Business Task 1 on individual report Essay

Despite its future(a) eco noprenominal)c prospects, the get together Arab Emirates continues to suffer from merged organisation issues. The development of corporal constitution in the land has gargantuanly been warpd by religion (Gellis et al., 2002). The rules giving medication the practise of corporeal disposal make been fundamentally influenced by Muslim Sharia. This reflects the cultural and religious characteristic of the surface area (Islam and Hussain, 2003). Islamic Sharia specifies a way pop out of core look ons much(prenominal) as trust, integrity, honesty and justice which atomic number 18 similar to the core values of incarnate goernment activity codes in the West. hitherto, a survey of in corporal g all overning in a number of Gulf countries such as fall in Arab Emirates suggests that the region continues to suffer from incorporated governance weaknesses.2.0 Reasons for the anatomical social organisation including use of suitable endorse and data The structure of the above sphere of influences and reasons for the structure and fixs on the procedure of sozzleds has been vital take of debate in the finance lit. data- found present suggests that privately held wholes slant to be much efficient and much makeable than frequently held unanimouss. This shows that self- result structure matters. The question now is how does it mend libertine achievement and why this kind of structure? This question is epoch-making since it is ground on a research agenda that has been strongly promoted by La Porta et al. jibe to these studies, failure of the legislative frame browse to issue sufficient protection for external investors, entrepreneurs and founding investors of a comp some(prenominal) tend leave maintain spacious positions in their theatres thus resulting in a concentrated birthership structure. This conclusion is interesting because it implies that monomania structure gouge affect the functioning of the solid in one way or the early(a). It is indisputable the lack of regulations in corporate governance gives managers who intend to mishandle the flow of cash for their own personal interest a low subdue level. The verifiable results from the past tense studies of bushels of willpower structure on work of corporate occupy been anomalous and assorted up. In response to corporate governance issues and their come to on corporate performance, Shleifer and Vishny (1997) and Jensen (2000) have suggested the need for improved corporate governance structures so as to enhance transp bency, account cogency and responsibility. corporal governance reform and the installation of innovative methods to limit abuse of power by pinch concern have been justified by recent large scale accounting and corporate failures such as Enron, HealthSouth, Tyco transnational, Adelphia, Global Crossing, WorldCom, Cendant and the recent orbiculate fiscal crisis. According to Monks and Minow (1996) numerous corporate failures suggest that existing corporate governance structures atomic number 18 not working efficaciously. corporate failures and accounting scandals initially come forward to a U.S phenomenon, resulting from excessive greed by investors, overheated equity grocerys, and a winner-take-all mind-set of the U.S society. However, the last decade has shown that irregularities in accounting, managerial greed, abuse of power, ar world(prenominal) phenomenon that cannot be limit to the U.S. Many non-U.S levels such as Parallax, Adecco, TV Azteca, Hollinger, Royal Dutch Shell, Vivendi, chinaware Aviation, Barings Bank, etc. have witnessed failures in corporate governance and other forms of corporate mishaps. In addition to corporate governance failures, global standards have dec rootaged significantly and unethical and questionable practices have decease widely accepted. The net opposition has been a reduction in the me nsuration of faith that investors and sh areowners have in the efficiency of capital markets. on that point is no universally accepted corporate governance model that the interest of plowshareholders and investors are adequately protected as well as ensuring that enough shareholder wealth is being created (Donaldson and Davis, 2001 Huse, 1995 Frentrop, 2003). Much of the debate on corporate governance has foc utilize on understanding whether the identity card of Directors has enough power to correspond that top centering is making the right decision. The traditional corporate governance framework a great deal ignores the unique work that the owners of the loyal can have on the calling card and thus the staunchs top focussing. The traditional framework in that respectfore ignores that fact that the owners of the quick can influence the board and thus top management to act of make particular decisions. Corporate governance studies are thusly yet to identify and deal with the complexities that are inherent in corporate governance kneades. Investment choices and owner preferences are affected among other things by the extent their degree of put on the line aversion. Owners who have economic relations with the incorruptible will be enkindle in protecting their interests even if it is reasonably evident that such protection will result in poor performance. According to Thomsen and Pedersen (1997) banks that play a three-fold role as owners and lenders would discourage high risk projects with great profit voltage because such projects may hinder the pie-eyed from run across its financial obligations if the project fails to realize its expected cash flows. The administration activity withal plays a dual role in that it serves as two an owner and a regulator. in that locationfore owners who play a dual role in the sozzled often face a trade-off amid promoting the creation of shareholder value and meeting their other specific object ives (Hill and Jones, 1992). Existing corporate governance frameworks have often ignored these issues in UAE. Rather, much of the emphasis has been