Factors Causing Substance Abuse Relapse

Factors Causing Substance Abuse Relapse Relapse among substance abusers after treatment is an old phenomenon that has always been the nemesis of nations all around the world (Golestan, Abdullah, Ahmad Anjomshoa, 2010). For long, studies have found that through several generations, relapse to substance abuse after treatment remains one of the greatest challenges in the treatment of all forms of substance abuse including alcohol, marijuana, heroin and cocaine (Marlatt George, 1984; Polivy Herman, 2002; Witkiewitz Marlatt, 2004). Many a study posits that when people attempt to change an undesired or problematic behavior, there is a high possibility of an initial lapse (Golestan et al., 2010; Marlatt George, 1984; Witkiewitz Marlatt, 2004). Drug dependency has been typified as a persistent relapsing disorder (McLellan, Lewis, O’Brien Kleber, 2000). In clinical terms, relapse is defined as a return to a maladaptive use of substance, such as marijuana, alcohol, tobacco, heroin, cocaine or other illicit psychoactive drugs after having been previously treated for the same substance abuse disorder (Witkiewitz Marlatt, 2004). Researches on the substance abuse phenomenon posit that on the average, within a year of receiving treatment, most patients revert to previous levels of substance use (Hall, Havassy Wasserman, 1990; Witkiewitz Marlatt, 2004). Substance abuse clients and counselors both consider relapse as a major challenge militating against substance abuse prevention strategies (Golestan et al., 2010). Global statistics on the rate of relapse to substance use is disturbing. Both counselors and clients admit that whereas it is tough for a client to quit the use of drugs, it is even tougher to stay off the drug after intensive treatment (Ducray, Darker, Smyth, 2012; Moeller et al., 2001). Notwithstanding the client-focused and intensive treatment modules available for substance abuse, most treated clients return to the use of the abused substance after a period of abstinence (Polivy Herman, 2002). Substance abuse is shrouded with personal and social problems including the health of society regarding its political, social, economic and cultural issues in various degree (Hendershot, Witkiewitz, George, Marlatt, 2011). The price for using and abusing illicit drugs are weighty and incontestable. The attendant health complications, poor psychosocial functioning and adverse economic implications such as government’s expenditure on treatments and rehabilitation of substance abusers have all been well documented (Burger, 2008; Parrott et al., 2004; Pressley McCormick, 2007; United Nations Office on Drug and Crime’s report, 2013). Piggot, Carson, Saha, Torbeyns, Stock and Ingenito (2003) have stated that relapse to substance abuse could lead to such consequences as cognitive impairment, non-adherence to medication, personal distress, imprisonment and hospitalization. Decades of research on substance abuse have implicated psychosocial factors such as mental health, significant life events and social functioning as playing critical roles in influencing the relapse rates and the abuse of drugs among clients who have previously been treated for substance abuse disorders (Hammerbacher Lyvers, 2006; Melberg, Lauritzen, Ravndal, 2003). Contextual factors such as living and working environments have been considered as relevant when accounting for relapse precipitants in substance abusers (Reece, 2007). Consistently, researchers have identified psychosocial factors including self-efficacy, negative affects, ineffective coping responses and a host of high-risk situations as precipitating the relapse to substance use (Connors, Maisto Zywiak, 1996; Larimer, Palmer Marlatt, 1999; Marhe, Waters, Van de Wetering Franken, 2013; Mattoo, Chakrabarti Anjaiah, 2009; Reece, 2007). Several other psychosocial factors including fights and interpersonal conflicts, peer pressure, divorce, strained relationship with friends, family and co-workers (Broome, Simpson Joe, 2001; McLellan, Lewis, O’Brien Kleber, 2000) have been found to increase the risk of relapse to substance abuse. Community supports (Ibrahim Kumar, 2009), support from family and friends (Broome et al., 2001) and stressful life events (Wills, Vaccaro McNamara, 1992) have also been found to determine clients relapse state after rehabilitation. Information about psychological and social (contextual) factors relating to relapse and substance abuse may both be critical and important for planning clinical intervention strategies as well as contribute to aftercare and community-based interventions. Literature is replete with studies correlating cultural and religious variables to relapse to substance abuse. Ethno-cultural identity and religiosity have been found to moderate substance use among particular groups of people (Chen, Dormitzer, Bejaro Anthony, 2004). In particular, there has been a significant negative correlation found among people with higher levels of religious practice (religious devotion) and substance abuse (Chen et al., 2004; Kliewer Murrelle, 2007). Since four decades ago when scientific approach into the study of relapse has started (Marlatt Gordon, 1984), there has been ample evidence that suggest various relapse rates for various substances. In one earlier study, about 90% of alcoholics who received treatment experienced at least one relapse over a 4-year period (Polich, Armor, Braiker, 1981). In another study, Cornelius et al. (2003) found that 66% of the respondents had resumed their drug use within six months after treatment. There exist various relapse rates for the various substances of abuse. Differences in these rates could be attributed to several factors including the definition of relapse, individual’s variables, characteristics of the addiction and the effectiveness and success of treatment (Connors, G.J., Maisto Zwiak, 1996). Substance abuse and relapse phenomenon have been conceptualized and explained through a number of theories. In particular, the Cognitive-Behavioral Model of Relapse Process (Marlatt Gordon 1984, 1985; Witkiezie Marlatt, 2004) and the Relapse Syndrome Model (Gorski Miller, 1982; Gorski, 1990) have expansively explained the process and indicators involved in relapse to substance