MThe Determinants of Forward-Looking Information Disclosure
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每日一句英语励志名言生命不要求我们成为最好的,只要求我们做最大努力。
下面由小编与大家分享每日一句英语励志名言,希望能够帮助你们!每日一句英语励志名言(经典)1、失言就是一不小心说了实话。
Gaffes is accidentally say the truth。
2、即使被遗弃了,也不要伤感下去。
Even if abandoned, don't be sad。
3、假如我不能我一定要;假如我一定要我就一定能!If I cannot I must; If I must I can!4、老师糊涂一时,学生糊涂一世。
Is wise at all time, the teacher students confused。
5、去做你害怕的事,害怕自然就会消失。
To do the thing you fear, the fear will disappear naturally。
6、感谢太阳又升起,继续点燃我的梦想。
Thank the sun rises again, continue to light my dream。
7、智者的梦再美也不如愚人实干的脚印。
Wise dream again beautiful also not fool pragmatic footprints。
8、是英雄表现出来,是人才体现出来,是蠢才显现出来。
Is a hero, is talented person, is a fool。
9、没有激流就称不上勇进没有山峰则谈不上攀登。
Not without a torrent yong into no peaks are not climb。
10、信心好比一粒种子,除非下种,否则不会结果。
Confidence is like a seed, unless seeding, no fruit。
11、每个人都要长大、但不是每个人都懂得长大。
Everyone has to grow up, but not everyone understand grew up。
英语作文中的好句英语作文好句子篇一1、爱是苛求的,因为苛求而短暂。
友谊是宽容的,因为宽容而长久。
——周国平Love is a demanding, short for demanding. Friendship is tolerant, for a long time because of the tolerance.2、自由之于人类,就像亮光之于眼睛空气之于肺腑爱情之于心灵。
——英格索尔Freedom in human beings, like the light to the eyes of the air in the heart of love is to the mind.3、只有把抱怨环境的心情,化为上进的力量,才是成功的保证。
——罗曼·罗兰Only you turn your plaints of environments into the strength to strive for the better is the guarantee of success.4、智慧是不会枯竭的,思想和思想相碰,就会迸溅无数火花。
——马尔克林斯基Wisdom is not dried up, into thoughts and ideas, will be splashed countless sparks.5、仁爱占上风时,新闻才得以变成爱情、真理和美德的传送工具。
——威·柯珀Kindly get the upper hand, news to bee love, truth, and the conveyance of virtue.6、从伟大的认知能力和无私的心情结合之中最易于产生出思想智慧来。
——罗素From the great cognitive ability and selfless mood in bination with the most easy to generate ideas to wisdom.7、谁要游戏人生,他就一事无成;谁不能主宰自己,永远是一个奴隶。
外文翻译原文The Competitive Advantage of Nations Material Source:Harvard Business Preview Author:Michael E. PorterNation prosperity is created,not inherited. It does not grow out of a country's natural endowments, its labour pool, its interest rates, or its currency's value, as classical economics insists.A nation's competitiveness depends on the capacity of its industry to innovate and upgrade. Companies gain advantage against the world's best competitors because of pressure and challenge. They benefit from having strong domestic rivals, aggressive home-based suppliers, and demanding local customers.In a world of increasingly global competition,nations have become more,not less,important. As the basis of competition has shifted more and more to the creation and assimilation of knowledge, the role of the nation has grown. Competitive advantage is created and sustained through a highly localized process. Differences in national values,culture,economics structures,institutions,and histories all contribute to competitive success. There are striking differences in the patterns of competitiveness in every country; no nation can or will be competitive in every or even most industries because their home environment is the most forward-looking, dynamic,and challenging.These conclusions, the product of a four-year study of the patterns of competitive success in ten leading trading nations,contradict the conventional wisdom that guides the thinking of many companies and national governments and that is pervasive today in the United States. According to prevailing thinking, labour costs, interest rates, exchange rates, and economies of scale are the most potent determinants of competitiveness. In companies, the words of the day are merger, alliance, strategic partnerships, collaboration, and supranational globalization. Managers are pressing for more government support for particular industries. Among governments, there is a growing tendency to experiment with variouspolicies intended to promote national competitiveness from efforts to manage exchange rates to new measures to manage trade to policies to relax antitrust which usually end up only undermining it.These approaches, now much in favour in both companies and governments, are flawed. They fundamentally misperceive the true source of competitive advantage. Pursuing them, with all their short-term appeal, will virtually guarantee that the United States or any other advanced nation never achieves real and sustainable competitive advantage.We need a new perspective and new tools an approach to competitiveness that grows directly out of an analysis internationally successful industries, without regard for traditional ideology or current intellectual fashion. We need to know, very simply, what works and why. Then we need to apply it.Factor conditions. According to standard economic theory, factors of production-labour, land, natural resources, capital, infrastructure-will determine the flow of trade. A nation will export those goods that make most use of the factors with which it is relatively well endowed. This doctrine, whose origins date back to Adam Smith and David Ricardo and that is embedded in classical economics, is at best incomplete and at worst incorrect.In the sophisticated industries that form the backbone of any advanced economy, a nation does not inherit but instead creates the most important factors of production-such as skilled human resources or a scientific base. Moreover, the stock of factors that a nation enjoys at a particular time is less important than the rate and efficiency with which it creates, upgrades, and deploys them in particular industries.The most important factors of production are those that involve sustained and heavy investment and are specialized. Basic factors, such as a pool of labour or a local raw-material source, do not constitute an advantage in knowledge-intensive industries. Companies can access them easily through a global strategy or circumvent them.Contrary to conventional wisdom, simply having a general work force that is high school or even college educated represents no competition. To support competitive advantage, a factor must be highly specialized to an industry's particular needs-a scientific institute specialized in optics, a pool of venture capital to fund software companies. These factors are more scarce, more difficult for foreign competitor to imitate-and they require sustained investment to create.Nations succeed in industries where they are particularly good at factorcreation. Competitive advantage results from the presence of world-class institutions that first create specialized factors and then continually work to upgrade them. Denmark has two hospitals that concentrate in studying and treating diabetes-and a world-leading export position in insulin. Holland has premier research institutes in the cultivation, packing , and shipping of flowers, where it is the world's export leader.What is not so obvious, however, is that selective disadvantages in the more basic factors can prod a company to innovate and upgrade-a disadvantage in a static model of competition can become an advantage in a dynamic one. When there is an ample supply of cheap raw materials or abundant labour, companies can simply rest on these advantages and often deploy them inefficiently. But when companies face a selective disadvantage, like high land costs, labour shortages, or the lack of local raw materials. They must innovate and upgrade to compete.Implicit in the oft-repeated Japanese statement, "We ate an island nation with no natural resources," is the understanding that these deficiencies have only served to spur Japan's competitive innovation. Just-in-time production, for example, economized on prohibitively expensive space. Italian steel producers in the Brescia area faced a similar set of disadvantages: high capital costs, high energy costs, and no local raw materials. Located in Northern Lombardy, these privately owned companies faced staggering Logistics costs due to their distance from southern ports and the inefficiencies of the state-owned Italian transportation system. The result: they pioneered technologically advanced minimills that require only modest capital investment, use less energy, employ scrap metal as the feedstock, are eddicient at small scale, and permit producers to locate close to sources of scrap and end use customers. In other words, they converted factor disadvantage into competitive