Instructional Leadership Supervision Education Essay

Instructional Leadership Supervision Education Essay Abstract: Leadership is a discussion in every issue and everybody recognize how essential and valuable leadership is. Why some companies, teams, and schools do well as other fails? The credit or fault generally goes to the manager, coach, or principal. In school scenario the principal has to accept these consequences, as he occupies a distinct and key responsibility that has an effect on the quality of schooling. The questions about school scenario are (i) what is the main purpose of school (ii) How their students learn in the school (iii) How he coordinates all the activities i.e. students, teachers and curriculum. The focus of this article was on the theoretical basis of the instructional leadership and to review the model to build up the understanding of instructional leadership. Objectives: Following were the major objectives of the study To explain the concept of instructional leadership To review the James Weber Instructional leadership model What is leadership? Leadership is defined differently by different authors (Terry, 1960) called it the activity of influencing people to strive willingly for group goals. In the context of this definition the knowledge, values, structure, and skills are necessary for a principal as a leader to inspire all members of the school community to work together toward the goal of an excellent education for all students. According to (Thomson, 1980) Leadership is best defined as getting the job done through people. This definition means that two things are necessary for effective leadership: accomplishment (getting the job done) and influencing the others (through people). According to (Weber, 1987) leadership is described as power granted with the will of the followers. It is authority readily invested in a trusted person and thus qualifies as a kind of moral and transformational power over the organization. In most definitions of leadership the two functions are generally considered indispensable to its meaning: setting directions and exercising influence. Each of these functions can be carried out in different ways, with such differences distinguishing the many models of leadership from one another.(Yukl, 1994) comments, leadership influences the interpretation of events for followers, the choice of objectives for the group or organization, the organization of work activities accomplish objectives, the motivation of followers to achieve the objectives, the maintenance of cooperative relationships and teamwork, and the enlistment support and cooperation from people outside the group or organization. He further explained the popular distinction between doing things right (management) and doing right things (leadership) as largely meaningless: accomplishing success as a leader, requires doing right things right. What is Instructional Leadership? (Debevoise, 1984) encompasses Instructional leadership as those measures that a principal takes, or assigns to others, to raise growth in student learning and consists of following tasks: describing the purpose of schooling; setting school-wide goals; providing the resources needed for learning to occur; supervising and evaluating teachers; coordinating staff development programs; and creating collegial relationships with and among teachers. Student Learning Instructional Leadership Supervision Teacher Development Teacher Performance Figure -A The above figure depicts that Instructional leadership consists of principal behaviors that set high expectations and clear goals for student and teacher performance, monitor and provide feedback regarding the technical core (teaching and learning) of schools, provide and promote professional growth for all staff members, and help create and maintain a school climate of high academic press. (Hoy Hoy, 2003) explained that the principal must communicate a clear vision on instructional excellence and continuous professional development consistent with the goal of the improvement of teaching and learning. The instructional leaders are listeners as well as talkers; they are collaborators with teachers and students, whose needs present the most important demands in an instructional role. The leadership process is interpersonal as well as dynamics. Particularly it becomes dynamics when the principals are accountable for whole instructional program. As instructional leader the principal is the pivotal within the school who affects the quality of individual teacher instruction, the height of student achievement, and the degree of efficiency in school functioning. According to (Mendez, 1989) there are three major forces that serve to shape and describe a school the public, the staff and the students and that these forces interact through curriculum. The role of the principal is to manipulate these forces in order to maximize the quality of instruction. The three key elements of learning: Teacher, students and curriculum Teacher Curriculum Student Instructional leadership is a complex task, it means that becoming a leader of leaders- learning and working with others i.e. teachers, students and parents to improve the instructional quality and curriculum. A Model of Instructional Leadership This is a model presented by James Weber (1987) which is based on two assumptions. The principal is the main instructional leader. The principal works with the leadership functions that are sometime shared and sometime not sheared. The functions of the Webers model are as under 1. Setting Academic Objectives A principal who is an instructional leader provides guidance for the school program, and describe the objectives to the general understanding. Vision for success (Leithwood, Doris, Alicia, 1993) and his colleagues found in a study that teachers commitment to change in instructional programs was affected the most by leadership that gave direction, purpose, and meaning to their work, e.g. the purpose of the school is to educate all students to high levels of academic performance. The principals responsibility is to ensure that the school has a clear academic mission and communicate it to the staff, which is focused on the academic progress of the students. 2. Organizing the Instructional Program After setting the goals for the school, the next step by instructional leader is to develop the strategies for bringing that goals into reality by allocating the staff, student grouping, and organizing the curriculum. These also involve the collaborative planning between instructional leader, students and parents. e.g. decision to place a student in one class or another. Certainly, the decision to place a student in one or another classroom, study group, or program is a decision that involves teachers, principals and the parents. The following are the some principals behavior that proved generally effective. Listen actively to staff and faculty ideas and produces opportunities for staff to implement innovative coaching arrangements. Make available resources and a encouraging environment for collaborative planning. Organize planning sessions to discuss grouping and scheduling arrangements with staff. Utilize staff recommendations. Keeps staff informed of policy changes. Expands options by varying periods in school day and days in cycle. 3. Supervision and Evaluation The most important task of principals instructional leadership is teachers supervision and evaluation. Instructional leadership means very little unless leaders are willing and able to observe teachers, offer advice about problems, and make formative evaluations that support and pinpoint areas to improve. Supervisors must have the knowledge of curriculum and instruction to know what to look for. According to (Gardner, 1988) To help others believe in themselves is one of a leaders highest duties. Following are the some tips that are effective for supervision. Classroom observations will be used to observe what is actually going on in the class rooms. What is the teacher and what are students are actually performing. Meets with teachers after each visit to discuss what was observed. Encourages teacher to express feelings and opinions about observational data and class activities. Offers teacher alternatives teaching techniques and explanations of class room events. Give praise for specific development of teachers skill if observed. Recommends resources and training programs in areas in which teacher need to improve. 