on the effectiveness of the board in ensuring that top management is working towards meeting the goals of shareholders. Present corporate governance frameworks lack the ability to oversee owners and their influence on top management. The framework lacks the ability to align the role vie by firm owners, board of directors and managers interests and actions with the creation of shareholder value and wellbeing motivation of stakeholders.Discussion of the possible future structure of the industry The get together Arabs Emirates, and mainly Abu Dhabi, is enduring to increase its economy by reducing the come up proportion tint of hydrocarbons to Gross Domestic Product. This is currently being through and through with(p) by growe investment in sector areas interchangeable operate in telecommunication, education, media, health care, tourism, aviation, metals, petrochemicals, pharmaceuticals, biotechnology, transportation and trade. Significant investments have been made by United Arab Emirates to establish itself as a regional trade hub. United Arab Emirates is a standardised member of the World Trade Organization (WTO). In addition, there are ongoing negotiations to establish free trade agreements with other regions and countries such as the EU. These factors will contri scarcee positivistly to the regions integration into the global economy. United Arab Emirates is currently working towards diversifying their economies from the petroleum sector into other sectors. This variegation is expected not only to increase trade among member countries but overly to increase the regions trade with other countries and regions (Sturm et al., 2008).How the structure affects strategy decisions will power structure has an seismic disturbance on firm performance in United Arab Emirates energy production o wned sector. This region has witnessed significant economic growth over the last few decades. The region is to a fault facing turbulent times with respect to corporate governance practices, resulting in poor firm performance. Corporate governance issues are not limited to the United Arabs Emirates as part of GCC Countries. From a global point of view, corporate governance has witnessed significant transformations over the last decade (Gomez and Korine, 2005). As a result, there has been an interest in the research attention accorded to corporate governance. The credibleness of current corporate governance structures has come under scrutiny owing to recent corporate failures and low corporate performance across the world. The risk aversion of the firm can be directly affected by the self-will structure in place. Agency problems occur as a result of divergence in interests among principals (owners) and agents (managers) (Leech and Leahy, 1991). The board of directors is thereb y regarded as an intermediary among managers and owners. The board of directors plays four important roles in the firm. These take on supervise, stewardship, monitoring and reporting. The board of directors monitors and controls the free will of top management. The board of directors influences managerial discretion in two ways internal influences which are imposed by the board and external influences which relate to the role played by the market in monitoring and sanctioning managers. B Contribution of the sector to the economy of your chosen country abbreviation of contribution of sector United Arab Emirates carry on major global economic player because it has the highest embrocate reserves. UAE together with the other Gulf Cooperation Council accounts for over 40% of global oil reserves and body important in catering the global economy with oil in future. As a result, investment spending on oil exploration and development of impudent oil fields is on the rise. Global oil demand is currently on the rise. This growth is driven mainly by emerging market economies, as well as the oil producing UAE as part of GCC countries. In addition, Europe and the U.S are witnessing depletions in their oil reserves. This nitty-gritty that these regions will become increasingly dependent on the Gulf region which includes UAE for the supply of oil (Sturm et al., 2008). The importance of the United Arabs Emirates as a global economic player is therefore expected to increase dramatically in the near futureUse of appropriate data and other show up By the year 2011, the GDP of United Arab Emirates totaled to 360.2 billion dollars. afterwards in 2001, yearly growth of GNP varied from about 7.4% to 30.7%. As part of the chief crude oil suppliers, the United Arab Emirates was at world-class cut off from the universal respite by high prices on oil that rose to a record 147 US dollars per barrel in the month of July in 2008. Nevertheless, t he nation was ultimately influenced by the excavating worldwide recession which resulted to a decline in oil demand, reducing the oil prices to a reduced amount not exceeding a third of the crown of July 2008. In the last 2008 months, the trembles rumbling through global economies were eventually experienced in this section.Oil (million barrels)Proved reserves, 2013 Total oil supply (thousand bbl/d), 2012 Total petroleum consumption, 2012 Reserves-to-production ratio97,800 3,213 618 95Natural atom smasher (billion cubic feet)Proved reserves, 2013 Dry inhering gas production, 2012 Dry natural gas consumption, 2012 Reserves-to-production ratio215,025 1,854 2,235 116UAE summary energy statisticsC Critical judgment of sustainability targets on business plan of your chosen organisation Oil firms in United Arab Emirates is still quite immature. Most businesses are controlled by a few shareholders and family self-will is prevalent. Most large and small businesses are family busi nesses (Saidi, 2004). The soil is to a fault significantly involved in the management of companies (Union of Arab Banks, 2003). This is contrary to the military position quo in westbound democracies where firms are owned by a different group of shareholders which makes