Essay of Bribe in College Admissions - Get That Scholarship!

<h1>Essay of Bribe in College Admissions - Get That Scholarship!</h1><p>The paper of pay off in school confirmations has been more than expected. Understudies have a great deal of interesting points while applying for school, and this incorporates paper writing.</p><p></p><p>There are a few universities and colleges that don't offer monetary guide for understudies, and it is dependent upon the understudies to locate some other method to pay for their instruction. This is the reason a ton of understudies decide to apply for school dependent on paper writing.</p><p></p><p>In papers of pay off in school affirmations, understudies should introduce a convincing contention that will persuade the confirmations official to choose them over another understudy with similar evaluations and SAT or ACT scores. It is imperative to locate a decent article composing specialist organization for this reason. It is additionally essential to think about the costs of the diverse paper composing organizations so they can be certain that the ones they pick will give them the best assistance for minimal measure of money.</p><p></p><p>One of the primary things that you should contemplate while picking an article composing organization is whether they have an enormous number of essayists to look over. You should compose two expositions for school confirmations, one for the main decision school, and one for the subsequent option school. Ensure that the main paper is painstakingly created, so it will stand apart over the rest. You won't need your paper to be composed inadequately, in light of the fact that you don't need it to hurt your odds of getting into a certain college.</p><p></p><p>Also consider whether the article composing specialist organizations who you are working with will give altering administrations. On the off chance that you have a significant issue with your exposition, it won't just make the procedure harder, yet it will make you present the article severely. A decent supervisor can guarantee that your exposition is perfect and polished.</p><p></p><p>There are numerous ways that school affirmations can be affected by the substance of the paper. At the point when understudies compose a paper for school confirmations, they will have the option to incorporate their own encounters, and this will greatly affect the affirmations official's choice. You ought to know about this, and it is essential that you compose the best exposition you can, regardless of whether it will influence your odds of getting into college.</p><p></p><p>If you need to keep away from all the issues that join papers of pay off in school confirmations, ensure that you pick an all around presumed article composing administration for the activity. Composing secondary school expositions is intense, yet in the event that you get familiar with certain deceives, you will have the option to compose papers as expert as those for school admissions.</p>

Effects of computer games to students Free Essays

The far reaching conviction that dopamine directs joy could stand out forever with the most recent research results on the job of this synapse. Specialists have demonstrated that it directs inspiration, making people start and drive forward to acquire something either constructive or adverse. The neuroscience diary Neuron distributes an article by analysts at the Universitat Jaume I of Castellon that audits the predominant hypothesis on dopamine and represents a significant change in outlook with applications in maladies identified with absence of inspiration and mental weakness and sadness, Parkinson’s, different sclerosis, fibromyalgia, and so on. We will compose a custom exposition test on Impacts of PC games to understudies or on the other hand any comparable theme just for you Request Now  and sicknesses where there is extreme inspiration and steadiness as on account of addictions. â€Å"It was accepted that dopamine managed joy and reward and that we discharge it when we acquire something that fulfills us, yet in certainty the most recent logical proof shows that this synapse demonstrations before that, it really urges us to act. At the end of the day, dopamine is discharged so as to accomplish something great or to abstain from something evil,† clarifies Merce Correa. Studies had indicated that dopamine is discharged by pleasurable sensations yet additionally by stress, agony or misfortune. These examination results anyway had been slanted to just feature the positive impact, as indicated by Correa. The new article is a survey of the worldview dependent on the information from a few examinations, including those directed in the course of recent decades by the Castellon bunch in a joint effort with the John Salamone of the University of Connecticut (USA), on the job of dopamine in the roused conduct in creatures. The degree of dopamine relies upon people, so a few people are more steady than others to accomplish an objective. â€Å"Dopamine prompts keep up the degree of movement to accomplish what is proposed. This on a fundamental level is sure, be that as it may, it will consistently rely upon the improvements that are looked for: regardless of whether the objective is to be a decent understudy or to maltreatment of drugs† says Correa. Significant levels of dopamine could likewise clarify the conduct of the purported sensation searchers as they are increasingly roused to act. Application for sorrow and dependence on know the neurobiological parameters that cause individuals to be spurred by something is imperative to numerous zones, for example, work, training or wellbeing. Dopamine is currently observed as a center synapse to address manifestations, for example, the absence of vitality that happens in sicknesses, for example, sadness. â€Å"Depressed individuals don't want to do anything and that’s in view of low dopamine levels,† clarifies Correa. Absence of vitality and inspiration is likewise identified with different conditions with mental weakness, for example, Parkinson’s, numerous sclerosis or fibromyalgia, among others. In the contrary case, dopamine might be associated with addictive conduct issues, prompting a disposition of urgent constancy. In this sense, Correa demonstrates that dopamine opponents which have been applied so far in enslavement issues presumably have not worked due to deficient medications dependent on a misconception of the capacity of dopamine (http://www. sciencedaily. com/discharges/2013/01/130110094415. htm) The impact of a dopamine agonist on dysarthric discourse creation: a contextual analysis. Unique The impact of Permax (pergolide mesylate), a dopamine agonist, was evaluated in a person with horrible cerebrum injury. The member confirm side effects of hypokinetic dysarthria. His presentation on and off Permax was assessed in a BABA structure. Measures were gotten across physiological frameworks. There were barely any distinctions in the on and off conditions. In the on condition, he confirm an unusually enormous velopharyngeal opening territory, dysfluencies in upgrade sentences, and less exact verbalization. Nonetheless, audience members saw him to be progressively vivified in the on condition. What's more, he detailed better execution in the on condition. The examination features potential disparities among member report, audience observation, and target measures. Learning results: because of this movement, the member will be capable (1) to perceive the impact of dopamine agonists as a subordinate to other pharmacological intercessions and (2) to decide potential errors among member report, audience observation and goal physiological and acoustic measures. (Transitional Learning Center, Department of Communication Disorders, University of Houston, TX 77204-6018, USA. mmchenry@uh. edu/http://www. ncbi. nlm. nih. gov/pubmed/11565961) The most effective method to refer to Effects of PC games to understudies, Papers

The Lottery And The Masque Of The Red Death Essay

One of the greatest mysteries of a person’s life questions the time of their death. Those who live to the fullest understand this concept completely to achieve that level of happiness. On the other extreme end, it can cause nightmares to those that try their utmost to run away from the clutches of death. This notion is masterfully inquired into the gothic works of Edgar Allan Poe. The best implementation of this idea is in his â€Å"Masque of the Red Death† short story which deals with the abstract of death itself. Shirley Jackson, the author of â€Å"The Lottery,† published the narrative 100 years after Poe’s own. Despite the difference in time she still draws the same conclusion about death’s certainty just as Edgar Allan had. Thus, Poe’s â€Å"The†¦show more content†¦In comparison with â€Å"The Lottery†, despite the initial mood of a warm summer day, Jackson quickly spins it around to resemble a ghastly setting much like Poe’s â€Å"Masque of the Red Death.† When they bring a stool to place the black box on top, a similar atmosphere is created amongst the village crowd. The narrator explains further by saying, â€Å"The villagers kept their distance, leaving a space between themselves and the stool† (Jackson). What grabs the reader’s attention is how each villager draws back from the stool rather than rushing to have a better look. This is odd because, under normal circumstances, a crowd at a lottery will be eager to find out who wins; however, since they were all keeping their distance from the box, not only is it a sign of dark foreshadowing, but it also creates a nervous and anxious mood. Even with both stories introducing uncertain and tense feelings, the two authors take contrasting disputes to inflict a theme of inevitability. The route Poe takes introduces a conflict that differs from Jackson’s â€Å"The Lottery.† From the way the guests avoid the Red Death in nervous tension displays a clash of man vs. nature. This retort against a natural force is visible when a masked figure strolls through the ongoing party: â€Å"There were found none who put forth hand to seize him; so that, unimpeded, he passed within a yard of the prince s person; and, while the vast assembly, as if with one impulse, shrank from the centres of the rooms to

Theories of Management :: Buisness Management

The executives assumes a noteworthy job in how business works. The decent variety of ways to deal with the hypothetical and down to earth foundation of the board has thought of renditions of what is implied by such watchwords as the board and association. The scholarly community sees communicated comparable to the board speculations play an unexpected job in comparison to that endorsed to administrators. There has not been any solid meaning of the executives despite the fact that the great meaning of Henri fayol still remains dispute to be the favored decision following eighty years. With regards to what is required I will get a kick out of the chance to expound on the accompanying diaries which I will clearly clarify in task two. David J. Lemak (2004) clarifies plainly the way through that administration hypothesis wilderness and how snared speculations have realized clash and disarray. It suggests utilizing the executives discipline as opposed to attempting to wander our way through the wilderness of various speculations and â€Å"schools of thought†. This methodology was set by koontz and it clarifies the order of the board. David lamond (2005) additionally addressed how to assimilate the past so as to comprehend the present and edify what's to come. As indicated by (Leonard et al, 2004) they investigated on how incredible belief systems go to become extraordinary works. The paper additionally clarifies how Frederick Taylor â€Å"spread the gospel† of logical administration. It additionally destinations model and clarify how the hypothesis of logical administration came to being and how it utilized in both private and open association. What's more, Amandi et al, (2004) causes us to comprehend issues identified with administration choice and furthermore gives an unmistakable review on authority speculations. It unmistakably has us comprehends the effect between a trough and a pioneer just as the conduct and quality part of pioneers. Sahadevan et al, (2004) discloses grounded hypothesis way to deal with break down the nature of reactions from creators and to pick up top to bottom information from the creators of extraordinary works that may be useful to researchers and professionals associated with the way toward growing crisp comprehension in associations.

