The Criticism Of Simpson And Brown Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3184 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? 1. Simpson and Brown presumably acted in what they thought were the best profit interests of their companies. Nothing they did was illegal. Don’t waste time! Our writers will create an original "The Criticism Of Simpson And Brown Finance Essay" essay for you Create order On what grounds if any, are their actions open to criticism? Indeed the role of a financial manager in a corporation is key for a companys success. He has the responsibility in ensuring the proper workflow of the financial management process in the company including financial analysis, financial decision making and financial control which contributes fully to the successful management of the business. He has to make sure that there is effective funds management in which all the funds are properly allocated and utilized for organizational objectives. He is also in charge of making sure that the firm is exposed to minimum financial and foreign exchange risk and tax liabilities. He needs to interact with the financial market and other financial institutions to find more investment and financing opportunities for the company. He also has to be involved in handling the companys image and its good relationship with the financial community. Balancing the profitability of a company versus de aling with ethical issues surrounding a companys project is also part of a financial managers task. The financial manager is not only a financial specialist but is also involved in being part of a team. He is the key member of the senior management team who is required to have good interpersonal skills to be able to communicate among his colleagues, as well as have technical skills which is important in contributing to the overall management of the organization and its goal of value maximization. (McNemanin, 1999) In the case of Mr. Sumner Simpson, President of Raybestos-Manhattan and Vandivar Brown, Secretary of John-Mansville, financial managers to two different asbestos companies, they were only thinking of the long term value and benefit of their product and its impact to the company. As financial managers, their main goal is the maximization of value for shareholders. They have to ensure that the owners of the company are gaining significant profit from their investment i n the company. And Asbestos being in demand and a necessity in different manufacturing areas such as fireproofing, electrical insulation, building materials, brake linings and chemical filters, they knew that income will continue rising thus, overwriting its negative effects. The potential liability of the inhalation of asbestos was not a cause of immediate concern for Mr. Simpson and Mr. Brown. As stated in the article, only people who are exposed to this chemical for long periods of time, usually 10 years or more are the ones who develop asbestosis and mesthelioma. So the link between these illnesses and the asbestos product cannot be proven in a short span of time. In line with this, if the asbestos companies can prove through research that asbestosis was milder than silicosis, an illness which causes shortness of breath caused by inhalation of silica dust, they knew that they can give compensation to workers who will develop this disease. But the thought that asbestosis ca n be a compensable disease is also what made these financial managers bring their companies to financial ruin. Even as the link between asbestos and the lung diseases asbestosis and mesthelioma is not immediately apparent in the first year, the cases of workers who developed this sickness boomed after a few years. With so much sick workers filing for compensation, reaching almost 500 workers a month, Raybestos-Manhattan and John-Mansville corporation were spending more than they were earning to the point of filing for bankruptcy. They didnt think of the long term effect of this illness not only to the workers but to the company. Mr. Browns justification of concealing the true state of a workers health as long as he is not disabled to be able to happily work in the company shows the selfishness of the company towards the welfare of its workers. A caring company should make sure that their workers are in their best health condition to be able to work properly. In times of sickness, they should provide their employees proper health care. These are mandatory obligations of a company to their employees, who are major players in the success of a company. Mr. Simpson and Mr. Brown were too focused in thinking of maximization of wealth. They have forgotten that a company is made up not only of the owners but of all of those affected by corporate behavior such as the general public, workers and consumers. The Stakeholder theory states that in making corporate decisions, the company should always think of everyone involved in the company including the workers and consumers. In the Stakeholder theory, the owners are the primary stakeholders. Employees, lenders and others who are with a direct economic interest in the corporation are the secondary stakeholders. Stockbrokers, tax authorities and potential investors are the tertiary stakeholder. Maximization of wealth of the shareholder is not the only goal of the financial manager but the over-all welfare of all stak eholders. (McNemanin, 1999) This management theory believes that healthy relationship among all the stakeholders will produce long term benefits for the company. For example, giving workers additional bonuses and proper health benefits will boost their morale and make them more enthusiastic in working for the company. They will feel they are being taken care of by their employers and in return, they will be committed and give their best for the benefit of the company. Giving additional rewards to customers also produces customer loyalty to a companys product. The stakeholder theory recognizes the rights of all the different parties involved in the companys function and not only the shareholders interests. If Mr. Simpson and Mr. Brown have given more value to their employees, the worker should have not gotten sick and filed complaints. Mr. Simpson and Mr. Brown have also clearly violated corporate social responsibility. Companies have major areas of social responsibility. First of all is the full compliance with all the laws where the company functions. It should abide by all international, federal, state and local legislative laws and acts. Asbestos companies have undoubtedly violated the law by putting in danger the lives of its workers. By concealing the hazardous effects of the inhalation of asbestos, these companies have put thousands of civilians lives at risk. The litigation of asbestos companies has been the longest running mass tort in U.S. History.