Leadership and performance Literature review

Leadership and performance Literature review An overview of the topic of leadership styles summarizes that the existing studies on how performance is affected by leadership style is separated into important phases. Early studies on leadership (frequently categorized as trait studies on leadership) concentrated on identifying the personality traits which characterized successful leaders (Argyris, 1955; Mahoney et al., 1960). According to them successful leaders are naturally born and those they have certain native characteristics which distinguish them from non-leaders (see Stodgill, 1948). However, there was significant difficulty in validating these characteristics led to widespread criticism of this trait approach, signaling the emergence of style and behavioral approaches to leadership (Stodgill, 1948). Style and behavioral theorists shifted the emphasis away from the characteristics of the leader to the behavior and style the leader adopted (Hemphill and Coons, 1957; Likert, 1961). The primry conclusion of these studies is that adoption of democratic or participative styles by leaders are more successful (see, for example, Bowsers and Seashore, 1966). In this sense, these early studies are focused on identifying the one best way of leading. Similarly to trait theories, the major weakness of style and behavioral theories is the ignorance of how important role situational factors play in determining the effectiveness of individual leaders (Mullins, 1999). It is this limitation that gives rise to the situational and contingency theories of leadership (for example, Fiedler, 1967; House, 1971; Vroom and Yetton, 1974) which shift the emphasis away from the one best way to lead to context-sensitive leadership. Although each study emphasizes the importance of different factors, the general tenet of the situational and contingency perspectives is that leadership effectiveness is dependent on the leaders diagnosis and understanding of situational factors, followed by the adoption of the appropriate style to deal with each circumstance. However, recent studies on leadership have contrasted transactional leadership with transformational. Transactional leaders are said to be instrumental and frequently focus on exchange relationship with their subordinates (Bass and Avolio, 1993). In contrast, transformational leaders are argued to be visionary and enthusiastic, with an inherent ability to motivate subordinates (Bycio et al., 1995; Howell and Avolio, 1993). Although the brief summary above indicates that research into leadership has gone through periods of skepticism, recent interest has focused on the importance of the leadership role to the success of organizations. Fiedler (1996), one of the most respected researchers on leadership, has provided a recent treatise on the importance of leadership by arguing that the effectiveness of a leader is a major determinant of the success or failure of a group, organization or even an entire country. Indeed, it has been argued that one way in which organizations have sought to cope with the increasing volatility and turbulence of the external environment is by training and developing leaders and equipping them with the skills to cope (Darcy and Kleiner, 1991; Hennessey, 1998; Saari et al., 1988). These claims are based on the assumption of a direct link between leadership and organizational performance. This assumption requires critical review. Widely celebrated cases of a direct leadership-performance link may be found in numerous anecdotal accounts of improvements of company performance attributed to changes in leadership (see, for example, Nicholls, 1988; Quick, 1992; Simms, 1997). However, empirical studies into the links between leadership and performance have been lacking. One notable exception is the detailed study of the impact of leadership on performance in the somewhat surprising context of Icelandic fishing ships. Thorlindsson (1987) suggests that variations in the performance of different fishing ships, under identical conditions, can be accounted for by the leadership skills of captains. Over a three-year period, Thorlindsson (1987) revealed that the leadership qualities of the ship captains accounted for 35 to 49 per cent of variation in the catch of different crews. Other studies which examine the links between leadership and performance coincide with the re-emergence of the one best way to lead debate. Of particular relevance is the resurgence of interest into charismatic leadership, which is frequently referred to as transformational leadership (Bass and Avolio, 1993). A number of researchers theorize that transformational leadership is linked to organizational performance (see, for example, Bycio et al., 1995; Howell and Avolio, 1993). Conceptually, it is argued that the visionary and inspirational skills of transformational leaders motivate followers to deliver superior performance (Nicholls, 1988; Quick, 1992). In summary, much of the above evidence presented as supporting the claim of a leadership-performance link is anecdotal and frequently over-concentrates on the transformational role of leaders in corporate successes (for example, Quick, 1992; Simms, 1997; Taffinder, 1995). It would appear that few studies have responded to the observation of Porter and Mckibbin (1988) that much of the research reported as supporting this claim is either inconclusive or empirically suspect. The limited or inconclusive character of research findings in this area suggests the need to investigate further the nature of the relationship between leadership and performance. LEADERSHIP