Dirty Facts About Samples Essay on Freedom of Speech Should Be Given or Not Uncovered

<h1> Dirty Facts About Samples Essay on Freedom of Speech Should Be Given or Not Uncovered </h1> <h2> Ideas, Formulas and Shortcuts for Samples Essay on Freedom of Speech Should Be Given or Not</h2> <p>Free discourse is only one of the most loved freedoms, yet totally free discourse frequently clashes with various rights and freedoms. Banner consuming is an occurrence of representative discourse that is secured under the First Amendment. Ruler's words and activities had the capacity to create an imprint in the usa and change history. </p> <p>Prior to any discourse is rebuffed on the grounds of actuation, there's a required three-section rule that should be met. Wherever in King's discourse, there's a showing of some type of source of inspiration. Discourse in addition to includes activities, including exhibiting or dissenting, alongside words. For instance, an individual isn't allowed to utilize the freedom of discourse to defame others, or u ncover individual data with respect to various people. </p> <p>Hence, opportunity is among unquestionably the most significant things as it encourages people a great deal to encounter life by playing various capacities. Moreover, it is life on the grounds that regardless of how free an individual is, there is consistently the human brain that is in every case brimming with musings. Subsequently mental opportunity is similarly as significant in somebody's life as it liberates them from loads of considerations which aren't sound. Having the opportunity to work out and revel in life to the fullest have driven into a lot of disclosures and accomplishments. </p> <h2> What Does Samples Essay on Freedom of Speech Should Be Given or Not Mean?</h2> <p>Another hypothetical ground to help the freedom of discourse is known as resilience hypothesis. Impediments, such as pulling back the freedom of discourse to certain people, are anyway authorized for the enth usiasm of ensuring various people, alongside making peace. Just opportunity liberated from direction will bring about an awful activities and lead to decimation in the general public. Both substantial and mental opportunities are significant and must be utilized similarly to be sure they realize a heavenly wellbeing to the person.</p> <p>Minority bunches are watched by laws like Anti-Vilification and Hate Speech Laws. Different occasions, you will be given the opportunity to consider educational and imaginative points. Opportunity is a fairly significant issue to every person on the grounds that as we had experience in the earlier decades a lot of discussions have started bantering about this subject. Opportunity of perspectives and discourse is effectively the most significant sort of communication as without sharing there would not be any history and science in the smallest. </p> <p>Assuming you have some thought on the general region you should manage in y our exposition, the up and coming noteworthy advance is picking posting down anything you know on the issue. The advanced thought of discourse isn't constrained to talking or composing. Regardless of whether you are needing an example, a framework, lengthened article points, or a full hand crafted paper, our specialists are able to give skillful help. There are numerous discourse layout test you could use all through that time that can assist you with ascertaining what you should state and here are a couple of the absolute best ones to help you once you get to that second. </p> <p>Elaborate manage about how to start a paper After an educator doles out an article, among the underlying inquiries that understudies pose is the best approach to start their papers. Understudies who discover they come up short on the aptitudes required to investigate and plan fair article theme thoughts should consider getting help from our specialists. Every once in a while, an educator runs over that 1 article that is impeccably composed, the entirety of the route from this issue, to the structure and substance. </p> <h2> New Step by Step Roadmap for Samples Essay on Freedom of Speech Should Be Given or Not </h2> <p>Among the capacities played by opportunity is it offers an individual the chance to gain decisions without the impact of various people. The opportunity to talk your thoughts and psyche is basically opportunity of articulation. Inside my exploration, somebody said that opportunity of articulation won't ever lead to antagonistic vibe amon g individuals should they regard each other's thoughts. Consequently, an over the top measure of opportunity is terrible for individuals and now and again it acquires individuals peril. </p> <p>In reality, alongside getting an example or help with just the subject, you can arrange a unique hand crafted paper from our certified specialists. Should you need tests quick, at that point you are going to more likely than not make the most of our basic three-advance game-plan. Well everybody needs some kind of help occasionally. As a result the individual is prepared to investigate the circumstance being referred to and weigh various alternatives they have. </p> <p>While such opportunity gives you a possiblity to pick what you find fascinating, there's additionally the opportunity you can wander from the point or your district of examination could be excessively wide. The key to the fascinating measurement is the word intriguing since there are a few additional insi ghts which are a long way from being intriguing. An extraordinary occasion is an instance of choosing the profession an individual needs to seek after later on. Be inventive and compose simply like you ordinarily do There are loads of reasons you have to utilize thespeechexamples layout, particularly when you're endeavoring to make a style you haven't ever endeavored previously. </p>

Essay Topics For Migrant and Diversity Citizenship Essay

<h1>Essay Topics For Migrant and Diversity Citizenship Essay</h1><p>One of the most significant pieces of movement for movement attorney is to know which relocation citizenship exposition subjects to remember for the paper. Paper points are significant for attorneys to make their customer's migration letter stick out and catch eye. The Immigration law is a confounded procedure, along these lines, it is significant that you are knowledgeable regarding the matter with the goal that you can give a sagacious reaction to the migration official or movement attorney.</p><p></p><p>Migrations are essentially the occasions when individuals need to venture out from home. Be that as it may, in the event that they need to go to a remote nation and make it a lasting home, they as a rule move by voyaging. Actually, the word 'relocation' originates from the Latin word migrare which intends to move. Thus, this can be viewed as an equivalent for travel.</p& gt;<p></p><p>Migration is one of the significant themes that have been secured by different migration lawyer and legal advisors. As indicated by them, there are various classes of movement relying upon the sort of relocation you wish to do. These incorporate vagrant, transient laborer, long haul inhabitant, guest, understudy, transitory occupant, long haul guest, life partner subordinate visa and perpetual resident.</p><p></p><p>The movement law targets ensuring that all the classifications of movement have their own relocation classes. In the United States, the movement law commands that you should make reference to all the movement courses of your relatives who are as of now settled in your country. It additionally orders that you should make reference to every one of their explanations behind migrating.</p><p></p><p>Migration as a subject of movement law is likewise exceptionally fundamental since relocation is ide ntified with assorted variety and to human turn of events. It is one of the two things which describe social orders and human advancements the world over. As per them, movement serves to improve the general public and culture of the host country through the trading of its societies and customs. Movement likewise serves to enhance the economy of the nation through the development of trade.</p><p></p><p>Migration, in this way, is around two things: relocation and decent variety. At the point when you set up your exposition for migration legal counselor, you have to know the distinction between these two terms. You should have the option to make reference to both the raw numbers with the goal that you can give an intriguing movement paper. Truth be told, you should give an intriguing and useful movement citizenship exposition for your migration legal advisor to consider.</p><p></p><p>Migration citizenship article themes help legal counsel ors to make a point that will catch eye and enthusiasm of the movement official or movement lawyer. It is significant that you be knowledgeable on all the lawful subjects and not simply broad knowledge.</p>

Pursuant Essay Writing tips - How to Prepare For the Filling Out Process

<h1>Pursuant Essay Writing tips - How to Prepare For the Filling Out Process</h1><p>Pursasive article composing ips is a concise diagram of what you think your teacher anticipates that you should state. This may seem like a fairly straightforward undertaking. As a general rule, in the event that you write in a similar vein as your task is probably going to expect, you will in all probability be baffled by your professor.</p><p></p><p>It's significant that you know in advance how to compose such a bit of paper since you would prefer not to send it in and afterward not get it again from your teacher. This implies you have to ensure you get ready previously for this.</p><p></p><p>First off, you have to consider your composing style when endeavoring to seek after paper composing ips. One of the significant things you should know about is that your educator will by and large be extremely specific about their style of compos ing and they will peruse a great deal of papers. So you need to guarantee that you're tending to every single inquiry, expounding on an assortment of subjects, and that you don't sound excessively tedious. Regardless of whether you realize your article will be hard to compose, you need to ensure it sounds intriguing dislike a stroll in the park.</p><p></p><p>Be sure to stay away from all the self-evident 'composing' words, for example, point, sentence development, look into, verification, contention, actuality, and so forth. Maintain a strategic distance from these and rather, you need to consider featuring your point and utilizing creativity.</p><p></p><p>You need to have the option to feature the principle thoughts so the focuses are brought to the surface. What's more, on the off chance that you can, you need to give the understudies a few models from your own life that you can identify with as well.</p><p></p>< p>If you utilize the focuses that you simply produced for the paper to your educator's consideration, you can probably anticipate that them should take much more notification of you. Keep in mind, the educator is making a decision about your capacity to assemble a decent article so they are continually going to be taking a gander at your performance.</p><p></p><p>When composing a paper, understudies are commonly compelled to thoroughly consider of the case. Now and then this implies composing and editing much more than they ordinarily would. They'll need to consider probably the best instances of writing or exemplary masterpieces so as to compose an article that meets their goals.</p><p></p><p>When getting ready for your paper, consistently discover approaches to fuse the style of an influential exposition composing ips into your creation. By doing this, you will have the option to inhale new life into your work. You might have the option to try and foresee what's coming straightaway and you may even pull off a couple of the difficulties that might be regular with different styles of composing and even as a characteristic English writer.</p>

Essay Topics Using Liberalism

<h1>Essay Topics Using Liberalism</h1><p>Liberalism exposition subjects can be fun and testing simultaneously. Regardless of whether you are not a way of thinking major or in any event, pondering a profession in the scholarly community, you will at present find that there are many fascinating approaches to apply liberal idea in your own essay.</p><p></p><p>You might need to expound on the roots of liberal thoughts or why they were initially viewed as 'liberal' thoughts in any case. More often than not, we record things that are identified with our significant that we are learning. On the off chance that it identifies with your vocation, it is a smart thought to remember it for your article topic.</p><p></p><p>If you truly need to draw out your own viewpoint on your exposition, you can utilize an alternate methodology. You can incorporate the two sides of your contention and make it sufficiently convincing to urge indiv iduals to peruse it.</p><p></p><p>What do I mean by this? All things considered, one approach to help add to the interest of your paper subject is to utilize a statement from somebody that has a liberal side to them.</p><p></p><p>For model, on the off chance that you will expound on an individual who has a liberal political position, you might need to incorporate a statement from a preservationist saying something that you concur with, or that you can't help contradicting. Thusly, you can unite two restricting perspectives and show how each side's quality is more vulnerable than the other.</p><p></p><p>That is a main consideration recorded as a hard copy an exposition and progressing admirably. A few people just become familiar with a smidgen about a subject and know the essential data. In the event that you need individuals to peruse your paper, you have to challenge them here and there and constrain them to co nsider what they have simply read.</p><p></p><p>Another approach to help this is to ensure you expound on subjects that are applicable to you. In the event that you will expound on books, films, ortelevision appears, be certain that it bodes well and is identified with what you know. There is nothing more discouraging than somebody who just knows the wide thought of a point, yet doesn't have the foggiest idea about the specifics.</p><p></p><p>Liberalism exposition themes can be an incredible method to challenge yourself and persuade you to improve a composing style. Ensure you compose your subject and ensure that you practice, at that point practice some more.</p>

Essay Topic - You Can Write a Summary Strong Response Essay

<h1>Essay Topic - You Can Write a Summary Strong Response Essay</h1><p>It's conceivable to compose an outline solid reaction article point for the SAT or ACT without any difficulty. This might be on the grounds that a couple of tips will help.</p><p></p><p>It can be a simple undertaking to consolidate your individual considerations and bits of knowledge into a short article. Truth be told, composing an outline solid reaction article is one of the more well known types of paper writing in which people have a chance to communicate unreservedly. Along these lines, it's a smart thought to become familiar with certain tips to assist you with carrying out this responsibility with ease.</p><p></p><p>First, and in particular, don't stress over language structure and word use in this kind of article. Understudies may think that its humiliating to step through an exam that they have not composed a quality paper. At the point whe n you're composing a basic theme that isn't excessively itemized, simply center around ensuring that your announcement of realities is correct.</p><p></p><p>One key to composing an outline solid reaction article subject that has importance is to utilize models from the universe of sports. There are a few games, which can fill in as models. For instance, there are a few games that are regularly concentrated by undergrads. Take the case of football which has been a well known subject in various school and secondary school courses.</p><p></p><p>Sports, for example, football likewise have rules which are utilized in the game itself. Furthermore, these standards and guidelines are referenced by all undergrads who wish to become proficient competitors. School football understudies can identify with the test of having the option to score focuses and beat different groups. The equivalent can be said for a hockey player.</p><p></ p><p>Also, numerous understudies have seen huge activity scenes that are like games. Probably the most widely recognized games played on school grounds include vehicle dashing, tennis, ball, soccer, and baseball. Understudies frequently appreciate these kinds of games since they are less upsetting than different games. There is some opposition included, however it doesn't last very long.</p><p></p><p>Finally, set aside the effort to take in some incredible models from the universe of sports. In case you're composing an announcement of realities, make certain to give models where you can and ensure that you check your sources to guarantee that they are precise. Make certain to incorporate some direct input so you won't need to depend on the intensity of your opinion.</p>

