Japanese Vocabulary Moto

Moto  means the origin; the cause; the foundation; the basis. The word is written in hiragana  as:  Ã¥â€¦Æ' も㠁 ¨ Example Hi no moto wa tabako no fushimatsu datta.ç  «Ã£  ®Ã¥â€¦Æ'㠁 ¯Ã£â€š ¿Ã£Æ' Ã£â€š ³Ã£  ®Ã¤ ¸ Ã¥ §â€¹Ã¦Å" «Ã£   Ã£  £Ã£ Å¸Ã£â‚¬â€š Translation: The origin of the fire was careless handling of a cigarette.

Security Analysis Portfolio Management - 7511 Words

PROJECT ON SECURITY ANALYSIS PORTFOLIO MANAGEMENT A STUDY ON SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT INTRODUCTION: Traditional security analysis emphasis the projection of prices and dividends accordingly the potential price the firms common stock and the future dividend seem were to be forecast and the discount allowed 10%. The traditional views are on the intensive and current market price of security if the current market price security was the above value the analysis recommended same conversely. If the Current market price of the security below the entrance value the customer advise to purchase these traditional view’s have shifted their†¦show more content†¦Ã¯â€š · For calculating the returns of each industry this study assumes that the indexes are taken in to consideration. ï‚ · The investors give preference to the securities that have given positive returns previously. OBJECTIVES OF STUDY: 1. To study and understand the portfolio management concepts. 2. To study and understand the security analysis concepts. 3. To measure the risk and return of portfolio of companies SCOPE OF THE STUDY: This scope of study is limited to 6 firms /companies of selected industries. Pharmaceutical, Information Technologies, Automobile, 12 companies / banks from Banking Industry. This study is analysis of previous twelve months (May-2012 to Jun-2012) data relating to prices of shares in Bombay Stock Exchange only. RESEARCH METHODOLOGY: A system of collecting data for research projects is known as research methodology. The data may be collected for either theoretical or practical research. Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps that are generally adopted by a researcher in studying his research problem along with the logic behind them. RESEARCH DESIGN: Task of defining the research problem is the preparation of the research project, popularly known as the â€Å"researchShow MoreRelatedQuestions Bank : Discuss Investment Process Essay753 Words   |  4 Pagesalternatives range from security to real estate. The risk and return associated with investment alternatives differ from each other. The investor should be aware of the stock market structure and the functions of the brokers. The mode of operation varies among BSE, NSE and OTCEI. Brokerage charges are also different. The knowledge about the stock exchanges enables him to trade the stock intelligently. 2. SECURITY ANALYSIS: After formulating the investment policy, the securities to be bought haveRead MoreA Research On Fixed Income Investing1545 Words   |  7 Pagesfor Buy and Maintain fixed income investing. While there are many more attributes to take into account when choosing fixed income securities (multiple issues per issuer based on tenor, subordination, etc.), each fixed income security has arguably less idiosyncratic factors driving its return than an equivalent equity security. When building a Buy and Maintain portfolio that is resilient to various economic environments and stages of the business cycle, one must therefore draw from the entire globalRead MoreRisk Factor Based Portfolio Investment Strategies1437 Words   |  6 PagesCHAPTER 1 INTRODUCTION INTO RISK-FACTOR BASED PORTFOLIO INVESTMENT STRATEGIES 1.1 What is factor-based investing? Consider one of the most urgent problems of modern financial management, namely portfolio management. Analysis of this issue primarily is interesting for the head of analytical department of banks and investment companies and private investors. Risk (also found in the literature, the term total risk) of stockssecurities is the uncertainty of its income at the end of the investment periodRead MoreZeus case study Essay1728 Words   |  7 Pagesthe benefits of risk-adjusted performance measurements to Zeus Asset Management. Zeus Asset Management is a fund management firm founded in 1968 in Atlanta by Tir Jerry Schneider. It serves both institutional and individual investors and with more than $1.7 million assets under management. The director of research, John Abbot, is considering adopting risk-adjusted approach in performance assessment. Zeus’s competitiveness analysis Zeus’s main competitors are the mutual funds in particular marketRead MoreFinancial Engineering1614 Words   |  7 PagesFINANCIAL ENGINEERING Unit I: Introduction to Financial Engineering- Scope- Tools- Financial Engineering Vs. Financial Analysis- Factors contributing to the growth of financial engineering.