4. Protecting Instructional Time and Program A study by (Cusick, 1973) found that 200 minutes of a students normal school day were spending on routine or maintenance tasks. He noted that the time spent actively engaged with some teacher over a matter of cognitive importance may not exceed twenty minutes a period for five periods a day. This is a high estimate. I would say that if an average student spent an hour to one and half hours involved on subject matter that was a good day. Teachers use instructional time for taking attendance, distributing materials entering and leaving the classroom, late start or early ending or such non classroom activities as field trips etc. grouping practices, instructional strategies, and the size of the class can all determine how time is spent in classrooms. Finally, achievement and instructional time both suffer when students are not in school or find it hard to concentrate because of disciplinary problems in the environment. Truancy and absenteeism can arise from a great variety of social and personal conditions, ranging from poverty and peer group influence to boredom and poor academic background. Discipline problems often emerge from conflicts, misunderstanding about rules, or the absence of clear boundaries for behaviors. Following are some of the behaviors associated in the research with increasing academic learning time (that is, time spent learning). The list focuses two crucial dimensions for learning time: ensuring c lass attendance and allocated time for instruction. For improving attendance Identify problems in enforcing rules on attendance and discipline observe that policies are clearly communicated to the staff members Put together community support particularly with parents Help teachers to set up a reward system for good attendance Distribute duty with teachers in informing parents of class absence. Allocated time for instruction Holds staff meeting to discuss common problems in instructional planning and offer solutions Protects classroom instructional time from interruption Insists on observing schedule Expects teachers to start and end classes on time, using the full allocated time for instruction Streamlines clerical tasks so that teachers can perform them more quickly. Visits classrooms to observe teachers and students 5. Creating a Climate for Learning All the important factors that appear to affect students learning possibly having the greatest influence is the set of beliefs, values, and attitudes that administrators, teachers, and students hold about learning. When a staff commits to support specific values, the concept of school improvement moves from the future to the present, and from the abstract to the concrete. So important is learning climate that it has been defined as the standard, viewpoint, and attitudes reflected in institutional patterns and behavior routine that improve student learning. The attitude that students shape about academic learning come, at least in part, from the adults in the school. It is clear that the norms for learning come from the staffs requirement of students: the amount of time needed for studying, the amount of work assigned, the degree of independent work that students can do, the degree of attentiveness students feel about the work given to them. High expectations are the fulcrum point that instructional leaders can use to get involved teachers, students and parents away from unhelpful unencouraging attitudes. Following are elements which are used to raise or lower the expectations Amount and quality of praise for correct answers Actual amount of teaching that students receive Content covered Teacher encouragement and support Teacher assistance and willingness to help Wait time Response opportunity factor (No of times students are called on) 6. Monitoring Achievement and evaluating programs It is a primary task of instructional leaders to assess and revise the instructional programs in schools. As in the case of supervising and evaluating teachers, whole programs can be reviewed for planning, objectives, success in reaching the objectives, and particular successes and problems. Ultimately the success of any educational program comes down to the performance of the students. Are they reaching the objectives proposed? Where are they failing and why? The more specifically that problems can be identified, the more successfully the learning problems can be remedied or traced to particular objectives, units, or course activities. Supervision and Teacher Development: Ernest Boyer (in Sparks, 1984) observed that when you talk about school progress, you are talking about people development. Thats the only aspect to improve schools unless you mean painting the buildings and fixing the floors. But thats not the school, thats the shell. The school is people, so when we talk about excellence or improvement or progress, were really talking about the people who make up the building. Focusing on people is the most useful way to change any organization. In fact, it can be claimed that organizations do not change, only persons change. It is only when a sufficient number of people within an organization change that the organization can be transformed. So, supervision means helping workers by offering professional advice and technical support in speed up efficiency and improving effectiveness of the process of production and product itself. Support and evaluation are the two major function of the instructional supervision. Support provides the support to improve the teaching process in terms of effective use of text books helping materials and methodologies needed for the individual needs of the students. Evaluation is the process of collecting the information for improvement in instruction and analyzing the data which then be used to improve the quality. If this assumption that people are the key to school improvement is correct, then it follows that the fundamental role of the principal is to help create the conditions which enable a staff to develop so that the school can achieve its goals more effectively. In short, a key to school improvement is the willingness and ability of principals to assume the role of staff developers who make it their mission to alter the professional practices, beliefs, and understandings of school personnel toward an articulated end. Supervision and teacher development go hand in hand. Supervision provides support and help to teachers. Principals have a responsibility to help teachers, improve their practice and to hold them accountable for meeting their commitments to teaching and learning. These responsibilities are usually referred to as supervision. Supervision enhances teacher development. The principal should keep in mind that what actions should be taken to bring about greater understanding of te aching and learning? Principals must encourage teachers to acquire new skills, support them during the inevitable frustrations, and recognize their efforts. Procedures must be in place to gather data on the impact of staff development initiatives, and principals must publicly celebrate indicators of improvement in order to help sustain those initiatives. Supervision is primarily formative and collegial, being concerned with improving teaching effectiveness. It is also important that principals be committed to continuous improvement. Schools can become learning organizations capable of significant change only if those within them recognize that school improvement is a complex, ongoing process rather than a task to be completed. While it is important that principals celebrate the attainment of improvement goals, it is even more important that such celebrations serve as motivators for staying the course rather than signal that the improvement process has ended. Most importantly, principals must not mistake congeniality with collegiality. They must strive to create a culture in which teachers talk about teaching and learning; observe each other teach; plan, design, research, and evaluate the curriculum, and teach each other what they have learned about their craft.

Female Genital Mutilation in the Middle East and North Africa Essay

Values and beliefs of a certain society can be illumined through the traditional cultural practices that often span from one generation to another. Globally, every social group has its own traditional cultural practices that are considered to be beneficial for the community. However, there are many instances that such practices may be harmful for some groups, most especially for women. Terrible traditional cultural practices are committed directly against females around the world. Despite the atrocities of such practices and its violation against human rights, many women-violent practices still exist and are prevalent in other countries. One of the most prevalent forms of harmful traditional practices is the Female Genital Mutilation (FGM) (Office of the High Commisioner of Human Rights-United Nations Organization [OHCR-UNOG]). The pervasiveness of FGM is attributed to people’s inability to question the morality of such action that should be addressed to those who practice female genital mutilation. As such, despite of the interventions of many international communities, in order to achieve gender equality, women are still violated and continue to be denied of various human rights. Hence, it can be perceived that many traditional cultural practices, including female genital mutilation is carried out for the benefit of the male populace (OHCR-UNOG). Historical Background of Female Genital Mutilation Female genital mutilation (FGM), also known as ‘female circumcision’ or ‘female genital cutting’, involves procedures that are centered in the partial or overall removal of the female’s external genitalia, or the infliction of injury