TYPOLOGIES Several different categories of leadership paradigms have been suggested by various researchers. For example, Bass (1985) stated that there are four dimensions of transformational leadership, three dimensions of transactional leadership, and a non-leadership dimension of laissez-faire leadership (Bass, 1985). Avery (2004) suggested categorizing leadership into four leadership paradigms, while Goleman (1995) prefers six leadership paradigms  [1]  . Despite Basss (1985) model being acclaimed as making a major contribution to leadership, his theory has been criticized for various reasons (Yukl, 1999). One criticism is that his model overemphasizes the importance of one or two leadership paradigms (e.g. transactional and visionary), omitting the classical and organic paradigms Bass asserts that visionary (transformational) leaders are nearly always more effective than transactional leaders, but others (e.g. Judge and Piccolo, 2004; Wallace, 1997) dispute this. While this in itself does not invalidate the concept of visionary leadership, Bass attributes more to visionary (transformational) leadership than perhaps he should. As Avery (2004) suggested, both transactional and visionary leadership are valid forms of leadership, but visionary leadership may be applicable more broadly, including in situations where there are insufficient resources for the manager to rely on supplying external rewards (Judge and Piccolo, 2004), or where t he situation is complex and ambiguous, and relies strongly on follower knowledge and commitment. Avery suggests that there are other situations in which transactional leadership is the appropriate form of leadership, such as when followers are unwilling or unable to commit to the leaders vision. In contrast with Basss (1985) model, Averys (2004) paradigms provide a broad basis allowing for different forms of leadership that have evolved at different times and in different places. The paradigms are useful for showing that there is no single best way of thinking about leadership, rather that different kinds of leadership reflect social and historical roots. Averys paradigms allow leadership to depend on the context, respond to organizational needs and preferences, and involve many interdependent factors that can be manipulated (Bryman, 1992; Shamir and Howell, 1999; Yukl, 1999). LEADERSHIP PARADIGMS AND MEASURES Avery (2004) proposes 13 indices to differentiate between her four paradigms: classical, transactional, visionary, and organic. The nine indices included in this review are decision making, range of staffs power, power distance between leader and the staff, key player of the organization, source of staffs commitment, staffs responsibility, situation of management and leadership in the organization, situation of diversity in the organization and situation of control in the organization  [2]  . These nine criteria are considered more relevant for differentiating the four leadership paradigms than the other four criteria. Each paradigm is discussed in turn, including the distinguishing characteristics using the above nine criteria. Classical leadership is probably the oldest paradigm with its origins in antiquity, and is still used in contemporary organizations (Avery, 2004). This paradigm reflected the prevailing view in the business literature until the 1970s when the human relations movement led to more of a focus on followers and their environment. According to Avery (2004), classical leadership refers to dominance by a pre-eminent person or an elite group of people. This leadership can either be coercive or benevolent or a mixture of both. This happens because the elite individual or group commands or maneuvers other members to act towards a goal, which may or may not be explicitly stated. The other members of the society or organization typically adhere to the directives of the elite leader, do not openly question their directives, and execute orders largely out of fear of the consequences of not doing so, or out of respect for the leader, or both (Avery, 2004). Classical leadership has some limitations. The first occurs where the leader cannot command and control every action, particularly as situations become more complex and beyond the capacity of one person; or when additional commitment from followers is needed to get a job done, such as in reacting to changing circumstances; or when ideas about leadership change and followers no longer accept domination, or follower commitment starts to wane for other reasons. Another limitation is that this paradigm often relies on the idea of a great person, implying that only a select few are good enough to exercise initiative, and this belief can encourage followers to deskill themselves and idealize the leaders. Followers then seek and hold little power, leave the leader accountable for organizational outcomes, and make relatively little contribution to the organization (Avery, 2004). According to the nine distinguishing indicators, under the classical leadership paradigm leaders normally use an autocratic style for making decisions, invo lving followers in the decision making process never or very little; they do not empower followers. Followers have almost no power in the organization and as classical leaders tend to be highly directive, followers can be unskilled. The source of followers commitment comes from their fear of or respect for the leaders; the technical system becomes more regulating; the operations in the organization become more routine and predictable; and the organization is highly controlled by the leaders (Avery, 2004). A transaction or exchange