The strategic marketing approaches that could be adopted by the hotel Essay

The strategic marketing approaches that could be adopted by the hotel industry in Songdo in South Korea - Essay Example According to the 2005 reports, there was influx of tourists from abroad at an increase of around 3.5% at 6.02 million than that of previous year 2004.3 The present chapter assumes to identify key literatures, articles and journals to study the economic situation in South Korean and the market for the hotel industry. An attempt is also made to evaluate strategic marketing theory for hotel industries. The literature about Korea's economy is broadly in agreement, it discusses the recent rapid growth promoted by foreign investment. The academic marketing literature covered for this review all emphasized the importance of targeting a specific market and proper consideration of the marketing mix, although each book presented different tactics. Korea is enriched with important and interesting two thousands year of history and culture. The Korean history is also been victimized due to division and turmoil as many other nations have been divided making it vulnerable to its neighbours from West, East and North. (Hoare and Rutt, 1999)4 The Korean journey to industrialization commenced in the 1960s with the inception of First Five Year Plan wherein the government made a deliberate shift of policy from inward looking growth strategy of import substitution to the outward looking growth strategy of export promotion. Later in 70s Korea promoted heavy and chemical industry, in 80s rationalization and liberalization of industries and labours took place, globalization in the 90s, and then the dreadful economic crisis of 1997 that ruined the economy temporarily.5 Despite the ups and downs throughout the history, South Korea has emerged has winner and one of the Asian superpower in the region. Due to its rich heritage and cultural backg round, it is not surprising that Korea is a much sought after tourist destination which provides ample employment opportunities to the Korean in field of hospitality sector. Kim, Shin and Chon (1998) state that the South Korean hotel industry has finally reached its peak after more than two decades of rapid growth in tourism following the Summer Olympic Games, and had begun to taper off at the time of writing. (http://www.allbusiness.com) Min, Min and Emam, (2002) contradicts with Kim, Shin and Chon (1998), in 1998 there was not a tapering off instead tourism grew up to 2002. As the South Korea's tourism revenue increased, the hotel industry also expanded its capacity very much by increasing the number of guest rooms and building new hotels. It has led to over building of hotels subsequently competition among hotels has increased. Thus, Hotels continue to seek new way to increase their market share in changing markets. The hotel sector has been chosen for this study because the hotel industry comprises one of the largest sectors of the tourism and hospitality industry in terms of capital investment and tourist expenditure, and hotels are major foreign cu rrency earners (Kim and Uysal 1998). Min, Min and Joo (2008) argue that South Korea's hotel industry in greater danger from competitive threats and

Assignment 2 Essay Example | Topics and Well Written Essays - 1750 words

Assignment 2 - Essay Example This is the key to successful improvement. Consequently, this will call for integration of the arts in the curriculum. It was also found that the norms of interactions and communications in a classroom are very different from those to which students have been accustomed and this is why they may experience confusion and anxiety. Furthermore, they find it difficult in paying complete attention in the classroom. They also struggles to seek the teacher's attention or participate in discussions. Therefore, it is inherent to create culturally compatible learning environments. Moreover, there is also a need for encouragement of active participation of parents or guardians.   Strategies 1. Integrate the arts in the curriculum One of the important strategies is engaging students in arts activities which encourage dialogue in issues that are important to them. These make the students alive. Moreover, providing opportunities for students to express themselves through the visual and performing arts enable them to learn and develop their talents and multiple intelligences. Such intelligences are not only in verbal and mathematical form rather they are visual, spatial, musical, interpersonal, and intrapersonal intelligences (Gardner, 1983). Students benefit from being encouraged to make sense of their world and their relationships through drawing and painting graphic images. Students who are ‘encouraged’ are able to use their imaginations. They take time to elicit their interpretations of visual arts through open-ended questions and these are significantly valuable for them. These conversations enable students to understand, as they listen to other classmates and the multitude of interpretations that are possible when viewing the same work of art. DeMoss and Morris (2002) investigated the question of how the arts support cognitive growth in students. They interviewed 30 students from 10 classes in CAPE schools that are led by veteran teacher/artist partnership s. They found significant increases in the ability of the students to analytically assess the learning of their own. These students belong to different achievement levels and the results were found in case of arts-integrated units. However, in case of traditional instructional experiences, no such benefits were reported. (2002, p. 1). In addition, DeMoss and Morris documented these benefits of CAPE. â€Å"Observations of final performances in the arts-integrated units corroborated students' own assessments. Students who had difficulties controlling their behavior and staying on task performed their parts in final events with seriousness and competency. †¦ As students across the board indicated in their interviews, the kinds of activities that the arts provide do engage children more deeply in their learning by creating an intrinsic responsibility for the learning activities. This finding held particularly true for those children hardest to reach by traditional approaches.† (pp. 20–21) â€Å"In this case, the arts contributed to analytically deeper, experientially broader, and psychologically more rewarding learning. These developments could have significant positive effects on students' general cognitive growth over time, particularly if students experience arts-integrated learning in their classrooms on a regular basis.† (p. 24) A more recent study demonstrating the benefits of integrating visual arts in

