Chapter 20 – Neurofinance

20. 1 INTRODUCTION In this book we have argued that cognition and emotion are powerful influences on people’s decisions. Traders are, of course, no different. This chapter begins by considering what we know about what sets a successful trader apart from other people. We have all contemplated the oft-debated question of nature versus nurture in explaining whether a person thrives or fails. In this final chapter, we further investigate where choices come from. The evidence suggests that there are both environmental and biological foundations. The chapter begins in Section 20. with a discussion of expertise, namely, what makes a skillful trader? Cognitive skills are honed through practice and repetition, but emotion also has a significant role. Next, in Section 20. 3, we turn to the emerging field of neurofinance. Using imaging technology, researchers are contributing to our understanding of how people make decisions. In Section 20. 4, we describe some of the insights recently pr ovided by neurofinance researchers. These researchers have found that cognition and emotion have complementary effects. Traders whose emotions appear to be in balance perform the best.Uncertainty and risk are experienced differently by our brains, as are gains versus losses and risk versus return. The chapter concludes in Section 20. 5 with some practical advice. 20. 2 EXPERTISE AND IMPLICIT LEARNING Consider the following situation. You are at a large concert and run into a good friend, Molly. Of course, you recognize her face immediately. Now think about this. What if, instead, you know Molly is at the concert but is seated across the venue. The friend you came to the concert with, Amy, is going to look for Molly, but the two have never met.You do your best at describing Molly to Amy. What’s the chance that Amy will be able to identify Molly among thousands of concert goers? Not too likely. Much of what we know we cannot describe in words. A face is a very complex thing, an d we simply do not have enough words to explicitly describe one particular person very accurately. Language is categorical, whereas the distinguishing features of two similar faces may be fuzzy. Some cognitive scientists assert that people have knowledge that they cannot verbalize, referred to as implicit learning or tacit knowledge.Brett Steenbarger argues that traders also have information about markets that they cannot adequately describe in words. Like a human face, markets are probably more complex than the language we have to describe them. Does this mean we need a finer grid with which to describe markets? Or, does this view suggest that we need to better understand how traders make decisions? Excellence in most fields requires expertise. How do we define expertise? Usually we think in terms of relative performance so that those at the top of their game are considered to be the experts.Because of tacit knowledge, an expert chess player or pro football player often knows insti nctively what the best move is, perhaps without any cognitive evaluation whatsoever. Recall in our discussion of the foundations of emotion in Chapter 7 that psychologists believe that emotions can develop completely independently from cognition. In other words, you can feel fear without first cognitively recognizing what is making you fearful. While observing a market, a trader may instinctively know the move he wants to make.Steenbarger notes that in many instances traders will make similar buy or sell decisions and then, ex post, provide very different descriptions of the information that led to the decision. The traders saw the same information, acted the same way, but understood their behavior quite differently. Perhaps a trader makes a decision based on instinct with no preceding cognitive evaluation. Afterward, the trader generates an explanation that is cognitively consistent with his expectations. Steenbarger argues that â€Å"the successful trader feels the market but doe s not become lost in those feelings. Studies of expert athletic performers have reached similar conclusions. For example, one study argues that â€Å"emotions, and the capability to regulate them effectively, arguably account for a large portion of the variance in athletic performance. † In the trading domain, an expert trader often has a gut feeling about a particular situation but remains in control by taking careful, deliberate action. Does this mean that trading expertise is innate and cannot be learned? Reading the information in a market could be like understanding a social interaction. Some people are just better at it than others.While some level of innate ability is probably requisite, the evidence suggests that expertise is finely honed. Not too many of us would believe that a professional quarterback spent his teen and early adult years watching football on television while sitting on the couch eating chips. Knowing the rules of a game does not make you good at the game. Practice and repetition are common ingredients across successful experts. For example, accomplished violinists spend, on average, 10,000 hours practicing. Successful traders also devote a lot of time to practice.This practice gives them the ability to connect what they know about a market to the action they should take. Through implicit learning they are able to make better and more efficient decisions. A day trader who spends hours, or even minutes, evaluating a current market circumstance before making a trading decision will certainly find it difficult to succeed. 20. 3 NEUROFINANCE While we know that practice is necessary to hone any skill, unlocking the mysteries of the brain is an important key to understanding how to promote the development of expertise in any realm, including investing.Are evolutionary theorists correct in their contention that our basic emotions have evolved to promote the survival of the species as we discussed in Chapter 7? Do expert performers hav e innate characteristics, or can anyone develop expertise in trading? Neurofinance and neuroeconomics use neurotechnology to examine how the brain behaves while a person is making financial and economic decisions. In these new and growing fields, results from economics, finance, psychology, and neuroscience provide the basis for further investigation.Neuroscience uses brain imaging, as we described in Chapter 7, to understand brain activity and how the brain works. With this technology, scientists can actually measure emotional response. The potential of the technology has not gone unnoticed by practitioners. In fact, Jason Zweig, senior writer for Money magazine and guest columnist for Time magazine and cnn. com writes: I’ve been a financial journalist since 1987, and nothing I’ve ever learned about investing has excited me more than the spectacular findings emerging form the study of â€Å"neuroeconomics. Thanks to this newborn field †¦ we can begin to understa nd what drives investing behavior not only on the theoretical or practical level, but as a basic biological function. These flashes of fundamental insight will enable you to see as never before what makes you tick as an investor. Investors who better understand â€Å"what makes them tick† will be better prepared to make good investment decisions. It is important to understand that neuroscience is not simply interested in mapping out parts of the brain. Instead, by looking at how the brain reacts during various activities, scientists can understand how the brain functions and solves problems.We will better understand the mix of cognitive processing and emotional responses. Which responses are controlled and which are automatic responses? These insights will allow economic theorists to improve models of decision-making, as well as investor education efforts. Recall from our earlier discussion of the brain that automatic and controlled responses are associated with different par ts of the brain. Automatic responses often stimulate the amygdala, whereas controlled responses activate the forebrain (or prefrontal cortex). Using imaging technology, scientists can observe the areas of the brain that are activated during a task.In Chapter 7 we also talked about Damasio’s studies of the behavior of brain-damaged patients. The patients were emotionally flat due to frontal brain lobe damage, and Damasio concluded that decision-making and emotion are intertwined. Though studies of braindamaged patients can be informative, brain imaging technology allows more control so that research can be conducted with greater precision. Neuroscientists are making great progress on brain function, and, as a result, researchers are proposing new models and theories that better incorporate aspects of psychology, including emotion. 0. 4 INSIGHTS FROM NEUROFINANCE Neuroscientists have investigated a variety of questions related to financial decision-making. Several studies have lent insight into the forces of emotion on trading by studying the physiological characteristics of professional securities traders while they were actively engaged in live trading. In one study significant correlations between market movements and physiological characteristics such as skin conductance and cardiovascular data were reported. Differences were also detected across traders, perhaps related to trading experience.Another study looked at whether emotion was found to be an important determinant of a trader’s ability to succeed in financial markets. It was found that those whose reaction to gains and losses was most intense had the worst trading performance, suggesting the obvious need for balanced emotions. Brain imaging has been used as experimental participants have made risky choices. This research indicates that how gains and losses are both anticipated and realized is likely to differ inasmuch as different regions of the brain are activated.When gains are antici pated, a subcortical region known as the nucleus accumbens (NAcc) becomes active. This region is rich in dopamine, a substance that has been associated with both the positive affect of monetary rewards and addictive drug use. The fact that this region is only active during anticipated gains (but not losses) lends plausibility to the differential experiencing of gains and losses in prospect theory. Other brain imaging research indicates that what might lie behind ambiguity aversion is the fact that risk and uncertainty are experienced in different ways.Recall in Chapter 1 where we discussed the distinction between risk and uncertainty. With a risky choice, the person can assess the probability of the outcomes, but under uncertainty the probabilities are unknown. The distinction is important here because the brain may evaluate a choice in a risky situation differently from a choice when one faces uncertainty. Research indicates that when facing uncertainty the most active regions were the orbitofrontal cortex (a region integrating emotion and cognition) and the amygdala (a region central to emotional reaction).In contrast, when facing risk, the brain areas that responded during their task were typically in the parietal lobes so that the researchers concluded that choices in this setting were driven by cognitive factors. In sum, uncertainty appears to be more strongly associated with an emotional response, while risk leads to a cognitive reaction. It has been suggested that when times becomes more uncertain (for example in 2008, as was described in Chapter 14), the inability of investors to properly assess the distribution of future returns leads to their moving from rational deliberation to a primarily emotional response.The result could be widespread unwillingness to hold risky assets in turbulent markets, a tendency that can only exacerbate market declines. A neural test of myopic loss aversion has also been conducted. A group of patients with brain lesions on areas known to be associated with the processing of emotions were compared to a control group. The former group was significantly more likely to take on risk than the control group. Further, the lesion group exhibited greater consistency in their levels of risk aversion. In other words, those with a reduced capacity for fearful responses behaved in a manner more in line with expected utility theory.Another study focused on how decision-makers’ brains reacted to varying levels of risk, rather than on learning or expected values. Using a gambling game, expected values and risk were varied while participants’ brain activation was monitored. As is typical in finance, rewards were measured using expected payoffs and risk using the variance of payoffs. Interestingly, the researchers report that brain activation varied in both time and location for reward and risk. Brain activation in response to rewards was immediate, whereas brain activation in response to risk was delayed .Time and location of activation is important because if we can separate the effects of risk and reward in the brain, researchers can further investigate how changes in risk perception affect decision-making. For example, they could examine how misperception of risk and cognitive difficulties contribute to less-than-optimal behavior. 20. 5 EXPERTISE AND EMOTION Research indicates that understanding neural responses will help us to gain insight into some of the puzzles we have talked about in this book. In addition, there are important implications for trader education.We are all familiar with the old adage that â€Å"practice makes perfect. † In order to gain expertise, it is important to know the rules of the game, so reading up on investing is not a bad idea. But, at the same time, much practice through many simulations under divergent market conditions will promote better decision-making while trading. But, does it pay to become an expert? While we know that many long hour s of studying and practice are required, is this effort sufficiently rewarded? There is evidence that this question can be answered in the affirmative for financial practitioners.One researcher constructed a â€Å"differential reward index† as the income for a specified percentile divided by the median income for each occupation. This measure allows us to differentiate high average income from high income for those whose expertise is greatest in a particular profession. For financial and business advisors, including stock brokers, earnings are related closely to achievement. At the 90th percentile the differential reward index was 3. 5, indicating that the top 10% earned 3. 5 times more than the median income level.In fact, this was the largest observed value for the differential reward index across all occupations studied! Thus the evidence suggests that the benefit of becoming a skilled financial advisor may far exceed the cost. So how can one become an expert? Researchers have concluded that tacit knowledge is an important predictor of success in business as measured by salary, rank, and the level of one’s company (e. g. , whether it is among the top 500 in the Fortune rankings). Practical knowledge, or the ability to gain tacit knowledge and turn it into a good strategy, is a function of a person’s environment and ability.Thus, with a certain level of competence, hard work can be translated into success. A successful trader, nonetheless, should always remember that emotion is critical to the outcome. We have argued throughout this book that emotion can enhance decision-making. Previously cited evidence suggested, however, that traders are advised to be wary of intense emotional reactions. Another recent study used neuroimaging to examine how decision-makers’ brains responded while playing the ultimatum game described in Chapter 11.When unfair offers were rejected by the responders, the investigators reported significant increase s in brain activity in the anterior insula, a brain area associated with emotion. Recall that even offers that are viewed as unfair should be accepted by a responder who cares only about increasing her earnings. Thus, traders are advised to exert their cognitive skills when experiencing a strong emotional reaction in order to overcome the tendency to react emotionally, just as a responder in the ultimatum game who is aware of his emotional response is well advised to accept an offer even if it seems unfair.Emotional responses and cognitive evaluations of risk can be quite different. Think about how many people perceive the risks of automobile and airplane accidents. Though riding in an automobile has been shown to be the less safe alternative, often an emotional response plays the dominant role, which may keep some people off airplanes. CHAPTER HIGHLIGHTS 1. Expertise is defined in terms of relative performance so that those at the top of their game are considered to be the experts. 2. Implicit learning reflects knowledge that cannot be described using language. 3.Experts have developed implicit knowledge that enhances performance in their particular domain. 4. Neurofinance uses brain imaging technology and results from economics, finance, and psychology to better understand how the brain works. 5. Physiological differences exist across professional traders, and emotion is an important determinant of a trader’s ability. 6. Measured brain responses to changes in risk and reward vary in both location and time of activation. 7. Practice is necessary to excel in trading, and good traders may make decisions based on gut feelings, while at the same time ensuring that they control their emotional responses.