process is the basis of the commonly employed transactional leadership paradigm (Evans and Dermer, 1974; House and Mitchell, 1974). The transactional leader recognizes subordinates needs and desires, and then clarifies how those needs and desires will be met in exchange for subordinates work. By clarifying what is required of subordinates and the consequences of their behaviors, transactional leaders are able to build confidence in subordinates to exert the necessary effort to achieve expected levels of performance. According to Judge and Piccolo (2004), three dimensions of transactional leadership are contingent reward, management by exception-active, and management by exception-passive. Contingent reward is the degree to which the leader sets up constructive transactions or exchanges with followers. The leader clarifies expectations and establishes the rewards for meeting these expectations. In general, management by exception is the degree to which the le ader takes corrective action on the basis of results of leader-follower transactions (Judge and Piccolo, 2004). As noted by Howell and Avolio (1993), the difference between management by exception-active and management by exception-passive lies in the timing of the leaders intervention. Active leaders monitor follower behavior, anticipate problems, and take corrective actions before the behavior creates serious difficulties. Passive leaders wait until the behavior has created problems before taking action (Howell and Avolio, 1993; Judge and Piccolo, 2004). According to Avery (2004, p.34), under the transactional leadership paradigm, leaders adopt a consultative style for making decisions. They engage in different degrees of consultation with individual followers, but the leaders remain the final decision-makers. Leaders do not very often empower followers, and followers have very low power in the organization apart from being able to withdraw from or contribute more of their labor. Compared with classical leadership, under transactional leadership the source of followers commitment comes from the rewards, agreements, and expectations negotiated with the leader rather than from their fear of, or respect for, the classical leader. The technical system becomes more regulating, the operations in the organization become more routine and predictable, and the organization is mostly highly controlled by the leaders. Avery (2004) argues that under transactional leadership, the followers knowledge base can be somewhat higher than under classical leadership. Compared with classical leaders, transactional leaders require staff somewhat more skilled on specific tasks. In the last three decades, visionary (transformational, charismatic) leadership has received increasing attention (Bass, 1985, 1998; Burns, 1978; Conger and Kanungo, 1987; House, 1977). It added a new dimension to organizational studies, namely the visionary aspect of leadership and the emotional involvement of employees within an organization. The basic notion is that a visionary leader can create an impression that he or she has high competence and a vision to achieve success. Subordinates are expected to respond with enthusiasm and commitment to the leadership objectives, and may be recruited because they share the vision. Bass (1985, 1998) developed a theory of visionary or transformational leadership whereby the leader inspires and activates subordinates to perform beyond normal expectations. According to Avery (2004), visionary leadership has limitations, even with the current literatures overwhelmingly positive view of it. Nadler and Tuschman (1990) pointed out that the unreal istic expectations followers often place on visionary leaders can create disappointment if things do not work out. Followers can become dependent on visionary leaders, believing that the leader has everything under control. Also, innovation can be inhibited if people become reluctant to disagree with a visionary leader. Avery (2004, p.39) distinguishes the visionary leadership paradigm from the other three paradigms as follows. First, leaders employ a collaborative style for making decisions. They share problems with their followers and seek consensus before the leaders make the final decision. Visionary leaders empower their followers, giving followers a much higher level of power in the organization than classical and transactional leadership. This is essential because the leader needs the followers input and commitment to realize his or her goals. Followers of visionary leadership need sufficient power to work autonomously towards a shared vision. The source of followers commitme nt comes from the influence of the leaders charisma and/or the shared vision, the technical system becomes still more complex, operations become more uncertain and unpredictable, and the organization is jointly controlled by the leaders and their followers. Regarding the followers knowledge base, visionary leadership requires skilled and knowledgeable workers who are attracted to, and share the leaders vision, and can contribute to realizing the vision. The fourth paradigm, organic leadership, is relatively new to organizational studies. Recently introduced by Drath (2001) and expanded by Avery (2004), organic leadership is likely to blur the formal distinction between leaders and followers. This paradigm relies on reciprocal actions, where team members work together in whatever roles of authority and power they may have, not based on position power (Hirschhorn, 1997; Raelin, 2003; Rothschild and Whitt, 1986). Employees become interacting partners in determining what makes sense, how to adapt to