How do corporate governance mechanisms influence firm performances - Free Essay Example

Corporate governance has become a major topic of debate and policy development in the worlds of business, politics, and academia, in the UK and throughout the world. These debates and policy outcomes have important implications not only for business, but the wider economy and society. Recent events of the financial crisis exposed material shortcomings in the governance and risk management of firms, particularly within the financial sector Led to the development of Walker Review provides the basis for the analysis. Critical Areas of Corporate Governance Role of Board of Directors Compensation issues Monitoring by outside majority shareholders All above are solutions that help to mitigate conflicts of interests see agency costs. Key Literature: Public Policy In order to improve corporate governance practices and the efficiency of corporate governance mechanisms, a number of initiatives have been developed in recent years to enhance the transparency and quality of corporate financial and non-financial disclosure, to increase levels of shareholder engagement, to improve the effectiveness and accountability of boardrooms, and to foster a long-term investment culture. Outline developments of codes e.g. Cadbury Code, Walker Review etc The academic literature suggests that information flows are a fundamental prerequisite, cornerstone, or driver of corporate governance and that in turn the informational environment of the firm affects strategy and performance. The starting point for most analysis is that information asymmetry (Akerlof 1980) is pervasive in firms and has negative effects in terms of uncertainty, adverse selection, moral hazard, and opportunism. In turn, this leads to higher transaction costs, the false pricing of asset s, the misallocation of resources, and lower liquidity. Because of market failures and fears of competitive disadvantage, the state has intervened with laws to make firms disclose. Agency Conflicts Perhaps not surprisingly, no universally accepted consensus exists as to what good corporate governance means. The economics and finance literature is focused on the problems of agency relations between shareholders and managers which result from the separation of ownership and control, particularly in large corporations. Information asymmetry Akerlof (1980) Berle-Means (1932) paradigm. Board of Directors Agency theory: This stream of research identifies situations in which shareholders and managers goals are likely to diverge and examines mechanisms that can mitigate managers self-serving behaviour (Shleifer and Vishny 1997). Boards of directors described as the apex of the internal control system (Jensen 1993: 862) Boards core function as a monitoring and control mechanism, A review of corporate governance literature reveals that a conflict of goals between a firms CEO and its shareholders typically revolves around three main underlying issues: CEO compensation, risk to the firm, and corporate control. Board Composition and performance Agency theory which addresses inefficiencies that arise from the separation of ownership and control (Fama 1980; Fama and Jensen 1983;Jensen and Meckling 1976) High engangement in Board processes Board Independence From the agency theory perspective, boards of directors (and particularly independent or outside members) are put in place to monitor managers on behalf of shareholders (Lynall et al. 2003) Consistent with agency theory, a board comprised of independent directors (e.g., board members who are not dependent on the current CEO or organisation) is more likely to provide an effective oversight of the firms CEO and other executive directors. Independent directors are generally believed to be more effective in protecting shareholders interests, resulting in higher firm performance (Baysinger and Butler 1985; Baysinger and Hoskisson 1990). Separate CEO and Chairman Many researchers believe that the dual board leadership structure seriously compromises the independence of the board. The tenets of agency theory would suggest that such centralised leadership authority will lead to management domination of the board and result in poor performance (Fama 1980; Fama and Jensen 1983; Lorsh and MacIver1989; Molz 1988; Shleifer and Vishny 1997). Education/experience More recent resource-d ependence, behavioural and socio-cognitive views on corporate boards have extended agency research by suggesting that pro-active behaviour by non-executive directors depends not only on the extent of board independence, but also on the strategic perspective and base of experience they bring to the organisation. (Carpenter 2002; Carpenter and Westphal 2001) In addition to control functions, the board may also play service and strategic roles in the decision making process (Pfeffer 1972; Pfeffer and Salancik 1978; Provan 1980), Pye (2001) suggests that in order to add value to the board, non-executive directors are expected to bring a background of executive experience of running other firms. Boards that are composed of lawyers, financial