College App For Stanford Essay - Tips For Preparing An Excellent Essay

<h1>College App For Stanford Essay - Tips For Preparing An Excellent Essay</h1><p>A school application for Stanford article is a simple and efficient strategy to assist you with your school paper. You can be set up for your Stanford course when today and afterward this is your manual for helping you succeed. This exposition composing guide is composed by previous Stanford college understudies and experts who have helped numerous different understudies overcome the course and into a school that they couldn't want anything more than to attend.</p><p></p><p>You must set yourself up with all the data and realities that you can about the Stanford University. Recollect this is a serious program for understudies. This University highly esteems its acknowledgment all things considered, paying little mind to race, sexual orientation, religion or nationality. You will likewise find that Stanford is glad for its low understudy to-staff ratio.</p>& lt;p></p><p>With these realities at the top of the priority list, you would now be able to begin on getting ready for your Stanford course. You should set up a strong school paper that incorporates intriguing data and information about the subject. Also, you should compose an exposition on a particular point that you are going to cover in your Stanford course. In this article, we will discuss an extremely regular Stanford paper subject: Literature. In the event that you wish to study this point, you can go to the Stanford Encyclopedia of Philosophy and read about literature.</p><p></p><p>The initial phase in this procedure is to get your name on the hanging tight rundown for your Stanford course. It is significant that you realize your class number and the name of the course that you are applying for. The following stage is to check your status on the holding up list so you can guarantee that you are progressing nicely. On the off chance that y ou are as of now on the holding up show, it is significant that you read the Stanford direct that will manage you through this process.</p><p></p><p>After getting onto the holding up show, you should go to the Stanford library and locate an English course book to concentrate on while you are pausing. At the point when you are finished contemplating, take it to the Humanities office to utilize it for a last. This is the second step of getting readied for your essay.</p><p></p><p>When you have wrapped up your English book and a Stanford reading material, you should take a gander at the timetable for your course. On the off chance that you don't have the timetable yet, you can utilize the one that you find on the Stanford confirmations site. This timetable will give all of you of the dates of classes that you should go to for your courses.</p><p></p><p>The third step is to go to Stanford and ensure that you take th e entirety of your necessary classes. In the event that you are not a piece of any Stanford classes yet, at that point you should do your essential classes. All Stanford courses have essential classes. When you have taken the entirety of your Stanford courses, you will at that point need to deal with your portfolio.</p><p></p><p>The last advance that you have to take is to make your Stanford article. This is the place the College App for Stanford Essay is so much supportive. The College App for Stanford Essay will assist you with examining and compose a top-quality paper that you can submit to the school. This College App for Stanford Essay will assist you with writing a top-quality article that will get you through the school course.</p>

Research Paper Topics 1800s

<h1>Research Paper Topics 1800s</h1><p>There are a wide assortment of research paper themes that you can look over. You should simply choose what you need to expound on. You can do this by going on the web and picking one of the numerous subjects that is suitable for your exploration. You should simply pick one of the segments, for example, the past two points discussed.</p><p></p><p>Today, the theme you pick is a significant piece of your last item. It is essential to ensure that the point you pick truly fits with the remainder of the paper. It isn't so significant for you to make the subject fit in with the other topics.</p><p></p><p>The first thing that you have to do is start with a solitary sentence, and afterward compose an entire passage and a half. Simply ensure that you invest some energy to consider the article you are composing, at that point you will have the last product.</p><p></p><p& gt;Once you are done, transform it into a framework, yet this is really not required on the off chance that you are simply attempting to think of a title for your paper. In any case, the main motivation to do this is to ensure that you don't wander away from the fundamental thought of the paper. On the off chance that you don't design your paper effectively, the outcomes might be not exactly desirable.</p><p></p><p>Writing a layout is significant. You should take a gander at the title you pick, and make sense of the general thought of the paper. Ensure that it fits well with different subjects that you picked. It likewise assists with making the title that individuals read your paper will have the option to determine what point you are talking about.</p><p></p><p>When you are doing research, you will discover incredible research paper subjects. You can likewise make a rundown of points to browse and line the thoughts that you think of when you compose the paper.</p><p></p><p>You will likewise discover investigate paper subjects that you never figured you would utilize. For instance, there were one point in which you were gotten some information about an organization and how the organization was identified with another theme. It is difficult to think of the points, however they will consistently come to you.</p>

Cognitive Behavioural Theory Of Cognitive Behavioral Therapy

Cognitive behavioural therapy is a major area of interest within the field of counselling. The cognitive behavioural approach has made significant contributions towards counselling over the years. As a result of this the cognitive behavioural approach has become more widely practiced (Dobson and Dobson, 2009). Despite these contributions, cognitive behavioural therapy has experienced a few limited cons as well as effective pros. In spite of this, previous studies have provided evidence, which confirms the effectiveness of the cognitive behavioural approach, to be higher than any other approach (McLeod, 2013). This essay, will examine and critically discuss the various pros and cons that exist within the cognitive behavioural approach. The objective of this essay is to, demonstrate an in depth exploration of the cognitive behavioural approach to the treatment of anxiety. The essay will be organised in the following way. The first section will give a brief overview of the cognitive be havioural approach. The next sections will then go on to critically discuss and compare the limited and ineffective contributions to the effective contributions cognitive behavioural therapy has made towards counselling anxiety. With particular reference to how cognitive behavioural therapy for women with anxiety during and after pregnancy. For the purpose of this essay the abbreviation CBT will be used, as it represents Cognitive Behavioural Therapy. Overview of CBT: ‘Ultimately the cognitiveShow MoreRelatedThe Development And Assessment Of A Major Public Health Problem1529 Words   |  7 Pagesdepression, Cognitive Behavioural Therapy (CBT) can be used to successfully treat various types of addictions. CBT is a practical treatment that can be called a psychosocial intervention (Osborn, Demoncada Feuerstein, 2006). 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The Benefits of Explanatory Synthesis Essay Topics

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Corporate Governance in Family Businesses in Serbia Free Essays