to the genital organs of female for non-medical reasons. More often than not, the practice is performed by traditional circumcisers who are believed to play a significant role in the community where they belong. However, records have indicated that FGM is also carried out by medically trained professionals (World Health Organization [WHO]). FGM is considered to be an age-old practice existent in various communities globally because it is known to be a custom (OHCR-UNOG). However, FGM’s origin has not been well established. Certain theories indicate that female genital mutilation predates male mutilation (Davis 158 qtd. in Lightfoot-Klein). In one study, it was shown that FGM occurred in areas that are considered to be restricted to the rest of the world which includes Islamic, Semitic and Christian nations. It was contemplated that â€Å"the more ancient a custom or belief, the more universally it is found† (Lightfoot-Kline). All throughout history, reports regarding female circumcision has been existent. The very first historical reference of FGM can be traced from the literature of Herotodus, who wrote that FGM already existed during 5th century BC in Ancient Egypt. He even pointed out that the practice had its beginnings in Egypt or Ethiopia because FGM has been performed by Ethiopians, Phoenicians, and Hitties (Taba qtd. in Lightfoot-Kline). One Greek papyrus dated 163 BC found in the British museum indicated that circumcisions were performed on girls by the time they received dowries. Different authors claimed that FGM was practiced by early Romans and Arabs (Kline). Methods employed in order to repress women’s sexuality has been well recorded in history. In ancient Rome, women slaves are required to wear metal rings which were passed through the labia minora in order to prevent procreation. During the absence of their husbands, women from medieval England wore chastity belts to avoid promiscuity. Tsarist Russia, as well as France, America, and France during the 19th century already practice clitoridectomy; while evidences from mummified bodies of ancient Egypt indicate that excision and infibulation has been performed, thereby giving rise to the existence of pharaonic circumcision (OHCR-UNOG). Types of Female Genital Mutilation Various types of female genital mutilation are performed depending on the cultural history and traditions of a certain community. Basically there are three common types of FGM: (1) Type one or Sunna circumcision. â€Å"Sunna† is an Arabic term which means tradition in English. This form of FGM is done by removing the prepuce or the clitoris’ tip. (2) Type two also called as clitoridectomy or excision is widely practiced in Egypt. This procedure involves the removal of the whole clitoris including the prepuce, glans and the adjacent labia. (3) Type three which is commonly referred to as infibulation or pharaonic circumcision is the procedure commonly applied in Sudan and Somalia. Considered as the most dramatic type of FGM, infibulation, which literally means â€Å"to fasten with a clip or buckle,† involves not only the removal of the clitoris and the nearby labia, but also include the sewing of remaining parts of vulva with the use of a catgut or thread. Such form of mutilation leaves only a tiny hole in the female genital that serves as a passage for the urine and menstrual blood. Women who are infibulated are cut open during their wedding night in order to perform sexual intercourse. However, right after the act, they are sewn again in order to avoid infidelity. More often than not, the groom is responsible for opening the bride’s sewn genitalia with the use of a double-edged dagger. There are some instances that women are cut open and are sewn back together during the time of their separation with their husbands. (4) The remaining type of FGM which is categorized as type four mutilation includes procedures that inflict damage to the female genitalia. Such form of mutilation may range from piercing, pricking, and stretching of labia or clitoris; burning of the clitoris and other tissues of the genitalia through cauterization; scraping of vaginal orifice; vaginal cutting; placing corrosive substances to cause vaginal bleeding, and the introduction of herbal substances to narrow or tighten the vagina (Rosenthal). The most common type of FGM is the clitoral and labia minora excision which constitutes about 80% of all FGM case. However, infibulation is considered as the most extreme form which accounts to 15% of all the mutilation procedures (Steiner, Alston, and Goodman,). The Cultural and Religious Tie: Middle East and African Areas Located Above the Equator The principle of female genital mutilation is prevalent in the societies of African territory. The extent of such phenomena can be seen in 25 countries of Africa. Infibulation is widely performed in areas including Djibouti, Mali, Somalia, selected parts of Ethiopia, Egypt and the northern region of Sudan. Meanwhile, excision and circumcision are evident in Benin, Cameroon, Burkina Faso, Central African Republic, Gambia, Cote d’Ivoire, Chad, Guinea, Guinnea-Bissau, Kenya, Mauritania, Liberia, Senegal, Sierra Leone, Nigeria, Uganda, Togo and other areas in the United Republic of Tanzania (OHCR-UNOG). Currently, WHO estimated that annually about three million African girls are at risk for female genital mutilation and about 92 million of the female populace, age 10 years and above have already undergone mutilation. The prevalence of FGM in the said areas is associated primarily with myths and the ignorance of people towards biological, medical, and religious perspectives. As noted by Hanny Lighfoot-Klein: â€Å"The clitoris is perceived as repulsive, filthy, foul smelling, dangerous to the life of the emerging new born, and hazardous to the health and potency of the husband† (Lightfoot-Klein, n. p. ). Majority of African countries adhere to such beliefs that it has been well embraced and became a value, causing FGM to become a customary practice over time. In Sudan, the clitoris is believe to grow to the length of the neck of a goose; long enough to dangle between the legs which could rival the male penis if left uncut. Such concept influences the perception of males, thereby reinforcing them not to marry a woman who is uncircumcised or â€Å"unclean† (Lightfoot-Klein). Among the Bambara’s in Mali, it is widely viewed that once the clitoris touches the head of a child being born, automatically the child will die. As the clitoris is considered to be the male characteristic of females, its removal is seen as an action that would result in the enhancement of femininity. In Djibouti, Ethiopia, and Somalia, females are imposed to undergo mutilation in order to control their sexuality and ensure their virginity until marriage and their chastity right after (OHCR-UNOG). Because childbearing and marriage are the only options for most of African women, majority of them are forced to submit themselves to the practice genital mutilation which they also have to pass on to their daughters (Lightfoot-Klein). The institutionalization of patriarchal system within the society also plays a significant role in the perpetration of FGM. In ancient Mesopotamia, the code of Hammurabi embarked the presence of some features of patriarchy in public veiling and sexual repression of women. It was stated in the code that fathers were entitled to treat his daughter’s virginity as a ‘family property asset. Due to this system, women were categorized as â€Å"respectable,† meaning they were chaste and conforming, and â€Å"disreputable,† which translates to low class or slaves. As a result, women who bowed to the system benefited from it by securing their own safety as well as that of their children. However, they became the steadfast advocates of the system, thereby imposing it to their daughters. Present-day Africans follow the same patriarchal outlook. Female circumcision is then performed to the daughters of the women, who, during the time they were young, experienced mutilation. Although perceived by many as a violation against human rights, the practice is defended by the women themselves because they consider it as an essential part of their tradition that ensures the social standing of their family in the community they belong (Lighfoot-Klein). The existence of patriarchal society is attributed to economic reasons. Historically, fathers are known to be keen in identifying their â€Å"real† children, in order to know who is going to handle his property. Hence, it could be perceived that the establishment of systems including moral and religious values, as well as legal aspects became an imperative in order to protect the economic interests that uphold the society. In this regard, it is hard to abandon a custom that benefits the economic interest not only of the family but the whole society as well. The existence of such system guarantees profit for many, thereby catapulting â€Å"dayas† and medical practitioners to resist changes in the practice of female genital mutilation. Likewise, the family woman can gain considerable bride price if she is mutilated by the time of the