representatives, top management of other firms, public affairs specialists, etc. may be more effective in terms of bringing important expertise, experience and skills to facilitate advice and counsel. This research emphasises that board s tructural characteristics (e.g., the proportion of independent directors, separate CEO and Chairperson) are less relevant compared to the quality of the boards cumulative human capital. A number of studies argue that board diversity in terms of directors professional experiences should lead to more efficient service/expertise/counsel roles of the board and, as a result, to better performance (Carpenter 2002; Baysinger and Butler 1985; Baysinger and Hoskisson 1990; Kaplan and Reishus 1990; Wagner et al. 1998; Westphal 1999). Board Size Walker Review Bank board sizes have risen disproportionately in recent years. In achieving the desired balance between expertise and independence, the board size should not be obliged to expand when the recruitment of financial industry expertise is deemed not to be independent. Contrasting views Larger boards will be associated with higher levels of firm performance (Dalton et al. 1999; Pfeffer 1972; Pfeffer and Salancik 1978; Provan 1 980). Daily et al.(2002), and Daily and Dalton (1992; 1994) find positive effect of board size on financial performance in large samples of firms in the USA. Golden Zajac (2001) and Andres Vallelado (2008) find a non-linear (inverted U-shape) relationship between board size and firm performance. However, agency researchers are more sceptical about the effects of board size on the monitoring capacity of independent directors (Jensen 1993). When boards become too big, agency problems (such as director free-riding) increase within the board, and it becomes more symbolic and less part of the management process (Hermalin and Weisbach 2003). Yermack (1996) reports that there is a significant negative relationship between board size and Tobins Q. Judge and Zeithaml (1992) report that large boards are less likely to be involved in strategic decision making, a finding also supported by Goodstain and Boeker (1991). Thus organisational outcomes of board size remain an empirica l issue. Tenure (Directors Contract length) Age Boeker (1992), Pfeffer (1983) and Finkelstein and Hambrick (1996) argue that greater tenure of board members is associated with greater rigidity, increased commitment to established practices and procedures, and increased insulation towards new ideas. However, Hambrick and Mason (1984) and Hambrick and DAveni (1992) suggest that longer tenure provides directors with much more comprehensive access to a richer stock of remembered information, relative to what novice can access. Golden and Zajac (2001) in their study of strategic change in U.S. hospital find a curvilinear relationship between the average tenure and strategic restructuring: as average board member tenure increases, its effect on strategic change is positive for boards with lower levels of tenure, and negative for boards with higher levels of tenure. Generally, existing research considers board diversity and limits on board members tenure and age as good corporate governance drivers. Share Ownership institutional investors A large number of studies grounded in agency theory suggest that large-block shareholders have both the incentive and influence to assure that managers and directors operate in the interests of shareholders (Daily et al. 2003). Therefore, their presence among the firms investors provides an important driver of good corporate governance that should lead to efficiency gains and improvement in performance Hoskisson et al. (1994) show that large block shareholders help mitigate against poor strategy, such as diversification, to evolve into poor performance, therefore decreasing the magnitude of restructuring. Hill and Snell (1988) find that ownership concentration is positively correlated with RD expenditures, specialization and relatedness in a sample of 94 firms in research intensive industries. Some researchers have indicated, however, that concentrated shareholding may create a tradeoff between incentives an d entrenchment (La Porta et al. 2000a; Short 1994). In particular, lack of diversification and limited liquidity mean that large shareholders are affected adversely by the companys idiosyncratic risk (Maug 1998). To compensate for this risk they may use an opportunity to collude with managers or shift wealth from minority shareholders to themselves. For example, Pound (1988) argues that large institutional investors and unaffiliated blockholders are likely to side with management (the strategic-alignment hypothesis). Likewise, blockholders may be influenced by other existing business relationships with management (the conflict-of-interest hypothesis) Ownership concentration per se may negatively affect the value of the firm when majority shareholders have a possibility to abuse their position of dominant control at expense of minority shareholders (Bebchuk 1994; Stiglitz 1985). Remuneration Executive Pay Particularly interesting in light of recent financial crisis This