Csr of British American Tobacco Bangladesh

Corporate Social Responsibility (CSR) of British American Tobacco Bangladesh (BATB) Prepared by: Sadia Zerin ID: 41119022 Department: Marketing Submitted to Dr. Tunajjina Mehzabin Assistant Professor Faculty of Business Studies University of Dhaka Date: 6/4/2011 Corporate Social Responsibility (CSR) of British American Tobacco Bangladesh By Sadia Zerin ID: 41119022 has been approved April, 2011 Dr. Tunajjina Mehjabin Assistant Professor Faculty of Business Studies University of Dhaka 6th April, 2011 Tunajjina Mehjabin Assistant Professor, Faculty of Business Studies University of Dhaka, Bangladesh Madam I want to submit my business report on â€Å"Corporate Social Responsibility (CSR) of British American Tobacco Bangladesh (BATB)†. I am submitting this report as a partial fulfillment of MKT 511(Organizational Behavior). This report is going to provide valuable information about the CSR activities of British American Tobacco Bangladesh. Therefore, I need your kind attention to assess my report considering the limitations of the study. Your kind suggestion will encourage me to perform better research work in future. Yours sincerely, Sadia Zerin ID# 41119022 TABLE OF CONTENTS Executive Summary †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 1. 0 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 2. 1 Objective of The Study †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦. 8 2. Limitations of The study†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 2. 0 What is Corporate Social Responsibility†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 3. 3 Theories to Analyze and Explain Corporate Social Responsibility†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 3. 4. 1 Stakeholder Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 3. 4. 2 Social Contracts Theory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 3. 4. 3 Legitimacy Theoryà ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 3. 4 Consumer Evaluation of CSR†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1 3. 0 Key Drivers of CSR in Bangladesh†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 4. 0History of British American Tobacco Bangladesh†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14 4. 0 CSR Activities of BATB†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 5. 2 Social Reportingâ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 5. 3 Contribution to Environmental Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 18 5. 4. Afforestation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 19 5. 4. 2 Alternative to Wood Fuel†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 20 5. 4. 3 Fertiliser†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20 5. 4. 4 Soil Conservation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 20 5. 4. 5 Product Waste & Factory Emmision†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 1 5. 3 BAT CSR towards its Human Resource†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 22 DEVELOPME5. 3. 1 Providing Facilities†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦ 23 5. 3. 2 Motivating Employees†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 5. 3. 3 Removal of Barriers†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 5. 3. 4 Reward System†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 6. Tobacco Industry and Corporate Social Responsibility: An Inherent Contradiction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 26 7. 0 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 29 7. 1 Recommendation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 29 Executive Summary The sole intention of profit-seeking among org anisations has now been increasingly superseded by the need to acquire the favour of customers: both xisting and potential customers. Companies that intend to be at the top of their respective industries, or even survive, need the favour of the public. They could do this by presenting a positive image through marketing or they could touch a more profound aspect of their target market particularly those applicable to the morals and principles of the public. This need spawned what is termed as  corporate social responsibility  (CSR). Business organizations in Bangladesh are now widely involved in these CSR activities and British American Tobacco Bangladesh (BATB) is one of them. This report mainly investigates about the CSR activities of BATB and keeps an eye on its controversy. 1. 0 Introduction An enterprise’s usual main goal is to establish itself in the business world and reach the largest market possible. Shortly speaking, business is basically about money-making. Employing jobs is the most important benefit an enterprise gives that helps run the economy. The business industry is the main core of economy of a country. However, gaining profit should not only be the sole focus of a business. Founding an enterprise engages in larger social responsibility. Social responsibility involves everyone in the society, from individuals to groups and organizations. It is an ideology that citizens should not function as individual beings with selfish motives but instead contribute to the welfare of the society. In the business world, corporate social responsibility (CSR) is a mechanism of self-regulation in which it continues to focus on gaining profit but ensuring the enterprise abides by the law, support ethical standards and consider international norms. In this case, businesses embrace the responsibility of its stakeholders, employees, consumers, communities and the environment. Essentially, corporate social responsibility deliberately includes the public interest into enterprise decision-making and voluntarily eliminates practices that harm the general public. However, critics debate that CSR distracts the fundamental economic role of businesses because considering public interest might decrease its contribution to the economy in financial terms. Considering public interest could confine the innovations and market of an enterprise, thus losing money. But nonetheless, the pressure applied on industry in improving ethical business processes has increased due to arising issues of 21st  century marketplaces. Regardless of many controversies, corporate social responsibility has definitely found its place in every establishment and British American Tobacco is one of the leading group companies that consider corporate social responsibility. Due to the nature of their product, tobacco companies face much criticism from many fronts, particularly the media and NGOs. This public criticism has meant tobacco companies strive to implement sound and commendable CSR principles, initiatives, and codes, often voluntarily reporting on their CSR or sustainability activities. Tobacco companies have also faced criticism regarding their lobbying practices since the 1950s and onwards. Engagement with stakeholders has demonstrated to BAT that its product causes harm to its users, and believes that a responsible tobacco company should take steps to reduce the level of harm as much as possible. British American Tobacco in particular has been widely lauded for its CSR and stakeholder engagement initiatives, while at the same time strongly censured and targeted by multiple NGO reports and in the press. 1. 1 Objective of The Study The main objective of the paper is to explore the running and existing CSR practices done by BAT. First, definition of CSR is analyzed from the economic perspective of business organization and consumer evaluation. Secondly, we focus on the key drivers of CSR in Bangladesh. Thirdly, we discuss about the history and its existing and running CSR activities of BATB. On the next section we focus on the controversy about the CSR activities of BAT. Finally , we conclude the paper with some recommendation. 1. 2 Limitations of The study The study was limited by a number of factors. Firstly, the study was confined only to Bangladesh. Secondly, I wanted to include some other information like impact of CSR towards the overall performance of BATB, the overall cost of CSR inside the organization etc but I didn’t get supporting information in the internet. Finally, time constraint led to get narrower outcomes, and finally the knowledge constraint of time constraint led to get narrower outcomes. 2. What is Corporate Social Responsibility? Theorists are increasingly covering a wide range of issues such as workplace, marketplace, environment, community, ethics, and human rights on the area of CSR. Though there are hundreds of studies examining CSR, researchers still lack of agreement on a precise definition about it. For defining CSR, they have used several factors, theories, and perception about it. Economic perspective of organizations is one of the most important determinants of their CSR. Those who adopt neoclassical view believe that doing good to society is not the purpose of business (Friedman, 1962). They concentrate mainly on profit maximization and consider only payment of taxes and provision of employees as CSR. There are other organizations that find this neoclassical view quite non-normative and adopt a moral approach linked to social expectation (Holmes, 1976). In addition to profit making, they are involved in CSR for their moral obligation to society. They take a view that because business has resources and skills it should help to solve problems of society. Other than these two approaches, there is another broad strand named enlightened self-interest (CCPA, 2000). The adapter of this approach find that by attaining a enhanced social role an organization can get business benefit, long term business sustainability and maintain support of its community. But it leaves a controversy whether this approach is motivated by only profit motive as it was in neoclassical approach or there underlies any moral or ethical imperative. . 1 Theories to Analyze and Explain Corporate Social Responsibility. 2. 1. 1 Stakeholder theory A fundamental question often arises about CSR that â€Å"socially responsible to whom†. To answer this question, Freeman argued that business relationships should include all those who may â€Å"affect or be affected by† a corporation. Much of the research in stakeholder theory has sought to systematically address the question of which stakeholders deserve or require management attention (Freeman, 1984, p. 46). Approaches to this question have focused on relationships between organizations and stakeholders based on exchange transactions, power dependencies, legitimacy claims, or other claims. Researchers have attempted to integrate stakeholder theory with other managerial perspectives, particularly theories of governance and agency. In this theory, stakeholders are typically analyzed into primary group (including shareholders, investors, employees, customers, suppliers) and secondary groups (who influence or are influenced by the corporation, but they are not engaged in transactions with the corporation). . 1. 2 Social Contracts Theory Donaldson and Dunfee’s social contracts theory provides a realistic and balanced approach to ethical decision-making that requires managers to consider firms’ ethical obligations to respect local community norms without violating universal moral principles. Hence companies who adopt a view of social contracts would describe their involvement as part of â€Å"social expectation†. 2. 1. 3 Legitimacy Theory Legitimacy theory asserts that organizations continually seek to ensure that they operate within the bounds and norms of their respective societies, that is, they attempt to ensure that their activities are perceived by outside parties as being â€Å"legitimate† (Suchman, 1995). These bounds and norms are not considered to be fixed, but rather, change over time, thereby requiring the organization to be responsive to the environment in which they operate. 2. 2 Consumer Evaluation of CSR Consumer evaluation of CSR differs from country and culture (Clarkson, 1995). CSR usually exchanges consumer support approval in return. After reviewing the research of Todd Green and Fohn Peloza the consumer responses found are: * Consumer responses to CSR depend on how CSR is manifested. For example, cause related marketing (donating a percentage of sales) is less effective than unrestricted cash donations at countering negative news about firm. One other hand, consumers are more likely to support firms that engage in cause related marketing when compared to the firm involvement in advocacy advertising (encouraging customers to support a given social issue with no overt request to purchase from the firm). Customers evaluate CSR of a firm according to their own interest, morals, and priorities. For example, a consumer may not support McDonalds because of their work with McDonalds Children’s Charities, but they will be highly motivated because of the healthy products it now offers in its menu. * Social performance of a firm is about the evaluation of actions, and not the actions themselves. For example, a quest ion often arises whether Wal-Mart be considered a responsible company for providing consumers with low-priced goods or an irresponsible one for paying its employee low wages. 