CORPORATE GOVERNANCE IN FAMILY BUSINESSES IN SERBIA PhD Katarina Djulic, Faculty of Economics, Finance and Administration, kdjulic@fefa. edu. rs MSc Tanja Kuzman, Faculty of Economics, Finance and Administration PhD Katarina Djulic is Assistant Professor at FEFA on subjects of Corporate Finance and Corporate Governance. We will write a custom essay sample on Corporate Governance in Family Businesses in Serbia or any similar topic only for you Order Now She also works as Senior Consultant in KPMG Serbia. She worked as an Associate Operations Officer at the International Finance Corporation, World Bank Group, on the Corporate Governance Program. She holds a Bachelor of Law from the University of Belgrade, a Master of Law (LL. M. ) from Northwestern University, a Master in Public Policy from Harvard University JFK School of Government, and a PhD degree from the University of Belgrade Faculty of Economics. Prior to joining IFC, Ms Djulic worked as a legal adviser to firms in Belgrade and New York and afterwards at the Ministry of Finance, first as an adviser to the Minister and then as an Assistant Minister in charge of the Financial System Division. She also worked for European Bank for Reconstruction and Development in London in Office of General Council. PhD Djulic was a member of Board of Directors in DDOR, Novi Sad, a member of Supervisory Board in Jubanka, Beograd and Chairwoman of Supervisory Board in Central Securities Depositary and Clearing House, Republic of Serbia. MSc Tanja Kuzman is Teaching Assistant at Faculty of Economics, Finance and Administration. She teaches Corporate Governance and Corporate Finance. She is also Advisor for Corporate Governance and Corporate Finance in Chamber of Commerce and Industry of Serbia, Executive Director of the Institute at Faculty of Economics, Finance and Administration and a Member of the Board of Directors of Alumni FEFA. She holds University of Sheffield Masters Degree with Distinction in Banking and Finance, where she was proclaimed as one of the best students, and a BA from the Faculty of Economics, Finance and Administration. She was awarded with two HEAD’s list certificates for outstanding academic achievement of the University of Sheffield and in February 2011 she started her PhD studies in Finance. From September 2009 to December 2011 she worked as Coordinator of the National Competitiveness Council of the Republic of Serbia and Junior Advisor for Economy and Finance in the Office of the Deputy Prime Minister for European Integration. In July 2011 she has spent a month working for European Commission, Directorate General for Economic and Financial Affairs in Brussels, on the issues related to the financial stability and financial institutions of the European Union. She has finished training on European Negotiations organized by Centre des etudes europeennes de l’ENA from Strasbourg. Abstract Family businesses constitute the world’s oldest and most dominant form of business organizations. In many countries, including Serbia, family businesses play the key role in the economy growth and workforce employment. Yet many of them fail to be sustainable in the long-term often due to some specific governance challenges (family business succession, professionalization of the management etc. ). In Serbia, it has recently been recognized that family businesses need more institutional support in the area of corporate governance. The corporate governance scorecard (questionnaire on key aspects of corporate governance) for family businesses in Serbia was developed as part of cooperation between the Chamber of Commerce and Industry and the IFC. This paper presents the results of the scorecard used in assessing corporate governance in seven family businesses in Serbia. Analyses of the results represent a unique case study that provides an overview of the quality of corporate governance in family-owned companies in Serbia. It shows that the state of corporate governance in family businesses on the Serbian market has a lot of distance to go to reach best practice. All companies recognize the fundamental importance of family governance to their business. However, they lack knowledge and guidance on how to systematically deal with governance challenges. Key words: family businesses, corporate governance, scorecard, board of directors, transparency, controlling environment. Paper classification: Case study. INTRODUCTION Family businesses are one of the oldest and most common forms of business organizations, drivers of economic growth and economic development, representing a large percentage of the total number of companies in the world. Family businesses in most countries in the world account for over 70% of the total number of businesses and have very significant impact on economic growth and employment. For example, in the U. S. family businesses create 59% of new jobs, while their share in the GNP is 50%, and they represent nearly 90% of all businesses (Kuratko and Hodgetts, 2004). Family businesses in Spain and Latin America produce, respectively, 75% and 60% of the GDP (Network for Family Enterprise, 2008). Poutziouris (2000) also notes that in addition to economic growth and employment, family businesses build entrepreneurial spirit and enable knowledge transfer between generations as well as development of a sense of loyalty, long-term commitment and corporate independence. Therefore it is considered that the creation, growth and sustainability of family businesses is crucial for the development of national economy. According to data of the KPMG Canadian Centre for family business in next 20 years 15 trillion dollars of wealth in the world will be transferred from one generation to another. The same source also points out that 70% of family businesses do not survive the transition to the second generation, 90% do not survive the transition to the third generation, and 95% of family businesses do not plan succession. Other sources confirm these findings indicating that only 5-15% of the family businesses continue to exist in the third generation of the successors of the founder (Davis and Harveston, 1998; Neubauer and Lank, 1998; Poutziouris, 2000, Ibrahim and Dumas, 2001; Grassi and Giarmarco, 2012 ). The reasons for the unsustainability of family businesses are sometimes exactly the same as the reasons for all other businesses. Management processes, informality and lack of discipline are the most common weaknesses of family businesses (IFC, 2008). In the process of managing the family usiness, unlike other businesses, feelings and family problems can be involved complicating in that way the management process. On the other hand, the lack of procedures and informality in the conduct of business, can lead to inefficiencies and conflicts, while lack of planning in terms of succession, property management and absence of policies for the employment of family members leads in most cases to the failur e of the family business. All the above mentioned reasons for the failures of family businesses stem from various weaknesses in Corporate Governance (hereinafter: CG) practices employed in family businesses. Therefore, several researchers have investigated the relationship between the level of CG and family businesses as to determine whether these two variables are positively or negatively correlated. In their study Cheung et al (2010) have found that quality of CG appears very significant for family businesses. They have shown that good CG practices in family businesses are linked to higher stock returns and lower unsystematic risks (Cheung et al, 2010). Results of their study for family businesses are consistent with findings of Renders et al (2010) who found a positive correlation between CG practices and company performance. Furthermore, Renders et al (2010) have proven that higher CG ratings lead towards improved operating performance and higher market values of companies. These positive effects of CG ratings on market values of companies have also been recorded in emerging and transition countries (Gary and Gonzales, 2008; Khanchel El Mehdi, 2007; Black et al, 2006; Durnev and Kim, 2005; Black, 2001). Notwithstanding, Cheung et al (2010) and Geksen and Oktem (2009) find that family businesses have poor CG practices. Cheung et al (2010) explain that family businesses, which in most cases have concentrated ownership structure, are associated with low level of CG. Furthermore, their finding indicates a concerning fact that family businesses improve their CG practices slower than their peers (Cheung et al, 2010). Geksen and Oktem (2009) also find that practices which prevail in family businesses strongly contradict the recommendations of the CG codes of best practices. When it comes to Serbia the picture is more or less the same as in all developing countries. We have large number of family businesses which went from being an entrepreneurial project to holding structures, now with several hundreds of employees. Family businesses in Serbia perceive CG as something abstract, fleeting, something that is hard to define and measure, and hence there is the conviction that CG does not bring concrete, tangible and quick benefits. Better business results which follow concerted CG efforts are nearly never exclusively linked to improved CG mechanisms as from stances of family businesses in Serbia. At best, they are ready to admit that CG can contribute to moderately improved business results. Despite this perception, the goal of the authors was to investigate the level of CG in family businesses in Serbia in order to be able to recognize the main weakness/problems and provide recommendations which could solve them. This paper presents the findings of analysis of CG practice in 8 Serbian family businesses that responded to the invitation for assessing CG practice using the scorecard methodology. The scorecard was developed by the Chamber of Commerce and Industry of Serbia (CCIS) as part of the Program for Improving CG, with the support of the IFC and with participation of one of the co-authors of this paper. The scorecard consists of questions that are systematically organized into CG areas that reflect the basic principles of good corporate governance. Based on the scorecard the CG rating in Serbia can be created and even though it is quite hard to produce a quantitative evaluation of CG the scorecard can still be a valid indicator of good or bad CG practices. The paper is divided in three additional sections. The introduction is followed by a presentation of the methodology used in assessing corporate governance practice. In second part, results of the assessment of CG in family businesses in Serbia are presented. In conclusion, closing considerations followed by recommendations for further CG improvements in family businesses in Serbia are noted. METHODOLOGY The CG scorecard for family businesses in Serbia, developed as part of cooperation between the Chamber of Commerce and Industry of Serbia and IFC, is a questionnaire whose questions are systematically presented under headings that reflect the basic principles of good CG. Responses to questions generate a score that is expressed as a percentage and indicates what percentage of best practice was applied by a given family business in a particular CG area. The main goal of the scorecard approach is to enable companies to easily assess their own CG practices, to allow investors to determine their preference regarding the level of CG which companies need to have in order to be considered as possible investment and to enable comparison across countries and industries (Bassen, 2004; Strenger, 2004). The scorecard is divided into the following five areas of corporate governance: 1) commitment to good CG practices; 2) board of directors; 3) supervision, control and independent audit operations; 4) transparency and disclosure; 5) owners; Each of these areas has a relative importance expressed in percentages in relation to the total of 100%. In view of the fact that each area is significant in its own way and has a different contribution to governance, their relative importance differs accordingly. A relatively greater weight is carried by two areas for which experience shows that they represent vital points of good CG in a company –company commitment to CG principles and supervision, control and independent audit operations. As a result these two areas are weighted with 25%, board of directors and owners are weighted with 20%, while transparency and disclosure is weighted with 10% in the final score. In each of the specified areas there is up to eight questions that reflect recommended practice for realizing principles to which a particular area is dedicated. Answers to those questions are graded with marks from 1 to 10, where each mark is related to certain percentage of the mark for that specific area. A total result of around 50% means that a company has implemented CG practices as required by relevant legislation. In order to achieve a score of over 50%, a company needs to go beyond the requirements of statutory regulations. Finally, a particular quality of the scorecard is that it takes account not just of the overall score, but also of the scores of individual CG areas, which gives a test company a clear indication of the areas in which its CG practices lag behind the company average. The CCIS and the IFC, with participation of both authors in the process, have conducted an assessment of CG practices in 8 family businesses in Serbia. Family businesses were guaranteed confidentiality in respect of scoring and results, with a view to ensuring objectivity and realistic assessment of current status. ASSESSMENT RESULTS Commitment to good CG practices As first area in the scorecard it consists of questions which provide a general sense of the level of CG practices employed by the family business. The scorecard for this area seek to establish: (i) the existence of a CG code (whether developed in-house or whether an existing code has been adopted), (ii) to what extent the company’s internal corporate documents reflect the CG