Malala Yousafzai Essay Example for Free

Malala Yousafzai Essay The horrific moment a Taliban gunman boarded a packed school bus and shot a teenage education activist twice at point blank range has been relived by her devastated friend. Malala Yousafzai, 14, was critically injured after being shot while travelling home from school earlier this week. The brave teenager was targeted by the Taliban after speaking out against atrocities committed under the regime. According to Malalas friend Shazia, speaking to the Christian Science Monitor, a group of militants riding on a bike stopped the bus carrying the schoolgirls. Masked men then boarded the vehicle and pointed guns at the girls, asking for Malala. A hooded Taliban militant shouted: Which one of you is Malala? Speak up, otherwise I will shoot you all. She is propagating against the soldiers of Allah, the Taliban. She must be punished. Almost as soon as he shouted this, the militant recognised the youngster and shot her at point blank range. The shooting has horrified people in Pakistan and internationally, and has been followed by an outpouring of respect for a girl who earned the enmity of the Taliban for publicising their acts and speaking about the importance of girls education. The Taliban has claimed responsibility for the shooting, saying that the girl was promoting Western thinking. Malala was shot twice at close range and is currently unconscious in hospital in a critical condition. Speaking to CBS News, a close friend of the family said doctors had given relatives a ray of hope . The woman said MRI scans showed that a bullet which had entered the skull did not cause significant damage to her brain. A number of people have been arrested by police in Pakistan in connection with the shooting. A Taliban spokesman said the top leadership of the Talibans Swat Valley chapter decided two months ago to kill Yousufzai in a carefully-planned attack after her family ignored repeated warnings.

Machiavelli And Morality Essay -- essays research papers

When reading Niccolo Machiavelli’s The Prince, one can’t help but grasp Machiavelli’s argument that morality and politics can not exist in the same forum. However, when examining Machiavelli’s various concepts in depth, one can conclude that perhaps his suggested violence and evil is fueled by a moral end of sorts. First and foremost, one must have the understanding that this book is aimed solely at the Prince or Emperor with the express purpose of aiding him in maintaining power. Therefore, it is essential to grasp his concepts of fortune and virtue. These two contrary concepts reflect the manner in which a Prince should govern while minimizing all chance and uncertainty. This kind of governing demands violence to be taken, however this is only done for the strict purpose of maintaining his throne, and generating both fear and admiration from his people. In all cases of violence, Machiavelli limits the amount of violence that needs to be taken down to th e minimum, and most cases the victims of these acts are enemies of the people. Behind the violence, the prince is essentially taking the role of the villain and assuming all â€Å"bad† acts so that his people do not have to suffer and commit the acts themselves. In addition, all the Prince asks for is to not threaten his power and to respect it. In the 16th Century, this request is feeble compared to those of other hierarchical Monarchies. In the end, Machiavelli’s Prince assumes all the burden of violence while leaving his noble people to act as they feel accordingly without worry of their lively hood. This is Machiavelli’s ultimate stroke of morality.   Ã‚  Ã‚  Ã‚  Ã‚  Before examining how the interaction of violence and politics lead to morality in the end, it is important to analyze exactly what Machiavelli demands of his Prince. First and foremost, Machiavelli harps upon the concept of fortune and virtue. By fortune, he means that everything is left to chance, while nothing will guarantee that a certain event will occur. Machiavelli writes that a â€Å"Great long standing Prince never rules with fortune.† Through risk and chance, one leaves him open to failure; thus action should be withheld if an element of chance is involved. Machiavelli ties virtue very closely to that of prudence. He defines virtue as acting exceptionally and draws a distinction between morality and virtue. In many respects Mach... ... because although one could be reveled as a martyr, the possible effects of a new prince’s statutes far outweigh the benefits of being a martyr. As a martyr people simply become energized and support your cause. However, if a Prince is such martyr, that would mean a new Prince is in power and could instill far worse conditions upon the people. Therefore, with his subjects as the top priority, morality demands that the Prince must stay alive and allow the people to prosper under his free monarchy. Machiavelli’s Prince is a book in which Machiavelli outlines the actions a Prince must take to hold and maintain power in a principality. Within the context of the book, Machiavelli brings forth the notion that prudent violence must be done in order to maintain the throne. In addition, he strongly expresses the ideology that a Prince can not be both moral and political. However, behind this argument lays the foundation of morality. The Prince’s evil actions although not moral seem to sustain morality for the subjects within his principality. The Prince assumes all immoral behaviors and thus, by sacrifices himself for the people, is indeed moral in the end.   Ã‚  Ã‚  Ã‚  Ã‚  

