Dividend And Retention Policies Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3930 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Tata Steel Ltd is the worlds 10th largest steel company and the worlds 2nd most geographically diversified steel producer. The company is a diversified steel producer with major operations in India, Europe and South East Asia. They have manufacturing units in 26 countries and a presence in 50 European and Asian markets. Don’t waste time! Our writers will create an original "Dividend And Retention Policies Finance Essay" essay for you Create order The company together with their subsidiaries, engages in the manufacture and sale of steel products in India and internationally. They offer hot and cold rolled coils and sheets, galvanized sheets, tubes, wire rods, construction rebars and bearings. The company also involves in prospecting, discovering, and mining iron ore, coal, ferro alloys, and other minerals; designing and manufacturing plants and equipment for steel, oil and natural gas, energy and power, mining, railways, ports, aviation, and space industries; and agricultural implements. Further, they offers alumina, dolomite, and monolithic refractories, as well as silica refractories for coke ovens and the glass industry; manufactures bricks; sponge iron lumps and fines; and rolls for applications in integrated steel plants, power plants, and government mint, as well as paper, textile, and food processing sectors. Tata Steels operations are grouped under six Strategic Business Units include Bearings Division, Ferro Alloys an d Minerals Division, Agrico Division, Tata Growth Shop (TGS), Tubes Division and Wire Division. They have introduced several branded steel products, including Tata Steelium (the worlds first branded Cold Rolled Steel), Tata Shaktee (Galvanised Corrugated Sheets), Tata Tiscon (rebars), Tata Pipes, Tata Bearings, Tata Structural, Tata Agrico (hand tools and implements) and Tata Wiron (galvanised wire products). Tata Steel Ltd was incorporated in the year 1907 with the name Tata Iron Steel Company Ltd. In the year 1911, the company commenced the operations of the first Blast Furnace or the A Blast Furnace. In December 2, 1911, the fist collieries were obtained and the first cast of pig iron was produced. In they ear 1912, the first ingot of steel rolled out of the Sakchi Plant and in October 1912, the Bar Mills started their commercial production. Also, the B Blast Furnace became operational during the year. In the year 1918, Indias first steel (coke) plant was established in Jamshedp ur. In the year 1925, the New Rail Mill, Merchant Mill and Sheet Mill went into operation. In the year 1931, they opened a apprentice shop. In the year 1941, they started manufacture of special steel for war purpose. They produced a wide variety of special steels required for defense purposes including armoured cars called Tatanagars. In the year 1943, Howrah Bridge was constructed from steel supplied by the company. In the year 1955, the company signed an agreement with Kaiser Engineers for two million tonne expansion programme. In the year 1980, they started the first phase of the four-phased modernisation programme. In the year 1984, the company introduced BOF steelmaking, which could produce liquid steel in forty five minutes when it took the old open hearth furnaces, close to five hundred under the first phase of modernisation. During the year 1984-85, Indian Tubes Company Ltd was amalgamated with the company. The second phase of modernisation was in the year 1988, which concen trated largely on the iron-making area. During the year 1993-94, the company commissioned the Hot Strip Mill with the capacity of one million tonne per annum which was the companys third modernisation programme. In the year 2000, the company inaugurated the 1.2 million tonnes Cold Rolling Mill Complex as a first step towards expansion and modernisation. In January 2, 2004, The Indian Steel Wire Products Company was acquired at Jamshedpur. In June 4, 2005, the company signed an MoU for setting up a five-million tonne per annum Greenfield integrated steel plant in the Jagdalpur district of Chhattisgarh. In July 2005, they formed a joint venture with Blue Scope Steel Ltd, Australia for quoted steel manufacturing facility. In July 21, 2005, the company acquired stakes in the Australian coal mines. In August 2005, the company set up Met coke manufacturing facility in West Bengal. In September 19, 2005, the company signed an MoU with the Government of Jharkhand for setting up a 12-million tonnes per annum Greenfield integrated steel plant in the Manoharpur and Chandil areas of Jharkhand. In December 14, 2005, they signed definite agreement with Cementhai Holding Company to acquire shares and invest equity in the Milennium Steel, Thailand. Also, the name of the company was changed from Tata Iron Steel Company Ltd to Tata Steel Ltd with effect from May 19, 2005. In the year 2006, the company