The Impact Of Liquidity On Profitability Finance Essay

The Impact Of Liquidity On Profitability Finance Essay Padachi observed the trends in working capital management and its impact on performance of a firm. Return on assets and cash conversion cycle was used to measure the firms profitability and efficiency of working capital management respectively. He described that a firm should maintain stability between profitability and liquidity while maintaining its day to day activities. The manager of a business want to maximize firms value by achieving preferred tradeoff between liquidity and profitability of a firm. The results indicated that the more investment in inventories and receivables lower the profitability of a firm. Raheman Nasr (2007) discussed the impact of working capital management on profitability of a firm. They also highlighted that the basic objective of a firm is to maximize profit but maintaining liquidity is also an important objective. There will be a serious problem if firm increase profit at the cost of liquidity. Both objectives are important for the firm. If a firm does not concerned about profit then it cannot survive for a longer period. On the other hand, if a firm does not concern about liquidity it may face bankruptcy. They took 94 firms of Pakistan and analyzed that there is a negative relationship between liquidity and profitability of a firm. Michalski (2008) empirically analyzed the relationship between firms policy regarding net working investment and firms profitability. Too low liquidity level may come up problems with timely reimbursement of its liabilities while surplus liquid assets would negatively affect firms profitability. He discussed that decisions regarding liquidity is very difficult, a firm has to choose one of the three policies: first an aggressive policy i.e. a large part of the firms fixed and volatile demand to finance fixed assets is supported with short term financing, second a moderate policy i.e. a fixed part of current assets is financed with long term funds and volatile part is financed with short term funds lastly a conservative policy i.e. both fixed and volatile parts of current assets are financed with long term funds. Dash Hanuman (2009) were concerned about working capital management and they analyzed the liquidity-profitability trade-off model named as goal programming model. They supported that proper flow of fund is needed to run any business. A firm has conflicting objectives regarding liquidity and profitability so the goal programming model determines how targeted levels of profitability and liquidity would be achieved by maintaining current and fixed assets and at the same time minimizing opportunity cost. Their model proposed that working capital and inventory must be streamlined to profitability. Nazir Afza (2009) tried to find out the relation between aggressive working capital management policy and firms profitability by using panel data regression model and Tobins q of 204 Pakistani companies for the period of 1998-2005. They claimed that investors give importance to stocks of those firms which adopt aggressive policies to manage current liabilities. Their findings suggested that aggressive working capital investment and financing policies and profitability are negatively associated. They claimed that investors consider that firms which have less long term loans and equity can have better performance than the others. Burtescu (2010) documented the reflection of liquidity and profitability of a company in the accounting result. He emphasized that it is not adequate for a firm to follow only economic indicators but it is also essential for a firm to make sure its liquidity in its quality of a specific dimension of financial management. The information about solvency and liquidity are beneficial for a firm to predict the ability of a firm to fulfill its financial obligations. He argued that investors have a great concern about the cash flow of a company and it becomes obligatory for a firm to include cash flow statement in its annual financial statements. Gill, Biger Mathur (2010) attempted to examine the relationship between working capital management and profitability. They used sample of 88 firms listed on New York Stock Exchange for the period of 2005-2007. The results suggested that the relationship between cash conversion cycle and gross profit margin is statistically significant. They also concluded that account receivables and profitability are negatively associated. The managers can enhance profits of their company by handling the cash conversion cycle efficiently. Mohamad Saad (2010) attempted to scrutinize the impact of working capital management on profitability and market valuation of a firm. They analyzed the secondary data of 172 Malaysian companies for the period of 2000-2007. They took working capital variables such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset, current liabilities to total asset and profitability variables are return on asset and return on invested capital. By using multiple regression analysis and correlation, their results revealed that working capital variables have negative association with firms profitability. Firms cannot exist without working capital and it can improve the profitability and market value of a