(Carpol, 2002) Every year, the number of people who file for claims is growing. Asbestos companies have not been able to give all of these victims proper compensation. Different arrangements have been planned to pay all the plaintiffs, however, due to lack of funds, improper allocation of funds is happening. The fall of the asbestos companies clearly show the drastic effect of not following proper corporate social responsibility. The second area of social responsibility is creating moral and ethical standards on which the company will operate. These standards vary from one company to another. Something is considered ethical if it abides by the principles of conduct given by the group. Much problem arises in developing a companys set of ethical and moral standards. Answering the question what is the right thing to do? is not easy especially since each and every person in the company have different backgrounds and perspective in life which means every judgment differs from another. Ethics in business provide a moral framework where financial managers may evaluate their decisions and judgments when faced with a difficult business dilemma. Unethical behavior does not equate to illegal behavior. An unethical behavior usually breaches an accepted code or conduct of behavior in a certain group of people but not necessarily break a law. Common ethical issues in business are usually giving consumers misleading information about a product or service, not disclosing company policies and practices and not telling how a company deals with environmental matters. Also non-disclosure of pertinent information regarding a product is also one ethical pitfall. (Anderson, 1989) In a financial managers point of view, there is nothing illegal in what Mr. Simpson and Mr. Brown did to preserve the interest of their company. They continued promoting asbestos as it evidently gave the company huge profit. However, it was unethical for them to not disclose the hazardous effects of the inhalation of asbestos to the public. They mislead the people in believing that their product is safe to use, they did not give the people the true information regarding this product. Mr. Simpson and Mr. Brown may have benefitted from this omission for a short term, but in the long run, they lost the publics confidence and trust resulting to massive law suits to their disadvantage. Because of this disgrace, their companies have lost millions of money eventually leading to bankruptcy. In concl usion, Mr. Sumner Simpson and Mr. Vandivar Brown should have re-evaluated their companies project in using asbestos. They should have seen the long term effects of the disclosure of information regarding asbestos and giving their workers proper knowledge about the product that they were exposed to while working. Despite maximization of wealth being a primary goal, financial managers should never forget the companys social responsibility to the people. Investing in the welfare of the people workers, consumers and other diverse parties provides future long term benefits to a company. 2. Does Dr. Smiths explanation for concealing from workers the nature of thir health problems illustrate how adherence to industry and corporate goals can militate against individual moral behavior? Or do you think Dr. Smith did all he was morally obliged to do as an employee of an asbestos firm? What about Lanzas suppression of data in his report? Deciding whether or not to follow ones moral duty or abide to industry corporate goals is not an easy decision to make. Sometimes, the goals of the corporation may not be in accordance to an employees morals and ethics. There is an ethical conflict between what is best for the company and its workers. In this case, whether or not to pertinent information regarding the effects of the inhalation of asbestos to the public is a hard decision for an employee to make. By exposing the studies, shareholders wealth will surely suffer, but at the same time concealing the effects will be harmful for the workers who are employed in the company. Who should be given utmost importance in this scenario- the profit of the company or the welfare of workers? Who should sacrifice? The company who can suffer future financial loss? Or the workers who can die of cancer because of their continued exposure to asbestos? Discussion of the conflict between maximization of wealth and the moral and ethical v alue of decisions within a company can be linked to two concepts in making crucial decisions in financial management. The first concept is Corporate Governance. Corporate governance is the group of customs, policies, laws and processes that affects how a company is controlled and managed. This is also the standards of behavior and conduct expected from the directors and other senior executives in running the affairs of the company. This involves the relationship among various participants in determining the direction and performance of corporations (Monks and Minnow, 1995) Corporate governance also refers to the relationship of the senior executives to shareholders and other stakeholders such as the employees, consumers and suppliers. Some of the important themes discussed in the corporate governance are the principal-agent problem where the interests of the manager in practice may be in conflict with the goal of maximization of the share holders wealth. Another