section is concerned with the impact that corporate governance initiatives have had on the remuneration of UK executives. Over the late 1980s and early 1990s, the levels of executive pay were felt by many to increase dramatically and unjustifiably (Smith and Szymanski 1995). Whilst the Cadbury Report (1992) made several recommendations on good practice, the general opinion was that it did not go far enough with regards to executive pay. The implementation of incentive schemes to promote shareholder value is underpinned by agency theory. Classic agency theory shows a relationship where the owners (principals) of companies, namely the shareholders, delegate the management of the company to hired persons (agents) (Jensen and Meckling 1976; Fama 1980). These agents take the form of management and in particular the higher echelons of company management, i.e. the board of directors. The separation of ownership from c ontrol leads to information asymmetries, and leaves room for self-serving opportunist behaviour by the agent (Berle and Means 1932). Within the agency theory literature, executive pay is a key mechanism for helping to minimize agency costs in order to align the incentives of managers with the interests of shareholders. (Eisenhardt 1989). In response to this and in order to recruit and retain competent executives, companies within the UK design compensation strategies to incorporate long-term incentives (Conyon et al. 2000b; Conyon 2000). These compensation strategies involve the use of two main types of incentives, namely the executive share option scheme (ESOS) and the long-term incentive plan (LTIP). The Combined Code (2003, p 12) states that: A significant proportion of executive directors pay should be structured so as to link rewards to corporate and individual performance. Lack of disclosure Financial Sector Distinguish financial sector from general firms Capital structure Banks hold illiquid assets and issue liquid liabilities thus create liquidity for the economy. Dependent Variable: Tobins Q (proxy for firm performance) Independent Variables: Board Size Board structure/composition % of independent directors Board efficiency Separation of CEO and Chairman Level of education of non-executive directors proxy for monitoring quality of board members Share ownership Remuneration stock options Risk stock price volatility Regulation financial audit Hypothesis Board size has an impact upon firm performance? Time Period Comparison sample, in order to incorporate financial crisis into empirical research Is failure in corporate governance really to blame for financial crisis 2006 Evidence of corporate governance 2007/2008 Firm Performance Lagged effect reduces problem of two way causality Regression Analysis Will regression show that corporate governance mechanisms implemented in 2006 positively/negatively affect firm performance in 2007/08? Cross-sectional regressions for UK financial sector company performance from July 2007 to December 2008 corporate governance mechanisms measured at the end of fiscal year 2006 A cross-sectional regression is a type of regression model in which the explained and explanatory variables are associated with one period or point in time.

What Makes An Action Moral Can Not Be Had Without...

A discussion of what makes an action moral can not be had without thoroughly examining the theories of Immanual Kant and John Stuart Mill. Mill bÐ µliÐ µvÐ µd that an action s consÐ µquÐ µncÐ µs dÐ µtÐ µrminÐ µ its moral worth, whilÐ µ Kant arguÐ µd that morality of thÐ µ action dÐ µpÐ µnds on thÐ µ good will. BasÐ µd on thÐ µ two contradicting thÐ µoriÐ µs abovÐ µ, this papÐ µr will support Mill s viÐ µw of thÐ µ moral worth of an action bÐ µcausÐ µ it is dÐ µtÐ µrminÐ µd by its practical and usÐ µful consÐ µquÐ µncÐ µs in our sociÐ µty. Kant’s dismissal of an action s consÐ µquÐ µncÐ µs is irrÐ µlÐ µvant to our sociÐ µty s moral valuÐ µs. ThÐ µ aim of this papÐ µr is to clÐ µarly show how Mill’s bÐ µliÐ µf to do good for all is morÐ µ appropriatÐ µ for our sociÐ µty than Kant’s principlÐ µ that it is bÐ µttÐ µr to just do what s morally right. Both Kant’s and Mill’s theories will be examined in o rder to Ð µxplain why J.S. Mill offÐ µrs a bÐ µttÐ µr guidÐ µ to moral bÐ µhavior whilÐ µ dÐ µscribing thÐ µ diffÐ µrÐ µncÐ µs hÐ µ distinguishÐ µd bÐ µtwÐ µÃ µn rights and rÐ µsponsibilitiÐ µs of human bÐ µings to thÐ µmsÐ µlvÐ µs and sociÐ µty. Both philosophÐ µrs offÐ µrÐ µd a uniquÐ µ justification for their moral thÐ µories. ThÐ µy bÐ µliÐ µvÐ µd that thÐ µsÐ µ thÐ µoriÐ µs can bÐ µ usÐ µd as a foundation to Ð µstablish moral worth. Kant basÐ µd his viÐ µw of morality Ð µntirÐ µly on rÐ µason. His main thÐ µory is foundÐ µd on thÐ µ idÐ µa that any morally corrÐ µct action must possÐ µss â€Å"good will.† In othÐ µr words, a pÐ µrson, who makÐ µs his or hÐ µr dÐ µcisions on thÐ µ basis of thÐ µ moral law, is a â€Å"good† pÐ µrson. Kant clarifiÐ µs that a â€Å"good will† is not good bÐ µcausÐ µ of its

What Is The American Dream - 895 Words

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Look For It in Bonnie Jo Campbells Short Story...