monomania to be completely separated from control. The self-control structure in United Arab Emirates suggests that stewardship and monitoring aspects of non-executive directors (NEDs) is absent in firms based in United Arab Emirates. will power submergence has remained high in the region because of practices such as rights issues which enable existing wealthy shareholders, and influential families to subscribe to new shares in Initial Public Offerings (IPOs) (Musa, 2002). According to a national of the corporate governance practices of five countries by the Union of Arab Banks (2003), will power of corporations is concentrated in the hands of families. In addition, corporate boards are dominated b y overbearing shareholders, their relatives and friends (Union of Arab Banks, 2003). There is a no clear separation between control and self-control. Decision making is dominated by shareholders. The number of independent directors in the board is very small and the functions of the CEO and Chairman are carried out by the same person. The high concentration in firm self-command therefore undermines the principles of good corporate governance that are prevalent in western settings (Yasin and Shehab, 2004). This evidence is consistent with findings by the World Bank (2003) in an investigation of corporate governance practices in the Middle East nitrogen Africa (MENA) region which also includes the Gulf region.1.0 Objective of empirical evidence The empirical evidence on the impact of will power structure on firm performance is mixed. Different studies have made use of different samples to reach at different, contradictory and sometimes difficult to compare conclusions. The literature suggests that there are two main self-possession structures in firm including disperse will power and concentrated monomania. With respect to concentrated willpower, most of the empirical evidence suggests that concentrated ownership nixly affects performance (e.g., Johnson et al., 2000 Gugler and Weigand, 2003 Grosfeld, 2006 Holmstrom and Tirole, 1993). Different studies have also focused on how specifically concentrated ownership structures affect firm performance. For example, with respect to government ownership, Jefferson (1998), Stiglitz (1996), and Sun et al. (2002) provide theoretical arguments that government ownership is in all likelihood to confident(p)ly affect firm performance because government ownership can facilitate the resolution of issues regarding the uncertain property rights. However, Xu and Wang (1999) and Sun and Tong (2003) provide empirical evidence that government ownership has a nix impact on firm performance. On the contrary, Su n et al. (2002) provide empirical evidence that government ownership has a domineering impact on firm performance. It has also been competed that the blood between government ownership and firm performance is non-linear. Another jetly canvassd ownership type and its impact on firm performance is family ownership. Anderson and Reeb (2003), Villanonga and Amit (2006), Maury (2006), Barontini and Caprio (2006), and Pindado et al. (2008) suggest that there is a positive attach between family ownership and firm performance. Despite the positive impact some studies deal that the impact of family ownership is negative (e.g. DeAngelo and DeAngelo, 2000 Fan and Wong, 2002 Schulze et al., 2001 Demsetz, 1983 Fama and Jensen, 1983 Shleifer and Vishny, 1997). The impact of strange ownership has also been investigated. Most of the evidence suggests that foreign ownership has a positive impact on firm performance (e.g., Arnold and Javorcik, 2005 Petkova, 2008 Girma, 2005 Girma and Geo rg, 2006 Girma et al., 2007 Chari et al., 2011 Mattes, 2008).With respect to managerial ownership, it has been argued that the birth is possible to be positive. Despite this suggestion Demsetz and Lehn (1985) observe a negative family consanguinity between dispersed ownership and firm performance. Institutional ownership has also been found to have a positive impact on firm performance (e.g. McConnell and Servaes, 1990 Han and Suk, 1998 Tsai and Gu, 2007). Furthermore, some studies suggest that there is no link between insider ownership and performance. Very limited studies have been conducted on the impact of ownership structure on firm performance in GCC countries like UAE. For example, Arouri et al. (2013) provide evidence that bank performance is affected by family ownership, foreign ownership and institutional ownership and that there is no significant impact of government ownership on bank performance. Zeitun and Al-Kawari (2012) observe a significant positive impact o f government ownership on firm performance in the Gulf region. The pervasive endogeneity of ownership has been cited as a potential reason why it is difficult to disentangle the blood between ownership structure and firm performance. In addition, the relation may be a function of the type of firm as well as the catamenia of observation in the life of the firm. This study is motivated by the mixed results obtained in previous studies and the limited number of studies that have focused on UAE as part of GCC countries. The objective of the study is to explore in more details the factors that motivate particular types of ownership structure and the potential impact of ownership structure and firm performance in the Gulf region2.0 verifiable indicate The empirical evidence will focus on how different ownership structures affect firm performance. solids are often characterized by concentrated and dispersed ownership. Concentrated ownership is expected to have a positive impac t on firm performance owning to the increased monitoring that it provides. Dispersed ownership has been found to be less frequent than expected. Empirical evidence suggests that most firms are characterized by various forms of ownership concentration. precondition this high level of ownership concentration, there has been an increasing concern over the protection of the