Political Battlegrounds in Curriculum

For such a large number of individuals probably the hardest thing in life is keeping up a solid and sound connection with someone else, yet it is particularly troublesome in a sentimental relationship. Generally, effective connections depend on genuineness, correspondence, trust, and above all trade off. At the point when you are seeing someone has an establishment dependent on those qualities, it causes you to feel associated with that individual. On the far edge of the range, notwithstanding, attributes, for example, desire, voracity, double dealing and childishness can prompt grievous connections that will just leave individuals hurt. Two exemplary books that we’ve read this semester are McTeague by Frank Norris, and The Great Gatsby by F. Scott Fitzgerald. All through the two books, the peruser can without much of a stretch locate a basic topic of connections in the event that they look sufficiently hard. In the two books it is by all accounts plentifully certain that the conspicuous relationship depicted is a bombed relationship. While breaking down the connections between the individuals in the book, it turns out to be clear through the manners by which the characters communicate with one another all through the narratives, that they are not really connections in the genuine pith of the word.      Another repeating subject that is normal in the two books by Norris and Fitzgerald is the characteristic of insatiability. In McTeague, the covetousness that is in plain view is one that is available all through the novel. The first occasion when we are acquainted with it is when Marcus claims that Trina’s winning lottery ticket has a place with him, and it takes a disastrous turn, at last prompting McTeague’s executing of Trina and Marcus, before kicking the bucket himself from parchedness in the desert presently. In The Great Gatsby, a kind of ravenousness that is on a comparable level was very evident inside the connections of Tom and Daisy just as Gatsby and Daisy. This topic of avarice, holed up behind the various connections we read about in the two books, was a primary wellspring of their failures.â â â â â      In McTeague, Norris initially depicts Marcus as the dearest companion that McTeague has. McTeague and Marcus meet each other â€Å"at the vehicle conductors’ espresso â€joint, where the two involved a similar table, and met at each meal† (Norris 10). One is normally persuaded, in view of their regular dinners together, and the nearby living nearness to each other, that the two were amazingly dear companions, possibly even best friends.â â â â â In view of Norris’ depiction of Marcus as one of McTeague’s dearest companions, likely his dearest companion, we just approach one side of the relationship, however no genuine sign of how Marcus’s feels towards McTeague.

gaurdian angels Essay Example

gaurdian heavenly attendants Paper Dorothea Tanning was brought into the world August 25, 1910 in Galesburg Illinois.She was a craftsman from an exceptionally youthful age, demonstrating enthusiasm for her leisure time, as she workedfirst in a library, at that point doing school distributions, lastly a corner at Chicagos World Fair in 1931.She moved to New York and looked for some kind of employment as an independent business artist.By 1936, her profession had started, finding dada and oddity at the Museum of Modern Art in New York.In 1946, she painted Guardian Angels In an iconographic investigation of a Tanning painting, the watcher is effortlessly lost in the oddity; I am no exception.The oddity of her pieces has left me with a greater number of inquiries than answers, yet a few ends can be drawn through a proper examination, and instructed guesses.When I attempted to comprehend Tannings purpose from my ordinary perspective, I just saw how it was not normal for the real world, a dream.I barely can comprehend my own fantasies, considerably less somebody elses , so I changed my place of view.I endeavored to enter Tannings domain of expression.Inside I found the profundity of Tannings discernment, a work of itemized images and feeling. Thefirst thing I saw in Guardian Angels was the general inclination I got from the painting.I saw its general frigidity and solitude.I accept this was the general expectation Tanning had when she made the foundation blue and green; the highest point of the work of art is the foundation, taking after ice crawling forward like an icy mass of sheets over the beds.This makes such a chilly, forlorn suggestion that Tanning presumably felt as she painted The Guardian Angels.If I look profound into the picture, as if I were remaining on the sheets, I can see the chilliness encompassing me with no place to run, the next to be conveyed off.This impact was reached purposely by Tanning, with her utilization of lighting on the sheets. The darkness on the foundation on the priv ilege makes a feeling that t

Managing business finance Essay Example | Topics and Well Written Essays - 1750 words

Overseeing business account - Essay Example In a Collateralized Loan Obligation, a financial specialist is qualified for get intermittent obligation installments as interests from the hidden advances and simultaneously expect the significant piece of the dangers identified with the basic advances in case of the default of advances. The Collateralized Loan Obligations offers higher advantages and open doors for the financial specialists by making the extensions for more noteworthy assorted variety and the odds of profits which are higher than the normal comes back from different protections. Banks sell these protections with cuts and tranches which reflect differed levels of status in regard of coordinating the hazard versus rewards profiles of the advances. The accompanying model can be utilized to comprehend the working of the Collateralized Loan Obligations. Accept that an enterprise is happy to take an obligation of USD 100 million to fund its business development process and that this organization has resources which have a valuation of USD 20 million. The expense of obligation for the advance is taken to be 5% per annum and the hazard free pace of return is 1% per annum. The organization gives a USD 100 million of obligation structures which incorporates a top daze of USD 40 million and a base tranche of USD 60 million. The top tranche would be upheld up by the benefits of the organization so that in case of credit default, the financial specialists can take care of the advance by auctioning off the advantages for recuperate the venture. The financing cost for this situation is 2.5% per annum. The base tranche of USD 60 million doesn't have any support even in case of credit default. For this case, the loan fee per annum would be 6 %. For the Collateralized Loan Obligations, the pace of intrigue would be determined as follows: This expense of obligation is lower than the expense of obligation determined in normal. Along these lines, it is practical and appealing for speculation purposes. The