firm. Dong Su (2010) also conducted a study to find out the relationship between working capital management and firms profitability. The working capital management has an important part in the success and failure of a firm because it has a great impact on the profitability and liquidity of a firm. Their sample is based on 130 firms which are listed in Vietnam stock market for the period of 2006-2008. Their findings proved that profitability and cash conversion cycle is strongly negatively associated. By optimum working capital management, the managers may create a value of stock for the shareholders. The firm should maintain a balance between its two objectives; profitability and liquidity. One objective should not be achieved at the cost of other. Their findings also suggested that profitability can be increased by decreasing the number of days accounts receivable and inventories. Saleem Rehman (2011) observed a significant relationship between liquidity and firms performance. Liquidity of a company is very important for its every stack holder. If a firms cash and near cash assets are insufficient to satisfy its immediate payment obligations than firm may face difficulties. This can affect firms day to day business operations and profitability. They evaluated that liquidity and profitability are inversely related, one increases the other will decreases. Bhunia, Khan Mukhuti (2011) provided the evidence with respect to the relationship between liquidity and profitability of a firm. They took steel companies of private sector in India to assess the management of liquidity as a factor of performance. They studied important liquidity indicators and analyzed that optimal working capital management can be achieved by controlling the trade-off between profitability and liquidity of a firm. Firm value is positively affected by optimal working capital management so the investment in working capital must be satisfactory. They concluded that liquidity and profitability are significantly positively associated. Saghir, Hashmi Hussain (2011) studied the relationship between working capital management and profitability of a firm. They used cash conversion cycle to measure working capital management efficiency and return on asset to measure profitability while analyzing the financial data of 60 textile firms listed on KSE for the period of 2001 to 2006. They suggested that smooth inflow of profit is mainly affected by the optimum point of working capital. Working capital means companys current assets and it has a direct effect on the liquidity and profitability of a firm. According to the risk and return theory, when firms liquidity of working capital is high then it has low risk and low profitability and vice versa. The shorter cash conversion cycle is better for the firm profitability. Their result shows the negative relation between working capital management and profitability of a firm. Alipour (2011) researched about working capital management and corporate profitability while taking sample of 1063 companies from Tehran stock exchange. To test the hypothesis, multiple regression and pearsons correlation was used. He analyzed that sale and profit of a company is greatly influenced by the working capital management. Due to inefficient working capital management, a company may be incapable to pay its debts on time. The results show a significant relationship between working capital management and profitability of a company. There is a negative relationship between cash conversion cycle, average collection period, inventory turnover in days and profitability. Qazi et al. (2011) examined the impact of working capital on the profitability of a firm. Using the financial data of Pakistani automobile and oil and gas industry for the time period of 2004-2009, he proposed that the important components of working capital are debtor, creditor and inventory. The efficient and effective working capital can create value of the shares to shareholders. He persuaded that maintaining the companys liquid level is a major task of a company. So, by ignoring liquidity objective, company may face insolvency or bankruptcy. Their results showed the positive impact of working capital on profitability. Ching, Novazzi Gerab (2011) scrutinized the financial statements of two separate groups of companies: working capital intensive and fixed capital intensive having16 companies in each group listed on Brazil Stock exchange during 2005-2009. They used return on assets, returns on sales and returns on equity to measure profitability and cash conversion cycle, debt ratio, days receivables, days inventory and days of working capital are used as independent variables. Their results showed that managing working capital is very important for both type of companies. Moreover, working capital intensive type of company gets more profit by managing inventory and cash conversion efficiency at optimum level and fixed capital intensive type of company yield more profit through other two variables. Karaduman et al. (2011) also investigated the link between management of working capital and profitability of a firm. In the recent economic conditions, the survival of a firm greatly depends upon the ability to manage its financial function. Their sample is based on 127 companies listed in the