Analysis of Wallace Stevens’ “On Modern Poetry” Essay

There is something to be said for a man who can look deeply into his profession and define exactly what is that he does. The deaths of many men have passed without a definition of their lives, or a true understanding of what they do. In his poem â€Å"On Modern Poetry,† Wallace Stevens attempts to define his life’s work and his passion. To a poet â€Å"On Modern Poetry† serves as both a guidebook and a wonderful example of what makes poetics an amazing art. Stevens uses his talent to explain his talent, taking the reader on a wonderful journey through the process of poem creation, and through the human mind. The aforementioned guidelines that Wallace details in â€Å"On Modern Poetry† are dead on and may have shaped the way that poems are created to this day. He captured the true essence of poetics while allowing the reader to continue doing their job, using their mind and their imagination. Stevens weaves a visual path through the job description of a poe m and leaves the reader wondering what is said, and how to take it. Read more: Good country people shmoop  essay The journey of poem writing is a perplexing one, especially in the area of method. When Wallace Stevens opens â€Å"On Modern Poetry† with the line: â€Å"The poem of the mind in the act of finding/What will suffice† (ll. 1-2). He is detailing the struggle to find the right word, the right scheme, or the right time for change. He then follows with: â€Å"It has not always had/To find: the scene was set; it repeated what/Was in the script† (ll. 2-4). This is in reference to change and the modernist/imagist view of poetry in the past. This could be taken as a derogatory comment to the simplicity and complacency of past poetry. Regardless, I tend to take it as a comment on the overall state of poetry, a look at the past, but a welcoming of the state of current poetry. The first stanza of the poem simply details the struggles of a changing genre, and uses descriptive diction to do that. One great thing about a poem is that it leaves room for thought, for personal development, and for individual interpretation. Not only does â€Å"On Modern Poetry† do those things, but it also tells the reader to do them. â€Å"A metaphysician in the dark, twanging/An instrument, twanging a wiry string that gives/Sounds passing through a sudden rightnesses, wholly/Containing the mind†¦Ã¢â‚¬  (ll. 20-23). The lines in themselves are perplexing and leave plenty of room for interpretation. But what a reader comes to conclude is  that Stevens is suggesting that a poem buries itself within the human mind and plants a seed. The poem acts as a seed to thought, and it exercises the mind on a regular basis. A good poem is one that makes the reader think, and not just about the words, but about themselves and about their mind. The idea of a poem as a performer, be it an actor in a play, or a musician playing an instrument, or a metaphysician playing an instrument is one of particular interest. Stevens uses the metaphor throughout the poem and does so quite well. The duality of the performer as the poet allows for a wide range of comparison and gives way to a multitude of metaphors. In the following lines Stevens uses the idea of a actor on stage to present the depth of a poems words: â€Å"†¦speak words that in the ear, In the delicatest ear of the mind, repeat, Exactly, that which it wants to hear, at the sound Of which, and invisible audience listens, Not to the play, but to itself, expressed In an emotion as of two people, as of two Emotions becoming one†¦Ã¢â‚¬  (ll. 13-19). The lines represent the idea that a poem must cross over from reality to a level that talks to the reader and allows them to listen to their thoughts and not just the poem. The poem becomes simply a vehicle for the human mind; it opens doors and allows the reader to read about themselves. When Stevens enters the second stanza he begins to give his guidelines for modern poetry: â€Å"It has to be living, to learn the speech of the place. It has to face the men of the time and to meet The women of the time. It has to think about war And it has to find what will suffice† (ll. 7-10). The lines in themselves are quite simple, in their original form. They provide simple rules, but rules that were fairly modern during this time. The idea of including the meeting of women provides a fairly modern concept in concern to women’s rights and public recognition. Poems have always been concerned with war, or with human suffering, but the modern idea of thinking of war provides an example of being both positive and tragic. The past hundred years had been fairly rose-colored, but beginning in the 1930’s America took a turn for the worse and thus provided a reason to consider human tragedy. For a poem to be living and to learn the speech of the place simply means it must me modern, or current. The final four lines are more intriguing and seem more complex than all of the previous lines. They seem to be putting into action the ideas of the poem so far. He gives examples of what things would work as â€Å"modern poetry†. Modern poetry must find satisfaction, and some ways in which that may be achieved is through the discussion of a man skating or of a woman dancing or combing her hair. These things must exercise the mind though. Modern poems cannot simply describe the action, but must look beyond the action, from the subject, to the writer, to the reader. While I cannot claim to fully understand Stevens’ view of modern poetry, I feel that through his poem I can form some conclusions about his beliefs. Wallace Stevens was not a highly renowned scholar, but he did have an understanding of what he was writing. He could describe his work, and he could put it on paper for others to see. As a student now finally gaining a respect for poetry it is nice to see what a poem writer thinks about his job. It is amazing to see that a poem can be made of any topic, and maybe  that provides another point in the description of poetry. In a 28-line poem Wallace succeeds in providing a guidebook in the writing of good poetry, and gives the reader a lot to think about. But, as Wallace says himself, â€Å"The poem of the act of the mind† (l. 28).