principles, (iii) whether implementation of CG principles is discussed in company (if yes, how often and on which level), and (iv) do principles of CG and corporate social responsibility take into account the interests of various stakeholders, thus preventing conflicts. The figure below summarizes the scores of family businesses for this area (companies are designated by letters to ensure confidentiality of results). [pic] Chart 1: Commitment to good CG practices. CG Codes are not present in six out of eight family businesses, implying that those companies have not developed their own codes and have not adopted the existing codes of CCIS or Belgrade Stock Exchange. Despite that fact, owners and higher management have shown a great level of consciousness regarding the importance of CG and further improvements they need to make in CG area. When it comes to conversations about CG and succession process in most cases owners and family members talk about those issues from time to time and except family members involved in family business management others lack the interest or they are rather passive in the whole process. Internal documents exist in all companies but they usually satisfy the minimum requirements prescribed by law and do not encompass the CG best practices and principles. Most of internal acts exist formally due to legal requirement but they are not implemented in conduct of family business. Furthermore, owners and higher management have clear strategy for future development of family business, but that strategy in not formalized in the form of document. Due to that fact family members adhere to goals mentioned and set through formal or informal conversations between family members and higher management. Although poorly implemented in practice, family businesses show a clear vision of how their business should be organized and in which direction should be developed. All family businesses recognize the importance of corporate social responsibility. Therefore they pay more attention to local communities in which they undertake their operations but their corporate social responsibility in most cases boils down just to the philanthropic activities. In conclusion we can state that in family businesses in Serbia there is the absence of CG codes, that business strategies are not formalized in the form of documents, that internal documents fulfill legally determined norms but do not encompass the CG best practices and principles, that owners and higher management attach a high level of importance to CG and that family businesses in Serbia undertake large number of philanthropic activities. Board of directors In assessing the functioning of the board of directors questions in this section try to give a snapshot of practices regarding the management of family businesses and the role of the owner in them. In this CG area family businesses are asked whether there is a clear demarcation between operational and strategic/supervisory level in the company, is there a ormal board of directors or some other body which is responsible for the formulation of the strategy and supervision of the management, if there is a board of directors is there an internal act on the functioning of the board which defines needed competencies of the members of the board of directors and their responsibilities, is the function of the general manager and president of the board of directors clearly separated, how compensation of the members of the board is determined, is there a process of evaluation of effectiveness and quality of the work carried out by the board, whether the board establishes comm ittees which could contribute to the quality of their work, is there the annual plan of board of directors meetings and whether members of the board of directors get the materials for the meeting in advance. [pic] Chart 2: Board of directors. In all of the tested companies there is the absence of Board of directors. Members of the families often have management functions and are directly involved in the operational management of the business. On the other hand, they are usually the ones determining the strategic path of future development of the family business implying in that way that there is no clear distinction between operational and strategic/supervisory level. In most cases owners convenes meetings when he assesses the need for doing so and only in two family businesses there is clear and established dynamics of these meetings. Only in one of the tested companies owner of the family business is not as the same time a director and there is no overlapping of responsibilities and in just two companies owner sees themselves as president of the board of directors in future. Three of the tested companies have family meetings during which they discuss performance of the family business, family issues which can influence the business and its future development. When it comes to the professional management, in only two of the companies tested, managing of the company is undertaken by family members and externally hired professionals which proves the low level of consciousness and the need for professionalization of the management. In most of the family businesses there is no established and formalized reward system. Absence of reward system is also a potential problem, because it reduces the possibility of objective and adequately rewarding or punishing of employees. The commonly established practice in tested companies shows that owners usually determine the rewards, its level and they make assessment of the effectiveness of the management. Even though the test has shown that owners of family businesses have aversion for professionalization of the management they feel reluctant in hiring external experts and consultants from time to time. Based on the results of the scorecard we can conclude that in family businesses there is no formally established board of directors and that there is no clear distinction between operational and strategic/supervisory roles. Supervision, control and independent audit operations In this area the questions concern internal controls, internal audit function, external audit and reporting mechanisms in the company. Seeking to determine whether the company has any kind of internal supervision system in place, the scorecard focuses on functions rather than on formal bodies. It tries to gauge comprehensiveness, sophistication and effectiveness of the existing system. The area has a 25% weight in the final grade. Two groups of questions focus on the system of internal controls – Has the company formalized its procedures? If yes, who is in charge of development of such a system? Have the owners formally discussed risks and have they analyzed the existing procedures and the company’s modus operandi in light of the identified risks? How does the company ensure that it is compliant with relevant laws and regulations? The next two groups of questions relate to the internal audit function – Does it exist in any form? Is it formalized? What kind of resources does it have at its disposal? Is it independent from the management? The third group of questions relates to the external audit and tries to capture the company’s experience with external auditors in the ast couple of years – Does the company have an external auditor? Who is the external auditor of the company? Has the external auditor ever issued a qualified opinion? The last question relates to the supervisor y level of the company (the board if it exists or the owner(s)) and seeks to define to what extent and in which way the management communicates with the company’s supervisory bodies. [pic] Graph 3: Supervision, control and independent audit operations. In the tested companies, internal controls are either altogether absent or they have been introduced in response to customers’ or regulatory demands without any prior analysis of internal risks in the company. The tested companies that operate in regulated industries (food production, medical supplies, transportation) and that are export-oriented received relatively higher scores since there is a large number of international industrial standards in these industries/markets that allow companies to adopt these standards routinely rather than to develop independently in-house internal control systems. Although these standards represent a type of internal control system, an internal control system should not be reduced to their implementation. In order for an internal control system to fulfill its purpose, it must be implemented in an adequate control environment and be based on a company-specific and comprehensive risk analysis and assessment. None of the tested companies has any form of internal audit function and the entire supervision is performed by the owner personally and, sometimes, the employed members of the family. This monitoring style lacks a structured approach and a supporting system. Supervision is performed either continuously, which is extremely cumbersome keeping in mind operational responsibilities of the owner, or on an ad hoc basis. Often, the owner does not have sufficient technical knowledge to supervise all the business processes in the company and as a consequence he focuses on the business areas where he feels comfortable resulting in considerable supervisory â€Å"blind spots†. Supervision further suffers as the business expands since at certain point in time, the owner’s physical capacity becomes limitation for an effective supervision. Finally, since the owner often operationally anages the company, he effectively supervises himself which is far from good practice. The external audit function seems to be understood inadequately. The companies still perceive external audit primarily as an expense so the function is introduced only if it is legally required. It of ten happens that the owner does not have any direct communication with the external auditor. The contact person for the external auditor is, in the majority of cases, the head of accounting (whose work is verified by the auditor). Where the function exists, the auditors, as a rule, are small, local businesses that issue unqualified opinions. Their mandates are automatically extended for the period of 3 – 4 years. Transparency and disclosure Although a great majority of family businesses in Serbia are small and medium non–listed companies, some of them are rather big and require a solid organizational structure, some have extensive international business operations, and others seek significant external funding (from banks primarily but also from individual investors and private equity funds). Due to these considerations, the scorecard has a part that relates to transparency and disclosure. However, since the scorecard primarily focuses on non-listed companies, this CG area has relatively smaller significance and it contributes only 10% to the final grade. In this domain the scorecard seeks to determine whether the company has a reporting policy (formalized or not), whether it uses its website for publishing relevant information and, finally, whether all relevant information is also released in English (which allows a company to reach a far broader investor and/or client base). After this, the scorecard focuses on specific types of information which practice indicates to be of greatest interest to stakeholders. Thus it seeks to determine whether the company releases in timely manner: (i) its financial statements, (ii) its management report, (iii) materially significant information, (iv) biographical information of all members of management i. e. family members that are involved in business, and (v) related party transactions. [pic] Graph 4: Transparency and disclosure. The poor results presented in chart 4 are not surprising since, as already mentioned, the tested companies are mostly small and medium family businesses. In addition, there are no legal requirements for non-listed businesses regarding transparent business operations. Thus, the research confirms once again the assumption that companies in Serbia, as a rule, tend to fulfill only the legally prescribed minimum. Some companies have decently informative websites but they contain only marketing information relevant for customers. The companies that export have also websites in foreign languages. No single company in the tested group has a structured approach to information disclosure. Some of the tested companies do have monthly or quarterly bulletins that are distributed to their customers. Financial statements, as a rule, are not public and if some financial information is available on the company website, it is out of date. Only one company in the tested sample regularly prepares an annual report because it participates in international tenders and this exercise helps it present its business efficiently to a more sophisticated business community. A majority of the interviewed owners stated that they would like to keep their business within the family and that they did not plan an IPO. Finally, most of the tested businesses engage in related party transactions but, as expected, these transactions are not regulated neither are they transparent. The research indicates that Serbian companies are still not adequately motivated to publish information and still continue to misunderstand the importance of transparency in business. Owners The last CG area of the scorecard deals with owners. This part of the scorecard focuses on key issues of family governance and has a 20% weight in the final grade. The scorecard tries to determine if there is any formal document which spells out family business guiding principles such as â€Å"family protocol†, â€Å"family business rules† etc. Formally establishing these rules could result in the most important piece of work achieved by the family business in managing its family component and the process of succession. The econd group of questions tries to determine quality, effectiveness and timing of communication between family members that are actively involved in the business ant those members that pursue other interests and thus