Look For It I have seen short story collections at garage sales, thrift stores, and bookstores. I have never actually picked one up and read the front or the back covers. Short stories never interested me for the simple fact of their being short. With Bonnie Jo Campbell’s writing in her collection American Salvage I can appreciate a story without the full beginning, middle, and end. Readers will be occupied by Campbell’s use of detail and her depressing story lines with hidden love. Campbell writes realistic stories that will grip your bones. As the reader you might forget how short a story may be because of the way Campbell grabs your attention instantly. â€Å"The Yard Man† begins explaining the sightings of a snake. The main character Jerry explains the snake as one of a kind. He attempts touching the snake but the snake and Jerry are disrupted by a shriek from his wife Natalie. She has full view of the snake. Natalie demands Jerry kill the snake instantly. Je rry tries, but fails as the snake slithers across the overgrown grass. Jerry informs shaken up Natalie the snake is nothing he has ever seen before and the possibility of the rareness. She refuses to live where snakes live and is so terribly tired of the house they live in. Natalie likes nothing of the house and is very adamant on making that known to Jerry. She has two children from a previous marriage that Jerry takes in as his own. He is trying to accomplish all the seventeen million things he has to fix on the

Essay about The Approach to the Care of Cancer - 1384 Words

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Independence at Catalonia-Free-Samples for Students-Myassignment

Question: Discuss about the Independence at Catalonia. Answer: Catalonia is a part of the Spain and divided into four provinces such as Barcelona, Girona, Lleida and Tarragona. It is an autonomous community and the capital city of the state is Barcelona. In recent times, the state is being highlighted in many journals and newspapers due to its independence war with Spain (Muoz and Guinjoan). The revolution begins in the year 1922 and Francesc Marcia was the founder of the movement. Modern independence movement has begun in the year 2006. In that year a referendum had been made in between the Spanish government and Catatonia and the same has been challenged before the apex court as many of the referendum were unconstitutional in nature. It has been presumed that the movement regarding the independence has been initiated from that time (Serrano). A vote has been taken place in the year 2014 regarding the independence of Catalonia and it has been observed that 81% of votes are casted in favour of the independence of Catalonia and therefore the pro-independent president of the state has started to enchant slogan for independence (Crameri). On 1st October 2017, another vote has been casted and the report was more massive from the first one where 91% people have casted their vote for the independence of the state. On 27th October, an independent republic has been established by the resolution of the Parliament of Catalonia and that get support from various parties (Jolly). Before getting into the aftermath effect of the independence movement, it is required to point out the significance of the important movements that had taken major role in the current situation. The seed of the movement derived its origin from the Estat Catala founded by Fraancesc Marcia, who has signed one agreement with Spanish government and introduce the system of autonomy. However, the party was broke away in the year 1940 and formed a new party named National Front of Catalonia (Serrano). The party was supported the language of the state and pronounced their vision for the interest of the independence (Calzada). In 2006, many political parties of the state has raised their voice on behalf of the independence and the war is still going on. However, there are certain reasons lying behind the independence movement of Catalonia and that can be stated in the subsequent paragraphs. The independent character of the movement was provoked by the decision of the apex court of Spain in 2010, where it has been pronounced that many provisions of the referendum passed in 2006 were unconstitutional (Colomer). The political parties are began to protest the fact that Catalonia should get independence from Spain. It has been observed earlier that the provinces of Catalonia casted vote for the interest of the independence and therefore the president of the state Carles Puigdemont had declared the independence of the state unilaterally. The New Yorks Times has opted for the unlikely symbol of the state of Catalonia and points out the police violence in the state (Elias). It should be bored in mind that the state has pronounced its independence unilaterally, though other countries have not supported the independence movement and therefore, Catalonia, if get independence, has to take many steps regarding the development of the state (Guibernau). The first reform should be taken from the economic side as from various journals it has been observed that the yearly Gross Domestic Product of the state is 215 billion Euros but it depends on the Spanish states and therefore, they have to think about the altered way to retain this glory. Besides removal of the Spanish flag, it is also required to develop proper official sign for the state. The main problem is that certain important internal matters like the security system, defence, ports, airports and the railway authorities