advantage.Disadvantages can become advantages only under certain conditions. First , they must send companies proper signals about circumstances that will spread to other nations, thereby equipping them to innovate in advance of foreign rivals. Switzerland, the nation that experienced the first labour shortages after World War II, is a case in point. Swiss companies responded to the disadvantage by upgrading labour productivity and seeking higher value, more sustainable market segments. Companies in most other parts of the world, where there were still ample workers, focused their attention on other issues, which resulted in slower upgrading.The second condition for transforming disadvantages into advantages isfavorable circumstances elsewhere in the diamond-a consideration that applies to almost all determinants. To innovate, companies must have access to people with appropriate skills and have home-demand conditions that send the right signals. They must also have active domestic rivals who create pressure to innovate. Another precondition is company goals that lead to sustained commitment to the industry. Without such a commitment and the presence of active rivalry, a company may take an easy way around a disadvantage rather than using it as a spur to innovation.For example, U.S. Consumer-electronic companies, faced with high relative labour costs, chose to leave the product and production process largely unchanged and move labour-intensive activities to Taiwan and other Asian countries. Instead of upgrading their sources of advantage, they settled for labour-cost parity. On the other land, Japanese rivals, confronted with intense domestic competition and a mature home market, chose to eliminate labour through automation. This led to lower assembly costs, to products with fewer components and improved quality and reliability. Soon Japanese companies were building assembly plants in the United States-the place U.S. Companies had fled.The Diamond of National AdvantageWhy are certain companies based in certain nations capable of consistent innovation? Why do they ruthlessly purse improvements, seeking an ever more sophisticated source of competitive advantage? Why are they able to overcome the substantial barriers to change and innovation that so often accompany success?The answer lies in four broad attributes of nation, attributes that individually and as a as system constitute the diamond of national advantage, the playing field that cach nation establishes and operates for its industries. These attributes are:1.Factor conditions. The nation's position in factor of production, such as skilled labour or infrastructure, necessary to compete in a given industry.2.Demand conditions. The nature of home-market demand for the industry's product or service.3.Related and supporting industries. The presence or absence in the nation of supplier industries and other related industries that are internationally competitive.4.Firm strategy, structure, and rivalry. The condition in the nation governing how companies are created, organized, and managed, as well as the nature of domestic rivalry.These determinants create the national environments in which companies are born and learn how to compete. Each point on the diamond and the diamond as asystem affects essential ingredients for achieving international competitive success: the availability of resources and skills necessary for competitive advantage in an industry ; the information that shapes the opportunities that companies perceive and directions in which they deploy their resources on companies; and most important, the pressures on companies to invest and innovate.When a national environment permits and supports the most rapid accumulation of specialized assets and skills sometimes simply because of greater effort and commitment companies gain a competitive advantage. When a national environment affords better ongoing information and insight into product and process needs, companies gain a competitive advantage. Finally, when the national environment pressures companies to innovate and invest, companies both gain a competitive advantage and upgrade those advantages over time.译文国家竞争优势资料来源:哈佛商业评论作者:迈克尔.波特一个国家的繁荣是由后天创造出来的,而不是天生的。
Open market operationsOpen market operations are the most important monetary policy tools because they are the primary determinants of changes in interest rates and the monetary base, the main source of fluctuations in the money supply. Open market purchases expand the monetary base, thereby raising the money supply and lowering short-term interest rates, and open market sales shrink the monetary base, lowering the money supply and raising short-term interest rates.公开市场操作能够影响利率,基本货币以及纸币供应量,是最重要的货币政策工具。
公开市场买入能够扩大基本货币量,从而增大纸币供应量并降低短期利率,公开市场卖出能够缩减基本货币量,从而减少纸币供应量并提高短期利率。
There are two types of open market operations: Dynamic open market operations are intended to change the level of reserves and the monetary base, and defensive open market operations are intended to offset movements in other factors that affect reserves and the monetary base, such as changes in Treasury deposits with the Fed or float.有两种公开市场操作:能动型公开市场操作,旨在改变准备金和基本货币水平;防御型公开市场操作,旨在抵消影响准备金和基本货币水平的其他因素的变动,比如国债存款和在途资金的变动。
新国标英语专业核心教材视听说教程2电子版Part I Language knowledge (20%)Directions: There are ten sentences in this section. Beneath each sentence there are four words, phrases or statements marked A, B, C and D. Choose one word, phrase or statement that best completes the sentence.1.Please _____ which seat you would like to choose. [单选题] *tell aboutindicate(正确答案)pointsay that2.Have you _____ wondered what people’s last names indicate? [单选题] *nevernotonceever(正确答案)3.--- Prince Charles’ family name is Mountbatten Windsor.--- _____--- Mountbatten Windsor.[单选题] *Quite right.Excuse me.I beg your pardon?(正确答案)Is that correct?4.We must _____ steps to build an environment friendly society. [单选题] * take(正确答案)havemakego5._____ So we should attach much importance to punctuality. [单选题] *Every minute counts.(正确答案)Time is a servant.It is the duty of the higher-ranking person to be late.There is enough of time.6.Marion is a punctual worker. She _____ late for work. [单选题] *often isis alwaysis never(正确答案)occasionally7.On Sunday mornings I _____ for an hour. Then I _____ my friends. [单选题] * will cycle; will catch up withwill cycle; catch upcycle; catch upcycle; will catch up with(正确答案)8.Mrs. Gray is always on the go. _____ are her arms still. [单选题] *Always.Never(正确答案)HardlySometimes9.--- I wonder if you have the time on you?--- It’s coming up to three. It is _____. [单选题] *five to three(正确答案)five minutes past threefive pass threefive minutes to three10. I received another note from Mellows; it _____ I was not to leave the office. [单选题] *toldindicated tosaid(正确答案)showedPart II Cloze (40%)Directions: Decide which of the words given below would best complete the passage if inserted in the corresponding blanks. The words can be used ONCE ONLY. Passage One【 A titles B parties C setting D mention E opportunity 】The purpose of introducing people is to give them a(n) (11) _____ to get to know each other. This means that you need to (12) _____ the names of both (13) _____. Unless you are in an informal (14) _____, appropriate (15) _____ like Dr., Rev., Ms. and Mr. should be used in the introduction and full names should be used.11. [单选题] *A. titlesB. partiesC. settingD. mentionE. opportunity(正确答案)12. [单选题] *A. titlesB. partiesC. settingD. mention(正确答案)E. opportunity13. [单选题] *A. titlesB. parties(正确答案)C. settingD. mentionE. opportunity14. [单选题] *A. titlesB. partiesC. setting(正确答案)D. mentionE. opportunity15. [单选题] *A. titles(正确答案)B. partiesC. settingD. mentionE. opportunityPassage two【 A formal B reference C acquaintances D client E abrupt 】Canadians prefer to be on a first-name basis with (16) _____. However, a title with a last name is often used when a person is addressing an employer, a teacher, a(n) (17) _____,an older person, or a stranger in (18) _____ situations. Calling someone without a title is generally considered too (19) _____ in English-speaking countries. Here a last name alone can be used as a term of (20) _____, not