are not familiar with the day-to-day state of t he family business. The purpose of this communication is to provide a forum that allows all the family to learn more about the family business and to provide them with an opportunity to express their views on family issues that impact the business as well as business issues that impact the family. The third group of questions enquires about the family grooming plan. The grooming plan outlines the most important business skills required by successors to effectively manage the family business at the transition date. The scorecard tries to determine how the family prepares the next generation for management succession and if it has a formalized grooming plan. The fourth group of questions asks if the family has developed an employment policy for family members. It’s understandable that the senior generation would like to have all their children involved in the family business. However, allowing children a safe employment haven just because they have no better alternative, can cause major problems. Thus, having criteria that outline what is required and expected from the family members who wish to be employed in the family business is crucial. The fifth and sixth groups of questions try to determine if the family members have any formal form of communication which would allow them to manage the key family component separately from managing business operations. The purpose of this forum is to lay out agreed ground rules and objectives for the firm and to discuss major issues (like succession) while minimizing the threat that conflicts in the family could jeopardize the business. [pic] Graph 5: Owners. The tested companies scored the highest in this CG area. The primary reason for such a good result is great commitment of the first generation to prepare the second generation for the future transition. Although only one of the interviewed owners is familiar with basic CG mechanisms that family businesses have at disposal for managing ownership and management succession, all of them expressed great readiness to learn and to apply these mechanisms in their businesses. In fact, all the interviewed owners have been trying to find ways to manage these challenges and all of them expressed a great concern regarding succession process in their businesses. Now, there might be some research bias since the tested businesses volunteered to engage in the CG testing and all were attending a workshop on CG organized by CCIS. It is probably true that a random sample would yield lower scores in this CG area as it would in Commitment to good CG practices. Still, we believe that a succession threat is looming over the first generation of Serbian entrepreneurs and that all of them are experiencing problems due to a lack of the entrepreneurial tradition in Serbia and a lack of CG knowledge. None of the businesses had any form of family protocol neither did they have any formal for gathering family members involved in business to discuss family issues that affect the business and to prevent conflicts. Further none of the businesses had a formal channel of communication between the family members involved in business and those that are not but they all claim that communication is regular and intensive. The grooming plan is, as a rule, somehow implemented in practice but it is not formal neither does it lay out ground rules for the second generation aspiring to join the family business. Finally, no formal family employment policy exists in any firm but there are certain guiding principals that are clear to both family and non-family employees alike in almost all businesses. We can conclude that the research has indicated (i) a great need for raising awareness among Serbian first generation entrepreneurs on CG issues and mechanisms; (ii) an avoidance of the first generation to formalize the ground rules assuming that this formalization would lead to family conflicts and that it might destabilize both the family and the business; (iii) a fear that the upcoming ownership and management succession will not be performed smoothly and successfully; and (iv) an honest commitment of the family businesses to implement good CG mechanisms if it would help them overcome governance obstacles. CONCLUSION Serbia has a relatively short entrepreneurial history. Serious attempts to establish a family business could be linked primarily to the post-Milosevic period, i. e. after 2000. This research is providing a scan showing where the first generations of Serbian entrepreneurs, i. e. the first generation of owners of Serbian family businesses is today from the governance po int of view and what kind of family governance challenges they face. As it was already mentioned, there is a certain bias which should be taken into account when interpreting the scores of the tested businesses. All of the tested businesses attended a workshop organized by CCIS for family businesses, they were present when the scorecard was launched and they applied to participate in a pilot CG testing voluntarily. This indicates that these businesses will most likely show greater commitment to CG and a deeper understanding of the family governance issues relatively to an average family-owned firm in Serbia. This also explains relatively higher scores in the CG areas Commitment to good CG practices and Owners. Still, we believe that the results obtained from this pilot testing are a good approximation of general state of affairs in Serbian family-owned businesses. Specifically, most of the family businesses in Serbia will sooner rather than later face serious succession challenges. Most of them still avoid putting these issues formally on the agenda, but there are triggers that will or have already forced them to do so. These triggers might be results of some positive or some negative circumstances. â€Å"Positive† triggers include: age and retirement plans of the first generation owners and/or CEO; a boom in the economy or the firm’s industrial sector which could lead to a rapid expansion of business; an external take-over initiative coming from a strategic partner; a need for a significant external funding to finance the rapidly growing business etc. On the other hand, typical â€Å"negative† triggers would be: health problems and physical and/or physiological exhaustion of the first generation owner/CEO; marriage problems of the first generation owners or their children; financial problems; a significant loss of the market share; conflicts among the owners and/or their heirs etc. The testing confirmed that the interviewed owners had serious doubts that the management and ownership succession could occur smoothly i. e. without seriously destabilizing the family business. What are obstacles that prevent the Serbian family owners from tackling the succession challenges more successfully? According to the testing and the interviews, there are three major challenges that need to be resolved. First, there is a substantial lack of CG knowledge among owners of family businesses in Serbia. CG is usually perceived as an expensive exercise created primarily for listed companies. Most of the interviewed owners were not aware that a significant body of research in CG refers to family businesses only. Second, tackling succession presses some emotional and financial concerns of the first generation. Often, the founder of the firm, who belongs to the first generation, has invested emotionally a lot in the family firm. He feels that the family firm is a great part of his life and his legacy for the generations to come. From the financial point of view, the greatest assets of the founder(s) have, as a rule, been invested in the family business and they are quite illiquid. Lacking any reasonable diversification, the founder is exposed to a serious financial risk. Without a clear exit strategy and a meaningful succession plan, the founder creates a void in the governance and ownership systems which present a great burden for the heirs. The results have also shown that most of the interviewed owners lack time, capacity and knowledge to successfully resolve these issues. Relatively higher scores in the CG area that relates to Supervision and control mechanisms could be explained by an obvious need to professionalize the firm and to decentralize the management. Most of the businesses are economically healthy and have had a rapid expansion of business that outgrew its respective organizational structure. The owners show the greatest readiness to implement practical supervision CG mechanisms since they expect that these mechanisms would increase effectiveness of their control over the business and the â€Å"outside† managers and thus reduce a burden which they barely handle. However, we have to emphasize that better supervision, although of a great value, cannot substitute for unresolved succession issues. Poor management and ownership succession would almost certainly lead to a collapse of the family business in the next generation despite good internal controls, internal audit function or any other form of internal and/or external supervision. Low scores in the CG area that relates to Board indicate that most of the businesses have not separated the supervisory and strategic level on one hand and the operational level on the other. This leads to a common situation that even in rather big family-owned businesses in Serbia that employ more than 1000 employees, we still have so-called one-man show and the key man risk. This risk scatters away investors and leaves these businesses without substantial external funding. It is rather common that many rapidly developing Serbian businesses finance their investments form short-term lending since banks refuse to carry governance risks over an extended period of time. This lack of good professionals at the helm of their companies, most of the interviewed owners explain with a lack of qualified managers to whom they could entrust the family business. Finally, the lowest score in transparency area is somewhat expected. As already mentioned, these businesses are not listed and there are no legal rules that would insist on greater transparency for bigger, closed companies. While this is understandable, it also indicates that the Serbian businesses do not see any value in transparency per se which begs further investigation. Our assumption is that in very non-transparent, public and private sectors in Serbia too much of transparency is perceived as an unnecessary exposure to both the government tax authorities and competitors. The businesses are convinced that transparency would only lead to vulnerability without bringing any other value-added. Scorecard results imply that in family businesses in Serbia CG is on a low level, that there is a huge space for improvements and even quick wins which can significantly contribute to the business operational functioning as well as contribute to its overall performance. The authors will continue to further employ the scorecard and assess the CG level in family businesses as to create a solid basis for scientific conclusions in the area, but as well to see whether improvements through time will be made. LITERATURE Black, B. (2001) The corporate governance behavior and market value of Russian firms. Emerging Markets Review, 2, p. 89–108. Black, B. , Jang, H. and Kim, W. (2006) Does corporate governance predict firms’ market values? Evidence from Korea. Journal of Law, Economics, and Organization, 22, p. 366–413. Bassen, A. (2004) The importance of good corporate governance by institutional investors: The Scorecard for German Corporate Governance. International Journal of Disclosure and Governance, 2(3), p. 244-263. Gheung, Y. , Stouraitis, A. and Weiqiang, T. (2010) Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong. International Review of Finance. 10(4), p. 403-432. Davis P. S. and Harveston P. D. (1998) The Influence of Family on the Family Business Succession Process: A Multi-Generational Perspective, Family Business Review, 22. Goksen, N. and Oktem, O. 2009) Countervailing institutional forces: corporate governance in Turkish family business groups. Journal of Management and Governance. 13, p. 193-213. Grassi Jr S. V. and Giarmarco J. H. (2008) Practical Succession Planning for the Family Owned Business, Journal of Practical Estate Plannin g, 10(1), p. 27-60. Ibrahim A. and Dumas C. (2001) Strategie decision making in small family flrms: an empirical investigation, Journal of small business strategy, 12(l), p. 1-11. International Finance Corporation (2008) IFC Family Business Handbook, Belgrade. Durnev, A. and Kim, E. (2005) To steal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance, 60, p. 461-1493. Gary, U. and Gonzalez, M. (2008) Corporate governance and firm value: The case of Venezuela. Corporate Governance: An International Review, 16, p. 194–209. Khanchel El Mehdi, I. (2007) Empirical evidence on corporate governance and corporate performance in Tunesia. Corporate Governance:An International Review, 15, p. 1429–1441. KPMG Enterprise (2011) Family Business Succession, Managing All-Important Family Component, Canada. Kuratko D. K. and Hodgetts R. M. (2004) Entrepreneurship: Theory, Process Practice, 6th Edition, United States, Thomson Publishing. Network for Fam ily Enterprise (2008) www. fbn-i. org/fbn/main. nsf/doclu/facts. Neubauer Fred and Alden G. Lank (1998) The Family Business: its Governance for Sustainability, New York, Routledge. Poutziouris Panikkos Zata, (2001), Venture capital and small and medium-sized family companies: an analysis from the demand perspective, Family Business Review, 14(3), p. 277-291. Renders, A. , Gaeremynck, A. and Sercu, P. (2010) Corporate-Governance Ratings and Company Performance: A Cross-European Study. Corporate Governance: An International Review, 18(2), p. 87-106. Strenger, C. (2004) The Corporate Governance Scorecard: a tool for the implementation of corporate governance. Corporate Governance: An International Review, 12(1), p. 11-15. How to cite Corporate Governance in Family Businesses in Serbia, Essay examples