are imposed on the hands of the Spanish government and the head office of the same is situated in Madrid. Therefore, a thorough change or alteration is required in this case (Lepi?). The government of Catalonia should take necessary steps in this case. The spending catalogue of Catalonia is in the hand of Spain and Spain is enjoying the full-fledged power over the same. Besides this, all the necessary steps should be taken into consideration regarding the police force of the state and the taxation system should be regarded as the cause of disagreement regarding the interest of the state. The second concern regarding the independence of the Catalonia evolved with the dealing of international trade. It has been stated that most of the power regarding the trade has been imposed on the hands of the Spanish government and the transportation system is based on the modem like road, air, port and railway (Chamon and Van der Loo). However, it can be observed that these matters are exclusively under the control of Spain and the head office of the same are situated in Madrid. Therefore, if the government of Catalonia wants to improve the base of international trade, it will have to take necessary steps regarding the reformation of the transportation system. By international trade, it is being observed that a market where the goods of one country is being exchanged with the goods of another country. The share of the gross domestic products is held as important criteria in this case (Muro and Vlaskamp). In case of develop the base regarding the international trade, it is important to analyse the advantages of the same so that it could be better for the economic interest of the country. Through international trade, the category commodities can be determined and therefore, it will facilitate the condition of the country and provoke the state to export those goods. It has been reported by the CNBC that the most expected immediate effect of the independence is loss of jobs, deterioration of the wealth power and therefore, the state of Catalonia should have to expand its policies regarding the international trade and commerce (Fassbender). Certain policies are to be adopted to affects the flow of goods and export the subsidies through international trade. At first, it is required to point out the trade barriers and then set out the plans for the removal of the barriers and facilitate the ways of international trade. It has been stated by Gandolfo on International Trade and Economic Growt h that suitable economic policies are to be adopted regarding the promotion of the trade barriers. It has also been mentioned by Peter Lavelle that the economic barriers are needed to be planned and it should be support the process of economic sufficiency. It is therefore important to point out the effective policies over the situation. Catalonia should implement necessary policies regarding the taxation system, has to impose taxes on the export, and imported goods. Restrictions should be imposed on the exchange of drugs and other addicted goods and staffs. Subsidized loans are being generated to maintain a flow regarding the international trade so that the economy of the country could get benefit. The coming years will be one of the most important and critical to the politics of Europe. The political developments of UK, Spain and Belgium will face turmoil in the coming years. The researcher this report have highlighted the case of Spain, which has seen a long range of political battles on the grant of independence to Catalonia (Tortella). The major hiccup that exists on the independence of Catalonia is the silence of the European Union Treaties on the possibility of transforming to individual member states from just autonomous states. The treaties are designed in such a way that they do not adhere to the policies of the new states. However this is not the only concern as because the president of the European council of states and the European Commission has strictly mentioned that Catalonia would be losing their European Union status upon independence. The commission has stated that to regain the membership status the newly independent country have to re apply for membership u nder Article 49 TEU. The proponents of the Catalonian independence do not go with the view and they believe that such a thing is very unconstitutional and is a strong attempt to disrupt or crush their fight for independence (Serrano). The biggest argument in such a favour is that if a region under the jurisdiction of the European Union acquires independence on the basis of constitutional and democratic process in line with the core values of the union are mentioned in Article 2 the country have the right to become one of the member states of Europe. Spain is however suffering economically because of the Catalonia crisis (Fassbender). The government of Catalonia has agreed that it would play a major role in the redistribution of wealth across the region. The government of Catalonia will obviously need to sponsor a large scale investment in creating new structures that will help it to easily6 adapt to the change in the political surroundings after the independence of the country. It i s important to establish new Central banks and other monetary institutions that will help in the creation of the new state easily. Another problem that exists is the debt of the government. The newly formed Spanish state and the Catalonian government has to negotiate a deal to allocate the joint assets and the liabilities of the government. The