The Electric Utility Industry FPL is an established leader in the utility industry. They have proven their
The Electric Utility Industry FPL is an established leader in the utility industry. They have proven their
Dunlap is famous for his ruthless but seemingly successful turnaround techniques that he has employed: “For much of his career before coming to Sunbeam, Al Dunlap was known as the poster child of corporate restructuring.” Given that the Board was familiar with Dunlap – his reputation and employment history, hiring Dunlap clearly showed they needed a fast and powerful turnaround and Sunbeam was becoming helpless in the struggle to protect its market share in an increasingly competitive industry. Also, Dunlap’s priority focuses largely and explicitly on stockholders and virtually no regards for other stakeholders. Hiring Dunlap meant that Sunbeam’s goals are limited to just maximizing stockholders’ wealth and all other important aspects of the existence of corporation such as ethics, product quality, employee and customer satisfaction are severely impaired. A corporation is not solely an instrument of stockholders, built to cater to stockholders’ wealth, but a coalition between many resource suppliers with a view to increasing their common wealth: supplying goods and services to customers with efficiency (at relatively lower costs or with high quality), providing jobs to employees with suitable skill sets and so on. Thus, Al Dunlap’s shareholder primacy is unreasonable and contradictory to the essential objectives of the corporation. Flawed perspectives led to wrong decisions. In an effort to create the “fast turnaround,” Dunlap fired many employees and shut down many factories to cut costs…
This client report has been prepared by members of Citi’s Investment Banking Division. This is not a research report and does not constitute advice on…
In October of 1988 the company’s CEO, Ross Johnson, proposed a leveraged buyout (LBO) of the company for…
In the mid-1960s, Martin Dwyer took control of the company. Dwyer realized that the heavily regulated water utility industry limited his company’s profit potential, so he decided to expand it into other business. Because of his familiarity with governmental agencies, Dwyer began offering various contracting and construction services to local municipalities. Over the next several years, the company expanded into other lines of businesses by acquiring a varied assortment of small firms in the New York City metropolitan area. During the 1960s and 1970s, the company grew rapidly, while its profits and losses vacillated sharply from year to year. But because of severe nationwide recession and other condition at that time, it drove the company to the verge of bankruptcy. Therefore, to salvage the company, Martin stepped down in 1978 and placed his son, Andrew T. Dwyer, in charge.…
· The management is concerned by the “increasing risk facing the industry”. Deregulation in the utility industry ( Exhibit 1 – wholesale wheeling)…
in Georgia and Florida. Late in 1990, bowever, OPC management learned tbat Florida Power Corporation (FPC) wanted to…
This report provides a comparative analysis in regards to the similarities and differences between the marketing strategies and relationship marketing strategies of Vodafone and ExxonMobil.…
In a private firm, after a period of business activity the owner of the business evaluate her profit and decide how much to withdraw from the business and how much to reinvest back into the business. Publicly traded business also makes similar decisions on whether to return cash back to the owners (shareholders) and how much in the form of dividend.…
What are the benefits and risk associated with the acquisition of PLFD (Paul Logan Inc.)…
PA expanded over the next 20 years, and by 1970 it was one of the world’s largest management consulting firms by headcount (closely followed by Booz Allen and McKinsey).[9] staff can buy shares with deferred elements to bonus, 80% own them. PA had also expanded geographically, mostly along the lines of the Commonwealth: with its operation in Australia providing about a third of the firm's revenue.[10]…
P&G's current restructuring and cost cutting program is not going quick enough for investors. During his time at P&G, Lafley cut more jobs than any previous CEO, sold off the company's hugely valuable food brands, and carried out a $57 billion acquisition of Gillette. With Lafley, strategy isn't about small choices.…
Godrej group of companies is one of the oldest corporate houses in India. The Godrej group was established in 1897. It had a total turnover of `.118 billion (US$ 2.62 billion) for the financial year 2010. With five listed companies with an aggregate market capitalisation of `. 165 billion as of March 31 2010, 58 manufacturing locations in India and overseas, and operations in 18 countries, it has a significant presence in the fast moving consumer goods, real estate, industrial engineering, appliances, chemicals, furniture, security and agri care sectors.…
People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it. Most of us can think of a situation where the personal service offered by individuals has made or tainted a tour, vacation or restaurant meal. Remember, people buy from people that they like, so the attitude, skills and appearance of all staff need to be first class. Here are some ways in which people add value to an experience, as part of the marketing mix - training, personal selling and customer service. Here, we’ve worked on people part of DHL Express.…
Entergy has committed to concentrate on creating a sustainable organization that provides value to its stakeholders, customers, employees and most of all the communities that they service. This commitment has resulted in the recent changing of the way that they do business. One of the first changes is by becoming a member of MISO, the Midwest Independent Transmission System Operator, one of the largest transmission organizations in the country. This membership will optimize the way that Entergy does business. By joining MISO, the expected savings passed on to customers are expected to exceed the billion dollar mark in the first decade of membership. These savings will be a result of efficient generating plants and the economies of scale. With teams currently in implementation efforts, the transition to MISO is expected to be complete by December 2013.…
TABLE OF CONTENTS List of Tables i List of Figures iv Abstract v Key Terms ix CHAPTER-1 Introduction 1.1 Introduction to Dividends 1 1.2 A Short History of Dividend Policy 6 1.3 Dividend Policy 9 1.4 Economic Rationale to Dividends 12 1.5 Dividend Policy and its Linkages with other Financial Policies 15 1.6 Pure Vs Smoothed Residual Dividend Policy 16 1.7 Dividend Declaration Process 17 1.8 Alternative Forms of Dividends 18 1.8.1 Stock Repurchases or Share buy Backs 19 1.8.2 Bonus Shares 19 1.8.3 Stock Splits 20 1.9 Declarations and Distribution of Dividends by a Company under Indian Law 20 1.9.1 Legal Regime 21 1.9.2 Mode of Declaration 21 1.9.3 Prohibition 22 1.9.4 Steps Involved in the Process of Declaration and Distribution of Dividend 22 1.10 Dividend Payment Patterns across the Life Cycle of a Firm. 24 1.11 Dividend Distribution and its Impact on Shareholders Value 26 1.12 Dividend Payments: An Indian Scenario 29 1.13 Dividend Policy: The Global Perspective 36 1.13.1 Dividend Size and Frequency across the World 36 1.13.2 Institutional Features 37 1.13.3 Tax Differences 37 1.13.4 Dividend Payout Patterns around the World 39 1.14 Relevance and Scope of the Study 40 1.15 Chapter Plan 41 1.16 Conclusions 42 CHAPTER 2 Literature Review 2.1 Modigliani &Miller Approach (Dividend Irrelevance Proposition) (1961) 2.1.1.…