may be quite similar (Petty et. al., 2015). Thus, the current strategy of Jane of low price volume model may not be suitable as the market share in the cupcake market tends to be dynamic. Case Study 4 1. The requisite table is shown below (Dominos, 2015; RFG, 2015). Particulars EPS ($) Growth Rate (EPS) % Dominos RFG Domino RFG 30th June 2010 0.25 0.25 30th June 2011 0.3 0.25 20.00% 0.00% 30th June 2012 0.372 0.26 24.00% 4.00% 30th June 2013 0.391 0.26 5.11% 0.00% 30th June 2014 0.505 0.27 29.16% 3.85% 30th June 2015 0.742 0.22 46.93% -18.52% Dominos Enterprises (Dominos, 2015) Net profit margin = Net profit/ Total Revenue = (68421/539138)*100 = 12.69% Asset Turnover Ratio = Total Revenue/ Total Assets =539138/630600 = 0.85 Leverage Ratio = Total Liabilities /Total Equity = 325544/305056= 1.067 Return on Equity = Net profit/Total Equity =(68421/305056)*100 = 22.43% RFG (RFG, 2015) Net profit margin = Net profit/ Total Revenue = (34219/120768)*100 = 28.33 Asset Turnover Ratio = Total Revenue/ Total Assets = 120768/680048 = 0.177 Leverage Ratio = Total Liabilities /Total Equity = 276266/403782 = 0.68 Return on Equity = Net profit/Total Equity =(34219/403782)*100 = 8.47% Quick Ratio (RFG) = (Current Assets Inventory)/Current Liabilities = (90182-20901) /97025 = 0.71 Net debt to equity ratio (RFG) = Total Liabilities /Total Equity = 276266/403782 = 0.68 Quick Ratio (Dominos) = (Current Assets Inventory)/Current Liabilities = (116547-12282) /131131 = 0.795 Net debt to equity ratio (Dominos) = Total Liabilities /Total Equity = 325544/305056= 1.067 2. It is apparent from the above stats especially the EPS, that the performance of Dominos has been significantly better than that of RFG. This is apparent from the fact that in 2010, both companies had an EPS of $0.25. However, five years hence, the EPS of Dominos has enhanced to $ 0.742 while that of RFG has further languished to $ 0.22. This robust increase in the business and corresponding profitability has also reflected in the share prices of the shares of the both the companies over the period of five years (Parrino Kidwell, 2011). 3. The Total Return to Shareholders over the last five years for the two companies is summarised below. Total Return to Shareholders (Dominos) = 55.35% pa Total Return to Shareholders (RFG) = 30.16% pa The variables that impact the total return to shareholders are the dividend payments and share price. Since the EPS of the Dominos has witnessed a stupendous growth, this has also reflected in the stock price and the dividend paid. Normally, the higher the profits of the company, the higher would be the absolute dividend payouts to shareholders. This trend is also reflected in the below shown data. Date Adjusted Closing Price Dividends Paid ($) Domino RFG Domino RFG June 30, 2010 4.12 1.7 June 30, 2011 5.04 1.67 0.317142 0.192857 June 30, 2012 8.79 2.01 0.35 0.228572 June 30, 2013 10.19 3.25 0.422858 0.264285 June 30, 2014 20.67 3.99 0.472857 0.3 June 30, 2015 35.09 5.04 0.622857 0.325 In the last five years, the dividend payments for Dominos have become twice unlike RFG. Also, the stock price of Dominos has become almost 9 times since 2010 unlike PFG where the price has become only thrice in the last three years. The above difference is mainly linked with the respective financial performance of the two firms (Damodaran, 2008) Case Study 5 1. The completed table is shown below. DMP RFG Date 16 August, 2016 16 August, 2016 Last Price (AUD) 74.11 5.84 Shares Outstanding (M) 87m 164.97m Market Cap (B AUD) 6.45 0.96 Earnings Per Share (AUD) (TTM) $0.74 $0.26 Current P/E Ratio (TTM) 100.15 22.46 Dividend (AUD) (TTM) $0.518 $0.3536 Current Dividend Yield (%) 0.70 6.05 2. The completed table is shown below (Brigham Ehrhardt, 2013). Definition/Explanation Last Price (AUD) The last trading price of a particular share Shares Outstanding (M) It refers to the total number of shares that have been authorised and issued to the various shareholders of a given firm Market Cap (B AUD) It refers to the market value of the outstanding shares of the company. Market cap = Market price * Outstanding shares Earnings Per Share (AUD) (TTM) It is the amount of net profit that is attributed to each of the equity shareholder of the company during the last 12 months Current P/E Ratio (TTM) P/E ratio = Current Market Price/Earnings per share (TTM) Dividend (AUD) (TTM) The amount of money that the company pays from profit to company shareholders based on the number of shares held. Current Dividend Yield (%) Current Dividend Yield = (Dividend/Current Market Price)*100 3. It is apparent from the table above that market value of Dominos share is significantly greater than that of RFG. Additionally despite the difference in outstanding shares, the market capitalisation of Dominos is more than six times that of RFG which is indicative that amongst the two companies Dominos has more net worth as compared to RFG. The Dominos share is trading at a very high P/E in comparison with RFG which is indicative of the high growth potential of Dominos in the view of shareholders. Further, the main source of income for Dominos shareholders is expected in the form of capital appreciation as the dividend yield is very low. This is not true for RFG where the dividend yield at around 6% continues to be lucrative (Brealey, Myers Allen, 2008). References Brealey, R, Myers, S Allen, F 2008, Principles of Corporate Finance, 9th edn, McGraw Hill Publications, New York Brigham, EF Ehrhardt, MC 2013. Financial Management: Theory Practice, 14th edn., South-Western College Publications, New York Damodaran, A 2008, Corporate Finance, 2nd edn, Wiley Publications, London Dominos 2015, Annual Report 2015, Dominos Website, Available online from https://dominosinvestors.com.au/?utm_source=dominosutm_medium=websiteutm_term=investorsutm_campaign=menulink (Accessed on August 17, 2016) Parrino, R Kidwell, D 2011, Fundamentals of Corporate Finance, 3rd edn, Wiley Publications, London Petty, JW, Titman, S, Keown, AJ, Martin, P, Martin JD Burrow, M 2015, Financial Management: Principles and Applications,6th edn, Pearson Australia, Sydney RFG 2015, Annual Report 2015, RFG Website, Available online from https://www.rfg.com.au/images/investor_docs/RFG2015AnnualReport.pdf (Accessed on August 17, 2016) Yahoo Finance 2016, Historical Price of Stocks, Available online from www.yahoo.finance.au (Accessed on August 16, 2016)