Catalan Government has to seek funding from the financial markets. The following possibility can only happen once the state becomes independent and have an own tax system that is able to set its own policies for raising taxes (Oskam). The newly formed state of Catalonia can have an alternative entry to the European Union trading space by entering into an agreement with EFTA which is a substitute of European Union. The articles 56-60 of the EFTA constitution explains that in order to become a member of the following group the particular region must shed off its autonomous status and become an independent state. Thus the road is clear for Catalonia to easily become an EFTA member to make sure that it does not face any constraints from doing free trade with other member countries or with countries of other continents (Bel). The agreement can be established in two ways. The first one being Catalonia and the European Union can decide on a unilateral way to not impose tax duties on the goods that are manufactured in the respected territories. On the other hand both of them can sign a bilateral agreement to guarantee the free trade and services and can also define a common corporation framework. Another way to establish trade is signing up free trade agreements with other custom unions or with the third states. As mentioned earlier the country can face serious hurdles on signing up a trade agreement with the European Union and thus the Catalonian Government can themselves sign up new trade agreements with the interested countries to make sure that they have a proper trade going on round the year (Guibernau). Some of the other problems that would be faced by Catalonia is the establishment of borders which would usher in corruption in trade and would lead the suppliers and the people to malpractices. The state will also have to establish its own standards of trading regulators and must start healthy discussions with Spain on setting up its own trade agreements. The other disadvantage, which is perhaps the biggest, is that Catalonia is not a member of the World Trade Organization. Not being the member of such a global trade platform puts the country in a jeopardized situation once it is independent (Elias). The people residing in Catalonia would also face difficulties on issues related to visa or foreign travel as because the citizens will lose the status of being a European citizen and thus will be treated as a foreign national even in visiting Spain (Luis Garca). Catalonia also must adapt a new currency so that it does not face any problems on being ousted from European Union and be rejected to allow Euro as its national currency. The European Union does not recognize peseta as currency anymore and thus Catalonia has to develop a new currency in lines with the European treaties or EFTA. The adoption of new currency will surely pose a huge challenge to the new state as because for such a development the Government of Catalonia must immediately held talks with Both Spain and European Union and standardize a currency for use in the country. After all this it will be their task to set up a currency producing unit that can meet the currency demands of the new state. Either the country has to take Euro as their currency or some other recognized currencies to start with. Being one of the most smallest states and surrounded on all sides by the largest economies of the world will mount more tensions on the country as because the goods imported in the country will see an automatic rise in price and thus will make the living cost much higher as compared to other European nations. The Catalan Government has to take some strict measures to control such a situation where the country can impose strict capital controls where the capital cannot be transferred outside the country (Crameri). The country has to take into account all such different possibilities to make it easier for the country towards a smooth and easy independence. The decision regarding the currency has to be taken by the advisory council of the Catalan Government. Catalonia is working in tandem with fine tech experts of Estonia to create a new digital currency that will help them to attain independence from Spain. Some of the hardliner separatists are said to be working on a new block chain currency similar to the plan B initiative that was used during the financial crisis of Greece. The cryptographers of Barcelona have been taking advice from experts to create the cur rency in such a way that it becomes the most advanced in todays world. The country also has aims to create the currency that is free of control from both Spain and the central bank of European Central Bank. Catalonia is one of the most economically viable states of Europe as it has an annual GDP of $196billion much bigger than many of the European countries (Balcells). The above analysis thus clearly determines the different problems that exist on the split up of Catalonia from the state of Spain. The government of Catalonia has elaborate plans to make sure that they does not face any problem regarding the creation of the state and thus has plans to tackle such problems. The creation of the economic infrastructure and the creation of a new currency is certainly one of the positive steps towards such an achievement. The globe is waiting eagerly to witness such a mega event and whether the newly formed state achieves success in the modern world or not. References: Bel, Germ.Disdain, Distrust and Dissolution: The Surge of Support for Independence in