- Innovative Products of the Last twenty years- present changing scenario of securities industry. Unit I: Introduction to Financial Engineering Unit I see the prescribed Text book. Unit II is OK What is Finance? †¢ Finance is about the bottom line of business activities †¢ Every business is a process of acquiringRead MoreCapital Markets and Investment Banking Process Paper1221 Words   |  5 Pagestrading of securities, managing assets and give financial advice. Portfolio construction is another area that should be examined to make sure that diversification, asset allocation and investment performance in being achieved for increase return. A complete understanding of capital markets is vital to the investor which can give a greater understanding on how and where investments are being processed. Investment Banking Process The investment banking process starts with the investor’s portfolio or creatingRead MoreThe Association For Project Management1141 Words   |  5 PagesThe Association for Project Management (APM) published the first edition of the APM body of knowledge (APM Bok) in 1992. The reason for publishing APM Bok was because, PMBOK ® does not elaborate upon knowledge of interpersonal skills and interaction with the stakeholders. In 2012, APM Body of Knowledge 6th edition was published, and unlike the old version, the 6th edition is based on analysis of the functions rather than on a project life cycle. APM Body of Knowledge 6th edition provides the standardRead MoreEssay about Capital Markets and Investment Banking Process1435 Words   |  6 Pagesnew securities to enhance revenues understand the complexities and risks involved when entering the primary market, and will employ investment bankers to mitigate those risks. Described throughout this paper is the investment banking pro cess and portfolio construction, factors for selecting the portfolio asset classes, the capital market instruments used in portfolio construction, and recommendations for the composition of an investment portfolio. Investment Banking Process and Portfolio Construction Read MoreSteps Principles Into Account, Our Investment1016 Words   |  5 Pagesthe following five key rules: 1. Avoid using public benchmarks for beta management 2. Use asset liability management to guide asset allocation decisions 3. Focus on independent credit analysis when building portfolios and buying securities 4. Ensure fundamental credit views drive sell decisions 5. Measure performance based on initial portfolio economics and credit migration 1. Avoid using public benchmarks for beta management Buy and Maintain strategies will perform well, provided investors have exposureRead MoreAnalyzing The Concept Of Zeta Score And The Details It Includes?1582 Words   |  7 Pages1. Expound on credit analysis. Use the concept of zeta score and the details it includes? Credit analysis is the process of examining the creditability, credit history and financial situation of client or potential borrowers. The banks or moneylenders to ensure safety of their money use this process. At the same time, bond portfolio managers or investors to debt issuing companies on the basis of their credit rating and financial situations also define credit analysis as investigation process that

Dredd Scott Essay Example For Students

Dredd Scott Essay Dredd ScottAmerica in 1857 was a nation on the brink. Relationship between the North andSouth had been strained for decades and was only getting worse. All tension had to dowith the issues of slavery. In 1848 the U.S. had acquired new lands in the Mexicancession, and the debate was on. The question was whether or not the South should beallowed to spread slavery into the new states. This debate turned violent many times. TheSouth threatened to secede from the Union if a candidate from the Republican party, whowas antislavery, won. Amidst all of the tension would emerge a slave named Dredd Scott. Dredd Scott was a slave to Dr. John Emerson in St.Louis, Missouri a slave state. Scott spent most of his time in Illinois, a free state, because his owner Dr. Emerson was anArmy doctor and he stayed in Fort Armstrong in Illinois. Living in a free state hadconstituted freedom for previous slaves so Scott felt that he too deserved his freedom andhe brought his first case to court on April 6, 1846, at this time he had moved back toMissouri and was the property of Dr. Emerson’s wife. Scott filed a declaration on April 6,1846,which stated that Mrs. Emerson had â€Å"beat, bruised and ill treated him† beforeimprisoning him for twelve hours. He declared that he was to be free on the basis that hehad lived of Fort Armstrong and Fort Snelling which were both located in free states. Scott felt that he had a strong case as the Supreme Court of Missouri had freed slavesprevious to him who had also traveled with their masters to free states. Scott lost the firstcase and brought the case up again in 1850 to the Supreme Court of Missouri, the samecourt which had freed slaves previous on the same terms. The difference now was thattwo of the three justices serving on the court were pro-slavery whereas in cases prior toScott vs. Emerson the Justices had a more apathetic view of slavery and saw it as aneccesary evil. The court ruled against Scott in 1852 and once again his attempt atfreedom had failed. His next step was to take his case into the federal judicial system as hebrought it to the U.S. Circuit Court for the District of Missouri. The Scott case would be very different when entered into the federal courthowever. First Scott had a new owner who was John F.A. Sanford, the brother of Mrs. Emerson. Once again Scotts attempt failed based on Sanford’s argument that Scott hadregained his slave status when he returned to Missouri and therefor was a slave and had noright to seek freedom. This was not Scott’s final attempt at freedom however. He decidedto take his case to the highest court in the nation. Before proceeding to the Supreme Court with his case Dredd Scott found a lawyerto represent his cause. The lawyer that took his case