Istanbul Stock Exchange during 2005-2009. The cash conversion cycle was used as a proxy of working capital management and returns on assets was used to measure profitability. The results portrayed that ROA is positively affected by the reduction in CCC. The profitability is increased by developing efficiency of working capital. Alam et al. (2011) studied the influence of working capital management on the profitability and its market value of firms which are listed on Karachi stock exchange. They claimed that a misconception that firm survival is based on its profits has been cleared due to the present liquidity crises. They used financial data of 65 companies listed on Karachi Stock exchange during 2005-2009. Return on assets and returns on invested capital were used as proxy for measuring financial performance of the firm, Tobins Q was used to determine the market value of a firm and five financial ratios such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset ratio and current liabilities to total asset ratio were used as dependent variables. Their empirical results presented sufficient evidence that firms strongly depends upon current assets to generate profits. Ogundipe, Idowu Ogundipe (2012) provided evidence regarding the influence of working capital management on performance of a firm and its market value. They collected data from annual reports of 54 Nigerian companies for the period of 1995-2009. They explained working capital management as management of current assets and current liabilities and it has a direct effect on firms profitability and market valuation. Their findings suggested that as cash conversion cycle decreases firms profitability increases and efficient working capital management also increases the market value of a firm. Barine (2012) established the relationship between efficient working capital management and firms profitability. Working capital management ensures a firms ability to satisfy both short term obligations and forthcoming operational expenses. They compared the cost and returns of working capital of 22 listed firms on Nigerian stock exchange. Their findings proposed that if cost of working capital is greater than returns on working capital investment then it negatively affects profitability and firms should have optimized working capital investments to stay away from over or under investments. Bhunia (2012) explored the influence of liquidity on profitability while taking the sample of FMCG companies in India during 2001 to 2010. He argued that working capital management plays an important role in the financial management decisions of a firm and managers should manage the trade-off between liquidity and profitability to attain optimal working capital management as it can create value for the firm. By using applied normality test, correlation and regression, the results indicated that liquidity and profitability are positively associated. The research of Vahid, Mohsen and Mohammadreza (2012) also highlighted the affect of working capital management policies on firms profitability. They explained that working capital management has a great impact on profitability and liquidity of a firm and it is responsible for the success and failure of a firm. Their sample consists of 28 Iranian companies listed on Tehran stock exchange for 2005-2009. Their results suggested that conservative investment policy i.e. high level of short term investment have a negative impact on profitability and value of a firm, while aggressive investment policy i.e. long term investment have positive impact on profitability and value of a firm. Their results also showed that aggressive financing policies i.e. high level of current liabilities to finance firms project have a negative impact on profitability and value of a firm, while conservative financing policies i.e. having more long term liabilities to finance firms operating activities have a po sitive impact on firms profitability and value. Al-Mwalla (2012) tried to observe the affect of working capital management policies on the profitability and value of a firm. He persuaded that a firm has to maintain adequate level of working capital to fulfill its short term obligations. Therefore, a firm can adopt one of the two policies; a conservative policy by maintaining low level of current assets to total assets or an aggressive policy by keeping high level of current liabilities to total liabilities. He took annual data of 57 firms listed in Amman Stock Market during 2001 to 2009 for analysis. The results portrayed that conservative policy of investment and financing are positively associated with profitability and value of a firm. Ahmad (2012) highlighted the influence of working capital management on forms performance while taking a sample of 253 companies related to non financial sector listed on Karachi Stock Exchange, Pakistan. He use ROA and ROE as proxy of firm performance and current asset over total sales, current asset over total asset, debtors turnover, current ratio and inventory turnover as proxies of working capital management. Using OLS regression, Pearson correlation analysis and logistic regression techniques, he found that all explanatory variables are positively correlated to firm performance except current assets to total sales as it has a negative