Poor Time Management Skills

Poor Time Management Skills ICBT leads in delivering Edexcel HNDs. However, recent observations showed HND Business Management students showed an increase in poor attendance punctuality, failed in on time delivery resulting in late non-delivery of assignments, the main reason identified for the negative results were, students poor time management skills. This negatively effects key stakeholders such as institute, students, parents lectures, resulting in inability of students to achieve good grades, increased stress years taken to complete the HND, reduced the practice working on deadlines, makes ICBT unable to reach its mission vision, impacts the existing positive image with Edexcel the market, fades parents goals hopes, increases pressure upon lecturers leads to demotivation as results are not achieved as expected from students. The importance of a solution was recognized, identified improving students planning organizing, prioritizing goal setting skills improves time management skills. Improving the said skills, increases students on time submission rates, capability to work on time reduces stress, enable ICBT reach its mission vision maintain good name with both Edexcel the market, reduce work load pressure incenses motivation of lecturers lead parents see their children achieving success. Introduction Established since year 2000 (ICBT, 2011) International College of Business Technology Ltd (ICBT) has become one of the most leading private sector higher education offering institute in Sri Lanka offering variety of internationally accepted study courses. It was observed most students at ICBT studies Edexcel HNDs, ICBT is most popular in delivering HNDs as ICBT was awarded by Edexcel International (The Sunday Times, 1996 2011) as the leading center for Edexcel HNDs in Sri Lanka However recent observation showed students studying Edexcel HND business management shows average poor attendance punctuality, fail to submit assignments on due dates resulting in late submissions not submitting assignments. The main reason identified for students inability to submit assignments on time poor punctuality, was students poor time management skills. Symptoms identified through observing students which led me to look into these problem was students grades achieved, on average students poor attendance, poor punctuality, students complaints on subject matters, students non-verbal expressions such as showing less interest concentration towards lectures, sleepiness, negative attitude towards lectures, talking with friends while lectures are being conducted within the class room, etcà ¢Ã¢â€š ¬Ã‚ ¦ The importance of identifying finding a solution to these problem was recognized upon identifying the negative effects it could have upon all key stakeholders involved such as students, parents, lecturers the institute the benefits it could bring to the mentioned stakeholders as discussed below. Improved students time management skills, will increase students ability to submit assignments on time, which could be a criteria leading to achieve high grades, reduce both stress levels enable students to complete the HNDs within the time frame of eighteen months, avoid additional payments required on on late extension re-modules of assignments. Further more achieving high grades would increase students knowledge skills levels, which would benefit in gaining building core competencies necessary when entering the job market. Also finding a solution to improve students time management skills, would increase students practice ability to mange time effectively, efficiently under pressure of work while in the university, which could be highly believed would be useful in their career life as time management is considered as a vital interpersonal skill in todays business world. Further if strategies are not implemented to improve students time management skills it would make it impossible for ICBT to reach its mission vision as identified in figure - in appendix , as ICBTs mission of enhancing quality of human resources available to the market, would be negatively effected as students poor grades, poor time management skills, poor punctuality, etcà ¢Ã¢â€š ¬Ã‚ ¦ would not result in an increase of quality human resource available to the job market in the future, it would not enable ICBT to reach its vision, since poor performance of students would effect ICBTs reputation recognition in both the local international market negatively, impacting both international local market growth negatively. Also if this results in an continuation, there is an high possibility that ICBTs quality of education reputation in the private higher education could be adversely effected, resulting in ICBTs reputation recognized by Edexcel International as discussed above to de teriorate. Students ability to mange time effectively is a vital factor that could effect a child ability to meet parents goals hopes, such as seeing children passing exams with good grades on planned time frame being highly educated, having a good career a work life balance. Further good time management skills would result in not requiring to pay any additional payments to the college on late submission or re-modules resulting in less financial burden upon parents. Increase in students time management skills would increase students ability to submit assignments on time, this would enable the lecturers to complete checking the whole batches assignments on a particular day, without the need of carrying forward any due checks, putting additional pressure burden upon them. Further effective time management plays a major role in students ability to achieve a Distinction criteria other good grades, which could be a motivating factor for lecturers act as proof of lecturers high performance. As problem was identified ICBT City campus Edexcel HND business management students, area of influence or the scope of the study was identified as the collection of all the current registered Edexcel HND Business Management students at ICBT City campus. As identified discussed above how students poor time management skills effects students other core stakeholders such as parents, lecturers, the institute, the importance of finding a solution for this problem was highlighted by doing so it would not only fulfil the knowledge gap, but also bring massive benefits to all the key stakeholders as discussed below. Research Problem Why are ICBT City campus Edexcel HND Business Management students inefficient in their time management? Research Questions What is time management? What is efficiency effectiveness? What is effective time management? What are the factors influencing effective time management of students? Research Objectives Identify what is time management by reading articles other relevant documents published on time management on or before 12/09/2012 Read articles other relevant documents identify what is efficiency effectiveness why it is important to students before 13/09/2012 Identify what is effective time management by reading articles other relevant documents published on effective time management skills on or before 16/09/2012 Search relevant theories literature to identify factors effecting effective time management of students on or before 18/09/2012 Literature Review Time management involves balancing all the activities in which a person participates within the confines of the week (Canyons, 2001-2012). Efficiency effectiveness plays a vital role towards determining an individuals ability to balance manage all activities of a perticular time period. Efficiency is where time or effort is well used for a planned task efectiveness is doing the right thing. Therefore effective time management could be considerd as an individuals ability to ensure right things are done at the right time, while ensuring time effort is well used for the planned task. However factors effecting time managemnt skills of an individual is discussed below. A study done to find the relatinship between, delay the lack of ability to set daily routines associated with academic activities (Dietz, Hofer Fries, 2007) suggested that students planning is important to prevent delays in academic work, while Drucker in 1967 recognized that planning activities task does not always ensure completion of planned work, specially when time presure is high. However a study done by Gerhard in year 2007, showed that student planning is only one factor among several other factors that could effect time mangement, through results observed by both pre post training skiils observed, which focused on four criterias such as self assesment, goal setting, time mangement self regulation, which was capable to show a major increase or improvement in between students pre post self managemnt skills. According to Sandberg in year 2001, stated that effective utilisation of time would help to achive goals as planned, it is the art of arranging, organising, scheduling, budgeting ones time for the purpose is the factors that influence effective work productivity. Obi in year 2003 stated that time mangemnt involves accurately identifying tasks to be performed, planning scheduling of activities, prioritisng activities in order, allocating time to tasks according to the degree of imporatane that enhances productivity. Olaniyi in 1998 Akomolafe in 2005 argued that, there is nothing to mange in time as time is beyod human control, what individuals are capable to do is to decide what to do with the available time how well to organize activities within the available time frame. Adedeji in year 1998 also came up with a strong similar argument that supports, Olaniyis Akomolafes findings, where he sead time is an scares resource utilization of time could be achived by doing the right thing at the right time. A study done by university students in the United states (Macan, et al, 1990) identified a four factor model which effects students time managemnt skills they were setting goals and priorities, planning and scheduling, perceived control over time, and preference for disorganisation. Out of the four factors perceived control over time had shown the strongest contribution to students academic and emotional adjustment. Further Macans identification that goal setting could infleunce time managemnt was also surported by Richards in 1987 where Richardss concluded that setting life goals keeping time logs were important techniques for effective time managemnt. McCay in 1959 developed a concept for time management training programme, where the critical elements highlighted in it were, giving insight into time consuming activities, changing time expenditure, increasing work day efficiency by teaching people how to make daily planning, how to prioritise task how to handle unexpected tasks. A study done by Britton Tesser in 1991, had identified that 67% of undergraduate students find time managemnt as the most difficult task to manage 36% varience among the grades werte due to time mangemnt skills. This further highlights proves the importance of finding why and how time mangemnt skills could be improved among ICBT City campus HND Business managemnt students. Planning organizing skills Figure (Conceptual model) Time management Prioritising skills Gaol setting skills Alternative Hypothesis identified Students planning, organizing prioritising goal setting skills effects time management Planning organizing skills is the ability to manage self and/or others, and resources including time and surrounding circumstances to reach a specific goal (University of Strathclyde, n.d) Prioritizing skills is the ability to define, rank, and assign levels of importance to tasks, activities, and/or issues and deal with matters of higher importance first. Create a list of items in order in which they need to be completed or delegated. Align personnel and other resources according to priority while maintaining organizational mission, vision, and objectives. Determine matters of urgency and handle accordingly (Selection criteria examples, 2012) Goal setting is the ability of an individual to establishing specific, measurable and time targeted objectives (Objectiveli, 2012) Time management is a set of principles, practices, skills, tools, and systems that work together to help you get more value out of your time with the aim of improving the quality of your life (Time thoughts, 2004 2011), time management skill of an individual depends upon the individuals planning organizing, prioritising goal setting skills. Methodology The sampling frame would be derived from the current ICBT city