address.16. [单选题] *A. formalB. referenceC. acquaintances(正确答案)D. clientE. abrupt17. [单选题] *A. formalB. referenceC. acquaintancesD. client(正确答案)E. abrupt18. [单选题] *A. formal(正确答案)B. referenceC. acquaintancesD. clientE. abrupt19. [单选题] *B. referenceC. acquaintancesD. clientE. abrupt(正确答案)20. [单选题] *A. formalB. reference(正确答案)C. acquaintancesD. clientE. abruptPassage three【 A sticklers B reasonable C insulted D absolute E demonstrates 】(21) _____ punctuality is expected in Germany, the Netherlands, Finland and Japan. In those countries, being late (22)_____ that you cannot be trusted to keep your word or manage your time. Countries where (23) _____ punctuality is expected include United States, Canada, Denmark and Sweden. In those countries, most people will not be (24) _____ if you are less than five minutes late (Remember, that’s most people --- there are (25) _____ for exact punctuality in all cultures.)21. [单选题] *A. SticklerB. ReasonableD. Absolute(正确答案)E. Demonstrates22. [单选题] *A. sticklerB. reasonableC. insultedD. absoluteE. demonstrates(正确答案)23. [单选题] *A. sticklerB. reasonable(正确答案)C. insultedD. absoluteE. demonstrates24. [单选题] *A. sticklerB. reasonableC. insulted(正确答案)D. absoluteE. demonstrates25. [单选题] *A. stickler(正确答案)B. reasonableC. insultedD. absoluteE. demonstratesPassage four【 A revenue B ended C obsessed D track E grab】I’m (26) _____ with numbers. Before I get out of bed, I (27) _____ my phone to check my email and look at our aggregate (28) _____. I (29) _____ our revenue in 24-hour cycles, starting at 5 a.m. So I’ll look at how the previous day’s revenue (30) _____ up.26. [单选题] *A. revenueB. endedC. obssessed(正确答案)D. trackE. grab27. [单选题] *A. revenueB. endedC. obssessedD. trackE. grab(正确答案)28. [单选题] *A. revenue(正确答案)B. endedC. obssessedD. trackE. grab29. [单选题] *A. revenueB. endedC. obssessedD. track(正确答案)E. grab30. [单选题] *A. revenueB. ended(正确答案)C. obssessedD. trackE. grabPar III Paraphrase (20%)Directions: Paraphrase the following sentences, paying particular attention to the italicized parts.1.Some will choose Jones, others will choose Smith, and still others will opt for a double-barreled compromise, Smith-Jones. [填空题] *_________________________________2.Here a last name alone can be used as a term of reference, not address. [填空题] *_________________________________3.We generally prefer the prevailing attitude of our native culture. [填空题] *_________________________________4.Time is a servant, not a master. [填空题] *_________________________________Part IV Translation (20%)Directions: Translate the following sentences into Chinese.1. The meanings of many English family names have been lost in the course of time. [填空题] *_________________________________2. In a business situation, rank and authority are the primary determinants of who takes precedence over whom, regardless of age or gender. [填空题] *_________________________________3. I will save the mails for my hour long work session, which I take every day at various times to pound through everything in my inbox. [填空题] *_________________________________4. I’m looking forward to spending this weekend with my wife and catching up with family and friends. [填空题] *_________________________________。
Political Stability and Foreign Direct InvestmentKim Haksoon1.INTRODUCTIONF oreign direct investment (FDI) has become the important issue in finance and economics since the globalization of capital markets. The saturation of domestic capital market drives each country to invest in the foreign capital markets in terms of financial internationalization. Recently, emerging market countries, especially China and India, become the world's foremost FDI targets. From the World Bank (2002) report, we can see that net FDI to developing countries has increased since 1985.Many researchers in finance and economics try to find the factors that affect the FDI. For example, Lucas (1990) argues that only political risk is an important factor in limiting capital flows. Investments in many developing countries are exposed to large political risks, so FDI inflows are large for politically unstable countries. By the same token, FDI outflows are large for politically stable countries to invest in countries with large political risks. Fry, Classens, Burridge, & Blanchet (1995) found that the requirement to surrender export proceeds to the monetary authorities and the existence of special exchange rates for some capital account transactions reduces the probability that FDI is independent. The more liberal a country's foreign exchange system, the more likely FDI is to be independent or exogenous. FDI is associated with a larger increase in capital formation when it is independent than when it is "Granger-caused" by other capital flows. Singh and Jun (1995) also show that political risk and business operating conditions have been important determinants of FDI for countries that have historically attracted high FDI. For countries with relatively low FDI, a key determinant was the degree of sociopolitical instability. A country's orientation toward exports is the strongest variable for explaining why a country attracts FDI. Chan and Gemayel (2004) find that the degree of instability associated with investment risk is a much more critical determinant of foreign investment in the Middle East and North Africa region countries than it is for developing countries, which have lower level investment risk.There are other factors, including above-mentioned ones of FDI. They are macroeconomic determinants、internalization theory、intangible assets、capital market mispricing、shareholder's wealth effect and stock market liberalization and corporategovernance.In view of related literature, we can see that there are numerous factors that affect FDI, but not dominant factors. The objective of this paper comes from the Lucas (1990)'s argument that only political risk is an important factor in limiting capital flows. According to his paper, either human capital based approach or monopoly rents approach is not an important factor in explaining capital flows. For the empirical support and extension of his argument, we examine the following hypothesis.a. Hypothesis 1FDI inflows are high for politically unstable countries, while FDI outflows are high for politically stable countries, after controlling for macroeconomic factors.La Porta et al. (1999) constructs the quality of government index around the world. They divide government quality variables by five categories, and find that rich nations have better governments than poor ones. Ethnolinguistically homogenous countries have better governments than the heterogeneous ones. Common law countries have better governments than French civil law or socialist law countries. Predominantly Protestant countries have better governments than either predominantly Catholic or predominantly Muslim countries. The quality of governments also is closely related to its interference with private sectors. However, they did not mention whether the political stability of governments goes hand in hand with its interference with private sectors. From their five categories, we use the direct measure of political stability. They are corruption index in the government efficiency category and political rights index and democratic index from political freedom category. Corruption index is the index of corruption in government from International Country Risk Guide (ICRG). Low corruption index means high political stability. Political rights index is the index of political rights from Freedom of the World, 1996. Democracy index is the average of democracy score for the period 1970-1994 from Polity III: Regime Type and Political Authority, 1800-1994. High political rights index and democracy index mean high political stability.We know that the quality of government is closely related to its interference with private sectors, leading to the performance of private sectors. However, we do not know whether the political stability of government is related to its interference with private sectors. We argue that political stability measures are closely related to the performance of the private sector in general, and it will also affect the FDI inwardperformance, by looking at the recent economic development of China and Russia. (Note 2) Their line of reasoning is also consistent with the view of Lucas (1990), because politically unstable countries attract more capital flows which lead to the higher possibility of better performance of