inaugurated Indias first automated Jigging and Hydrocyclone Plant, with a 1.6 MTPA throughput, at Noamundi Iron Mines. They commenced the work on Ferro Chrome Plant by acquiring Rawnet Ferrous Industries Pvt Ltd, in Orissa, a Ferro Alloys plant with a capacity of 50,000 tpa of high carbon chrome. They set up a Joint Venture Company with Larsen and Toubro Ltd for developing an all weather modern deep water port in the state of Orissa on the Eastern Coast of India. Tata NYK Shipping Pte Ltd, a joint venture shipping company between the company and Nippon Yusen Kabushiki Kaisha was set up to cater to dry and break bulk cargo and also the shipping activities. In August 7, 2006, the company inaugurated the Roll Forming and Pre-Engineered Building Facilities of Tata Bluescope Ltd at Pune. In April 2, 2007, the company acquired Corus Europes second largest steel producer for consideration of USD 12 Billion, which made Tata Steel the sixth largest steel producer globally and the second-most geographically diversified steel producer in the world. They also entered into an agreement for acquiring controlling equity stake in two rolling mills located in Haiphorg, Vietnam. Also, they signed a joint venture agreement with Riversdale Mining for Mozambique coal project. In December 2007, the company and SODEMI (state owned company for mineral development) entered into joint venture agreement for the development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa). In January 2008, the company and the members of the Al Bahja Group, a leading business house of Oman entered into a Joint Venture Agreement for the development of the Uyun Limestone deposits at Salalah in the Sultanate of Oman. Also, they entered an agreement with Steel Authority of India Ltd (SAIL) to establish a 50:50 joint venture company for coal mining in India. In February 2008, they opened their fourth retail outlet, steeljunction at Behala. During the year 2008-09, the company completed the expansion of crude steel capacity to 6.8 mtpa as part of their expansion programme. Also, they commissioned Sinter Plant No. 4, the H Blast Furnace and the Continuous Caster No. 3 at LD Shop-1 during this expansion phase. In June 16, 2008, the company and their wholly owned subsidiary, Rawmet Ferrous Industries Ltd entered into an agreement with Jasper Industries Pvt Ltd for set up a coal based power plant of 2 X 67.5 MW capacity in Orissa. In September 2008, the company through their subsidiaries signed a Heads of Agreement memorandum with New Millennium Capital Corporation (NML), a Ca nadian listed mining company aiming to develop iron ore projects in Northern Quebec, Labrador and Newfoundland provinces. As part of the restructuring of the overseas holdings, the company transferred their stake in Tata Steel (Thailand) Public Company Ltd to Tata Steel Global Holdings Pte Ltd. The company subscribed 35,88,022 rights shares of Tayo Rolls Ltd and consequently, Tayo Rolls Ltd has become a subsidiary of the Company with effect from December 01, 2008. In October 22, 2009, the company and Mineral and Metal Trading Company Ltd signed an agreement to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals. During the financial year 2009-10, Hooghly Met Coke and Power Company Ltd was amalgamated with the company with effect from April 1, 2009. The construction of a warehousing shed and a building for a power receiving sub-station had started at one corner of the plant area. They increased the production capacity of Crude Steel from 61,10,000 tonnes to 68,00,000 tonnes, Saleable Steel from 58,40,000 tonnes to 65,00,000 tonnes and Welded Steel Tubes from 2,84,000 tonnes to 2,88,000 tonnes. In October 2009, the company entered into agreement with MMTC Limited, a Central Government undertaking and established a joint venture company for acquiring, developing and operating mines and processing of minerals and metals. In November 2009, they signed a Joint Venture Agreement with NML, to advance the development of the DSO Project. In January 2010, the company entered into an MoU with NMDC Ltd, to explore the possibility of acquisition, exploration and development of mines, extraction and processing of minerals, setting up integrated steel plants and other businesses of mutual interest. In April 6, 2010, the company entered in an MoU with Nippon Steel Corporation (NSC), Japan for setting up a Continuous Annealing and Processing Line at Jamshedpur, India with 0.6 mtpa capacity. In June 2010 , the company subscribed to a private placement of Canadian $20 million by NML pursuant to which Tata Steel Global Minerals Holding Pte Ltd holds a 27.4% stake in NML. In June 2010, the company and Tata Metaliks Ltd entered into an MoU with the Government of Karnataka in June 2010 for setting up an integrated steel plant of 3 mtpa in Agadi and Boodagatti villages of Haveri District, Karnataka. In August 2010, the companys subsidiary Corus UK Ltd and Sahaviriya Steel Industries Public Company