campus HND Business management students registers, available from the programme coordinating office, which would give a complete list of all students registered for the course under each batch. Out of the sampling frame, a student sample would be obtained in order to conduct the research. However, HND Business management batch 38 46 would be excluded from, the survey as batch 38 has already completed the HND only awaiting for the finalised results batch 46 would be excluded, as the batch is the freshest HND Business management batch, which has started on the second week of September 2012, would not enable to gain required information. In order to avoid the sampling error study would be done to identify the most suitable sampling method to be adopted a larger sample size would be considered in the survey, than the sample size requirement calculated through the sample size calculator. Table (Operational model) Criteria to be measured Measurement unit Planning organizing Skills Ability to estimate time effort required to complete a task Ability to organize systems required resources Organize personal time to carry out responsibilities Maintain satisfactory preparation time for scheduled deadlines Capability to develop schedules timetables with clear milestones deadlines Ability to measure results milestones for self Prioritising skills Ability to identify critical task arrange tasks in logical order Establish priorities systematically differentiate between urgent, important unimportant tasks Ability to monitor or adjust priorities on a daily basis Goal setting skills Ability to set SMART objectives Criteria to be measured Measurement unit Time management skills Students attendance On time delivery, late submissions not submitted rates of assignments (University of Strathclyde, n.d) (Top achievement, n.d) To measure the relationship of the conceptual model identified in figure an operational model had been created in table above. According to the conceptual model organizing, planning prioritising goal setting skills are considered as independent variable time management skills is considered as a dependent variable. Table - (Logical link created to prove the accuracy of measuring units used in the operational model) Criteria to be measured Measurement unit Logical link to prove accuracy of measuring unit Planning organizing skills Ability to estimate time effort required to complete a task Ability to estimate the time effort required to complete particular task, would enable a student to plan in advance on future tasks help to identify how much remaining time is available towards achieving other tasks Ability to organize systems required resources Ability to organize systems resources required to accomplish an task in advance, would help students to fully utilise its separated time towards achieving the task, without the need to use that time in finding required resources systems which would save time Organize personal time to carry out responsibilities If students have the ability to organize time to carry out personal responsibilities in their lives, the separated time could be fully utilized in meeting personal responsibilities, where this would help to avoid personal responsibilities interrupting at times students are engaged in academic work. Maintain satisfactory preparation time for scheduled deadlines Students ability to maintain satisfactory preparation time for scheduled deadlines would help to avoid stress levels of students, an increase their ability to accomplish their goals as planned. Criteria to be measured Measurement unit Logical link to prove accuracy of measuring unit Planning organizing skills Capability to develop schedules timetables with clear milestones deadlines Ability to set clear milestones deadlines with the use of clear schedules time tables, would lead to student motivation also highlight the targets students have to achieve at each given time or date thereby enable to plan organize tasks Ability to measure results milestones for self Ability to measure results milestones for self, would give an students a clear personal idea on where adjustments needs to be made thereby help to plan organize tasks more accurately in the future Prioritising skills Ability to identify critical task arrange tasks in logical order Students ability to identify critical tasks would enable students to give more priority towards achieving them, among other less important tasks Establish priorities systematically differentiate between urgent, important unimportant tasks Ability to priorities systematically differentiate between urgent, important unimportant tasks, would enable a student to give more priority accordingly to urgent, important unimportant tasks. Ability to monitor or adjust priorities on a daily basis In general there is high possibility that sudden unexpected tasks may arise than expected, or an unmet task as planned, may be have to reposition into daily tasks. At a given situation, students ability to accurately monitor readjust the set plans accordingly would enable to reprioritise tasks accordingly. Goal setting skills Ability to set SMART objectives Ability to set SMART objectives would enable student to avoid underestimation or overestimation of work capabilities Criteria to be measured Measurement unit Logical link to prove accuracy of measuring unit Attendance Students attendance records Students attendance records would provide an clear understanding on students punctuality attendance, which could be count towards time management skills Assignment submission rates On time delivery, late submissions remoulded rates Students on time delivery, late submissions remoulded rates of assignments, would set a clear criteria towards evaluating time management skills, as ability to submit assignments on time mostly depends on students ability to manage time effectively Students planning, organizing prioritising goal setting skills would be measured using pre determined questioners used by researches that have been capable of measuring students planning, organizing prioritising gaol setting skills. The results obtained using the questioners would be compared against students late on time assignment submission rates, re-module rates attendance in determining if, HND Business management students planning, organizing prioritising goal-setting skills has an effect upon time management skills. Data collection plan Note Questioner attached in the appendix Data / Information required Primary / Secondary data Source of data Sampling frame Secondary data Data obtained through the programme officeof ICBT city campus Data / Information required Primary / Secondary data Source of data On time assignment, late submission re-module rate of assignment submission of students Primary data Questioners distributed among the sample students Student attendance Primary data Questioners distributed among the sample students Students planning organizing, prioritising Goal setting skills Planning organizing skills Primary data Questioners distributed among the sample students Prioritising skills Primary data Questioners distributed among the sample students Goal setting skills Primary data Questioners distributed among the sample students Sampling methods to be adopted Simple random sampling All students considered under the population will be listed in Excel software according to batch wise, in order to the student register, a sample of students would be selected using the, random formula provided in Excel in order to conduct the survey. Simple random sampling would avoid biasness in selection of students for the sample, enabling every student considered under the population to have an equal chance of being selected for the survey would thereby be capable to represent the whole population. Difficulties limitations faced in using Simple random sampling Although the list of students names are readily available at the programme coordinating department gaining access to the list may be challenging as it may require permission from a authorised personal, as the list of students names may be protected under certain privacy policies Efficiency of the programme coordinating department team influence the ability to gain information on students names list, which may influence the time required to complete the research positively or negatively The list of students names provided by the programme office may not be readily available in one single document, therefore it may be difficult time consuming to bring all data together into one single document or worksheet to create a final list from where a sample could be created. There may be a possibility that all students chosen to represent the sample may have planning, organizing, prioritising goal setting skills, or all the students chosen to represent the sample may not have planning, organizing, prioritising goal setting skills, which may create an inability in comparing the results of both kinds of students, arrive at a valid conclusion. Project plan (Gantt chart) of the research Activity completed Activity not completed X Table Task Start date Finish date Length Task dependent on Progress (Activity completed/ not completed) Comments rescheduled date if task not accomplished as planned 1 Research proposal 10/09/2012 20/09/2012 1 week 4 days Was able to complete task before the planned date 2 Prepare the questionere 13/09/2012 16/09/2012 4 days Was possible to prepare the questionere by 15/09/2012 3 Get the student names list required from the programme office 24/09/2012 27/09/2012 4 days Was able to obtain the names list on 13/09/2012 before the planned date of 27/09/2012 4 List the student population in Excel sheet use simple random sampling to select the sample students 27/09/2012 30/09/2012 4 days 3 Task Start date Finish date Length Task dependent on Progress (Activity completed/ not completed) Comments rescheduled date if task not accomplished as planned 5 Distribute questionere get the feedback from all selected sample students 01/10/2012 20/10/2012 20 days 2 4 6 Start editing, coding, data entry, data analysis of data obtained through thequestionere 21/10/2012 05/11/2012 15 days 5 7 Final research project 06/11/2012 30/11/2012 25 days 1, 2, 3, 4, 5, 6 Conclusion ICBT well renowned private higher education provider has been recognized as the leading center for providing Edexcel HNDs in Sri Lanka (The Sunday Times, 1996 2011). However, it observed students studding HND Business management has shown an increase in poor attendance punctuality, fail to submit assignments on due dates, influencing all key stakeholders such as students, lecturers, institute the parents negatively. The reason identified for poor attendance punctuality, failure to submit assignments on due dates was students poor time management skills therefore imporatance of identifying finding a sollution to these problem was recognized. Through a detailed literiture, conceptual model was derived where which displayed planning organizing skills, prioritising skills goal setting skills influence students time managemnet skills, therefore the alternative hypothesis developed was, Students planning, organizing prioritising goal setting skills effects time management. Planning organizing, prioritizing goal setting skills was identified as the indipendent variable, where it could influence the dependent variable which is time managemnt skills. The operational model identified in table - lists the measurements that could be used in mesuring all the dependent indipendent variables. In order to to find how ICBT HND Businesss Managemnt students planning organizing, prioritising goal setting skills effects time managemnt, the sampling frame was identified as all the current students studing HND Business managemnt at ICBT City campus. However batch 38 46 would be excluded from the survey as batch 38 has already completed the HND batch 46 would be excluded, as the batch is the freshest HND Business management batch, would not enable to gain required information. Data collection plan in table shows the data required the sources of data collection in gathering the required details. Simple random sampling was identified as the suitable sampling method to derive the sample to conduct the survey, in order to minimise the sampling error a larger sample size would be considered in the survey, than the sample size requirement calculated through the sample size calculator. Difficulties in adopting simple random sampling method are listed on page- Table shows the project developed to conduct the research.

Movies Represent Storytelling at Its Best Essay