correlation with firm performance. Usama (2012) extended the work of Rehman and Nasar regarding working capital management while taking the sample of 18 companies from other food sector listed on Karachi Stock Exchange for the period of 2006-2010. The researcher used different variables to measure working capital management such as average collection period, inventory turnover in days, cash conversion cycle, average payment period, debt ratio, firm size, current ratio, and financial asset to total asset. Using common effect model and pooled least square regression, the results indicated that working capital management has significant positive association with firms profitability and liquidity. He also concluded that firm size and minimum inventory turnover in days has positive influence on firms profitability. Myers (2001) purported that there is no general theory regarding debt and equity choice. He discussed three main theories for the choice of debt and equity. He described that according to trade off theory firms adopt that debt level which balances the tax benefits of additional debt against the cost of financial distress. Debt financing gives a tax shield to a firm therefore they took high level of debt to gain maximum tax benefits and eventually increase profitability. However, the increase of debt financing increases the possibility of bankruptcy. According to pecking order theory, when firms internal cash flow is not enough to fulfill its capital expenditure then firms prefer debt on equity. Mostly low profitable firms entail external financing and accumulate debt. According to the free cash flow theory, when a mature firm has profitable investment opportunities and its operating cash flow is considerably exceeds its investment opportunities, so this dangerous level of debt will h ave a positive effect on firms value regardless of threat of financial distress. Berger Bonaccorsi di Patti (2003) supported that leverage has a direct impact on agency cost which influences firm performance. They proposed that high leverage or a low equity capital ratio causes to reduce the agency cost related to outside equity and raises firm value. They used annual information of U.S. commercial banks from 1990 to 1995. Their result showed that a 1% increase in leverage decrease equity capital ratio surrenders a predicted 6% increase in profit efficiency. Fama French (2005) described the financing decisions of firms. They tested predictions of pecking order theory about financing decisions and claimed that more than half of their sample firms defy the pecking order predictions. Their first result is against the pecking order prediction that firms hardly issue stock. Under their sample, 67% of the firms issue stock each year during 1973-1982 and it rises to 74% for 1983-1992, and 86% during 1993-2002. So, equity decisions of a firm frequently violate the pecking order. Second prediction is that capital structure of a firm is derived by asymmetric information problem but their findings are against this prediction. They suggested that this problem can be avoided by issuing equity through different ways. Elsas, Flannery Garfinkel (2006) studied firm major investment, financing decisions and long run performance. They took 1,185 U.S. firms which made huge acquisitions or capital expenditures during 1989-1999. They observed that large firms financed their new investment with debt whereas equity has a small role. With the passage of time, new debt replaced with equity funds. Small firms mostly rely on issuing equity when financing its new investments to replace debt while internal cash flow is used by medium sized firms. They analyzed that debt financing produces negative long run performance more than equity financing whereas financing with internal funds never produce important share underperformance. Dittmar Thakor (2007) developed a new theory of issuance of security that is when stock prices are high then firms issue equity. This issue is contradictory with the two major theories of capital structure: pecking order and trade off theory. The main idea of their theory is that managers decision about security issuance is based on how their decisions will influence the investment choice of the firm and how this choice will influence the post-investment stock price of the firm. After the investment in the project, managers are more concerned about the stock price and the long term equity value of the firm. The shareholders and bondholders may object to the managers choice of investment because they have dissimilar beliefs regarding the value of the project. Their findings suggest that firms which issue equity have higher stock prices, higher values of agreement parameter and higher increase in investments.

Lego in China