Ltd (SSI) signed an MOU which sets out the scope of a potential transaction whereby SSI would acquire from Corus the Teesside Cast Products (TCP) business in a transaction valued at approximately USD 500 million. Tinplate Company of India Ltd became a subsidiary of the company with effect from April 01, 2011, consequent to increase in the companys shareholding in the Tinplate Company of India Ltd from 42.88% to 59.45%. This increase is due to automatic and compulsory conversion of 3% fully conve rtible debentures of Rs 100 each held by the company into equity shares on April 01, 2011. In April 2011, the company and Krosaki Harima Corporation (KHC) signed definitive agreements to induct KHC as a strategic partner in Tata Refractories Ltd (TRL). Under this arrangement, KHC will acquire 51% equity stake out of TSLs current 77.46% stake in TRL. As per the scheme of amalgamation, Centennial Steel Company Ltd, a wholly owned subsidiary company was amalgamated with the Company with effect from September 27, 2011. In January 2012, the company secured a contract from Siemens Wind Power to supply 25,000 tones of profiled steel plate for wind towers. Tata Steel will deliver 25,000 tones of profiled plate (cut into the desired shape) between April and September 2012. The company is implementing an expansion project at Jamshedpur Works to increase its crude steel capacity from 6.8 million tonnes per annum to 9.7 million tonnes per annum. The facilities under this project are scheduled t o be completed in FY 2011-12. Simultaneously, the Company is implementing a few other major capital schemes at Jamshedpur which include Coke Plant Battery No. 11, Coke Dry Quenching at Coke Ovens Batteries 5, 6 7 and a new mill for producing Full Hard Cold Rolled (FHCR) coils. The company is also setting up a Continuous Annealing and Processing Line at Jamshedpur with a capacity of 0.6 mtpa under a joint venture company with Nippon Steel Corporation (NSC), Japan. The line will produce automotive cold rolled fl at products and address the needs of Indian automotive customers for highgrade cold rolled steel sheets. The preliminary work on the 6 mtpa greenfield steel plant at Kalinganagar, Odisha is in progress. DIVIDEND AND RETENTION POLICY OF Tata Steel Ltd. The firms dividend decision has in the last ten to fifteen years received considerable attention from financial analysts and academics.Divergent views have been expressed and it is understood that the controversy has not been resolved,although the lack of new authorship on the subject in resent times may lead one to conclude that tha debate is deadlocked. A dividend is a payment made by a company to its shareholders. A company can retain its profit for the purpose of re-investment in the business operations (known as retained earnings), or it can distribute the profit among its shareholders in the form of dividends. A dividend is not regarded as an expenditure; rather, it is considered a distribution of assets among shareholders. The majority of companies keep a component of their profits as retained earnings and distribute the rest as dividend. The different types of dividends include: Special dividend: Normally, public companies declare their dividends on a specific schedule; however, they also have the option to declare a dividend at any time. This type of dividend is referred to as a special dividend. Cash Dividends Firms distribute as cash dividends a certain percentage of annual earnings in payout rates. Ordnance The date of declaration It is the date a resolution to pay cash dividends to stockholders of record on a specific future date is approved by the board of directors. At that date the firm incurs a liability prompting the recognition of a short-term debt-Dividends Payable and the debit to either Retained Earnings or Cash Dividend Declared. The ex-dividend date It is the date the stock stops selling with dividends attached. The period between the date of declaration and the ex-dividend date is used by the firm to update its stockholders ledger. The date of record It is the date at which the stockholders figuring in the stockholders ledger are entitled to the cash dividend. No entry is required. The date of payment It is the date at which the firm distributes the dividend checks and eliminates the dividend payable as a liability. Property Dividends Firms may elect to declare a property dividend that is payable in nonmonetary assets rather than declaring a cash dividend. Because a property dividend can be classified as a non-reciprocal nonmonetary transfer to owners, the property distributed is restated at fair market value at the date of declaration and a gain or loss is recognized. Stock dividend: Given in the form of bonus shares or stocks of the issuing company or a subsidiary company. Normally, they are offered on the basis of a prorata allotment (1) Regular Dividend. By dividend we mean regular dividend paid annually, proposed by the board of directors and