abuse. Other theories that explicate relapse to substance abuse include the Stress-diathesis Model (Gatchel, 1993), the Self-medication Hypothesis (Duncan, 1974; Khantzian, Mack, Schatzberg, 1974), the Bidirectional Model (Biafora Jr. et al., 1994), the Psychological Distress Model (Mercier et al., 1992) and the Behavioral Choice Model (Bickel Vuchinich, 2000). The Cognitive-Behavioral Model of Relapse Process and the Relapse Syndrome Model – the foundations of this study are discussed comprehensively in the next chapter. In general, substance use is attributed to a number of factors, including, psychosocial, biological and contextual variables (Nordfjà ¦rn, 2011). In particular, psychosocial factors have been known to be critical determinants of relapse to substance abuse. Significant life events, psychosocial distress and self-efficacy have all been identified as significant predictors of relapse to substance abuse (Hendershot, Witkiewitz, George, Marlatt, 2011; Nordfjà ¦rn, 2011). Studies have found major positive and negative events, similar to those found in the general population, have significant influence in the lives of substance abusers (Melberg et al., 2003; Witkiewitz Marlatt, 2004). Periods such as the loss of a loved one, or social occasions and events such as funerals, wedding celebrations, and birthday parties have been found to have influenced the return to alcohol and drug abuse (Melberg et al., 2003; Saunders Kershaw, 2006). For instance, a client discharged from a substance abuse rehabilitation facility after treatment could remain sober for a long period only to lapse during a funeral or wedding celebrations. Unquestionably, the role of psychological distresses, including depression, interpersonal conflicts, and anxiety in substance abuse and relapse have long been noted (Grant et al., 2004). Continuous interpersonal conflicts with a spouse or a co-worker, for example, could lead to depression, or outburst of anger and frustrations. The individual could revert to alcohol and drugs to either help take cope the situation or to empower him or her to face the perpetrator. Empirical supports linking psychological distress to substance use and abuse exist. In one study, clients with psychological distress were found to abused alcohol and drugs than those without any psychological distresses (Grella, Hser, Joshi, Rounds-Bryant, 2001). Self-efficacy, defined as one’s belief that a task can be carried out successfully to achieve a desired outcome (Bandura, 1997), has been associated with substance abuse and relapse (Nordfjà ¦rn, 2011). Clients who show low levels of self-efficacy, for instance, have been found to have shown high levels of alcohol and substance abuse (Hendershot, Witkiewitz, George, Marlatt, 2011). Individuals who lose confidence in themselves and in their efforts to succeed, no matter the venture, could for long remain depressed and frustrated. The individual may then resort to substance use, amid the frustration, to enflame some happiness. Gradually from a lapse, the substance abuse behavior may continue and become a full blown relapse. 1.1 Statement of the problem Unquestionably, the abuse of alcohol and drugs remains problematic in most countries of the world. The 2013 World Drug Report by the United Nations Office on Drug and Crime (UNODC) revealed that over 35 million people, representing 0.8% of the adult population worldwide use heroin, cocaine or a combination of both. Of this population, it is estimated that 10-13% will become drug dependent and will forfeit their sobriety (UNODC Report, 2013). The UNODC’s statistics for 2013 on the worldwide estimate of substance abuse is even more frightening. The report revealed that in 2012, between 167 and 315 million people aged 15–64 were estimated to have used an illicit substance in the preceding year. West Africa is not excluded from the problem of drug trafficking and abuse. About a decade ago the region was declared as a transit route for hard drugs (Drug News Africa, 2012). According to the Ghana Demographic Health Survey Report (GDHS) for 2009, the sub-region had become not only a transitory route, but more disturbingly, a consumer market of these illicit psychoactive drugs (GDHS Report, 2009). The report concluded that the abuse of hard drugs was on the increase and had attracted the attention of most health professionals in Ghana (GDHS Report, 2009). The Out-patient Monthly Morbidity Returns (OMMR) records for 2012 from the Department of Psychiatric of the Regional Hospital, Sunyani, showed that of the 2,284 patients who accessed the facility for the year, about 596(26%) were alcohol and drug abuse related cases. In the same year, out of the 1,047 new cases seen, 413 were substance abuse related disorders, with 138 having been either re-admitted or treated on at least one other occasion for the same diagnosis. This statistics showed a 12% increase in substance abuse and relapse cases as compared to that of the preceding year (OMMR for Psychiatric Unit: Regional Hospital, Sunyani, 2012). The Drug News Africa states that about 1.25 million Ghanaians in 2012 had drug addiction problems, mostly marijuana (Drug News Africa, 2012). Studies on substance abuse in Ghana (Affinnih, 1999a Lamptey, 2005; Redvers et al., 2006) estimate more worrisome statistics. In no doubt, more people may be abusing drugs in Ghana than is estimated. This is very disturbing since the rates of relapse to substance abuse after treatment remain high. For instance, Brandon, Vidrine and Litvin (2007) noted that the relapse rates for most individuals after the cessation of alcohol or tobacco for a year ranges from 80 – 95%. Notwithstanding the type and frequency of the drug in use, the penalties are always grave. Witkiewitz and Marlatt (2004) noted that violence, legal problems, depression and suicide attempts are some of the adverse consequences of substance use. The availability and the increasing use of these illicit psychoactive drugs results in its dependence with its attendant psychosoci al adverse effects. Undoubtedly, substance abuse has profound health, economic and psychosocial consequences to the individual, family, community and nation. Studies (Berk, 2007; Large, Sharma, Compton, Slade, Olav, 2011; Witkiewitz Marlatt, 2004) have