Ethical Leadership and Employee Outcomes

 

Ethical Leadership and Employee Outcomes: A Research Proposal

An efficient leadership acts a beacon and has a lasting impression on the minds of the followers, provided it suffices the challenge of being ethical too. Incidents where supervisor indulges in unethical behaviors and wrong practices; be it at the workplace or otherwise, have a detrimental influence on the workforce. Leaders with ethical behaviors have the potential to transform the organizations improving the efficiency of its workforce and creating an organizational culture grounded firmly on ethics.

 

Human Development

6b. Using the theories of Erikson, Marcia, Ginsberg, and Holland, discuss how parents and teachers can guide adolescents into thinking about appropriate careers.

During the adolescence age, teens are busy trying to find who they are as well as trying to think about their future appropriate careers. Parents together with teachers should be vigilant at this stage to help teenagers in wisely choosing their career paths as failure to guide them would lead wrong choice of career, which they will regret in future. In such a case, teachers and parents can use Erik Erikson’s psychosocial theory to help adolescents in discovering their sense of identity within the society. Erikson came up with the Identity vs. Confusion adolescence stage (12-18 yrs) where he posited that at this stage, teens are turning out to be more independent and look at the future with respect to housing, families, relationships and career. Since they want to fit into a society, they venture to find their occupational identity. Therefore, because at this period teens experience some role confusion, it is the duty of parents and teachers to guide and counsel them in choosing the best career path that fits them. Parents and teachers should not respond to identity crisis by pressuring the teens as this brings about rebellion and formation of negative identity (Crain, 2011).

Parents and teachers can too apply Eli Ginzberg’s Occupational Choice Theory that basically tells the processes by which persons pick careers, from early infancy to early adulthood. During the tentative stage (11-17 yrs), teens are capable to focus and recognize better on work requirements. This phase has 4 sub-stages, interest, capacity, values and transition which all together guide a teen into choosing the career that fits them. Parents and teachers can use this approach in helping teens to learn how much their abilities align with their interests, and further assist them in becoming aware how work might fulfill their values (Liptak, 2001).

Canadian developmental psychologist James Marcia advanced as well as extended Erikson’s identity crisis concept on adolescent development. Marcia’s identity status theory argues that there exists two divergent parts that create a teen’s identity namely crisis and commitment. Crisis is when old choices and values are under reexamination while the result of crisis is commitment built to particular value or role. He defined a crisis as a time of upheaval where old values or choices are being reexamined. The end outcome of a crisis leads to a commitment made to a certain role or value. Teachers and parents can apply Marcia’s theory into guiding teens towards reevaluating their old values/choices and adopting those that are best for them. Identity foreclosure states that teenagers are likely to obey the expectations of other people concerning their future, therefore teachers and parents can actually shape teens’ career directions (Adelson, 1980).

John Holland came up with the career choice theory, which majorly looks at the career choices that are probable to lead to occupation success as well as satisfaction. Holland proposed six personality types, conventional, enterprising, social, artistic, investigative and realistic. The theory of Holland helps one in making the best choices regarding which training programs, majors or occupations best fit them. Parents and teachers can apply Holland’s theory in identifying the personality types of teens and helping in matching them with their respective work environments. Adolescents seek environments, which match their abilities and skills and express their attitudes and values. These work environments include conventional, enterprising, social, artistic, investigative and realistic. Therefore, teachers and parents should endeavor to match teen’s personality types with responding environments because people who operate in environments that go with their personality nature are further probable to be successful as well as satisfied in life Holland, 1973).

 

7a. Using the theories of Piaget, LaBouvie-Vief, and Denney (plus the ideas of fluid and crystallized intelligence), explain changes in cognitive functioning in adolescence, emerging adulthood, and middle adulthood.

