The Meaning and Origin of the Surname Rodriguez

The Meaning and Origin of the Surname Rodriguez The name Rodriguez is of Spanish origin. It patronymic in nature (taken from the paternal line) and means son of Rodrigo. The ez or es added to the root signifies descendant of. The given name Rodrigo is the Spanish form of Roderick, meaning famous power or powerful ruler, which comes from the Germanic elements hrod, meaning fame and ric, meaning power. Where Do People With the Rodriguez Surname Live? Overall, Rodriguez is the 60th most common surname in the world. According to WorldNames PublicProfiler, the Rodriguez surname is extremely popular in Spain. Its most commonly found in the region of Islas Canarias, followed by Galicia, Asturias,  Castilla y Leà ³n, and Extremadura. The name is also popular in Argentina and is distributed fairly evenly throughout the country. The genealogy site Forebears ranks Rodriguez as the number one surname in Cuba, the Dominican Republic, Costa Rica, Venezuela, Colombia, and Uraguay. It ranks second in Argentina, Puerto Rico, and Panama and third in Spain, Peru, and Honduras. Fast Facts About the Name Rodriguez Ninth Most Common Name in America: According to the 2000 census, Rodriguez ranked the ninth most common surname in the United States, likely the first time a non-Anglo name ranked among the top 10 (at #8 the Hispanic surname Garcia also cracked the top 10).Famous People Named Rodriguez: Luis Rodriguez, contemporary poet; Michelle Rodriguez, American actress; Alex Rodriguez, New York Yankees third basemanAlternate Surname Spellings:  Rodrigue, Rodriques, Roderick, Rodiger, Rhodriquez, Rhodriguez, Rodrigues (Portuguese) Genealogy Resources for the Surname Rodriguez Contrary to what you may have heard, theres no such thing as a Rodriguez family crest or coat of arms.  Coats of arms are granted to individuals- not families- and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.   To learn more about the origins of common Hispanic surnames and their meanings, a good place to start is with the information taken from the 2000 U.S. census about the 100 most common U.S. surnames and their meanings. The following is a list of other helpful resources for learning more about the Rodriguez surname: The Rodriguez DNA Project: This Y-DNA project is open to all males with the Rodriguez surname (or its variations) interested in working together to use DNA testing and traditional family history research to identify common Rodriguez ancestors.Rodriguez Family Genealogy Forum: Search this popular genealogy forum to find others who may also be researching your ancestors, or post your own Rodriguez query.FamilySearch- Rodriguez Genealogy: Access over 12 million free historical records and lineage-linked family trees posted for the Rodriguez surname and its variations on this free genealogy website hosted by the Church of Jesus Christ of Latter-day Saints.Rodriquez Surname Family Mailing Lists: RootsWeb hosts several free mailing lists for researchers. You can also search or browse the list archives to view Rodriquez surname queries and posts going back for over a decade.DistantCousin.com- Rodriquez Genealogy Family History: Explore free databases and genealogy links for the last name Rodriguez. The Rodriguez Genealogy and Family Tree Page: Browse genealogy records and links to genealogical and historical records for individuals with the Rodriguez surname from the website of Genealogy Today. Sources Cottle, Basil. Penguin Dictionary of Surnames. Baltimore: Penguin Books, 1967.Menk, Lars. A Dictionary of German Jewish Surnames. Bergenfield, NJ: Avotaynu, 2005.Beider, Alexander. A Dictionary of Jewish Surnames from Galicia.  Bergenfield, NJ:  Avotaynu, 2004.Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. New York: Oxford University Press, 1989.Hanks, Patrick. Dictionary of American Family Names. New York: Oxford University Press, 2003.Hoffman, William F. Polish Surnames: Origins and Meanings.  Chicago:  Polish Genealogical Society, 1993.Rymut, Kazimierz. Nazwiska Polakow.  Wroclaw: Zaklad Narodowy im. Ossolinskich - Wydawnictwo, 1991.Smith, Elsdon C. American Surnames. Baltimore: Genealogical Publishing Company, 1997.