shown a number of physical, psychological and health-related consequences following the continuous use and abuse of substances. At the personal level, substance abuse has been associated with adverse biopsychosocial consequences, including heart failure, erectile dysfunction, hypertension, cancer, stroke and capillary haemorrhages, irritability and restlessness, mild paranoia, physical exhaustion, mental confusion, loss of weight; fatigue or depression and unemployment (Davison, Neale, Kring, 2004; Kring, Davison, Neale, Johnson, 2007). Similarly, the families of substance abusers also share in the consequences. In particular, the loss of productive hours in care of the substance abuser and the cost of treatment have been documented (Moos, 2007; Redve rs et al., 2006). A number of social and economic implications have also been noted at the community and national levels. Increase in crime rates, unemployment, poor academic or job performance, school dropout, divorce and the diversion of scarce national resources for treatment and rehabilitation of substance abusers have been associated with substance abuse (Burger, 2008; Parrott et al., 2004; Pressley McCormick, 2007). 1.2 Aim and objectives of the study Willig (2008) argues from a pragmatic viewpoint that the aim of research is not about generating abstract truth free from the experience of people but rather to provide insight that will inure to the benefit of humanity. Hence the aim of this study is to explore the psychosocial precipitants of relapse and the rate of relapse among substance abusers in the Sunyani Metropolis. More specifically, the objectives of this study are: To explore the various psychosocial factors that contribute to relapse of substance abusers in the Sunyani Metropolis To estimate how often respondents return to pre-treatment levels of substance abuse after treatment To explore the role of the family, culture and religion in relapse or abstinence among respondents. To explore the preventive/coping strategies clients use to prevent relapse. To explore the psycho-socioeconomic consequences of relapse to the respondents, their families and society. 1.3 Relevance of the study In 2005, a total of 86,003 outpatient attendances were recorded by the three psychiatric hospitals in Ghana (Ofori-Atta et al., 2010). Substance abuse disorders were among the top psychiatric diagnoses for the attendance, accounting for about 22.8%. Even more frightening was the number of substance abusers projected to develop psychological disorders in the course of time. The passage of the Ghana Psychological Bill and the Ghana Mental Health Law in 2012 mandates the Ghana Health Service to employ Clinical Psychologists to all regional and district hospitals in the country to treat and manage the myriad psychological problems faced by clients. In no doubt, substance abuse and relapse would be one of the major clinical diagnoses these clinicians would encounter. Reece (2007) has postulated that contextual and environmental factors are critical determinants of relapse among substance abusers. Certainly the environmental conditions of Europe and elsewhere are significantly different from those in Ghana and the rest of Africa. Consequently, one cannot readily attribute the factors found to have precipitated substance abuse and the resultant relapse of a different context to that in Ghana. More widely, findings from this research would aid Clinical Psychologists, Psychiatrists, Psychiatric Nurses, policymakers and relatives of clients to better understand the psychosocial factors that precipitate the relapse phenomenon and the rates at which relapse to substance abuse occur when deciding how best to offer treatment options to develop effective relapse preventive strategies which are contextual in the management of the relapse phenomenon. Furthermore, although there are studies on substance abuse in Ghana (Affinnih, 1999a Lamptey, 2005; Redvers et al., 2006), there is a paucity of data regarding the psychosocial factors that influence relapse to substance abuse. The rates of relapse to substance abuse among substance abusers have also not been well documented. Of equal importance, the findings from this study would add to the literature on the relapse

Scope of nursing

Expanding o r E panding your Scope of N rsing Nursing Practice – a practical g p guide Leanne Boase Deborah Pedron The Northern Hospital Panch Health Service Craigieburn Health Service Broadmeadows Health Service Bundoora Extended Care Centre Scope of Nursing and Midwifery Practice What is it? Why Wh is it so important? Why is everyone talking about it? Who manages it? Who is responsible? Aims of this Presentation To define what Scope of Practice means for Nurses and Midwives Midwives. 2. To present different concepts around Scope of Practice 3 To report on findings of a small survey of fldi nurses and Scope of Practice 4.To discuss expanding Scope of Practice and provide a framework 5. To relate these concepts to ‘real life' nursing roles. According to our nurses, Scope Of P ti (SOP) is: so sop Guidelines and Frameworks we need to abide and work within SOP relates to what I am allowed and not allowed to do within my profession SOP relates to codes of conduct, ethics and professional conduct SOP relates to what a nurse can do within their skill base Area of tasks, procedures and actions a nurse can legally and safely undertake according to their training and educationThe scope of which my role as a RN, specialist or credentialed DNE can work within Maintaining knowledge base and competency through constant learning and professional development Something which I am taught, qualified, taught qualified or competent to do What is Scope of Practice? â€Å"That which Nurses and â€Å"the range of roles, functions, functions responsibilities & activities, which a registered nurse or a registered midwife is educated, competent, and has the authority to perform † perform. (An Bord Altranais pl) Midwives are educated, competent and authorised to perform. (QNC p3) Scope of p practice is not defined in many places. We should define nursing practice and outline principles to assist with the expansion of one's scope of practice And/ Or Require the health professional to identify restricted activities.