approved by the shareholders in general meeting. It is also known as final dividend because it is usually paid after the finalization of accounts. It sis generally paid in cash as a percentage of paid up capital, say 10 % or 15 % of the capital. Sometimes, it is paid per share. No dividend is paid on calls in advance or calls in arrears. The company is, however, authorised to make provisions in the Articles prohibiting the payment of dividend on shares having calls in arrears. (2) Interim Dividend. If Articles so permit, the directors may decide to pay dividend at any time between the two Annual General Meeting before finalizing the accounts. It is generally declared and paid when company has earned heavy profits or abnormal profits during the year and directors which to pay the profits to shareholders. Such payment of dividend in between the two Annual General meetings before finalizing the accounts is called Interim Dividend. No Interim Dividend can be declared or paid unless depreciation for the full year (not proportionately) has been provided for. It is, thus,, an extra dividend paid during the year requiring no need of approval of the Annual General Meeting. It is paid in cash. (3) Stock-Dividend: Companies, not having good cash position, generally pay dividend in the form of shares by capitalizing the profits of current year and of past years. Such shares are issued instead of paying dividend in cash and called Bonus Shares. Basically there is no change in the equity of shareholders. Certain guidelines have been used by the company Law Board in respect of Bonus Shares. (4) Scrip Dividend. Scrip dividends are used when earnings justify a dividend, but the cash position of the company is temporarily weak. So, shareholders are issued shares and debentures of other companies. Such payment of dividend is called Scrip Dividend. Shareholders generally do not like such dividend because the shares or debentures, so paid are worthless for the shareholders as directors would use only such investment is which were not . Such dividend was allowed before passing of the Companies (Amendment) Act 1960, but thereafter this unhealthy practice was stopped. (5) Bond Dividends. In rare instances, dividends are paid in the form of debentures or bounds or notes for a long-term period. The effect of such dividend is the same as that of paying dividend in scrips. The shareholders become the secured creditors is the bonds has a lien on assets(6) Property Dividend. Sometimes, dividend is paid in the form of asset instead of payment of dividend in cash. The distribution of dividend is made whenever the asset is no longer required in the business such as investment or stock of finished good sods. But, it is, however, important to note that in India, distribution of dividend is permissible in the form of cash or bonus shares only. Distribution of dividend in any other form is not allowed. Factors affecting divided decision or determinants of divided decision The financial management has to take a decision regarding the distribution of dividend. These are two possible ways of dealing with the distribution of profit. The profit should either be retained in the business or distributed to the shareholders. Retained profit plays an important role in the future growth and expansion of the enterprise, because these are internal sources of financing and do not involve floatation costs and legal formalities. As such the company will adopt the policy of residual or passive (lesser) distribution, so far it can profitably invest its retained earnings as a source of internal financing. The term residual distribution here means the declaration of dividend out of the profit remaining left after internal financing of the company. The dividend may be declared as higher rates if the intention of the company is to increase the value of shares. The dividend decision is also affected by the preference of shareholders. Let us now discuss the factors determining divided decisions: (1)Financial requirement of the company: If the company has profitable investment opportunities in the enterprise itself it will declare divided at lower rates. Meeting long-term financial requirement out of its own resources is always in the interest of the company, because it is cheaper due to absence of floatation costs and legal formalities. Higher divided will declared by the companies having few long-term investment opportunities. (2)Availability of funds: The liquidity of a company or availability of cash resources is prime consideration in divided decision. The greater the liquidity of a company, the greater is its ability to pay dividend. The liquidity of the company is strongly influenced by the firms investment and financing decisions. The investment decision determines the rate of asset expansion and the firms need for funds and the financing decision determines the way in which this need will be financed. (3)Stability of dividends: It is always in the interest