was a man named, MontgomeryBlair, a fellow Missourian. Blair was a highly respected lawyer in Washington, and was ananti-slavery supporter. He also agreed to take Scott’s defense at no charge. The case had ahuge political impact at this time and was delayed one year in order to avoid debates aboutthe controversial topic in the election of 1856. Scott’s case had not attracted much attention until it reached the Supreme Court. The Scott case renewed debate over slavery issues and also the debate over whetherCongress had the power to regulate slavery. Both the republican and Democratic partiesagreed that the slavery issue should rest in the arms of the Supreme Court. .u75e63d27c93b9b771dd11bae84588316 , .u75e63d27c93b9b771dd11bae84588316 .postImageUrl , .u75e63d27c93b9b771dd11bae84588316 .centered-text-area { min-height: 80px; position: relative; } .u75e63d27c93b9b771dd11bae84588316 , .u75e63d27c93b9b771dd11bae84588316:hover , .u75e63d27c93b9b771dd11bae84588316:visited , .u75e63d27c93b9b771dd11bae84588316:active { border:0!important; } .u75e63d27c93b9b771dd11bae84588316 .clearfix:after { content: ""; display: table; clear: both; } .u75e63d27c93b9b771dd11bae84588316 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u75e63d27c93b9b771dd11bae84588316:active , .u75e63d27c93b9b771dd11bae84588316:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u75e63d27c93b9b771dd11bae84588316 .centered-text-area { width: 100%; position: relative ; } .u75e63d27c93b9b771dd11bae84588316 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u75e63d27c93b9b771dd11bae84588316 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u75e63d27c93b9b771dd11bae84588316 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u75e63d27c93b9b771dd11bae84588316:hover .ctaButton { background-color: #34495E!important; } .u75e63d27c93b9b771dd11bae84588316 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u75e63d27c93b9b771dd11bae84588316 .u75e63d27c93b9b771dd11bae84588316-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u75e63d27c93b9b771dd11bae84588316:after { content: ""; display: block; clear: both; } READ: Origanum Vulgare EssayWhen the Supreme Court met for the first time on the case on February 14, 1857,it favored the previous courts decision that ruled in favor of Mr. Sanford. Yet this caseopened other arguments such as Negro citizenship and the constitutionality of theMissouri Compromise. When these issues were heard in court the court elected ChiefJustice Roger B. Taney to represent the majority decision in the court. The court battlelasted nearly a month and on March 6, 1857, the court had reached a decision. The first decision addressed by Roger Taney was whether or not Scott even had aright to bring this case to court. Taney stated that, one of the privileges reserved forcitizens of the United States was the privilege of suing in a court of the United States. Taney stated that Negroes had no right to bring suit in a U.S. federal court as they werenot citizens and had no right as citizens. Therefor Scott did not have the privilege of evensuing in the court. The other issue addressed was the constitutionality of the MissouriCompromise. The compromise stated that no state above the 36th parallel would be aslave state and slaves residing in them would be free. Taney ruled that the MissouriCompromise was unconstitutional based on his view that slaves were not people butproperty and the Missouri Compromise deprived slaveholders from property which wasunconstitutional. Taney also ruled that Scott’s argument that he lived in a free state wasirrelevant because when he brought his case to court he made his residence in Missouriwhich was a slave state. The case was dismissed for lack of jurisdiction and sent back tothe lower court with instructions for the lower court to dismiss the case also. This upheldthe Missouri Supreme Courts decision r uling in favor of Sanford. The Dredd Scott case can be seen as a failure for Scott himself but it broughtabout many political debates about slavery. The Dredd Scott case in my opinion had thelarger impact on American politics and society than did any other slave related issue. Northerners became outraged at the decisions by the court as well as the Republicans. Southerners looked at the Republicans in disregard as they supported the antislavery issue. The Dredd Scott case inspired many abolitionist feelings amongst Americans. Northernersfeared that slavery would spread to their territory and the Southerners grew angry withanti-slavery followers in the North. Tension between the North and South grew day byday. Four years after the decision in the Scott vs. Sanford case was read by Taney, half ofthe Union seceded and the country began a civil war. Although Dredd Scott did not see the direct effect of his actions he alone changedour country by simply taking a stand. Being in the severe minority it is a huge victory forScott even though he did not win any of his cases or his freedom but he did win the heartsof abolitionists who later would support his cause and eventually fight for the freedom ofall blacks. Dredd Scott was a great man in American history who may not be seen as alarge player in the eventual victory by the North. If it wasn’t for Dredd Scott theNortherners may have never seen the potential for slavery to spread a nd when they leastexpected slavery would consume them also. Dredd Scott brought forth the awarenessabout slavery that leads to the society of today where people are treated as History Essays