FDI. By combining the argument of Lucas (1990) and La Porta et al. (1999), we can construct a following hypothesis.b. Hypothesis 2FDI inward performance is high for politically unstable countries, after controlling for macroeconomic factors.The remaining paper proceeds as follow. Section 2 describes the econometric techniques and the model setup that are used in this paper. Section 3 explains data and variable construction. Section 4 shows empirical results Section 5 ends the paper.2. THE REVIEW OF ECONOMETRIC TECHNIQUES AND MODEL SRTUPSince our sample is the panel data, we perform three different empirical techniques for the panel data to strengthen our empirical results. First, we perform pooled ordinary least squares (OLS) with robust standard errors for the panel data using robust (cluster) covariance matrix as in Wooldridge (2002). According to Wooldridge (2002), the error term in the panel data will be serially correlated, even if the pooled OLS meets the consistency assumption. Also, the serial correlation does not decrease as the cross-section and time-series increases. So, we need to use robust (cluster) covariance matrix.Second, we perform feasible generalized least squares (GLS) for the cross-sectional time-series linear models. This technique allows estimation in the presence of AR(1) autocorrelation within panels and cross-sectional correlation and heteroskedasticity across panels.3. DATA AND VARIABLE DESCRIPTIONDifferent data sources are used in this paper. FDI data is from World Investment Report (WIR) Annex Tables, the United Nations Conference on Trade and Development (UNCTAD). World Investment Report Annex Tables provide detailed statistical data on FDI flows, FDI stock and cross-border mergers and acquisitions. We use three year average FDI inflows, FDI outflows and the performance of FDI inflows as dependent variables in the regression analysis. We matched the latest year of the three year to the year of controlling variables. (Note 4) The three year average of FDI inflows is the three year average foreign direct investment inflows in millions of dollars. The three year average of FDI outflows is the three year average foreigndirect investment outflows in millions of dollars. The three year average performance of FDI inflows is the three year average inward foreign direct investment performance index. If the performance is better, the index shows greater value. These variables are all from World Investment Report (WIR) Annex Tables, the United Nations Conference on Trade and Development (UNCTAD).Controlling variables are as follow. GDP is the three year average GDP in millions of dollars. Three of them come from World Investment Report (WIR) Annex Tables, the United Nations Conference on Trade and Development (UNCTAD). The real exchange rate is calculated using nominal exchange rates and price indices from the IMF International Financial Statistics. There are several papers analyzing the relationship between exchange rate and FDI (Froot and Stein, 1991; Klein and Rosengren, 1994; Dewenter, 1995; Blonigen, 1997). Corporate top tax rates, which are the maximum marginal corporate tax rates in each country and year, are from the World Tax Database maintained by the Office of Tax Policy Research at the University of Michigan. There is a paper investigating the relationship between tax rate and FDI (Desai et al., 2004). Capital account openness is based on Brune et al. (2001). We form a closedness index, using Brune et al. (2001) data, as the way in Baker et al. (2006). Political stability measures are described briefly in the introduction section.4. EMPIRICAL RESULTSa. Summary statisticsDescriptive statistics for the entire sample is presented in Table 1. The definitions of the variables are the same as the ones in Table 1. Total of 305 country year observations are in the sample from 1990 till 2002 spanning 28 countries. Some countries have missing real exchange rate data, so the exchange rate series for these countries are indexed with the dollar exchange rate in the year that is observed first. Democratic index (democratic) and public sector employment ratio (PSEmpRatio) are missing for Hong Kong. Government consumption expenditures (GC/GDP) and total government transfers and subsidies are missing for China. Public sector employment ratio is missing for Israel. The mean FDI flows are similar, while their median is significantly different from the mean. The standard deviations of FDI flows are large.For example, the standard deviation of FDI outflows is almost the twice of its mean value. It suggests that each country's FDI flows vary over its characteristics. FDI inward performance also varies over each country's characteristics. The mean FDI inward performance is close to the standard deviation, while median value is relatively close to the mean. Overall, FDI flows and inward performance significantlydepend on each country's characteristics.The political stability also varies over the country's characteristics. The mean value ranges from 6.03 to 7.94. The mean value of corrupt is close to that of democratic, while the standard deviation is higher for democratic. Also, the difference between mean and median for democratic is the highest among the political stability variables. Democratic shows the highest standard deviation, while political shows the lowest standard deviation. From the minimum and maximum values of political stability variables, we can see that political stability varies from country to country. For the variables of the size of public sector category, GC/GDP and T&S/GDP have similar mean and median values. The standard deviation is a little higher for GC/GDP than that for T&S GDP. The highest government consumption or transfers and subsidies as a percentage of GDP is around five or twenty seven times greater than the lowest government consumption or transfers and subsides as a percentage of GDP, respectively. The mean value of the average ratio of public sector employment in general government as a percentage of total population is 5.71. So, on average, the 5.71 percent of total population is hired in public sector. The mean and median value is close with each other, but the standard deviation is high relative to the mean value. The maximum value is around seventeen times higher than the minimum value. Overall, the size of public sector varies from country to country.b. Pearson CorrelationThe Pearson correlations among independent variables are presented in Table 2. All the independent variables have the possible correlation with dependent variables judging from related literature. Overall, independent variables are correlated with one another within a conventional five percent significance level, except for some pairs. For example, Ex Rate is not correlated with political with statistical significance. GDP shows negative correlations with political stability variables. Interestingly, it suggests that high GDP countries have less corruption, while their political rights and the level of democracy are low. Also, Ex Rate shows negative correlations with corrupt and democratic, indicating high real exchange rate countries have less corruption, but their democratic level is low. Corp Tax shows positive correlations with political and democratic. So, countries with high maximum marginal corporate tax rate show high political rights and level of democracy. The result is also interesting, because countries which are not open to capital flows do not necessarily have corrupted government.c. Empirical ResultsAs you can see, corrupt and political consistently affect the FDI inflows and inward performance for pooled OLS and feasible GLS estimation. Corrupt has a positive relationship with the FDI inflows and inward performance, while political has a negative relationship with the FDI inflows and inward performance for pooled OLS and feasible GLS estimation. Countries with high corruption of government and low political rights have the high FDI inflows. The results are consistent with the argument of Lucas (1990) and our hypothesis 1. Consistent with our hypothesis 2, they have the high FDI inward performance. For the random effects estimation, corrupt is positively correlated with the FDI inward performance, while political is negatively correlated with the FDI inward