3. Key Drivers of CSR in Bangladesh The current agenda for CSR in Bangladesh is driven by three factors, of which the main impetus for change is an increasing scrutiny of the local practices of subsidiaries of MNCs. The continuing incidents of pollution, exploitation, and increasing local appreciation and buy-in to world-class CR closely underpin the case for change to a wider adoption of CSR practices. The increased social consciousness of western consumers, brought about through high-profile cases of corporate exploitation, has been a strong impetus for companies to focus on CSR practices. This has placed pressure on local subsidiaries of international MNCs to be held accountable and responsible. One sector where this is increasingly evident is the garment sector in Bangladesh. Here companies tend to perform better on CSR practices relative to other sectors, due to increased scrutiny and standard setting by their parent companies (Mortier,2003). In Bangladesh, the ability to hold companies accountable has also been facilitated to some extent, by the significant growth in the number of local NGOs (non-governmental organizations). In 1970, it was estimated that there were around 40 NGOs operating in Bangladesh. By 1999, the figure was estimated at 22 000, of which around 150 are of foreign origin . In Bangladesh, as elsewhere in the world, out of the trend towards privatization and market liberalization policies, a discourse has emerged on the imperative for business to take up wider social responsibilities, which would both complement the role of the state and fill in the space created through possible retreat of the state. An example of this is the HIV/ AIDS (Human Immunodeficiency Virus / Acquired Immune Deficiency Syndrome) initiative kicked off in 1998 by FICCI (Foreign Investors’ Chamber of Commerce and Industry) in Bangladesh and UNAIDS (the Joint United Nations Programme on HIV/AIDS), so as to form a business coalition on AIDS in the country (Matin 2002). The imperative for CSR is also the continuing evidence of issues and incidents relating to the wasteful use of scarce resources and pollution caused by industries, as well as by consumers in Bangladesh. Some examples of these include the struggle between shrimp farmers and rice growers over land usage, the deforestation of the Chittagong hill tracts due to gas and oil prospecting, and the pollution of the Gulshan-Baridhara lake in Dhaka from the dumping of industrial waste from the Tejgaon, Badda, and Mohakhali industrial areas. These incidents have been reported in the international press as well as on international business and human rights websites, and have resulted in greater international and local demands for CSR practices. Local and global resistance to corporate irresponsibility has resulted in community campaigns in the case of shrimp farming in Bangladesh, as well as quality pressures from European Union health regulators and consumer boycotts in Europe. Together, these local and global pressures have helped shape the CR agenda in Bangladesh. The drive for improved CR is evident in certain sectors through a new generation of business leaders, keen to develop new skills and new business practices that encompass thinking about a ‘triple bottom line’. For example, a local company in the textile industry – Beximco Textiles – is part of a leading industrial corporation and a Greenfield technology partnership. It has achieved global competence in environmental and technological standards through integrating sustainability into innovation and corporate strategy. It has also successfully demonstrated the market benefits of vertical integration. Beximco is now leading the efforts of the Bangladesh Textile and Mills Association at establishing a homegrown code of conduct, comparable to international standards. . History of British American Tobacco Bangladesh British American Tobacco Bangladesh Company Limited is a subsidiary of British American Tobacco and is one of the 68 countries in which BAT has Manufacturing plants. It is one of the oldest and largest multinational companies operating in Bangladesh. BATB started its journey as Imperial Tobacco Company Limited in the undivided India in 1910. After the partition of India , Pakistan Tobacco Company (PTC) was established in 1949 to meet the demand for cigarettes of whole of Pakistan. The monthly volume of sales in the former East Pakistan soon reached 40 million. The population of Dhaka was that time a mere . 25 million. All the local cigarettes including Capstan, Wills, Scissors, Passing show, Berkley and Tiger were manufactured in Mouripur Factory of Karachi in West Pakistan and were sent to Bangladesh and sold there. The East Pakistan became embroiled in the struggle for achieving full Provincial Autonomy in 1970 and this eventually lead to the civil war and emergence of independent Bangladesh on 16th in December, 1971. After Bangladesh came into being, all properties of Pakistan Tobacco Company Limited (PTC) were declared as â€Å" abandoned property† because the owners were citizens of a state which was engaged in war with Bangladesh after 25th March, 1971 and the ownership of the Company vested in the Government under the Bangladesh Abandoned Property (Control Management and Disposal) Order,1972 (known as P. O. 16). The new infant Government allowed the local and the expatriate British Management of the former PTC to continue to operate the Company and the reconstitution process was set in motion in 1972 by BAT. The Marketing Department afterwards became no more than an allotment centre. Its role became limited to the allotment of whatever cigarettes that could be produced in the two Cigarettes Factories, to the Distributors. There was an acute shortage of skilled man power (the skilled employees had left for Pakistan), tobacco, Wrapping materials, spare parts and foreign currency. All these except the foreign currency used to come from West Pakistan. After independence of Bangladesh, import of hand-made biris and ‘Tendu` leaves as wrapppers for locally made biris, were allowed from India and low-priced paper wrapped cigarettes rapidly lost both grounds and the volume to biris due largely to economic hardship, scarcity of cigarettes-for want of tobacco, wrapping materials and spare parts for the running of the Mollins Mark V makers and the M 2 and the Duplex packers. The sales volume came down to 550 million per month in 1972-73 from its early peak of 1,200 million of an year ago. As the Company fell into great crisis of foreign exchange along with management and technical support,the Company was compelled to develop its own resources particularly the raw inputs. The proposed name of the company to be incorporated in Bangladesh to succeed PTC, was Tobacco Company Limited (TC) and the Company operated under this name till 2. 2. 1972. TC sought permission from the Ministry of Finance on 28 December, 1971 and the Ministry of Industries (the Ministry) on 30 December,1971 for permission to operate the bank accounts which were in the name of Pakistan Tobacco Company Limited (PTC). The majority shareholders of British American Tobacco Company Limited of former PTC proposed to the Government, on24 January 1972, that BAT be allowed to reconstitute Bangladesh Tobacco Company Limited as a joint venture company. The UK shareholders will have 2/3rd interest and the Government a 1/3rd interest in the Company. The business, assets, liabilities of the former PCT will be vested in BTC(Bangladesh Tobacco Company)  by authority of the Government. On 25. 1. 72 the proposal was granted. The Bangladesh Tobacco Company Limited (BTC) was incorporated on 2. . 1972 as a private limited company with only three shareholders of Tk. 10. 00 each-2 from BAT and 1 from the Govt. On receipt of the Ministry of Industries ’letter dated 11th October,1973 vesting the right of the assets of the former Pakistan Tobacco Company Limited located in Bangladesh into Bangladesh Tobacco Company Limited and the Directors capitalized those assets to the extent of Tk. 4,49,99,970 which added to Tk 30 capital already subscribed, amounted to Tk. 4,50,00,000. The first AGM was held on 27th August, 1974 in Motijheel. As BTC has always been a part of BAT and over the years BTC has proved to be the perfect representative of BAT by manufacturing and marketing quality brands of cigarettes which met the standards of BAT. In recognition to its commitment towards BAT and the important role it played on BAT group, BTC was later named as British American Tobacco Bangladesh Company Limited (BATB). 5. CSR Activities of BATB British American Tobacco Bangladesh has always taken seriously its wider role as a corporate citizen. The company is committed to building constructive partnerships for change, listening to our stakeholders to try and understand their expectations, and defining and demonstrating responsible behaviour. It is the single largest revenue generator in the private sector, generating some Tk. 1,700 crores in the 2002/03 fiscal year in supplementary duty and VAT for the government. Through various initiatives and projects, it is also involved in improving the environment, supporting community development programmes, promoting arts and culture,and assisting with primary health care and disaster relief. Here's a glimpse of some of our key activities. 5. 1 Social Reporting British American Tobacco Bangladesh is committed to continuous improvement. Its approach to Social Reporting recognises that running a business is not just about profits. Social Reporting aims to strike a balance between meeting stakeholders' reasonable expectations and running a successful business The company has established a Corporate Social Responsibility (CSR) Steering Group chaired by the Managing Director and consisting of the Deputy Managing Director and all function heads. It is responsible for the review of stakeholder feedback, the development of responses, the integration of CSR principles into its business activities, and overseeing British American Tobacco Bangladesh follows the accepted standard for Social Reporting (AA1000), developed and regulated by the Institute of Social and Ethical AccountAbility (also known as AccountAbility). This standard allows users to embed the social accounting, auditing and reporting procedures into current management systems. The essence of this standard includes: * Putting stakeholder dialogue at the centre of our approach; * Embedding the approach, while engaging in dialogue and producing regular reports; * Following both the AA1000 and the Global Reporting Initiative (GRI) framework; * Being measured against the AA1000 Standard through a highly rigorous external verification. This Social Report focuses mainly on issues raised in the the preparation of the Social Report. stakeholder dialogue sessions. It also provides overviews on a number of other key and relevant topics. 5. Contribution to Environmental Management Stakeholders are expressing their concern regarding the impact that tobacco cultivation has on the environment. While afforestation programme by British American Tobacco Bangladesh was commended, some stakeholders felt that the company was also contributing to deforestation, as wood cut down for tobacco curing by farmers could become timber in the future. They also expressed their concern re garding the soil fertility issue due to tobacco cultivation. Stakeholders mentioned that British American Tobacco Bangladesh should make more meaningful contributions to environmental management. Each stage in the production, distribution and consumption of tobacco products has environmental implications. British American Tobacco companies are in a position to influence directly some of the environmental impacts occurring during the product life cycle. Its aim is to minimise or eliminate these impacts to reduce our burden on the environment. Wherever it cannot directly manage impacts, it seeks actively to encourage best practices amongst suppliers, clients and consumers. Since almost all the raw materials used for the production of cigarettes are based on goods from the natural environment, such as tobacco, paper and board. British American Tobacco has committed itself to attaining world class standards of environmental performance. In line with this approach, British American Tobacco Bangladesh already focusing on reducing wastes,promoting recycling, reducing water consumption, using raw materials efficiently, improving soil's nutrient composition, introducing alternatives to agricultural chemicals and wood fuels in tobacco growing, reducing dependence on fossil fuels, and limiting atmospheric emissions. 5. 2. 1 Afforestation British American Tobacco Bangladesh started the country's largest private afforestation programme in 1980 and distribute more than 3. million saplings annually. Until now, it has contributed over 6. 35 crore saplings of different varieties countrywide. Most of these are located in the tobacco growing areas of Kushtia, Rangpur, Manikganj and Chittagong including the developing areas of Lama and Alikadam in the Chittagong Hill Tracts. It has been given recognition by the government for its well managed afforestation programme. The recognition came through the Prime Minister's award given to us in 1993, 1999 and 2002 for its contributions to the country's afforestation programme. In 2008 the company received the award for the tree plantation initiative in Shah Amanat International Airport in Chittagong. The company also received awards in four other occasions as national recognition for contribution in tree plantation. It also received several awards from the local government bodies for participating in tree fairs at districts levels. British American Tobacco Bangladesh is one of the four operating companies in the British American Tobacco group, chosen under the global initiative of BAT Biodiversity Partnership, to formulate a local biodiversity strategy and to implement a portfolio of conservation activities. The principal aim of this ‘global thinking, local implementation' is to develop a replicable model for corporate biodiversity conservation based on ‘best practice' examples derived from the pilot initiatives undertaken by these four operating companies of British American Tobacco. 5. 2. 2 Alternatives to Wood Fuel BATB meets 70% of its wood fuel requirements through alternatives like paddy straw, sugar cane bagasse, jute sticks, dhoncha sticks, mustard stalk, etc. It encourages all its 14,000 registered tobacco growers to use alternate fuel sources in tobacco curing. It seeks to ensure efficient and sustainable use of wood fuel as far as practicable. 5. 2. 3 Fertiliser BATB uses potassium sulphate which is recommended by Bangladesh Agriculture Research Council (BARC). It also recommends balanced use of fertilisers in the cultivation process. Fertilisers in Bangladesh are produced and imported by the government and price is fixed by the government. BATB buys the best available non-adulterated fertilisers from the government in bulk and supply at cost price to our farmers on a no-interest deferred payment basis. This ensures availability of fertilisers locally at affordable prices. In the growing areas, it provides instructions on how organic waste of the homestead can be converted to compost in pits. Farmers are finding this low cost alternative very useful. 