Cognitive growth, described as changes in thinking, normally characterized by being progressively more efficient, complex or creative; in adolescence, emerging adulthood and middle adulthood is promoted by interactions of nurture and nature, brain growth or major life events. Jean Piaget postulated the 4 stages of cognitive development (sensorimotor, preoperational, concrete operational and formal operational) where at each stage children acquire some certain aspects of cognitive capability. Piaget’s theory covered only up to adolescence, where he posited that during the formal operational stage (11+ yrs), adolescents acquire the capacity to think abstractly. They gain the capability to combine plus categorize items in a further sophisticated manner, in addition to having the ability for higher-order reasoning. They can apply abstract reasoning, think creatively, execute mathematical calculations and envisage the result of certain actions (Ginsburg & Opper, 1988).

Gisela Labouvie-Vief expanded on Piaget’s theory into adult cognitive development, where she maintained the outlook that growth is an active process, which entails constructing sequentially more activity adaptive levels. Labouvie-Vief’s standpoint is that as children grow to adults; their limitless opportunities are narrowed down to realistic ones when they come across real-world problems. They acquire pragmatic reasoning; create conscious commitments towards a single path. The making of a conscious commitment towards a single path as well as premeditated ignore of other rational choices marks the start of adult maturity. Therefore, Labouvie-Vief posits that cognitive development is a successive adaptations process of logical thought making it a permanent process all through human life just like crystallized intelligence, which holds up throughout an individual’s lifetime. Young adults acquire reflective capacity where they are able to put together cognition and emotion, making them able to make logic of discrepancies. Middle adults acquire cognitive-affect complexity, where they become further conscious of positive as well as negative feelings, and have the capacity to organize such feelings into a compound, organized structure. Cognitive-affective complexity is a major element of emotional intelligence in adults as it makes them have the capacity to handle pragmatic problems (Sternberg & Berg, 1992).

Fluid intelligence is defined as fast and abstract reasoning acquired in early and middle adults, although there is a decline as one ages off. People who have gained fluid reasoning have the ability to reason logically; solve issues found in fresh satiations without the use of acquired prior knowledge. Works best between ages of 20 and 30s, found in poets, scientists and mathematicians. This form of intelligence can be explained by Nancy W. Denney intellectual development theory, which claims that there is an upper biological limit in human with respect to intellectual skill. The capacity to use experience, knowledge and skills (crystallized intelligence) therefore declines with age, where optimally exercised and unexercised skills increase greatly up to emerging adulthood, but decrease steadily thereafter. Therefore, intellectual skills whether unexercised or well exercised always go down over time. Highly exercised ability usually approaches the biological upper limit where it invariably decline thereafter (Denney, 1984).

 

7b. Developmental psychologist Robert Havighurst stated that the developmental tasks for middle-aged adults are threefold: 1) managing a household, 2) child rearing, and 3) managing a career. Drawing on principles, you have learned in this course, speculate on how you will accomplish these tasks.

Robert Havinghurst’s Developmental Task and Education theory has six stages where one of them the stage of middle age (30-60). During this stage, women and men are at the summit of their production periods, and they influence many people within their vicinity as wives, husbands, friends, coaches, bosses, teachers, peers, mentors or parents. This stage is composed of 3 developmental tasks, managing a household, child bearing and managing career (Havighurst, 1972).  To accomplish the task of managing a household, I would establish as well as maintain a standard of living, plus transform to the irregular variations that materialize with the shifting economy, alteration in the family size, taxing, final expenses, and the personal activities of the people within the household. I would be solutions-oriented, always have a contingency plan, be trustworthy as well as sticking to the schedule (Beeton, 1998).

To accomplish child rearing and produce a child who is healthy physically, mentally and socially, I would apply the best effective parenting practices. Initially, I would strive to experience aspects such as altruism, sympathy, empathy and self-awareness because these factors would ensure that I raise my children properly. I would detach the self from personal wants and in place focus on the children’s needs. Furthermore, I would separate the role of a mentor or friend from that of a “parent.” The child rearing practices that I would apply include showing love and affection, stress management, cultivate strong relationship skills, behavior management, practice autonomy and encourage them to be self-reliant and self-sufficient, safety, health, religion, teach life skills and promote education and learning (Gross-Loh, 2014).