theme in corpo rate governance is always acting for the best interest of the shareholder and one more popular model is the stakeholder theory which gives importance not only to shareholders but also to other stakeholders who are part of the company. Corporate governance practices have been given renewed interest as the decisions of financial managers and directors in the past, such as in the case of the asbestos company, has shown to be crucial in the success or downfall of a company. Dr. Smiths explanation in concealing from workers the nature of their health problems indeed illustrate how the goals of the companies manipulate the individual moral behavior. As said in the article, by not telling their true condition, the workers could continue to live happily in peace and be more beneficial for the company. They have manipulated their employees in believing that they are healthy and have deprived them of their right to take control of their health. When workers who had cancer filed lawsuits already in the 1950s, he also suggested Health Industrial Health Foundation be retained to conduct a cancer study that would destroy the link between asbestos and cancer, however, companies refused believing that such a research would only give bad publicity to their product. His only goal in suggesting this was to disprove the asbestos-cancer connection, and protect the brand name of his company. He was not thinking of the workers welfare. Also, by not recommending to John-Mansville officials to put warning labels on insulation products containing asbestos, he was again thinking only of the reputation of the brand name of his asbestos firm. He was only thinking of the potential future financial loss of putting such a warning and therefore never suggested the idea to the company. His acts were fully in the interest of maximization of shareholders wealth and completely disregarded his moral obligations to the other stakeholders. However, these selfish decisions evidently backf ired because in the long run, his asbestos firm suffered. It only proves that choosing the right corporate governance practice is beneficial not only to the company but to social-economic progress as well. Ethics is another principle which is crucial in financial management decision making. According to Charles Handy (1995): An ethical company is one that does what it believes in, and if it does well, then shareholders will benefit. People will work better, and the company will be respected by everyone including customers and clients. In business, Ethics is a yardstick for evaluating managerial decisions and actions in relation to moral standards. In making complex and critical decisions, ethics provide a moral framework in which the employee can gauge his decisions. Unethical behavior is not equivalent to an illegal behavior. An unethical behavior may violate a standard conduct of a certain group but it does not mean that it is illegal. A firm who has good ethical behav ior can be linked to have a long-term shareholder value. That is why a lot of companies make sure that they have a solid code of ethics which guides their investments. Enhanced corporate image, greater investor confidence, less risk of expensive litigation and loyalty from workers and customers are some of the strategic benefits of having a sound ethical code of conduct and practices. In contrast companies who have bad ethical values are destined to fall. Unethical behavior made by companies can clearly lead to significant loss of value or wealth for the shareholders. A company who gains a poor ethical track record will lose public trust and confidence and therefore will have a difficult time to re-establish connection with potential investors making it a tough task to raise new capital. In the case of the asbestos companies in the article, they have definitely failed to establish solid ethical values and code of conduct. Because of their drive to raise profit, they didnt cons ider the welfare of the employees and consumers. The directors and managers failed to review the moral consequence of their actions. By following their corporate goals in maximizing shareholders wealth, they have completely forgotten their responsibility to the other parties involved in the function of their company. Dr. Smith has committed a grossly unethical behavior by disregarding the health of the workers just to implement the corporate goals of the company. And because of this, their company extremely suffered. The asbestos companies had many options rather than conceal the hazardous effects of asbestos. They should have reviewed their capital budget and determine if such product is worth pursuing. If they gauged the long term effect of their actions, they should have opted to restructure the company. They also had the option to abandon the use of asbestos and find new materials to use in the different industries in manufacturing. They should have weighed the potential liab ility of using this hazardous product in the long run rather than make an unethical behavior and conceal such important information to the public. Financial journalist also plays a huge part in corporate governance.(Borden, 2007) Through their coverage of legislative initiatives and affecting corporate governance and securities regulation, the people become aware of the important information regarding companies that are sometimes deliberately hidden from the public. They become the publics gatekeeper of information exposing scams and frauds that are sometimes committed by companies. However, these gatekeepers are sometimes not successful in preventing managers from engaging in inappropriate self-serving conduct. This happens when these journalists also have their own personal interests and are paid by the same companies that they are researching on. Instead of becoming the gatekeeper of important information, they can spin and tweak their journals to serve the interest of the com panies they are working for. They forget their moral obligation to the public and become a tool for companies to provide them a good image. This has been the case for Anthony