Imagery, sounds, storytelling ability, excellent editing, serious acting and creative imaginations are all technically combined to make a good movie. Movies represent storytelling at its best. The writer gives a script to the director who interprets it and creates a core team of professionals that includes the cinematographer, the designer (and his team), the sound engineer, the actors, and the editor. They make ï ¬ lms to entertain, to express emotion, tell stories, deliver messages, to dream, to imagine, and it is all because they have a passion that drives them. Filmmaking takes time, patience, dedication, commitment, and an understanding of the process in its totality. If ï ¬ lmmakers are oriented toward story and performance, they must learn to visualize the narrative. The story must unfold in the mind’s eye, as it is conceived and created. The ï ¬ lmmaker has to see the movie while the screenplay is being written and during pre-production before the cameras roll. (LoBrutto 2002) Matthew Vaughn created a make-believe movie which insinuates that mutants are everyday people that exist among us; and there were times during the movie that the thought actually crossed my mind. Owing to the fact that, making a film is a most complex artistic enterprise and that, movie making is the only creative endeavor that encompasses all of the arts: writing, photography, painting, acting, music, dance, and architecture; the filmmaker must take on the challenge of telling a story via image and sound each time a movie is made. (LoBrutto 2002) Storytelling A movie is a story; it is as simple as that. Movies are really a category of art that use various kinds of technical combinations of imagery and sounds to tell stories. However, how the story is told, often make fictions seem real, non-fictions become personal, fantasy appear realistic and musicals, like Burlesque, http://youtu.be/9snF_LsF-OI expand into song and dance. There is always something that viewers can relate to in movies. Nevertheless, â€Å"Movies are not, and are not meant to be, blueprints for how to live our lives. They are, however, reflections of lives.† (Goodykoontz, & Jacobs 2011) The story, X-Men: First Class, is about former closeted mutants coming out and embracing their difference. However, the film began with a setting during the period of the holocaust when Magneto was a young boy in Poland. The boy’s name was Erik Lehnsherr (later named Magneto). The story highlights aspects of the enslavement of Jews by the German Gustapo. The close-up shots of the numbers that were branded on the arms of the Jewish people in the concentration camp align the story with an actual historical event. Those shots coupled with the boy’s forceful separation from his mother help to authenticate and solidify the director’s attempt at reality. His anger and fury at the separation triggered his mutant power of magnetism that caused him to rip the metal fence that stood between himself and his mother. The Gustapo commander’s name was Schmidt (later Sebastian Shaw). It was he who shot and killed Erik’s mother in cold blood, before the child; resulting in Erik’s mutant power of magnetism being triggered and magnified during his subsequent angry outburst. Sebastian Shaw murdered the boy’s mother because he wanted to see a demonstration of the boyâ€⠄¢s mutant powers. Mission accomplished, Shaw wanted to train and harness Erik’s mutant power to use it as a weapon. On the other hand, Charles Xavier was a brilliant academic who is of gentry stock. As we saw it when he was a boy, he had the power of telepathy. He also had the ability to read and control other people’s minds. In the beginning of the film, Charles was quite blatant and unapologetic about reading people’s minds without their permission as was the case when he was talking the woman at the bar, before Raven interrupted. He became a CIA consultant on humans with mutant abilities then later he and Erik (who became his close friend) recruited, trained and formed X-Men: First Class a department within the CIA. Both men, Charles and Erik formed a league of mutants to fight against the plans of the evil Sebastian Shaw. There were also minor storylines about interpersonal relationships and the mutants’ personal insecurities as it related to personal acceptance. Overal l the storyline of a Jew’s revenge against his former Gustapo torturers was good; revenge in this case was sweet. Acting Actors are the most visible elements in a film. The actors †¦. In X-Men: First Class There was wild card and character actors but there were no star actors (except for Hugh Jackman’s one clip appearance when he used the f word). The acting was mediocre because at times it did not come across as being natural. It appeared to be acting, more the type for a stage production than for the cinema. However, if I should compare the two main characters; Michael Fassbender did a good job of portraying Erik’s anger, loss and hurt that he suffered growing up in a concentration camp. McAvoy in Charles’ character on the other hand, did not have much negative experience to work with and his character came across as Erik’s boring telepathic side-kick. Kevin Bacon did justice to Sebastian Shaw’s character. With the exception of Raven, the other actors were not really given much screen time. There were many actors but not much solid acting, although there was a lot of action. Cinematography The director of cinematography’s job is to take the director’s view of how the movie should look and help the director to get the shots that he wants with ideas on camera angles, types of cameras, and lighting suggestions that will best serve the director in getting the type of feel he wants out of each scene in the movie. (Goodykoontz, & Jacobs 2011). The cinematographer is specifically responsible for its look, in very specific, shot-by-shot terms. He or she is responsible for the images that the camera sees, and by extension the images that the audience will see in the finished film. . Cinematography means â€Å"writing with movement.† (Goodykoontz, & Jacobs 2011). http://www.youtube.com/watch?v=IAbhclxSNTw The cinematographer demonstrated knowledge based brilliance and skillful use of all type of shots in this clip. He coupled it with the bright natural sunshine made the finale to this clip quite moving. The words â€Å"Never Again† were delivered in a deep focus close up shot of Magneto. The cinematographer used long, medium and close-up shots as well as deep focus. His variety of shots and choice of lightings made this film very entertaining. Editing â€Å"The film editor helps create the film, literally constructing it, piecing together different takes of individual scenes and then placing the selected scenes in the order that tells the story the director wants to tell. The editor’s role is crucial to the making of a successful film. Poor editing does the audience the ultimate disservice when it comes to film.† (Goodykoontz, 2009). The scenes were fast paced, action packed, story driven to the point where there was nothing noticeably wrong or out of place with the editing. It was done in an incongruous style and that added to the overall excitement. The fast movements created the desire to watch this film again and again. The editing was clean. There were no visible or audible hitches. The story flowed and it was quite riveting and entertaining because it reflected real life human struggles for acceptance. Sound â€Å"Music has been a crucial part of the movie going experience since before the advent of recorded sound in films. So important was its use that over time directors began inserting musical cues, or signals, for specific music to be played at specific times.† (Goodykoontz, & Jacobs 2011) I particularly favored the scene that brought Xavier and Erik together; it contained a variety of magnificent sounds. When Erik was in the sea and there was also a bevy of boats and ships around him; there were sounds of boat horns; there were natural sounds of water splashing against the sides of the ships and the ripping sounds of the speed boats dividing the water. During the destruction of Shaw’s ship, there were credible sound effects of the unreeling of the massive chain on the anchor; the crashing banging sounds and the explosive sounds. The complimentary sound of background orchestra music playing that loaded repeated andante beat (da-dap da-dap da-dap) that suggests action and then there was the dialogue. Overall, the music and sounds were seamlessly interwoven into each scene to further engage the audience’s attention. Added to that, amidst all the other sounds, the dialogue was clear and audible. The overall sound for this movie was good. Style and Directing A film director is the creative force behind a movie. He is the one who is responsible for the end product that the viewing public pays to see at the movie theatre. His word is final on the visuals, the sounds and the acting. According to Vincent LoBrutto in his book, The Filmmaker’s Guide to Production Design; â€Å"A good director must have a ï ¬ rm idea of how to translate the script cinematically.† (LoBrutto 2002) LoBrutto went on further to say that, directors read the script for an overall impression and impact. It does not matter who the scriptwriter(s) is/are, it is the director’s interpretation, shots and takes that viewers see at the movie theatres. The buck stops at the film director. (LoBrutto 2002) Director Matthew Vaughn has his own fast-paced action-packed style of directing. http://www.imdb.com/name/nm0891216/ He tried to make comic book characters seem real by fusing natural historic events like the holocaust (Erik was in the concentration camp during the Holocaust where his mom was killed) and the Cuban missile crisis into the plot. Vaughn created elaborate props and set designs and he used every computer graphics skill to enhance the story. X-Men: First Class doesn’t just rely on the usual fast paced scenes and top notch special effects that are typical of action movies; it raises the bar several notches. It doesn’t lose its sentimental core amidst the explosions and super feats but it continues to provide viewers a complex storyline to follow. This is Vaughn’s â€Å"Kick Ass† style. There is humor as in the training sessions when Banshee, after receiving clear instructions and encouragement; fell straight to ground without even attempting to try. There was much laughter at his expense. Humor is Vaughn style; as his previous work â€Å"Kick Ass† showed; that coupled with the elaborate props and high tech sound effects; complete his signature on the project. The director Matthew Vaughn placed his stamp on this movie through the production design, the acting, the dialogue, the cinematography and especially the sounds. http://www.imdb.com/name/nm0891216/ Impact of society on the film and vice versa Whether it is in appearance, fashion, or behavior, films romanticize a certain lifestyle that is eagerly imitated by audiences. Fashion magazines promise that we can â€Å"Get Angelina’s Look† if we follow the tips inside. Celebrity gossip publications keep readers up-to-date on the comings and goings of seemingly everyone who has appeared in a movie. The Internet and social media are practically choked with chatter about film— box-office results, reviews, gossip, and more. Beyond such obviously shallower aspects, film can influence how we live, our morality, and our behavior. (Goodykoontz, & Jacobs 2011) â€Å"Film can influence how we live, our morality, and our behavior.† (Goodykoontz, & Jacobs 2011) Filmmakers will argue that, this effect is unintentional because movies are a part of a make believe world but there are those who pattern what they see, and make it their reality. An example of society’s impact on film is portrayed in the indelible affect that the holocaust had on Erik; he was soaked with hatred and revenge for the former Gustapos who imprisoned him, especially Sebastian Shaw. This is a portrayal of the agony that the Jewish people suffered at the hands of the Germans. That intrinsic hatred became the fuel for his mutant powers. The others had to hide their difference from normal society, for fear of rejection but above all the fear of unknown reaction to them. Likewise, the film is highlighting the fact that some people among us who are different from us, want acceptance and they also want to feel a sense of belonging just like normal people. Their differences are as varied as the characters in the film and their needs are as similar. It is sending a message of acceptance, brotherhood and unity. Genre â€Å"A genre is so called because it tends to use familiar story formulas, character types, settings, and iconography (visual imagery with symbolic implications), all of which lead viewers to have certain expectations about what the movie will be like before actually watching it. .