marriage. Moreover, women continuously submit themselves to FGM for the fear that their husbands will divorce them for a second wife. This perspective serves as a threat for the women in the society who have no economic recourse and access to own properties and relies only on the â€Å"bride price gold that she wears on her body. † As such, it can be concluded that female genital mutilation is the result of the economic interest permeating within the society (Lightfoot-Klein). While many experts hold that female genital mutilation is an African custom, there are few reports regarding the existence of FGM in the Middle Eastern territory. This is understandable because it is difficult to study sexual relations in societies of Middle East. Almost everything regarding sexuality and personal matters are kept in private sphere. Likewise, books and research pertaining to Middle Eastern sexual habits are almost non-existent or at the most, heavily guarded by the comprehensive rules based from the Islamic law. However, recent finding from northern Iraq suggests that FGM is also practiced widely in societies outside of Africa. The case study of Iraqi Kurdistan served as an instructive case. In 2003, a German-Austrian NGO called WADI took the initiative to take medical and social support to the women in Kurdish areas. More than a year later, women who received support spoke about the practice of FGM. It was found out that Kurds used the sunna circumcision and were performed by midwives. Subsequent studies found out that of 1,544 women, 907 had undergone FGM, which further suggests that 60% of the population view mutilation as a normal practice. The discovery in Iraqi Kurdistan debunks the assumption that FGM is solely an African practice. As Fran Hosken quoted: â€Å"There is little doubt that similar practices—excision, child marriage, and putting rock salt into the vagina of women after childbirth—exist in other parts of the Arabian Peninsula and around the Persian Gulf (Hosken 278 qtd in Osten Sacken, and Uwer). The absence of medical records tackling FGM in the whole region does not necessarily mean that the Middle Eastern territories are free from female circumcision. Such issue is left undetected due to the lack of freedom to permit formal studies regarding the subject. Taboo also plays a significant role in the undercutting of researches in Arab nations. Many scholars and NGO in Arab countries prohibits the criticism predominant culture of Arabs and Muslims. Because of these findings many questions were raised by the critics of FGM, one of which is whether the said phenomena is a religious issue in the Middle East (Osten-Sacken and Uwer). Many Muslims and academics from the West claim that FGM is not based from religion rather it is a practice shaped by culture (Simonet qtd in Osten-Sacken and Uwer). However, in a village level, the people who are committed to the practice perceive the action as mandate by the religion. Although the law of Islam does not have any justifications regarding FGM, many Islamic clerics in the Northern part of Iraq advise women to undergo mutilation. If the women wish to abandon such practice, she must suffer the consequence of appearing disreputable in the eyes of the public (Mackie qtd ini Osten-Sacken and Uwer). Some Islamic scholars may disagree with FGM but others refer to the mention of FGM in the Hadith as a defense for the persistence of such practice in Middle East. The claim was further sufficed by the Islamic law specialist Sami Aldeeb Abu Salieh when he stated: The most often mentioned narration reports a debate between Muhammed and Um Habibah (or Um ‘Atiyyah). This woman, known as an exciser of female slaves, was one of a group of women who had immigrated with Muhammed. Having seen her, Muhammad asked her if she kept practicing her profession. She answered affirmatively, adding: â€Å"unless it is forbidden, and you order me to stop doing it. † Muhammed replied: â€Å"Yes, it is allowed. Come closer so I can teach you: if you cut, do not overdo it, because it brings more radiance to the face, and it is more pleasant for the husband. (Aldeeb Abu Sahlieh 575-622 qtd in Osten- Sacken and Uwen). Aldeeb Abu Sahlieh’s claim is further reinforced by other Islam scholars by stating that Islam condones sunna circumcision but not the pharaonic circumcision (Omer qtd in Osten-Sacken and Uwen), and that since the prophet Muhammad does not condemn the act, thereby making it permissible and cannot be outlawed (Aldeeb Abu Sahlieh qtd in Osten-Sacken). Ultimately, the practice of female genital mutilation in the Middle East may have its roots in the cultural scope of the region. However, its religious ties cannot be disregarded. Effects of Female Genital Mutilation The implications of FGM can be short-term and long term. The immediate consequences of the practice are hemorrhage, acute pain and infection. The infections are commonly acquired from the usage of unsterilized instruments performed in unhygienic areas and introduction of substances. The infections may range from tetanus, general septicamea, chronic pelvic infections, and recurrent urinary tract infections. Recently the transfer of HIV has also been a concern for the FGM researchers (OHCR-UNOG). Obstetric complications are also common among mutilated women. Pregnant mutilated woman put the life of her child in danger because the fetus is at risk of acquiring infectious disease. Likewise, the head of the child may be crushed during the delivery due to damaged birth canal. Furthermore, infibulated women are needed to be opened during child birth and are commonly reinfibulated after every delivery resulting to the scarring of the genitals. Cyst commonly referred to as epidermal clitoral inclusion cyst may also develop among women who undergo type 3 FGM (Rosenthal). Female Genital Mutilation has also psychological implications. These include sexual phobias, depression, and lack of libido which result in the premature ejaculation among women’s partners, personality disorders like rebellion which may eventually lead to psychiatric disorders (Rosenthal). Some evidences indicate that children who undergo FGM experience recurring nightmares (OHCR-UNOG). The socio-economic problems associated with FGM include higher divorce rate and drug abuse which are commonly associated with the males. It was found out that a male with mutilated wife has the tendency of using narcotics to give sexual pleasure to his wives (Rosenthal). Response to Female Genital Mutilation In 1997, World Health Organization (WHO) together with United Nations Children’s Fund (UNICEF) and United Nations Population Fund (UNFPA) issued statements against the continuous practice of female genital mutilation. By 2008, a new statement was issued supporting the increased advocacy of totally condemning FGM which was backed heavily backed by more countries of the United Nation. The 2008 statement include data concerning the past and present practice of FGM. The statement also gave emphasis on the increased recognition of human rights and provided evidences regarding the extent of the issue. The damaging effects of FGM were also presented in order to affect changes in the public policy. From 1997, various government and non-government organizations both in the international and local levels ratified laws abandoning FGM (WHO). Conclusion Based on the study, it is apparent that female genital mutilation predominantly place women in a disadvantaged position. Immense cultural pressure is considered to be the root cause of FGM. However, based from several findings, religion also serves as an encouragement for the existence of such practice. The impact of FGM does not only affect women but also the society where it is widely recognized as a custom. Although, international interventions reduced the prevalence of FGM in African regions during the past years, its practice may not be totally eliminated if practicing communities will not abandon the act itself. Hence, organizations as well as government agencies should further promote awareness regarding the issue of FGM. Works Cited Lighfoot-Klein, Hanny. â€Å"Prisoners of ritual: Some contemporary developments in the history of female genital mutilation. † The Female Genital Mutilation Cutting Education And Networking Project. 30 April-03 May 1991. 10 December 2008 . Office of the High Commisioner of Human Rights-United Nations Organization. â€Å"Fact sheet no. 23, harmful traditional practices affecting the health of women and children. † Office of the High Commissioner for Human Rights. 2008. 10 December 2008 . Osten-Sacken, Thomas and Uwer, Thomas. â€Å"Is female genital mutilation an Islamic problem? † The Middle East Quarterly. 2007. 10 December 2008 < http://www. meforum. org/article/1629#_ftn38>. Rosenthal, Sara. The Gynecological Sourcebook. Chicago, IL: McGraw-Hill Professional, 2003. Steiner, Henry, Alston, Philip and Goodman, Ryan. International Human Rights in Context: Law, Politics, Morals: Test And Materials. New York: Oxford University Press US, 2008 World Health Organization. â€Å"Female genital mutilation. † May 2008. 10 December 2008 .