Careers need to be managed because without being managed, one’s career stagnates and faces issues such as losing a job and having difficulties in getting a job. To achieve this, I would set and communicate clear goals regarding my career, generate an open feedback loop, focus on my strengths; focus on self-management and self-awareness, under promise as well as over deliver. In addition, I would find mentors; think about my accomplishments in terms of NEAR (Numbers, Examples, Achievements, and Results), and spend time maintaining my career through approaches such as chatting and connecting with new people, and maintain my social files. These approaches go along way at managing and even improving my career (Levinson, 1989).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Work cited

Adelson, J. (1980). Identity in Adolescence. In Handbook of adolescent psychology (pp. 159-181). New York: Wiley.

Beeton, I. (1998). Household Management. East Sussex: Southover Press.

Crain, William (2011). Theories of Development: Concepts and Applications (6th ed.). Upper Saddle River, NJ: Pearson Education, Inc.

Denney, N. (1984). A model of cognitive development across the life span.Developmental Review, 4(2), 171-191.

Ginsburg, H., & Opper, S. (1988). Piaget’s theory of intellectual development (3rd ed.). Englewood Cliffs, N.J.: Prentice-Hall.

Gross-Loh, C. (2014). Parenting without borders: Surprising lessons parents around the world can teach us. New York, NY: Penguin Group (USA) Incorporated.

Havighurst, R. (1972). Developmental tasks and education (3rd ed.). New York: Mckay.

Holland, J. (1973). Making vocational choices; a theory of careers. Englewood Cliffs, N.J.: Prentice-Hall.

Levinson, H. (1989). Designing and managing your career. Boston, Mass.: Harvard Business School Press.

Liptak, J. (2001). Treatment planning in career counseling. Australia: Wadsworth Thomson Learning.

Sternberg, R., & Berg, C. (1992). Intellectual development. Cambridge: Cambridge University Press.

Financial Analysis  College Paper

 

Executive Summary

The present paper is a detailed ratio analysis carried out for Norfolk Southern Corporation and CSX Corporation for the fiscal year ended 2013. The financial statements used for ratio analysis are provided in Appendix 1. The ratio analysis was carried out to understand the relative strengths and weaknesses of the company with respect to profitability, short-term liquidity and financial leverage.

Norfolk Southern Corporation

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. . The company was founded in 1883 and is based Norfolk, Virginia.

As of December 31, 2014, it operated approximately 20,000 miles of road in 22 states and the District of Columbia. The company also operates scheduled passenger trains; transports overseas freight through various Atlantic and Gulf Coast ports; and provides logistics services. In addition, it provides bimodal truckload transportation services primarily utilizing Road-Railer trailers, a hybrid technology that facilitates over-the-road and on-the-rail transportation in the eastern United States, as well as in Ontario and Quebec through a network of terminals. Further, the company engages in the acquisition, leasing, and management of coal, oil, gas, and minerals; development of commercial real estate; telecommunications; and leasing or sale of rail property and equipment.

 

 

CSX Corporation

CSX Corporation, together with its subsidiaries, provides rail-based transportation services in the United States and Canada. The company was founded in 1978 and is based in Jacksonville, Florida.

It offers traditional rail services, and transports intermodal containers and trailers. The company transports crushed stone, sand and gravel, metal, phosphate, fertilizer, agricultural, automotive, paper, and chemical products; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers etc. It also provides intermodal transportation services through a network of approximately 50 terminals transporting manufactured consumer goods in containers in the eastern United States, as well as performs drayage services, including pickup and delivery of intermodal shipments; and trucking dispatch services. The company operates approximately 21,000 route mile rail network, which serves various population centers in 23 states east of the Mississippi River, the District of Columbia, and the Canadian provinces of Ontario and Quebec, as well as owns and leases approximately 4,000 locomotives. It also serves production and distribution facilities through track connections.