performance. The results are consistent with our hypothesis 2.For the control variables, only GDP has consistently positive relationship withthe FDI flows, while it is negatively correlated with the FDI inward performance. High GDP countries have more FDI flows, while its FDI inward performance is low. Consistent with the argument of Lucas (1990), the FDI outflows in high GDP countries are high, assuming high GDP countries are politically stable, in general. However, those countries also have the high FDI inflows and low FDI inward performance. It seems that, in general, high GDP countries are politically stable and the FDI inflows should come from the low GDP countries with political instability. If Lucas (1990)'s argument is correct, the FDI inflows from countries with political instability is limited. Since this kind of FDI inflows are limited by countries with political stability, it seems that the FDI inward performance of this kind should be poor due to the limitation by the government of hosting countries. Also, the FDI inflows are high for the high GDP countries, not consistent with our hypothesis 1, assuming high GDP countries are politically stable. In general, high GDP countries have more foreign trades than low GDP countries, so the absolute volume of FDI flows should be higher for high GDP countries.5. CONCLUSIONThe determinants of FDI flows are well documented in the related literature. By using the three different techniques of panel data, we investigate the relationship between the FDI and the political stability in detail by looking at FDI flows, inward performance and the specifically categorized political stability variables as in La Porta et al. (1999).The main empirical results can be summarized as follow. First, hosting countries with higher political rights as in La Porta et al. (1999) have higher FDI outflows after controlling for macroeconomic variables. The result is consistent with Lucas (1990) and our hypothesis 1 in that politically stable countries produce capital flows to invest in politically unstable countries. Second, hosting countries with higher level of corruption of governments and lower level of democracy attract more FDI inflows after controlling for macroeconomic variables. The result is also consistent with the argument of Lucas (1990) and our hypothesis 1 that politically unstable countries attract capital flows from developed countries with high political stability. Third, consistent with our hypothesis 2, FDI inward performance is positively correlated with the corruption level of governments and negatively correlated with the level of democracy. Fourth, when the key variables of the factor analysis from La Porta et al. (1999) are included, countries with high corruption level of governments and lowerpolitical rights have higher FDI inward performance.The contribution of this paper is as follow. First, we support the related literature of Lucas (1990) that FDI flows are affected by the level of political stability of hosting countries, using the detailed political stability measures of governments, which is the approach that is not taken before. Second, our results contribute to the related literature by further looking at the relationship between FDI inward performance and the level of political stability of hosting countries with the combination of arguments of Lucas (1990) and La Porta et al. (1999). Finally, our empirical results are strengthened by taking three relevant econometric techniques of panel data: pooled OLS estimation with robust standard errors, cross-sectional time-series feasible GLS estimation and random effects estimation.政治的稳定性与外商直接投资哈克森·金1.引言随着资本市场的全球化,FDI已经成为金融和经济学界的重要议题。
When faced with adversity, its crucial to maintain a positive attitude and adopt effective strategies to overcome challenges. Heres how I approach difficult situations:1. Acknowledging the Problem: The first step is to recognize the difficulty. Ignoring it will only make it worse. I make sure to understand the nature of the problem and its implications.2. Staying Calm: Panic can cloud judgment. I take a few deep breaths and try to calm myself down. This helps me think more clearly and rationally about the situation.3. Seeking Support: I reach out to friends, family, or mentors for advice and emotional support. Sometimes, a different perspective can provide new insights into the problem.4. Breaking Down the Problem: Large problems can seem overwhelming. I break them down into smaller, more manageable tasks. This makes the problem less daunting and more approachable.5. Researching Solutions: I research the issue thoroughly. Understanding the root cause and possible solutions can empower me to make informed decisions.6. Developing a Plan: Once I have a clear understanding of the problem, I develop a stepbystep plan to tackle it. This includes setting realistic goals and deadlines.7. Taking Action: Procrastination can exacerbate problems. I take action according to my plan, making adjustments as necessary based on the outcomes of each step.8. Learning from Failures: If things dont go as planned, I dont dwell on the failure. Instead, I analyze what went wrong and use that knowledge to improve my approach. 9. Maintaining a Positive Mindset: I remind myself of past successes and the lessons learned from failures. This helps me stay motivated and optimistic about overcoming the current difficulty.10. Celebrating Small Victories: Every step forward, no matter how small, is a victory. I celebrate these moments to boost my morale and confidence.11. Reflecting and Adjusting: After each attempt, I reflect on the outcome and adjust my strategy if needed. This iterative process helps in refining my approach to the problem.12. Persistence: Above all, I understand that perseverance is key. Some difficulties taketime to resolve, and Im prepared to stay the course until the problem is addressed.By following these steps, Ive found that I can navigate through most difficulties with a sense of control and confidence. Its not always easy, but with the right mindset and approach, even the most challenging situations can be managed effectively.。
“拆译法”在科技英语汉译时的应用南京军区军事医学研究所医学信息室吴文智“拆译法”是英译汉时常用的方法。
这种译法的运用得当与否,怎样运用,对于提高汉译文的质量很有关系,在翻译科技英语资料时尤其是这样,请看下面例句These data indicate that nitroglycerin ointment improves cardiac performance in patients with acute myocardial infarction while reducing the determinants of myocardial o ygen consumption and preserving the transmyocardial gradient for coronary blood flow.如果照搬原文词序,则上句可译为:“这些资料指出硝酸甘油软膏能改善急性心肌梗死病人的心脏功能在降低心肌耗氧量和保持冠状动脉血流经心肌的压力阶差的时候”。
上述译文逻辑关系混乱,语意含混不清,使人难以理解。
要想避免这种现象,唯有在吃透原文的基础上,超脱原文,根据汉语的习惯将句子加以调整,分译成两个或数个分句,也就是采用拆译法来处理。
这样,上句即可译为:“上述资料指出,硝酸甘油软膏能在降低心肌耗氧量的同时,在冠状动脉血流经心肌的压力阶差保持不减的情况下,改善急性心肌梗死病人的心脏功能”。
以下谈谈拆译法具体应用中的几个问题。
一、拆译的范围一般来讲,凡原文句子较长,又比较复杂,译文无法一气呵成,就可以考虑拆译。
如:At present it is difficult to relate the electrophoretic findings,where histochemical techniques must be used to locate the fractions,with the results obtained with more traditional biochemical methods using substrates such as acetylcholine and benzoylcholine.[直译] 目前很难联系电泳的发现,其时组织化学技术须被用来固定各个组分的位置,与传统的生物化学方法取得的结果使用了乙酰胆碱和二苯甲酰胆碱之类的作用物。