Working Capital Management Relevant In The 21st Century Finance Essay - Free Essay Example

Sample details Pages: 19 Words: 5565 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In these contemporary days, all businesses trying to keep their working capital management at high level and also trying to get with 21th century .Up to date, the main aim for all business are to survive, to exist and to struggle each other; so this requires keeping a proper working capital management against unexpected events resulting from the future. Two companies, Arà §elik a.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. which was established at 1955 by Rahmi Koà § , has 22,000 workers and 14 facility around world and 8,4 billion Tl revenue within ; Vestel a.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. Don’t waste time! Our writers will create an original "Working Capital Management Relevant In The 21st Century Finance Essay" essay for you Create order which was established at 1953 by Mehmet Zorlu that wants to become worldwide company continued export oriented growth strategy and has 15 000 workers , were chosen for this case study. Quality racing and competition of last 10 years helped home appliance industry has in large degree in Turkey. Immediately after, beginning of consumer awareness led businesses into competition.Thus, among the companies which are operating in the same sector, Arà §elika.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸. And Vestel A.S. should have the right working capital management mechanism to survive. Moreover, by checking of Arà §elik and Vestel working capital management, it can be said that which kind of problems they will face and will affect on the market. For example, DSO , DPO , DIO and CCC have to be low and also CCC must close to shortest(smallest) level which is company reach , minimum level of CCC represent effective operation and cash management for companies ,so after analysis which will be made , the right comments can be made about Arà §elik and Vestel. In the end, depending on the results and problems, the right recommends can be mentioned. 2. Introduction It can be said that 3 phases in business life; First one is introduction part for investors ideas and plans, Second phase is that the investment which is decided to be made by investors and turning out of the company. In the last phase, going into operation of a company, meaning that, providing of all equipments, labor force, starting to produce and to sell of all products. Importance of working capital management arises. Working capital management is the most important component of business activities, and focuses on short term investments and investment decision of companies success of company depends on having enough of net working capital and being of good quality. This is Due to the success of a company related with power of paying its debts. , capable of finding new credits and also having a good net work ing capital. At the first instance this easily explains why working capital management is so important for progress. Whether an international company or a domestic company, all principles of working capital are the same for all institutions. Thus, companies decide that how much amount of investment will be made and how to finance them by taking into consideration of risks and stability. Companies try to raise their values with decisions in working capital management. However; international businesses encounter with difficulties as international financing and investment opportunity as well as fluctuations in value of money, the potential foreign exchange controls, a large number of tax applications. As its seen, working capital management is not only the component of working capital; it also includes decisions about how working capital will be funded for future beings. Nonetheless, Current assets and current liabilities play an important value for balance sheet of businesses; a lso ensure continuity of businesses, which are components that deeply related with working capital management. Lastly , Working capital company work at full capacity, production must continue, uninterrupted , for positive business volume, broaden, and thus reducing the risk to meet its obligations to increase the credit worthiness, financial distress in times of crisis, and not live to carry out the profitable activity and efficient manner is of great importance. 3. Is Working Capital Management relevant in the 21st century? It is strongly seen that working capital is most important case in the 21st century. Working capital finances the cash flow cycle. When working capital is negative, and then means company has no funds from its day to day operations. Working capital answers that how much funding a business needs to operate? Short term funding is very necessary for companies; because to make the way in long term, it is needed cash in short term to survive against go ba nkrupt. Later on, net working capital will be positive means that current asses excesses current liabilities. From companies looking, excess of working capital operating inefficient. Because it shows that customers still owe to the company, there is no money return and cannot be used for company obligations. This can be observed by comparing working capital structure of the companys time to time. If there is slow collection, this can give signal of incoming problems. The main goal of working capital management is to obtain the balance of each working capital components. Therefore; the main is, convert funds held in banks to cash thereby maximizing the interest earned. In recent years, dynamic discounting method is used on customers to maximize working capital. This will provide early payment to companies, more cash inflow to be used for obtaining proper operating in working capital management. At the present day, necessity of working capital may vary according to departments. Each component must be placed on the right department to be used. Because, whilst some departments need significant levels of inventory; the others need little. The necessity of working capital management must be taken into account in relation to other aspects of departments. 