Common Size Income Statement

The common size income statements for the two firms are as shown below:

From the common size Income Statements it is evident that Norfolk Southern Corporation has a marginally higher operating margin due to marginally lower operating expenses as percentage of revenue compared to CSX Corporation. However the EBT margin and the Net Profit Margin of Norfolk Southern Corporation is much higher than that of CSX Corporation primarily due to the strong other income of Norfolk Southern Corporation. According to the management discussion section, the other income of Norfolk Southern Corporation was boosted by a one-time gain of $97 million from land sale in Michigan and also high net returns earned from corporate owned life insurance (COLI).

It is important to note that CSX had a lower fuel expense as percentage of revenue compared to Norfolk primarily due to higher improvement in network efficiency and fuel savings initiatives such as the ONE Plan leading to a decrease in fuel expenses. Again both the firms witnessed higher labor expenses due to increase in pay rates and incentives and stock-based compensation. Thus

Although interest expense as percentage for both the firms was similar the one-time gain from land sale for Norfolk boosted its EBT margin and Net profit margin to 26.4% and 17.0% compared to 24.3% and 15.5% for CSX Corporation. With respect to revenue both the firms witnessed a revenue decline in coal segment due to decrease in carload volume and lower average revenue per unit caused by lower pricing. The other revenue segments such as Intermodal, general merchandise reflects similar trends for both the firms in terms of growth in volume and average revenue per unit.

 

 

Ratio Analysis

The key ratios analyzed for the two firms are:

  • Return on Equity
  • Return on Assets
  • Financial Leverage
  • Current Ratio

 

Return on Equity

The Return on Equity is the most commonly tracked metric as it measures the rate of return generated by the firm on the equity investment. It is defined as

ROE = Net Income/Average Shareholders’ Equity

From the ratio analysis it is evident that CSX Corporation has a stronger ROE compared to Norfolk Southern Corporation implying the superior ability of CSX to deliver rate of return on equity investment. The high ROE of CSX despite a lower profit margin in 2013 indicates stronger efficiency of the company’s management in utilizing the equity investment to generate returns for the equity shareholders. Another factor contributing to the higher ROE is the relatively higher financial leverage of CSX compared to Norfolk Southern Corporation.

Return on Assets

The Return on Assets measures the rate of return generated on the dollar assets of a firm. In other words it measures the ability of a firm to generate rate of return on dollar assets. It is defined as

ROA = Net Income/Average Total Assets

From ratio analysis it is evident that Norfolk Southern Corporation has a stronger ability to generate rate of return on its assets compared to CSX Corporation. This is evident from the fact that while both the firms have almost same amount of average assets in 2013, Norfolk Southern Corporation’s stronger net profit margin has translated to a higher ROA for the firm. The aggressive capital expenditure incurred by CSX in 2013 to maintain and improve its existing infrastructure and to position itself for long-term growth through expanding network and terminal capacity has resulted in strong increase in asset base for the company. The capital expenditures incurred by CSX, as noted by the management, are expected to provide operational benefits going forward. However this reduced the ROA in the current year which is expected to improve going forward.

Financial Leverage

The financial leverage is a measure of the financial risk in the form of bankruptcy risks arising due to use of debt in capital structure to finance asset purchases. The higher is the financial leverage for a firm, higher is the use of debt to finance asset purchases and hence higher is the financial risk for the firm. It is defined as

Financial Leverage = ROE – ROA

It also measures the extent to which ROE has been boosted by use of debt in capital structure as higher levels of debt reduce the equity portion of the capital structure.