change, and what is a useful direction. Rather than relying on one leader, organic organizations are likely to have many leaders. Multiple leaders are valuable because as people cope with heterogeneous and dynamic environments, the knowledge and issues become too complicated for only a few leaders to understand (Avery, 2004). Organic leadership allows for people with different degrees of expertise on current issues to emerge and be accepted by the group as leaders. In addition, under organic leadership, there may be no formal leaders and the interaction of all organizational members can act as a form of leadership, held together by a shared vision, values, and a supporting culture. Under this paradigm where an organization has no formal leadership structure, an integrator role may emerge to actively link together the many parts of the organization (Avery, 2004). The emphasis is on emerging leadership rather than on people being appointed to leadership positions. However, Kanter (1989) argued that the downside of organic leadership that advocates autonomy, freedom, discretion and authorization may result in loss of control and greatly increased uncertainty. It is important to recognize that organic leadership is about generating a form of self-control and self-organization, where people have a clear sense of purpose and autonomy within a particular context (Meindl, 1998). This idealized organic leadership paradigm requi res differentiating from classical, transactional, and visionary leadership concepts by not relying on formal leaders. Furthermore, the enterprise has to trust in the capacity of its members to solve problems and make decisions in the interests of the organization. This idea clearly relies upon self-leading organizational members (Avery, 2004). According to Averys (2004, p. 39) distinguishing characteristics, under organic leadership an organization adopts a mutual agreement style for making decisions. Decisions need not be unanimous but can be based on consensus. The members have a high degree of power as a result of this shared leadership. Accountability and responsibility are shared as well. The source of followers commitment is based on the values and visions shared by all the members in the organization; a strong, shared culture; a technical system that is highly complex; operations in the organic organization become more self-organizing and unpredictable; formal control is pro vided by peer pressure and group dynamics, and a shared culture, vision, and values. Members are self-managing. Organic leadership seems particularly appropriate for professional and knowledge workers in dynamic, chaotic situations. This leadership paradigm relies on attracting and retaining highly trained and knowledgeable staff with self-controlling capabilities

Slovakia Economic Analysis :: essays papers

Slovakia Economic Analysis Country: Slovak Republic Formation of the Slovak Republic The Slovak Republic, or Slovakia, is located in Eastern Europe with a population of 5.4 million people and borders the countries of Poland, Austria, the Ukraine, and the Czech Republic (The World Bank). As originally part of the former nation of Czechoslovakia, the Slovak Republic has only recently begun to write its own history (Abizadeh, p. 171). During 1989 many revolts took place against eastern European governments under communism, including Czechoslovakia (Slovakia.Org, â€Å"20th Century†). Both Slovaks and Czechs staged massive protests against communism in Czechoslovakia and ended the communist regime in November 1989 (Slovakia.Org, â€Å"20th Century†). Under the new non-communist system of government, the two republics of Czechoslovakia were established: the Slovak Republic and the Czech Republic (Embassy of the Slovak Republic). In June 1990, with the federal and republic-level governments in place, free elections were held for the first time in the country since 1946 (Slovakia.Org, â€Å"20th Century†). The main concern of the new government was the transformation of Czechoslovakia from a state-controlled to a free market economy (Embassy of the Slovak Republic). Disputes arose between the two republics about reform process which focused on privatization, the encouragement of foreign investment, policy of macro-economic stabilization, price liberalization, and liberalization of foreign trade (Slovakia.Org, â€Å"20th Century†). The Czech Republic was more economically developed than the industrial-based economy of Slovakia (Slovakia.Org, â€Å"20th Century†). The transition to a market economy left the Slovak Republic to endure greater economic hardships than the Czech Republic (Sovakia.Org, â€Å"20th Century†). For example, the federal government chose to dramatically cut the country’s defense industry, resulting in a large decrease in industrial production and a large rise in unemployment in Slovakia (Slovakia.Org, â€Å"Slovak Economy†). This took place because the economy that rose out of the communist era in Slovakia was based on industrial production, particularly on weapons and military equipment (Slovakia.Org, â€Å"Slovak Economy†). There was a great difference of opinions between the Slovaks and Czechs about the nature and pace of economic reform in Czechoslovakia (Slovakia.Org, â€Å"20th Century†). The disagreements delayed the reform process and also the acceptance of a new constitution (Slovakia.Org, â€Å"20th Century†). It became obvious that the current form of government could meet the demands of both republics. As a result, Slovakia declared its sovereignty in July 1992, in other words, its laws took higher priority than those of the federal government (Slovakia.