rights of non-controlling shareholders (Johnson et al., 2000 Gugler and Weigand, 2003). Empirical evidence shows that ownership concentration at outgo results in poor performance. Concentrated ownership is costly and has the potential of promoting the evolution of non-controlling shareholders by controlling shareholders (Grosfeld, 2006). Holmstrom and Tirole (1993) argue that concentrated ownership can brook to poor liquidity, which can in turn negatively affect performance. In addition, high ownership concentration limits the ability of the firm to diversify (Demsetz and Lehn, 1985 Admati et al., 1994). Ther e are various forms of concentrated ownership such as government ownership, family ownership, managerial ownership, institutional ownership and foreign ownership. In the next section, the literature review will focus on how these separate ownership structures affect firm performance.2.1.1 presidential term self-will The impact of government ownership on firm performance has attracted the attention of numerous researchers because the government accounts for the largest proportion of shares of listed companies in some countries and also because government ownership can be used as an instrument of intervention by the government (Kang and Kim, 2012). Shleifer and Vishny (1997) suggest that government ownership can contribute to poor firm performance because Government Owned enterprises often face political pressure for excessive givement. In addition, it is often difficult to monitor managers of government owned enterprises and there is often a lack of interest in carrying out business process reengineering (Shleifer and Vishny, 1996 Kang and Kim, 2012). Contrary to Shleifer and Vishny (1997) some economists have argued that government ownership can improve firm performance in less developed and emerging economies in particular. This is because government ownership can facilitate the resolution of issues with respect to ambiguous property rights. The empirical evidence on the impact of state ownership on firm performance is mixed. For example, Xu and Wang (1999) provide evidence of a negative relationship between state ownership and firm performance based on data for Chinese listed firms over the period 1993-1995. The study, however, fails to find any link between the market-to-book ratio and state ownership (Xu and Wang, 1999). Sun and Tong (2003) employ ownership data from 1994 to 2000 and compares legal person ownership with government ownership. The study provides evidence that government ownership negatively affects firm performance objet dart legal person ownership positively affects firm performance. This conclusion is based on the market-to-book ratio as the broadside of firm performance. However, using engender on sales or gross earnings as the measure of firm performance, the study provides evidence that government ownership has no effect on firm performance. Sun et al. (2002) provide contrary evidence from above. utilise data over the period 1994-1997, Sun et al. (2002) provide evidence that both legal person ownership and government ownership had a positive effect on firm performance. They explain their results by suggesting that legal person ownership is another form of government ownership. The above studies treat the relationship between government ownership and firm performance as linear. However it has been argued that the relationship is not linear. Huang and Xiao (2012) provide evidence that government ownership has a negative net effect on performance in transmutation economies. La Porta et al. (2002) provide evidence across 92 countries that government ownership of banks contributes negatively to bank performance. The evidence is consistent with expandc (2005) and Brown and Dinc (2005) who investigate government ownership banks in the U.S.2.1.2 Family Ownership Family ownership is very common in oil firms in UAE. There is a difference between family ownership and other types of shareholders in that family owners tend to be more interested in the long survival of the firm than other types of shareholders(Arosa et al., 2010).. Furthermore, family owners tend to be more concerned about the firms reputation of the firm than other shareholders (Arosa et al., 2010). This is because damage to the firms reputation can also result in damage the familys reputation. Many studies have investigated the relationship between family ownership and firm performance. They provide evidence of a positive relationship between family ownership and firm performance (e.g. Anderson and Reeb , 2003 Villalonga and Amit, 2006 Maury, 2006 Barontini and Caprio, 2006 Pindado et al., 2008). The positive relationship between family ownership and firm performance can be attributed to a number of factors. For example, Arosa et al. (2010) suggests that family firms long-term goals indicate that this category of firms desire investing over long horizons than other shareholders. In addition, because there is a significant relationship between the wealth of the family and the value of the family firm, family owners tend to have greater incentives to monitor managers (agents) than other shareholders (Anderson and Reeb, 2003). Furthermore, family owners would be more interested in offering incentives to managers that will make them loyal to the firm. In addition, there is a substantial long-term presence of families in family firms with strong intentions to preserve the name of the family. These family members are therefore more likely to forego short-term financial rewards so as to enable future generations take over the business and protect the familys reputation (Wang, 2006). In addition, family ownership has positive economic consequences on the business. There are strong control structures that can motivate family members to communicate effectively with other shareholders and creditors using higher quality financial reporting with the resulting effect being a reduction in the cost of financing the