Corporate Governance in Family Businesses in Serbia Free Essays

CORPORATE GOVERNANCE IN FAMILY BUSINESSES IN SERBIA PhD Katarina Djulic, Faculty of Economics, Finance and Administration, kdjulic@fefa. edu. rs MSc Tanja Kuzman, Faculty of Economics, Finance and Administration PhD Katarina Djulic is Assistant Professor at FEFA on subjects of Corporate Finance and Corporate Governance. We will write a custom essay sample on Corporate Governance in Family Businesses in Serbia or any similar topic only for you Order Now She also works as Senior Consultant in KPMG Serbia. She worked as an Associate Operations Officer at the International Finance Corporation, World Bank Group, on the Corporate Governance Program. She holds a Bachelor of Law from the University of Belgrade, a Master of Law (LL. M. ) from Northwestern University, a Master in Public Policy from Harvard University JFK School of Government, and a PhD degree from the University of Belgrade Faculty of Economics. Prior to joining IFC, Ms Djulic worked as a legal adviser to firms in Belgrade and New York and afterwards at the Ministry of Finance, first as an adviser to the Minister and then as an Assistant Minister in charge of the Financial System Division. She also worked for European Bank for Reconstruction and Development in London in Office of General Council. PhD Djulic was a member of Board of Directors in DDOR, Novi Sad, a member of Supervisory Board in Jubanka, Beograd and Chairwoman of Supervisory Board in Central Securities Depositary and Clearing House, Republic of Serbia. MSc Tanja Kuzman is Teaching Assistant at Faculty of Economics, Finance and Administration. She teaches Corporate Governance and Corporate Finance. She is also Advisor for Corporate Governance and Corporate Finance in Chamber of Commerce and Industry of Serbia, Executive Director of the Institute at Faculty of Economics, Finance and Administration and a Member of the Board of Directors of Alumni FEFA. She holds University of Sheffield Masters Degree with Distinction in Banking and Finance, where she was proclaimed as one of the best students, and a BA from the Faculty of Economics, Finance and Administration. She was awarded with two HEAD’s list certificates for outstanding academic achievement of the University of Sheffield and in February 2011 she started her PhD studies in Finance. From September 2009 to December 2011 she worked as Coordinator of the National Competitiveness Council of the Republic of Serbia and Junior Advisor for Economy and Finance in the Office of the Deputy Prime Minister for European Integration. In July 2011 she has spent a month working for European Commission, Directorate General for Economic and Financial Affairs in Brussels, on the issues related to the financial stability and financial institutions of the European Union. She has finished training on European Negotiations organized by Centre des etudes europeennes de l’ENA from Strasbourg. Abstract Family businesses constitute the world’s oldest and most dominant form of business organizations. In many countries, including Serbia, family businesses play the key role in the economy growth and workforce employment. Yet many of them fail to be sustainable in the long-term often due to some specific governance challenges (family business succession, professionalization of the management etc. ). In Serbia, it has recently been recognized that family businesses need more institutional support in the area of corporate governance. The corporate governance scorecard (questionnaire on key aspects of corporate governance) for family businesses in Serbia was developed as part of cooperation between the Chamber of Commerce and Industry and the IFC. This paper presents the results of the scorecard used in assessing corporate governance in seven family businesses in Serbia. Analyses of the results represent a unique case study that provides an overview of the quality of corporate governance in family-owned companies in Serbia. It shows that the state of corporate governance in family businesses on the Serbian market has a lot of distance to go to reach best practice. All companies recognize the fundamental importance of family governance to their business. However, they lack knowledge and guidance on how to systematically deal with governance challenges. Key words: family businesses, corporate governance, scorecard, board of directors, transparency, controlling environment. Paper classification: Case study. INTRODUCTION Family businesses are one of the oldest and most common forms of business organizations, drivers of economic growth and economic development, representing a large percentage of the total number of companies in the world. Family businesses in most countries in the world account for over 70% of the total number of businesses and have very significant impact on economic growth and employment. For example, in the U. S. family businesses create 59% of new jobs, while their share in the GNP is 50%, and they represent nearly 90% of all businesses (Kuratko and Hodgetts, 2004). Family businesses in Spain and Latin America produce, respectively, 75% and 60% of the GDP (Network for Family Enterprise, 2008). Poutziouris (2000) also notes that in addition to economic growth and employment, family businesses build entrepreneurial spirit and enable knowledge transfer between generations as well as development of a sense of loyalty, long-term commitment and corporate independence. Therefore it is considered that the creation, growth and sustainability of family businesses is crucial for the development of national economy. According to data of the KPMG Canadian Centre for family business in next 20 years 15 trillion dollars of wealth in the world will be transferred from one generation to another. The same source also points out that 70% of family businesses do not survive the transition to the second generation, 90% do not survive the transition to the third generation, and 95% of family businesses do not plan succession. Other sources confirm these findings indicating that only 5-15% of the family businesses continue to exist in the third generation of the successors of the founder (Davis and Harveston, 1998; Neubauer and Lank, 1998; Poutziouris, 2000, Ibrahim and Dumas, 2001; Grassi and Giarmarco, 2012 ). The reasons for the unsustainability of family businesses are sometimes exactly the same as the reasons for all other businesses. Management processes, informality and lack of discipline are the most common weaknesses of family businesses (IFC, 2008). In the process of managing the family usiness, unlike other businesses, feelings and family problems can be involved complicating in that way the management process. On the other hand, the lack of procedures and informality in the conduct of business, can lead to inefficiencies and conflicts, while lack of planning in terms of succession, property management and absence of policies for the employment of family members leads in most cases to the failur e of the family business. All the above mentioned reasons for the failures of family businesses stem from various weaknesses in Corporate Governance (hereinafter: CG) practices employed in family businesses. Therefore, several researchers have investigated the relationship between the level of CG and family businesses as to determine whether these two variables are positively or negatively correlated. In their study Cheung et al (2010) have found that quality of CG appears very significant for family businesses. They have shown that good CG practices in family businesses are linked to higher stock returns and lower unsystematic risks (Cheung et al, 2010). Results of their study for family businesses are consistent with findings of Renders et al (2010) who found a positive correlation between CG practices and company performance. Furthermore, Renders et al (2010) have proven that higher CG ratings lead towards improved operating performance and higher market values of companies. These positive effects of CG ratings on market values of companies have also been recorded in emerging and transition countries (Gary and Gonzales, 2008; Khanchel El Mehdi, 2007; Black et al, 2006; Durnev and Kim, 2005; Black, 2001). Notwithstanding, Cheung et al (2010) and Geksen and Oktem (2009) find that family businesses have poor CG practices. Cheung et al (2010) explain that family businesses, which in most cases have concentrated ownership structure, are associated with low level of CG. Furthermore, their finding indicates a concerning fact that family businesses improve their CG practices slower than their peers (Cheung et al, 2010). Geksen and Oktem (2009) also find that practices which prevail in family businesses strongly contradict the recommendations of the CG codes of best practices. When it comes to Serbia the picture is more or less the same as in all developing countries. We have large number of family businesses which went from being an entrepreneurial project to holding structures, now with several hundreds of employees. Family businesses in Serbia perceive CG as something abstract, fleeting, something that is hard to define and measure, and hence there is the conviction that CG does not bring concrete, tangible and quick benefits. Better business results which follow concerted CG efforts are nearly never exclusively linked to improved CG mechanisms as from stances of family businesses in Serbia. At best, they are ready to admit that CG can contribute to moderately improved business results. Despite this perception, the goal of the authors was to investigate the level of CG in family businesses in Serbia in order to be able to recognize the main weakness/problems and provide recommendations which could solve them. This paper presents the findings of analysis of CG practice in 8 Serbian family businesses that responded to the invitation for assessing CG practice using the scorecard methodology. The scorecard was developed by the Chamber of Commerce and Industry of Serbia (CCIS) as part of the Program for Improving CG, with the support of the IFC and with participation of one of the co-authors of this paper. The scorecard consists of questions that are systematically organized into CG areas that reflect the basic principles of good corporate governance. Based on the scorecard the CG rating in Serbia can be created and even though it is quite hard to produce a quantitative evaluation of CG the scorecard can still be a valid indicator of good or bad CG practices. The paper is divided in three additional sections. The introduction is followed by a presentation of the methodology used in assessing corporate governance practice. In second part, results of the assessment of CG in family businesses in Serbia are presented. In conclusion, closing considerations followed by recommendations for further CG improvements in family businesses in Serbia are noted. METHODOLOGY The CG scorecard for family businesses in Serbia, developed as part of cooperation between the Chamber of Commerce and Industry of Serbia and IFC, is a questionnaire whose questions are systematically presented under headings that reflect the basic principles of good CG. Responses to questions generate a score that is expressed as a percentage and indicates what percentage of best practice was applied by a given family business in a particular CG area. The main goal of the scorecard approach is to enable companies to easily assess their own CG practices, to allow investors to determine their preference regarding the level of CG which companies need to have in order to be considered as possible investment and to enable comparison across countries and industries (Bassen, 2004; Strenger, 2004). The scorecard is divided into the following five areas of corporate governance: 1) commitment to good CG practices; 2) board of directors; 3) supervision, control and independent audit operations; 4) transparency and disclosure; 5) owners; Each of these areas has a relative importance expressed in percentages in relation to the total of 100%. In view of the fact that each area is significant in its own way and has a different contribution to governance, their relative importance differs accordingly. A relatively greater weight is carried by two areas for which experience shows that they represent vital points of good CG in a company –company commitment to CG principles and supervision, control and independent audit operations. As a result these two areas are weighted with 25%, board of directors and owners are weighted with 20%, while transparency and disclosure is weighted with 10% in the final score. In each of the specified areas there is up to eight questions that reflect recommended practice for realizing principles to which a particular area is dedicated. Answers to those questions are graded with marks from 1 to 10, where each mark is related to certain percentage of the mark for that specific area. A total result of around 50% means that a company has implemented CG practices as required by relevant legislation. In order to achieve a score of over 50%, a company needs to go beyond the requirements of statutory regulations. Finally, a particular quality of the scorecard is that it takes account not just of the overall score, but also of the scores of individual CG areas, which gives a test company a clear indication of the areas in which its CG practices lag behind the company average. The CCIS and the IFC, with participation of both authors in the process, have conducted an assessment of CG practices in 8 family businesses in Serbia. Family businesses were guaranteed confidentiality in respect of scoring and results, with a view to ensuring objectivity and realistic assessment of current status. ASSESSMENT RESULTS Commitment to good CG practices As first area in the scorecard it consists of questions which provide a general sense of the level of CG practices employed by the family business. The scorecard for this area seek to establish: (i) the existence of a CG code (whether developed in-house or whether an existing code has been adopted), (ii) to what extent the company’s internal corporate documents reflect the CG principles, (iii) whether implementation of CG principles is discussed in company (if yes, how often and on which level), and (iv) do principles of CG and corporate social responsibility take into account the interests of various stakeholders, thus preventing conflicts. The figure below summarizes the scores of family businesses for this area (companies are designated by letters to ensure confidentiality of results). [pic] Chart 1: Commitment to good CG practices. CG Codes are not present in six out of eight family businesses, implying that those companies have not developed their own codes and have not adopted the existing codes of CCIS or Belgrade Stock Exchange. Despite that fact, owners and higher management have shown a great level of consciousness regarding the importance of CG and further improvements they need to make in CG area. When it comes to conversations about CG and succession process in most cases owners and family members talk about those issues from time to time and except family members involved in family business management others lack the interest or they are rather passive in the whole process. Internal documents exist in all companies but they usually satisfy the minimum requirements prescribed by law and do not encompass the CG best practices and principles. Most of internal acts exist formally due to legal requirement but they are not implemented in conduct of family business. Furthermore, owners and higher management have clear strategy for future development of family business, but that strategy in not formalized in the form of document. Due to that fact family members adhere to goals mentioned and set through formal or informal conversations between family members and higher management. Although poorly implemented in practice, family businesses show a clear vision of how their business should be organized and in which direction should be developed. All family businesses recognize the importance of corporate social responsibility. Therefore they pay more attention to local communities in which they undertake their operations but their corporate social responsibility in most cases boils down just to the philanthropic activities. In conclusion we can state that in family businesses in Serbia there is the absence of CG codes, that business strategies are not formalized in the form of documents, that internal documents fulfill legally determined norms but do not encompass the CG best practices and principles, that owners and higher management attach a high level of importance to CG and that family businesses in Serbia undertake large number of philanthropic activities. Board of directors In assessing the functioning of the board of directors questions in this section try to give a snapshot of practices regarding the management of family businesses and the role of the owner in them. In this CG area family businesses are asked whether there is a clear demarcation between operational and strategic/supervisory level in the company, is there a ormal board of directors or some other body which is responsible for the formulation of the strategy and supervision of the management, if there is a board of directors is there an internal act on the functioning of the board which defines needed competencies of the members of the board of directors and their responsibilities, is the function of the general manager and president of the board of directors clearly separated, how compensation of the members of the board is determined, is there a process of evaluation of effectiveness and quality of the work carried out by the board, whether the board establishes comm ittees which could contribute to the quality of their work, is there the annual plan of board of directors meetings and whether members of the board of directors get the materials for the meeting in advance. [pic] Chart 2: Board of directors. In all of the tested companies there is the absence of Board of directors. Members of the families often have management functions and are directly involved in the operational management of the business. On the other hand, they are usually the ones determining the strategic path of future development of the family business implying in that way that there is no clear distinction between operational and strategic/supervisory level. In most cases owners convenes meetings when he assesses the need for doing so and only in two family businesses there is clear and established dynamics of these meetings. Only in one of the tested companies owner of the family business is not as the same time a director and there is no overlapping of responsibilities and in just two companies owner sees themselves as president of the board of directors in future. Three of the tested companies have family meetings during which they discuss performance of the family business, family issues which can influence the business and its future development. When it comes to the professional management, in only two of the companies tested, managing of the company is undertaken by family members and externally hired professionals which proves the low level of consciousness and the need for professionalization of the management. In most of the family businesses there is no established and formalized reward system. Absence of reward system is also a potential problem, because it reduces the possibility of objective and adequately rewarding or punishing of employees. The commonly established practice in tested companies shows that owners usually determine the rewards, its level and they make assessment of the effectiveness of the management. Even