What Is Cabin Crew

Who is a Cabin Crew? A Cabin Crew for a commercial flight is a person who is hired and employed by the airline’s authority to work for the airline. A cabin crew is also known as flight attendant, steward/stewardesses , air host/ air hostess. The primary job responsibility of a cabin crew or air host/ air hostess is to ensure the safety of the passengers, assist the passengers and to ensure comfort for them. Job Responsibilities of a Cabin Crew: Though the primary and main job responsibilities of a air hostess / cabin crews is to ensure the safety and comfort of the passengers but they have others responsibilities as well. The list of job responsibilities of a cabin crew are listed below: †¢Ensuring the passengers’ pleasant journey. †¢Welcoming passengers on board and directing them to their seats. †¢Administering first aid. †¢Ensuring that safety and security regulations. †¢Preparation and serving or selling of on-board food and beverage. Making announcements on behalf of the pilot and answering passenger questions during the flight. †¢Assuring passengers to follow the correct emergency procedures. †¢Offering comfort items including magazines, newspapers, blankets, pillows, hot towel service to the passengers. †¢Distributing custom forms on international flights and assist passengers with their proper completion prior to landing. †¢Ver ifying Boarding particulars. †¢Conducting cabin checks every 15–30 minutes, especially during night flights. †¢Checking on the passengers, and listen for any unusual noises or situations. Ensuring all equipment such as life-vests, torches and firefighting equipment are on board, in proper condition & in the right quantity. †¢Reporting any unserviceable or missing items prior to takeoff. †¢Monitoring the cabin for any unusual smells or situations. †¢Maintaining certain precautions such as keeping doors disarmed or open during fueling on the ground. †¢Demonstrating the safety features of the aircraft to the passengers. †¢Assisting the loading of carry-on baggage, checking for weight, size and dangerous goods. Securing the cabin by ensuring tray tables are stowed, armrests down and carryovers stowed correctly, seats are in their upright positions, seat belts fastened prior to takeoff. †¢Checking the lavatory to ensure the smoke detector ha sn’t been deactivated. †¢Checking regular cockpit to ensure the pilot’s health and safety. †¢Ensuring passengers disembark safely at the end of a flight & checking if there is any luggage or baggage left in the overhead lockers. †¢Crosschecking prior to landing. †¢Completing paperwork, including writing a flight report.

Analysis of Important Quotes in The Things They Carried

1. â€Å"In any war story, especially a true one, it’s difficult to separate what happened from what seemed to happen. What seems to happen becomes its own happening and has to be told the way. â€Å" (71) Significance: This quote describes the entire style in which the book is written. Tim O’ Brien writes the novel as though it is a memoir, but this isn’t the case. In the copyright information, readers learn that most of the events, with a few small exceptions, were fabricated. Once the reader knows this fact, there is bound to be a curiosity of which portions of the book are actually based on O’ Brien’s life. This quote looks at the â€Å"fictional† Tim O’Brien’s view of war stories. He says that memory doesn’t always serve a person well when†¦show more content†¦It was a Vietnam soldier, but that didn’t change O’Brien’s feelings about the situation. He still sees himself as guilty for the death of the young men. Not only that, but he begins to imagine the back story of the young man, which makes dealing with his killing even harder. 4. â€Å"Generalizing about war is like generalizing about peace. Almost everything is true. Almost nothing is true.† (81) Significance: While O’Brien is saying that his personal belief is that generalizations cannot be made about war, this idea is major throughout the entire novel. No generalizations can be made about any situation in a war. Everyone will have a story from the war all their own. The book begins with a great example of this, by listing all the things the men have brought with them and the reasons behind this. Various chapters throughout the book document the way the soldiers are coping with the horrors they’re seeing. O’Brien used his writing. Kiowa had his bible and his religion. Bowker found no way to cope that he could find on this planet. There is no one way to generalize the effects a war will have on a person. 5. â€Å"I survived, but it’s not a happy ending. I was a coward. I went to war.† (61) Significance: This quote is important for a number of reasons. First of all, at a very basic level, this is what sets the whole story in motion. O’Brien was considering fleeing the country and not participating in his supposed civic duty. However,Show MoreRelatedDogs, By Alexandra Horowitz And Leslie Irvine s Books1271 Words   |  6 Pageseach other, howling in the occasion, and even biting each other. Is this behavior aggressive? Functional? Or is it just something dogs do for fun. In Alexandra Horowitz and Leslie Irvine’s books, they note that play of dogs is an important activity that will even be carried into their adulthood, and they both recognize that play is a complex social activity beyond simple fun. 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History and Pros of Animal Testing Essay - 1233 Words