Loving Story Essay - 647 Words

The Loving Story The journey that Richard and Mildred Loving took is important for history and for the future of civil rights in the United States. I recently watched the documentary The Loving Story and enjoyed the footage, pictures, and interviews of everyone involved in the Loving v. Virginia case. The documentary addressed the issue of interracial marriage in Virginia in 1967. The married partners, Richard and Mildred, were woken up in the middle of the night and were criminally charged for being in the state of Virginia and being married. Richard was a white male, Mildred was a African American and Native American, and that was the problem that they faced at that point in history. During this time, it was illegal to be of†¦show more content†¦It got across to us that the two people involved with each other and married are just as normal as any straight, white, and married couple. The problem people had, and probably still do have, is that they do not see them as normal people. They are different because of their race, sexuality, class status, etcetera . The human face and cost is lost in the their eyes. The photos at the end showed how they were not different from a couple that was made up of two white or two black people. They were courageous and inspiring people in history and that is what they will be remembered for. Mildred and Richard Loving made it possible for people of two different races to get married in their case that made it to the Supreme Court. My reflections after viewing this film, moved towards thinking about our current situation of not allowing people of the LGBT community get married. The opinions and bigotry that are still instilled in our society. For those that say that we have moved past our prejudiced views as a society in the United States; I would say that they are wrong. The Loving story was significant in so many ways towards moving our world into a better place for all. 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Effects Of Board Size And Promoter Ownership Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4353 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Corporate governance structures play a vital role in enhancing the firm value. This paper examines the effect of two important corporate governance variables board size and promoter ownership on the firm value. The research using linear regression analysis on 176 non-financial listed companies for year 2008 finds a negative association of Tobin Q with board size and a significant positive association with promoter ownership. Don’t waste time! Our writers will create an original "Effects Of Board Size And Promoter Ownership Finance Essay" essay for you Create order The research makes an endeavor to search for an ideal board size and gives insights on moderating effect of firm size on corporate board performance. Study also finds that above the critical ownership level of forty percent, promoters interest is much aligned with that of company and there is positive effect on firm value. Corporate governance has developed as an important mechanism over the last two decades. The recent global financial crisis has reinforced the importance of good corporate governance practices and structures. It is now well recognized that corporate governance structures play an important role in enhancing firm performance and sustainability in long term (Bonn, 2004; Erickson et. al., 2005; Ehikioya, 2009; Iwasaki, 2008; Cho and Kim, 2007). There has been tremendous research on corporate governance structure and firm performance particularly in the developed world. On the other side, there is very little research on the influence of corporate governance variables such board structure on firm performance in India (Dwivedi and Jain, 2005). India as an emerging giant is gradually moving from controlled to market based economy with market capitalization of all listed companies touching nearly rupees 1 trillion (Sehgal and Mulraj, 2008). Corporate governance has now become a norm in India with Securities Exchange Board of India (SEBI) making it mandatory for all the listed to adopt Cause 49 of the Listing Agreement. However, capital markets are still nascent and market for corporate control is weak (Standard and Poors 2009). Indian firms are predominantly of family origin and promoters controlled (Chakrabarti, 2005). Corporate governance structures, therefore, rely much on internal structures rather than external one for enhancing the value. The corporate board and insider ownership (promoters) are in Indian business are two important internal corporate governance structures. Shleifer and Vishny (1997) have suggested that corporate governance deals with the ways in which suppliers of the finance to corporation assure themselves of getting a return on their investment. Shareholders are owners of company who contribute their wealth. Through corporate governance mechanism, they apply control over the management of the company for the wealth maximization. The boards of directors act as representatives of shareholders achieve this endeavor by reducing the agency cost (Fama and Jensen, 1983). In Indian regulatory environment board of directors of a company act as fiduciaries of the shareholders, provide active supervision and do strategic decision-making. The Indian investors, however, have general predisposition to discount the role of board due to stronger ownership concentration and insider control. The board is an important corporate governance mechanism under Indian context to protect the minority shareholders from dominant shareholders. In addition, insid er ownership by the promoters of the company is general characteristic of most firms. India is gradually moving towards market-based economy, however, such is the peculiarity that ownership lies predominately in hands of few people of group of peoples. In order to expand our understanding on emerging and transforming economy of India, the present study attempts to investigate effect of two corporate governance parameters on the firm value. The study is based on the 176 non-financial firms listed on Bombay Stock Exchange (BSE) for period 2008-09. The research done is during the period when entire world was eclipsed by global financial crisis and Indian firms were under financial distress to some extent. The study attempts to testify the different theoretical and empirical foundations establishing a relationship of board size and promoter ownership with TobinQ. We also investigate the moderating effect of firm size on corporate board performance and different levels promoter ownership on firm value. The results of this study extend the literature on corporate governance structure and opening up new avenues for further research. We first begin with theoretical background with literature leading to development of our hypothesis THEORETICAL BACKGROUND AND HYPOTHESIS DEVELOPMENT Board Size and Firm Performance Boards of directors are the representatives of shareholders and other stakeholders of the company. A corporate board is delegated with the task of monitoring the performance and activities of the top management to ensure that latter acts in the best interest of all the shareholders (Jensen and Meckling, 1976; Erickson et al., 2005). In addition, Ruigrok et. al. (2006) suggest that the board has important roles such as design and implementation of strategy, and fostering links between the firm and its external environment. Under statutory provisions delineated in Indian Companies Act, 1956 the board is vested with sufficient powers and responsibilities to act in diligent way, manage and control the management of the company in order to maximize the value of shareholders and stakeholders. The board of the company is considered as one of the primary internal corporate governance mechanism (Brennan, 2006).A properly constituted board with optimum number of directors can effectively monitor the management and drive value maximization. Some researchers, however, been skeptical about boards ability to mitigate the agency problem and enhance firm value (Erickson et. al., 2005). The number of directors on the board (or board size) is therefore, a critical factor that can influences the performance of a company. The board acts on behalf of shareholders and considered as a major decision-making