Appropriation Of Art Art - 2941 Words

Marc Waller 2nd year fine art Appropriation in Art In this essay I intend to look at appropriation in art from the readymades of Duchamp right up to the latest exhibition of the Chapman brothers at the Jerwood Gallery in Hastings. Appropriation in art is the use of pre-existing objects or images with little or no transformation applied to them and that the new work re contextualises whatever it borrowed to create the new work. There has been an ongoing debate about the validity of appropriated art probably since art has existed. The striking resemblance of Titian s Urbino to Manet s Olympia to pick one out of the classic art bag. Venus of Urbino 1538 Edouard Manet Olympia 1873 For me personally, I tend to agree with Picasso when he said , â€Å"The bad artist imitate, the great artists steal.† Fountain - the 1917 work by Marcel Duchamp can be said to have started the debate about appropriation in the modern era. It s basically an enamel urinal exhibited in Paris causing a scandal in some quarters and awe in others. As the Independent noted in an article of February 2008, that with this single work, Duchamp invented Conceptual art and â€Å"severed forever the traditional link between the artist s labour and the merit of the work.† Here, Conceptual art being where ideas or concepts involved in the work take precedence over traditional aesthetic and material concerns.Show MoreRelatedAppropriation in Art Essay1015 Words   |  5 Pagesissue of appropriation in art has become a heated debate on whether it is good or whether it is bad. Appropriation is fundamentally the act of taking something from somewhere else and placing it into a new contex t. In art, appropriation is seen as using (or taking) someone elses artwork, manipulating it and ultimately changing the whole meaning behind the work. 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Investment And Financial Data On Non Financial Firms Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1789 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Table 1 provides descriptive statistics on the investment and financial data for the sample of the 15 listed non-financial firms during the period 2000-2009. The sample consists of firms operating in 4 different sectors. It is to be noted furthermore that for the purpose of the descriptive analysis, the use of LOG was not taken into account. Inspection of the table reveals a high variation of investment among the listed non financial firms. The mean of the ratio of investment to total assets is 0.046, while the standard deviation is 0.072 which is about one and a half times the mean. The sample average Tobins Q of 0.72 reflects market expectations of quite strong growth opportunities for the firms. The mean of the leverage is 0.13 which suggests there is not so much reliance on long term debt finance and thus firms are not so highly leveraged. Don’t waste time! Our writers will create an original "Investment And Financial Data On Non Financial Firms Finance Essay" essay for you Create order 5.2 Table 5: Correlation among Independent Variables Investment Leverage Profitability Cash Flow Sales Tobins Q Investment 1 Leverage -0.09 1 Profitability 0.29 -0.08 1 Cash Flow 0.29 -0.07 0.85 1 Sales 0.74 0.10 0.42 0.48 1 Tobins Q -0.07 0.18 0.09 0.12 -0.05 1 Table 3 presents Correlation Coefficients for the variables used to assess the impact of leverage on firm investment. Investment is negatively correlated with leverage and Tobins Q. Except for Tobins Q where a positive relationship was expected, the other variable support the theory and gives the expected results as the case of leverage supporting the Agency Theory. But this negative related Tobins Q can be explained using the Low and high growth firms statement. This positive relation for profitability and business size is consistent with the pecking order theory and trade-off theory. Cash flow For instance, profitability may be positively related to cash flows since high cash flows may help in day to day running of a firms business. As seen in the above table, the correlation between profitability and cash flow are high, which is 0.8489. Fixed or random table Table: Random and Fixed tests Variables Fixed Random Coefficient p-value Coefficient Leverage -0.23 0.00 -0.22 Profitability 0.22 0.30 0.21 Cash flow -0.30 0.25 -0.30 Tobins Q 0.57 0.04 0.42 Sales 0.72 0.00 0.75 R-square = 0. 