5. 2. 4Soil Conservation BATB does not believe tobacco growing causes any imbalance in soil fertility. Tobacco growing itself leads to crop rotation and residual fertilisers, which actually improves soil fertility. This is evidenced by the increased yield over the years for both tobacco and other crops. However, it conducts soil quality tests in the tobacco growing areas from time to time to determine the soil fertility status. Tobacco growing in the country has been going on for the last 30 years and there is no indication of loss in soil fertility in the growing areas. Another evidence of this is that farmers do grow other crops in tobacco growing areas. It tries to ensure that soil fertility issues are properly addressed within the existing cropping pattern. Its recommendation for crop rotation is: tobacco – green manuring – paddy/jute – paddy. Farmers are regularly trained on the use of balanced fertilisers. BATB’s farmers have already taken up soil fertility programme i. e. green manuring and compost making and these will be further developed in the future. Research on producing organic herbicide using tobacco is going on in the developed world. Once any success is achieved, BATB will pilot it to see the impact on its crops. 5. 2. 5 Product Waste and Factory Emission The tobacco curing barns are generally 10 to 12 feet high with the chimney about another two feet higher. Hence, any smoke residue from the wood-fuel burning is emitted high in the air at about 12-14 feet. The residual ashes are used as fertilisers. Every year BATB obtain a clearance certificate from the Department of Environment (DOE). This certification testifies that we are abiding by all environmental laws and regulations relevant to our operations. Recently a study was conducted jointly by DOE, Cantonment Board, DOHS and scientists from Dhaka University. No evidence of any significant environmental impact on the immediate neighbourhood of our cigarette factory was reported. However, recommendations made on making further improvements are being currently implemented. BATB have a global policy on Environmental Health & Safety (EH&S) practices that aims at achieving a high level of EH&S standards. The standards include the issue of waste management in our Green Leaf Threshing plant and Dhaka factory. A bio-filter plant was set up in 1996 at a cost of Tk 6 crore to reduce the impact of tobacco smell and residue from our Dhaka Factory. This is the only one of its kind in Bangladesh for any industry and is recommended by the DOE as best practice in connection with environmental pollution control. 5. 3 BAT CSR towards its Human Resource British American Tobacco Bangladesh continues to play a significant role in human resource development of the country. It offers world class human resource development trainings for our employees. In 2002 alone approximately 650 of its management and non-management employees attended 30 managerial and 156 technical training programmes on a wide variety of disciplines. As a result many of its managers are employed in BAT group companies in different parts of the world while many former managers are holding top positions in other reputed companies of Bangladesh. It also provides training programmes to people outside its company. For example: * It offers a 12-week internship programme for students of leading business schools in Bangladesh and * Our Managers offer lectures on various management topics in different business schools * It provides marketing skills development programme for BRAC * It runs management development programmes which are attended by managers of other business houses * While we will explore the opportunity for exporting cigarettes, we are committed to satisfy the demands of our consumers in the domestic market. If British American Tobacco Bangladesh withdrew from the cigarette business the demand for cigarettes would not disappear; it would simply be satisfied by other manufacturers. * Since 2004, BAT Bangladesh has recruited 37 talented managers from various leading universities through Battle of Minds. Thus, participants of this competition might get the added advantage to become a part of BAT Bangladesh! This is an exciting opportunity for young people to bring their difference and show the world what you are made of. Battle of Minds is one of the most prestigious inter university competition in the country. British American Tobacco Bangladesh has been organizing this event since 2004 with an aim to develop the students into future leaders. Over the years, the competition has evolved to include contemporary issues to provide a platform for talented individuals to display entrepreneurial acumen. Battle of Minds thus enables potential graduates to prepare for the extremely competitive job market. OUR ROLE AS A DEVELOPMEN5. 3. 1 Providing Facilities To develop the most vital element of the organization which is the human resource, BATB has put in a lot of efforts in responding to various changes and problems through effective formulation and implementation of human resource strategies through the HR department. It gives attractive facilities to its employees such as * PF Loan * Retirement benefits * Workers' canteen * Dispensary and medical treatment. * Scholarship for employees children. * Uniform. * Benevolent fund. * Long service awards 5. 3. 2 Motivating Employees There are certain guiding principles that center around the corporate principles of the company. The core asset of the company is a result of the four philosophies that the company adheres to in every management aspect of the organization * Open Minded: It encourages within the organization to be able to maintain an environment where the managers can have open-minded approach to various strategic decision-makings. * Enterprising Spirit : The core asset of the organization will come from the enterprising spirit embedded in the minds of the managers, resulting from effective strategies. * Freedom through Responsibility: Managers at all levels work with freedom of responsibility in their areas of functioning. Strength from Diversity: The Company derives its drive for effective attainment of goals from the strength of Diversity. BATB also motivate its employees through * Bridging the gap between top level and lower level management * Strive for excellent management practice * From recruitment to selection and also from employee welfare to industrial relations, this department has to play an important role. * Recruiting the right parson for the right job. * Training and Development * Fighting employee’s obsolescence. * Assist operating managers to identify employee's training need. Assist the Training managers to design and implement training programs. * To carry out general skill development program. * Management training on Industrial Relations. * Monitor on the job training and training offered by the training programs. * They try to create and maintain a communication channel between the management and the employees independent of union influence. * Employee briefing session. * Quality circle meeting. * Direct written Communique. * Discussion with the union. * Annual report booklet for the employees. * Training and motivation session * Open forum. Employment of security staffs. 5. 3. 3 Removal of Barriers Barriers, both physical and mental, were hindering the progress of the company. Company started removing barriers from early 1999. All offices were brought into a single location and all offices were made open. Managers and employees started using the same dining facility and the same uniform. Managing Director initiated Skip Level meeting with all levels of employees where issues are discussed openly. A Family Day was arranged where all members of the organisation participated along with their family members and enjoyed throughout the day. . 3. 4 Reward System BATB has introduced new Reward and Recognition system throughout the company to motivate the employees. Any employee, doing something extraordinary, is being selected as Champion for a specific month. As a result, people are opening up and trying to grab the title. This has generated a positive competition among the employees. Winning in Our World BATB has very good corporate reputation for excellent management practices base on Trust, Commitment and Achievement, which is the main driver to develop WOW (Winning in Our World) culture throughout the organisation. The WOW values are clearly defined and employees, management & Union all are continuously striving to achieve these values. 6. Tobacco Industry and Corporate Social Responsibility: An Inherent Contradiction One area where BATB invests publicity efforts to improve its corporate image is the development and promotion of ineffective youth smoking prevention programmes. While these programmes are created to appear to dissuade or prevent young people from smoking, in fact the effect is often the contrary. By portraying smoking as an adult activity, these programmes increase the appeal of cigarettes for adolescents. Proposed measures that involve proof of age for purchase at the counter are ultimately ineffective, as young people easily circumvent these restrictions. Tactically, these programmes serve the purpose of creating the appearance that tobacco companies are proposing solutions for the problems they create. In reality, they detract attention from proven, effective solutions—including price and tax increases—to which young people are particularly sensitive. Tobacco companies vigorously oppose price and tax increases(Mortier ,2003) Perhaps most remarkable, and most cynical, are those BATB-sponsored programmes that aspire to public health goals. For instance, BATB extended their support to Shandhani Andhatyamochan (Blindness Relief) Lottery organized by Shandhani National Eye Donation Society by purchasing a large quantity of lottery tickets and making a donation to the Shandhani National Eye Donation Society, handing over a cheque at a public ceremony held the BAT factory in Dhaka. No mention was made of the link between smoking and cataracts, a major cause of blindness. The same factory was the venue for an occupational health workshop for students of Bangladesh University. BAT Bangladesh Managing Director said upon accepting an award from the Bangladesh Scout Guide and Fellowship, â€Å"BAT is deeply committed to the development of the country and will nourish the company’s core value: Success and Responsibility go Together through contributions in different sectors of country’s socio economic development. This report and these tobacco industry programs that seek to contribute to a greater social good urge the question: how can tobacco companies reconcile their main aim, to gain a maximum profit by producing and selling a deadly product, with the goals of CSR: business norms, based on ethical values and respect for employees, consumers, communities and the environment? Although BATB has given special priority to protection of forests to face the climate change phenomena, about 30 per cent of deforestation in the country has occurred due to tobacco manufacturing, according to an expert, reports UNB. Smoking also results in costs associated with fire damage and damage to the environment from the manufacturing and packaging of  tobacco products,† said Taifur Rahman, Campaign for Tobacco Free-Kids (CTFK) media and advocacy coordinator, at a workshop Friday. ‘PROGGA' and ‘Campaign for Tobacco Free-Kids' in collaboration with the Press Institute of Bangladesh (PIB) organi sed the workshop titled ‘Training Course on Media for Tobacco Control in Bangladesh' at the PIB  auditorium  in the city. Speaking at the workshop, Taifur Rahman said Bangladesh is one of the vulnerable countries across the world due to the rapid rise of its tobacco users. About 10 per cent of world's tobacco users are in Bangladesh. Tobacco users have increased 7. 5 per cent in five years from 2004 to 2009,† he said. Highlighting the global scenario of tobacco use, Taifur Rahman said five million people die of tobacco related diseases all over the world annually. â€Å"If the trend continues, tobacco will kill eight million people by 2030 and one billion by the end of the current century,† he added. According to a fact sheet, tobacco exacts a high cost on society and indirect costs of tobacco are estimated at US$ 652. 6 million (loss of income from death or disability due to tobacco-related illness). It said lost economic opportunities in highly populated dev eloping countries are severe because half of all tobacco-related deaths occur during prime productive years (age 30-69). Over 57,000 people die in Bangladesh every year from tobacco-related diseases and some 16 per cent of all deaths among people aged 30 years and above are attributable to tobacco use. About 1. 2 million cases of tobacco-attributable illness are reported each year in Bangladesh. Healthcare costs associated with tobacco related illness amount to 10 per cent of monthly household expenditures. The fact sheet revealed that about 52 per cent of adults (age above 30) use some form of tobacco. About 50 per cent of males and three per cent of females (age above 30) smoke, while about 22 per cent of males and 39 per cent of females use smokeless tobacco. Some 42 per cent of youths (13-15 years) are exposed to  secondhand smoking  in public places and 35 per cent of youths exposed to  secondhand smoking  at home, according to the fact sheet. Children under 5 living in smoking households are more likely to be severely malnourished than the children who live in smoking-free homes. Advocate Syed Mahbubul Alam, policy analyst of WBB Trust, and Hasan Shahriar, training officer of PROGGA, among others, spoke at the workshop. In response to these controversies, Michael Prideaux, Director of Corporate & Regulatory Affairs of British American Tobacco says that â€Å"What if it’s actually about enabling us to demonstrate that our businesses