group. The complexity of decision-making and effectiveness is largely affected by the size of the board. There has been mixed response to board size and corporate performance. The direction of influence depends upon the extent to which board is able to reach consensus, and take advantage of the knowledge and expertise of the individual members. There is, however, no agreement over whether a small or a large board is effective in enhancing the performance of a company. Two contrasting views emerge from the extant literature on the contemplating effect of board size on firm value. One school thought views larger boards are effective in driving the performance of company. Various researchers (Ehikioya, 2009; Coles et. al., 2008; Dwivedi and Jain, 2005; Klein, 2002; Dalton et. al., 1999; Kathuria and Dash, 1999; Pearce and Zahra, 1992) document a positive relationship of board size with the firm value. There have been several arguments in support of larger boards. One view is that larger boards allow directions to specialize, which in turn can lead to more effectiveness (Klein, 2002). Larger boards have people from diverse field. The knowledge and intellect of this increased pool of experts can be utilized for making some strategic decision of the board, which can drive performance of the company (Dalton et al., 1999; Pearce an d Zahra, 1992). The larger pool of people on the board results in greater monitoring capacity, and also enhances the firm ability to form greater external linkages (Goodstein et al., 1994). Coles et. al. (2006) find that firms requiring more advice derive greater from the larger boards. There are, however, strong contrasting views and evidences to the above argument. Contrary school of thought views larger boards are less effective in enhancing the performance of the company. Many researchers find a negative association between board size and performance of companies (Yermack, 1996; Eisenberg et. al., 1998; Cheng, 2008; Boon et al., 2004; O Connell and Cramer, 2010; Rashid et. al., 2010; Conyon and Peck, 1998; de Andres et. al., 2005). Cheng (2008) suggest that larger boards exist even though they are value reducing because they necessary for some type of companies and under certain conditions. Coles et. al. (2008) point negative association of board size with firm value exists due to some other exogenous factors. Many scholars suggest that as board size increases above the ideal value, many problems surface which outweigh the benefits of having more directors on the board, as mentioned above. Contrasting to smaller boards, larger number of director on board increas es the problem of communication and coordination (Jensen, 1993; Boon et. al., 2004; Cheng, 2008) and higher agency cost (Lipton and Lorsch, 1992; Cheng, 2008; Jensen, 1993). Lipton and Lorsch (1992) suggest that dysfunctional behavioral norms and higher monitoring cost due less diligence in larger boards give rise severe agency problem. Larger boards may also have problem of lower group cohesion (Evans and Dian, 1991) and greater levels of conflict (Goodstein et. al., 1994). Goodstein et. al. (1994) and Jensen (1993) similarly argue that greater problem of coordination leads slow decision making and information transferring which drives inefficiency in companies with larger board size. Larger boards may be skeptical about taking a strategic decision that can maximize the value of company (Boon et. al., 2004; Judge and Zeithamal, 1992).The larger boards, therefore may become more of symbolic and less a part of management process (Hermalin, and Weisbach, 2001). The above discussion clearly lays down a platform to propose that board size may have positive or negative association with firm performance. The vast literature on board size on firm performance predominately foresees that board size is negatively associated with firm performance, which gives support to develop our hypothesis 1. We also argue that increasing the number of directors above certain limits may have more deteriorating effect on firm value. Below certain board size, there is relationship of firm value with board size is less negative and above that, it increases. Therefore, in order to support our argument we propose our second hypothesis that above certain board size (in our case median board size of entire sample) has negative association with firm performance increases. We also propose third hypothesis that boards of larger companies have less negative association with firm performance than those of smaller firms. The argument is that boards of larger companies may wel l equipped with resources, skill base and knowledge expertise to take strategic decisions in period of financial distress. The board of smaller companies may lag behind to actively utilize resources and drive performance. Hypothesis 1. Board size exhibits a negative association with firm performance Hypothesis 2. Smaller Boards have less negative association with firm performance than larger boards Hypothesis 3. Boards of larger companies have less negative association with firm performance. Promoter ownership and Firm Performance Promoter in general sense are persons or group of persons who are involved in the incorporation and organization of a corporation. Promoters are important part of companies in Indian business context as most of the companies are of family origin. Promoters are integral part of business element, but not have statutory recognization in the Indian Companies Act, 1956 as the term Promoter does not have any legal connotation. The term, however, finds its place in Securities Exchange Board of Indias (SEBI) Disclosure and Investor Protection, 2000 (DIP Guidelines) and Substantial acquisition of Shares and Takeover Regulations, 1997 (Takeover Code). According to these SEBI regulations, Promoter or Promoter Group exercise sufficient control over the company by virtue of their shareholding and management rights. Evidences show that concentrated ownership is most common form in most countries (La Porta et.al., 1999), and also in India. Family houses and corporate groups, who are generally the promoters, have substantial ownership in companies. The pyramiding and tunneling effect of ownership is prevalent in India (Chakrabarti, 2005). These effects provide promoters enough them control over management of the company. According to Mathew (2007), promoters of BSE 500 were having 49 percent shareholding. In Indian companies, promoters in such a case raise the issue of owner- manager control similar to that of some other Asian countries. Promoters by virtue of their position and control have considerable power and wield significant influence on the board and management of the company over the key strategic decisions. La Porta et. al. (1999) believe high ownership concentration by particular group positions their interest above other shareholders and gives them the predominant voting rights and con trol over the management. Under these conditions, they may pursue policies, which benefit them and deteriorate firm performance. On other side, Shleifer and Vishny (1997) point that presence of dominant large shareholder or group can enhance their controlling ability, reduction in agency cost and therefore the firm performance. La Porta et. al. (1998, 1999) has observed that controlling shareholders (like promoter groups) exist in countries with investors low legal and institutional protection. According to Jensen and Meckling (1976), high ownership concentration may lead to more alignment effect. This effect may impart promoters a strong incentive to flow value-maximizing goal. However, in contrasting argument by Demsetz (1983), this can also have entrenchment effect, which can decrease the firms value. Claessens et. al. ( 2002) in similar arguments suggest the same thing, until a particular level of stock concentration alignment effect are more predominant and after that expropriation cost of minority shareholders out these benefits and firm performance declines. It is, however not clear, whether measures of corporate governance affect performance in the same way when ownership is not in general widely dispersed, in particular when ownership is concentrated in the hands of families that are promoters (Corbetta and Salvato, 2004). The promoters are in general sense the owners and managers in Indian business