5886 Prob F = 0.0000 corr(u_i, Xb) = 0 No of Observation: 150 No of Company: 10 The Random Effect Model as well shows that not all variables are significant. However, the value of R-squared (R-sq) is 0.5886. This shows that the independent variables of the current model explain 58.86% of the investment opportunities of Mauritian firms. In fixed effect test, leverage, TobinQ, sales are significant in explaining investment. In the random effect model, only leverage, and sales are significant. Table 3: Hausman Test Hausman Probchi2 = 0.65 According to the Hausman test the Probchi2=0.65 as seen in Table 3. The result obtained show that the random effect model is the appropriate model to use. The random effect assumes that the error term is uncorrelated with the dependent variables. Random effect tests Table: Random test Variables Coefficient p-value t-ratios Leverage -0.21 0.00 -9.94 Profitability 0.14 0.03 2.15 Cash flow -0.22 0.00 -2.78 Tobins Q 0.17 0.07 1.84 Sales 0.76 0.00 32.97 The results, shown on the Table , are rather encouraging since the significance of the overall regression illustrates the existence of a relationship between investment opportunities and the determinants analysed. Apart from Tobins Q, all the other determinants are significant to the model. The most interesting factor, however, is given by the fact that all of the coefficients of the exogenous variables have the predicted sign except cash flow which is negative. Leverage Our variable of interest, i.e., the leverage is statistically significant at 1% and is negatively related to net investment as 1 unit increase of leverage ratio leads to a 21.43 % decrease in net investment suggesting that capital structure plays an important role in the firms investment policies. This implies that as leverage increases, firms in the sample struggle to increase investment. In fact, net investment decreases, as firms tend to become more dependent on debt as a source of long term financing. T The negative effect of leverage of firm investment tallies with the underinvestment and overinvestment theory and furthermore, As Myers (1977) stated earlier, that leverage is negatively related to investment because of an agency problem between shareholders and bondholders. If managers work in the interest of shareholders, they may give up some positive net present value projects in the interest of shareholders due to debt overhang. The theories of Jensen (1986), Stulz (1990) and Grossman and Hart (1982) also claimed leverage to have a negative effect on investment but their arguments are founded on agency problems between managers and shareholders. They believed that firms with free cash flow but low growth opportunities may invest or overinvest such that the manager may take on projects with negative NPV. But, such strategy is not costless to the manager, especially if the capital market takes into account such potential opportunism or if there is a take over of the firm by anothe r company, managers tend to increase leverage and pay out cash as interest and principal. Furthermore, there are direct costs involved in raising external funding, such as underwriting and administrative fees. There is also potential financial distress costs associated with using external finance. For example, as leverage increases, other things being equal, there may be a higher probability of the firm facing financial distress. In this case, the firm may incur direct bankruptcy costs such as legal expenses and trustee fees and indirect costs such as the disruption of operations, loss of suppliers or customers and the imposition of financial constraints. The present value of these expected costs should be reflected in current financing costs. Finally, there are issues of taxation, shareholder dilution, control of information, the need to maintain flexibility and liquidity that may also have an impact on a firms financing choices. Financial factors may therefore affect the cost and availability of capital and so influence the investment decision Profitability The coefficient for profitability is 13.79 which is statistically significant at 3.1% and is positively related to investment. It indicates that the operating efficiency of the total funds over investments is positive. Usually, high profitability also attracts funds from investors for expansion and growth. Furthermore, it contributes towards the social overheads for the welfare of the society and there is an effective use of capital. This result is consistent with the empirical literature whereby Myres, 1984 stated that firms prefer to finance new investments from retained earnings and raise debt capital only if the former is insufficient, the availability of internal capital depends on the profitability of the firm. This fact is in line with the pecking order theory Cash Flow From the results obtained from table above, it can be noted that cash flow is significant