关于预期寿命的作文英语版Life expectancy is a crucial factor that impacts individuals, societies, and nations as a whole. It reflects the overall health and well-beingof a population, and is influenced by a complex interplay of social, economic, and environmental factors. In this essay, we will explore the significance of life expectancy, the factors that influence it, and the implications it holds for the future.At its core, life expectancy represents the average number of years an individual is expected to live, based on current mortality rates and other demographic data. This metric provides a valuable snapshot of a population's health status and the quality of life they can anticipate. Higher life expectancies are often associated with improved access to healthcare, better nutrition, safer living conditions, and more advanced medical technologies.One of the primary drivers of life expectancy is the level of economic development and prosperity within a given region. Wealthier nations tend to have higher life expectancies, as their citizens typically enjoy better access to healthcare, education, and essential resources.Conversely, countries with lower levels of economic development often struggle with issues such as poverty, malnutrition, and limited healthcare infrastructure, leading to lower life expectancies.Socioeconomic factors also play a crucial role in shaping life expectancy. Individuals from higher socioeconomic backgrounds generally have access to better healthcare, education, and opportunities for healthy lifestyles, which can translate into longer life spans. Conversely, those from disadvantaged socioeconomic backgrounds may face challenges such as limited access to healthcare, exposure to environmental hazards, and higher rates of risky behaviors, all of which can negatively impact life expectancy.Gender is another significant factor influencing life expectancy. Globally, women tend to have a higher life expectancy than men, with the average gap being around 5-7 years. This disparity can be attributed to a variety of factors, including biological differences, societal norms, and health-seeking behaviors. Women, on average, tend to have stronger immune systems, lower rates of certain risky behaviors, and greater access to preventive healthcare services.Lifestyle choices also have a profound impact on life expectancy. Behaviors such as smoking, excessive alcohol consumption, poor diet, and sedentary lifestyles can significantly increase the risk of chronic diseases and premature mortality. Conversely, adopting healthyhabits, such as regular exercise, a balanced diet, and stress management, can contribute to longer and more fulfilling lives.Environmental factors, such as air quality, water pollution, and exposure to hazardous substances, can also influence life expectancy. Individuals living in areas with high levels of environmental pollution or exposure to toxins are at a greater risk of developing respiratory diseases, cancer, and other health issues that can shorten their lifespan.The global trends in life expectancy have been largely positive in recent decades, with the worldwide average life expectancy increasing from around 67 years in 1990 to 72 years in 2019. This progress can be attributed to advancements in medical technology, improved access to healthcare, and the implementation of public health initiatives aimed at addressing the social determinants of health.However, the COVID-19 pandemic has had a significant impact on life expectancy in many parts of the world, leading to a decline in some countries. The pandemic has highlighted the importance of public health preparedness, the need for robust healthcare systems, and the vulnerability of certain populations, such as the elderly and those with underlying health conditions.Looking to the future, efforts to further improve life expectancy will require a multifaceted approach that addresses the complex interplay of social, economic, and environmental factors. This may involve investments in healthcare infrastructure, the promotion of healthy lifestyles, the implementation of policies that address socioeconomic disparities, and the mitigation of environmental threats.Additionally, the concept of "healthy life expectancy" has gained increasing attention, which focuses not just on the length of life but also on the quality of life and the number of years an individual can expect to live in good health. This metric is crucial in understanding the overall well-being of a population and the effectiveness of healthcare interventions.In conclusion, life expectancy is a vital indicator of a population's health and well-being. It is influenced by a range of factors, including economic development, socioeconomic status, gender, lifestyle choices, and environmental conditions. As we move forward, the continued improvement of life expectancy will require a comprehensive and collaborative approach that addresses the underlying determinants of health and promotes the overall well-being of individuals and communities. By doing so, we can work towards a future where longevity is not just a statistic, but a reflection of the quality of life and the opportunities available to all.。
我的未来英语作文成为医生Becoming a doctor has been a lifelong dream of mine. From a young age, I have been fascinated by the human body and the incredible complexity of the medical field. The prospect of dedicating my life to helping others and making a tangible difference in people's lives is what drives me forward and motivates me to pursue this challenging yet immensely rewarding career path.As I reflect on my journey thus far, I can trace my interest in medicine back to my childhood. I grew up in a household that placed a strong emphasis on the importance of health and wellness. My parents were always eager to share their knowledge about anatomy, physiology, and the vital role that doctors play in our society. They would often take me to visit local clinics and hospitals, sparking my curiosity and fueling my desire to learn more.Throughout my academic career, I have consistently excelled in subjects like biology, chemistry, and physics, laying the groundwork for a successful transition into the medical field. My passion for science and problem-solving has only grown stronger over the years,and I am eager to apply these skills in a practical and meaningful way.One of the aspects of the medical profession that excites me the most is the opportunity to work with diverse populations and make a tangible difference in people's lives. I am driven by a deep sense of empathy and a genuine desire to alleviate suffering and improve the well-being of my patients. Whether it is diagnosing and treating a complex medical condition, providing compassionate care to a patient in need, or advocating for the health and rights of underserved communities, I am committed to using my knowledge and skills to make a positive impact.Moreover, the constant evolution and advancement of medical knowledge is another aspect of the field that captivates me. The medical landscape is constantly changing, with new discoveries, technologies, and treatment methods emerging all the time. I relish the challenge of staying up-to-date with the latest developments and continuously learning and growing as a practitioner. The opportunity to be at the forefront of medical innovation and contribute to the expansion of human knowledge is a thrilling prospect that fuels my ambition.As I look towards the future, I am acutely aware of the rigors and challenges that lie ahead. The path to becoming a doctor is notoriously demanding, requiring years of intense study, clinicaltraining, and a deep commitment to lifelong learning. However, I am more than ready to embrace these challenges and dedicated myself wholeheartedly to the pursuit of this profession.Throughout my undergraduate education, I have diligently pursued a well-rounded course of study, taking classes in the natural sciences, social sciences, and humanities to develop a broad and multifaceted understanding of the world around me. This diverse educational background has not only strengthened my academic foundation but has also fostered my critical thinking skills, empathy, and problem-solving abilities – all of which are essential for success in the medical field.As I prepare to embark on the next phase of my journey, I am actively engaging in various clinical experiences and research opportunities to deepen my knowledge and hone my practical skills. From volunteering in local clinics to participating in medical research projects, I am eager to immerse myself in the realities of the medical profession and gain a more nuanced understanding of the challenges and responsibilities that come with it.Moreover, I am committed to continuously refining my communication and interpersonal skills, recognizing that these abilities are just as crucial as technical medical expertise. The ability to connect with patients, understand their unique needs andconcerns, and provide compassionate and culturally-sensitive care is a vital component of being an effective and successful physician.Looking ahead, I can envision myself working in a variety of medical settings, from primary care clinics to specialized hospital departments. My ultimate goal is to become a versatile and well-rounded practitioner, capable of providing comprehensive care to patients across the lifespan and addressing a wide range of medical conditions. Whether it is treating