The higher financial leverage for CSX clearly reveals that the firm has been higher levels of debt to finance asset purchases which in turn has reduced the equity portion and boosted the ROE. Thus despite Norfolk Southern Corporation having a higher ROA, the higher financial leverage of CSX resulted in a higher ROE for CSX. The balance sheet of CSX reveals that a significant portion of the liabilities in the form of casualty, environment and other reserves. Compared to $166 million for casualty and other claims for Norfolk Southern, CSX has a combined $451 million in the form of casualty, environment and other reserves in the liability section of the balance sheet. Furthermore CSX has a higher level of long-term debt compared to Norfolk Southern implying that CSX has been primarily using debt for capital expenditures and hence the firm has a relatively higher financial risk of bankruptcy. See here for more details

Current Ratio

The current ratio is a measure of short-term liquidity of a firm. It measures the ability of a firm to meet its short-term obligations with its short-term assets. It is defined as

Current Ratio = Current Assets/Current Liabilities

The ratio analysis shows that Norfolk Southern Corporation has a stronger short-term liquidity position as indicated by its higher current ratio. The analysis of the balance sheets of CSX and Norfolk Southern Corporation reveals that CSX has a significantly lower amount of cash and cash equivalents primarily due to higher use of cash in capital expenditures. The high use of cash and cash equivalents in capital expenditures, share repurchases and dividends is also evident from the management discussion section of the annual report. Again the high level of current liabilities is due to the labor and fringe benefits payable and the casualty, environment and other reserves of CSX Corporation. Consequently CSX has a weaker short-term liquidity position compared to Norfolk Southern Corporation.

Conclusion

The ratio analysis shows that while CSX has a superior ROE compared to Norfolk, the high ROE of CSX is due to a high financial leverage implying higher bankruptcy risks for the firm. On the other hand Norfolk has a superior ROA, lower financial leverage, higher net profit margin and a higher current ratio implying that the financial performance of Norfolk Southern is superior to the performance of CSX.

 

 

 

 

 

 

Appendix 1: Financial Statements

Norfolk Southern Corporation and Subsidiaries  
Consolidated Balance Sheets  
Figures in $ millions  
2013 2012  
Assets:  
Current Assets  
Cash and Cash equivalents 1443 653  
Short-term investments 118 15  
Accounts receivables -net 1024 1109  
Materials and supplies 223 216  
Deferred income taxes 180 167  
Other current assets 87 82  
Total current assets 3075 2242  
 
Investments 2439 2300  
Properties less accumulated depreciation 26645 25736  
Other assets 324 64  
Total assets 32483 30342  
 
Liabilities and stockholders’ equity  
Current Liabilities:  
Accounts Payable 1265 1362  
Short-term debt 100 200  
Income and other taxes 225 206  
Other current liabilities 270 263  
Current maturities of long term debt 445 50  
Total current liabilities 2305 2081  
 
Long term debt 8903 8432  
Other liabilities 1444 2237  
Deferred Income Taxes 8542 7832  
Total Liabilities 21194 20582  
 
Stockholders’ equity  
Common Stock 310 315  
Additional paid-in capital 2021 1911  
Accumulated other comprehensive loss -381 -1109  
Retained Income 9339 8643  
Total Stockholders’ equity 11289 9760  
Total Liabilities and Stockholders’ Equity 32483 30342  
Norfolk Southern Corporation and Subsidiaries
Consolidated Statements of Income
Figures in $ millions except per share amount
2013 2012 2011
Railway operating revenues 11245 11040 11172
Railway operating expenses:
Compensation and benefits 3002 2960 2974
Purchased services and rents 1629 1604 1610
Fuel 1613 1577 1589
Depreciation 916 916 862
Materials and other 828 859 924
Total railway operating expenses 7988 7916 7959
Income from railway operations 3257 3124 3213
Other income-net 233 129 160
Interest expense on debt 525 495 455
Income before income taxes 2965 2758 2918
Provision for income taxes 1055 1009 1002
Net Income 1910 1749 1916
Per share amounts:
Net Income
Basic 6.1 5.42 5.52
Diluted 6.04 5.37 5.45