Solution HBS Case Study Kent Chemical free essay sample

Could the KGB Concept Have Worked? This paper provides a sample analysis and solution to the fictive Harvard Business School case study on Kent Chemical Products (ICP), an 191 7 founded Ohio-based global leading chemical company. ICP produces plastic additives and further specialty chemicals and tats Americas largest supplier in this sector with revenues of $2. 2 billion in the year 2007 (Bartlett Wining, 201 2, p. 1). The case is set in July 2008, about the time when the recent global recession had been looming. The companys situation is considered from the perspective of Kent Chemical Internationally (KC, a ICP subsidiary comprising the international divisions) President Luis Morale, who is the major decision maker in the case. Other key decision makers are Kent Chemical Products CEO and Chairman Ben Fisher, his son and Vice Chairman Peter Fisher and he President of Kent Chemical U. S. Angela Peers. Throughout great parts of the 20th century, Kips operations and sales remained mainly focused on the united States. We will write a custom essay sample on Solution HBS Case Study Kent Chemical or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page By the end of the century, in the year 1 999, only 1 1 % of KCs total revenues came through exports from outside the IS. S. , licensing agreements and minority Joint Ventures (Jobs). From the year 1 998, initiated by its newly appointed CEO Ben Fisher, the company began to pursue a more global strategy to stimulate further growth and thus wanted to become a company that develops, manufactures, and sells worldwide (Bartlett Wining, 201 2, p. 3) by increasing its international alignment and global expansion ambitions. As a result of Kbps new strategy, reinforced by the overall globalization tendency of the world economy, the companys international sales as a proportion of total sales had climbed to 25% in 2007, where most progress in expanding international sales had been made until the year 2004. After Morale began implementing the global integration strategy by taking majority interests in Kips offshore Jobs, acquiring further foreign companies and generally intensifying international manufacturing ND sales, he was facing various problems. His most obvious problem was that Kbps international sales and income and thus overall firm growth have plateau, since Kips international business has been the main driver for its overall firm growth. However, since 2004 only little progress has been made in expanding international sales. The company has only grown moderately at a much lower rate in the recent years after 2004, profit margins have declined and ICP has even shrunken in terms of sales volume after 2006. The reason for the decline in Kens profitability in the recent years, especially between he years 2006 and 2007, is the sharp increase in manufacturing costs, while sales volume has increased only moderately. This is probably a first impact of the impending global recession that is an additional external problem Morale and his company are facing and that piles the pressure on him to find a fast and sustainable organizational solution to set up the company for tough years to come. This urgent need for an organizational change leads to the heart of Kens problem, which is one of organizational structure and hence certainly the main reason restraining Kips further growth. In detail, Kent definitely suffers from its inability to adequately coordinate its businesses due to its misbranded organizational set-up. Therefore both: in terms of the structure of Kens international organization KC and especially the organizational linkages between the domestic and overseas divisions, withholding the company from adequately coordinating issues with global implications. In addition to these problems regarding Kens overall organizational structure and organizational linkages, there are also the more intangible continuing problems of poor relations and communication teens the domestic-based business and the international subsidiaries. These manifest themselves as several facts: First of all, the U. S. -based organization failed to adapt demands for change, second, the U. S. -based business divisions have been unwilling to grant any autonomy to the international divisions and third the international subsidiaries, having a long history of independence, reacted to such treatment by resisting to being controlled and or managed by the domestic-based business divisions. These problems Luis Morale faces as the President of KC when he began pursuing n international expansion strategy. In the chapter 2, the problems will become investigated more detailed to show where the different causes for unsuccessful organizational changes come from. The strategies used are closely related to the theoretical coordination / configuration framework (Porter, 1 986) and also in conformity with empirical evidence according to a current McKinney study (Gibbs et al. , 2012). Both stated that organizations get more difficult and complicated to manage once they pursue global growth and thus become larger, more international and more complex. In detail, it is dated that the two dimensions of configuration and coordination are positively correlated, where configuration comprises where and at what scale primary activities of the firm are conducted and coordination defines to what extent and how these activities need to be coordinated (Porter, 1986). The relationship between these two variables is exactly what the case of Kent Chemical Products shows and corresponds to the fundamental organizational challenge lying ahead of ICP. . 