Computer Viruses :: essays research papers

PC Viruses Clarify the contrast between infections, worms and Trojan ponies with regards to PC and information security. Examine the measures that should be taken so as to look after security. There is a kind of PC program that is structured and written to decimate, adjust or harm information put away on PCs without your insight or consent. These are a portion of the issues that these projects cause ? Your PC shows irritating messages ? Your PC creates odd visual and audio effects ? Records on your PC strangely vanish ? Your PC begins working gradually ? Your PC reboots out of the blue These projects are regularly alluded to as infections albeit in fact the figuring term infection really alludes to a particular kind of vermin program. Different sorts are called Trojan ponies and worms. The contrast between these vermin programs is the manner by which they carry on while assaulting a PC framework and I am going to take a gander at each kind independently to clarify the distinction beginning with infections. A PC infection is a program that is intended to recreate and spread itself all alone, ideally secretly it exists. They spread by joining themselves to different projects, (for example, your statement handling or spreadsheet programs). At that point when a record with an infection appended to it is executed the infection will likewise be executed. Infections can likewise append themselves to framework documents the PC utilizes each time it is turned on, these are called boot area infections, and can make industrious and across the board disturbance the PC. Infections can likewise pervade archives, for example, those made with a word processor. Pervaded reports are put away with a rundown of directions called a large scale, which is basically a little program. At that point when the archive is seen the large scale is initiated. These infections are called large scale infections and really represent 67.5% of all infection harm. Worms are fundamentally the same as infections yet are in fact extraordinary in the way that they repeat and spread through the framework. The thing that matters is that projects or documents don’t should be run so as to actuate the spreading of a worm. As a result of this worms can be perilous when discharged on to PC systems. The Internet Worm was discharged on to the Internet on the second November 1988 spread to more than 6,000 PCs in under a day. Also, the all out financial expenses of this contamination are evaluated at $98,000,000. Which demonstrates how much harm should be possible with a worm.

Edith Whartons The House Of Mi :: essays research papers

Lily Bart, the focal character in Edith Wharton’s tale, The House of Mirth , was naturally introduced to the edges of high society in late nineteenth century New York. She built up a, “lively taste for splendour';(page 30) and a dread of, ';dinginess';.(page 35). Everything inside this group of friends is estimated in fiscal worth, individuals and things the same are treated as products. This is the main lifestyle Lily knows, and without the budgetary way to support herself, Lily is bound to be a survivor of this commodification of individuals and items. Casualty is characterized in the Oxford Concise Dictionary , as a, “person or thing hurt or wrecked in the quest for an item or in satisfaction of an individual';. Commodifiaction is characterized as “the activity of transforming something into, or regarding something as a ware'; and item is characterized as, “an article of crude material that can be brought and sold';. It was Mrs Bart who had raised Lily to esteem the better things throughout everyday life and dread the “dinginess';(page 35) that she connected with the individuals who didn't have cash, or the individuals who didn't decide to spend their cash on extravagance. At the point when Mrs Bart kicked the bucket, she passed on, “ ......of a profound sicken. She had abhorred shabbiness, and it was her destiny to be dingy';(page 35). Be that as it may, Lily’s mother alone isn't exclusively to fault for this need, Lily says of her requirement for extravagance, ..I assume (it was) - in the manner in which I was brought up, and the things I was instructed to think about. Or then again, no I won’t fault anyone for my flaws: I’ll state it was in my blood (page 226) Albeit Lily felt that she ought not accuse any other individual for her high tastes she doesn't accuse herself. She utilizes the reason that it was in her blood that her destiny to live for quality was foreordained. Lily in this way considers herself to be casualty, a casualty since it was her destiny. Mrs Barts parental direction helped to shape Lily’s esteem for the excessive. It was Mrs Bart who instructed Lily to esteem her excellence. Lily was told by her mom, “after they had lost all their cash'; (page 28) that Lily’s resource was her excellence. Mrs Bart saw the potential for exchanging Lily’s excellence for a rich spouse, so they would have the way to support themselves in ‘high society’. Mrs Bart saw Lily’s magnificence as:

Writing For a College Essay - Tips to Help You Write a Good Term Paper

Writing For a College Essay - Tips to Help You Write a Good Term PaperStudents who write for a college credit are usually in for a big surprise when they get their term paper due. You may have come up with the most outstanding title you could think of, but the college admissions officer is going to want something a little more generic and hassling. The situation is one of the many reasons why writing for a college essay can be such a daunting task. To help make your term paper a lot easier, follow these writing tips.It is important to understand that writing for a college essay is a very big deal. It is not just some cookie cutter task. A student's term paper is one of the most prestigious papers that they will ever take, so they need to do it well. Here, are a few writing tips to help you succeed.Limiting your vocabulary is very important in this process. The most prestigious paper is all about getting right into the heart of the matter. People love to read things that are detailed and get straight to the point.As well, Limiting your personal pronouns when writing for a college essay will go a long way towards making the essay flow well. A lot of students fail to do this, and so end up writing with a type of casual writing style.Limiting your sentence structure is another good way to approach this process. For instance, if a paragraph has three or four sentences that are all of equal length, break them up and end each paragraph with a closing statement.Also, Limit Limiting your writing is another way to go. Sometimes students get caught up in trying to write just a little bit better, so writing for a college essay is easier to do.Since Limiting your writing will make the writing easier to do, it is a good idea to take notes while you are working on your term paper. This way you can keep a record of the types of mistakes you make as you work.Limiting your writing will go a long way towards ensuring that you have a term paper that is correct. Write your term pap er well and you will be doing your best to impress college admissions officers.

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