3. ECONOMIC China has several factors that contribute in strengthening their economic position. One of the contributors is their government policy. ‘Chinese government has stressed the importance of develop IT sector to the whole economic development of the country, with considerable commitments to massive investments in infrastructure positive effects of IT on its economic development’ stated by (Li, n. d. ). With more advanced IT departments, China is able to attract more investments from foreigners.Not only that, China also created flexible investors policies. With developed IT structure and a supporting policy, Lego will have no trouble penetrating China’s market. China was known as the most populated place on Earth, hence creating a high demand for products available in market. This will keep the market activity going, given that there is enough supply for everyone. Hoshiko (2011) demonstrated that ‘Cheap labor rates are the keystone to the Chinese econ omic boom’. With a population above 1. 2 billion, labor isn’t one of their main concerns.With low cost of labor, production cost will also drop, this enable them to produce inexpensive goods. If Lego decided to enter China’s market, they will also gain this advantage; they’ll be able to produce their products at a lower cost. Bradsher (2012) has written that ‘China’s exports to all countries rose 9. 9 percent in September from a year earlier, led by especially strong exports to Southeast Asia’. All of these factors in the end helps China’s economic activity, and making it more appealing for investors to come in and plant their money inside of China. The government said Tuesday that it planned to nurture as many as 50 state-owned enterprises to become globally competitive companies while maintaining control of companies engaged in key industries’ (Anon. , 2006). We can see what the government is doing here, they are trying to nurture their companies to complete globally, and giving less concern in internal competition. But global companies have started coming in and practiced the same thing too. Lego may do the same as well; it will give them a new experience curve to see how they should run their business in China.Even though the specific strategy might not be the same in any other country, but Lego will be able to realize what are the steps and actions needed to succeed in foreign areas. Knudstorp (2012) as cited in Hansegard (2012) ‘We're seeing growth in most Asian markets ‘. Recent findings have found that Lego’s sales have been increasing in Asian countries, why? ‘Disposable incomes in China have been growing faster than GDP growth, making toys more affordable for parents and children. ’ (Anon. , 2012). Take as an example China; the people have more disposable income to be spent on their children.Moreover due to the baby-boomer the generation of China, there are a lot of parents now, and now with China’s one child Policy parents are more willing to spend for their loved ones. 4. CULTURE Chinese culture is not as interchangeable, the people held on to it and still respects it as we speaking, and they respect relationship, ranking and protocols. Saying ‘no’ isn’t as easy as it looks like in the Chinese culture, because they believe to deny someone would cause both parties to be embarrassed causing a loss of face. Kjerulf (2010) ‘The Culture in Denmark tends towards the individualistic rather than collective and is very feminine’.We can see there is a difference between Lego and the Chinese culture. We can directly tell, Chinese people are higher in power distance; they call others by their title and last name. Also the Chinese are very more likely to be collectivist, actions that they decided are for the greater good of their people. Lego is very flexible in case of their products itself by having a lot of product lines. With a lot of movie based product lines, such as Indiana Jones, Lego is able to market and alternate their products according to other cultural preference.We found a difference in between China’s Lego official website with the other such as US, Lego in China had excluded the Monster Fighters edition. This can be understood, judging that Chinese people are not that keen on all these western monster theme and Halloween. So Lego figured they would rather not produce this product line, and focus on the others. If Lego had made an investment in Xiamen China, there should not be any problem. To begin with the Chinese people are more uptight towards ranking, and collectivist. While the employer has more of a flexible style, which gives the employees a new working experience and probably a better one.Reference: Home Www1. american. edu (2002) Home. [online] Available at: http://www1. american. edu/initeb/fl9577a/IT%20S;W. htm [Accessed: 5 Nov 2012]. China’s Strengths and Weaknesses 101 | Center for American Progress Americanprogress. org (2011) China’s Strengths and Weaknesses 101 | Center for American Progress. [online] Available at: http://www. americanprogress. org/issues/china/report/2011/02/08/9074/chinas-strengths-and-weaknesses-101/ [Accessed: 5 Nov 2012]. China Exports Rise, Hinting at a Glimmer of a Revival – NYTimes. com BRADSHER, K. 2012) China Exports Rise, Hinting at a Glimmer of a Revival – NYTimes. com. [online] Available at: http://www. nytimes. com/2012/10/14/business/global/china-exports-rise-hinting-at-a-glimmer-of-revival. html? _r=0 [Accessed: 7 Nov 2012]. China to nurture companies for global competition – Business – International Herald Tribune – The New York Times Nytimes. com (2006) China to nurture companies for global competition – Business – International Herald Tribune – The New York Times. [online] Available at: http://www. nytimes. com/2006/12 /19/business/worldbusiness/19iht-nurture. 3951635. tml [Accessed: 7 Nov 2012]. Lego Chief Sees Weak – WSJ. com Online. wsj. com (2012) Lego Chief Sees Weak – WSJ. com. [online] Available at: http://online. wsj. com/article/SB10000872396390444914904577622962273573438. html [Accessed: 7 Nov 2012]. Toys and Games Market Research, Analysis, and Commentary Blog. euromonitor. com (2012) Toys and Games Market Research, Analysis, and Commentary. [online] Available at: http://blog. euromonitor. com/toys-and-games/ [Accessed: 7 Nov 2012]. Business Communication Styles in China and Successful Communication with Chinese Businesses and Colleagues :: World Business Culture