The Advantages of Study Habits on the Performance of the Students

Study habits are the ways that you study the habits that you have formed during your school years. Study habits can be good ones, or bad ones. Good study habits include being organized, keeping good notes, reading your textbook, listening in class, and working every day. Bad study habits include skipping class, not doing your work, watching TV or playing video games instead of studying, and losing your work. Study habits are the ways that you study the habits that you have formed during your school years.Study habits can be good ones, or bad ones. Good study habits include being organized, keeping good notes, reading your textbook, listening in class, and working every day. Bad study habits include skipping class, not doing your work, watching TV or playing video games instead of studying, and losing your work. It means you are not distracted by anything; you have a certain place to go where it is quiet everyday where you study and do homework. Basically it means that you are doing t he best you can to get the grades you want. It means you are not distracted by anything; you have a certain place to go where it is quiet everyday where you study and do homework.The manner with which you consistently use to study for school or college or even for next day lesson plans if you're a teacher. Study Habit of every student is one of the most important factors that affect his or her understanding regarding a certain subject. It means, if a student possesses poor study habits, she has a greater chance of getting failing grades, if compare to a student’s who has a good study habit. But â€Å"habit† as it was defined from the Introduction to Psychology, means â€Å"a learned, or fixed way of behaving to satisfy a given motive†.By this definition alone, we can say that the person involves is the one making or forming his own habit. Maybe, habits can be affected by outside interference like his environment, his attitude toward his comparisons, his teachers and the books and reading materials around him, even the place where he study and other factors which influence the concentration of a students to effectively understand his lessons, and to pass his mind to discipline himself and form to himself the proper study habits which he knows he really needed.

Bermuda Triangle Essay Example | Topics and Well Written Essays - 1250 words

Bermuda Triangle - Essay Example However, it was found later that many of the strange accidents were not so strange after all. Well Known Incidents Of Disappearances The mystery of the triangle probably took hold with the first publicized disappearance in 1945 when 5 Navy Avengers disappeared in the area. The myth gained momentum after reporter E.V.W. Jones compiled a list of â€Å"mysterious disappearances† of ships and planes between the Florida coast and Bermuda. As more incidents occurred, the reputation grew and past events were reanalyzed and added to the legend. In 1964, "Argosy Magazine" gave the triangle its name in an article titled "The Deadly Bermuda Triangle" by Vincent Gaddis. (Obringer â€Å"How the Bermuda Triangle Works†) List of some well known disappearances include: The U.S.S. Cyclops 1918 - The Cyclops was scheduled to sail to Brazil to refuel British ships in the south Atlantic. After setting out from Rio de Janeiro and a brief stop in Barbados the ship and its crew with 306 passe ngers were never heard of and gone without a trace. U.S Navy Avengers Flight 19, 1945 - 5 Navy Avengers in 1945 disappeared in Bermuda Triangle during a routine patrol. The cause of the disappearance was originally â€Å" pilot error†, but family members of the pilot leading the mission couldn’t accept that he had made such a mistake. ... (Obringer â€Å"How the Bermuda Triangle Works†) Myths on Bermuda Triangle UFOs, mystical rays from the sun to the lost Continent of Atlantis, giant sea monsters and supernatural beings are linked to the mysterious disappearances in the triangle. Other theories include the theory of Electronic Fog, Compass Variation theory. As per the electronic fog theory, there is sudden appearance of dense fog. Ships and aircraft get engulfed in some kind of electronic fog and the fog keeps moving along with the ship or the plane.   Eventually, all the electronic equipment and other instruments start malfunctioning and ships and airplanes either disintegrate or disappear without a trace. So far, all such incidents of electronic fog have been described as supernatural phenomena.  This is despite the fact that some of the real SOS calls quoting the strange fog, actually came from veteran and experienced pilots or coast guards. Due to lack of any scientific explanations, these have been tr eated as unreal tales.   The theory of compass variation was generated by the US coast guard to justify ships and planes getting lost in bermuda triangle (Bermuda-attractions.com). Normally a compass points toward magnetic north and not true geographic north. The difference between the two is known as compass variation. The amount of variation changes by as much as 20 degrees as one circumnavigates the earth. Every navigator factors in the compass variation while creating the navigation charts. Otherwise, even with a 1 degree difference, the ship or the plane can end up miles away from its target when it traverses a long distance. In bermuda triangle, the magnetic

Women's Right in Islam Essay Example | Topics and Well Written Essays - 2500 words

Women's Right in Islam - Essay Example People have a notion that women are suffering under the Islamic laws as it is with strict boundaries. However, it is not the case always; women do have equal rights under the Sharia like men. For centuries women were treated inferior and this also reflected in the Islamic ruling of women in their society. Islamic law treats men and women alike but it keeps a thin line of conditions on women’s rights and freedom for the protection of women. According to Islamic law, women need to be kept under authority for the smooth running of the family. Every religious scripture hold on to this attitude to create peace and harmony in the society. Same is the case with Islam where women have certain rules to obey to .In the original form, the Quran or the Sharia law does not subjugate women. But the Quran treats women same like man and both are equal in the eyes of God, Almighty. It is the dominating attitude of men which declare strict norms and laws upon women which she cannot undertake. According to Engineer(2004)â€Å"The Quran which is comparatively liberal in its treatment of women, also suffered the same fate† Status of women in Islam The status of women in Islam is not different from any women in any other community. Within her community she has all the freedom to enjoy life and join with others to experience the joy of life. It is a fact that Muslim women do wear hijab, but this does not steal any human right and freedom from them. In fact, the wearing of hijab for women is to protect them from evil of the society. So here it can be seen that women apart from human right and freedom, she is also getting a privilege from her religion to protect herself. This gives a right kind of morality aspect to the personality of women.

International Corporate Finance College Essay Example | Topics and Well Written Essays - 2000 words

International Corporate Finance College - Essay Example Its population is estimated to be about 1,306,313,812 as of July 2005 making it the world's most populous nation. It has strictly advocated the "One child policy" in 2002 to control its population but the downside of it is that it is now one of the rapidly aging nations in the world. Its population is said to peak to 1.6 billion by 2050 before stabilising. Culture: In China, business meetings are often very slow, and the businesses are built on assurance of a good relationship. The person in charge is addressed most respectfully, and refusal of ethnic or exotic food or drink is considered as a slight. All business done in China will need to be programmed for a long term since it takes a while to establish trust and run the enterprise in the Chinese landscape. Business deals and negotiations are better done with the presence of a local partner who not only deals with the corruption in the government sector but is also accustomed to dealing with local labour and mitigates risks due to cultural differences. Economy: China's economy grew at an average rate of 10% per year during the period 1990-2004, the highest growth rate in the world. China's gross domestic product (GDP) grew 9.3% in 2003, and even faster, 9.5%, in 2004, despite attempts by the government to cool the economy. China's total trade in 2004 surpassed $1.1 trillion, making China the world's third-largest trading nation after the U.S. and Germany. The Chinese government is firmly committed to economic reforms and opening up to the outside world. Government policies have moved markedly towards allowing market forces influence economic activity and have been reformed in order to assist in the progress of the price determination, foreign trade and investment, exchange rates, entry barriers, internal markets etc. All this seems to have paid off and at this current rate of growth China is supposed to have the fourth largest GDP by 2010. The immediate years to follow are crucial for China. China's accession to the World Trade Organization (WTO) in 2001, China presents a vast market that has yet to be fully tapped and a low-cost destination for export-oriented production because it is labour intensive and has a surplus of labour due to its enormous population. Environment and infrastructure: China is one of the most polluted nations in the world due to its rapid industrial advancement at the cost of its natural resources. A 1998 World Health Organization report on air quality in 272 cities worldwide concluded that seven of the world's 10 most polluted cities were in China. It is no surprise that respiratory and heart diseases related to air pollution are the leading cause of death in China. Most of its rivers are polluted to some degree and half of its population does not have access to clean water. Water scarcity is a rampant problem. China's leaders are increasingly paying attention to the country's severe environmental problems. In recent years, China has strengthened its environmental legislation and in 1999, China invested more than 1% of GDP in environmental protection, Beijing is investing heavily in pollution control, as it is the host of the 2008 Olympiad. Education: China was long lagging behind India for its mastery over the English language.

Risk assessment plan Math Problem Example | Topics and Well Written Essays - 4750 words

Risk assessment plan - Math Problem Example The paper tells that in coming up with a risk management plan, there are several steps involved. The first step is identifying the risk factors involved. In this stage, the event, probability, impact, contingency, reduction and exposure is established. The event simply means an act or incidence that might happen, probability defines the likelihood of an event occurring, impact is the consequence of an event happening. Mitigation happens to be how much the probability of an event may be reduced. Reduction is represented mathematically as the product of mitigation and contingency, whereas exposure is the result of reduction subtracted from risk. In the initial steps, the project's risk management team has to identify the risks as well as their probabilities and consequences. The risks and threats are then analyzed and a risk profile created depending on the consequence and likelihood of occurrence. The threats and risks that are involved in this project may be subdivide into three main categories based on the entity the most impact is felt. The divisions may be environmental, personnel and the public. The contractor may have to execute his task with the railway being in use. Rubble and materials used overhead are a threat to the public, while the running railway is a risk to the experts on the project. Using the profiling, collapse of the bridge during construction may be catastrophic, yet rare thus falling in the high-risk category of the assessment profile. Probabilistic risk analysis (PRA) or quantitative risk analysis (QRA) or probabilistic safety analysis (PSA) is one of the most used methods of analysing risk in project development and operation (Bedford & Cooke, 2001, p. 210). The use of this technique supports and validates the improvement of control and mitigation measures against threats. Incorporating probability in the project risk management gives the problem a wider scope and allows the stakeholders a better grasp of uncertainty and the need to impr ove on the risk control measures chosen for a given project. Incorporating probability in the development process allows in the assessment of what may happen, its likelihood and the possible consequences in the case of its occurrence. The works of Kaplan and Garrick in defining uncertainties and risk in mathematical terms aids in programming. The definition of risk as a set of scenarios Si, each with a probability Pi and a consequence Xi, generate a risk curve based on the increase or decrease in severity (Goodwin & Wright, 2003, p. 49). From this, programmers can assess inputs through the variations of the severity, consequence and frequency. The Scenario represents the probabilistic sample space in which event is contained (both favourable and unfavourable) each with a chance of occurring. However, in the probabilistic equations, the chances might be equal or biased; in the risk, assessment equality of the scenarios is hard to come by. The chances of occurrence in pure probability are equated to frequency in risk management. The ideology behind introducing the probability of frequency allows the risk analysis to be conducted based on empirical data. If a given project, in a given period, suffers a number of threats and risks the probability of a certain threat can be equated to the number of times it has