John Lloyd Stephens and Frederick Catherwood

John Lloyd Stephens and Frederick Catherwood John Lloyd Stephens and his traveling companion Frederick Catherwood are probably the most famous couple of Mayan explorers. Their popularity is linked to their best-selling book Incidents of Travel in Central America, Chiapas and Yucatn, first published in 1841. Incidents of Travel is a series of anecdotal tales about their travel in Mexico, Guatemala, and Honduras visiting the ruins of many ancient Maya sites. The combination of vivid descriptions by Stephens and the â€Å"romanticized† drawings of Catherwood made the ancient Maya known to a wide audience. Stephens and Catherwood: First Meetings John Lloyd Stephens was an American writer, diplomat, and explorer. Trained in law, in 1834 he went to Europe and visited Egypt and the Near East. At his return, he wrote a series of books about his travels in the Levant. In 1836 Stephens was in London and here he met his future traveling companion Frederick Catherwood, an English artist and architect. Together they planned to travel in Central America and visit the ancient ruins of this region. Stephens was an expert entrepreneur, not a risky adventurer, and he carefully planned the trip following the then-available reports of ruined cities of Mesoamerica written by Alexander von Humbolt, by the Spanish officer Juan Galindo about the cities of Copan and Palenque, and by Captain Antonio del Rio’s report published in London in 1822 with the illustrations by Frederick Waldeck. In 1839 Stephens was appointed by the U.S. president, Martin Van Buren, as ambassador to Central America. He and Catherwood reached Belize (then British Honduras) in October of the same year and for almost a year they traveled across the country, alternating the diplomatic mission of Stephens with their exploring interest. Stephens and Catherwood at Copn Once landed in British Honduras, they visited Copn and spent there few weeks mapping the site, and making drawings. There is a long-standing myth that the ruins of Copn were purchased by the two travelers for 50 dollars. However, they actually only bought the right to draw and map its buildings and carved stones. Catherwoods illustrations of Copan’s site core and carved stones are impressive, even if â€Å"embellished† by a romantic taste. These drawings were made with the aid of a camera lucida, an instrument that reproduced the image of the object on a sheet of paper so that an outline could then be traced. At Palenque Stephens and Catherwood moved then to Mexico, anxious to reach Palenque. While in Guatemala they visited the site of Quirigu, and before wending their way towards Palenque, they passed by Tonin in the Chiapas highlands. They arrived at Palenque in May of 1840. At Palenque the two explorers stayed for almost a month, choosing the Palace as their camp base. They measured, mapped and drew many buildings of the ancient city; one especially accurate drawing was their recording of the Temple of the Inscriptions and the Cross Group. While there, Catherwood contracted malaria and in June they left for the Yucatan peninsula. See the Walking Tour of Palenque Stephens and Catherwood in Yucatan While in New York, Stephens made the acquaintance of a rich Mexican landowner, Simon Peon, who had extensive holdings in Yucatan. Among these was the Hacienda Uxmal, a huge farm, on whose lands laid the ruins of the Maya city of Uxmal. The first day, Stephens went to visit the ruins by himself, because Catherwood was still sick, but the following days the artist accompanied the explorer and made some wonderful illustrations of the site buildings and of its elegant Puuc architecture, especially the House of the Nuns, (also called the Nunnery Quadrangle), the House of the Dwarf (or Pyramid of the Magician), and the House of the Governor. Last Travels in Yucatan Because of Catherwood’s health problems, the team decided to return from Central America and arrived in New York on July 31st, 1840, almost ten months after their departure. At home, they had been preceded by their popularity, since most of Stephens travel notes and letters had been published in a magazine. Stephens had also tried to purchase the monuments of many Maya sites with the dream of having them dismantled and shipped to New York where he was planning on opening a Museum of Central America. In 1841, they organized a second expedition to Yucatan, which took place between 1841 and 1842. This last expedition led to the publication of a further book in 1843, Incidents of Travel in Yucatan. They are reported to have visited a total of more than 40 Maya ruins. Stephens died of Malaria in 1852, while he was working on the Panama railroad, whereas Catherwood died in 1855 ​when the steamship he was riding in sank. Legacy of Stephens and Catherwood Stephens and Catherwood introduced the ancient Maya to the Western popular imagination, as other explorers and archaeologists had done for the Greeks, Romans and ancient Egypt. Their books and illustrations provide accurate depictions of many Maya sites and a lot of information about the contemporary situation in Central America. They were also among the first to discredit the idea that these ancient cities were built by the Egyptians, the people of Atlantis or the lost Tribe of Israel. However, they didn’t believe that the ancestors of the native Mayans could have built these cities, but that they must have been built by some ancient population now disappeared. Sources Harris, Peter, 2006, Cities of Stone: Stephens and Catherwood in Yucatan, 1839-1842, in Co-Incidents of Travels in Yucatan. Photoarts Journal ( photoarts.com/harris/z.html) accessed online (July-07-2011) Palmquist, Peter E., and Thomas R. Kailbourn, 2000, John Lloyd Stephens (entry), in Pioneer Photographers of the Far West: a Biographical Dictionary, 1840-1865. Stanford University Press, pp. 523-527 Stephens, John Lloyd, and Frederick Catherwood, 1854, Incidents of Travel in Central America, Chiapas and Yucatan, Arthur Hall, Virtue and Co., London (digitized by Google).