4. Definition of working capital management Working capital is all assets convertible to money and all expenses are done, in order to be used for starting into operation of a company as well as to carry these all activities on. Current assets are gross working capital. So, what is net working capital? It is the result of: Current assets -short term liabilities = Net working capital Therefore, all current assets defined as: 1-liquid assets 2-securities 3-receivables 4-stocks 5-prepaid expenses for future months 6-income accruals All components of current assets are really important case for business to provide a good lead in working capital management to avoid from current risks in this current century. In accordance with all of these informations, a successful working capital management has to bear these points below: 1-divisible capability 2-Short-term and liquid 3-all components are moving and interrelated each other 4-working capital decisions can be revised as soon as possible 5-Investments have limited effect on the degree of business risk CASE STUDY -ARÇELÃÆ'„ °K 5.1Company Profile Vision Statement: -Providing of profitable, long-termed and sustainable growth -To maintain with positive growth, increasing of target market share threshold -Innovative, reaching more consumers with the products and implements -To see the future with institutional consciousness -Being a global group; providing of integration of all components and optimization Mission Statement: Adding value of human life by providing innovative, protector of nature, authentic, technologically developed products to create value for the customers. Objectives: They change their objectives due to the changing on new vision and Core operation goals pegged in line with its new vision describe three aspects of sustainability in economical, environmentally and socio-cultural. Targeting participate in solution within the profile of perpetuity approach, Arà §elik. sustains its efforts targeted towards change in climate and safe keeping of scarce natural resources. 5.2 Company s business segments and Market share Arà §elik growth %8 in 2010 in 6 products, Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. is the leader of the consumer durables sector in Turkey and Romania, the second place in UK market. The first five place in all Europe .Worlds top ten consumer durables brands in nine main product segments,  leader in consumer durables market  and in fridge, freezer and oven product groups in UK. Second brand in the fridge market in Belgium, In Poland, the second exporter in washing machine market and third exporter in freezer markets, In Lithuania, first brand in all white goods market  and in washing machine and fridge product groups. Business segment produce in durable consumer goods industry, marketing and after-sales services. .White Goods .Consumer Electronics .Other Market size 6.5 million unit Market value 4.5 billion Tl %20 of Eastern Europe and Russia 5.3 Business performance EBIT and ROCE EBIT: Firstly, lets look at the EBIT, which is illustrated by graph below. We can see that amount of EBIT tl mn was changing year by year. The exact amount of each year is follows: EBIT 2009: 686 EBIT 2010: 638 EBIT 2011: 646 EBIT 2012E: 846 The graph is showing us general vision of the company, which provides assumption how much cash get into the company from their core business before the interest and taxes. Moreover, it presents operating profit after the global crisis in 2009 when the company increases their operating profit. However, after 20 09 the operating profit tends to reduce due to the euro crisis in EU zone. When we look forward at the Arà §elik global operating network, we can notice that 10 countries from EU zone fit in decreasing profits (Romania, France, Slovakia, Germany, Czech Republic, Spain, Italy, Slovakia and Poland). In result disposable income reduced in EU zone and the costs of raw material and unfinished goods accrued. In spite of that from 2010 to 2012 the operating profit tends to increase due to crisis effect decrease. ROCE: Indicates the efficiency and profitability, which are coming from companys capital investments. ROCE should always be higher than companys borrowings, because high borrowing rates cause less shareholders earnings a good ROCE is greater than borrowing rates. The formula is: EBIT / (Total Assets-Current Liabilities) ROCE2009: 686/3246:0.2113=%21.13 ROCE 2010:638/4979: 0.1281=%12.81 ROCE2011:646/5667: 0.1139=%11.22 Change, which has place from 2009 to 2010, h as got two causes. First one is total asset, the company increased their total assets for investing, total assets getting narrowed within net capital working, which reflected liquidity problem. Furthermore, from 2009 to 2010 they reduced their current liabilities and this was the reasons, which affected ROCE in 2011 increasing total assets continued. Firm faced to liquidity problem, but in the other hand, when we are looking at credit note from Fitch Ratings is AA. Thats why quality of companies is in bit higher risk than AAA and this position makes AAA the best credit note, which is stable and at minimum risk. 6.1 Companys Profile ( Vestel ) -Vestel focusing on the core business activities of the production of high-quality consumer products constantly under the control of both revenue and profitability development aims to achieve. -Europe will be remaining as the main target of Vestel, to respond new trends and add new products; its portfolio aims to be close the market. -In order to maintain its position in the market, Vestel, aims to invest more in research and development. -Internal market of the company will continue to play a pivotal role in all business activities. -The main target areas are electronic products and white goods; Vestel also expects to improve its efficiency both domestic area and abroad. 6.2. Business Segments and Market Share Vestel continued to be the leading choice of customers a total of 15 million units in 2008 with the production of the main export market in Europe. Vestel serves its customers as produce TVs, white goods and digital goods. Vestel that exporting to 131 countries worldwide offers leading-edge product to consumers. Accounting of %76 of sales, which is 2.8 billion dollars composing of %86 total exports were to Europe. The target countries are Germany, Switzerland, Australia, Denmark, Spain, Italy and Portugal .Vestel carried out export LCD TV as by %82 in 2010.Vestel has hold the title of Turke y export champion in the electronics industry for over 13 years; also Vestel won the second prize among 500 most exporting companies. Vestel is not satisfying with being export champion of its sector also it wants to be a champion in Turkeys market thanks to module production. 6.3 Business performance EBIT and ROCE We should take into account the white good market for Vestel company by the reason of different sector. Due to this we are taking VESBE (Vestel White Good company ) as an exaple. The ebit data from 2009 to 2011: 2009-169 2010-31.4 2011-59.9 indicates that after 2009 the operating profit is significantly decreasing in Vesbe and Arà §elik EBIT, but in here the decrease is so sharply, which is the first cause of EU zone crisis due to the increasing costs. Taking further look at the balance sheet and income, in 2010 statement income from sale accures as compared to 2009, but the cost of sales are increasing as well. Another important point is that gross profit, and gross profit from business operation, decreased for about %50. Moreover, administrative and marketing expenses increased as well as RD. After all to see the core causes there is need for investigate the other ratios, but even if we compare Vestel with Arà §elik, there is one conclusion that Arà §elik managed the crisis better than Vestel Even so, in 2009 governmet encourged excise tax and companies, therefore, increased their incomes. this is very important information to understand the difference between 2009-2010. ROCE : For Vestel company ROCE now is very significant for investors due to EBIT. The formula is : EBIT /(Total Assets-Current Liabilities ) ROCE2009 : 169/647 :0.2612=%26.12 ROCE2010:31.4/596: 0.0526=%5.26 ROCE2011:59.9/567 : 0.1056=%10.56 As we can see in graph in 2009, due to the government policy, Vestel used opportunity well, but after 2009 the datas decreasing sharply and it is pointing out that this company is not stable. By the reason of t his, it is not possible to managed the risk and unexpected developments from credit rating the notes from Moodys they gave to Vestel B2 (rating) it means Judged as being risky and a great credit risk It appears to be,  its unstable and the company is not so confident in dealing with investors also the risk level maximum in this company for investors. In other words Vesbe for investors is like a dice game. 7. Working capital analysis 7.1Total revenues Price times quantity gives total revenue. For short-term analysis, production decision, its very important component for companys due to balance quantity and price to get maximum profit. We will compare Vestel and Arà §elik company with graphs (The graph shows the difference between Arà §elik and Vestel. For the first look we can notice that Arà §elik and Vestel are increasing their total revenues, which is a positive signal for countrys economy, like also important factor for development in export, by the reason o f exported goods. 2010-2011% changed total revenues for Vestel, which in consequence gave %38. It is significant increase for this company, but on the other hand for Arà §elik from 2010-2011 % change in total revenue amount %21. As the result, this two data showed us that white good sector is getting wider in internal and external market. However, important thing is that, it should be sustainable for these two companies. Below there is the other information about revenues, inventories increasing from 2009 to 2011: For Arà §elik: (ml tl) 2009: 906 2010: 987 2011: 1530 For Vestel: (ml tl) 2009: 131 2010: 162 2011: 229 For Vestel from 2010 2011 increasing from inventories was at %41 and for Arà §elik in 2010-2011 %55. Therefore, now we can understand why the operating income is decreasing from 2009 until 2011. On the one hand, these two companies should increase their Total revenue sustainable, on the other hand they have to take into consideration inv entories and cost of production, its reducing the aim of profit maximization and the last thing is Total revenues and operating income should be parallel for company s goodness. 7.2 DSO It indicates that a number of the days to get revenue by a company which has been paid after transaction .If DSO is low the company will be paid in fewer days so the account is receivable. Otherwise, high DSO shows that the company receives money in longer days, like credit to its customers. The formula of DSO Accounts receivable/Total Credit Sales x Number of Days In this graph as we can see again Vestel DSO is amazingly high in 2009. Then if we look at the Account receivable from 2009 to 2011 (2009: 347, 2010: 444, 2011: 606) Account receivable is increasing,. When we turn back the formula we can understand the reason of credit sales decreasing due to the lack of collecting receivable activity. If we look at the different perspective to this case, Vestel wanted to catch Arà §elik in Do mestic and Foreign market. In addition to this they made amazing promotions like 36 48 month installment for white goods, which reflected on 2010 EBITs reduction from 168 to 31. Moreover, due to the collecting activity 210.37 days when the company couldnt take the money from customer, the production of new products was impossible and RD department couldnt make new investment. Finally, the most important thing is the company needs liquidity for the continuation of it. However, after 2009 they changed the policy on credit sales and the DSO was going back to the balanced way like Arà §elik. Also as we can see the graph, Arà §elik is trying to defend their policy just in 2009 we can notice that government excise tax incentive. The DSO was increased due to this promotions cost too. Therefore, good advice is: If your competitor is making promotion you should make too. Nevertheless, this changing is not as significant as Vestel after 2009 by the reason they turned back the normal policy and the DSO was going to be stable, which is also very important for companies (it should be not high and stable). What is more to mention, industrial averages is very important on this topic and for White Good business generally producer is selling their product with long periods. Also we can look from the other perspective and see that the company doesnt fix on their income to DSO as the consequence the company has got strong economy. In this example Arà §elik is taking positive advantage. 7.3 DIO A financial measure indicates that how long time the companys inventory turn its inventory into sales quickly. This gives investors an idea of this process will be higher or lower. The lower DIO is the better, means that inventory quickly turn into sales and become cash; but DIO varies from one industry to another. So, decreasing days show an improvement in working capital. Here is how the DSI is calculated: Inventory/Cost of Sales x 365 DIO has got key role for working c apital management. The issues are being debated on last 5 years in whole world and DIO is able to make change in industrial perspective. For instance, for automotive sector the number can be 7.6 times or 8 times in one year. In the DIO Arà §elik company is trying to do not change their policy and again it is showing us significant role of the Arà §elik Company in this sector. Further, as we can see in this graph Arà §elik is trying to develop their working capital year by year (we will see the graph of Net working Capital) DIO mean how quickly company can turn inventories into cash and it mean Liquidity after 2009 and as the result both company decrease their DIO levels, which is good sign for both company. What is more in 2009 Vestel under the average industrial level of DIO by 155.24 days and created Liquidity problem for company. The sharply decrease from 2009-2010 explained again to us why it happened (Also we will see in DPO) In white good sector its important to keep the hi gh level of DIO, but in assumption that 40 days level can be arguable for Vestel again. 