Article Review Essay Example | Topics and Well Written Essays - 250 words - 6

Article Review - Essay Example Secondly, the national service costs billions of Euros to administer, the main reason the German government terminated its program as noted by Connolly (cited in Tzu, 2013, p. 2). Those in support of the program note that the national service equips individuals with important life skills (Patten, 2014). The other argument in support of the service is that those from the national service can perform a number of useful tasks, â€Å"such as ambulance driving or firefighting† as stated by Buchanan (cited in Patten, 2014, p. 2). While it is beyond doubt that those who have gone through national service training can play different roles in society especially during crises, there is no doubt that they may lack something to do when there is no crisis (Tzu, 2013). Yet again, while they can contribute to society through their skills, their net contribution may not be felt since they do not earn salaries and pay no taxes to the government. In summary, the national service equips individuals with important life skills to the extent that they can perform different tasks. While this is the case, the cost of running the program may run into billions of Euros, which is quite prohibitive. In addition, those who have gone through the training may not have work to do when there is peace in the country to the extent that their net contribution to society may be

Entrepreneur Interview and Personal Analysis Essay

Entrepreneur Interview and Personal Analysis - Essay Example He asserted that his job as a waiter was well paid, yet he took the bold step of fulfilling his desire to venture in to the business. Ardichvili et al. (2003) observes that if there were no self confident entrepreneurs to venture in to new businesses, then there would be no business at all. Pro-active and Self Motivated Being pro-active and self motivated was among the significant traits that contributed to the success of the entrepreneur in business. Being decisive than other people made it possible to make a choice regarding the suitability of the site for a business. Such entrepreneurs act quickly to take advantage of an emerging opportunity before anyone else (Burns, 2011). Laggards usually wait for others to establish businesses so that they can observe their success or failure to make a decision. The interviewee demonstrated determination to succeed in business despite the challenges it posed to personal life such as lack of time to think about marrying. Intrinsically motivated people usually derive satisfaction from what they do (Pink 2009). Intrinsic motivation was the significant driver to accomplish entrepreneurial goals making the entrepreneur happy and contented regardless of these challenges. He was determined to work more hours than he did at that particular time. Learning through Actions Learning in this investment has been as a result of actions whereby the outcome of the activities engaged in is the source of essential information for greater investments. For example, the interviewee asserts that he was not sure what to expect in the business. Nevertheless, the idea of operating in a unique manner was expected to augment efforts of attracting customers especially due to the fact that there were no similar shops offering a variety of services as the interviewee’s shop. According to Littunen (2000) creativity is significant in marketing since it helps in generating the right market mix to serve the desires of a wide range of customer deman ds. This business not only offers food and drinks but also a variety of other goods and services such as entertainment through music and live coverage of significant sporting events that attract customers. Visionary and Flair According to Burns (2011), â€Å"In order to succeed, entrepreneurs need to have a clear vision of what they want to achieve† (p 41). The interviewee demonstrated that he was visionary and flair through his efforts of promoting a shared objective among his employees and rallying them to support him in his efforts. They contributed ideas that influenced strategic decisions that enhanced the success of business. The employees were motivated to be part of the business and portrayed dedication to their work. His charismatic leadership was significant in encouraging people to work as a team. Charismatic leadership is significant in attracting followers. The leader has a characteristic allure and elegance, which are admired by subordinates. The Charismatic lea der possesses self-belief and gathers followers through dint of personality and charm, rather than any form of extrinsic motivation or use of authority (Sosik, 2000). As Greenleaf & Spears (2002) observe, charismatic leaders are encouraging to their subordinates and try to pay attention to all their needs as well as making each person to feel important through appreciation of his/her contribution. Timing in the establishment of the business is a significant factor that led to its success. It was

Post 5 Coursework Example | Topics and Well Written Essays - 250 words

Post 5 - Coursework Example The most important factor that is considered when arranging a marriage in India is the reputation of the family. It is evaluated that marriages can be arranged only if both the families have a same socio-economical status. The other factor includes the education, appearance, attitude and behavior of the bride and groom. Unlike the western society, a high level of care is exercised by the parents in selecting an appropriate mate for their children, as stated by Serena Nanda’s friend â€Å"you American wants everything done so quickly, you get married quickly and then just as quickly get divorced. Here we take marriage more seriously. We must take all the factors into account. It is not enough for us to learn by our mistakes. This is too serious a business. If a mistake is made we have not only ruined the life of our son or daughter, but we have spoiled the reputation of our family as well. And that will make it much harder for their brothers and sisters to get married. So we m ust be very careful† (Nanda). Research has evaluated that there are a number of advantages in the concept of arrange marriage because most of the Indian couple are living a successful life after their arrange marriages, however on the other side the only disadvantage with the arrange marriage is that, both the groom and bride are not provided enough time before their marriage to understand each other and their natures. Lassiter’s defined the concept of family and kinship as a situation where different people, whether directly or indirectly related to each other live together, he called kinship as a network of relatives. The network of relatives can be established through exercising marriages between the matrilineal and patrilineal descent of the family. He explained the marriages of individuals with their direct cousins, i.e. in a matrilineal descent system with the children of the mother’s sister’s children and similarly in the patrilineal decent system

STRATEGIC MANAGEMENT Coursework Example | Topics and Well Written Essays - 1000 words

STRATEGIC MANAGEMENT - Coursework Example In this entire period, the Canadian Aluminum company shifted its strategies from immediate to deliberate strategies. However, its external factors were very influential on the decisions made. As the company continued centralizing its structures, it relied on deliberate strategies. The authors have a high credibility in that, they are attempting to evaluate whether the growth of a company depends on either deliberate or emergent strategy. Their credibility is evident since they try to apply what Henry Mintzberg had already introduced. Other scholars have reviewed the source of their information. In their findings, they disclose that emergent and deliberate strategies vary in their continuum. The authors research and findings support the research topic, that their exist similarities and differences between the emergent and the deliberate strategies. I endorse their conclusion on the ground that, the two strategies cannot be equally exclusive since either occurs because of varied factor s. Mintzberg, H., Waters, A. J, 1985, Of Strategies, Deliberate and Emergent: John Wiley & Sons, Strategic Management Journal, Vol. ... The article is relevant to the research topic since it supports that there is a sharp dichotomy between the deliberate and emergent strategies. Some of the features that I consider useful in supporting the research topic is when the authors confirms that the two strategies are like two end points of a scale upon which the organizations base their strategies. In presenting their credibility, the authors come up with a notion that and some other fundamental issues linked to strategic decisions. In their conclusion, they disclose the various types of strategies that concealed in research. In extent, these may compromise the validity and reliability of their research since most of the strategies unearthed are not peer reviewed. The strategies uncovered in research include; planned, entrepreneurial, ideological, umbrella, process, unconnected, consensus and imposed strategies. Even though, I support their research that there is a great comparison between the emergent and deliberate strate gies, I am not quite certain about the other strategies they introduce and consider that they also vary. Mintzberg, H, 1990, Design School: Reconsidering the Basic Premises of Strategic Management, John Wiley & Sons, Strategic Management Journal, Vol. 11, No. 3 (Mar. - Apr., 1990), pp. 171-195. Accessed: 30/07/2010 04:57. Web: Retrieved from: http://www.jstor.org/stable/2486485 Among the opinions held by particular groups on the formation of strategy, there is one that lies beneath the descriptions in the area of study, and that is the design school. The main purpose of this paper is to suggest on a simple model, which evaluates the process, as a design to accomplish a fundamental anchor between

Austria - second world war Essay Example for Free

Austria second world war Essay Owing their reputation of fine tastes in art and culture, the nation of Austria is proud of their heritage, especially of their fame over the occupation of the Germans in the Second World War. The said country’s status remained to be uncertain after the Allies drove the Nazis away from the country and eventually occupied by the Allies. Austria became really proud of its rich culture and sceneries that were spared by the Nazis. The nation also celebrated its independence 10 years after the Nazis left the country and the cities flourished. Such events that would lead to the development of a country such as war that depicts change, gives a nation a sense of self-importance that is reflected in its culture and the tastes that the inhabitants acquire. The geographical data of Austria may be described as (according to the Encyclopedia Britannica as: â€Å".. largely mountainous country of south-central Europe. Austria extends roughly 340 miles (550 km) from east to west. It is bordered to the west by Switzerland and Liechtenstein, to the northwest by Germany, to the north by the Czech Republic, to the northeast by Slovakia, to the east by Hungary, to the southwest by Italy, and to the south by Slovenia. The capital is Vienna. Austria has an area of 32,378 square miles (83,859 square km). † Austria is one the verge of development these days but still largely dependent on its agricultural side. Most of the raw materials are still sourced from their agricultural fields and lush greeneries. Despite the advent of globalization on its boundaries, Austria remains to be a country of nature. Furthermore, policies of agriculture has been into practice for years in the country so as to protect their source of raw materials. This may be viewed as a strength since the raw materials that the distillery in question may be sourced from the agricultural side of the nation, a cut from the costs that the company may incur. The introduction of the Euro in place of the Austrian Schilling also had a positive effect in the country’s economy. (Anonymous 2006g) This prompted for developments in investors and this can be viewed as a plus factor in considering whether to expand in the nation of Austria or not. Scotch is one of the products in less demand in Austria. Together with the rest of Europe (excluding France, Spain and Germany), Austria constitutes 17% of the total demand for Scotch Whisky in 1995. The small market size of the nation may be viewed as its weakness since the local distilleries would have had the shares that The Olde Distillerie would want to have. For a small company as the company in question, it would a be a negative sign in investing in a country such as that of Austria. Meanwhile, Austria cannot hide such facts that people of their nation demands objects and products of high taste and rich in culture and history such as the scotch whisky. And like other European countries, its rich taste and heritage may be a possible market for the distillery, for as we have stated earlier, the countries are looking at alcohol as a sort of symbol or identity. Not only is the scotch whisky a lucrative product because of its history, but the taste and flavor of the product may be all in all attractive for the market of Austria. 4. Spain Spain’s strategic location enables it to embody a nation rich in culture and experience. Its location can be described as a crossroad in Europe where, many Islamic states are present for the past 800 years of their existence. (Anonymous 2006h) However, despite the Islamic states that pose as an outside force that may influence the country’s belief, Spain remains to be a Catholic country with a strong sense of culture and self-importance.