Baby talk Research Paper Example | Topics and Well Written Essays - 1750 words

Baby talk - Research Paper Example This paper presents an analysis of Baby talk. In particular, it presents 15 baby talk words from a chosen child named Firas who is aged 2 years and 5 months. Additionally, this paper presents a morphological, phonological and syntactic analysis of the baby talk words in the data list. This section of the research paper is structured with reference to Jones (1986), pages 178 to 180 in the East Cree Baby talk file. Finally, this paper presents a conclusion of the findings with reference to the chapter 11, First language acquisition, of the text book. Firas is Arabic, and is brought up with Arabian parents and caretaker in the Middle East. This baby talk represents the Arabic language which has been applied from the 19th century. The Arabic language is characterised with numerous examples of baby talk items that display pharyngeal spirants. However, these are commonly seen as elements that are acquired late in Arabic. For example, labial categorical are present in Arabic baby talk and could be the primary categorical to be acquired by the Arabic young children. This is regardless of the fact that they are insignificant at the adult stage. Phonology - entails the study of speech construction in a language, which includes the trend of fundamental speech elements and the established rules of how to pronounce words identified as phonology. The least element of sounds that compose a language is referred to phonemes. In particular, the word â€Å"Mbuwa† which is Firas’s Arabic baby talk word that stands for drink, consists of five phonemes, the â€Å"mb† stands for one phoneme /mb/, the â€Å"u† maps to the short sound/Ã… ­/, the â€Å"w† stands for /w/ and finally, â€Å"a† to its fundamental sound /ÄÆ'/. Morphology - is the advanced stage of language that entails the study of tiny elements of meaning –morphemes. Morphemes entail foundational words, such as, â€Å"Food†, â€Å"dog†

Gospel Choir by Walter Hawkins Essay Example | Topics and Well Written Essays - 500 words

Gospel Choir by Walter Hawkins - Essay Example Somehow Walter Hawkins managed to combine being an attentive pastor, a successful musician and a loving father. He got two kids from his marriage with Tramaine Hawkins. Even though their marriage was quite short, they remained friends and link-minded people. The album series â€Å"Love Alive† were very popular and their success was growing with each next recorded hits. The audience loved that Gospel singer for his counter tenor and it can be said that his voice was so powerful that it made him sound almost like an opera singer. The role of the Choir in Walter’s performances cannot be neglected   because some velvety texture was added to his singing.   The worship of God, expressed in such talented manner, made its work and carried the necessary message to his audience . People got silent listening to his songs as they were full of his energy and love that was felt by people. It was not important what languages were understood by his listeners because language of lov e had always been understood by everyone. Walter Hawkins got many awards for his talent. Grammy Award (he was nominated nine times), Dove Awards and Stellar Awards are the most prestigious among all of them.Walter was an exceptional man because he was the best in accomplishing each task that he had started. His main contribution was his dedication to people, either to those ones who entered his life for long, or those ones who crossed it for a while. His singing career enriched the whole musical world with jazz improvisation connected.

Limited War Strategy Research Paper Example | Topics and Well Written Essays - 750 words

Limited War Strategy - Research Paper Example One of the important aspects of this war is the manner in which its history has been written. This paper shall look at two histories of the war-one written by Dwight Jon Zimmerman and the other by George Moss. The former is a graphic history and the latter is a conventional history written in the format of a textbook. These entail many differences in the kind of issues that they deal with and the emphases that they place on certain issues. George Moss’s account deals with issues of the policies that were adopted during the period from 1965 to 1967. The policies are what the emphasis is laid on and the methods used to illustrate these events are exactly that - illustrations. They are not looked at as events in themselves but as illustrations of larger political policies that were important at a certain point in history (Moss). However, in Zimmerman’s account, there is a fundamental difference. The emphasis is laid on the individual battles that were fought and the battal ions that were part of these particular battles (Zimmerman). This emphasis makes the history much more approachable and makes the history one that has characters who are very human rather than figures of political authority who do not seem to have a personality to speak of. This is a view of history that incorporates the views of the masses as well as opposed to one which is based exclusively on a textbook format. The episode that Zimmerman talks of where General Westmoreland and his men establish good relations with the villagers in Vietnam so as to take their interests into account while fighting battles seems to be included having taking into account the format of the book (Zimmerman). This episode can be depicted much better in a graphic format, and the portrayal of individual relations between the soldiers and the villagers that the author wishes to demonstrate works better through the graphic format that he adopts. In the case of George Moss, there is a description of the tuss le between Douglas MacArthur and Harry S. Truman (Moss). This exemplifies the spirit of the textbook where there is an understanding of history as it happened involving the larger players like the politicians. The understanding of history is from above rather than from below. This is not to say that the graphic format is the best. There is a great deal of the larger picture that is lost when the graphic method is employed. Political machinations and their effects on the people are usually lost in Zimmerman’s account. These can be better understood through Moss’s account through a description of the limited war theories that he explains in words. This loss is then sought to be made up through pictures but the political complexity of the war is lost to a certain extent. Zimmerman highlights certain sections of the text so as to capture the attention of the reader. Certain abbreviations like Combined Action Platoon (CAP) are printed in bold face (Zimmerman). This makes it clear that the aim of the narrative is not merely to entertain but also to educate. Such aspects of the narrative make it clear that graphic history and conventional textbook histories are meant to complement each other and not exist in isolation from each other. The illustrations serve the purpose of humanizing the entire narrative and also make it possible for younger readers to understand and know the details of the Vietnam War. There