7.4 DPO It indicates the average number of days a company pays to its suppliers. The formula is: (Account payables/cost of Sales)*365 Days payable outstanding is the activity how a good a company managing its account payable. The lower ratio, the quickest time the company has to pay the liabilities, the higher ratio means better credit ratio term the company gets from the suppliers. So increasing in DPO is improvement, decreasing in DPO is distortion. In 2009, as we can see in the graph, Vestel is paying their supplier more than 1 year 371.84 days and after 1 year they decreased to 64.61 days and the DPO making it longer. The DPO is positive affect to our company, but on the one hand when we will make this time longer our suppliers will affect from this negatively and for next year it will affect our net profit, operation profit etc. In addition, one more time we can understand the sharply decreased in 2009-2010 of Vestel company in this example. On the other hand, for Arà §elik DPO is very small for 2009 34.9 days and this is good for our retailers, but for our company C2C cycle it will affect negatively. According to this information Arà §elik increased and we can assume that made it longer DPO period 34.96 day to 64.90 days. 7.5 Cash Conversion Cycle The length of time, in terms of days, that takes for a company to convert its resources into cash flows. This amount of time the inventory is needed to be sold, to collected receivables and the time the company is capable of paying its bills. Company obtains inventory on credit, results that accounts payables. And also company can sell products on credit, results that in account receivables. So, cash conversion cycle measures the time between cash outflow and cash inflow. The cycle is important for especially retailer, accordance with in short term importance. The shorter cycle, the less time capital i s attached to business process, and so the better for the company profit line. The formula is : CCC:DIO+DSO-DPO In Cash conversion cycle we will understand better other indicators too. Now we should look at 2009 for both companies. Vestel has negative CCC, which means that they are not paying their supplier and concentrate at the DPO Vestel DPO we will see that is 371.84. By the reason of that it represents that they are not paying and it is affecting CCC. What is more there is explanation of sharply decreasing in 2009-2010 and increase of CCC after 2009. The result of this is change in the policy of DPO (they are bringing it to balance). Arà §elik decrease their CCC, which made a positive effect for company and after 2009 they brought it up to the steady line. Moreover, for Arà §elik we cant suggest the same fluctuation is going on 2009 to 2010, because of increasing from 2010 to 2011 decreasing. Therefore, period from 2010 to 2011 provided to as suggestion that Vestel is t rying to fix their company structure. In contrast to that from 2009 to 2010 for investors Vestel is like risky game, but in general perspective Arà §elik is trying to do their vision statement of Sustainable growth and they are not dice. On the other hand, Vestel is taking a big risk for their company. Further, we can look at the other companies for White good market in graph below. The Electrolux CCC from 2009 to 2010 is decreasing and after one year increased a bit, but we can assume that the graph looks like Arà §elik graph, so also Electrolux looks like Arà §elik, of course there is a difference from amount, but Arà §elik has got 2 problems in CCC. First one is about low DPO and the second one is about high DSO. When Arà §elik reduces DSO 40-60 days level, and also when the DPO level move to 60 days, the CCC will come to 50-60 days level. In the consequence the company will be more efficient than before. Furthermore some people do not support this analysis by the reas on of misleading information for Investors. To understand whole financial structure of companies we should analyses all indicators. Net Working Capital for Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ Mn TL 2009 2010 2011 Account Receivable 2,233 2,325 3,181 Inventory 907 988 1530 Account Payable (762) (969) (1250) Net Working Capital 2378 2344 3461 Net Working Capital for Vestel A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ Mn TL 2009 2010 2011 Account Receivable 347 444 606 Inventory 131 162 230 Account Payable (196) (271) (442) Net Working Capital 282 335 394 After that this two firms in the last 3 years are increasing their Nwc. However, when we look at the 2008 the crisis term we will notice that VESBE has got -80(mn TL) and Arà §elik has got 3241(mn Tl) Nwc. This repercusion is giving us a suspicious perspective for analysis again. Yet, the other ratios Vesbe doesnt stabilize their economical background and becoming insecure for Investors, but from 2009 to 2011 they improved their capital working and it is the reason why they will try to fix their economic structure. ÃÆ'„ °t appears to be that more analysis for this matter are needed, but the scale show Arà §elik again, which probably will help to understand better why they are leaders in this sector .In this tables we can see the Market Capitalization and Industrial avarage for our 2 companies additionaly Financial ratios for Investors and general view on our companies. C:UsersuserDesktopsektà ¶r.png                       8. Debtor Management and Cash Flow ARÇELÃÆ'„ °K 2009 2010 2011 Net Financial Debt/Equity %44 %22 %31 Current Ratio 1.31 2.03 1.99 Financial Leverage Ratio 0.57 0.53 0.54 VESTEL 2009 2010 2011 Net Financial Debt/Equity %238 %250 %248 Current Ratio 1.1 1.2 1.1 Liquidity Ratio 0.8 0.8 0.9 Its the strategy improved to help debtors to manage their debts. This strategy is usually enforced by an outside company or organization for debtors. Because debtors are not capable of manage the debts by their own, due to lack of knowledge and to be full of business. To minimize the loss due to taking money from debtors is the main goal of debtor management. 8.1. Analysis for Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. Arà §elik, especially in the second and the third quarters led to a significant improvement in the performance and profit margin. The amount of net financial debt decreased by more than 60% thanks to generation of a positive cash flow during year. Merger between Arà §elik and Grundig was completed in the middle of 2009, contributed the process management and profitability. Arà §elik, which is one of the most profitable companies have continued to increase between competitors in 2009.Arà §elik reduced its freedom from debts to 740 billion dollars due to successful working capital management in 2009.At the end of the first quarter 2011, net freedom from debts of the company in the current period reached 1 billion TL in order to having capital requirements. Last month, Finch increased the credit ratings of Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. from stable to positive. Thus, the company may borrow money at the lower interest rates. So the companys freedom from debts may decrease even more. (DPO 2009: 34.96, 2010: 64.90, 2011: 68.66). DPO rating is increasing per year; this can be said that Arà §elik A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. catches the ideal rate of DPO. 8.2. Analysis for Vestel First of all, paying outstanding for Vestel A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¾. is 367 days so at this situation it is more than 1 year. This naturally decreases Vestels credit notes ; but after due to good policy making the credit note increased to B2 ( days of payable debts decreased from 367 to 321 ).Other hand , when it is compared with Arà §elik,Vestel has bad credit rating, judged as being risky and great credit risk, so in the short-term debts are being more credit risk. Buy backing of its 225 m outstanding bonds , Vestel got a significant chance to refinance the risks and had a better position in 2011.Fitch also has affirmed the senior unsecured rating of Vestel Electronics Finance A.