Impact of the Black Death on Art in Europe

Impact of the Black Death on Art in Europe How significant was the Black Death for painting in Siena, Florence and  Padua in the second half of the fourteenth century? From 1280 until the advent of the Black Death, Florence, Siena and Padua had been growing in wealth and size, but the outbreak of disease in 1348 and the years following led to the deaths of between a half and two thirds of their populations (Norman, 1995, II, 8). This ‘catastrophic fall’ led to the culmination of many building projects, notably the construction of the Duomo Nuovo in Siena (Norman, 1995, II, 135), but the significance of the Black Death with respect to painting is disputed. Since the publication of Meisss work, Painting in Florence and Siena After the Black Death (1951), the connection between the Black Death and a change in art during the second half of the fourteenth century has been the subject of discussion among art historians. Henk Van Os, for example, argues that Meiss was not the first to identify this trend, but that he was the first to attribute it to the social and religious upheaval which accompanied the Black Death (Van Os, 1981, 238). There has been much discussion as to whether the Black Death could be seen as quite the decisive event that Meiss alleged. The debate focuses on three crucial areas of thought: firstly, whether the works that Meiss cites are correctly dated (i.e. whether they can with certainty be placed before or after 1348); secondly, whether the Black Death was actually a causative factor in the perceived change in style; and, thirdly, whether there was one shift or several in the artistic course of the fourteenth century. In view of these disputes, we must beware of taking too simplistic an approach. For an example of the first element of this debate, we can look to the Triumph of Death in the Camposanto at Pisa and Barna da Sierras frescoes in the Collegiata of San Gimignano, both cited by Meiss as being typical of artistic production after the Black Death. Subsequent scholarship has cast doubt on Meiss’s theory because the former work is now believed to have been produced in the 1330s (Smart, 1978) and the latter is now dated before 1348 (Van Os, 1981, 240). We must also consider that some of the qualities most characteristic of late Trecento painting are already present, as Meiss himself was the first to recognise, in the frescoes by Taddeo Gaddi in the Baroncelli Chapel (Smart, 1978, 108). As this chapel was painted during the years 1328-34, it demonstrates an early change in style which also undermines Meiss’s thesis. The second element of the debate concerns the change in religious thought that occurred as a result of the devastation of the Black Death. Norman comments on the popularity of altarpieces depicting Saint Sebastian and the overt association of his sufferings with those of the victims of plague (Norman, 1995, I, 187-195), but there is also a subtler change in style represented by the Strozzi Altarpiece (1357). Meiss argued that painting typical of the early fourteenth century dwelt on ‘familiar and universal human experience‘ (Meiss, 1951, 28) and that it had been succeeded by a greater emphasis upon the hierarchical and dogmatic expressions of religious life, an elevation of the church and a mystification of the deity. Giotto had pioneered an artistic style that was marked by its realistic depiction of three-dimensional space, harmonious use of colour and the creation of a sympathetic response in the viewer. These features came to be characteristic of early fourteenth pain ting, yet the Strozzi Altarpiece rejects the depiction of concrete space, the figures ‘hover’ and show a ‘lack of exact spatial placement‘, the colours are ‘disjointed and uneasy‘ and the painting creates a distancing sense of awe and mystery, which Cole describes as ‘strange‘, ‘eerie‘, ‘stern and unforgiving‘ and ‘aloof’ (Cole, 1976, 134-6). Meiss argued that this style was a conscious return to the Byzantine influenced art of the previous century (Meiss, 1951, 10) and that it is a reflection of the religious emphasis upon guilt and atonement that was a reaction to the Black Death. We may also notice an interest in the symbolic rather than realistic representation of figures in the St John the Baptist Altarpiece (1370/80) by Giovanni del Biondo, where John tramples his enemy, Herod, underfoot. John has the same austere look and there is the same sense of psychological withdrawal that has been obse rved in the face of Christ in the Strozzi Altarpiece. However, in Padua it is difficult to discover much evidence for the rejection of ‘realism’ in artistic style during the second part of the century. Altichieros decoration of Lupis funerary chapel in the Santo, far from attempting to distance the viewer, uses space and form to draw the spectator in. His use of landscape reminds us of Lorenzetti and his figures are clearly inspired by Giotto, especially the women who gather near the foot of the cross and embrace in a manner reminiscent of Joachim and Anna and the angels who have the substance and expression of those we see in the Arena Chapel. The scale, proportion and design of this fresco suggest that this scene is being played out just beyond the walls of the church and that we are viewing it as though through the arches of a loggia. The colours are harmonious and subdued and there is an impression of nearness and reality. Altichiero’s style is more developed and detailed than earlier works, but its underlying in tent and spirit owes much to his legacy from the earlier fourteenth century. In Siena we also find more contradictory interpretations of the changes that occurred in the mid-century. Henk Van Os has described the way in which social upheavals following the Black Death led to profound changes in patronage: the wealthy elite lost much of their political power and a class of nouveau riche sprang up who had less interest in artistic commissioning. Much of the art became imitative and conservative and was more often commissioned in the provinces surrounding Siena. In the city itself, only the wealthy body of the Ospedale of Santa Maria della Scala, which had received many bequests from victims of the Black Death, continued commissioning new altarpieces, one of which, by Bartolommeo Bulgarini, included the Assumption of the Virgin, a painting which Van Os believes to exhibit very full, monumental figures, entirely in the tradition of Pietro Lorenzetti (Van Os, 1981, 245). He argues that this painting does not show signs of the flat, hierarchical, mystical design wh ich Meiss attributed to it, but that it takes the form of a plastically realistic version of the Assumption and so stands within the earlier traditions of Sienese painting (Van Os, 1981, 245). Certainly, the treatment of the Virgin and the use of elaborate gold effects reflect the Sienese craftsmanship established by Duccio and Simone Martini. Van Os concludes that changes in artistic production after the Black Death were principally due to different sites of patronage rather than changes in religious thought . The third aspect of the debate concerns the question of whether Meiss was right to propose that there was a single significant shift around 1348. Smart and Norman, for example, argue that the Strozzi Altarpiece was not such a significant departure as Meiss had argued because the precedent for such a depiction of Christ had been set in the Stefaneschi Altarpiece, painted by one of Giotto’s associates and dated late 1320s early 1330s (Smart, 1978, 122 and Norman, 1995, I, 184). Although many critics agree that the middle years of the fourteenth century can be described as a period of reassessment in the history of Tuscan painting (Smart, 1978, 107), there are significant arguments that that the evolution of artistic style went through a number of phases, not just one sudden change linked to the Black Death. John White discusses two stylistic changes in the second half of the fourteenth century: the first more conservative and less adventurous and the second in which exploration and experiment again came to the fore (White, 1993, 542). Cole also argues that, as well as the change in the middle of the century, there was another change in style around 1375 and a renewed interest in both the form and content of Giottos art (Cole, 1976, 140). It is clear that, since Meiss’s original theory was proposed, much work has been done by other art historians to challenge his ideas. Although the production of art in Florence in this period did take on different forms from earlier ones and the theory that this was due to the religious reaction provoked by the Black Death can be given some credence, there is less evidence of this trend in Padua and Siena. It is therefore my conclusion that the middle part of the century saw a brief set-back in artistic endeavour, which was due to the devastation caused by the Black Death, but that the fourteenth century was mostly a period of successive developments building on the work of the earlier masters. 1500 words Bibliography Cole, Bruce (1976), Giotto and Florentine Painting 1280-1375, New York. Meiss, Millard (1951), Painting in Florence and Siena After the Black Death, Princeton. Norman, Diana, ed., (1995), Siena, Florence and Padua: Art Society and Religion 1280-1400. Volume I: Interpretative Essays, London. Norman, Diana, ed., (1995), Siena, Florence and Padua: Art .Society ad Religion 1280-1400. Volume II: Case Studies, London. Van Os, HenkThe Black Death and Sienese Painting: a Problem of Interpretation, Art History, 4,1981, pp. 237-49. Smart, Alastair, 1978, The Dawn of Italian Painting 1250-1400, Oxford. White, John, 1993, Art and Architecture in Italy 1250-1400, London.