† (Goodykoontz, & Jacobs 2011) It is a type, or category of films that is usually easily recognizable as part of a certain genre. Genres tell the audience up front what to expect from the product they are buying. If they like a particular kind of story, chances are they will like this particular film, especially if the writer and director give the expectations a little twist. X-Men: First Class is an action-fantasy. It is loaded with action but it is also loaded with some fantastic comic book feats. At the start of the film, the MARVEL logo is shown; that is an indicator that it is a comic book story. The ability for humans to alter and mutate into other beings, is genre specific activities for fantasy. While the fast-paced actions during the confrontations/battles with good and evil are typical of action films. Therefore, it is difficult to place the film within any one genre because it can fit into several: drama (Erik’s beginning and the dramatic separation from his mother); fantasy (Erik’s control of the missiles in mid-air); action (the air and sea confrontation). Application of at least one approach to analysis and Interpretation Films are often used to express emotion, deliver a message, to dream and to imagine; all having to do with human psychology. A psychological approach to analyzing a film is especially concerned with how a film provides examples of various psychological theories and concepts, particularly those of Sigmund Freud and Carl Jung (e.g., sexual symbolism, subconscious repression and dreams, the id, ego, and superego, the collective unconscious). Identity crisis was an issue in the film. Psychologist Erik Erikson’s psychosocial theory of human growth and development at the fifth stage looks at Identity versus Identity confusion. This was played out so well by Raven. It states that adolescents must be allowed to explore different roles in a healthy manner in order to achieve a positive identity; or else they will experience identity confusion. (Santrock, 1989) Raven obviously received no previous parental guidance regarding self-acceptance and role explorations; she hid behind a morphed socially accepted form. She was more comfortable being someone else and she often abandoned her true identity. Accept Yourself: http://www.youtube.com/watch?v=Csii_f5f204 â€Å"You want society to accept you, but you can’t even accept yourself,† said Magneto to Raven. Raven had a serious problem of identity confusion and she struggled with self-acceptance. In the above clip Erik challenged her to accept herself in her true blue form. The movie embraced people who were physically different, while at the same time it was highlighting their struggles to gain social acceptance and their deep-down desire to be normal. This point was introduced as early as the meeting with Charles and Raven. http://www.youtube.com/watch?v=UEKxXYrb2Rk The insecurities about their difference continued to play out in the dialogue between Raven and Charles as well as Raven and Hank. http://youtu.be/PKnL_MwwU3o Charles Xavier, who like Erik, had no visible disability, seemed to have had a more rational approach to life in general. He was more in control of his behavior and his decisions than Erik. According to Psychiatrist Sigmund Freud, the ego makes rational decisions (Santrock, 1989 p. 34). An example of this was the scene where Charles was in his kitchen and Raven (who he looked upon as a sister) entered in her unclothed blue form, in a sensual rather sexual manner. Charles’ ego quickly assessed the situation and decided that it was wrong and he chided her with disgust in his voice. His conscious ego made a decision. Similarly, psychologist Albert Bandura’s social learning theory speaks to conforming to social behavior within the one’s environment (Witt & Mossler, 2010). Charles Xavier knew that society, especially the upper class to which he belonged, would definitely not accept Raven in her true form. His socialization caused him not to even consider having a relationship with a blue woman; blue blooded one, perhaps. Overall textual themes There are five categories that make up the theme of every film: the plot, the emotional mood, the character, style or texture, and ideas. (Goodykoontz, & Jacobs 2011) There were several themes in this film. †¢Self-Acceptance: The lack of social acceptance motivated the mutants to bond together as a brotherhood; and help each other to gain control of their super power as well as provide them with a safe non-judgmental environment. †¢Brotherhood and Unity: They watch out for and watch over each other; they literally function like a family with Erik and Charles as the parents. At Charles castle during the training days. †¢Inter-Personal Relationships: Charles and Erik seem to have a deep seated tenderness for each other as was seen in those close up shots when Charles was shot in his back. Erik held him in his arms and the moment captured a deep relationship. †¢Revenge: Erik hunted and killed all his torturers. Sebastian Shaw’s killing was the final reveng e and the sweetest. Conclusion Imagery, sounds, storytelling ability, excellent editing, serious acting and creative imaginations are all technically combined to make a good movie. Movies represent storytelling at its best. The writer gives a script to the director who interprets it and creates a core team of professionals that includes the cinematographer, the designer (and his team), the sound engineer, the actors, and the editor. They make ï ¬ lms to entertain, to express emotion, tell stories, deliver messages, to dream, to imagine, and it is all because they have a passion that drives them. Filmmaking takes time, patience, dedication, commitment, and an understanding of the process in its totality. If ï ¬ lmmakers are oriented toward story and performance, they must learn to visualize the narrative. The story must unfold in the mind’s eye, as it is conceived and created. The ï ¬ lmmaker has to see the movie while the screenplay is being written and during pre-production before the cameras roll. (LoBrutto 2002) The film was good, exciting, colorful, action packed and almost believable. However, due to its suggested sexual contents and the one time use of the f word, I cannot recommend it for the family. Twaitney O. Reference Goodykoontz, B., & Jacobs, C. P. (2011). Film: From Watching to Seeing. San Diego, CA: Bridgepoint Education, Inc. LoBrutto, V. (2002) The Filmmaker’s Guide to Production Design New York, NY: Allworth Press Santrock, J. W. (1995). Life-Span Development. Dubuque, IA: Brown & Benchmark Witt, G. A., & Mossler, R. A. (2010). Adult Development & Life Assessment. San Diego, CA: Bridgepoint Education Inc http://www.youtube.com/watch?v=IAbhclxSNTw http://www.youtube.com/watch?v=ZhRZIsk0Bdc @font-face{font-family:'Roboto';font-style:normal;font-weight:400;src:local('Roboto Regular'),local('Roboto-Regular'),url(//fonts.gstatic.com/s/roboto/v18/KFOmCnqEu92Fr1Mu72xKOzY.woff2)format('woff2');unicode-range:U+0460-052F,U+1C80-1C88,U+20B4,U+2DE0-2DFF,U+A640-A69F,U+FE2E-FE2F;}@font-face{font-family:'Roboto';font-style:normal;font-weight:400;src:local('Roboto Regular'),local('Roboto-Regular'),url(//fonts.gstatic.com/s/roboto/v18/KFOmCnqEu92Fr1Mu5mxKOzY.woff2)format('woff2');unicode-range:U+0400-045F,U+0490-0491,U+04B0-04B1,U+2116;}@font-face{font-family:'Roboto';font-style:normal;font-weight:400;src:local('Roboto Regular'),local('Roboto-Regular'),url(//fonts.gstatic.com/s/roboto/v18/KFOmCnqEu92Fr1Mu7mxKOzY.woff2)format('woff2');unicode-range:U+1F00-1FFF;}@font-face{font-family:'Roboto';font-style:normal;font-weight:400;src:local('Roboto 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The Battle Over Extended Essay Topics Biology and How to Win It

The Battle Over Extended Essay Topics Biology and How to Win It A lengthy essay writing is essential requirement for those students taking ib programs. Every paper has a specific area of study and so is true with IB extended. As you already know that you may be requested to write IB extended English essay so that you want to be quite much prepared for it. If it comes to IB extended essay topics one wants to be quite careful when selecting a suitable one as you wouldn't need to lose on your marks. A particular work will permit you exhaust the potential resources and key points you should concentrate on. In that instance, the topic will appeal to the majority of women since it's relatable. You should have your reasons, and our principal concern is that you find yourself getting a great grade. There's a reason for it. Extended Essay Topics Biology: No Longer a Mystery The sole strict rule is that anything that happened in the last ten years is not permitted. Therefore, if there's any reason why you cannot have your extended essay written on time yourself, all you have to do is place your order on our site, and leave the rest to us! Of course, you can't just think of an appropriate issue to develop on the go. If you're told to locate a good one on your own, it can be challenging. Bear in mind that events of the previous 10 years are thought to be current affairs, so focusing on them is going to be a waste of time. As it's limited to 4,000 words, you should narrow the reach of your research to a specific element of history, covering a quick time period. Your subject of choice will motivate you to create a superior work. As such it's an excellent opportunity to generate a mature academic study on something which you might never again have the opportunity to research. Below are twenty example topics for a drawn-out essay in biology you can have a close look at them as a way to compose your own. Among other requirements for the prolonged essay, th ere's a point about topics. The body of your EE should constitute the majority of the essay. You won't be able to crank out a 4,000-word essay in a week and receive an A. Writing an essay becomes even more interesting and easy if you've got certain guidelines by your side to select from. Be that as it could, the topic for your essay is a vital thing that has to be chosen carefully and with higher precision. An excellent history essay topic is a lot more important than you can think. Your arguments have to be coherent and connected otherwise you would wind up getting confused. Writing a research paper without an outline is similar to driving a car without knowing where you're going you can't where you will receive the next moment. In the long run, your work is going to be polished, and you are going to be able to say your research paper is all but perfect. If you're still fighting to produce an appropriate title for your paper, you can click to read a number of the examples which are available in here. Sorry if you were searching for specific topic ideas. Events tha t occur somewhere now, aren't historic. Moreover, ensure the topic's scope is in accord with the necessary amount of pages. Ensure your subject of choice is specific. Additional information about each element are provided in the Presentation section. Writing will stay an essential part of academia. Pick a teacher who will choose the opportunity to read several drafts and provide you extensive notes. Proofread plus edit the job. If you don't know much regarding the essay then you ought to attempt to look on the Internet so that you receive a notion of the content. All sorts of essays that are given on several subjects may be completed by the experts because of a very long knowledge in the specialty. You should also think of citing the sources as you are writing. Utilize as many sources as you're able to.

Contrleur ou initi - Free Essay Example