 

 

 

 

 

 

 

CSX Corporation
Consolidated Balance Sheets
Figures in $ millions
2013 2012
Assets:
Current Assets
Cash and Cash equivalents 592 784
Short-term investments 487 587
Accounts receivables -net 1052 1114
Materials and supplies 252 274
Deferred income taxes 155 119
Other current assets 64 75
Total current assets 2602 2953
Properties -net 27291 26050
Investment in Conrail 752 695
Affiliates and Other Companies 546 511
Other Long term assets 591 514
Total assets 31782 30723
Liabilities and stockholders’ equity
Current Liabilities:
Accounts Payable 957 948
Labor and Fringe Benefits Payable 587 468
Casualty, Environment and Other Reserves 151 140
Current maturities of long term debt 533 780
Income and Other Taxes Payable 91 169
Other Current Liabilities 105 140
Total current liabilities 2424 2645
Casualty, Environment and Other Reserves 300 337
Long term debt 9022 9052
Deferred Income Taxes 8662 8096
Other Long-term liabilities 870 1457
Total Liabilities 21278 21587
Stockholders’ equity
Common Stock 1009 1020
Other Capital 61 28
Retained Earnings 9936 9010
Accumulated other comprehensive loss -523 -936
Non-controlling minority interest 21 14
Total Stockholders’ equity 10504 9136
Total Liabilities and Stockholders’ Equity 31782 30723

 

CSX Corporation
Consolidated Statements of Income
Figures in $ millions except per share amount
2013 2012 2011
Revenues 12026 11763 11795
Expense
Labor and fringe 3138 3020 3073
Materials, Supplies and Others 2275 2156 2229
Fuel 1656 1672 1668
Depreciation 1104 1059 976
Equipment and Other Rents 380 392 379
Total railway operating expenses 8553 8299 8325
Operating Income 3473 3464 3470
Other income-net 11 73 22
Interest expense on debt -562 -566 -552
Income before income taxes 2922 2971 2940
Income Tax Expense -1058 -1108 -1086
Net Income 1864 1863 1854
Per share amounts:
Net Income
Basic 1.83 1.8 1.71
Diluted 1.83 1.79 1.7

 

 

 

Women in Art

 

 

Early in historical Greece, the female nude is not a proper subject for Greek art. In classical art as in classical history, The Greek male determined the image of the female. The women wearing garments in the sculpture designed to expose the breast appear to be rare in Greek art as it must has been in Greek life. Like the legendary war chariots and duels of male military iconography, references to noble women who breast fed their young may have served to evoke the heroic past. In the Iliad, Hecuba exposes her breast, supplicating her son Hektor not to enter the fateful battle with Achilles.

In daily life, a respectable, well to do Greek women particularly in restrictive Athenian society, would have been properly even richly, dressed on those occasions she left the seclusion of her home to appear in public. The predominant formal female garments of classical Greece were peplos and chiton. They were designed to cover the female breast as well as rest of the body. The undergarments were not customary whereas in visual art, female breasts were sometimes shown divested of clothes. The social life of women in ancient Greece often mirrored the submissive female image.  Women were restricted from participating in outside events in which men were involved. Since “working out of doors,” was perceived as a place for women to become “potential prey of rapists and seducers”, women were confined indoors. The house was considered a secure place. However, inside the home, women were often raped by their own husbands. (Pomeroy SB, 1999)

The females had a lower social status than males.  In ancient Greece, women were mistreated, degraded and controlled. The only women in Greece who enjoyed a public life were prostitutes.

 

REFERENCE:

Pomeroy Sarah B, Stanley M, Burstein Walter D, Jennifer Tolbert Roberts, (1999), Ancient Greece: A Political Social and Cultural History, Oxford University Press, Inc. 198 Madison Avenue, New York, p. 21-22.

Biers William R, (1980), the Archaeology of Greece.  Ithaca and London: Cornell University Press.