Microfinance Institutions in Mediterranean Countries

Microfinance Institutions in Mediterranean Countries This paper examines empirically the relation between governance mechanisms and the performance of Euro-Mediterranean microfinance institutions (MFIs) in terms of outreach and sustainability. Specifically, we found that performance-based compensation of managers is not associated with better performance of MFIs. The results identify tradeoffs between MFIs outreach and sustainability depending on larger boards size, and on higher proportion of unaffiliated directors. Moreover, the study shows that the more women there are on a board the better the performance, and reveals that external governance mechanisms help MFIs to achieve better financial performance. This study also allows us to distinguish other factors leading to a better sustainability such as Regulation, the use of individual lending methodology. However, the MFIs active as NGOs seem to be more consistent with their social mission than with their financial performance. 1. Introduction Microfinance is the provision of financial and non financial services to the poor who are excluded from financial/credit markets because they are considered unbankable. Indeed, microfinance institutions has evolved primarily as a consequence of the efforts individuals and assistance agencies committed to the idea of ensuring that the poor people has access to some form of credit. The majority of MFIs claims having a dual mission of reaching poor borrowers (outreach), and being financially sustainable (sustainability). While the social goals of reaching the poorest and poverty alleviation are valid, financial sustainability has emerged as one of the core management and governance issues. The shrinking resources base for donor funds to support the increasing demand for grants and soft loans implies that MFIs will eventually have to support themselves (Ledgerwood, 2000). However, their sustainability will focus on governance structures within the industry. Indeed, as M Labie (2000) observes, in the last decade corporate governance principles have imposed themselves as the basic rules for any well Run Company to follow. The trend has however transcended from traditional business companies but is now part of the globalization process often seen as a tool for standardizing the controlling vision for any major organization in the world. The drive towards Governance has been propelled by a number of factors particularly the collapses of some of the major players in the Industry, the influx of private Equi ty and fall in donor funding. Governance is about achieving corporate goals. The fundamental purpose of MFIs is to contribute to a country development. This involves reaching out to more clients especially the poor (Helms, 2006; Johnson et al., 2006). Not least but now growing in importance especially among donors is the requirement that MFIs achieve financial sustainability. Microfinance practitioners assert that good governance is the key to a successful MFI (Campion, 1998; Rock, Otero Saltzman, 1998; Labie, 2001; CGAP, 2006; Helms, 2006; UN, 2006). In spite of these observations, only few studies have focused on governance and the examination of the linkage of various governance mechanisms and performance (McGuire, 1999). It seems relevant to examine closely the role of various governance mechanisms since MFIs managers control significant resources. Except the study of Hartarska (2005), and those of Mersland, Roy and Strà ¸m, Reidar Øystein (2007), and Cull et al., (2007), no more study attempt to shed light on the link between governance and performance especially in the Euro-Mediterranean countries although it is a very active zone with a microfinance industry quite diverse (NGO, NBFI, Bank) where actors should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. While exploiting recently conducted survey by the authors in order to study the efficiency of MFIs in Mediterranean countries, the annual financial reports of the microfinance institutions and other relevant information collected from Microfinance Information Exchange (MIX), this paper aim to investigate the link between governance and Euro-Mediterranean MFIs performance in terms of outreach and sustainability since governance guides an institution in fulfilling its corporate mission and protects the institutions assets over time. As Rock, R, Otero, M Saltzman, S (1998) notes it is a key in guiding management in strategic issues and in carrying out the agreed upon strategic plans. The empirical model explores the joint and individual effect of management compensation, board diversity, and external governance mechanisms on both MFI sustainability, and the depth and breath of outreach while controlling for individual characteristics and, as well as country specific factors. The result s show that performance-based compensation does not improve performance. MFIs with larger boards seem to do better. More independent boards are more effective however. Board diversity (Higher proportion of women) seems to ameliorate outreach. External governance mechanisms especially auditing and regulation improve the financial sustainability. The remainder of this paper is organized as follows. Section 2 deals with the research context. Section 3 briefly reviews the few related studies. Section 4 presents the conceptual framework as well as working hypothesis. Section 5 looks at data description and methodology. Section 6 discusses the empirical findings, and Section 7 draws conclusions emanating from the findings. 