Sample details Pages: 32 Words: 9500 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Section III- Actionnaire de contrle des entreprises tunisiennes: contrleur ou initi? Cette section est consacre lanalyse empirique de la relation entre la structure de lactionnariat de contrle et la liquidit des titres. Nous envisageons dans cette tude danalyser deux aspects de la structure de lactionnariat de contrle: la concentration et lidentit de lactionnaire dominant. Le premier aspect nous permettra de tester lincitation de lactionnaire dominant bnficier de lavantage informationnel quil dtient. Don’t waste time! Our writers will create an original "Contrleur ou initi" essay for you Create order Le second aspect nous aidera tester si le comportement de lactionnaire dominant dpend de son identit. Nous prsentons, en premier lieu, lchantillon de ltude et les variables retenues dans lanalyse. En second lieu, nous tudions les caractristiques de la structure de lactionnariat direct et ultime. Nous prsentons, galement, une analyse de corrlation afin dtudier les associations statistiques individuelles entre les mesures de liquidit et la structure de lactionnariat de contrle. En troisime lieu, nous exposons les modles, les tests, les rsultats et les interprtations. I- Structure de lactionnariat de contrle dans les entreprises tunisiennes En revoyant les tudes antrieures, nous constatons que lanalyse de la relation entre la liquidit et la structure de lactionnariat de contrle est effectue dans la plupart des temps dans les marchs dvelopps caractriss par une proprit trs disperse (Rubin, 2007; Heflin et Shaw, 2000). Au contraire, dans notre thse, nous nous intressons tester cette relation dans un march mergent marqu par la forte concentration de la proprit. Selon La Porta et al. (1999), les marchs mergents sont caractriss galement par la sparation entre le droit de vote et le droit au cash flow des actionnaires de contrle. Ils avancent que la structure de lactionnariat ultime permet dtudier les conflits dagences entre les actionnaires contrleurs et les actionnaires minoritaires. Pour cette raison, ces chercheurs soulignent lutilit dtudier la structure de lactionnariat indirect ou ultime dans les marchs mergents. Ds lors, plusieurs tudes rcentes se sont interroges sur les consquences conomiques de la structure de lactionnariat ultime dans les pays Anglo-saxons et dans les pays de lEst de lAsie (Bozec, 2008; Fan et Wong, 2002; Claessens et al. 2000, 2002; Lin et al. 2008; Ben Hamida et Mamoghli, 2009). Toutefois, peu dtudes se sont intresses lanalyse de la relation entre la structure de lactionnariat ultime et la liquidit des titres (Attig et al. 2006). Notre analyse contribue aux tudes existantes en tudiant lactionnariat ultime des firmes tunisiennes et son effet sur la liquidit des titres. Nous nous focalisons dans notre thse lestimation du pouvoir dexpropriation de lactionnaire ultime inhrent la concentration de la proprit ultime et au degr de divergence entre le contrle et la proprit. En outre, nous nous intressons dans cette tude une autre dimension de la structure de lactionnariat de contrle: lidentit de lactionnaire contrleur. En effet, limpact de cette dimension savre plus important que celui de la concentration de proprit dans les marchs mergents (Omran et al., 2008; Wu et al., 2009). Dans ce qui suit, nous dfinissons les variables relatives la concentration de lactionnariat direct, lactionnariat ultime et lidentit des actionnaires. En plus, nous avanons les hypothses tester. I-1. Concentration de lactionnariat direct La plupart des tudes antrieures testent la relation entre la concentration et la liquidit des titres sur le march amricain. Dans ces tudes, la concentration est mesure par la somme des parts du capital des actionnaires dtenant plus de 5% (Heflin et Shaw, 2000; Rubin, 2007). Pour le contexte tunisien, les tudes, portant sur les consquences conomiques de la concentration de lactionnariat, choisissent le seuil de 5% du capital pour dfinir un actionnaire majoritaire (Khanchel, 2007; Ben Sedrine et Loukil, 2008; Belkhir et Bouri, 2008, ect.). Ce pourcentage de proprit nous parat faible pour distinguer les actionnaires contrleurs et les actionnaires non contrleurs dans les firmes tunisiennes caractrises par une forte concentration de proprit. Ainsi, nous choisissons de mesurer la concentration de lactionnariat direct par la part du capital dtenu par les trois premiers actionnaires (PrAC). Nous prsumons que ce groupe dactionnaires participe activement la gestion de lentreprise, ce qui lui confre laccs linformation privilgie de lentreprise. Selon la thorie de microstructure du march, la relation entre la concentration de lactionnariat et la liquidit peut tre explique par deux arguments. Le premier argument stipule que lors que la proportion des actionnaires informs augmente, les problmes de slection adverse saggravent et la liquidit des titres baisse. Le second argument suggre que la concentration de lactionnariat rduit le nombre des participants sur le march. En consquence, lactivit de transaction baisse et le cot de transaction augmente. H1: il existe une association ngative entre la concentration de lactionnariat direct et la liquidit I-2. Structure de lactionnariat ultime Nous construisons notre base de lactionnariat ultime en suivant La Porta et al. (1999) et Claessens et al. (2000). Par exemple, si une famille possde 25% dune firme X qui dtient 20% de la firme Y, donc cette famille possde 5% (25%*20%) du droit au cash-flow de la firme Y et elle contrle 20% de la firme Y (min (20%,25%)). Ainsi, le droit au cash flow est gal au produit des pourcentages de proprit le long des chanes; et le droit de vote est le pourcentage de proprit minimum dans la chane de contrle. La construction de cette base ncessite le choix dun seuil de contrle suffisant pour les entreprises tunisiennes. Ce seuil est choisi, dans les tudes antrieures, arbitrairement et il diffre selon le contexte tudi. En effet, La Porta et al. (1999) trouvent que pour un chantillon dentreprises de 27 pays en 1995, le seuil de 20% est suffisant pour contrler individuellement une firme. Pour les firmes implantes aux Etats-Unis, au Royaume Uni ou au Japon, le seuil de contrle est plus faible et il est de lordre de 10%. Afin didentifier le seuil de contrle appropri pour les firmes tunisiennes, nous consultons le code des socits commerciales. Nous constatons que, selon larticle 290 du code de socits commerciales, les actionnaires dtenant au moins 20% du capital social peuvent demander lannulation des dcisions prises au dtriment des intrts de la socit. Cet article a t modifi par la loi n2007-69 en vue de renforcer la protection des actionnaires. La modification porte sur la rduction du seuil ncessaire pour annuler les dcisions 10%. Ainsi, selon cet article, le lgislateur le seuil de 20% comme un seuil de contrle. Pour justifier le choix du seuil de contrle, nous recourons aux recherches portant sur la structure de lactionnariat des firmes tunisiennes. Nous constatons que la plupart de ces tudes choisissent le seuil de 5% pour dfinir un actionnaire majoritaire (Belkhir et Bouri, 2008; Ben Sedrine et Loukil, 2008; Kanchel, 2007). En revanche, Omri (2003) fixe le seuil de dtention de blocks daction au moins 20% de capital de la firme. Ainsi, nous choisissons le seuil de 20% pour identifier les actionnaires contrleurs. A partir de la base de la structure de lactionnariat ultime, nous mesurons le droit de vote et le droit au cash flow du premier actionnaire ultime (DVOT1 et CASH1). En outre, nous apercevons que les firmes tunisiennes sont contrles par deux actionnaires ultimes au plus. Pour cette raison, nous incluons dans notre analyse le droit de vote et le droit au cash flow du deuxime actionnaire ultime (DVOT2 et CASH2). La concentration du contrle par le premier actionnaire favorise lextraction des bnfices privs de contrle et lexpropriation des minoritaires (Claessens et al., 2002). Attig et al. (2006) mettent en vidence une relation positive entre la concentration de proprit du premier actionnaire et la fourchette de prix. Ils expliquent cette association par le fait que les actionnaires dominants sont considrs comme des initis par les agents intervenants sur le march. H2: il existe une association ngative entre la concentration ultime de lactionnariat et la liquidit. En outre, nous incluons, aussi, le degr de sparation entre la proprit et le contrle ultime. Ce degr est mesur par lcart entre le droit de contrle et le droit au cash-flow du premier actionnaire (DIVC). Claessens et al. (2002) affirment que la dviation entre le contrle et la proprit sassocie un comportement opportuniste de lactionnaire dominant. Pour augmenter les chances de ralisation de ses objectifs personnels, lactionnaire dominant tend minimiser et retarder la publication des informations, ainsi, les autres actionnaires ne peuvent pas intervenir ou bien ils interviennent sur la base des informations inadquates (Fan et Wong, 2002; Chau et Gray, 2002). Selon Attig et al. (2006), ce comportement opportuniste engendre une hausse de lasymtrie dinformation et les actionnaires dominants peuvent ngocier sur la base de leurs informations prives et extraire des bnfices prives de contrle. En consquence, la liquidit des titres baisse. Les rsultats empiriques de ltude dAttig et al. (2006) dvoilent une association positive entre la fourchette de prix et la divergence entre le contrle et la proprit. Ainsi, nous formulons lhypothse suivante: H3 : Lorsque les droits de vote du premier actionnaire excdent ses droits au cash flow, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. I-3. Identit de lactionnaire ultime Afin dtudier limpact de lidentit du premier actionnaire ultime sur la relation entre la concentration de proprit et la liquidit, nous scindons le cash-flow du premier actionnaire ultimeselon lidentit de ce dernier. CFAM: La part de lactionnariat ultime de la famille. Faccio et al. (2001) et Maury (2006) avancent que, dans un environnement lgal caractris par une faible protection des investisseurs, le risque dexpropriation des minoritaires par les familles est lev. En revanche, Attig et al. (2006) ne trouvent aucun effet significatif de la prsence de la famille comme actionnaire dominant sur la liquidit des titres. H4 : Lorsque la firme est contrle par une famille, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. CETA: La part du capital ultime de lEtat. Dans les pays en priode de transition, lEtat actionnaire peut jouer le rle du contrleur (Ang et ding, 2006) et/ou permettre la firme de bnficier dun accs privilgi aux ressources (Che et Qian, 1998). Wu et al. (2009) affirment que dans les conomies niveau faible de protection des investisseurs, lEtat reprsente le garant des intrts des actionnaires et des partenaires de la firme en cas de faillite. Ainsi, la prsence de lEtat comme actionnaire dominant rduit le risque dexpropriation. H5 : Lorsque la firme est contrle par lEtat, lasymtrie dinformation est plus faible et la liquidit des titres est plus leve. CETR: La part de lactionnariat ultime des investisseurs trangers. Dans les marchs mergents, linvestisseur tranger est considr comme un investisseur inform grce ses comptences et ses expriences dinvestissement (Kalev et al., 2008; Ciner et Karagozoglu, 2008; Rhee et Wang, 2009). Sa participation leve au capital des entreprises lui permet aussi daccder aux informations prives. Ainsi, la part du capital des investisseurs trangers sassocie ngativement la liquidit dans ce type de march (Rhee et Wang, 2009). H6 : Lorsque la firme est contrle par des investisseurs trangers, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. CINS: La part du capital du premier actionnaire ultime institutionnel. Selon Rubin (2007), la concentration de lactionnariat institutionnel reflte lampleur des problmes de slection adverse et elle affecte ngativement la liquidit. De mme, Schatterly et al. (2008) affirment que la proprit institutionnelle sassocie positivement la fourchette de prix. H7 : Lorsque la firme est contrle par une institution, lasymtrie dinformation est plus leve et la liquidit des titres est moindre. Le tableau suivant dfinit les variables refltant la structure de lactionnariat de contrle. Tableau 9. Dfinition des variables relatives la structure de lactionnariat et signes attendus Variables Symboles Indicateurs de mesure Signes attendus Structure de lactionnariat de contrle PrAC % du capital dtenu par les 3 premiers actionnaires (-) CASH1 Droit au cash-flow du premier actionnaire ultime (-) CASH2 Droit au cash-flow du second actionnaire ultime (-) DIVC La diffrence entre le droit de vote du premier actionnaire ultime et le droit au cash-flow du premier actionnaire ultime (-) CFAM % de lactionnariat ultime de la famille (-) CETA % de lactionnariat ultime de lEtat (+) CETR % de lactionnariat ultime de linvestisseur tranger (-) CINS % de lactionnariat ultime de linstitutionnel (-) II-Analyse univarie des associations entre la structure de lactionnariat de contrle et la liquidit des titres Nous explorons dans ce qui suit, dabord, les statistiques descriptives de la structure de lactionnariat de contrle. Ensuite, nous analysons les corrlations entre les diffrentes variables relatives la structure de lactionnariat