History and Pros of Animal Testing Abstract: Animal research refers to the use of non-human animals for testing or experimenting on. The first recorded use of animals for testing started with the Greeks in the third and fourth century BC. The use of animals for testing is usually in the basic fields of; biomedical research, security, evaluation and education of a product. It is estimated that almost 50 million—100 million animals are tested on and killed annually, but this is usually done to make a product safer for humans. Part one: History There has been no earlier reference to testing of animals, than in the writing of the Greeks. In about the third or fourth century BC, Aristotle (384-322 BC) and Erasistratus (304-258 BC) were†¦show more content†¦However, one of the most famous animal testing happened in 1996; Dolly, the first mammal to be cloned, was born. In history, animal testing has brought a lot of scientific accomplishments but, along with the accomplishments there have also been a lot of preventions of animal testing in history as well. In 1789, an animal testing moral debate was started by Barristor and Jeremy Beuthom they were quoted to say, â€Å"Can the animals suffer?† (CAAT) After this debate in 1813 by the two debaters, Marshall Hall proposed a Code of Ethics for experimenting on animals. In England of 1895, Queen Victoria asked to condemn the horrible practice of testing on animals. However, a British surgeon testified that this would restrict and prevent further scientific discoveries. In 1876, right before the Pasteur used animals to study infectious disease, the British Curelty to Animals Act was unveiled. In this act animal testers had to apply for a license each year before testing on animals. And also any experiments that would inflict pain to the animals would need special permissions. 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The Significance of the Black Death in Europe - 1916 Words

The Significance of The Black Death In Europe The Black Death, which swept across Europe between 1347 and 1351, had significance in all areas of life and culture: economic, social, psychological, and even religious. It ushered in a new age for all of Europe, in many ways speeding up the change from the medieval to modern era. In under a five year time span, one-third of Europe’s population died. There is some speculation that the toll was actually more than one-third, and could have reached as much as one-half. Entire towns and cities were completely decimated by the illness in extremely brief periods of time. The arrival of the plague, and the speed with which it spread, struck panic across the continent as a whole. It would be†¦show more content†¦Florence was not as fortunate, losing an estimated four-fifths of its population (Sherman, p 283). After the disease had traveled along most of the trade routes of Europe, its course became more scattered, touching Bavaria, making its way to Germany, and eventually reaching Britain. In Spain and Portugal, the plague came inland from the port cities at a slower pace than Italy and France. Spain was the only country to lose a ruling monarch to the disease, King Alfonse XI of Castile. He refused to leave his troops and isolate himself, becoming ill, and finally dying on March 26, 1350. There were few areas of Europe that escaped, those areas being lightly-populated, and lightly-traveled. Highly-populated cities suffered the most, losing huge numbers of inhabitants. It is estimated that Paris, for example, lost as much as half its population (Sherman, p 283). There has been some debate as to exactly which illness struck Europe. More than one type of plague exists, with the two most prevalent being the Bubonic and Pneumonic. 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Case Study Athina free essay sample

Purpose: Recommendations for the CFO of Athina Building Supplies Ltd. We are writing to you on behalf of IV Consulting Group after closely examining the financial statements of your national retail and commercial building supplier chain, Athina Building Supplies Ltd. ’s. We have stumbled upon several issues, which will be discussed in detail below. We have prepared an insightful report on our findings and recommendations as asked for by the CFO of the national chain. Though the CFO is whom we are reporting too, we have considered how our advice will affect other key stakeholders of Athina such as the investors and CRA (assuming it is a Canadian firm), as it is inevitable to undermine the recommendations’ impact on them as well. First and foremost, even though Athina Building Supplies Ltd. is now a private business it was once linked to a national chain. Assuming the national chain complied under IFRS, it would prove more reasonable to incur less costs of switching to ASPE and also to continue using IFRS in case Athina requires a bank loan or ultimately plans for an IPO in the future (since investors currently are foreseeing success and growth for Athina). Athina was sold to its present investors for $1,000,000 as they believed that the stores would be more successful if they were managed by companies with expertise in the particular department. If Athina earns a net income of over $500,000, it must pay 25% to the national