of the company, investors and shareholders to follow the policy of stable dividend, because it resolves the uncertainty in the mind of investors and satisfies their for current income. Financial institution also like companies, declaring dividend regularly at stable rates. No company would like to ignore investment by financial institutions. In these circumstances the company may adopt one of the three following policies: A.Constant dividend per share or constant dividend rate:- According to this policy dividend is declared at constant rate every year. The rate may be increased if new level of profit is earned. B.Constant pay out ratio:- Dividend at fixed percentage of earning is paid every year. As earnings go on fluctuating every year, so the dividend also fluctuates. C.Constant dividend per share plus extra dividend :-Under the policy, minimum dividend per share is fixed. In case of extra earnings, extra dividend may be declared. Investors are kept satisfied with the supplementary dividend. Extra dividend may be taken as interior (4)Preferences of shareholders:- Shareholders are owners of the company, so their preferences must be given due consideration. Small, retired and salaried people prefer regular income. They are interested in stable and regular dividend. Wealthy investors are interested in capital gain. They are prepared to forego their current income over the expected higher income. (5)Capital market consideration:- Companies can raise their additional funds either by issue of shares or by retaining their profit. If the capital market is favorable the company will raise funds by issue of shares and declare dividends at higher rates. In case the capital market is unfavorable, the company will go in for retained earnings and declare dividends at lower rates. (6)Legal restrictions:- The companies act has laid down certain restrictions regarding payment of dividend. The company can use its current profits or past profits after providing for depreciation for the payment of dividend. The company cannot pay dividend out of its paid up capital. Company will have to satisfy itself, whether it has sufficient cash to make payment of dividends. The company is future required to make payment of interest before dividends are paid. (7)Information value:- The company should be aware of the possible impact of dividend decision on valuation of its shares. Most companies look at the dividend pay out ratios of other companies in the industry, particularly those having about the same growth. Investors expectation also plays an important role in dividend decision. If investors expectation is for high dividend pay out then company should take that into account while making a dividend decision. On the other hand, if investor expects a high market value of shares then company may decide for low dividend payout for future expansion plans. (8)Borrowing capability:- The borrowing capability of a firm affects dividend decision in the sense that high dividend payout is possible with greater borrowing capability and vice-versa. This ability to borrow can be in the form of credit or a revolving credit from the bank or simply the informal willingness of a financial institution to extend credit. The large and more established a company; the better is its access to capital markets. Issue for bonus shares:- Sometimes the company can also issue bonus shares, known as stock dividend in place of making payment of dividend in cash, It increases the number of shares and the capital base of the company, it keeps investors happy, The issues of bonus shares is an integral part of dividend policy. Dividend s Declared Announcement Date Effective Date Dividend Type Dividend (%) Remarks 18/05/2012 16/07/2012 Final 120% 26/05/2011 04/07/2011 Final 120% 27/05/2010 12/07/2010 Final 80% 25/06/2009 06/07/2009 Final 160% 26/06/2008 18/07/2008 Final 160% AGM 17/05/2007 08/06/2007 Final 155% 155% Dividend ( 130% for the year 2006-07 and special dividend of 25% on occasion of the Cenetenary year of the company.) 15/05/2006 26/05/2006 Final 130% AGM 19/05/2005 07/06/2005 Final 130% AGM 07/05/2004 08/06/2004 Final 100% AGM 08/05/2003 09/06/2003 Final 80% AGM 30/05/2002 28/06/2002 Final N.A.% Nil Final Dividend 02/04/2002 28/05/2002 Interim 40% 08/05/2001 Final 50% AGM 23/03/2000 Interim 40% 20/05/1999 Final 40% AGM Dividend 22/05/1998 Final 40% 23/05/1997 Final 45% Dividend Declared Dividend which was given to shareholder of Tata Steel Ltd. Directors have recommended a dividend of Rs. 7/- per Equity Share (last year Rs. 13/- per Equity Share on pre bonus share capital) for the financial year ended March 31, 2010, amounting to Rs. 2,430 crore (inclusive of tax of Rs. 346 crore) one of the highest ever payout by any private sector domestic company. The dividend will be paid to members whose names appear in the Register of Members as on May 11, 2010; in respect of shares held in dematerialised form, it will be paid to members whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited as beneficial owners. The dividend payout for the year under review has been formulated in accordance with the Companys policy to pay sustainable dividend linked to long term performance, keeping in view the Companys need for capital for its growth plans and the intent to finance such plans through internal accruals to the maximum. Bonus share paid to Tata Steel Ltd. Announcement Date Bonus Ratio Record Date Ex-Bonus Date 07/06/2004 1 : 2 12/08/2004 11/08/2004 11/09/1987 2 : 5 11/09/1981 2 : 5 11/09/1967 2 : 5 11/09/1959 1 : 5 11/09/1954 1 : 1