2. Microfinance in Mediterranean Experience throughout the world has proven that microfinance help the poor to increase income, built their business, and secure their future by reducing their vulnerability to external shocks. Furthermore, microfinance is often a powerful tool for empowering the poor especially women, to take charge of their economic well-being and those of their families. The Euro-Mediterranean region consists of 21 countries. The microfinance industry in this zone is young with high growth potential. Currently, it is estimated that there are over sixty microfinance institutions (MFIs NGOs), and a potential of numerous other producing credit to poor microentrepreneurs (Ben Soltane, 2008). The majority of these programs are south of the Mediterranean (Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Syria). Programs also exist in Spain, France, Italy, Kosovo, Albania, Bosnia, and Croatia (Figure 1). Morocco AMSSF, FMBC, KARAMA, AL AMANA, ZAKOURA Turkey MAYA Bosnia Bossel, EKI, MI-Bospo, MIKRA, Women For Women Palestine FATEN, UNRWA Italy FRD, 10 Talenti Fond S.M.Soccorso Fond S.G.Moscati Tunisia ENDA, BTS Spain CODESPA, WWB Spain Egypt ESED, Lead foundation, DBACD, Al Tadamun France CSDL Albania PSHM, USCA Croatia DEMOS Lebanon Al Majmoua, Ameen, CHF-AM Jordan MFW, AMC, JMCC,DEF Kosovo P4, Meshtekna, Grameen Trust Figure1  [1]  : MFIs delivering microcredit in the Mediterranean. Euro-Mediterranean MFIs aim to provide financial services to low income households, even the extremely poor in a participatory and non-paternalistic development approach to the great interest of the donor community, policy makers, development researcher and practitioners. According to the so-called win-win proposition MFIs should combine the socials goals, such as poverty alleviation and reaching poor households (outreach) with operational and financial self-sufficiency (sustainability) based on access to international financial markets independently from international development agencies. Therefore, MFIs should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. The regions top MFIs are openly committed to best practice microfinance. In terms of depth of outreach, the sector has generally moved towards serving more and more of the poor clients. According to the FEMIP and Sanabel study, the Mediterranean represents a potential market for the microfinance with nearly 40 million customers, whereas currently only 9 million people profit from the financial assistance of the companies operating in this sector. The number of borrowers increased of more than 43 % per annum between 2004 and 2006, against 20% on a worldwide scale, an indication that the sector as a whole is reaching more of the marginalized in the society. The regions top MFIs have proven also to have excellent leadership abilities, impressive outreach and growth, as well as a commitment to best practice microfinance. Furthermore, it is estimated that around 85% of the regions active clients are served by sustainable MFIs. 3. Literature review Governance in microfinance has been recognized to be an important issue. However, the biggest problem to microfinance practitioners has been balancing the dual mission of outreach and sustainability. The changing of microfinance environment has shown a move towards sustainability ultimately leading to governance issues as donors funds shrink and equity inflows increase in the microfinance sector. Microfinance institutions have therefore embraced boards and adopted principles of corporate governance to ensure their survival. Investigating the link between good governance and the performance of MFIs in terms of outreach and sustainability is crucial since governance guides an institution in fulfilling its corporate mission and protects the institution assets over the time. However, there is a limited academic studies dealing with this subject, partly due to the lack of data. While using three surveys of rated and unrated east European MFIs from three random samples in the period 1998 to 2002, Hartarska (2005), investigates the relation between governance mechanisms and financial performance. Financial performance and outreach constitute dependant variable dimensions and governance mechanisms include board characteristics, managerial compensation, and external governance mechanisms such as rating, financial statements audited, and supervision. The author finds that performance-based compensation of managers is not associated with better performing MFIs; lower wages suggested for mission-driven organization worsen outreach. She identify also that a more independent board has better ROA, but a board with employee directors gives lower financial performance and lower outreach. Finally, the author concludes that external governance mechanism seems to have a limited role in the study region. In a recent study, Mersland, Roy and Strà ¸m, Reidar Øystein (2007), use a self constructed global data set on MFIs spanning 57 countries collected from third-partly rating agencies. The authors study the effect of board characteristics, ownership type, competition and regulation on the MFIs outreach to poor clients and its financial performance. They found that split roles of CEO Chairman, a female CEO, and competition are important explanation. Moreover, the authors found that larger board size decrease the average loan size, while individual guaranteed loan increase it. Finally, they conclude that there is no difference between nonprofits organizations and shareholder firms in financial performance and outreach. A third study conducted by Cull et al., (2007) looking at MFIs financial performance and outreach as well, with a focus on lending methodology  [2]  , controlling for capital and labour cost as well as institutional features. While using data from 124 rated MFIs, the authors found that MFIs that focus on providing loans to individuals perform better in terms of profitability. Yet, the fraction of poor borrowers and female borrowers in the loan portfolio of these MFIs is lower than for MFIs that focus on lending to groups. The study suggests also that individual-based MFIs, especially if they grow larger, focus increasingly on wealthier clients, a phenomenon termed as mission drift. This mission drift does not occur as strongly for the group-based MFIs. However, no governance variables, such as board characteristics or ownership type are taken into consideration. The limited academic investigation into the link between governance mechanisms and performance of MFIs in terms of outreach and sustainability, and the fact that other governance mechanisms such as the proportion of women in the board remain unexplored justify the importance of a similar study in the Euro-Mediterranean zone, characterized by a very active and quite diverse microfinance industry, that complete formers studies. 4. Conceptual framework and working hypothesis While focusing on the microfinance field, the governance can be defined as the process of guiding an institution to achieve its objectives while protecting its assets. It refer to the mechanisms though which donors, equity, investors, and other providers of funds ensure themselves that their funds will be used according to the intended purposes (Hatarska, 2005). The presence of these control mechanisms is crucial either to align the interests of managers and providers of funds since they may have diverting preferences and objectives, or to monitor the performance of managers to insure that they use their delegated power to generate the highest possible returns for the providers of funds. This notion comes from the agency perspective. It found its origins in the work of M. C. Jensen and W. H. Meckling, 1976 who assimilate the firm to a node of contracts. The explanatory model of the structures of financing and shareholding is founded on the assumption of asymmetry of information and c onflicts of interests between managers and providers of funds. According to M. C. Jenson and W. H. Meckling, agency relationship is a contract under which one or more persons (principal) engage another person (agent) to perform some service on their behalf, which involves delegating some decision-making authority to the agent  [3]  . In this case the relation of agency will relate the principal (owner) and his agent (manager), this last being engaged to serve the interest of the first. From these relations emanates the concept of agency costs, costs which result from the potentially opportunist character of the actors (moral hazard) and information asymmetry between the contracting ones (adverse selection). These agency costs represent the loss in value compared to an ideal situation where there is no information asymmetry and conflict of interests. According to the theorist of agency an organisation is considered efficient if it minimise the agency costs. This purpose can be in tended though an effective governance mechanism. According to Keasey et al., 1997, the most important features of an effective governance framework are ownership structure (including institutional and managerial ownership), CEO (manager) and director (board member) remuneration, board structure (size and composition), auditing, information disclosure, and the market for corporate control. Usually, research literature related to this field use partial measures. In other words, governance studies treat separately the impact of each variable such as compensation, board size, independence and diversity, and external market forces on firm performance. However, since latest studies (Hermalin Weisbach, 2003) identify the complementarities, and the correlation between these mechanisms, this study will investigate the impact of the majority of these mechanisms excluding ownership due to lack of data on ownership structure. The most important attribute that distinguishes microfinance institutions from other is what has come to be called its dual mission of balancing a social agenda or social impact with its financial objectives. The MFI combine a social development mission (provision of financial services to the lowest income population possible), with a financial objectives that drives the institution to achieve self-sufficiency and thereby accomplish sustained service delivery without dependence on subsidies. These dual objectives (social: outreach, and financial: sustainability) make difficult the study of governance of MFIs, especially with their different types: Non profit, Non-Governmental Organizations (NGOs), For-profit Microfinance Institutions, Credit Unions. This challenge is surmounted by formulating and testing hypothesis based on insights from the literature on corporate governance, formers studies, governance in banks and in non profit organizations, and by estimating the impact of the go vernance mechanisms on both sustainability and outreach. 4.1. Internal Governance mechanism The incentives of top management have been characterized as an important mechanism of corporate governance as it ensures the alignment of the management and the shareholders interest (John et al., 2004). In other words, it serves as a mechanism for resolving the conflict of interest among the managers and shareholders. Brick, Palmon and Wald (2006) highlighted that director compensation should also affect performance of a firm. With regards to banking institutions, higher-powered incentives may encourage managers to take higher risks at the expense of depositors, who would suffer if the institution fails; thus low pay-performance sensitivity is suggested (John John, 1993). In fact, it is proved by Adams Mehran, 2003; Houston James, 1995; John Qian, 2003, that pay-performance sensitivity in banking in lower than other industries. Since in non-profit firm there is a growing problem of informational asymmetry between clients and managers (i.e., managers possess many crucial information about the product), it seems that the fixed management salaries is the best choice for mission-driven organizations (Easley OHara, 1998). With the fixes salaries, the managers, indifferent between telling the truth or lying, will find it in his benefit to tell the truth. Therefore, if the client and donors find the information provided by non-profit managers more credible, the firm will be better-funded and better-performed. Hypothesis 1. MFIs whose manager receives a fixed salary will not perform worse than MFIs whose managers receive performance based remuneration. Most guidelines recognize that the board of directors is the focal point corporate governance. The composition and structure of the board have a direct bearing on corporate governance. Board of directors is designate for the purpose of ensuring the alignment of the firm activities and its specified objectives. The board has the duty for making sure that the top managers are behaving in a way that will provide the optimal value for shareholders (Coles et al., 2001). There is a view that larger boards are better for corporate performance because they have a range of expertise to help make better decisions, and are harder for a powerful CEO to dominate. However, recent thinking has leaned towards smaller boards. Jensen (1993) and Lipton Lorsch (1992) argue that large boards are less effective and are easier for a CEO to control. When a board gets too big, it becomes difficult to co-ordinate and process problems. Smaller boards also reduce the possibility of free riding by individual directors, and increase their decision taking processes. Empirical research supports this. For example, Yermack (1996) documents that for large U.S. industrial corporations, the market values firms with smaller boards more highly. Eisenberg et al. (1998) also find negative correlation between board size and profitability when using sample of small and midsize Finnish firms. In Ghana, it has been identified that small board sizes enhances the performance of MFIs (Kyere boah-Coleman and Biekpe, 2005). Mak and Yuanto (2003) echo the above findings in firms listed in Singapore and Malaysia when they found that firm valuation is highest when board has five directors, a number considered relatively small in those markets. In a Nigerian study, Sanda et al (2003) found that, firm performance is positively related with small, as opposed to large boards. Hypothesis 2. Board size should have an inverse correlation with MFIs performance A third common monitoring mechanism advocated by the agency perspective is a board composed of a majority of independent directors. These non-executive or outside directors are believed to provide superior benefits to the firm as a result of their independence from firm management. Under this organizational design, conflicts of interest can be avoided and executive leaders can be evaluated more objectively. The literature suggested that increases in the proportion of outside directors on the board should increase firm performance as they are more effective monitors of managers (Adams and Mehran, 2003). The proportions of the outside directors can be measured in terms of the ratio of outside directors to board size. The positive aspect of having board independence was evidenced in a study by Byrd et al (2001) that highlighted the survival of firms in the thrift crisis due greater proportion of independent directors in the board. Kyereboah-Coleman and Biekpe (2005) found also a positive relationship between proportion of outside board members and performance of MFIs in Ghana. Hypothesis 3. MFIs performance will be affected positively by the proportion of non-affiliated outsiders on the board. Corporate governance literature argues that board diversity in terms of women and minority representation is potentially positively related to firm performance. Board diversity promotes a better understanding for the market place, increases creativity and innovation, produces mores effective problem solving, enhances the effectiveness of corporate leadership, and promotes effective global relationships (Robinson and Dechant, 1997). Fondas and Sassalos, 2000 argue that diversity in board composition via greater female representation will lead to improved board governance and top management control. In microfinance, the study of Coleman, 2006 show that having women in CEOs on MFI boards enhance performance and also the more the women there are on a board, the better the performance. Furthermore, having a high fraction of women in the board would help the MFI understand its customers better so as to separate the good risk from the bad (Mersland R. et Oystein Strom R. 2007). Hypothesis 4. Board diversification and the presence of women and minority will lead to a better performance of MFI. Another principle of effective bank supervision is effective internal audit. Internal audit helps to identify problem areas and to avoid major collapse. The internal board auditor provides independent, objective assessments on the appropriateness of the organizations internal governance structure and the operating effectiveness of specific governance activities. Reporting of all internal audit reports in an accurate and timely manner is essential for evaluation of the institutions status and need for any change in strategy. Policy papers for MFIs stress the importance of internal audit and recommend that the internal auditor reports directly to the MFI board (Steinwand, 2000). Hypothesis 5. MFI allowing their internal auditors to report directly to the board should show higher financial performance. 4.2. External Governance Mechanisms The external governance mechanism can be implemented as a result of the failure or the weakness of internal governance mechanisms. In the microfinance industry donors and creditors are increasingly relying on information from audited financial statement and rating agencies (Hartarska, 2005). These external governance mechanisms are an important mechanism that provides depositors, creditors and shareholders with credible assurances that they will refrain from fraudulent activities. In other words it reduces informational asymmetries between the different stakeholders and the firm (Healy Palepu, 2001). Audited financial statements are an important tool for the assessment of MFIs by regulators and capital markets. They form an important part of the effective corporate governance. The auditors role is to provide a disinterested an objective view of the financial statements of the MFI in the line with generally accepted accounting standards. It is a mean to ensure potential investors and donors that an MFI complies with the accounting practices and managers do not misrepresent financial information. Hypothesis 6. MFIs with financial statement audited achieve better performance than MFIs without financial statement audited. According to Hartarska (2005), in the absence of developed equity and debt market, donors and investors rely on independent evaluation of MFIs performance. A MFIs rating reflects a rating agencys opinion of entitys overall creditworthiness and its capacity to satisfy its financial obligations. The raters evaluate objectively and independently the corporate governance in MFI and rank it on a relative rating scale that would facilitate comparison. Unlike typical rating agencies that rate the riskiness of issued debt, microfinance rating agencies rate the overall performance of the MFI in terms of outreach and sustainability. Hypothesis 7. Rating helps MFIs to achieve better results Many MFIs around the world operating as NGOs have increased their assets, reorganized, and transformed into regulated entities that can capture savings deposits. A regulated MFI has more chance to earn customer trust, and by the way to have a higher financial performance. Hence, regulation is crucial for microfinance sector development since it affect MFI performance by changing the internal rule of the organization. It implies the access to an important and low-cost funding source through the right to mobilise savings. Due to this effect, the MFI win the opportunity to increase the number of clients, but also to increase average loan amounts for existing borrowers. Moreover, if demands to fulfill regulatory requirements divert attention away from serving the poor, and hold back innovation in lending technology that has been the driving force behind MFIsability to serve even poorer borrowers, regulatory involvement will lead to mission-drift (Hartarska, 2007). Therefore, the effects upon depth and breadth in outreach may be uncertain as well, either upon depth or breadth, or a combination of the two (Mersland R. Oystein Strom R. 2007). Hypothesis 8. Regulation may guide the MFIs to fulfill better sustainability, but not to achieve better outreach. 5. Data and methodological issues Data for this study are issued from various sources. The major part comes from a survey conducted by the author in 2006 in order to test the efficiency of microfinance institution in Mediterranean (Ben Soltane, 2008). The performance variables and some governance variables are also obtained from the annual financial reports of the microfinance institutions collected from Microfinance Information Exchange (MIX); a non governmental organization whose object is to promote the exchange of information on the microfinance sector around the world  [4]  . All these information are updated and completed by a questionnaire dealing fundamentally with detailed question on governance addressed to the MFIs in the region. The response rate was 58% with 40 institutions. A special questionnaire was also addressed to the Mediterranean microfinance institutions that dont figure in the MIX MARKET data base. The response rate for these MFIs was weak and near 20%, with four institutions. Due to missed data, only two institutions are taken into account. The final sample comprises 42 institutions working in 20 countries. Our sample is quite representative of the Mediterranean microfinance industry as well as of the governance mechanisms and the performance of MFIs in the region. Following Hartarska (2005) works, our empirical model used to test the hypothesis include five major potential groups of determinants and is on the form: Where is a performance variable for MFI i in country j at time t; are MFI specific variables; are management specific variables; are board-specific variables, are external governance mechanisms; and are the country-specific macroeconomic variables. It is crucial to mention at this level that our choice of a single-equation model is supported by the hypothesis that various governance mechanisms are endogenously determined is not always supported by empirical evidence  [5]  . Since MFIs are special institutions having a dual mission, their performance is measured in terms of outreach and sustainability. Outreach is measured in breath and depth. Breach of outreach (NAB) is the logarithm of active borrowers, depth of outreach (DEPTH  [6]  ), is the average loan size on GDP per capita. Sustainability is measured by return on assets (ROA) which is a standard finance literature measure of performance, and by operational self-sufficiency (OSS). This variable measures how well the MFI can cover its costs through operating revenues. Table 1. Definitions of dependent variables used in analyses Variable Explanation Social Performance: Outreach NAB Logarithm of the number of current borrowers DEPTH The average loan size on GDP per capita Financial Performance: Sustainability ROA Return On Assets OSS Operational Self-Sufficiency MFI specific variables () are MFI size measured by the logarithm of total assets, MFI age measured in years sine commencement, and MFI type measured by three dummies (NGO, Nonbank Financial Institution, and bank). Since further studies (Navagas, Conning, Gonzalez-vega, 2003) show that the type of lending methodology used influences the success of these organization, our study include a variable Individual which is a dummy that takes the value of one if the MFI used individual lending technology. Variables built-in are Fixed-wage, which is a dummy for pay not based on performance, Experience is used to proxy for a mangers quality and is measured by the years of work experience. The board-specific variables contains Board-size, measured by the number of board members; Employees measured as the proportion of MFI employees who are voting board members; Independent measured as the proportion of non-affiliated board members; Women measured as the proportion of women in the board; Internal Board Auditor is a dummy variable that takes the value of one if there was an internal auditor with direct access to the board. The variables included in are Regulation, which is a dummy that takes the value of one if the MFI was supervised by the central bank or other bank supervisory agency; Rated is a variable that indicates whether the MFI was subject to independent evaluation or rating by an outside organization; Audited is a dummy that take also the value of one if there was an audited financial statement in the year t-1. Since MFI are issued from north and south of the Mediterranean, the dissimilarity in economic conditions across countries are controlled by the size of the economy (Economy size), measured by the logarithm of a countrys GDP, and by the average inflation rate (Inflation), measured by the average consumer price index. These variables are issued from the World Bank Development Indicators. We wanted also to build a variable that take account of the institutional differences between countries but we did not find an adequate measure. Table 2. Definitions of independent variables used in analyses Variable Explanation Fixed-wage<

Safety in Global Workplace :: essays research papers fc

Introduction Advierta este papel entrarà ¡ en llamas en diez segundos ! If you can read Spanish you might have already dropped this paper. However, if you cannot, let me translate the first line for you. It reads†¦Ã¢â‚¬ Caution, this paper will burst into flames in ten seconds!† Imagine yourself as a foreigner working in a country without being able to speak or read the language. Many foreign workers are too embarrassed or afraid of termination to admit that they do not understand instructions or safety procedures. A recent Census Bureau report indicates the number of United States residents for whom English is a foreign language is nearly 32 million 1. Mexican immigrants make up the largest minority group in our country today and many of these individuals have poor English language skills or none at all. They come to this country for an opportunity to work and make a better life. In order for these employees and their fellow workers to be protected properly, a way must be found to c ommunicate safety information to them. We must familiarize ourselves with the way in which people communicate and learn and adapt our techniques to get the message across most efficiently. A 16 year old Mexican immigrant working for a construction subcontractor from Texas who had been contracted by a framing contractor in Oklahoma, who in turn was working for a general construction contractor in Alabama, fell to his death from a roof at the construction site in Alabama. The Texas based contractor had a safety plan but it was written only in English. The general contractor in Alabama had a safety plan for its employees but it did not make any provision for subcontractors. Evidence indicated that the crew understood little or no English. Evidence gathered during OSHA interviews of the crewmembers, indicated that the crew had no knowledge of the safety plan 2. There were many mistakes made in this scenario and we must be mindful of this type of situation due to the changing composition of the modern workplace. As managers, we will face employees with various cultural and language backgrounds and these employees must be a vital and productive part of the overall scheme. Th e general contractor in this case should have incorporated any subcontracted employees in its safety plan. In so doing, these contingencies are provided for before they occur and may limit the company’s liability.