2 Link of Kips Strategy to Porters Generic Strategies Porters framework of generic strategies include three different approaches a firm can follow in order to be successful. Those are named cost leadership, differentiation and focus. The differentiation strategy, according to Porter, requires special skills and resources such as strong marketing abilities, product engineering, creativity and a corporate reputation for quality or technological leadership. Furthermore, Porter stated that companies following the differentiation strategy pursue to attract highly skilled labor, scientists, or creative people. According to the stated definition, Kips chosen strategy can be linked best to this theory amongst the Porters three generic tragedies, since ICP is a chemical company, following a scientific approach strongly engaged in product engineering and RD and thus relying on its strong reputation for quality and technological leadership. A tailored marketing and above all highly skilled and creative employees are also key success factors. However, following a strict cost leadership strategy or even partly (with reference to the focus strategy), would never be viable for a firm operating in this extremely capital demanding chemical/technology industry, carrying a huge responsibility due to the nature of its products and being giggly dependent on its high RD expenditures. 1. 3 A Suitable Vision for ICP and KC Following a potential vision conceivable for the companies ICP and KC: We are the worldwide technological leader in the chemical industry. Our customers view Kent Chemical as their partner of choice. Our highly innovative products and intelligent solutions make us the most competent global supplier in the chemical industry. We generate a high return on our assets, while we strive for sustainable development and aim for making peoples lives better, safer, and healthier. We, the employees of Kent Chemical, welcome change as an opportunity and together ensure our success. 1. 4 Kens Fundamental Organizational Challenge Kips fundamental organizational challenge is to cope with its transition from a domestic-oriented organizational structure to a truly multinational structure. Relating to Daft (2007), pointing exactly this process of firm development, he argues that organizations typically transit from domestic- oriented to global organizations following certain stages. It defines four different stages of organizational development. Stage one is labeled the mystic stage, in which the company is highly domestic-focused with few initial foreign activity through export. The second stage is the international stage of an organization, wherein companies pursue an export-oriented multi-domestic strategic orientation. In this stage, the company typically establishes something like an international division instead of having just an export department and hence competitive issues in each country are now independent of other countries. Stage three is called the multinational stage, wherein the company has made extensive experience in several international arrests, maintains manufacturing, Research and Development, and marketing units in a number of countries and probably of utmost importance, obtains a huge percentage of total reeve uses from sales outside its home country. In the fourth and final stage of organizational development, named the global Stage the companys strategic orientation is absolutely global, covering any single country and its organizational structure is that of a transnational matrix. Therefore corporations in the fourth, global stage such as global players like Nestle, Enhances-Busch Ellen or Procter Gamble no anger associate themselves with any domestic country. When Kbps CEO and Chairman Ben Fisher announced in 1998 the companys international expansion strategy, he attempted to progress to the third, so called multinational stage. However, ICP currently appears to still stuck in the shift from stage two, the international stage, to stage three, the multinational stage. As the development of Kens foreign-to-total-sales ratio and thus the growing importance of its international segment shows, some considerable progress in Kens internationalization has been made. Nevertheless it is obvious that ICP has not yet successfully made the structural transition from the international to the multinational stage of an organization, which will be Kips fundamental key challenge for years to come. Even though the firms CEO Ben Fisher established KC as a separate corporate entity within the Kent Chemical group, effectively KC is not acting as more than an international division (second stage) bound into a still predominantly domestic-oriented company. There is still only poor coordination and communication but a lot of conflict between the U. S. -based and oversea divisions, which should be poised urgently. In order to finally realize the transition to the multinational stage and to generate further growth through increasing international sales, it will be of utmost importance for Morale and the other executives to abolish the existing lack of coordination on issues with global implication in order to be able to coordinate price, product, or sourcing decisions globally. Furthermore Kips strong domestic orientation needs to become given up to provide the international subsidiaries with more autonomy and scope for decision-making and use their specific knowledge to tailor Kips products and racketing efforts to the individual demands and needs in the different countries. 