et les mesures de liquidit. Enfin, nous procdons des comparaisons des moyennes de la liquidit des titres selon la structure de lactionnariat ultime et lidentit du premier actionnaire dominant. II-1. Statistiques descriptives de la structure de lactionnariat de contrle des firmes tunisiennes Le tableau 10 dcrit la structure de lactionnariat de contrle des entreprises tunisiennes. Nous remarquons que la moyenne et la valeur mdiane de la concentration de lactionnariat direct (PrAC), du droit de vote et du droit au cash flow du premier actionnaire ultime (DVOT1 et CASH1) sont trs proches, ce qui indique labsence de valeurs extrmes. Ce constat est confirm par la faible dispersion de ces variables. Tableau 10. Statistiques descriptives des variables mesurant la structure de lactionnariat de contrle A. Statistiques des variables quantitatives PrAC DVOT1 CASH1 DIVC DVOT2 CASH2 N 353 352 352 352 352 352 137 138 138 138 138 138 Moyenne 0,633 0,469 0,441 0,028 0,025 0,02 Mdiane 0,662 0,477 0,457 0 0 0 Ecart-type 0,172 0,206 0,213 0,061 0,073 0,063 Skewness -0,393 -0,11 0,009 2,198 2,581 3,17 Kurtosis -0,365 0,17 -0,069 4,054 4,886 8,799 Minimum 0,128 0 0 0 0 0 Maximum 0,992 0,992 0,992 0,308 0,291 0,291 Panel B. Distribution de lactionnariat de contrle Frquence DVOT1 CASH1 DIVC CASH1/ DVOT1 DVOT2 CASH2 N 352 352 352 352 352 352 352 Proprit disperse 0,0539 0,000 0,000 0,000 0,000 0,000 0,000 Prsence dun seul actionnaire dominant 0,8153 0,5054 0,4739 0,0315 0,9209 0,000 0,000 Prsence de deux actionnaires dominant 0,1307 0,43861 0,4176 0,0210 0,9617 0,1948 0,1549 Divergence entre DVOT/CASH 0,2244 0,4486 0,3218 0,1268 0.6903 0,0128 0,0128 Panel C. Structure de lactionnariat selon lidentit de lactionnaire dominant Frquence DVOT1 CASH1 DIVC Frquence de la prsence dun second actionnaire DVOT2 CASH2 Famille 0,3324 0,5422 0,5315 0,0106 0,2136 0,0398 0,0341 Etat 0,3863 0,4953 0,4427 0,0526 0,0367 0,0075 0,0075 Etranger 0,2159 0,4371 0,4158 0,0213 0,1842 0,0370 0,0216 Institutionnel 0,0113 0,3018 0,3018 0,000 0,50 0,1197 0,1197 Lgende PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit au cash flow du 1er actionnaire ; DVOT1=% de droitde vote du 1er actionnaire dominant ; CASH2=% de droit au cash flow du 2nd actionnaire ; DVOT2=% de droit de vote du 2nd actionnaire dominant ; DIVC=divergence entre le droit de vote et le droit au cash flow du 1er actionnaire. Nous apercevons que la moiti des donnes annes-entreprises rvle une proprit des trois premiers actionnaires dpassant 66,2%. Cette proprit peut atteindre un niveau maximum de 99,2%. Ces statistiques nous permettent de dire que la proprit des entreprises est trs concentre entre les mains des trois premiers actionnaires. Nous remarquons que 5% des observations sont relatives des firmes proprit disperse. Ce pourcentage est plus faible que celui report pour les firmes de lEast de lAsie[1] et de lEurope Ouest[2]. Lanalyse de la distribution de lactionnariat de contrle montre que la plupart des entreprises tunisiennes sont contrles par un seul actionnaire dominant (81,53%), alors que la prsence dun second actionnaire dominant est peu frquente (13,07%). Nous apercevons, galement, que dans les firmes proprit concentre, lactionnaire dominant dtient un droit de vote excdant son droit au cash flow dans 23,72% des cas. Lorsque la firme est contrle par un seul actionnaire, le droit de vote moyen slve 50,54% et le droit au cash flow moyen est de 47,39%. Nous notons que ces pourcentages sont plus levs que ceux observs dans les firmes des pays de lEst de lAsie. Nous dtectons galement que la proprit et le contrle ultime du premier actionnaire sont plus faible lorsquil existe un second actionnaire ultime. Les statistiques reportent, en moyenne, que le second actionnaire dtient 19.48% du droit de vote et 15,49% du droit au cash flow. Nous constatons, que pour les firmes proprit concentre, le ratio moyen de la proprit ultime par le contrle est proche de 1, ce qui indique une faible divergence entre la proprit et le contrle. En plus, cette divergence est plus faible que celle reporte par Claessens et al. (2002) pour les firmes de lEst de lAsie. Nous expliquons ce faible pourcentage par le manque des moyens de renforcement de contrle tels que les participations croises et les actions de droit de vote multiple. En observant lidentit des actionnaires ultimes, nous remarquons que la proprit des firmes tunisiennes est concentre entre les mains de trois catgories dactionnaires: lEtat, la famille et les investisseurs trangers. En revanche, nous constatons une prsence faible dactionnaire institutionnel dominant non affili lEtat, la famille et aux trangers. Les familles contrleurs dtiennent, en moyenne, des pourcentages levs de droit de vote et de droit au cash flow (54,22% et 53,15% respectivement). Cependant, lEtat et les investisseurs dtiennent des pourcentages plus faibles. Les statistiques indiquent, aussi, que dans les firmes contrles par les familles, la prsence dun second actionnaire dominant est plus frquente. Ces statistiques montrent que la structure de proprit des firmes contrle familial est fortement concentre entre les mains du premier et du second actionnaire. En revanche, nous dcouvrons que les firmes contrles par lEtat prsentent le niveau le plus lev de divergence entre le contrle et la proprit que les autres firmes. II-2. Corrlations entre la structure de lactionnaire de contrle et les mesures de liquidit Le tableau suivant prsente la matrice de corrlation non paramtrique de Spearman entre la structure de lactionnariat, la liquidit et les variables de contrle. Tableau 11.Matrice de corrlation entre structure de lactionnariat, liquidit et variables de contrle. CASH1 CASH2 DIVC PrAC BTMK VLAT SIZE LM ,056 ,291(**) ,165(**) ,351(**) ,062 -,055 -,497(**) BASQ ,073 ,216(**) ,256(**) ,360(**) ,081 ,187(**) -,600(**) ILIQ ,139(**) ,147(**) ,258(**) ,311(**) ,246(**) ,226(**) -,607(**) PZER -,037 ,306(**) ,114(*) ,235(**) ,107(*) -,246(**) -,341(**) TURN -,141(**) -,212(**) -,005 -,271(**) -,190(**) ,195(**) -,071 PROF -,040 -,218(**) ,031 -,278(**) ,293(**) ,013 ,231(**) CASH1 1,000 -,167(**) -,320(**) ,654(**) ,053 ,122(*) ,025 CASH2 1,000 -,064 ,253(**) -,294(**) -,096 -,038 DIVC1 -,064 1,000 ,008 ,189(**) ,205(**) -,477(**) PrAC 1,000 -,197(**) ,179(**) -,147(**) BTMK 1,000 -,006 -,149(**) VLAT 1,000 -,266(**) SIZE 1,000 Lgende: *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. LM=mesure de nombre de zro volume ajust la rotation des titres; BASQ= fourchette de prix moyenne; ILIQ = ratio de non liquidit dAmihud (2002); PZER= proportion des rendements nuls; TURN= rotation moyenne des titres; PROF= profondeur moyenne; PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit au cash flow du 1er actionnaire ; CASH2=% de droit au cash flow du 2nd actionnaire ; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers; SIZE= capitalisation boursire. Nous remarquons que la concentration de lactionnariat direct (PrAC) est corrle positivement aux mesures du cot de transaction (PZER, BASQ et ILIQ) et ainsi quau dlai dexcution des ordres (LM). De plus, nous dtectons une association ngative entre la part de capital dtenu par les trois premiers actionnaires et la quantit de transaction (PROF et TURN). Ces corrlations indiquent que la concentration dactionnariat sassocie une augmentation des problmes de slection adverse. Ainsi, les investisseurs externes tablissent un cot lev de transaction, ce qui induit une baisse de lactivit de transaction et un allongement du dlai de ngociation des titres. Nous pouvons attribuer ces corrlations galement au manque de capital flottant associ la concentration de capital. En effet, le capital flottant faible implique un nombre rduit des participants sur le march et une faible activit de transaction baisse. En consquence, le cot de transaction augmente et le dlai dexcution des ordres sallonge. Le droit au cash flow du premier actionnaire est corrl positivement limpact sur le prix (ILIQ) et ngativement la rotation des titres (TURN). De la sorte, nous constatons que la proprit ultime du premier actionnaire sassocie un effet important des flux dordres sur les prix et une baisse de la frquence de transaction. Nos rsultats confirment que la proprit ultime reflte le risque de slection adverse. Le droit de cash flow du second actionnaire ultime (CASH2) est corrl positivement aux dimensions temps et cot de transaction (le dlai dexcution des ordres, la fourchette de prix, limpact sur le prix et le cot total de transaction). En plus, ce droit est corrl ngativement la dimension quantit de transaction (profondeur et rotation des titres). Nous montrons, ainsi, que plus la proprit du second actionnaire ultime augmente, plus la liquidit des titres baisse. En dautres termes, la proprit du second actionnaire aggrave les problmes de slection adverse entre la firme et les investisseurs externes. Quant la sparation entre le contrle et la proprit (DIVC), nous constatons quelle est associe positivement aux mesures du cot de transaction (PZER, BASQ et ILIQ) et au dlai dexcution des ordres (LM). Ces corrlations confirment que la dviation entre le contrle et la proprit estime le pouvoir dexpropriation de lactionnaire ultime. Plus ce pouvoir augmente, plus le risque de slection adverse saccentue et par consquent la liquidit baisse. En outre, la matrice de corrlation montre que la volatilit des titres sassocie positivement la concentration de lactionnariat direct, la proprit ultime du premier actionnaire et au degr de divergence entre droit de vote et droit au cash flow. Nous trouvons, alors, que ces trois attributs de la structure de lactionnariat, refltant le risque de slection adverse, sassocie au risque total du titre. Quant au risque de la firme, mesur par le ratio book-to-market, nous trouvons quil est corrl ngativement la proprit ultime du second actionnaire et la concentration de lactionnariat direct. En revanche, ce ratio est positivement corrl la dviation entre la proprit et le contrle ultime. Ces corrlations indiquent que les firmes les plus risques souffrent des problmes dasymtrie dinformation et dagence inhrents la sparation entre le droit de vote et le droit au cash flow du premier actionnaire. Nous dcouvrons, galement, que la taille de la firme sassocie ngativement la concentration de lactionnariat direct et la divergence entre proprit et contrle ultime. De la sorte, les grandes firmes sont caractrises par une proprit directe moins concentre et par une faible divergence entre la proprit et le contrle ultime. II-3. Comparaison du niveau de la liquidit entre les diffrents groupes de firmes selon la structure de leur actionnariat ultime Nous effectuons, dans cette partie de lanalyse, une comparaison du niveau de liquidit des titres entre les diffrents groupes de firmes moyennant un test dchantillons indpendants. Pour le faire, nous classons les firmes selon leur structure de lactionnariat ultimeet lidentit du premier actionnaire ultime. Le tableau suivant prsente la comparaison des moyennes des mesures de liquidit selon la structure de lactionnariat ultime. Tableau 12. Tests des moyennes de la liquidit entre les diffrents groupes de firmes selon la structure de leur actionnariat ultime Absence-Existence dun actionnaire dominant Absence -Existence dun second actionnaire dominant Absence-existence de divergence Contrle famille-Contrle Etat Contrle famille-Contrle Etranger Contrle Etat- Contrle Etranger BASQ -0,465** -0,223 -0,393** 0,242** 0,369** 0,126 PZER -0,928 -20,922** -5,809 0,571** 1,127** 0,556* ILIQ -1,387** -0,4491 -1,190** 12,033** 4,731 -7,302* PROF 0,168 0,7327** -0,07 -0,306** 0,292** 0,598** TURN 0,870** 0,3849** 0,014 34,970** 22,634* -12,336 LM -44,853** -71,08** -19,460* 0,046 0,505** 0,459** Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ: fourchette de prix moyenne ; PZER= proportion des rendements nuls; ILIQ= ratio de non liquidit dAmihud (2002); PROF= la profondeur moyenne; TURN= rotation moyenne des titres; LM= la mesure de Liu (2006) Les rsultats mettent en relief que les titres des firmes capital diffus sont caractriss par: 1)une fourchette de prix plus troite; 2) un impact sur les prix plus faible; 3) un dlai dexcution dordre plus court; 4) une frquence dactivit plus leve. Par consquent, nous dduisons que les titres des firmes proprit disperse sont plus liquides. En comparant la liquidit des titres en prsence dun seul actionnaire ultime et celle en prsence de deux actionnaires ultimes, nous dvoilons lexistence de diffrences significatives des moyennes de la proportion des rendements nuls, de la profondeur, de la rotation des titres et du dlai