chain up until 2019 (2017-2019). Athina has recently closed their 2017 financial statements and have a new income of $510,000. This reveals that according to Athina investors, the national chain is presently owed $2,500. The users of the financial statements would most importantly be the CFO, followed by the investors. The CFO and investors have two very contradicting objectives, on one hand, the investors will want to minimize their income because if their income exceeds $500,000, 25% of it must be paid to the national chain for the next three years (from 2017 to 2019). On the other hand, the CFO will want to maximize Athina’s net income to guarantee receiving 25% from investors. The last objective, stewardship was also kept in mind while reaching to a conclusion because Athinas investors are responsible for managing it on behalf of the national chain thus they must report their financial statements to the national chain. In this report we will be focusing on income maximization as the main objective since the CFO is the primary user. We will also be considering income minimization and stewardship as secondary objectives to show opposite impacts. ISSUE 1 As a retail and commercial building supply dealer, Athina does business in cash and credit transactions. Customers are given up to 90 days to pay, and no customer has defaulted on any amounts they owe as of yet. As of December 31, 2017 customers owe $275,000 and costs associated with this revenue is $150,000 however Athina does not recognize these sales as revenue because cash has not been collected yet. In efforts to support the primary objective, the $275,000 should be recognized right away since all five IFRS criteria is met by doing so (Refer to Appendix 5). Once the sales have been made the risks and rewards of ownership are transferred to customers thus Athina no longer has control. The figure of the amount for revenue and cost is clear and collection is reasonable as Athina has mentioned no customer has ever defaulted. With all of this in mind, there is no reason Athina cannot recognize the $275,000 except that it will not meet their income minimization objective, but it will meet the CFO’s objective. Thus the $275,000 and the matching cost of $150,000 should be recorded right away. ISSUE 2 In 2017, it was discovered that certain assets purchased several years ago were not depreciated. It is inevitable to avoid expensing the depreciation cost of $175,000 for these assets, however in order to comply with the primary objective and still correctly report the depreciation expense in the 2017 financial statements, a solution has come to our attention. Generally, depreciation expenses with assets are recorded right away, yet Athina’s management failed to do so as an error and therefore this can be seen a usual/non-recurring item. The solution is to deduct the $175,000 as an unusual/non-recurring expense after a net income has been calculated for the business’s normal transactions (Refer to Appendix 1). Objectives of the investors will not be met with this solution as it maximizes income and pay out amount, but their method is still correct as well. ISSUE 3 In mid-2013 (assuming April), Athina obtained a five year dealership for kitchen cabinets, the contract was not renewed in 2017 but $210,000 were spent by Athina within 2013-2107 to set up displays to promote the line. $210,000 was capitalized and amortized over 10 years, and since it was discovered the products will not sell beyond April 2018, the unamortized portion was written off. The displays’ expense at December 31, 2017 becomes $105,000, meaning a remainder of another $105,000 is left to be expensed. (Refer to Appendix 2) In order to support the primary objective, and also provide a benefit for Athina’s management, the remaining $105,000 should have not been written off in 2017 but instead in 2018. This is beneficial in two ways, not expensing the amount in 2017 meets the CFO’s income maximization objective and for Athina’s management, because they are now aware they will not be able to sell the products beyond 2018, they should still use the remaining displays they have to sell as much of the product possible before April 2018 to attempt to cover or reduce the write-off cost. With this attempt, they are also not violating the matching principle in case they do make sales in 2018, then they will have the write-off cost to match with their revenue (Refer to Appendix 2). ISSUE 4 From examining the income statement and balance sheet for the year-end 2017, we learned that Athina purchased fairly old and poor condition heavy equipment at an auction for $225,000 and thus it needed repairs worth $125,000. These repairs prolonged its life for at least another ten years. The $225,000 was capitalized and $125,000 was expensed. Whether the $125,000 is a repair expense or betterment, is ambiguous therefore it is up to Athina to decide if capitalizing or expensing it is more beneficial to their reporting objectives. We as consultants believe, the repair cost of $125,000 should not have been expensed, but rather capitalized making the equipment worth $350,000 (225,000+125,000). Although the $125,000 was the cost to repair the old equipment, it was made to improve the asset and increase its useful life hence making it betterment. When this asset is capitalized, the cost would be spread out over