1. 5 Task Analysis and Role Assignment Luis Morale as the President of KC, Kens international subsidiary, assisted by the implemented Gabs, bears the brunt of finally ensuring more coordination and integration within the Kent group. Morale saw the integration failure mainly as a failure in conflict management, while in retrospect there is no doubt that the assignment of roles and tasks thus far was a major reason for the failure of Silks integration process. While Morale hoped the global business directors (KGB) for each product division would unction as an integrator between Keens domestic and international divisions, implementing the Gabs did not help to integrate KC at all. Besides the problems concerning role assignment especially with focus on heritage and regional expert knowledge (more detailed explained in part 2), also mistakes have been made in setting the individual tasks within the integration process. Morale definitely failed in defining the tasks of the Gabs sufficiently, so they defined them for themselves, what in combination with their overall U. S. Soused attitude were doomed to failure. With all this in mind, it was also a ajar flaw to make the Gabs the chairs of the subsequently established world boards, since their acceptance and reputation has been damaged in both the domestic and the international organizations. As first but vital steps to solve these problems regarding the role and task assignment, Morale supported by Peter Fisher should put together a mix of U. S. VSP and foreign- based managers in key roles, like the KGB-positions and define their roles in detail such that regional managers are enabled to obtain extensive authorit y over their operations. This includes also country-specifically tailored racketing and technology control while the Gabs should strongly concentrate on integration tasks and act more as an intermediate between the domestic and international organization instead of trying to gain or maintain control over the operative activities of the firm. . 6 Why These Problems Emerged Now and not Earlier in the asses Morale has begun implementing an international expansion strategy in 1998/1999 (and not earlier) by taking majority interests in offshore Jobs and subsidiaries, that caused more control and responsibility for KC and a significant growth in overseas operations and sales. According to the introduction of coordination/ configuration after Porter and the compatible empirical study by Gibbs et al. It lead to a stronger need for more coordination and integration of the firms international divisions and also on a product basis, since the new amount of requests were not longer feasible by M orale alone as Silks principal top-level contact. In addition to this development, there has also been the global economic recession that began in 2007/08 and piled the pressure for Serfs organizational restructuring to keep the firm profitable and shelter it from uncial distress. 2 Unsuccessful Responses 2. 1 Changes Morale Made 2. 1. The KGB concept The first major reorganization in 2006 started with the announcement of Angela Peers as the new president for the U. S. Businesses of Kent Chemical Products and Peter Fisher as vice chairman with responsibility for all corporate staffs and the international operations. Furthermore, Kent Chemical International became a separate legal entity structured as subsidiary of ICP. In the same year, Luis Morale started the first organizational change new structure by the appointment of three new so allied Global Business Director (KGB) with responsibilities for each of the three product lines. Because of several reasons, in sum the restructuring failed: First of all, all three appointed Gabs were managers with a long career in the united States and it is not stated that they have some experiences working in a foreign country or culture -which is only suboptimal for the target to extend the international business. This overall goal requires multinational influences and thinking to support empathy and social skills coming from working in several areas and regions. Secondly, an issue that name along with the implementation of the new roles was the missing initial definition of the role of Gabs tasks, goals and responsibilities that would have strengthen the position in order to mandate decisions affecting other top- level managers. This could ensure acceptance and freedom to act only by the measure that would cause a ratification of Gabs actions and competencies. Furthermore the necessary interfaces and collaboration links have not been established in the first place which leads to the result of ignorance how to work together with Gabs from other managers point of view. One advantage of the newly established concept was the newly diversified view of the direct- reports to Morale. This comes from the situation of different views to the issues caused by the circumstance that Morale had the opportunity of regional directors focusing mostly on the local issues on the one hand and Gabs focusing a bit more on products on the other hand. So