Lanza. The research he conducted from 1929 to 1931 on 126 workers with three or more years of asbestos exposure has served no use because the asbestos companies did not approve of his initial findings. Since his review failed to prove that asbestosis was milder than silicosis, a lung disease caused by inhalation of silica dust which was then a compensable disease, he was ordered to manipulate the review and claim that asbestosis was milder than silicosis. In addition to that, he omitted the important fact than among the 126 workers that were examined, 67 of them were already suffering from asbestosis. He completely manipulated his review and published fraudulent information. He acted completely in accordance with his bosses command and abandoned his responsibility as a gatekeeper of information that improves corporate governance. Dr. Smith and Mr. Lanza have both failed to practice ethical behavior. They solely acted upon the corporate goals of their companies. Their actions clearly illustrate how adherence to the industry and corporate goals can militate individual moral behavior. They were certainly puppets of the company who didnt think of the well being of other stakeholders. Their companies have showed poor corporate governance by choosing only the maximization of shareholders wealth and not the overall welfare of all its stakeholders. Â Resources: Anderson Jr., Jerry W. (1989). Corporate Social Responsibility: Guidelines for Management pp. 15-17. New Yor: Quorum Besser, Terry L. (2002). The Conscience of Capitalism: Business Social Responsibility to Communities pp.14. Westport CT: Praeger Borden, Michael (2007). The Role of Financial Journalists in Corporate Governance. Fordham Journal of Corporate Law and Financial Law Carpoll,S.J. , Hensler, D., Abrahmse, A., Gross, J., White, M., Ashwood S., Sloss, E. (2002) Asbestos Litigation Costs and Compensation: An Interim Report pp.2. Santa Monica, CA: Rand Institute for Civil Justice McNemanin, Jim (1999). Financial Management: An Introduction pp.40-55. London: Routledge Â

Cue vs. Queue How to Choose the Right Word

Although the words  cue and queue have the same pronunciation (making them homophones), they have different meanings.  In fact, each of these words has several denotative meanings and can serve as either a noun or a verb, depending on usage. How to Use Cue The noun cue has two meanings: the first is a prompt—verbal or physical—that alerts actors or other performers of an upcoming line or required action. The second definition of cue is the long slender stick used to propel the cue ball (the white one) in the games of pool, billiards, and snooker. As a verb, cue means to give a signal or prompt to a speaker. In the early days of radio and television, a cue card was a written prompt held up by a production assistant to show a speaker on-stage or on-camera what to say at a specific point. The assistant wasnt visible to the audience, so it appeared that the speaker knew what to say and was speaking directly to the viewer. These days, however, cue cards—as well as the assistants responsible for holding and turning them—have largely been replaced by mechanized tele-prompters. How to Use Queue The noun queue is used more commonly in British English than in American English to refer to a sequence of items, such as a line of people waiting for entrance to a sporting event or show. It can also refer to anything that forms a line (such as ducks in a row or a line of cars). As a noun, a queue can also refer to a braid of hair, like a pigtail, or, in computing, to a list of items in a file. As a verb, queue means to form or join a line. Derivation The meaning of the word cue as a prompt came from the use of the letter Q in 16th- and 17th-century theater: Q is thought to have been an abbreviation for a Latin word Quando, meaning when. Queue comes from a Latin word meaning tail, which is also the meaning from which pool cue is derived. Examples Here are sample sentences that illustrate the difference between a cue and a queue, in American and in British English: The young actor waited nervously for her cue to step onto the stage. Here, cue refers to a prompt or a signal to do something at a precise time.My job with the TV production company is to hold up cue cards to help the actors remember what theyre supposed to say. In this usage, instead of prompting the proper timing, the cue card provides information to the actor unseen to the audience.I hope Bill is looking when I cue him to move to stage left. Here cue is used as a verb, meaning to present a cue, or prompt.The pool player picked up his cue to prepare to start the game of eight-ball. In this example, cue refers to the tapered stick a pool player uses to strike the cue ball.To enter the classroom, the children were instructed to form a queue outside the door to the playground. Here queue is used in the British sense of a line of people.Be careful to enter the data in the proper queue in our computer files. ï » ¿This use of queue, meaning a list in a software application, isnt restric ted to Britain.For this role, he had to wear his hair in a queue. In this example, the word queue means a plait of hair hanging at the back of the head, like a pigtail. Idiomatic Uses of Queue In British English, if you  jump the queue, it means one of two things: Either youre pushing your way into a line ahead of others waiting their turn (the American version of this is cutting in line), or youre using elevated status or power as an unfair advantage over others to get what you want. Like queue, queue up also means to start or join a line. The word up is added in much the same way as it is for the phrase pair up. While both queue and pair are correct on their own, the addition of up is a more common, less formal usage. Idiomatic Uses of Cue To be right on cue means that some event (an arrival, a comment, etc.) has occurred at the proper time. To take a cue means to respond properly to a prompt or suggestion. Sources Cue vs. Queue. https://www.englishgrammar.org/cue-vs-queue/.Queue. https://en.oxforddictionaries.com/definition/queue.