Role Of Strategic Human Resource Management - 1916 Words

Introduction As human resource (HR) management started to replace personnel management to become one of the important inter-functions of the organization, some people may question what make this subcategory of management has important impact on the operation of organisation. Then started to research the strategic value of human resources. Hendry and Pettgrew (1986, cited in Storey, 2007) define that strategic human resource management (SHRM) is a usage of planning consistent HR practices or policies that align with strategy of the organisations to create sustainable competitive advantages (SCA). There are three main approaches in SHRM, which are the best practice (universalist), the best-fit (contingency) and the resource-based. Below this article will briefly introduces theses three approaches, and critically analyse the limitation of these approaches. The Best Practice Approach The assumption underlies in this approach is that there are some ‘best’ human resource practices, which can universally apply to any organisations and will lead to the improvement of organisational performance, such as improvement in employees’ attitudes and productivity (Beardwell Claydon, 2010:57; Purcell, 2001:60). It is a unitary perspective that assumes all employees would pursue the goals generated by organisations (Wilton, 2010: 278). One of the most well-known models is Pfeffer’s (1994,1998, cited in Beardwell Claydon, 2010:57) ‘putting people first’, which identify seven HR practicesShow MoreRelatedStrategic Role Of Human Resource Management1550 Words   |  7 Pagesincreasing competitive environment organisation needs to focus on the value of investing human resources as a major competitive advantage. It is important to set a HRM to meet those advantages to meet company’s objectives with the flexible environment. 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Gannon Oxford School of Hospitality Management, Faculty of Business, Oxford Brookes University, Oxford, UK The role of strategic groups 513 Liz Doherty Business School, Shefï ¬ eld Hallam University, Shefï ¬ eld, UK, and Angela Roper School of Hospitality Tourism Management, University of Surrey, Guildford, UK Abstract Purpose – This articleRead MoreA STUDY ON STRATEGIC ROLE OF HUMAN RESOURCE MANAGEMENT Essay1679 Words   |  7 Pagesï » ¿PREFACE Strategic management is the management of change involving the system of corporate values, the corporate culture, and all managerial process of change, such as leadership, planning, control, and human resources management. The strategic management process represents a logical, systematic, and objective approach for determining an enterprises future direction. 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William Blake s Poem, The Divine Image And The Human...

Over time, man Christians who have a firm foundation in the Bible begin to develop and express their own theories. William Blake was one of these people. While he wrote many things, the poems â€Å"the Divine Image† and â€Å"the Human Abstract† from his books Songs of Innocence and of Experience hit on a deeper level inside of Christianity. When reading the works of others it is important to know what the actual gospel truth is and then what the poet’s truth is. These lines are blurred in these two poems. If a Christian is able to distinguish the God spoken truth from Blake’s own belief’s then these poems provide the reader with a short pastoral message on God and who people are. When properly read and cross-referenced with the Bible, these two poems can provide both comfort and guidance, as well as a warning, to its Christian readers. Whenever a Christian reads a literary work it is important to understand why the author was writing and what their point was. David Jeffery, in his book on Christianity and Literature said that if what is taught in the Bible is Relevant or â€Å"true† to a topic, it is important to understand and value the Bible’s teachings on the subject (8). Alexander Gilchrist, most known for his biography on Blake explained that Blake neither wrote nor drew for the many, hardly for work’s-day men at all, rather for children and angels; himself a divine child, whose playthings were sun, moon, and stars, the heavens and the earth (PoetryFoundation). Blake was aShow MoreRelatedThe Human Abstract Essay1196 Words   |  5 PagesThe Human Abstract The Human Abstract has not received much critical attention on its own. Of the critical interpretations that do exist, many approach the poem by examining its various manifestations in Blakes manuscripts, reading it against A Divine Image, a poem w hich was never finally published by Blake, or comparing it to its Innocence counterpart, The Divine Image. