How Corporate Governance Practice Is Disclosed In Retail Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2959 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The topic of corporate governance is vital to every corporation, especially the listed corporation, because the related principles guide the business practice and provide higher values with higher profitability for the corporation, (Aksu and Kosedag 2005). Corporate governance is about rules and regulations and also a matter of ethics, therefore failure to comply with it has an unfavorable impact on the capital market and their investors, (International Federation of Accountants 2008). The lack of effective corporate governance in a corporation results in huge amount of financial losses, like the Hong Kong listed company: CITIC Pacific Limiteds incident in 2008. Don’t waste time! Our writers will create an original "How Corporate Governance Practice Is Disclosed In Retail Finance Essay" essay for you Create order This signals corporations that good corporate governance practice is fundamental to corporations success. This study is to find out the relationship between corporate governance practice and financial performance of corporations. More importantly, the Code of Corporate Governance Practice has become effective from 1 January 2005 onwards and listed corporations in Hong Kong must comply with the mandatory provisions. Corporations are also encouraged to comply with the voluntarily guidelines for best practices. Judges Report of the Hong Kong Management Association Best Annual Report Award 1994 pointed out that prior research shows that corporations only comply with minimum disclosure requirements of corporate governance standards. This study is going to assess the level of compliance of corporations with both mandatory provisions and voluntarily practices. It is commonly agreed that corporations in industry other than retail, especially the banking, public utility service, and property development industry, have better performance in corporate governance since 1990s when the corporate governance standards have evolved significantly. For example, HSBC Holdings plc won the Best Corporate Governance Disclosure Award 2009 from Hong Kong Institutes of Certified Public Accountants (HKICPA); CLP Power Hong Kong Limited won the top award from the HKICPA for the seventh successive year; and Sun Hung Kai Properties Limited obtained the Corporate Governance Asia Recognition Award in 2009 from the Corporate Governance Asia Magazine. But for the retail industry, there is less prior research for investigating the corporate governance disclosure of these companies. Therefore this study is going to investigate the practice in the retail industry. 1.2 Research Aims and Objectives 1.2.1 Research Aims The research aims of this study are to examine how corporate governance practice is disclosed in the retail industry and how it contributes to the corporations by looking at its impact on firms performance in operating, financial and stock market aspects. 1.2.2 Research Objectives The objectives of this study are: To critically examine the importance of corporate governance to corporations and identify the contributions of corporate governance framework. To evaluate the disclosure behavior of listed firms in retail industry of Hong Kong. To compare corporate governance practice of the listed firms in retail industry of Hong Kong. To investigate whether or not companies with good governance would have better performance in operating, financial and stock market aspects by conducting ratio analysis. 1.3 Research Outline The remainder of the research is set as follows. Chapter 2 reviews prior research and literature about theoretical framework, importance and contribution of corporate governance, development of governance disclosure, measurement of corporate governance, and hypotheses development. Chapter 3 describes the methodologies of the research. Chapter 4 shows the empirical findings: (1) corporations ranking for governance disclosure, and (2) relationship between corporate governance and performance. Chapter 5 concludes the research. Chapter 2: Literature Review 2.1 Definition There is no single definition for corporate governance as it varies from countries by countries and firms by firms and depends on how one view this (Craig et al. 2007; Salehi 2008). Salehi (2008) summarized the studies of prior researchers and grouped corporate governance into four views: accountability, integrity, efficiency and transparency. For the purpose of measuring corporate governance, corporate governance is defined as the reciprocal actions and influence of agents (managers and directors) and principal (shareholders) to manage the corporation in which the actions enable stakeholders to obtain certain returns from that corporation (Standard Poors Governance Service 2004). The Hong Kong Institutes of Certified Public Accountants (HKICPA 2004) and Organization for Economic Co-operation Development (OECD 2004) provided a similar definition that corporate governance is coordination process between manager, board members, shareholders and stakeholders, and the organizational structures which drive the direction, operation and the monitoring the corporation for achieving the organizational objectives. Abdullah and Valentine (2009) provided a boarder definition for corporate governance and defined it as processes of managerial decisions making and a set of rules of management for both economic and non-economic activities carried out by the corporation. 2.2 Models of Corporate Governance The efficacy of corporate governance depends on the four major types of governance practice models adopted by corporations worldwide (Bhasa 2004): Market-centric governance model Under the market-centric governance style, scattered shareholders cannot control the firm. They are distanced from the management due to their equity ownership diffusion. There is strong and liquid capital market with good protection for shareholders. While this model benefits the collection of capital and spreads out risks of shareholders, scandals in worldwide companies show the deficiency of such a model. Relationship-based governance model Under the relationship-based governance model, banks are the dominant shares owner of a corporation. The banks have long term contractual relationship with the firms and directly control the daily managerial functions. The model is further characterized by weak and illiquid capital markets and excessive government intervention. Transition governance model The transition governance model is applied in corporation which is previously state-owned but now becomes a private corporation. Therefore the ownership structure of that corporation becomes fractioned. Unless retail investor can hold any shares ownership, the capital market is still weak and illiquid. Emerging governance model There is less researchers who study for the emerging governance model. It is only certain that this type of governance model is replicating the governance models of successful economies. 2.3 Theoretical framework There had been wide discussion on the issue of separation of ownership and control of corporation in prior research (Boubakri et al. 2008). Two major theories were used to explain this issue. Where the agency theory on one hand presented a divergence of interests of agent and principal, and stewardship theory on the other hand demonstrated alignment of those interests (Davis et al 1997). Mallin (2007) suggested several theories would influence the development of corporate governance, namely agency theory, stakeholder theory and stewardship theory. 2.3.1 Agency Theory Jensen and Meckling (1976) famously described the relationship between shareholders and managers as pure agency relationship. The shareholders (principal) owned and acquired ownership of the corporation and maximized their returns with the assist of agents, who serve the shareholder interests and control the corporation. According to the idea of Walsh and Seward (1990), organization would lose competitive advantages and would be unable to continue if managers act adversely with the shareholders aspiration (Davis et al. 1997). The agency problem occurred when there is a lack of attention to maximize shareholder returns, i.e. self-interested opportunism, where the principal is affected by the self-interest of their agents (Davis et al. 1997). Prior research has suggested two control mechanisms to solve the agency problem. They are the alternative executive compensation schemes and governance structures that can maximize shareholders wealth and guide the agents behavior (Demsetz and Lehn 1985; Jensen and Meckling 1976; and Davis et al. 1997). It is proved that agency costs have affected the means and mechanisms of corporation governance (Hutchinson and Gul 2003). They are incurred for providing incentives and compensations for managers and monitoring their conducts in order to prohibit individualism of managers (Roberts 2005). Researchers had suggested that there are limitations associated with agency theory. It assumed divergence of interests resulted from individualism of managers which in reality may not be appropriate to be applied to all agents (Doucouliagos 1994 and Davis et al. 1997). Moreover, Jensen and Meckling (1976) stated that controls of agency only provide potential profits that please shareholders, instead of ensuring the shareholders wealth are maximized. According to Donaldson and Dais (1991), Psychologist Douglas McGregors Theory Y can be applied to agents (Roberts 2005). Under the Theory Y, agents can exercise self control and are willing to act upon their principals interests. Therefore it shows the agency theory deficiency that managers are assumed to be self-serving. 2.3.2 Stewardship Theory According to Donaldson and Davis (1989, 1991), stewardship theory is introduced as a means of defining relationships based upon other behavior premises which is opposed to the agency theory (Davis et al. 1997). Mallin (2007) explains that stewardship theory draws on the assumptions underlying agency theory. The agency theory assumes that both agent and principals enjoy maximize their own utility. Therefore corporation is controlled by independent board and various committees. However under stewardship theory, the manager behaviors are assumed collective that they act upon principals interest. Therefore managers are given autonomy to attain the objectives of the corporation without intense control from owners. With regard to the stewardship theory, organizational structure is supposed to facilitate effective action by the managers and directors and to help them to formulate and implement plans for better corporate performance. However, the theory has never been used empirically to directly explain agents compensation or as an underlying theory (Hengarrtner 2006). 2.3.3 Stakeholder Theory Different from the agency theory and the stewardship theory, the stakeholder theory applies to a wider context that give thought to a group of people such as employees, customers, government, creditors and general public, other than just the shareholders. Moreover, corporations strive to maximize shareholders value together with the aim to care about the interests of stakeholders (Mallin 2007). Jensen (2001) stated there are theorists oppose to stakeholder theory because it aims to address the interests of all stakeholders which may not be logically possible and theorists provided no explanations of how to trade-off against those interests. To solve problems that arise from multiple objectives that accompany traditional stakeholder theory, value maximization becomes the most important interest of a corporation (Jensen 2001). 2.4 Importance and Contributions of Corporate Governance Even many of the corporate failures are the results of managerial fraud or accounting problems, corporation and regulator are focused on the corporate governance issue rather than the accounting standards and audit procedures (Green and Graham 2005). Corporate governance contributes to the well-governed corporation: increase in firms value with higher profitability and lower cost of investment of shareholders (Brown and Caylor 2005; Ashbaugh et al. 2004). Corporate governance is important because it can enhance accountability and transparency for stakeholders and can ensure corporations meet the needs of the general public (Tze and Chi 2006; Baker and Powell 2009). Furthermore, the corporate governance mechanism can minimize agency cost and avoid reduction of firms market value resulted from managers opportunism (yvind et al. 2004). One potential addition is that corporate governance can protect minority interest as it prevents manipulation of dominant shareholders (Merson 2010). Prior researcher had designed methodology and carried out empirical analysis in 30 countries for investigating the contribution of corporate governance, and it is found that better governance report enhance productivity of factors of production and economic growth (Aksu and Kosedag 2005; Sadka 2004). At the national level, good corporate governance practices attract more worldwide investors (Cheung and Jang 2008). 2.5 Relationship to research questions 2.5.1 Corporate Governance Disclosure Over the last decade, most economies require mandatory corporate governance disclosure while public organizations encourage a certain degree of voluntary disclosures (Ho and Wong 2001). For example, the Hong Kong Society of Accountant, Hong Kong Institutes of Certified Public Accountants and Corporate Governance Asia Magazine provided the best corporate governance disclosure awards to recognize the effort put on governance disclosures. To disclose useful and adequate corporate information to investors is important for all corporations as this is socially desirable. However, the extent of corporate governance disclosure is subject to the benefits and costs associated (Ho and Wong 2001; Green and Graham 2005; Hossain 2008). Another governance disclosure problem is that disclosures are ritualistic and opportunistic (Neu et al. 1998; Eng and Mak 2003; Young 2003; Green Graham 2005). Nevertheless, Green and Graham (2005) suggested that governance disclosure is important because corporations can be benefited by improving market valuation, increasing market liquidity, obtaining shareholders support and avoiding government intervention. For shareholders and investors, adequate disclosures ensure they can access the stewardship of management and make appropriate decisions. Also for the community, adequate governance disclosures assist public to understand the structure, activities, and both financial and social performance of corporations (Hong Kong Society of Accountant 2001). 2.5.2 Development of Corporate Governance in Hong Kong Since the Asian financial crisis in 1997, Asian government including Hong Kong became awareness of the important of corporate governance issue (Ho and Wong 2001). For public companies, there is not any governance rule. But for listed corporation, there are governance code and legal rules which requires a serious of governance practices. They include the needs to appoint non-executive directors, form board of directors and various committees, separate the role of chairman of board and the CEO (Lau and Young 2006). Listed companies are regulated by three-tier: namely (1) Companies Ordinance, Securities and Futures Commission (SFC) Ordinance and the Listing Rules administered by the Hong Kong Exchanges and Clearing Limited (Hong Kong Exchanges and Clearing Limited 2008). More importantly, from January 2005 onwards, the Code on Corporate Governance Practices has become effective. A listed corporation is required to act upon the Code Provisions on five aspects: directors; remuneration of directors and senior management; accountability and audit; delegation by the board; and communication with shareholders (Lau and Young 2006). According to the Appendix 14 Code on Corporate Governance Practices of the Listing Rules, listed corporations are responsible for disclosing in the interim and the annual report whether or not they complied with the Code of Provisions. Apart from this, there is guidance from corporation to exercise the recommended best practices. Even there is recommended best practices, many Hong Kong listed companies only comply with minimum corporate governance disclosure requirements of Listing Rules and accounting standards (Ho and Wong 2001). There are also irregular disclosure of governance information in the annual reports and publications (Green and Graham 2005). 2.5.3 Measuring Mandatory Governance Disclosure To measure the disclosure behavior of companies, there are three rating methods: (1) Credit Lyonnais Securities Asia (CLSA), (2) Standard Poors (SP), and (3) FTSE ISS (ISS) (Doidge et al. 2007). Prior researchers showed that these ratings analyze objectively and without bias information of companies governance practices, but CLSA only focused on less-developed and newly emerging countries and ISS on the other hand covered developed countries (Doidge et al. 2007). 2.5.4 Measuring Voluntary Governance Disclosure Prior researchers measured voluntary corporate governance disclosures by creating a system of calculating disclosure score for each company (Eng and Mak 2003). The extent of voluntary disclosures can be also found out by using relative disclosure index together with the disclosure checklists suggested by Ernst Young (Ho and Wong 2001). 2.5.5 Corporate Governance Relationship with Firm Performance Over the last decade, there is great increasing number of studies concerning the impacts of corporate governance. The question of whether or not corporate governance brings about the problems of managerial fraud and misconduct, misuse of powers, negligence, corporate failure, corporate collapse, losses of shareholder wealth and social irresponsibility, has been concerned by the public (Baker and Powell 2009; Merson 2010). The Asian financial crisis of 1997 was the result of poor corporate governance and low transparency of corporations (Ho and Wong 2001). The weak corporate governance regulation, useless governance principles and ineffective board and internal control have a deep impact on financial crisis. These lead to several corporate collapse, especially the collapse of Lehman Brothers in 2008 (Kirkpatrick 2009). According to Cheung, Connelly, Limpaphayom, and Zhou (2007), firm value is higher in the better governed firm (Cheung and Jang 2008). Klapper and Love (2003) concluded that good governance produced better operating performance as measured by return on assets and higher market valuation as measured by Tobins Q. Apart from these, according to Gompers, Ishii, and Metrick (2003) and Bebchuk, Cohen and Ferrell (2004), it is found that the better corporate governance is, the better the corporate performance (Bhagat and Bolton 2008). However this is not the only finding. There are different views about the relationship between corporate governance and corporate performance: First, there is lack of evidence which proved a linkage between governance practices and subsequent performance of corporation (Nelson 2004; Bhagat and Bolton 2009). Second, there is only positive relationship in theory, but in fact researchers found reverse result because these researchers did not consider the unique organizational environment of corporations (Hutchinson and Gul 2003). For example, in case a firm has high growth potential, better performance will be resulted even if there are poor corporate governance practices. Besides, Hutchinson and Gul (2003) demonstrated that not only corporate governance practices can significantly affect the corporate performance, but in fact performance can affect the governance practices. Third, prior to 2002, Bhagat and Bolton (2009) suggested even there are good governance practices; there may not good corporate performance. This is the same result of the study of Young (2003). But Bhagat and Bolton (2009) have found a positive relationship between board independence and operating performance after year 2002. Besides, it was found by Daily and Dalton (1994) that fewer number of independent non-executive directors in board causes bankruptcy and failure of a corporation (Elloumi and Gueyie 2001) although Young (2003) suggested there is no relation between board independence and four measures of firm performance. Also, the combined role of the CEO and the board chairman causes a greater chance of financial distress (Elloumi and Gueyie 2001). Furthermore, the relationship may be subject to the factor of investment opportunities. If a corporation has more investment opportunities, managers opportunistic behavior is more difficult to monitor and thus poor performance may be resulted (Hutchinson and Gul 2003). Hypotheses setting An objective of this study is to investigate whether or not companies with good governance would have better performance. Three variables are examined in this study, including operating performance, financial performance and stock market performance. Hypothesis 1: Corporations with higher corporate governance score are more likely to have better operating performance as measured by accounting indicators (financial risk and operating risk). Hypothesis 2: Corporations with higher corporate governance score are more likely to have higher financial performance as measured by accounting indicators (liquidity, and profitability). Hypothesis 3: Corporations with higher corporate governance score are more likely to have better market performance as measured by market capitalization.

The Tower Of Babel- An Etiological Myth - 2373 Words

1. The Tower of Babel- At the beginning of this story, all the people of the earth were united; they all spoke one language. Since they could all communicate with each other and happened to be skilled builders, the people decided to build a tower, one that would be tall enough to reach heaven. God heard of their plan, and knowing that they built this tower to further unite all the people and to have something to be proud of, so he stopped their plan. He confused their language, and scattered the people all throughout the globe. This story is an etiological myth; it explains how things in nature came to be. It is also important because it is a story that frowns upon arrogance; God punished the people because they were too focused on themselves and their own accomplishments instead of paying their praise to God. 2. Cain and Abel-After Adam and Eve had committed the first sin, God told them that they could make up for it by sacrificing a lamb to him. Later, Adam and Eve had their first sons. Cain, the older one, was a farmer, while Abel, the younger one was a shepherd. Adam and Eve told them about God’s request, and Abel reluctantly sacrificed his lamb. Cain thought it was silly to sacrifice a perfectly good lamb, so he decided to sacrifice some dry straw to God too. But when they set fire to both the lamb and the straw to be sacrifice, only the lamb caught fire. Cain became jealous of his brother since God took Abel’s sacrifice and not his, and eventually his jealousy overcame

Ibsen`s Vision of the Norwegian Society Free Essays

Ibsen use of humor to present the superficiality of the 19th Norwegian Century Society. â€Å"I want to feel that I control a human destiny† The Norwegian society of the 19th century forced individuals to follow a â€Å"social code† eradicating to express themselves, as the dramaturg Michael Paller in â€Å"Worlds of Plays† (2007) stated how â€Å"there was one correct way to behave (†¦) and any antisocial behavior would be punished†. Through this, the play, Hedda Gabler, written in 1890 by Henrik Ibsen, was masked by controversy and criticism by the public’s eye since it was first performed in 1891, entitled as â€Å"motiveless† and â€Å"meaningless as this play presents humor as a crucial device to reinforce the main challenge for individuals to succeed in a faà §ade society. We will write a custom essay sample on Ibsen`s Vision of the Norwegian Society or any similar topic only for you Order Now Likewise, Robert M.Adams (1957) declared that humor is configured to â€Å"present a radically critical commentary on the human condition†, to demonstrate the ludicrous society by undermining Hedda’s final act to mock both, society and the audiences themselves for follow this ridiculous â€Å"social code†. In Hedda Gabler, one of the ways that Ibsen displays the effect of humor to address the superficiality of the Norwegian society is by presenting the faà §ade of marriage. Humor is created in the beginning of Act I through the conversation of Hedda’s husband, George Tesman, and his aunt, Ms.Tesman, to emphasize the only importance for Tesman as any middle-class man was to increase his social image by focusing only in his â€Å"academic subject†, which Hedda found extremely boring: â€Å"Miss Tesman- Haven’t you any†¦ as it were†¦any prospects of†¦? Tesman-Prospects? Miss Tesman- Oh, good heaven, Jorgen†¦after all I’m your old aunt! Tesman-Why certainly I can talk about prospects. Miss Tesman-Oh! Tesman-I have the best prospect in the world of becoming a professor Miss Tesman-Oh, yes, professor†¦Ã¢â‚¬  As it is stated, Tesman proves himself to be inept socially, self-absorbed and single-mindedly focused on his work by his inability to detect his aunt’s allusions to Hedda’s pregnancy which results in the audience laughter for how socially concern Tesman is for his job that he didn’t even care for her wife in their honeymoon. Therefore, Ibsen is mocking how the people’s superficial, main worry was to have intellectual and not interest in the love union addressing the reality of society. This makes the audience empathize with Hedda for this unequal match that the social oppression forced her to live with to maintain her reputation and avoid â€Å"scandal†. Furthermore, humor rises by the way Hedda teases his rather â€Å"boyish and ridiculous† husband for his enthusiasm for his â€Å"academic subject†. In a conversation with Brack in Act II, Hedda declares Tesman’s company as unbearable induced through comments such as, â€Å"Ah yes, right enough! Here comes the professor†, â€Å"Just you stay as long as†¦ever you like†, making the audience find these amusing and recognize how truly bored, miserably and trapped Hedda feels in her marriage. Likewise, as Eugene Webb (p.56) states how Hedda’s marriage â€Å"became a permanent condemnation to a trivial bourgeois milieu†, representing how people felt in terms of social oppression and how society destroyed whatever faith life could bring for them. Indeed, the audience is complicit in the teasing of Tesman by the way he is presented by using exaggerated futile articulations such as, â€Å"Think of that†, â€Å"Good Heavens† or even his immature reaction at the reunion with his slippers, â€Å"My old house shoes Hedda!†. This gift of the slippers which Hedda states that â€Å"they won’t appeal to me† represents everything she loathes, women providing for men, humble domesticity and vulgar sentimentality. Therefore, Ibsen uses the character of Tesman to as an easy target of laughter to reinforce the superficiality of the nineteenth Norwegian century society of how many times individuals were forced to marry others although they were unequal match, seen through the marriage of Hedda and Tesman, who he neither had the smartness nor the social class to provide a satisfying conversation with her and how his foolishness makes it easier to understand Hedda’s acts and see her as a human rather than as a â€Å"monstrous specimen† (Franc, M.A, 1919, p.40). Moreover, Ibsen introduces humor by exploiting the thin line between tragedy and comedy to illustrate the â€Å"critical human condition† of the 19th century. It is firstly presented in a conversation between Là ¶vborg and Hedda in Act III how he had lost his manuscript and wouldn’t support the idea of being scorn by society again: â€Å"Hedda-And what are you going to do, then? Là ¶vborg-Just put an end to it all. Hedda-†¦Couldn’t you let it happen beautifully?† By this, Hedda sees suicide as a â€Å"courageous† and â€Å"honorable† act for Là ¶vborg to reclaim control of his own life and because she can finally attain power over a â€Å"human destiny†, to retreat to her aesthetic world to avoid dealing with the harsh realities of her life. This evidences how Ibsen uses Hedda’s way of thinking to address the need to attain control over her own fate and those who surrounds her, trying to demonstrate the desire to grasp such control and power to mask the failure to recognize one’s own frailty and oppression to social forces. That is why the discovery of Là ¶vborg’s death being shoot in the â€Å"breast† and not in the â€Å"temple† caused â€Å"an expression of revulsion† in Hedda, as the only control that she could apply over someone was completely failed and therefore, her own existence seemed meaningless. What causes vulgar humor is Hedda’s exaggerated disgust, â€Å"Oh! Everything I touch seems destined to turn into something mean and farcical†, Là ¶vborg’s death is not tragic nor â€Å"beautiful†, it’s ludicrously futile and hollow. The audience realizes that the â€Å"lovely Hedda Gabler† without â€Å"beauty†, her own life has become senseless because through â€Å"beauty† she yearns for freedom, an expression of a radical Romantic and Schillerian Utopia, therefore, the loss of power is a symbol of mocking her noble purpose in life and how universally condemned she is by the futile society. Lastly, humor is presented in the last scene of the play to make the audience understand Ibsen’s message. It is the disillusionment of her purpose in life and the recognition that Judge Brack has control (sexual blackmail) over her, being â€Å"No longer free!†, that compel Hedda that the only way out of this social oppression and â€Å"scandal† is doing something â€Å"beautiful† with her life, and that is the act of killing herself â€Å"beautifully†. Likewise, Hedda’s suicide is a way to prove herself and society that she is brave enough to do things that are considered untypical in society, rebelling against social expectations to endure her name in history. Hedda’s act of committing suicide goes alongside Jean-Paul Sartre thought. He stated that Hedda is a â€Å"character creating herself, the moment of choice, of the free decision which commits her to a moral code and a whole way of life†, he introduces the definition of â€Å"moral code†, the sense that we are responsible for creating our ethical structure of life, thus Hedda has the imagination to make other choices, yet, she doesn’t take them as she lacks courage to become authentic-self by the community’s narrowness and lack of imagination, that is why she married Tesman to achieve her role as a woman, although it implied misery and suffer. Therefore, the act of taking her life implies Ibsen own revolutionary ideology to break free from the convention of moral thoughts, Hedda aspires for a life beyond the values of the cold conventions and narrow social aspiration. Furthermore, the reaction of Brack by Hedda’s suicide results in laughter of the audience and reveals the superficiality of the Norwegian society. Brack is shocked by her suicide saying that â€Å"People don’t do such things!† Suggesting that Hedda’s action is outside of the social behavior boundaries. By creating humor in this scene, Ibsen makes the audience realize the noble response of society, how in the â€Å"real and ideal world† people are concerned with keeping up appearances, and how in reality the audience is laughing to themselves for their pointless actions. Ibsen is wanting to depict human beings, destinies and emotions to illustrate the criticism of society. In conclusion, in Hedda Gabler, Ibsen use of humor rises due to the difficulty of the audience to accept Hedda’s acts for being blinded by the rigorous 19th century society. He presents humor to demonstrate the ludicrousness and indifference of society which despises the ones that don’t follow the â€Å"social norms†. Ibsen aspired to reveal to the audience the oppression of the 19th century Norwegian society by presenting Hedda as a â€Å"human†, to feel sympathy for the life that she was forced to live in. Robert M.Adams (1957) stated how actually Ibsen was â€Å"a perfectly destructive author† who expressed a â€Å"discontent with the human condition itself†, presenting Hedda Gabler as an ironic work, bitter criticism of life itself and society. Bibliography B., ; J. (n.d.). Hedda Gabler Act 1 Summary ; Analysis. Retrieved May 20, 2018, from https://www.litcharts.com/lit/hedda-gabler/act-1 Franc, M. A. (1919). Ibsen in England. Retrieved May 20, 2018, from https://catalog.hathitrust.org/Record/007126715 Henrik Ibsen Hedda Gabler. (2009, April 22). Retrieved May 20, 2018, from http://academic.brooklyn.cuny.edu/english/melani/cs6/ibsen.html Huang, J. (2016, November 17). IB English Paper 1 completely explained. Retrieved May 20, 2018, from https://litlearn.com/ib-english-paper-1-explained/Ibsen, H. (2008).  Four major plays: A doll’s house, Ghosts, Hedda Gabler, the master builder. Oxford: Oxford University Press. Theatre, A. C., Brodersen, E., Paller, M., Melcon, M. (2007). Hedda Gabler Words on Plays. Retrieved May 20, 2018, from http://www.actsf.org/content/dam/act/education_department/words_on_plays/Hedda Gabler Words on Plays (2007).pdf Webb, E., University of Washington. (n.d.). The Radical Irony of Hedda Gabler. Retrieved May 21, 2018, from https://www.academia.edu/10400120/The_Radical_Irony_of_Hedda_Gabler How to cite Ibsen`s Vision of the Norwegian Society, Papers

Creativity or Conformity Building Cultures of Creativity in Higher Education free essay sample

Permission is granted to reproduce copies of these works for purposes relevant to the above conference, provided that the author(s), source and copyright notice are included on each copy. For other uses, including extended quotation, please contact the author(s). Abstract Whatever else it may be, creativity is intriguing; this view appears to be shared by the literature on the subject and by popular culture. While there is little agreement about the exact nature, processes and products of creativity, there seems to be a fascination both with its complexity and the sheer impossibility of providing clear explanations for it. This paper does not attempt to generate yet another explanation, but instead offers a framework for exploring creativity in the context of teaching and teacher education. The nature of creativity in teaching is usually evidenced by its products: innovative curriculum design or original students’ work. The focus of this paper, however, is on developing opportunities for teachers to understand, explore and express their identities as creative practitioners. These opportunities are offered in the form of â€Å"creative reflection†, a framework of creative methodologies for engaging teachers individually and collectively in identifying and expanding their creativity practices. The notion of creative reflection challenges the action-reflection dichotomy of reflective practice and extends reflection beyond cognitive, retrospective models to encompass the exploration of possibility through play, image-making, writing, action methods and storytelling. The paper offers examples of and reflections on these methods from the author’s use of creative methodologies in a teacher education programme at Queen’s University Belfast. Creative Reflection, Creative Practice: Expressing the Inexpressible The concept and practices of creative reflection have been developed in a teacher education programme at Queen’s University Belfast to enhance the model of reflective practice on which the programme is based. Creative reflection is a framework of creative methodologies whereby teachers explore their practice and the liminal spaces between action and reflection. This work is a response to the need in teacher education for â€Å"the development of more complex models of reflection, related to purpose, which take greater cognisance of existing knowledge from other disciplines, particularly those aspects of psychology concerned with cognitive processes including problem-finding, insight, wisdom, creativity† Leitch and Day (2000: 186-187). Creativity itself is an elusive concept; the literature on the subject incorporates a range of perspectives and dichotomies, raising a number of questions. Those pertinent to this paper include: is creativity a cognitive process, or is it socially constructed? is creativity to do with outcomes, or with processes and qualities such as fluency, imagination and originality? what are the conditions which support the development of creativity? what is the nature of creativity in education, and does it have a place in teacher education? One of the assumptions on which this paper is based is that teachers are creative; by extension, teacher education should therefore provide them with opportunities to identify themselves as creative and to enhance their creativity. Craft (2001: 48) suggests that teachers are highly creative: Certainly some of the characteristics of high creators (childlike qualities, feeling under siege, being on the edge, high energy and productivity) which Gardner identifies in Creating Minds (1993), also emerged as a characteristic of ‘ordinary’ educators in one of my research projects (Craft, 1996a; Craft and Lyons, 1996). Craft’s allusion to productivity is complemented by Eisner’s exploration of the processes, the â€Å"artistry† and the â€Å"craft† involved in teaching (2002). Both facets of creativity, product and process, are incorporated into the framework for creative reflection. Details follow as to how participants engage in process activities as well as in deliberation on the outcomes of these processes. The process of creativity, mysterious as it is, has long been a source of fascination and speculation. Helmholtz’s classical model, developed in 1826, includes the stages of saturation, exploration and incubation; Poincare added to these the aspect of verification (Balzac, 2006). The four-phase model developed for this study incorporates and elaborates on these stages: Model for Creative Reflection Phase 1: Preparation This aspect of creative reflection recognises that the creative process involves uncertainty and possibility and that participants need preparation to access that state of receptivity, or Keatsian Negative Capability, which Keats defines as â€Å"when a man is capable of being in uncertainties, mysteries, doubts, without any irritable reaching after fact and reason† (Buxton Foreman, 1895). In this phase of creative reflection, threshold activities are offered to enhance possibility and to free the imagination. One of the most successful of these threshold activities has been the invitation to participants to select images and quotations on a relevant theme: teaching, learning or creativity itself. This activity is based on the notion of â€Å"stepping stones† into a liminal world of exploration, as in Progoff’s system for entering the â€Å"twilight world† of process meditation (Progoff, 1980). While participants are in the process of choosing images and quotations which engage them, music is played in the background to enhance relaxation and stimulate intuitive rather than rational decision-making. The activity is conducted without discussion to encourage focus and a connection with the unconscious. Another threshold activity is that of visualisation: for example, individuals are asked to imagine their learning about their practice as a journey and to articulate this in the form of images or writing. The sharing of the results is part of the process of synthesis described in the final phase of this model. Threshold activities are directed at the group as a whole as well as at individuals: for example, participants are asked to imagine an ideal space for teaching and learning and to suggest in turn something which they might like to include in this space. Offerings range from comfortable chairs to the location of this space at the seaside and the presence of flowers and music centres. This activity generates ideas about inclusiveness and introduces into the discussion metaphors and symbols which enhance the learning process. The idea of bringing an ideal situation or world into the realms of possibility through group visualisation is based on the process of reflective meditation in psychosynthesis (Ferrucci, 1982; Assagioli, 1999). Phase 2: Play This phase is based on the assumptions that a good deal of learning happens through play, that play is an essential aspect of cultural development (Huizinga, 1970), and that a group can create meaning, possibility and new insights through the processes of play. Play is also important because it has the potential to free participants from external concerns so that they may enter the state of â€Å"flow†. According to Csikszentmihalyi (1991, 1997) this is an optimum state in which the person is fully focused and immersed in what he or she is doing, usually with a successful outcome. The activities in this phase are conducted quickly; their purpose is to generate energy, enjoyment of the group process and a range of new ideas. The processes involved provide opportunities for divergent thinking; they include mind mapping, creative thinking and brainstorming. The brainstorming methods in this model of the creative reflection are informed by Kelley and Littmann’s (2002) methods for enhancing fluency of ideas and innovation within the context of team-building. Phase 3: Exploration This aspect of creative reflection is active, with the purpose of creating a product. The processes involved may include creative writing, storytelling, or the use of art materials, or action methods based on psychodrama to concretize the experience (Moreno, 1994). The exploration phase may be individual or collective: it may take place in pairs or small groups. In one particular activity, an individual selects one of his or her identities as a teacher from a list; this list includes the more obvious identities such as mentor, helper and instructor, as well as more metaphorical ones as foot soldier, sower or bridge. The individual then elaborates this identity through writing and art, imagining in detail, for example, what this identity might look like, its voice, its tools and how it engages in relationship. The image below depicts the process of exploration on both individual and group levels. Participants, given the task of expressing their understandings of themselves as reflective practitioners, arranged together the quotations, images and artefacts which they had chosen as individuals to express this notion. The circle of people made from tissue paper was created as a collective piece for the final image; this suggests that the group product extended beyond that of a loose arrangement of individual ideas to a creative collaboration of knowledge and understanding. [pic] Phase 4 Synthesis In the final phase of creative reflection, which is akin to the verification tage of the Helmholtz/Poincare model, participants present and reflect on their ideas, stories and collective images. In this phase, which is adapted from McNiff’s process of â€Å"dialoguing with the image†, participants engage with and reflect on the artefact engendered by the creative process (McNiff, 1992). Through this process, the experience and learning are synthesised into new understandin gs, or the identification of new questions which might be raised about professional practice. The image below represents the world of reflective practice as created by a group of practitioners through the use of props. pic] Discussion about this image revealed that each of the scarves, which are circumscribing and containing the world of reflective practice, represents a strength owned by one of the practitioners, while the Russian dolls and the teddy bear on the edge of the circle symbolise those learners who exclude themselves from learning. The act of dialoguing with the image engendered ideas amongst the participants for engaging those who are currently on the outside and who have not yet found a satisfactory means of expression. In many ways, the process of writing this paper has been a struggle to express that which is inexpressible; it is challenging to articulate the complexity of the spaces between reflection and practice, as well as the complexity of creativity itself. It is hoped that further research will indicate whether the processes of creative reflection can take sufficient cognisance of these complexities to support teachers in recognising and expressing their creativity. References Assagioli, R. (1999) The Act of Will: A Guide to Self-Actualization and Self-Realization, Knaphill, David Platts Publishing Company Balzac, F. (2006) ‘Exploring the Brain’s Role in Creativity’,Neuropsychiatry Reviews, Vol. 7, no. 5, May 2006. http://www. neuropsychiatryreviews. com/may06/einstein. html Accessed 14/11/2006 Buxton Foreman, H. (1895, Complete revised edition) The Letters of John Keats, London : Reeves Turner Craft, A. (2001)’ â€Å"Little c Creativity†Ã¢â‚¬â„¢, Craft, A. Jeffrey, B, and Leibling, M. (eds. ), Creativity in Education, London and New York, Continuum, pp 45-61 Craft, A. (1996a) ‘Nourishing educator creativity: a holistic approach to CPD’, British Journal of In-Service Education, 22 (3), 309-322. Craft, A. and Lyons, T. (1996) Nourishing the Educator, Milton Keynes: The Open University Seminar Network Occasional Paper Series Csikszentmihalyi, M. (1997) Creativity. Flow and the Psychology of Discovery and Invention. New York, HarperPerennial. Csikszentmihalyi, M. (1991) Flow: the psychology of optimal experience. 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(1992) Art as medicine: creating a therapy of the imagination Boston, MA. : London: Shambhala Moreno, J. L. (1994, Fourth Edition) Psychodrama and Group Psychotherapy, Mental Health Resources. Progoff, I (1980) The Practice of Process Meditation: The Intensive Journal Way to Spiritual Experience, New York: Dialogue House Library.