in fact, all disciplines were set but to make it successful, the right connection to domestic managers and disciplines are missing to ensure a product and market focus within the KC leadership team. But this potential advantage as only the theory where little successes could have been found in case of a right definition and implementation of the concept. The organization chart from 2006 offers several drawbacks like the fact, that Gabs Were not real vice-presidents (which are per definition people reporting directly to the president / vice chairman). The Gabs reported in first instance to Morale as president of the separate legal entity KC and in consequence of that, the product division mangers did not really respect and accepted the Gabs as equals. Furthermore the regional director for MEME (Europe, Middle East and Africa) saw them only as a burden that requires more organizational resources and time to align and coordinate. Last but not least, the clear definition of Gabs targets and goals was missing which lead to the behavior known from neo classical economy theory of principal agent problem (Ross, 1973), where hidden agendas and actions of one individual causes loss of performance -? in the case of KC it is caused by asymmetric information between other established managers agents) who feared the loss of competencies and power in their area of responsibility and the newly established Gabs (principals). 1. 2 World Boards Due to the unsuccessful first organizational change by introduction of KGB concept, Peter Fisher had the idea to implement another change to correct the KGB concept and optimize the organizational issues. This lead to the deployment of so called world boards in the year 2007 with the goal to support Gabs with their target to improve international activities of KC. These worl d boards should be composed of representatives from domestic and international organizations on the one hand and different product and functional areas on the other hand. For each of the companys global genuineness fire protection, medical plastics and consumer products, a world board was formed. At the presentation Of this concept, Fisher showed also the updated role of Gabs and overall tasks of the world boards. Also this change was no huge success. Only the fire protection world board performed well and met the stated objectives. A reason for this was the internationality of the fire production product ranges itself because the opportunities, risks and other topics had global implications that made it easy to discuss on a worldwide level without micro discussions about local specialties. Another success factor was the internal organization of the fire protection world board where the KGB who served as board chair, discussed all relevant topics and issues with the domestic division vice president before the official world board meeting to avoid plasticization of the discussions. The other two world boards have been unsuccessful which leads to the result that all in all this organizational change was also a fall. Diverse factors like the big size and huge number of participants in the world board meetings and also a lack of support from key domestic managers. Reason for this was the fear to give up rower or the endeavor to enter the next career step and manage international activities on in their responsibility. Furthermore, the status of the Gabs was not the best resulting from the fail of the first organizational change that led to a lack of reputation in combination with the impression of some managers that the top leaders tried to give Gabs more power to establish them now by force after failing in the first try. So all in all, both organizational changes failed. The ideas itself were not bad but the implementation was a disaster -? starting from communication and alignment before the changes, selection of the key people, definition of their role and communication of cooperation models that were all done only halfway. 2. 2 General Options for Organizational Design of Kent Chemical Referring to the five traditional organizational structures of Pearce and Robinson (Pearce and Robinson 2009, p. 45): simple, functional, divisional, matrix and product- team organizational structure, there are several opportunities to set a structure for Kent that would support the overall goal of international growth. In consequence, the matrix organ sectional structure (with some adoptions to Keens preferences) could fit best, because it is an organization in which functional and staff personnel are assigned to both a basic functional area and to a project or product manager. It provides dual channels of authority, performance, responsibility, evaluation, and control The matrix form is intended to make the best use of talented people within a firm by combining the advantages of functional specialization and product-project specialization. In the specific case and with respect of the specific requirements of Kent Chemical International, it could make sense to establish his organizational structure both to ensure clear focus on the product range and also the region with equal weights. This could have several advantages like an uniform authority level of managers with different areas of responsibility. Furthermore it ensures the link to the corresponding product division managers and functional areas on corporate level. Next to this approach focusing only on changes within Kent Chemical International, another way to optimize the organizational design is the integration of the separate legal entity KC that deals with the international business and ranges the responsibility for regional issues also to the product division managers who then diversify their organization after regions. This has the advantage that on the one hand, specialties of the individual product ranges are taken into account by the possibility to adapt the division to the special requirements and on the other hand, the existing vice presidents can stay in their position avoiding power struggles, plasticization or double reporting within the organization. 