context. Jensen and Meckling (1976) have pointed as level of managerial ownership increases, conflicts reduces and that increases firm performance. Fama and Jensen (1983) and Stulz (1988) also argue that greater ownership control by insiders (managers) give enough powers over externals owners to influence firm performance. Many scholars have studied the effect of ownership by different group on Indian companies (Dwivedi and Jain, 2005; Sarkar and Sarkar, 2000; Khanna and Palepu, 2000; Salerka, 2005), but none of these studies does give any particular reference on effect of promoter ownership on the firm performance. Salerka (2005), however, has analyzed the insider ownership effect on the firm value, and found a curvilinear relationship. Studying the effect promoter ownership on the corporate performance may be of utmost important in period of financial distress. They are who can in position to take any imp ortant strategic decision to drive the performance. Therefore, high promoter ownership in period in such a period may enhance the firm performance. This leads to development of our fourth hypothesis that promoter ownership is positively associated with firm value. Further, above certain ownership, promoters may exert significant control over firm and drive the decision-making in the company, thereby increasing firm value. 4. Promoter ownership exhibits positive relationship with firm performance 5. Greater promoter control is positively related with firm performance RESEARCH DESIGN Data The sample used in this study includes 176 firms listed on the Bombay Stock Exchange (BSE) of India during the financial year 2008-2009. The sample includes only non-financial firms from BSE 200 index, which accounts for 72 percent of market capitalization. The data on board size and promoter ownership (company has to separately disclose promoter ownership under Clause 35 of Listing Agreement) was collected from annual reports of the companies. The other financial and market data was obtained from Prowess database of Centre for Monitoring Indian Economy (CMIE). The data thus obtained was used calculating and measuring the different variables used as control variable in the model. Model The model for our study represented by following equation: T Tobin Q = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 BSize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 PrOwn + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 LAge + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 LSize + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 Lev + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²6 SGrowth + e Performance Variables: The researchers have used different parameters for the assessing the firm performance in conjunction with various predicator variables. The commonly used performance variables cited in the corporate governance literature being the Tobins Q, return on assets (ROA), return on equity (ROE), market to book value ratio (MBV), price to earnings ratio (PE). The present regression model uses only TobinQ for assessing the firm performance against the predictor and control variables. Variables of Interest: Two variables of our interest that have used to test our five hypotheses are board size (BSize) and promoter ownership (PrOwn). The variables have used under different specifications to empirically find out their net effect on firm performance. Control Variables: Different control variables such firm age (LAge), firm size (LSize), leverage (Lev) and growth control (SGrowth) have been included in the study for account for potential advantages of economies of scale, scope of market power and risk characteristics of firms. These variables have been used in many prior studies, and are correlated with firm performance (Hermalin and Weisbach, 1991; Vafeas and Theodorou, 1998; Bonn et. al., 2004) Table I Variable definitions and Measurement Type of Variable Variable Definition and Measurement Dependent: Performance TobinQ Tobins Q , measured as market value of equity plus book value of short-term and long-term debt divided by total assets Independent: Predictor BSize Board Size, the number of director on the board of a firm. Independent: Predictor PrOwn Promoter Holding, percentage of total equity ownership of promoter group in the company Independent: Control LAge Firm Age, measured as the logarithm of the number of years since the establishment of a firm Independent: Control LSize Firm Size, measured as the natural logarithm of total assets. Independent: Control Lev Firm leverage, measured as the ratio of long term debt to the total assets Independent: Control SGrowth Sales growth, measured as total sales of the current year minus total sales in the previous year divided by total sales in the previous year RESULTS AND DISCUSSION The analysis begins with presentation of the Pearsons correlation matrix (table II) which shows that the degree of correlation between the independent variables is either low or moderate, which suggests the absence of multicolinearity between independent variables. Table II Correlation Between Explanatory Variables Correlation BSize PrOwn LAge LSize Lev SGrowth BSize 1                PrOwn -0.039 1             LAge 0.137 -0.024 1          LSize .275(**) 0.094 .153(*) 1       Lev -0.038 -.215(**) -0.104 .273(**) 1    SGrowth 0.105 -0.13 -0.042 0.067 0.07 1 ** Correlation is significant at the 0.01 level (2-tailed). * Correlation is significant at the 0.05 level (2-tailed). The Pearsons correlation between each pair of independent variables should not exceed 0.80, if that happens then independent variables may suspected of exhibiting multicollinearity (Bryman and Cramer, 1997). Correlations are within the acceptable range (0.01 0.775). In addition, the colinearity diagnostic statistics (e.g. tolerance (TOL) and variance inflated factor (VIF)) support the Pearsons correlations and provide no proof of a multicollinearity in the regression model. The analysis of Table II, further reflects board size is positively correlated with firm size (significant at 1 percent) implying that larger companies tend to have larger boards. The summary of descriptive characteristics of the dependent and independent variable is presented in Table III. The results show mean (std deviation) board size is 10.74 (3.08), reflecting that most of firm have board size between 8 to 14 (128 firms) which is 72 percent of entire sample. The promoter ownership shows high variation with minimum and value being 0 and 100 with average (std deviation) of 53.32 (21.48). It can be observed that promoters with such ownership right have controlling stake in most of the firms. As already discussed, high insider ownership may drive firm value. Sales growth and leverage also reflect a high variability in their values for the given period. Average leverage of 25.86 percent shows that firms (our sample) rely on more on equity capital and other sources of fund than debt. In order to analyze further, we have segregated smaller and larger firms based Table III Descriptive Analysis of Variables TobinQ BSize PrOwn LAge LSize Lev SGrowth Mean 1.46 10.74 53.32 3.31 8.87 25.86 55.71 Std. Deviation 1.32 3.083 21.48 0.76 1.16 21.91 473.79 Minimum 0.0042 5 0 0.69 6.6717 0 -100 Maximum 8.6548 20 100 4.86 12.41 89.61 6286.93 Table IV Smaller and Larger Companies Smaller Companies BSize PrOwn ( percent) Asset ( Rs Crore) N    88.000 88.000 88.000 Mean 10.060 50.558 3140.306 Median 10.000 49.991 2943.995 Std. Deviation 2.684 17.366 1379.618 Minimum 5.000 9.733 789.720 Maximum 20.000 99.506 5859.540 Larger Companies BSize PrOwn ( percent) Asset ( Rs Crore) N    88.000 88.000 88.000 Mean 11.430 56.088 28216.983 Median 11.000 55.070 16215.695 Std. Deviation 3.311 24.732 36429.286 Minimum 5.000 0.000 5986.080 Maximum 20.000 100.000 245953.160 Difference between Means (Z value) 3.015* 1.716*** 6.452* * significant at 1 percent, ***significant at 10 on median asset size of Rs. 5922.1 Crore. The noticeable aspect of statistics reflected in Table IV is significant difference in average board size between small and large firm. (10.06 vs. 11.43), inferring that larger companies take people from wider pool to sufficient expertise and intellect on the board. The table IV also shows that average promoter ownership between small and large firms is significant at 10 percent (50.55 vs. 56.08). The