ÃÆ'†¦Ãƒâ€¦Ã‚ ¸ guaranteed issue of USD225m 8.75% 2012 maturity notes at B/RR4.Debt burden is increasing because of demand contraction in Europe. However premium at Euro eases the burden in 2011.Also, inventory turnover was increased by Vestel especially after crisis in 200 8 so this is also another reason to ease the debt burden. Cash management Cash management is an essential skill for small businesses because they typically have limited access for proper credit and have a significant amount of prepayment costs they need to manage while waiting for receivables. Good managing cash provides a company to meet unseen expenses in addition to handling regularly-occurring events like payroll. One of The key ratio for measuring cash management is working capital productivity it s measures how the company will use the cash effective and productive ÃÆ'„ ±t can be formulate as Total revenue/Net working capital. When its compared Arà §elik and Vestel WCP, the results above are obtained: 2009 2010 2011(Arà §elik) 2009 2010 2011(Vestel) %19 %20 %23 %11 %14 %11 As we can see in the results Arà §elik company is managing their cash management more productive than Vestel and it s bring us a valuable result when companies are getting specialized on working capital management they made a win-win circle (customer-investor-company future) furthermore using working capital productive rescue the company from expenses, idle money, unnecessary investments and when they are improving working capital(it s come from how the company using cash)the result bring to company high level position in market like Arà §elik. When Arà §elik and Vestel are compared in terms of cash management, Arà §elik is seen more advantageous than Vestel. Being of Arà §elik is an older company than Vestel, provides to give more professional decisions; due to fluctuations in value of copper and Euro, Arà §elik is affected less than Vestel. This is the evidence of how Arà §elik uses working capital very well. The other point is that due to both companies are exporter, t hey have a direct effect on domestic market (balance of payment), using cash efficiently adds a plus the country economy. In the end, it is seen that Vestel is trying to increase its working capital, in case of this comes true they can go further. Research and development must be more cared of by Vestel. 9. Recommendations Weighing the pros and cons, I come to the conclusion that   in the whole project, working capital is the key element for companies economy and also important matter for whole economy in every country. Due to export when the countrys export rate is bigger than Import rate, the trade balance is getting fixed and this is significantly important for whole economy. Although, in country it effects directly to the GDP, and by the reason of that GDP ratio is the key ratio for understanding economical situation for country, because when our GDP is in sustainable growth position we can understand that our economy is growing and our life of quality is increasing . In this case this two companies are making the positive effect for country economy with export facilities. In addition to this, two company has to know how to use their cash and they shouldnt waste money. For example, if we go back to the analysis, due to the WCP, Vestel has lack of information about how to use their cash more effective. On the one hand, Arà §elik is using the money more efficient and its bringing the leadership for Arà §elik. On the other hand, Vestel should make rational choices, because when we are analyzing the ratios we are noticing that Vestel has got fluctuate situation due to their policies and Crisis. As I already indicated, they should focus on their policy and decisions first. Secondly the new market should be introduced to produce new goods (Undeveloped countries). Additionally, also we can mention that improve of efficiency level on operations is needed, because as we looked at the EBIT it was getting narrower day by day and it was also important re ason to understand Vestel situation. 2008 crisis and EU zone crises effected the purchasing power thats why companies should make discounts and promotions (its significant for using idle Inventory) for customers. The other problem worth to consider was that copper cost increased within 2008-2010, which also made the negative effect on the sector there. I should like to emphasise that  for minimizing the risk level (coming from outside), companies are required to improve liquidity, because when it will happen companies will be needing a cash. If they cannot find enough assets, the companies will live the bankruptcy. Also, if the companies dont want to live this situation there are 4 steps for Vestel. First, increase the WCP, then enhances the investments, after increase the RD facilities and finally the most import thing is to accrue the quality level of products (from customer comments) which makes the final decision for Vestel. So all in all I believe that from the Arà §eli k perspective they should keep the general level on company economy and for the sustainability should continue on Net Working Capital productivity. 10. Conclusion Crisis period that started in 2008 2009, affected Europe and in the end of it , working capital management become more important lastly. Cash demand, occurred in crisis time, while some companies went bankrupt, the others operated effective working capital management and survives from suffer in crisis bad effects. On behalf of two Turkish company Arà §elik and Vestel has picked up for this case study, the attracting point is that turning out of vision statements. Arà §elik stresses on sustainable growth insistently and we saw that it became real. As for Vestel, it wants to raise its profitability. The difference is, it shows that the robust strategies get companies to the solutions quickly, like Arà §elik. The point we want to attract is, mission and vision has how much important role on company and give us ge neral view because there lays fact of company strategy. DIO, DSO, DPO and CCC analysiss says that Arà §elik is more trust giving compared to Vestel. According to this result, Vestel should catch Arà §elik in terms of financial statement. This process will provide country to have two strong companies compete each other to be the leader in the sector .In fact, this is very important issue that competition creates values and get this value, companies will spend more money on their research and developments to call upon the customer satisfactions. In conclusion, the cash demand in crisis period and decreasing disposable income will continue to be as nightmare of businesses; but the companies which have strong working capital management and quick reacted to changes will stand after crisis. Thereafter, Vestel should use its cash management more efficiently to turn it as an opportunity in crisis time. As for Arà §elik, by protecting its current state, it should increase its activi ties around the world.

Social Construction Of Gender And Gender Roles - 903 Words

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