acute illnesses, managing chronic diseases, or promoting preventive health measures, I am eager to apply my knowledge and skills in a way that improves the lives of those I serve.Beyond the clinical aspects of the profession, I also aspire to be an advocate for public health and a champion for underserved and marginalized communities. I believe that access to quality healthcare is a fundamental human right, and I am committed to working towards a more equitable and inclusive healthcare system. Through my involvement in community outreach programs, policy advocacy, and research initiatives, I hope to play a role in addressing the social determinants of health and improving health outcomes for all.As I embark on this journey, I am acutely aware of the immense responsibility that comes with the medical profession. The trust that patients place in their doctors is a sacred bond, and I am committedto upholding the highest standards of ethics, professionalism, and compassion in my practice. I understand that the decisions I make and the care I provide can have profound and lasting impacts on the lives of my patients, and I am prepared to approach this responsibility with the utmost seriousness and dedication.In conclusion, my aspiration to become a doctor is not just a career goal, but a deep-rooted passion that has been shaped by my personal experiences, my values, and my desire to make a positive difference in the world. As I continue to navigate the challenges and complexities of the medical field, I am confident that my unwavering commitment, my intellectual curiosity, and my genuine empathy for others will guide me towards a fulfilling and impactful career in medicine.。
P rocedia - Social and Behavioral Sciences 109 ( 2014 ) 858 – 8641877-0428 © 2014 The Authors. Published by Elsevier Ltd.Selection and peer review under responsibility of Organizing Committee of BEM 2013.doi: 10.1016/j.sbspro.2013.12.554ScienceDirect2nd World Conference On Business, Economics And Management - WCBEM 2013The Determinants of Forward-Looking Information DisclosureKhalid Alkhatib a*Khalid Alkhatib, Computer Information Systems Department, Jordan University of Sciemce and Technology, Iribd,JordanAbstractThe main objective of this paper is to empirically establish the level of forward-looking information disclosure in companies listed on the Jordanian stock exchange and further to establish the determinants of forward-looking information disclosure. This information will assist company shareholders to make informed decision bout the company's future performance. The level of will be determined by extracting financial and other information using company annual reports. Disclosure index methodology was adopted, that is awarding one for a disclosed item and zero if undisclosed. Five variables are employed to establish the level forward-looking information disclosure; these are sector type (manufacturing and services), company size, leverage, profitability, and auditor type (with or without international affiliation).Keywords: Forward-looking Information, Disclosure, Company Characteristic, Jordanian Listed Companies;Available online at © 2014 The Authors. Published by Elsevier Ltd.Selection and peer review under responsibility of Organizing Committee of BEM 2013.859 K halid Alkhatib / P rocedia - Social and Behavioral Sciences 109 ( 2014 )858 – 864Palepu, 2001; Kent and Ung, 2003). For example, the Private Securities Litigation Reform (PSLR) Act of 1995 in the United States offers specific security conditions against fraudulent allegation in dealing with forward looking information. Forward looking information disclosure includes information about financial forecasts of the company, such as revenues prediction, cash flows, and sales volume; it further includes information about non financial forecasts such as factors that may affect the company's future performance for instance risk, future business ambiguity, analysis and evaluation, agency relationship, operations, and general relevant information about the company (Celik, 2002; Beretta and Bozzolon, 2004; Celik et.al 2006; Aljifri and Hussainey, 2007; Uyar and Kilic 2012). F orward-looking information disclosure in most cases reduces asymmetry of information between shareholders and companies, which assist interested users or parties making, better informed investment decisions (Alkhatib, 2012; Alkhatib and Marji 2012; Uyar and Kilic, 2012). Company annual reports are considered the most superior means of communicating this information to interested users in which forward-looking information are presented. There are various terms or key words that are included in the company chairman's report in the company annual report that represent the forward-looking information disclosure; to name some, these terms may include, predicting, expecting, foreseeing, estimating, hoping, forecasting, coming period.The rest of this article will be constructed as follows; while the second section includes a review of the relevant literature, section three will describe data collection and research methodology, section four will include analysis and results, the conclusion will be included in section five.2.Literature reviewPrevious studies on forward-looking information disclosure have focused on forecasting future earnings (Clarkson et al., 1999, 1994; F rankel et al., 1995; Lev and Penman 1990). Other studies established an association between forecasting future earnings with firm-specific characteristics to discover that large sized corporations are likely to provide more supplementary and high quality information regarding future earnings than those smaller corporations (Kent and Ung, 2003; O'Sullivan et al. 2008). On the other hand, some companies disclose forecasting future earnings voluntarily without any obligatory motives which could be in order to attract investors to construct informed decision making (Celik, 2002; Wagenhofer, 1990; Akert et al. 1998; Eaton and Stanga, 2000; Dutta and Trueman, 2002; Baginski et al., 2004; Celik et al. 2006; Lim et al. 2007; Uyar and Kilic, 2012). Furthermore, there are economic, financial, and social benefits in disclosing forward-looking information (Drake and Peavy, 1995; Lang and Landholm, 1996; Krishnam, 1996; Botosan, 1997; Sengupta, 1988). There are some companies tend to avoid the advantage of insider information and agency relationship by voluntarily disclosing good and bad news equally (Clarkson et al., 1994; Hutton et al., 2003; Johnson et al., 2001). While in some developed countries, some companies are disinclined to disclosure forward-looking information and has been considered costly and less revealing (Cooke, 1992; Frost, 1996; Choi et all., 1999; Lam and Du, 2004; Leuz and Verecchia, 2000), in other developed countries forward looking information are considered important, beneficial, and significant (Vanstraelen et al., 2003). However, if there is a high demand for forward looking information disclosure that benefits shareholders and other interested users such as financial analysts, then the company ought to consider performing a cost benefits analysis (Skinner, 1994; Botosan, 1997; Morton and Neil, 2001; Celik, 2002; Baginski et al., 2004; Uyar and Kilic, 2012).3.Data collection, variables, and research methodologySince the aim of this article is analyze the effect of firm specific characteristics on the level of forward looking information disclosure of 125 companies listed on the Jordanian stock exchange for 2011, this analysis will present interested users such as financial analysts and investors with important input of decision-making information.F or analyzing data in this article, content analysis methodology is adopted. Content analysis is described as scientific and quantitative methodology in social science research, which depends on the comprehension of human860K halid Alkhatib / P rocedia - Social and Behavioral Sciences 109 ( 2014 )858 – 864 communication; for example through writing. This means that the ability to comprehend written texts, phrases, or terms (Campbell and Abdul Rahman, 2010; Uyar and Kilic, 2012).Sector typeSector type has in past studies been considered as a major determinant of corporate information disclosure (Cooke, 1992; Soh, 1996; Botosan, 1997; Inchausti, 1997; Sengupta, 1998; Marston and