White Bed, White Walls, All Surfaces Are Padded - 1462 Words

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Analysis Of Michel Foucault s The Of The Docile Women

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Organizational Culture And Its Effect On Individual...

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High School and Advance Placement Classes Free Essays

Ever since I can remember, my ambitions were to make this world a better place by solving crimes and putting criminals behind bars. I am truly motivated to contribute to this patriotic country. I will risk my life for it if that is what it takes. We will write a custom essay sample on High School and Advance Placement Classes or any similar topic only for you Order Now My commitment, dedication and effort in my academic and extra-curricular activities will help guide me into my lifetime goals of becoming a criminal psychology, and getting a degree combined with law and psychology. High schools provide students with the chance to prepare for the real world and I refuse not to take advantage of it. For example, the activities that are fostering me into my future are extra-activities and core courses. Drill team has given me the power to adequately deal with the demands and challenges of daily life. All that was expected of me I excelled in. Being a member has helped me flourish into a mature individual. Throughout all of the experiences on drill team, I have developed leadership and social skills that are beneficial in majoring in criminal justice. My director pushed me to the limit to help me grow in the same way they would in criminal justice. In any career they want to excel in. I was able to stay committed and not give up during all those stressful times. Therefore, proving I am ready for what college has in stores for me no matter how hard it gets. In dance, it has helped me become fit from having to dance year round. In most careers in criminal justice it is required that you pass timed test for physical activities. In dance I discovered how passionate I feel about working out. Taking psychology and sociology, will aid me in my lifetime goals because those classes are required in my career path. In completing these courses during high school, it will be a big advantage in helping me to comprehend them in college. I will have prior knowledge. When taking that class in college, I will be prepared for it and I also could take my notes from high school to refer to. It helps me with criminal profiling and provides strategies and suggestions that can be used in the interviewing process of finding the killer or kidnapper. I have been taking Pre-Advance placement and Advance Placement classes since freshman year. Taking advanced placement classes by far has really helped me  get a better understanding of what to expect from college courses. My teachers act like professors therefore I know that professors will treat me like an adult. My instructors teach the way university instructors would and I am still able to obtain exceptional grades in my classes. Advance placement classes boosted my grade point average therefore it will help me get into a wonderful college of my choice. In high school, I am dedicated towards my long time goals. I want to say I was someone in life. I have learned how to balance a job, extra-curricular activities, and my academic performance. These skills will guide me tremendously in my long term goals. My ambitions are to keep this world a safer place. Even if it means not having fun and focusing on my future I am driven enough to do it. If I want to be successful and get a good education and career I must have determination, encouragement, and fulfillment. Success is finding your way to reach your goals in life. It is a journey which has several peaks that build on one another. It comes from within while realizing what my own strengths and weaknesses are to determine my accomplishments. In high school I am given this opportunity that will help me with any barrier in life. I want to be my children`s role model one day. I want to be someone they can look up to and I am willing to work for it. How to cite High School and Advance Placement Classes, Papers

The Importance of Management Research-Free-Samples for Students

