Different firms objectives - Free Essay Example

Sample details Pages: 11 Words: 3275 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Don’t waste time! Our writers will create an original "Different firms objectives" essay for you Create order Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970The social Responsibility of Business is to Increase its profits (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys (1994) view was that, inter temporal behaviour is important for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed Shareholder theory is prepared to maximise short term objectives at the expense of long term goals (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, How Opponents and Proponents Both Get it Wrong? The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to consider the stakeholders accor dingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. Therefore stakeholder theory is not predominant to shareholder theory. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued the effort to increase or maintain the stock prices by m anagement could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development. Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007). Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in short term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. However higher the required returns, higher the risk (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices (Financial Management Kaplan Publishers, 2009). Th erefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire build ing, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson 2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled Sarbanes Oxley Act 2002 CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the road map for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, its necessary to balance these two theories. According to Cathy Haywards article (Black hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than 250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham Essentials of Managerial Finance Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 Shareholder theory, How Opponents and Proponents Both Get it Wrong? Denzil Watson Antony Head Corporate Finance (electronic resource): principles and practice 2007 Management paradigms beyond profit maximisation Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson Privatisation and Rise of Global Capital Markets , Financial Management; Winter, 2000, p31-76 Peter Atrill Financial Management for Decision Makers 5th Edition 2008 (electronic resource) Poitras, Geoffrey Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling The Legitamacy of Corporate Social Responsibility ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007

Quotations from Leonidas of Sparta

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Justify the Inclusion of Social Studies in the Primary...

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To Kill a Mockingbird Essay free essay sample

Discrimination is a topic many authors have focused on for a long time. It has been the basis of many arguments, and has been around for thousands of years. Prejudice still currently affects our society today. In Harper Lee’s book, To Kill A Mockingbird, prejudice is evident in the form of social, and racial discrimination through the characters of Scout, Atticus, and Tom and some other characters in the novel. The most prominent form of racial discrimination in the book is Tom’s trial. Tom, a black male, was wrongly accused of raping Mayella Ewell. Bob Ewell comes up with this story to convince the jury that Tom is guilty, and to cover his tracks of domestic abuse. Mayella Ewell was attacked by a person who is left handed, and Tom’s left hand was crippled by an accident with a cotton gin. Although Tom had a reason for being perfectly innocent, the jury sentenced him just because it was a white woman’s words over a black male’s. This creates the author’s effect because it helps Scout think about Miss Caroline’s point of view. The author may use this to develop the theme of racism because it shows that you should think about what other people may be thinking. This scene has an importance in characterization because it leads to having Scout learn coming of age. For example, â€Å"She had learned not to hand something to a Cunningham, for one thing, but if Walter and I had put ourselves in her shoes we’d have seen it was an honest mistake on her part. † We realize Scout is learning about Miss Caroline and why she would want her to stop reading at home. This creates the author’s effect because it shows Scout is growing up and she is thinking of other people’s point of view. The author may use this to develop the theme of coming of age because it shows that Scout had realized that she should think about the other person’s perspective. In To Kill a Mockingbird, Harper Lee uses conflict to have Scout realize to understand a person’s choices. For example, â€Å"Bit by bit, I told him the day’s misfortunes,† Scout had said. â€Å"If you can learn a simple trick, Scout, you’ll get along a lot better with all kinds of folks. You never really understand a person until you consider things from his point of view. † Atticus had informed Scout. This creates the author’s effect because it shows Scout conflict resulted in her learning about other people’s point of views. The author may use this to develop the theme of coming of age because it shows Scout realizing about Miss Caroline’s point of view. Harper Lee used setting, characterization and conflict to develop one of the major themes of the novel: in order to understand a person, you must look through their eyes. This important theme is shown throughout the whole novel.