though the test has shown that owners of family businesses have aversion for professionalization of the management they feel reluctant in hiring external experts and consultants from time to time. Based on the results of the scorecard we can conclude that in family businesses there is no formally established board of directors and that there is no clear distinction between operational and strategic/supervisory roles. Supervision, control and independent audit operations In this area the questions concern internal controls, internal audit function, external audit and reporting mechanisms in the company. Seeking to determine whether the company has any kind of internal supervision system in place, the scorecard focuses on functions rather than on formal bodies. It tries to gauge comprehensiveness, sophistication and effectiveness of the existing system. The area has a 25% weight in the final grade. Two groups of questions focus on the system of internal controls – Has the company formalized its procedures? If yes, who is in charge of development of such a system? Have the owners formally discussed risks and have they analyzed the existing procedures and the company’s modus operandi in light of the identified risks? How does the company ensure that it is compliant with relevant laws and regulations? The next two groups of questions relate to the internal audit function – Does it exist in any form? Is it formalized? What kind of resources does it have at its disposal? Is it independent from the management? The third group of questions relates to the external audit and tries to capture the company’s experience with external auditors in the ast couple of years – Does the company have an external auditor? Who is the external auditor of the company? Has the external auditor ever issued a qualified opinion? The last question relates to the supervisor y level of the company (the board if it exists or the owner(s)) and seeks to define to what extent and in which way the management communicates with the company’s supervisory bodies. [pic] Graph 3: Supervision, control and independent audit operations. In the tested companies, internal controls are either altogether absent or they have been introduced in response to customers’ or regulatory demands without any prior analysis of internal risks in the company. The tested companies that operate in regulated industries (food production, medical supplies, transportation) and that are export-oriented received relatively higher scores since there is a large number of international industrial standards in these industries/markets that allow companies to adopt these standards routinely rather than to develop independently in-house internal control systems. Although these standards represent a type of internal control system, an internal control system should not be reduced to their implementation. In order for an internal control system to fulfill its purpose, it must be implemented in an adequate control environment and be based on a company-specific and comprehensive risk analysis and assessment. None of the tested companies has any form of internal audit function and the entire supervision is performed by the owner personally and, sometimes, the employed members of the family. This monitoring style lacks a structured approach and a supporting system. Supervision is performed either continuously, which is extremely cumbersome keeping in mind operational responsibilities of the owner, or on an ad hoc basis. Often, the owner does not have sufficient technical knowledge to supervise all the business processes in the company and as a consequence he focuses on the business areas where he feels comfortable resulting in considerable supervisory â€Å"blind spots†. Supervision further suffers as the business expands since at certain point in time, the owner’s physical capacity becomes limitation for an effective supervision. Finally, since the owner often operationally anages the company, he effectively supervises himself which is far from good practice. The external audit function seems to be understood inadequately. The companies still perceive external audit primarily as an expense so the function is introduced only if it is legally required. It of ten happens that the owner does not have any direct communication with the external auditor. The contact person for the external auditor is, in the majority of cases, the head of accounting (whose work is verified by the auditor). Where the function exists, the auditors, as a rule, are small, local businesses that issue unqualified opinions. Their mandates are automatically extended for the period of 3 – 4 years. Transparency and disclosure Although a great majority of family businesses in Serbia are small and medium non–listed companies, some of them are rather big and require a solid organizational structure, some have extensive international business operations, and others seek significant external funding (from banks primarily but also from individual investors and private equity funds). Due to these considerations, the scorecard has a part that relates to transparency and disclosure. However, since the scorecard primarily focuses on non-listed companies, this CG area has relatively smaller significance and it contributes only 10% to the final grade. In this domain the scorecard seeks to determine whether the company has a reporting policy (formalized or not), whether it uses its website for publishing relevant information and, finally, whether all relevant information is also released in English (which allows a company to reach a far broader investor and/or client base). After this, the scorecard focuses on specific types of information which practice indicates to be of greatest interest to stakeholders. Thus it seeks to determine whether the company releases in timely manner: (i) its financial statements, (ii) its management report, (iii) materially significant information, (iv) biographical information of all members of management i. e. family members that are involved in business, and (v) related party transactions. [pic] Graph 4: Transparency and disclosure. The poor results presented in chart 4 are not surprising since, as already mentioned, the tested companies are mostly small and medium family businesses. In addition, there are no legal requirements for non-listed businesses regarding transparent business operations. Thus, the research confirms once again the assumption that companies in Serbia, as a rule, tend to fulfill only the legally prescribed minimum. Some companies have decently informative websites but they contain only marketing information relevant for customers. The companies that export have also websites in foreign languages. No single company in the tested group has a structured approach to information disclosure. Some of the tested companies do have monthly or quarterly bulletins that are distributed to their customers. Financial statements, as a rule, are not public and if some financial information is available on the company website, it is out of date. Only one company in the tested sample regularly prepares an annual report because it participates in international tenders and this exercise helps it present its business efficiently to a more sophisticated business community. A majority of the interviewed owners stated that they would like to keep their business within the family and that they did not plan an IPO. Finally, most of the tested businesses engage in related party transactions but, as expected, these transactions are not regulated neither are they transparent. The research indicates that Serbian companies are still not adequately motivated to publish information and still continue to misunderstand the importance of transparency in business. Owners The last CG area of the scorecard deals with owners. This part of the scorecard focuses on key issues of family governance and has a 20% weight in the final grade. The scorecard tries to determine if there is any formal document which spells out family business guiding principles such as â€Å"family protocol†, â€Å"family business rules† etc. Formally establishing these rules could result in the most important piece of work achieved by the family business in managing its family component and the process of succession. The econd group of questions tries to determine quality, effectiveness and timing of communication between family members that are actively involved in the business ant those members that pursue other interests and thus are not familiar with the day-to-day state of t he family business. The purpose of this communication is to provide a forum that allows all the family to learn more about the family business and to provide them with an opportunity to express their views on family issues that impact the business as well as business issues that impact the family. The third group of questions enquires about the family grooming plan. The grooming plan outlines the most important business skills required by successors to effectively manage the family business at the transition date. The scorecard tries to determine how the family prepares the next generation for management succession and if it has a formalized grooming plan. The fourth group of questions asks if the family has developed an employment policy for family members. It’s understandable that the senior generation would like to have all their children involved in the family business. However, allowing children a safe employment haven just because they have no better alternative, can cause major problems. Thus, having criteria that outline what is required and expected from the family members who wish to be employed in the family business is crucial. The fifth and sixth groups of questions try to determine if the family members have any formal form of communication which would allow them to manage the key family component separately from managing business operations. The purpose of this forum is to lay out agreed ground rules and objectives for the firm and to discuss major issues (like succession) while minimizing the threat that conflicts in the family could jeopardize the business. [pic] Graph 5: Owners. The tested companies scored the highest in this CG area. The primary reason for such a good result is great commitment of the first generation to prepare the second generation for the future transition. Although only one of the interviewed owners is familiar with basic CG mechanisms that family businesses have at disposal for managing ownership and management succession, all of them expressed great readiness to learn and to apply these mechanisms in their businesses. In fact, all the interviewed owners have been trying to find ways to manage these challenges and all of them expressed a great concern regarding succession process in their businesses. Now, there might be some research bias since the tested businesses volunteered to engage in the CG testing and all were attending a workshop on CG organized by CCIS. It is probably true that a random sample would yield lower scores in this CG area as it would in Commitment to good CG practices. Still, we believe that a succession threat is looming over the first generation of Serbian entrepreneurs and that all of them are experiencing problems due to a lack of the entrepreneurial tradition in Serbia and a lack of CG knowledge. None of the businesses had any form of family protocol neither did they have any formal for gathering family members involved in business to discuss family issues that affect the business and to prevent conflicts. Further none of the businesses had a formal channel of communication between the family members involved in business and those that are not but they all claim that communication is regular and intensive. The grooming plan is, as a rule, somehow implemented in practice but it is not formal neither does it lay out ground rules for the second generation aspiring to join the family business. Finally, no formal family employment policy exists in any firm but there are certain guiding principals that are clear to both family and non-family employees alike in almost all businesses. We can conclude that the research has indicated (i) a great need for raising awareness among Serbian first generation entrepreneurs on CG issues and mechanisms; (ii) an avoidance of the first generation to formalize the ground rules assuming that this formalization would lead to family conflicts and that it might destabilize both the family and the business; (iii) a fear that the upcoming ownership and management succession will not be performed smoothly and successfully; and (iv) an honest commitment of the family businesses to implement good CG mechanisms if it would help them overcome governance obstacles. CONCLUSION Serbia has a relatively short entrepreneurial history. Serious attempts to establish a family business could be linked primarily to the post-Milosevic period, i. e. after 2000. This research is providing a scan showing where the first generations of Serbian entrepreneurs, i. e. the first generation of owners of Serbian family businesses is today from the governance po int of view and what kind of family governance challenges they face. As it was already mentioned, there is a certain bias which should be taken into account when interpreting the scores of the tested businesses. All of the tested businesses attended a workshop organized by CCIS for family businesses, they were present when the scorecard was launched and they applied to participate in a pilot CG testing voluntarily. This indicates that these businesses will most likely show greater commitment to CG and a deeper understanding of the family governance issues relatively to an average family-owned firm in Serbia. This also explains relatively higher scores in the CG areas Commitment to good CG practices and Owners. Still, we believe that the results obtained from this pilot testing are a good approximation of general state of affairs in Serbian family-owned businesses. Specifically, most of the family businesses in Serbia will sooner rather than later face serious succession challenges. Most of them still avoid putting these issues formally on the agenda, but there are triggers that will or have already forced them to do so. These triggers might be results of some positive or some negative circumstances. â€Å"Positive† triggers include: age and retirement plans of the first generation owners and/or CEO; a boom in the economy or the firm’s industrial sector which could lead to a rapid expansion of business; an external take-over initiative coming from a strategic partner; a need for a significant external funding to finance the rapidly growing business etc. On the other hand, typical â€Å"negative† triggers would be: health problems and physical and/or physiological exhaustion of the first generation owner/CEO; marriage problems of the first generation owners or their children; financial problems; a significant loss of the market share; conflicts among the owners and/or their heirs etc. The testing confirmed that the interviewed owners had serious doubts that the management and ownership succession could occur smoothly i. e. without seriously destabilizing the family business. What are obstacles that prevent the Serbian family owners from tackling the succession challenges more successfully? According to the testing and the interviews, there are three major challenges that need to be resolved. First, there is a substantial lack of CG knowledge among owners of family businesses in Serbia. CG is usually perceived as an expensive exercise created primarily for listed companies. Most of the interviewed owners were not aware that a significant body of research in CG refers to family businesses only. Second, tackling succession presses some emotional and financial concerns of the first generation. Often, the founder of the firm, who belongs to the first generation, has invested emotionally a lot in the family firm. He feels that the family firm is a great part of his life and his legacy for the generations to come. From the financial point of view, the greatest assets of the founder(s) have, as a rule, been invested in the family business and they are quite illiquid. Lacking any reasonable diversification, the founder is exposed to a serious financial risk. Without a clear exit strategy and a meaningful succession plan, the founder creates a void in the governance and ownership systems which present a great burden for the heirs. The results have also shown that most of the interviewed owners lack time, capacity and knowledge to successfully resolve these issues. Relatively higher scores in the CG area that relates to Supervision and control mechanisms could be explained by an obvious need to professionalize the firm and to decentralize the management. Most of the businesses are economically healthy and have had a rapid expansion of business that outgrew its respective organizational structure. The owners show the greatest readiness to implement practical supervision CG mechanisms since they expect that these mechanisms would increase effectiveness of their control over the business and the â€Å"outside† managers and thus reduce a burden which they barely handle. However, we have to emphasize that better supervision, although of a great value, cannot substitute for unresolved succession issues. Poor management and ownership succession would almost certainly lead to a collapse of the family business in the next generation despite good internal controls, internal audit function or any other form of internal and/or external supervision. Low scores in the CG area that relates to Board indicate that most of the businesses have not separated the supervisory and strategic level on one hand and the operational level on the other. This leads to a common situation that even in rather big family-owned businesses in Serbia that employ more than 1000 employees, we still have so-called one-man show and the key man risk. This risk scatters away investors and leaves these businesses without substantial external funding. It is rather common that many rapidly developing Serbian businesses finance their investments form short-term lending since banks refuse to carry governance risks over an extended period of time. This lack of good professionals at the helm of their companies, most of the interviewed owners explain with a lack of qualified managers to whom they could entrust the family business. Finally, the lowest score in transparency area is somewhat expected. As already mentioned, these businesses are not listed and there are no legal rules that would insist on greater transparency for bigger, closed companies. While this is understandable, it also indicates that the Serbian businesses do not see any value in transparency per se which begs further investigation. Our assumption is that in very non-transparent, public and private sectors in Serbia too much of transparency is perceived as an unnecessary exposure to both the government tax authorities and competitors. The businesses are convinced that transparency would only lead to vulnerability without bringing any other value-added. Scorecard results imply that in family businesses in Serbia CG is on a low level, that there is a huge space for improvements and even quick wins which can significantly contribute to the business operational functioning as well as contribute to its overall performance. The authors will continue to further employ the scorecard and assess the CG level in family businesses as to create a solid basis for scientific conclusions in the area, but as well to see whether improvements through time will be made. 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