dexcution. Ses statistiques montrent, ainsi, que les firmes domines par deux actionnaires ultimes exhibent plus de problmes de slection adverse que les firmes contrles par un seul actionnaire ultime. Par consquent, la prsence dun second actionnaire aggrave le cot total de transaction, rduit lactivit de transaction et allonge le dlai dexcution des ordres. En cas dune divergence entre le droit de vote et le droit au cash flow, les titres sont caractriss par une fourchette de prix plus large, un impact des flux dordres sur les prix plus lev et un dlai dexcution des ordres plus long. Nous expliquons que la dviation entre la proprit et le contrle favorise lextraction des bnfices privs de contrle et engendre un risque de slection adverse lev. En consquent, le cot de transaction (BASQ et ILIQ) augmente et la vitesse de transaction baisse. En outre, la comparaison des mesures de liquidit met en vidence que les titres des firmes contrle familial, compars aux titres des firmes contrles par lEtat, se caractrisent par: 1) un cot de transaction plus lev (BASQ, PZER et ILIQ); 2) une frquence plus leve de transaction; 3) une profondeur plus faible. En revanche, compars aux titres des firmes contrle tranger, les titres des firmes contrle familial montrent un cot de transaction (PZER et BASQ), une quantit de transaction (PROF et TURN) et un dlai dexcution plus levs. Nous apercevons galement des diffrences des moyennes entre les firmes contrles par lEtat et celles contrles par les trangers. En effet, le cot de transaction, le dlai dexcution des ordres et la profondeur des titres sont plus levs pour les firmes contrles par lEtat, alors que limpact sur le prix est plus faible pour ces firmes. Malgr lexistence des diffrences significatives des moyennes des mesures de liquidit selon lidentit de lactionnaire dominant (Famille, Etat et Etranger), nous sommes incapables de distinguer quel estle type de contrle qui amliore ou bien rduit la liquidit. III- Analyse multi varie de la relation entre la structure de lactionnariat de contrle et la liquidit Notre analyse consiste tudier, premirement, leffet de la concentration de lactionnariat sur la liquidit. Deuximement, nous testons limpact de la divergence entre le droit de vote et le droit au cash-flow. Troisimement, nous tudions si la relation entre la structure de lactionnariat ultime et la liquidit dpend de lidentit du premier actionnaire. Nous retenons dans cette analyse multivarie la mesure de Liu (2006) comme une mesure de liquidit. Etant donn les rsultats trouvs au premier chapitre, cette mesure englobe les trois dimensions de la liquidit (cot, quantit et temps). Avant de procder aux rgressions, nous effectuons une srie de tests sur nos donnes afin de trouver des spcifications adquates. La mthode destimation utilise est celle des moindres carrs gnraliss, afin de corriger les problmes dtects dhtroscdascit et dautocorrlation des erreurs. Les rsultats des tests sont prsents en annexes. III-1. Impact de la concentration de lactionnariat direct et ultime sur la liquidit des titres Dabord, nous testons leffet de la proprit des trois premiers actionnaires (PrAC) sur la liquidit. Ensuite, nous essayons de voir leffet des droits aux cash-flows des deux premiers actionnaires ultimes (CASH1 et CASH2) sur la liquidit. Les variables de contrle choisies dans cette analyse sont: la taille de la firme (SIZE), la volatilit des rendements (VLAT) et le ratio de la valeur comptable par rapport la valeur boursire (BTMK). Ainsi, les modles estimer sont: Nous reportons les rsultats de lestimation des modles (2a) et (2b) dans le tableau suivant. Tableau 13. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur la liquidit des titres (2a) (2b) PrAC 172.348 (11.83)** CASH1 52.4 (5.09)** CASH2 14.469 (12.39)** SIZE -22.856 -24.196 (12.75)** (13.53)** BTMK 24.832 28.142 (2.61)** (2.67)** VLAT -18.066 -11.037 (5.20)** (3.42)** Constant 270.79 528.661 (6.98)** (15.57)** Observations 353 352 N Firmes 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PrAC=% dtenu par les trois premiers actionnaires; CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Les rsultats de lestimation du modle (2a) dvoilent que la proprit des actionnaires contrleurs sassocie positivement la mesure de Liu (2006). Ce rsultat concorde avec ceux trouvs par Heflin et Shaw (2000) et Rubin (2007). Nous pouvons expliquer la relation ngative entre la concentration de lactionnariat et la liquidit par deux arguments thoriques. Selon largument de slection adverse, les trois premiers actionnaires sont des actionnaires qui participent activement au contrle de la gestion de lentreprise. Par consquent, ils sont considrs par les investisseurs externes comme des agents informs, ce qui engendre un risque lev de slection adverse. Il en dcoule, ainsi, une augmentation du cot de transaction, une baisse de la quantit ngocie et un allongement du dlai de ngociation. Selon largument dinventaire, la concentration de lactionnariat rduit le nombre de participants dans le march et lactivit de transaction. Il en rsulte ainsi, une augmentation des cots de transaction et du dlai requis pour ngocier les titres. La spcification du modle (2b) nous permet de tester largument de slection adverse. Les rsultats de lestimation de ce modle montrent leffet positif du droit au cash flow du premier actionnaire ultime sur le dlai dexcution des ordres. Nous soutenons, donc, lhypothse de lenracinement des actionnaires contrleurs et nous confirmons les rsultats dAttig et al. (2006). En effet, le premier actionnaire ultime participe activement la gestion et au contrle de la firme, ce qui lui permet daccder linformation prive de la firme. Plus sa proprit ultime augmente, plus les problmes dasymtrie dinformation saggravent. Par consquent, les investisseurs externes rduisent leurs transactions ou dcident de ne pas ngocier, ce qui engendre une baisse de liquidit. Nous dtectons galement un effet positif du droit au cash flow du second actionnaire ultime sur le dlai dexcution des ordres. Ce rsultat indique que le deuxime actionnaire ne dlimite pas le pouvoir dexpropriation du premier actionnaire, mais plutt il forme une certaine alliance avec ce dernier lencontre des actionnaires minoritaires. Lorsque la proprit ultime du second actionnaire augmente, les problmes dasymtrie dinformation saccentuent. Par consquent, les investisseurs sont plus rticents ngocier les titres des firmes caractrises par la prsence de deux actionnaires ultime, ce qui se traduit par une baisse de la liquidit. III-2. Impact de la divergence entre le droit de vote et le droit au cash flow sur la liquidit des titres Dans cette partie de lanalyse, nous intgrons la variable mesurant la divergence entre le droit au cash-flow et le droit de vote (DIVC) dans le modle (2b). Le modle estimer se prsente comme suit: Dans le tableau suivant, nous prsentons les rsultats de lestimation du modle (2c). Tableau 14. Rsultats de lestimation de limpact de la divergence entre proprit et contrle ultime sur la liquidit des titres (2c) CASH1 52.142 (4.89)** CASH2 14.457 (12.30)** DIVC -0.095 -0.11 SIZE -24.35 (12.16)** BTMK 29.024 (2.77)** VLAT -10.928 (3.31)** Constante 530.44 (14.76)** Observations 352 N Firmes 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Les rsultats du modle (2c) montrent que la proprit ultime du premier et celle second actionnaire gardent leurs effets. En revanche, nous remarquons que la sparation entre la proprit et le contrle ultime naffecte pas la liquidit des titres. Nous dduisons, ainsi, que cette sparation ne reflte pas lampleur des problmes de slection adverse dans le contexte tunisien. En outre, nous dduisons que le pouvoir dexpropriation des actionnaires dominants tunisiens provient essentiellement de la concentration de lactionnariat ultime et non pas de la divergence entre le droit de vote et le droit au cash flow. Nous attribuons ce rsultat la particularit de la structure de contrle des firmes tunisiennes, marque par la faible frquence de la sparation entre la proprit et le contrle ultime. Cette dernire mane du manque des moyens de renforcement du contrle par rapport la proprit. Nous citons, par exemple, que la rglementation tunisienne interdit les participations croises un seuil dpassant 10%. III-3. Impact de lidentit du premier actionnaire sur la relation concentration de lactionnariat et liquidit Nous testons, dabord, leffet du droit au cash flow de la famille (CFAM), de lEtat (CETA), et de linvestisseur tranger (CETR) sparment. Ensuite, nous les introduisons dans le mme modle, afin de tester quel est le type de lactionnariat qui a le plus important effet sur la liquidit des titres. Les modles estimer: Les rsultats de lestimation des modles (2d) (2g) sont prsents dans le tableau 15. Tableau 15. Rsultats de lestimation de limpact de lidentit de lactionnaire dominant sur la liquidit des titres (2d) (2e) (2f) (2g) CFAM 35.999 51.739 (3.10)** (4.10)** CETA -42.063 6.051 (6.04)** (0.61) CETR 94.795 106.627 (9.25)** (7.80)** CASH2 14.191 14.356 15.174 14.362 (11.92)** (12.73)** (14.34)** (12.51)** SIZE -23.196 -24.818 -29.205 -25.927 (11.40)** (12.89)** (16.33)** (13.57)** BTMK 29.979 37.235 37.028 42.446 (2.66)** (3.27)** (3.61)** (4.10)** VLAT -6.224 -6.253 -10.477 -10.755 (1.91)* (1.95)* (3.72)** (3.50)** Constante 540.727 578.980 630.371 549.950 (13.94)** (16.89)** (19.91)** (15.42)** Observations 352 352 352 352 Nombre de firmes 49 49 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. CASH2=% de droit de proprit du 2nd actionnaire ultime; CFAM=% de droit de proprit du 1er actionnaire famille; CETA=% de droit de proprit du 1er actionnaire ultime Etat; CETR=% de droit de proprit du 1er actionnaire ultime tranger; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Le rsultat de la spcification (2d) montre un effet positif et significatif de lactionnariat ultime de la famille sur le dlai dexcution des ordres, ce qui confirme lhypothse 4. Nous constatons, ainsi, que les firmes contrle familial souffrent des problmes dasymtrie dinformation inhrents lenracinement du premier actionnaire ultime. En dautre terme, lactionnariat de contrle familial extrait des avantages privs de contrle au dtriment des intrts des minoritaires, ce qui induit une augmentation du risque de slection adverse. Notre rsultat appuie largument de Faccio et al. (2001) et Maury (2006), stipulant que le risque dexpropriation est plus lev en prsence de contrle familial dans les pays niveau faible de protection des investisseurs. De ce fait, les investisseurs tunisiens considrent la famille comme un agent inform qui peut exproprier leurs richesses en ngociant sur la base de leurs informations prives. Par consquent, le risque de slection adverse support par les investisseurs externes augmente et la liquidit baisse. Lanalyse de leffet de la prsence de lEtat comme premier actionnaire ultime dvoile un effet ngatif sur le dlai dexcution des ordres, ce qui confirme lhypothse H5. Selon Ang et Ding (2006) et Wu et al. (2009), dans les conomies mergentes comme lconomie tunisienne, lEtat joue un rle important dans la protection des intrts des investisseurs de plusieurs manires. Premirement, lEtat peut jouer le rle dun contrleur efficace et dans ce cas le risque dexpropriation des minoritaires est rduit. Deuximement, lEtat actionnaire peut user de son pouvoir politique pour renforcer la relation entre la firme et ses investisseurs, ce qui aide tablir une relation de confiance entre ces deux parties. Troisimement, les investisseurs considrent les firmes contrles par lEtat comme les firmes les plus performantes et les plus riches et ils prfrent investir leurs ressources dans ces firmes. Nous concluons que la prsence de lEtat comme actionnaire dominant rduit les problmes dasymtrie dinformation entre la firme et les investisseurs externes. En outre, les investisseurs sont plus attirs par ces firmes puis quils ont confiance ce type dactionnaire. Par consquent, les titres des firmes contrles par lEtat sont plus liquides. Lanalyse de leffet de la proprit ultime de linvestisseur tranger sur le dlai dexcution des ordres dvoile un effet positif et significatif. Ce rsultat valide lhypothse H6 et concorde avec celui trouv par Rhee et Wang (2009). En effet, les investisseurs trangers ont plus de connaissances et dexpriences que les investisseurs domestiques. De la sorte, les investisseurs trangers sont considrs par les investisseurs tunisiens comme des agents informs. De plus, les investisseurs tunisiens peroivent la firme contrle par des trangers comme une firme trangre et ils estiment un risque dexpropriation lev relatif la participation trangre. Ainsi, ils