Question: Disucss about the role of Phenomenological Research Methodology in Management Research. Answer: The importance of management research in todays world cannot be overemphasized. While there are many companies which intend to expand itself in new, foreign markets, there are some companies that wish to measure employee satisfaction level in order to increase employee engagement and reduce the problem of staff turnover. In order to carry out management research, different companies adopt different research methods, depending on the needs or the circumstances and the research paradigm or philosophy also differs according to the research methods. One of the most widely used and popular qualitative research methods is the Phenomenological research philosophy, that is often used in sharp contrast with the more scientific method of research- the Positivist research philosophy. The Phenomenological research method believes in evaluating and gaining an insight into the subjective experience of the respondents, in order to develop an understanding of the research problem at hand (Thines 201 5). It would be interesting to note how the Phenomenological research method helps in effective management research. Before discovering and analysing the effectiveness of the Phenomenological research in management research, it is important to define it. Phenomenological research method is a research method which intends to explore and analyse the lived experience of a phenomenon. The focus is not just on the information revealed through a survey, but rather on unfolding the meaning of the experience, as lived by the respondent. Thus, the chief advantage of the Phenomenological research is that it intends to gain an insight into the perspective, thoughts and ideas belonging to the respondent, and the in-depth study of the respondents perspectives helps in understanding his perspectives. This can be illustrated with an example. An organization may be willing to explore the impact of recent change in leadership style on employee motivation. A simple survey, asking the employees to rate their satisfaction in a scale of 1 to 5, or merely quantifying their experience will not help in understanding which aspect of the present leadership style do the employee exactly wish to resist. Herein lays the importance of the Phenomenological research method, that employs the use of in-depth interviews with the employees, and initiate insightful discussion on the topic. This will help in comprehending the perspectives of the concerned employees, as to why they are unable to espouse the present leadership style. The chief benefit of the Phenomenological research is that it helps in framing qualitative questions that are more descriptive and ask for explanatory answers from the respondents (Cronin and Armour 2017). By gaining insight into the personal experiences and individual feelings of the respondents, it becomes easier to understand the organizational problem in a better way, and to seek recommendations accordingly. The absoluteness of conscious existence is being studied and thoroughly examined in case of Phenomenological research method, and hence there is better scope of understanding t he stakeholder perspectives than making random assumptions based on unclear, pithy survey responses (Macgregor and Waterfield 2017). In case of Phenomenological research method, the researcher can easily arrange an interview for gathering the participants' descriptions of their experience, and even the participants' written or oral self-report, and observe their behaviour, attitude and aesthetic expressions, to study their perspectives (Marshall and Rossman 2014). The stream of consciousness of the respondent can be explored with the help of this form of research. For example, an organization may be willing to explore how far a pay rise will help in enhancing employee engagement at workplace (Creswell and Poth 2017). For that reason, if the organization chooses to conduct a survey, the respondents here would be only able to answer this question with a mere yes or no, and their responses will remain limited to the scope of the question. However, on the other hand, it should be noted that by employing the use of Phenomenological research method, it is possible for an organization to ask its participants ( the employ ees) to describe their lived experiences as well. Thus, it would be possible for the company to understand why some employees consider pay rise to be a great source of motivation, while why others refuse to attach importance to it, and how is the pay rise expected to affect their performance rate at organization (Moustakas 1994). The Phenomenological research method helps the researcher to encourage its participants to give a full description of their experiences, to more fully describe the experiences in which the experience occurred, to explain the context and he reason behind their feelings and opinions and to offer suggestions, if any, as well. Thus, it becomes clearly evident that the prospects of Phenomenological research are infinite