results of empirical findings with coefficients and t values (* significant values) are presented in Table V, VI and VII. The findings of Table I show result for the entire sample that supports our hypothesis 1 and 4. Hypothesis 1 forecasts a negative association between board size and firm value and this supported by negative coefficient of BSize (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) in the model, though relationship is not significant. The results are in line with international studies but do not support results of previous Indian studies (Dwivedi and Jain, 2005; Kathuria and Dash, 1999). Promoter ownership was found to positively correlated (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2= 0.011) with firm performance in our model (Table II) giving support to our hypothesis 4. The results prove that high promoter ownership in the company, help them to take important decisions and drive performance during the financial distress period. Table V Model Summary Dependent Variable TOBINQ Independent variables Coefficients t (Constant) 3.271 4.081* BSize -0.031 -0.968 PrOwn 0.011 2.492** LAge 0.144 1.150 LSize -0.255 -2.839* Lev -0.011 -2.462** SGrowth 0.000 0.413 R 0.406 R square 0.165 Adjusted R square 0.135 F change 5.556* * Significant at 1 percent, ** significant at 5 percent Hypothesis 2 predicated that smaller boards have less negative correlation with firm performance than larger boards. In order to so, we segregated entire sample companies between two parts, one those having board size less than equal to median board size ( of entire sample) 10 and other having more than 10. The results (table III), however, reject our second hypothesis as coefficient of board size (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) is greater for smaller boards (-0.148) than larger board (-0.012). This may be interpretated as ideal board size is above the median board size of 10, and smaller boards may not have enough expertise and resources to enhance firm performance. Also it can be observed that due to high ownership rights and say in smaller boards, promoters are able play value maximizing role. Hypothesis 3 predicted a less negative relationship of board size with firm value for the large companies than small companies. Small companies and large companies here are classified based on the medi an assets of Rs 5922.1 Crore. The model supports our hypothesis as coefficient of board size for large companies (-0.023) is more than that of small companies (-0.063). The results, however, are not significant at any level. Further, in small companies promoter ownership is positively correlated to firm performance at 10 percent significance level. Table VI TobinQ- Model Board Size Dependent Variable Smaller Board Larger Board Small Companies Large Companies Independent variables coeff t coeff t coeff t coeff t (Constant) 4.826 2.93* 2.819 2.70* 12.113 5.17* 3.082 2.14** BSize -0.148 -1.54*** -0.012 -0.23 -0.063 -1.29 -0.023 -0.59 PrOwn 0.025 2.81* 0.001 0.27 0.020 2.58** 0.003 0.58 LAge 0.389 1.98** -0.045 -0.31 0.358 2.00** 0.076 0.47 LSize -0.525 -3.28* -0.083 -0.87 -1.514 -5.16* -0.160 -1.03 Lev -0.005 -0.70 -0.018 -3.17* -0.002 -0.24 -0.012 -2.10** SGrowth 0.004 0.84 0.000 -0.09 0.000 -0.05 0.000 0.00 R 0.515 0.408 0.622 0.324 R square 0.265 0.166 0.387 0.105 Adjusted R square 0.213 0.101 0.342 0.038 F change 5.108* 2.563** 8.52* 1.579 * significant at 1 percent, ** significant at 5 percent, *** significant at 15 percent Table VII TobinQ -Model Promoter Ownership Prom Ownership 0-40 40.1-65 65.1-100 Independent variables coeff t coeff t coeff t (Constant) 0.924 0.791 2.691 1.366 3.798 1.868*** BSize 0.023 0.492 -0.017 -0.345 -0.044 -0.644 PrOwn -0.013 -1.135 0.028 1.295 0.031 1.361 LAge -0.028 -0.168 0.311 1.630*** -0.038 -0.095 LSize 0.074 0.540 -0.372 -2.583** -0.400 -2.188** Lev -0.010 -1.700*** -0.016 -2.168** -0.008 -0.721 SGrowth 0.000 -0.486 0.006 1.467 -0.005 -0.855 R 0.386 0.496 0.462 R square 0.149 0.24 0.213 Adjusted R square 0.007 0.181 0.101 F change 1.05 4.069* 1.9 * significant at 1 percent, ** significant at 5 percent, ***significant at 10 percent Higher promoter ownership leading to greater promoter control on the company was predicated in Hypothesis 5. To test this hypothesis, entire sample is classified into three groups, companies having promoter ownership less than equal to 40 percent, between 40 to 65 percent and above 65 to 100 percent. The results are presented in table VII that support our hypothesis 5. For companies having promoter ownership below 40 percent coefficient (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) is negative (-0.013). This may suggest that on lower levels of ownership control, promoters interest may not fully align with company. The companies having promoter ownership above 40, correlation was positively with firm performance with coefficient being greater for companies having more ownership control. This suggests that above certain ownership control on firm, promoter are able to drive the performance of company. CONCLUSIONS The study explores the relationship of board size and promoter ownership on the firm value for a sample of firms listed on Bombay Stock Exchange of India. Some results of the study are quite revealing in contrast to earlier Indian studies. As opposed to previous Indian studies, our results indicate a negative relationship between board size and firm value. This augments the previous international researches and establishes belief that board size is negatively associated firm performance. We also find significant difference between board size of small and large companies of our sample. The relationship between board size and firm value is less negative large companies than smaller ones. We find a significant positive association of promoter ownership with firm performance. The regression results suggest that firms with high ownership concentration of promoters have high market valuations (TobinQ). The findings show that below ownership control of 40 percent, the entrenchment effect is more pronounced and negative relationship exists. We may conclude that due to financial distress on Indian firms due to global financial crisis, larger boards may not able to strategic decision due to problem of coordination and communication resulting in lower firm value. In similar case, higher promoter ownership gives enough incentive and control to monitor and enhance firm value. The study contributes to existing literature of corporate governance on board size and insider ownership. The outcome of research gives firm support the agency theory that high ownership has more alignment effect resulting reduced agency cost. One of the important empirical considerations taken in our study is moderating effect of firm size on the board performance. The study looks upon insider ownership particularly that of promoters on company valuations. LIMITATION AND DIRECTION FOR FUTURE RESEARCH The current research along with its contribution has some major limitations. First, we have used only a small sample of 176 firms. The entire sample was classified into different categories to analyse further effect of board size and promoter ownership on firm performance. The classification has resulted in smaller sample size and some models were not significant. Second, model uses only one performance variable for ease of analysis while variables would also be merit consideration. Thirdly, the important aspect left out in our study pertains to board composition and other ownership patterns that may also affect firm performance. The current study opens avenue for future research ideas. Our research indicates a negative association between board size and firm performance, which is in contrast previous studies. This may be due fact that period of study is year 08-09 during which global financial crisis was persisting and Indian firms were under financial strain. Therefore, we firmly believe multidimensional approach for performance measurement with large sample size would be appropriate for future research. Investigating effect of other corporate governance variables like board structure and ownership structures on firm performance during period of our study would also provide new insights. Lastly, the qualitative analysis using primary data can give better insights and support our research.