business. Furthermore, families are interested in the long-term survival of the firm and family, which reduces the opportunistic way of family members with regard to the distribution of earnings and allocation of management,. Despite the positive impact of family ownership on firm performance, it has been argued that family ownership promotes high ownership concentration, which in turn creates corporate governance problems. In addition, high ownership concentration results in other types of be. As earlier mentioned, La Porta et al. (1999) and Vollalonga and Amit (2006) argue that controlling shareholders are likely to undertake activities that will give them shed light on unfair advantage over non-controlling shareholders. For example, family firms may be unwilling to move over dividends . Another reason why family ownership can have a negative impact on firm performance is that controlling family shareholders can easily favour their own interests at the expense of non-controlling shareholders by cartroad the company as a family employment service. Under such circumstances, management positions will be limited to family members and extraordinary dividends will be gainful to family shareholders. Agency costs may rise because of dividend payments and management entrenchment. Families may also have their own interests and concerns that may not be in line with the concerns and interests of other investor groups. Schulze et al. (2001) provide a discussion, which suggests that the impact of family ownership on fi rm performance can be a function of the generation. For example, noting that billet costs often arise as a result of the separation of ownership from control, they argue that first generation family firms tend to have limited agency problems because the management and supervision decisions are made by the same individual. As such agency costs are reduced because the separation of ownership and control has been completely eliminated. Given that there is no separation of ownership and control in the first generation family firm, the firm relationship between family ownership and performance is likely to be positive (Miller and Le-Breton-Miller, 2006). As the firm enters second and third generations, the family property becomes shared by an increasingly large number of family members with diverse interests. The moment conflict of interests sets in the relationship between family ownership and performance turns negative in accordance to. Furthermore, agency problems arise from family r elations because family members with control over the firms resources are more likely to be generous to their children and other relatives. To summarize, the relationship between family ownership and firm performance may be non-linear. This means that the relationship is likely to be positive and negative at the same time. To support this contention, a number of studies have observed a non-linear relationship between family ownership and firm performance (e.g. Anderson and Reeb, 2003 Maury, 2006). This means that when ownership is less concentrated, family ownership is likely to have a positive impact on firm performance. As the family ownership concentration increases, minority shareholders tend to be exploited by family owners and thus the impact of family ownership on firm performance tends negative. low countries have a relatively weak diamond of matched advantages.D. Analysis1.0 Potters Diamond Model The competitive forces advantages or epitome ought to be fixed on the main competitor factors and its impact analytic thinking on the business (Porter 1998, p.142). The state, and home wealth cannot be inherited -3554730607695Faktorski uvjeti00Faktorski uvjeti-27546301293495Vezane i podravajue industrije00Vezane i podravajue industrije-332041536195ansa00ansa it ought to be produced (Porter 1998, p.155). This wealth is influenced by the ability of industry to continually upgrade and innovate itself, and this is achievable exclusively by increase means in production in all part of fiscal action. The model of Porter concerns aspect which circuitously or openly affects advantage of competition. The aspect structure a place where given manufacturing sector like in this case, oil sector, state or region a register and act on the way of competing in that environment.Left0-3686175215392000Each diamond (oil) and the field of diamond (oil) as the whole structure consists of main influences that makes the oil sector competition to be successive. The se influences entail all ability and resource vital for competitive advantage of the sector data forming the opportunity and providing the response to how accessible abilities and resources ought to be ruled each interest group aim and the is most crucial, oil sector pressure to innovating and investing.Swot analysisStrengthsThe oil sector has many years producing oil and so is well established.Comparatively lots of sub-sectors for industrialist constancy and support.WeaknessesComparatively out of date scientific foundation.Inadequate well educate professionals and residents in comparison to the new industry needs.Lesser costs of work cost in oil sector due to low compensation from regular salaries in UAE.Opportunities The likelihood for resources application of EU agreement funds, as is the state resourcesReasonably good quality of 11 % graduate students share that are likely to be absorbed into this oil sector.Contribution in motivational and investment projects that help in developing the economy of UAE every time.ThreatsExpansion of oil production capacity of economies of South-Eastern that have competed with low prices of products and itsy-bitsy costs of production.Loan jobs and production globalisation.Reinforcement of local competition of adjacent economies, and thus reinforcing actions that attract direct overseas exploitation of the oil sector in UAE through investments. university extensionsAdmati, A., Pfleiderer, P., and Zechner, J. 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