Catalonia. Sussex Academic Press, 2015. Calzada, Igor. "The Right to Decide in Democracy between Recentralisation and Independence: Scotland, Catalonia and the Basque Country."Regions Magazine296.1 (2014): 7-8. Chamon, Merijn, and Guillaume Van der Loo. "Scotland and Catalonia would face very real challenges in making a seamless transition to EU membership after independence."LSE European Politics and Policy (EUROPP) Blog(2014). Colomer, Josep M. "The venturous bid for the independence of Catalonia."Nationalities Papers(2017): 1-18. Crameri, Kathryn. "Political power and civil counterpower: The complex dynamics of the Catalan independence movement."Nationalism and Ethnic Politics21.1 (2015): 104-120. Crameri, Kathryn.Goodbye, Spain? The question of independence for Catalonia. Sussex Academic Press, 2014. Elias, Anwen. "Catalan independence and the challenge of credibility: The causes and consequences of Catalan nationalist parties strategic behavior."Nationalism and Ethnic Politics21.1 (2015): 83-103. Fassbender, Bardo. "The Place of an Independent Catalonia in the European Union."3rd International Conference Sobirania i Justcia, Barcelona, October 4th https://www. sij. cat/fitxers/Bardo_Fassbender. pdf. 2013. Guibernau, Montserrat. "Prospects for an independent Catalonia."International Journal of Politics, Culture, and Society27.1 (2014): 5-23. i Gonzlez, Albert Balcells. "Working women in the factories and home workshops of Catalonia in the 19th and first third of the 20th centuries."Catalan Historical Review(2015): 71-82. Jolly, Seth. "Voting for Nation or State: Determinants of Independence Support in Scotland Catalonia."Browser Download This Paper(2014). Lepi?, Martin. "Limits to territorial nationalization in election support for an independence-aimed regional nationalism in Catalonia."Political Geography60 (2017): 190-202. Muoz, Jordi, and Marc Guinjoan. "Accounting for internal variation in nationalist mobilization: unofficial referendums for independence in Catalonia (200911)."Nations and Nationalism19.1 (2013): 44-67. Muoz, Jordi, and Marc Guinjoan. "Accounting for internal variation in nationalist mobilization: unofficial referendums for independence in Catalonia (200911)."Nations and Nationalism19.1 (2013): 44-67. Muro, Diego, and Martijn Vlaskamp. "The Spanish government must find a positive message for Catalonia if it is to reduce support for Catalan independence."LSE European Politics and Policy (EUROPP) Blog(2014). Oskam, Jeroen. "A new state in Europe? Scenarios for Catalan self-determination."Futures64 (2014): 51-60. Serrano, Ivan. "Just a matter of identity? Support for independence in Catalonia."Regional Federal Studies23.5 (2013): 523-545. Serrano, Ivan. "Just a matter of identity? Support for independence in Catalonia."Regional Federal Studies23.5 (2013): 523-545. Tortella, Gabriel, and Jos Luis Garca Ruiz. "The Peseta and the Bank of Spain."Spanish

Diffusion Lab free essay sample

In this experiment, you will Use a Conductivity Probe to measure the ionic concentration of various solutions. Study the effect of concentration gradients on the rate of diffusion. Determine if the diffusion rate for a molecule is affected by the presence of a second molecule. BACKGROUND Diffusion is a process that allows ions or molecules to move from where they are more concentrated to where they are less concentrated. This process accounts for the movement of many small molecules across a cell membrane. Diffusion allows cells to acquire food and exchange waste products. Oxygen, for instance, might diffuse in pond water for use by fish and other aquatic animals. When animals use oxygen, more oxygen will diffuse to replace it from the neighboring environment. Waste products released by aquatic animals are diluted by diffusion and dispersed throughout the pond. Questions: It is important to consider how the rate of diffusion of particles may be affected or altered. Diffusion may be affected by how steep the concentration gradient is. The direction that a diffusing molecule or ion might travel is random. While the particles are diffusing, is there a net movement from where they are concentrated to where they are less concentrated? Yes particles diffuse from higher concentration to lower concentration Diffusion may be affected by other different, neighboring particles. For instance, if oxygen diffuses towards a single-celled pond organism at a certain rate, will that rate be altered by the presence of another type of molecule? Would the presence of other molecules block or enhance the diffusion of a molecule? Would the molecule’s rate be independent of particles that do not alter the concentration gradient? Yes the diffusion would be effected because the particles could block the diffusion of the oxygen. The rate isn’t independent of the other molecules because the presence of other molecules may slow the rate of diffusion. One way to measure the rate of diffusion of ions is to monitor their concentration in solution over a period of time. Since ions are electrically charged, water solutions containing ions will conduct electricity. A Conductivity Probe measures the concentration of ions in a solution, but not the concentration of electrically neutral molecules. Salts, such as sodium chloride, produce ions when they dissolve in water. If you place a salt solution inside a selectively permeable membrane such as dialysis tubing, the salt ions can diffuse out of the tubing and into the surrounding water. MATERIALS LabQuest LabQuest App Vernier Conductivity Probe three 18 ? 