at 1% but it is negatively related to investment opportunities since as 1 unit increase of cash flow ratio leads to a 22.47 decrease in net investment. The overall negative and significant coefficient of cash flow suggests that overinvestment is severed in overinvesting firms if they hold more cash. According to Jensen (1986) as the free cash flows of overinvesting managers increase, so should the overinvestment, as they have more funds to waste The contradicting and statistically weak result might be explained by the fact that cash holdings for the funding of projects are of relatively little relevance to the studied group of firms, since the studied firms should have favorable access to external capital by being listed. Thus, the firms might fund their projects directly by share or debt issues, instead of building cash reserves. Possessing free cash flow is rather beneficial for a firm, but having excessive dormant cash flow is relatively is not good. When free cash flow is present and shareholding monitoring is incomplete, the typical manager-shareholder monitoring agency problem arises. Managers have a tendency to overinvest even in negative NPV projects while shareholders would prefer dividends to eliminate the free cash flow. Cash flow is rather used maybe for paying out dividend, debt-finance share repurchase, and the like. As argued by Whited (1992), Gomes (2001), Alti (2003), Cummins et al. (2006) among others, one important caution in the analysis that might explain the contradictory findings in the literature is that cash flow might convey information about the firms future investment opportunities. When this is the case, a significant cash flow and investment relationship might be observed that reflects increased investment opportunities rather than signalling financing frictions. In other words, the observed relation between cash flow and investment might be a spurious effect resulting from the inability to control for investment opportunities in the underlying investment equation. The investment of firms with higher leverage may be more sensitive to cash flows than that of firms with lower leverage. The increased debt servicing obligations resulting from higher leverage mean that the available cash flows of higher-geared firms are smaller and thus they have less of a buffer against disturbances. Sales It can be seen that firms are utilizing their total assets efficiently and it reflects the ability in producing large sales volume. The estimates of sales is 75.94 and the variable is statistically significant at 1%. Sales revenue does not support the popular belief that firm with more debt are investing to a lesser degree than their sales would suggest. This finding corresponds to that of Kopcke and Howrey (1994) who found that investment of 396 companies was not dependent on the sales revenue of the firms. Tobins Q From the table, it can be seen that Tobins Q is statistically insignificant at 6.5% and is positively related with investment. The regression estimate is 17.44. Firms which have a propensity to expand the scale of the business and managements ability to carry out such a policy is constrained by the availability of free cash flows and this constraint can be further tightened via financial leverage. The issuance of debt engages the firm to pay cash as interest and principal, forcing the managers to service such commitments with the funds that may have otherwise been allocated for investment projects. Hayashi (1982) explained that the Tobins Q variable should be an adequate enough variable to explain firm investment. However, if a major impact of Tobins Q is the presence of bubbles, forms of irrationality such as herding and other factors, then it might not be a statistic that captures the relevant information about profitability of projects invested in. In addition, he assumes that the market is fully efficient, the firm exhibits constant returns to scale and importantly, these firms have no market power. HIGH AND LOW GROWTH FIRM Arrellano and Bond Test Table: Arrellano and Bond Variables Coefficient p-value t-ratios Investmentlag -0.18 0.79 -0.26 Leverage 0.04 0.82 0.23 Profitability -0.33 0.94 -0.07 Cash flow 0.50 0.91 0.11 Tobins Q 0.73 0.78 0.27 Sales 0.06 0.97 0.04 The GMM results show that investment lag is not significant. There is no causality in investment. Sargan Tests Sargan p-value : 1.000 The p-value is above the 0.05. It indicates that the model is valid. The model passes the sargan test. Abond test abond p-value Order 1 Order 2 0.79 0.26 The p-value for both of Order 1 and Order 2 is greater than 0.05. There is no evidence of serial correlation in the dataset.