Informative Breast Cancer Speech Essay - 899 Words

Informative Speech: Breast Cancer Attention Getter: What do Sheryl Crow, Judy Blume, Suzanne Somers, Wanda Sykes and my Mother have in common? They are all breast cancer survivors. Topic Disclosure: Today I am going to talk to you about breast cancer information and awareness Preview: During my speech I will discuss: * Symptoms and Diagnosis * Treatment and Side effects * Ways to lower risk and Statistics Audience Link: There is a large amount of men and women who are diagnosed with breast cancer everyday but they usually don’t know how it forms and ways it can be treated. Breast cancer is a very serious disease that shouldn’t be taken likely. Even if you do not have breast cancer, chances are that you know or will†¦show more content†¦II. A) Cdc.gov (2012) indicates, breast cancer is treated in several ways. It is depended on the kind of cancer and how far along it has spread. Treatment included surgery, chemotherapy, hormonal therapy, biological therapy and radiation. * Surgery: Doctor cuts out and removes cancer from the tissue * Chemotherapy: Using special medicines or drugs to shrink or kill the cancer, Drugs include pills or IV. (Maybe both) * Hormonal Therapy: Some cancers need hormones to grow, used to block cancer cells from getting hormones to grow. * Biological Therapy: Works with your body’s immune system to help fight the cancer or control th e side effects. * Radiation: The use of high-energy rays to kill cancer cells. Treatments are a long process, depending on what stage you’re in will indicate how long your treatment may take. B) There are many side effects that go along with each treatment. Some people tend to get more while others tend to just stick with the most common. Having more side effects would be something that is towards and individual, and matters by how strong ones immune system is. 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Effective Implementation of Lean Strategies †MyAssignmenthelp.com

Question: Discuss about the Effective Implementation of Lean Strategies. Answer: Introduction: Change in an organization is defined as the adoption of new ways, methods or policies within the system of the organization. Change is a very important phenomenon and needs to be adopted as per the requirement of the organization. The change in the organization can take place in many ways. Any organization can implement any new policy for any department, at times, the organization introduces certain technology, machineries, or it entirely changes the methodology for its operations (Vom Brocke et al., 2014). Anything new that has been introduced in the organization as a strategy. Change is an essential phenomenon, all organization requires change, it is for growth and for some special requirements in an organization. A planned change brought within an organization with an aim of growth is always beneficial for the organization. Organizational change requires proper planning so that the desired results can be achieved (Langley et al., 2013). It is the nature of human beings to hate change, they generally try to resist change at all costs. Human beings want things to be the same and hence they are reluctant to change because they find it very difficult to adapt to the changes. That is the reason why employees of any organization resist change. It is not liked by most of the people. Employees generally try to resist the process of change as much as possible. Resistance to change from the employees is one of the biggest issues that are faced by the organizations and management have to take a number or steps to make sure that they successfully implement their strategies for the welfare of the organization. It is very natural for the employees to resist change, what the management do is motivate the employees (Mitchell, 2013). Panda Retail Company is one of the top retail companies in Saudi Arabia. It is basically a grocery retail company. It is a very old company which has been operating since 39 years. The parent company of Panda Retail is Savola group. The organization is very old and hence it is planning to bring about certain changes within the organization, the changes are related to operations of the staff members of the company. They are planning to digitalize most of its operations. They are planning to change the software they earlier used for database management and billing purposes. The organization received a lot of resistance from the staffs who were comfortable working with the previous software (Investments, Retail Company, 2017). They are also planning to bring certain changes regarding the promotion and appraisal of the employees. Some of the employees have even left the company because they think that the new promotion method and the changes brought in the organization are not in their favor. Though the management is yet to disclose the changes it is about to bring but the information has been communicated to the employees (Cawsey et al., 2016). In order to manage the situation the company can take a number of steps that will help its employees to accept the change and the employee turnover is reduced. Firstly, it is very important for the management to plan the entire change process, they need to make a