for organizational research. One of the most important benefits of the Phenomenological research is that it helps in making a qualitative inquiry into the situation, and make assumptions based on perspectives that can be generalized to a consider able extent (Robinson et al. 2014). Usually, the management research projects intend to discover the experiences of the stakeholders, to comprehend their perspectives, and not their opinions. Considering this situation, surveys which offer only brief ideas about their experiences and needs, can never be effective for conducting organizational research. For example, if an organization wishes to understand why it has been experiencing a high staff turnover rate lately, it should try to gain insight into the experience of the workers, rather than asking them to fill up a questionnaire which will only comprise of brief responses, in the form of yes and no, followed by a short explanation. On the other hand, the use of case study would be equally futile as it would never be able to provide data that can be said to be representative of the perspectives and view points of the target audience(Aburge 2017). While conducting any research, veracity of the data collected is highly important, and yet in case of various management research projects, the managers or even the employees fail to offer objective responses while being asked to respond to the survey questions, and this ends u p distorting the research findings. For example, the manager of any organization may never be willing to disclose that the organization does not have very effective work-life balance policies, and may keep on rating the survey questions as per his convenience (Tuohy et al. 2013). However, on the other hand, in case of Phenomenological research, the respondents are invariably required to explain each response and back them up with strong logic as to why do they feel so. Here, a simple yes or no response does not work and hence the managers will be forced to explain every word they say, and the descriptive quality of the responses helps in increasing the veracity of the facts disclosed, making the finding a far more reliable one (Mancuso and Tonelli 2014). At the same time, as already previously stated, this also helps in gaining insight into a matter, thereby offering the most feasible solution to the management problem. To conclude, it can be stated that the above discussion clearly establishes the fact that Phenomenological research study helps in making a study far more authentic, reliable and explanatory than normally any other research would do. An organization may wish to conduct research on multiple management research problems- gauging employee motivation, understanding reasons behind the loss of customer loyalty, finding out the reasons behind loss of employee turnover rates as well as loss of employee retention. In each of the above situations, the organization will require to understand the essence of the phenomenon underlying the customers choice of buying or not buying products from a company, or the willingness of the employees to work in a company. The very reason why the Phenomenological research technique is the best one is that it involves trying to understand the essence of a phenomenon by simply examining the views and perspectives of the people who have experienced that phenomeno n. Reference List: Abugre, J.B., 2017. A phenomenological study of time concept and management and productivity in a subSaharan African context.International Journal of Cross Cultural Management, p.1470595817704005. Creswell, J.W. and Poth, C.N., 2017.Qualitative inquiry and research design: Choosing among five approaches. Sage publications. Cronin, C. and Armour, K.M., 2017. Beingin the coaching world: new insights on youth performance coaching from an interpretative phenomenological approach.Sport, Education and Society,22(8), pp.919-931. Macgregor, C. and Waterfield, J., 2017. Service evaluation of an acceptance-based pain management programme using a phenomenological approach.Pain and Rehabilitation-the Journal of Physiotherapy Pain Association,2017(42), pp.7-14. Mancuso, M.S. and Tonelli, M., 2014. The phenomenological approach: a framework to design markets. Sage publications Marshall, C. and Rossman, G.B., 2014.Designing qualitative research. Sage publications. Moustakas, C., 1994.Phenomenological research methods. Sage. Robinson, R.N., Solnet, D.J. and Breakey, N., 2014. A phenomenological approach to hospitality management research: Chefs occupational commitment.International Journal of Hospitality Management,43, pp.65-75. Smith, J.A. ed., 2015.Qualitative psychology: A practical guide to research methods. Sage. Thines, G., 2015. Phenomenology and the science of behaviour: An historical and epistemological approach. Tuohy, D., Cooney, A., Dowling, M., Murphy, K. and Sixsmith, J., 2013. An overview of interpretive phenomenology as a research methodology.Nurse Researcher,20(6), pp.17-20.