Nursing Research Class Notes free essay sample

Nursing research is the process that underpins all the other things we have talked about. How was it determined that one particular way of carrying out nursing care was better than another way? How was it decided that a particular framework of understanding will explain certain behaviors better than another? When we discussed frameworks of understanding or conceptual models earlier in the course you learnt that there are various ways of viewing mental illness were discussed and the treatments were based upon eradicating or fixing the cause. This can be described as ways of knowing and ways of intervening. These beliefs came about as the result of research. That is asking, and trying to answer such questions as Why does this occur?, Does this treatment work better than that treatment?, How do we know?, Do more people improve if we do this rather than that?. Research is a way of gaining knowledge about concerns that psychiatric nurses have. What is the best way to help this client with this particular distress? Is there any evidence that suggests that this way of caring is better than that? Nursing research is relatively new in some ways but in other ways gathering-nursing knowledge has been going on since the early days of nursing. Women learned through watching and observing what treatments worked best. This is one particular kind of knowledge. Potter and Perry discuss this in Chapter 5 â€Å"Nurses Ways of Knowing†. Ethical, personal, esthetic knowledge was identified and scientific became one more way of knowing. In terms of nursing research we can return to Florence Nightingale who of course made the observation that there were more deaths closer to the open sewer than there were for men whose beds were further away. This is an excellent example of drawing a conclusion by making observations thereby developing new knowledge. Research itself is a way of developing knowledge but there are other ways of developing knowledge. They are differentially respected and acknowledged but each is a way of `knowing. When you take your research course in fourth year you will learn more about the various kinds of research. For now I just want to highlight the major ways of gathering knowledge. This is Chapter 5 in Potter and Perry and there is also reference to research in Stuart and Laraia under Evidenced Based Practice p 76-83. The opening section of the chapter in Potter and Perry gives a little background on the emergence of nursing practice and theory. Nursing science came into its own: no longer a discipline applying the knowledge of other disciplines but a unique body of knowledge. A good activity for you to consider doing is to go onto the Library website and click on journal holdings, once there search psychiatric nursing. Journals that publish the results of nursing research and in particular psychiatric nursing are a very important part of your reading and learning how to read a research article is an important skill to develop. We will discuss this further momentarily, for now I want now to review ways of gaining knowledge. 1. Tradition certain beliefs are accepted sometimes without too much enquiry. Its weve always done it that way. This may be good but sometimes it is appropriate to question these traditions. 2. Expert Authority: Asking an expert or authority is a very common way of gathering information. All of us ask for information from time to time but we also have to be somewhat cautious about confusing information and knowledge. But certainly we do seek out knowledge and assistance from others. There are, of course, some limitations since not all authorities are always right and like tradition, we do not always challenge this knowledge. 3. Experience A lot of what we know we have learned ourselves. Children certainly do this all the time. Sometimes through unfortunate experience like putting their little hand on a hot stove: Learning is also part of knowledge acquisition. But we also solve problems from experience. Like, if I turn off the alarm and dont get out of bed in the morning, I am late for work. So we learn not to do that. The ability to generalize and recognize patterns and make predictions is one of the hallmarks of the human mind and has been a large part of how our ancestors developed knowledge. It is always rains every time there are black clouds, then the next time you see black clouds, rain is predicted.. But there are limitations, first each persons experience may be too limited to generalize all the time. Maybe black clouds predicting rain only occurs in your part of the world for some environmental reason. Secondly your personal experiences may be colored by biases. 4. Investigating Ideas: Where would we be if no one pursued their ideas for instance, testing molds for their antibiotic value That the earth is not flat but round 5. Reasoning or Problem Solving Thinking through problems and finding solutions. There are two intellectual methods used in reasoning. Inductive reasoning is the process of drawing conclusions and generalizations from specific observation. For example a nurse may observe anxious behavior in children who are removed from their parents and conclude that separation is a stressful event.. Deductive reasoning. This is the process of developing specific predictions from general principles. For example, if you assume that separation anxiety occurs in children removed from their parents then you may predict that children, in your hospital will show signs of anxiety. So we have gone from a general assumption to a specific situation. So, induction is to make or develop a theory from actual observation or grounded in observation. Deduction is to have a hypothesis or a theory and then test it. These terms will become important when you are considering qualitative and quantitative research. Both of these reasoning systems are important for you to think about. They are both useful. But errors can also occur or faulty reasoning. However it may lead to the development of questions 6. The scientific method, which is considered the most objective and accurate way of developing knowledge. However, it, too, can certainly be questioned as you may discover but it is also considered one of the primary ways of developing knowledge. Beginning on p. 85 of Potter and Perry they describe the characteristics of research with a number of definitions you need to study. The sooner you grasp these concepts the better off you will be in future courses. To understand the research process and for your future endeavors I like to begin with the components of a research article in a journal. I have briefly described these below: Title: A succinct description of key elements of the study Running head: Usually a two to three word description of the key elements of the study, which runs at the top of each page. Abstract: A succinct paragraph describing key features of the study, the population studied, the variables manipulated; the findings and discussion point. Usually of 150 words or so. Literature Review: A summary of key research findings from other studies, which lead into your study. If you are studying in a new emerging field this may be short; if in a well established area it may be lengthy or, it might focus on one key area for instance of child development (i.e. there are numerous areas of child development-your study may be focused on cognitive development so it is not required to review all areas of child development within the literature review). The review should provide the reader with an understanding of the area, without missing key studies and without losing the audience with obscurely related information. The literature review should cover research related to your key variables of interest and should draw the reader into your hypotheses. Hypothesis: what you think the relationship between variables is. Depending on the level of research one might have an exploratory hypothesis or you may have predictive hypotheses suggesting the results are going to be in the direction of (one way or the other). This might be a good time to review any of the terms used thus far in Potter and Perry and especially look at table 6-2 which describes levels of research. It is difficult to keep a complex topic simple. Method: The method contains subsections. It usually begins with a description of the sample (who did you interview, who comprised your sample (children, parents, university students etc). One would also find how the sample was selected (was it randomized, was it a captured audience, was it every blonde haired blue eyed left handed boy) Detail is expected. The method section will also describe the research design and procedures. Both are essential for someone else who might say I don’t believe these results. I want to try and replicate the study. Which has been done with interesting results in many areas. Research designs are very complex and influence the type of statistical analysis that can be done. I refer you back to table 6-2 for a beginning understanding of this. Test in struments and their reliability and validity are also expected in the methodology section. Identification of independent and dependent variables would also be described here. The independent variable is that variable you are manipulating i.e. temperature of the room; the dependent variable are the observations you are making i.e. number of complaints of room temperature in a given interval of time. Results: This section will go through sample characteristics, main findings described pictorially sometimes in graphs or may be tables. Results are described matter of factly with little interpretation. Limitations of the study: these become important to the conclusions one can draw. For example if I were studying teen pregnancy and the needs of young mothers and my group ended up being older teens would this be representative of younger teens. Conclusions: This is where results can be interpreted and tied back to the literature review. Were findings supportive to the hypothesis or not and if not what might explain the findings. Implications for nursing practice: it would be found in nursing research studies, not often in other research. The application of nurs ing research is an important area for future discussion. As psychiatric nurses we must however be able to critique research. Sometimes it is conducted under ideal conditions where there is control over a number of variables and there may be difficulty applying it in the real world. That is perhaps why observations of a patients behavior may be better to understand their experience in the real world. Research is the use of a series of steps to gather objective knowledge and nursing research of course is the study of phenomenon of interest to nurses, which is often the patients response to illness and nursing interventions. The second point there is control but we have to understand what scientific research is attempting to state. It is the relationships between 2 variables. That is, if I do one thing will it influence another? So just to take a simple nursing example, we might theorize or predict that a patient who lies on their back for long periods will develop pressure sores. So if the patient is turned frequently and does not develop pressure sores we might conclude that turning is related to unbroken skin. Say, however, at the same time as turning the patients skin is gently massaged; now we cant tell if it is the turning or the massage that resulted in the unbroken and healthy skin. So this is what is meant by control of external factors. Sometimes you may hear this referred to as level of control over the variables of interest. If you are using the scientific method then you probably have a hypothesis you want to test and you would set up your experiment to either prove or disprove. This would be quantitative research. But if you are observing a phenomenon and want to study it in its natural state then you are more likely doing qualitative research. Qualitative research is particularly well suited to psychiatric nursing because it. involves gathering information about people’s experiences which we could use an instrument to assess which would give us a quantitative measure i.e., how traumatized were you 0-10. Asking a person to tell their story gives us significantly more information. Methods can be combined. The ethnographic qualitative research method tends to look at humans in their natural environment. This research always takes place in the field often over a long time. Collection and analysis of data takes place concurrently, as insights are gained new questions may emerge. Often the opinions of the people under study are sought which is very different from quantitative research where opinions and feelings are not considered valid. You will become m ore proficient at reading, understanding and critiquing research but there is no reason why you should not be locating and reading nursing research journals now. Research Principles and terms The practice of Psychiatric Nursing is guided by nursing knowledge. As a profession nursing has developed a unique body of knowledge, which guides the practice of nursing. There is a number of ways in which knowledge is developed and disseminated. They are listed in Potter Perry. Question: State 6 ways of acquiring knowledge. Polit and Hungler (1997) use these terms to describe the scientific research method: Disciplined Research. Research conducted within a disciplined format is the most sophisticated method of acquiring knowledge that humans have developed. Nursing research combines aspects of logical reasoning with other features to create systems of problem solving that, although fallible, tend to be more reliable than tradition, authority, personal experience, intuition, or inductive or deductive reasoning alone. (P.11) The scientific method does have its drawbacks however, it is conducted under ideal conditions and sometimes there may be difficulties in applying it to the real world. There are however two main categories of research Quantitative and Qualitative. Quantitative research follows the scientific model and has a series of clearly defined steps. Quantitative research Process Identify an issue Gather information†¨ State the hypothesis†¨ Review the literature†¨ Design the study†¨ Gather the data†¨ Evaluate the findings Qualitative Research Qualitative research differs from quantitative in that it is a less linear process. It more often involves gathering information about individuals by observing them in their natural environment or through interviews. This type of research takes place in the field rather than the laboratory. The information is rich and varied and subject to the interpretation of the researcher. This is one of its limitations. Nurse researchers can be involved in either quantitative or qualitative research, but most importantly, nursing research should be able to be applied to psychiatric nursing practice. Here is a list of some research projects of psychiatric nurses: Examples of research studies conducted by nurses in Psychiatric Nursing and Mental Health topics: Client expectation and perception of the nurseâ₠¬â„¢s role in relationship to client satisfaction. A comparative study of widows’ and widowers’ perceived social support during the first year of bereavement. The effects of cognitive-behavioral nursing intervention for depressed patients and their families. Factors affecting staff nurses’ use of limit setting with disruptive patients. Nurses’ attitudes toward the suicidal patient. Nursing interventions with long-term patients in regard to their physical appearance: An evaluation study. The nurse’s therapeutic use of touch as related to withdrawn patients. Observable signs of anxiety or distress during psychiatric interviews conducted by nurses. Patient and situational factors that affect nursing students’ like or dislike of caring for patients A study of alcoholic patients’ perception of the role of the nurse. A study of the confidence level of nurses in caring for patients with depression. A study of psychiatric patients’ knowledge about their prescribed medications. Question: What do you think would be a good research topic for psychiatric nurses? Some terms to Learn in Relation to Research