ten years and just the yearly depreciation would be expensed. By eliminating the repair expense of $125,000, the net income and retained earnings are increased, subsequently, and comply with the CFO’s objective. Since income maximization is the primary objective, it is vital to capitalize the equipment for $350,000 and record a depreciation expense of $35,000 annually. Even though for Athina, the alternative of expensing the repair would mean a lower net income and compliance with their objective, it is a poor managerial decision because the equipment has more value now due to its extended life, which occurred only because of the repair and this must be acknowledged (Refer to Appendix 3). ISSUE 5 On July 15 2017, Athina signed a ten-year contract for $200,000 (non-refundable fee) with J. Alexander Songs Plumbing Ltd. to run their plumbing department. Capitalizing this asset is inappropriate because according to IFRS, it has no future benefit hence should be recorded as revenue. This revenue could be recorded in two ways. The first option is to recognize the $200,000 all at once or recognize it as unearned revenue and recognize the revenue over the term of the contract. Both are valid options and follow the five revenue recognition criteria set by IFRS (refer to Appendix 4). The alternative that maximizes the net income and meets the primary objective is recognizing all of $200,000 at once. Once the contract has been signed and the $200,000, non-refundable fee has been handed over to Athina, risks and rewards of ownership are transferred to J. Alexander Songs Plumbing Ltd. The figure of the amount for revenue and cost is clear and collection of the fee has already occurred, also displaying Athina no longer having control over the department. The second alternative meets the same criteria but does not match primary objective as you record portions of the $200,000 ($20,000 each year=$200,000/10years) as it is earned. Since the main objective is to increase net income, and all five revenue recognition criteria have been met under IFRS, there is no constraint forbidding Athina to record it in 2017. This is not ideal for investors, as they now have to pay a larger 25% from the net income, but legal for the CFO to request of Athina to report the total amount all at once. To conclude, the net income before unusual or non- recurring items after the recommendations have been implemented is $1,240,000. The payout to the national chain is $ 310,000 (25%) as opposed to the previous $2,500 (Refer to Appendix 5). This benefits the national chain in two ways- first, the increase of their net income and cash complies with the CFO’s main objective of increasing net income and secondly, an increase in revenue due to the success of Athina will attract other investors to invest in Athina, continuously making it a growing and prosperous business. Appendix 1 Entries performed by Athina Management: Dr. Depreciation Expense 175,000 Cr. Accumulated Depreciation 175,000 To record the depreciation expense Dr. Net Income175,000 Cr. Depreciation Expense175,000 To close the depreciation account for the period ending 2017 Recommended Entries by IV Consulting Group: Dr. Depreciation Expense 175,000 Cr. Unusual/Non-recurring Items 175,000 To record depreciation expense Dr. Net Income175,000 Cr. Depreciation Expense175,000 To close the depreciation account for the period ending 2017 Adjusted Net Income Before Unusual/ Non- Recurring Items (December 31st, 2017) $1,240,000 Athina’s Final Net Income After Unusual/ Non- Recurring Items (December 31st, 2017) $1,065,000 $1,240,000-$175,000= $1,065,000 Appendix 2 Cost of Displays: $210,000 (assumed to be bought April 2013, â€Å"mid-2013†) Number of Useful Years: 10 years Conjecture Residual Value: $0 Conjecture Depreciation Method: Straight-Line Depreciation Expense, Year Ended 2017= ($210,000/10 years) x 5 years = $105,000 Unamortized Amount, Year Ended 2017 = $210,000 -$105,000= $105,000 Write off Expense for 2017= $0 Write-off for 2018 (regardless of additional revenue made prior April 2018) = $105,000 Appendix 3 Correct Entry: Dr. Equipment 350,000 Cr. Cash 350,000 Record Purchase of Equipment Incorrect Entry: Dr. Equipment 225,000 Dr. Repair Expense 125,000 Cr. Cash 350,000 Record purchase of equipment Appendix 4 Criteria provided by IFRS for identifying the critical event for recognizing revenue on sale of goods is: a Significant risks and rewards of ownership have been transferred from the seller to the buyer—performance b The seller has no involvement or control over the goods sold—performance c Collection of payment is reasonably assured—collectability d Amount of revenue can be reasonably measured—measurability e Period/Product costs of earning the revenue can be reasonably measured (Freidlan, 171)1 Appendix 5 Net Income (December 31, 2017) $510,000 Adjustments Revenue from Builders and Contractors $275,000 Revenue: non-refundable contract fee 200,000 Cost of Goods Sold (150,000) Depreciation Expense Reversal, considered a unusual or non-recurring item 175,000 Write-off Reversal 105,000 Repair Expense Reversal 125,000 Net Income Before Unusual or Non- Recurring Items (December 31, 2017) $1,240,000 Payout to National Chain (25% of Net Income) 310,000 Unusual or Non- Recurring Items Expense (175,000) Net Income After Unusual or Non- Recurring Items (December 31, 2017) $1,065,000