blueprint so that it can be easily explained to the employees. Planning is the most important thing that the management of the Retail. For efficiency for their planning they should consult and take advice of some experts (Xu et al., 2016). It is very important that the employees are made a part of the planning process so that there is very less resistance from the employees. Their suggestions are to be taken and given importance. This is a two way process so the employees should also participate and give their suggestions so that later there are no grievances (Investments, Retail Company, 2017). The process is needed to the employees, communication is very important, the management is required to communicate the entire process to employees unless they do not understand the process they will not be ready to accept the change. For this the management needs to answer some of the most important questions related to the change in the organization What are the changes to be brought- firstly they will have to explain to their employees what are the changes that are to be brought in the operations and the human resource department of the organization. Why is the change taking place- The management of Panda Retail needs to explain to its employees the reason for the change, they are to be explained why it is important to take a particular step (Petrou, Demerouti Schaufeli, 2016). What are the affected departments- They should explain to their staff members the departments that would be affected by the change process. All the departments that come under the change should be communicated, in this case they need to tell them that the organization is bringing certain changes in the operations department and the human resource department (Karim Arif-Uz-Zaman, 2013). What are the benefits of the change- They should communicate the benefits of change to their employees, how would it be beneficial for them. If the employees are not communicated about the benefits they will always be reluctant about the entire process and will not participate or show interest. What can be the demerits of the change- It is equally important that the demerits of the change to be brought be communicated to the employees so that they do not have any confusion, and transparency is maintained. Communicating only the positives of the change might not always be helpful because in later stages of execution problems might arise (Burnes, 2015). Motivating the employees should be done so that they are mentally ready for accepting the changes. They should be told about the benefits of the change and why it is necessary for any organization to bring changes within its operations and policies. The Panda Retail should not implement any changes that are against the interest of the employees because those changes are bound to be resisted by the employees (Dawson Andriopoulos, 2014). After the communication of the change process, it is very important to provide training to the employees to prepare them for the change that is going to take place. The Panda Retail is planning to change the software of its operations so they need to arrange a training program for their staff members to make them acquainted to the new changes that are to be implemented within the organization. It can be concluded that, resistance to change is a very natural phenomena and hence it is often seen in the big organizations that the employees resist the new changes that are brought in the organization. Panda Retail is one of the oldest and biggest companies in Saudi Arabia. For such a big organization, it is very important that they bring changes in their operations and policies. Following the same methods might keep them unaware about the benefits of other methods that can bring more profit to the organization. Combating change requires proper planning, because proper planning it would be impossible to execute any changes in the organization. They should consider the employee suggestions and involve them in the planning process so that a better plan can be made. Communication here is very important, they need to maintain transparency in the process and hence it is very important that they communicate about the changes that are about to take place. Panda Retail then needs to pro vide training to its employees so that they can be prepared for the new changes so that they can work with maximum efficiency. They are to be motivated by communicating the benefits the new change can bring, the benefit should be correlated to their career and growth in the organization then only they will be ready to accept the change. References Burnes, B. (2015). Understanding resistance to changebuilding on Coch and French.Journal of Change Management,15(2), 92-116. Cawsey, T., Deszca, G., Ingols, C., Finkelstein, S., Hambrick, C. D., Cannella Jr, A. A., ... Huber, G. P. (2016). Organizational change.Assessment,45, 49. Dawson, P., Andriopoulos, C. (2014).Managing change, creativity and innovation. Sage. Investments, R., Retail, S., Company, P. (2017).Panda Retail Company.Savola.com. Retrieved 28 September 2017, from https://www.savola.com/en/investments/retail-investments/savola-retail/panda-retail-company Karim, A., Arif-Uz-Zaman, K. (2013). 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