Leow, 1998; Craven and Marston, 1999; Ahmed and Courtis, 1999; Haniffa and Cooke, 2000); Marston and Wu, 2000; Brennan and Hourigan, 2000;F erguson et al. , 2002; Celik et al., 2006; Mitchell et al., 1995; Aljifri and Hussainey, 2007; Alkhatib, 2012,Alkhatib and Marji, 2012. Mixed statistical significant results were achieved. F or the purpose of identifying the sector type, dummy variables were employed by awarding one to represent the services sector two to represent the industrial sector.Company sizeThe company size variable is used in almost all previous studies on information disclosure; it is a proxy of a company's total assets. Large sized companies tend to disclose more information then smaller ones (Alsaeed, 2006;Uyar and Kilic, 2012). F urtehrmore, studies established an association between company size and the level of disclosure (Wallace, 1988; Cooke, 1989; Cooke, 1991; Lang and Lundholm, 1993; Wallace et al., 1994; Clarkson et al., 1994; Meek, et al., 1995; Hossain et al., 1995; Inchausti, 1997; Owusu-Ansah, 1998; Ahmed and Courtis, 1999;Ashbaugh, 2001; Patel and Dallas, 2002; Celik et al., 2006; Alsaeed, 2006; Aljifri and Hussainey, 2007; Uyar and Kilic, 2012; Alkhatib, 2012; Alkhatib and Marji, 2012).LeverageLeverage is considered as part of the company's capital structure and in some cases referred to as gearing ratio of a company. It is the total liabilities divided by the total assets. Leverage refers to the ability of a company to meet it financial obligations as they mature. Highly leveraged companies may deal with higher agency costs due to higher auditing fees; therefore, they will have to disclose more information (Inchausti, 1997; Alsaeed, 2006; Aljifri and Hussainey, 2007; Alkhatib, 2012; Uyar and Kilic, 2012)ProfitabilityProfitability is described as the ability of a company to generate revenues. In most previous studies, profitability showed a significant relation with the level of disclosure. Companies with high profits tend to disclose more information and give signals good performance in order to attract investments and gain shareholders confidence (Inchausti, 1997; Watson et al. 2002; Alsaeed, 2006; Aljifri and Hussainey, 2007; Alkhatib, 2012; Uyar and Kilic, 2012)Auditor typeF irms with international affiliations perform their auditing more efficiently than those without internationalaffiliations. For the purpose of identifying the auditor type, dummy variables were employed by awarding one to represent audit firms with international affiliation, and zero to represent audit firms without international affiliation.Firms with international affiliation are also help in improving the disclosure quality and the level of disclosure of a company. (Inchausti, 1997; Hail.2002; Alsaeed, 2006; Naser et al. 2007; Hail.2002; Alkhatib, 2012; Uyar and Kilic, 2012)861 K halid Alkhatib / P rocedia - Social and Behavioral Sciences 109 ( 2014 )858 – 864In order to determine the extent of forward-looking information, data were manually extracted from annual reports of listed companies on the Jordan stock exchange. A disclosure index is then designed on the bases of an item/phrase does exit (used) or does not exist (not used) in the annual reports that refers to forward looking information (Johnson et al. 2001; Celik et al. 2006; O'Sullivan, 2008; Uyar and Kilic, 2012). For the purpose of this article, dummy variables are assigned to represent whether or not an item is used, if an item is used 1 is assigned to that item and zero if an item is not used. The values assigned are then summed up to represent the total score for each company. This is mathematically presented as follows:The disclosure index = Total forward looking items disclosed / Maximum items disclosed for each companyRegression analysisA model of the regression analyses was developed to measure the relationship between the forward-looking information and the explanatory variables used in this study; the model is formulated as follow:FWLSCOR= B1 Sector+B2 Size+ B3 Leverage+ B4 Profitability+ B5 AuditorWhere:FWLSCOR = Maximum forward looking disclosed items scored for a companySector = Dummy variable 1 represents the services sector, 2 to represents the industrial sectorSize = Company size measured by total company assetsLeverage = Company leverage measured by Total liabilities/Total assetsProfitability = Company return on total assetsAuditor type = Dummy variable 1 represents audit firms with international affiliation, 2 represents audit firms without international affiliation4.Study results and analysisTables 1 and 2 below represent the descriptive statistics of the total index values of forward looking information disclosed obtained for the services sector, while tables 3 and 4 for the industrial sector. The results show that total assets variable is the most significant variable that has an impact on the level of forward looking information disclosure for the services sector as seen in table 1. Table 3 shows the results of the analysis for the industrial sector; it is revealed that the auditor type, total assets, and profitability variables have significant relationship with the level of forward looking information items disclosure.Regression Analysis (Services Sector)Table 1Coefficients aModel Unstandardized CoefficientsStandardizedCoefficientst Sig.B Std. Error Beta1 (Constant) 7.298 .595 12.260 .000Auditor type .633 .591 .112 1.071 .289Total assets 1.087E-8 .000 .576 5.230 .000Profitability .000 .000 -.069 -.661 .511Leverage .013 .010 .152 1.403 .167 a. Dependent Variable: Num862K halid Alkhatib / P rocedia - Social and Behavioral Sciences 109 ( 2014 )858 – 864 Table 2Residuals Statistics aMinimum Maximum Mean Std. Deviation NPredicted Value 7.3115 15.6527 9.0000 1.58639 56Residual -3.73292 2.90415 .00000 1.71404 56Std. Predicted Value -1.064 4.194 .000 1.000 56Std. Residual -2.097 1.632 .000 .963 56a. Dependent Variable: NumRegression Analysis (Industrial Sector)Table3Coefficients aModel Unstandardized CoefficientsStandardizedCoefficientst Sig.B Std. Error Beta1 (Constant) 6.422 .584 11.002 .000Auditor type 1.472 .575 .238 2.562 .013Total assets 6.746E-9 .000 .463 4.909 .000Profitability .014 .004 .294 3.059 .003Leverage .005 .008 .065 .688 .494a. Dependent Variable: numbTable4Residuals StatisticsMinimum Maximum Mean Std. Deviation NPredicted Value 4.3113 16.8029 7.8873 1.73772 71Residual -3.75407 4.76921 .00000 1.94099 71Std. Predicted Value -2.058 5.131 .000 1.000 71Std. Residual -1.878 2.386 .000 .971 71a. Dependent Variable: numb5.ConclusionThis article was set out to determine the level of forward-looking information disclosure in company annual reports of listed Jordanian companies on the Jordanian stock exchange. To establish the factors that affect the disclosure, five company characteristics were employed, sector type, auditor type, total assets, profitability, and leverage. The data were manually extracted and calculated from company annual reports. The study provided mix results, in both sectors; the results revealed that the profitability seems to be the most effective variable, while the auditor type and the total assets found to a significant impact on forward looking information disclosure only in the industrial sector. This concludes that profitable companies tend to disclose more information. Moreover, large sized companies and who are audited by internationally affiliated audit firms disclose are likely to disclose more information than those who are not been audited by internationally affiliated audit firms due to the aggressive863 K halid Alkhatib / P rocedia - Social and Behavioral Sciences 109 ( 2014 )858 – 864audit standards. These findings will hopefully assist in improving factors that have an impact on the disclosure levels of the forward-looking information disclosure of listed Jordanian companies.ReferencesAljifri, K., & Hussainey, K. (2007). The determinants of forward-looking information in annual reports of UAE companies. Managerial Auditing Journal, 22(9), 881-894.Alkhatib, K., (2012). The Determinants of Leverage of Listed Companies. International Journal of Business and Social Sciences. Vol. 3 No. 24, 78-83 (Special Issue – December 2012)Alkhatib, K., Margi, Q. (2012). Audit reports timeliness: Empirical evidence from Jordan. 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