ont peur dy investir et ils prfrent ngocier les titres des firmes contrles par les tunisiens. Il en rsulte, alors, une baisse de liquidit des titres des firmes contrle tranger. En tudiant leffet des trois types dactionnariat ultime, nous montrons que leffet de lactionnariat ultime de la famille et celle des trangers persistent alors que leffet du lactionnariat ultime de lEtat disparat. Ces rsultats indiquent que leffet denracinement de lactionnariat familial et celui des investisseurs trangers est plus important que leffet de contrle de lactionnariat de lEtat. De cette faon, la relation ngative entre le droit au cash flow du premier actionnaire ultime et la liquidit dcoule de leffet denracinement de la famille et de linvestisseur tranger. En dautre terme, les investisseurs tunisiens prfrent investir leurs ressources dans les firmes autres que celles contrles par la famille et par les investisseurs trangers. IV-Analyse de sensibilit: Impact de la structure de lactionnariat de contrle sur les dimensions de liquidit Afin de tester la robustesse des rsultats trouvs, nous procdons des analyses supplmentaires de limpact de la structure de lactionnariat sur les autres mesures de liquidit. Cette analyse nous permet de voir si leffet de la structure de lactionnariat de contrle sur la liquidit dcoule de son effet sur toutes les dimensions de liquidit ou bien sur une seule dimension en particulier. Nous mesurons le cot de transaction par les trois mesures suivantes: la fourchette de prix, le ratio de non liquidit dAmihud (2002) et la proportion des rendements nuls. Quant la dimension quantit de transaction, nous incluons deux mesures approximatives: la profondeur et la rotation des titres. Notre analyse se fait en deux tapes. Nous testons, dabord, leffet de concentration de lactionnariat de contrle sur le cot et la quantit de transaction. Ensuite, nous tudions la relation entre lidentit de lactionnaire ultime et les dimensions de liquidit. VI-1. Impact de la concentration dactionnariat de contrle sur les dimensions de liquidit Le tableau 16 prsente lanalyse de sensibilit de la relation entre la concentration de lactionnariat de contrle et le cot de transaction. Les rsultats mettent en vidence que la concentration de lactionnariat direct (PrAC) et celle de lactionnariat ultime (CASH1 et CASH2) sassocient positivement la fourchette de prix et limpact sur le prix. Ces rsultats appuient ceux trouvs en utilisant la mesure de Liu (2006). De plus, nous dcouvrons un impact positif de la concentration dactionnariat direct et de la proprit ultime du second actionnaire sur le cot de transaction, mesur par la proportion des rendements nuls. Ces rsultats tmoignent que les investisseurs tunisiens associent un risque de slection adverse lev la ngociation des titres des firmes forte concentration de proprit directe et ultime. De ce fait, le cot de transaction fix par les investisseurs est lev. Tableau 16. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur le cot de transaction BASQ PZER ILIQ PrAC 1.108 29.479 2.982 (7.66)** (4.37)** (5.87)** CASH1 0.318 0.371 9.958 6.682 1.659 1.692 (2.93)** (3.27)** (1.62) (1.01) (4.06)** (3.70)** CASH2 0.066 0.068 2.028 1.84 0.187 0.189 (7.42)** (7.55)** (4.70)** (4.25)** (6.13)** (6.05)** DIVC 0.018 -0.852 0.007 (2.15)* -1.56 (0.2) SIZE -0.301 -0.331 -0.31 -9.883 -10.253 -10.906 -0.895 -0.936 -0.928 (16.37)** (18.28)** (15.70)** (10.29)** (9.93)** (10.01)** (12.24)** (12.69)** (11.74)** BTMK 0.079 0.163 0.142 5.163 5.96 5.702 1.232 1.366 1.382 (0.86) (1.89)* (1.68)* (1.21) (1.35) (1.29) (3.84)** (4.08)** (4.13)** VLAT -0.076 -0.028 -0.034 -6.077 -6.382 -6.42 0.359 0.398 0.396 (2.31)* -0.84 -1.04 (9.14)** (8.15)** (8.32)** (4.63)** (5.08)** (5.03)** Constante 5.172 6.935 6.681 176.448 212.789 217.823 16.102 19.591 19.492 (12.35)** (19.66)** (18.17)** (9.45)** (11.31)** (11.45)** (10.96)** (13.93)** (13.54)** Observations 353 352 352 350 349 349 350 349 349 N Firmes 49 49 49 46 46 46 46 46 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ= fourchette moyenne de prix; PZER= proportion des rendements nuls; ILIQ= ratio de non liquidit dAmihud (2002); PrAC= % dtenu par les trois premiers actionnaires; CASH1= % de droit de proprit du 1er actionnaire; CASH2=% de droit de proprit du 2nd actionnaire; DIVC=divergence entre droit de vote et droit au cash flow du 1er actionnaire; SIZE= capitalisation boursire de la firme; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. En incluant la dviation entre la proprit et le contrle ultime, nous trouvons que leffet de lactionnariat ultime du premier et second actionnaire persiste. En outre, nous dtectons un effet positif et significatif de la dviation entre le contrle et la proprit sur la fourchette de prix, ce qui corrobore le rsultat dAttig et al. (2006). Nous dduisons, alors, que la divergence entre le droit de vote et le droit de proprit affecte ltroitesse sans engendrer des effets sur le cot total de transaction et sur limpact sur le prix. Nous expliquons que cette divergence renforce le comportement opportuniste du premier actionnaire ultime et elle lincite exproprier les richesses des actionnaires minoritaires. De la sorte, les problmes dasymtrie dinformation entre la firme et les investisseurs externes saccentuent, ce qui emmne ces derniers fixer une fourchette de prix large. Dans le tableau 17, nous prsentons les rsultats empiriques de la relation entre la concentration de lactionnariat et la quantit de transaction. Tableau 17. Rsultats de lestimation de limpact de la concentration de lactionnariat de contrle sur la quantit de transaction PROF TURN PrAC -0.813 -1.813 (5.96)** (4.55)** CASH1 -0.165 -0.092 -1.715 -1.223 -1.32 -0.64 (7.19)** (3.58)** CASH2 -0.023 -0.022 -0.192 -0.169 -1.63 -1.53 (9.54)** (5.82)** DIVC 0.014 -0.032 (1.2) -1.13 SIZE 0.136 0.167 0.181 -0.111 -0.16 -0.129 (7.61)** (7.53)** (7.07)** (2.00)* (4.01)** (2.15)* BTMK 0.748 0.782 0.769 -1.059 -1.647 -1.021 (7.05)** (6.29)** (6.18)** (3.76)** (7.32)** (3.39)** VLAT 0.181 0.133 0.123 0.303 0.31 0.292 (5.30)** (3.87)** (3.51)** (4.53)** (6.44)** (5.54)** Constante 4.362 2.962 2.758 1.868 1.161 -0.163 (10.83)** (6.67)** (5.78)** -1.64 -1.64 -0.16 Observations 353 349 349 350 352 349 N Firmes 49 46 46 46 49 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PROF= profondeur moyenne des titres ; TURN= rotation moyenne des titres; PrAC= % dtenu par les trois premiers actionnaires ; CASH1= % de droit de proprit du 1er actionnaire ; CASH2 = % de droit de proprit du 2nd actionnaire ; DIVC= divergence entre droit de vote et droit au cash flow du 1er actionnaire ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM; VLAT= cart-type des rendements journaliers. Lanalyse de la relation entre la concentration de lactionnariat direct et la quantit de transaction montre une association ngative et significative. Nous dcouvrons que plus la concentration de lactionnariat direct augmente, plus le capital circulant sur le march diminue et plus lactivit de transaction baisse. Quant la concentration de lactionnariat ultime, nous constatons quelle naffecte ngativement que la rotation des titres. Ces rsultats suggrent que les problmes dasymtrie dinformation, inhrents la concentration dactionnariat ultime, rduisent la frquence de transaction sans affecter la capacit du march absorber les titres. Cette baisse de la frquence sexplique par la rticence des investisseurs ngocier les titres des firmes proprit ultime concentre. VI-2. Impact de lidentit de lactionnaire dominant sur les dimensions de liquidit Le tableau 18 expose les rsultats de lestimation de limpact de lidentit de lactionnaire dominant sur le cot de transaction. Nous apercevons que le contrle des investisseurs trangers et celui de lEtat affectent toutes les mesures de cot de transaction. Par contre, nous trouvons que le contrle familial affecte seulement le cot total de transaction mesur par la proportion des rendements nuls. Les rsultats obtenus montrent que les investisseurs tunisiens fixent un cot de transaction lev pour les titres des firmes contrle familial et celles contrle tranger. Leur comportement sexplique par la perception dun risque dexpropriation lev en cas de prsence de ces deux types de contrleur. Par contre, ayant confiance au contrle de lEtat, les investisseurs ngocient les titres des firmes contrles par lEtat faible cot de transaction. Le tableau 19 prsente les rsultats de lestimation de la relation entre lidentit de lactionnaire dominant et la dimension quantit de la liquidit. Les rsultats exhibent un impact positif du contrle de lEtat sur la dimension quantit (profondeur et la rotation des titres) et un effet ngatif du contrle tranger sur cette dimension. Cependant, nous nobservons aucun effet du contrle familial sur les mesures refltant la dimension quantit. Tableau 18. Rsultats de lestimation de limpact de lidentit de lactionnaire ultime sur le cot de transaction BASQ PZER ILIQ CFAM 0.075 10.469 0.408 (0.81) (2.18)* (1.35) CETA -0.265 -24.917 -0.833 (3.07)** (4.53)** (2.23)* CETR 0.620 32.505 1.895 (5.35)** (6.05)** (4.53)** CASH2 0.063 0.061 0.066 1.997 1.799 3.172 0.170 0.157 0.164 (6.38)** (6.84)** (7.16)** (4.68)** (4.30)** (7.94)** (5.55)** (5.26)** (5.44)** SIZE -0.334 -0.333 -0.363 -9.906 -10.075 -10.449 -0.917 -0.934 -1.070 (16.61)** (18.26)** (19.46)** (9.39)** (9.89)** (12.47)** (11.71)** (12.55)** (13.22)** BTMK 0.138 0.206 0.140 6.866 7.382 10.294 1.461 1.534 1.292 (1.39) (2.24)* (1.58) (1.55) (1.70)* (2.37)** (4.24)** (4.49)** (3.80)** VLAT 0.011 0.025 0.011 -6.276 -6.345 -7.349 0.427 0.420 0.370 (0.32) (0.75) (0.34) (7.53)** (7.71)** (10.09)** (5.18)** (5.15)** (4.82)** Constante 7.275 7.326 7.778 208.554 215.916 220.627 19.830 20.167 22.267 (18.52)** (21.37)** (23.18)** (10.68)** (11.58)** (14.63)** (13.32)** (14.38)** (14.97)** Observations 352 352 352 349 349 349 349 349 349 Nombre de firmes 49 49 49 46 46 46 46 46 46 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. BASQ= fourchette moyenne de prix ; PZER= proportion des rendements nuls ; ILIQ= ratio de non liquidit dAmihud (2002) ; CASH2=% de droit de proprit du 2nd actionnaire ; CFAM=% de droit de proprit du 1er actionnaire famille; CETA=% de droit de proprit du 1er actionnaire Etat ; CETR=% de droit de proprit du 1er actionnaire tranger ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM. VLAT= cart-type des rendements journaliers. 1 Tableau 19. Rsultats de lestimation de limpact de lidentit de lactionnaire ultime sur la quantit de transaction PROF TURN CFAM -0.117 -0.289 (1.23) (1.63) CETA 0.595 0.514 (5.61)** (2.82)** CETR -0.751 -1.764 (3.85)** (7.98)** CASH2 -0.022 -0.015 -0.027 -0.189 -0.185 -0.190 (1.57) (1.11) (1.64) (9.29)** (8.84)** (8.66)** SIZE 0.159 0.162 0.216 -0.174 -0.158 -0.027 (7.11)** (8.11)** (8.72)** (4.17)** (3.96)** (0.68) BTMK 0.785 0.803 0.801 -1.795 -1.942 -1.902 (6.38)** (6.47)** (6.04)** (7.23)** (7.85)** (8.36)** VLAT 0.125 0.127 0.125 0.235 0.213 0.236 (3.65)** (3.94)** (3.51)** (4.07)** (3.43)** (3.48)** Constante 3.018 2.910 2.034 0.584 0.219 -1.814 (6.70)** (7.34)** (4.27)** (0.73) (0.30) (2.52)** Observations 349 349 349 352 352 352 Nombre de firmes 46 46 46 49 49 49 Lgende : *, ** : les coefficients sont significatifs aux seuils de 5 % et 1 %, respectivement. PROF= profondeur moyenne des titres ; TURN= rotation moyenne des titres ; CASH2=% de droit de proprit du 2nd actionnaire ultime ; CFAM=% de droit de proprit du 1er actionnaire ultime famille; CETA=% de droit de proprit du 1er actionnaire ultime Etat ; CETR=% de droit de proprit du 1er actionnaire ultime tranger ; SIZE= capitalisation boursire de la firme ; BTMK= ratio VC/VM. VLAT= cart-type des rendements journaliers. Nous constatons que les investisseurs tunisiens sont plus attirs par les titres des firmes contrles par lEtat. Par consquent, ils tablissent un cot de transaction faible pour ces titres, ce qui engendre une augmentation de la frquence dactivit et de la capacit du march absorber les ordres. Par contre, les investisseurs sont rservs face aux titres des firmes contrle tranger cause du risque lev de slection adverse associ ces titres. Pour cette raison, ils fixent un cot de transaction lev. Il en ensuit, alors, une baisse de la frquence de transaction et de la profondeur des titres. Partant de ces rsultats, nous dduisons que le contrle familial affecte seulement deux dimensions de la liquidit, savoir le temps et le cot, alors que le contrle de lEtat et celui des investisseurs trangers affectent toutes les dimensions de la liquidit. [1] Statistiques report dans ltude de Claessens et al. (2002) [2] Statistiques report dans ltude de Fan et Wong (2002)