150 mm test tubes with rack 1%, 5%, and 10% salt water 400 mL beaker ring stand and utility clamp dialysis tubing, 2. 5 cm ? 12 cm scissors dropper pipet or Beral pipet stirring rod dental floss or clamp ABSTRACT In this experiment we tested the effect of salt concentration on the rate of diffusion. We made a model cell using dialysis tubing containing different salt solutions; 1%, 5%, and 10%. Each tube was tied off and placed in a container (not at the same time) with distilled water, and with a LabQuest, the rate of diffusion was measured. We predicted the higher the percentage of salt, the faster the â€Å"cell† would diffuse; and we found our predictions to be correct. The data showed that the 10% solution diffused the fastest then the 5% then the 1%. PROCEDURE 1. Set up the utility clamp, and ring stand as shown in Figure 1. 2. Set the selector switch on the side of the Conductivity Probe to the 0–2000  µS/cm range. Connect the Conductivity Probe to LabQuest and choose New from the File menu. If you have an older sensor that does not auto-ID, manually set up the sensor. 3. On the Meter screen, tap Rate. Change the data-collection rate to 0. 2 samples/second and the data-collection length to 60 seconds. 4. Test whether different concentration gradients affect the rate of diffusion. To do this, three solutions of differing salt concentrations (1%, 5%, and 10%) will be placed in distilled water. Each salt solution will be placed in a dialysis tube and allowed to diffuse into the surrounding water. When salt diffuses, the conductivity of the water in the beaker will increase. 5. In Table 1, predict what you believe will happen in this set of experiments. How will the rate of diffusion change when a 10% salt solution is placed in contact with pure water compared to when a 1% salt solution is placed in contact with pure water? 6. Prepare the dialysis tubing. Obtain a wet dialysis tube and a dialysis tube clamp or a short length of dental floss. Using the clamp or floss, tie one end of the tube closed about 1 cm from the end, as in Figure 2. 7. Place a 1% salt solution into a section of dialysis tubing. To do this, a. Obtain about 15 mL of a 1% salt water solution in a test tube. b. Using a funnel or Beral pipet, transfer about 10 mL of the 1% salt water into the dialysis tube, as in Figure 2. Note: To open the tube, you may need to rub the tubing between your fingers. c. Tie off the top of the dialysis tube with a clamp or a new length of dental floss. Try not to allow any air into the dialysis tube. The tube should be very firm after it is tied or clamped. Trim off any excess dental floss extending more than 1 cm from either knot. d. Wash the outside of the tubing with tap water thoroughly, so that there is no salt water adhering to the tubing. 8. Place 300 mL of distilled water into a 400 mL beaker. Secure the Conductivity Probe with the utility clamp in the water filled beaker as shown in Figure 1. 9. Place the dialysis tube into the water. Be sure the tubing is submerged completely under the water. Important: Position the Conductivity Probe and dialysis tubing the same distance apart in each  trial. 10. After stirring the solution for 15 seconds, start data collection. Stir the solution slowly and continuously throughout the one-minute data collection period. 11. Data collection will stop after 60 seconds. Analyze the graph to determine the rate of diffusion for the curve of conductivity vs. time: a. Examine the graph and identify the most linear region. b. Tap and drag you r stylus across the most linear region to select these data points. c. Choose Curve Fit from the Analyze menu. Select Linear as the Fit Equation. d. Record the slope, m, as the rate of diffusion in ( µS/cm/s) in Table 2. Select OK. 12. Remove one of the clamps. If the dialysis tubing is tied off with floss, use a pair of scissors and carefully cut one of the dental floss knots and discard the floss. If you accidentally make a cut in the tubing, replace it. 13. Empty all of the liquid out of the dialysis tube. Squeeze the excess liquid out with your fingers. 14. Rinse the Conductivity Probe with distilled water. 15. Store the data from the first run by tapping the File Cabinet icon. 16. Obtain 15 mL of a 5% salt solution in a test tube. Repeat Steps 7–15, substituting this 5% salt solution for the 1% solution. 17. Obtain 15 mL of a 10% salt solution in a test tube. Repeat Steps 7–15, substituting this 10% salt solution for the 1% solution. DATA/RESULTS Table 1 Prediction Conclusion The 10% solution will diffuse the fastest because there is less water in the solution than the other solutions, and the 1% solution will diffuse the slowest. The higher the percentage of the solution the faster it diffused. Therefore our prediction was right, the 10% diffused the fastest and the 1% the slowest. Table 2: Summary of Data Salt concentration (%) Rate of Diffusion ( µS/cm/s) 1 1. 6624 5 3. 4205 10 5. 4700  CONCLUSION 1. From Table 2, I can conclude that as the salt concentration increases the rate of diffusion increases. 2. My conclusion was the same as my prediction, so my prediction was correct. 3. The rate of diffusion for the 10% solution was (3. 29/1) about 3. 29 the rate of the 1% salt solution. The rate of diffusion for the 5% solution was (2. 05/1) about 2. 05 the rate of the 1% sa lt solution. 4. The rate of diffusion of a 3% salt solution, according to our graph, would be about 2. 5 µS/cm/s 5. Temperature, size of particles, charge of molecules are other variables that could be tested.