2. 3 Could the KGB Concept Have Worked? In general, the concept of global business directors could have worked with he limitation that several changes starting from concept development, alignment, selection of key people and resources until implementation of this new organizational concept must have been considered more intensively. But it could not work in the way it was done by Morale in 2006. Some tools and approaches can be useful to optimize the organizational change. First of all, a very easy and also useful tool of chance management can become used- a discussion and preliminary alignment with other managers and especially the president and vice president to gain backing, collect other Opinions and abbey detect some shortcomings. Next to this step and the final conception of the change, the change management tools of a detailed project implementation structure, working packages, detailed goals for each step and manager and also factors to evaluate the success / failure later must become defined. Furthermore, the steps before the appointment and communication of the new directors are very important. These include a clear definition of the role, responsibilities and reporting streams for Gabs and also a presentation of the strategy to other managers to unify and clarify why the many decided to take these steps. These actions require the uncovering of shortcomings, the overall formulation of goals and especially how this concept targets company long term focus. Furthermore it is inevitable to show also personal benefits for the managers. Secondly, the selection of the three Gabs must be strategically with respect of the overall goal of international growth. Therefore the managers itself must also have an international background which was not ensured by initial implementation because Morale appointed three global business directors (Gabs), each with long, successful U. S. Career (Bartlett Wining, 2012, p. 5). Next to the origin, competence levels must be at maximum to gain acceptance of colleagues and especially critical opponents. This could be done via the change management tool used in the Change-process Control phase that requires some personal interviews with human resources department, other managers and long-time colleagues knowing the person and his strengths and weaknesses. Last but not least, another step that would have improved the KGB concept implementation is a accompanied announcement and communication Of the hang, presentation of the directors and the hoped-for goals to be achieved. 3 Sterling Partners Recommendations 3. New Management Challenges As international sales started becoming an increasing proportion of Kent Chemicals total revenue (from 11% in 1998 to 25% in 2007), a more strategic approach to the international market was necessary. Since 2004 the process seemed to stagnate despite two reorganization efforts. One of them was the introduction of Global Business Directors (Gabs) on a UP-level and the second attempt to overcome the challenge of integrating KC with ICP was he incorporatio n of World Boards. Unfortunately, both strategies brought little to no improvement regarding communication and coordination between the domestic and international business units. The main problem seems to be the companys organizational structure. The internal organization is insufficient and outdated since the company is growing and becoming more and more international. Also, the linkage to the international subsidiaries obviously does not work. In addition, there is an imminent global recession that already had an impact on Kens earnings but might impose an even ore serious thread if the management will not be able to find an organizational fix. Looking at the companys recent history, We can State that Kent Chemical is an international but not a multinational company yet, bundling the informational flow through the U. S. Headquarter and preferring to fill key-positions with American managers. Even with KC becoming a separate legal entity, the division continued functioning more like an international division in a heavily domestically oriented firm. Further efforts of intergeneration included taking majority interests in all 15 of Kent Chemicals offshore join ventures and the mentioned introduction of Global Business Directors (Gabs) and World Boards. Neither the general relations, nor the communication or the coordination between the domestic entity and the overseas subsidiaries improved. The first reason for that was the U. S. Based headquarters failure to adjust to new systems and demands. The second reason was the international subsidiaries unwillingness of cooperating with or being managed by the companys U. S. Headquarters. The resistance was probably caused by the abduction of the international visions autonomy.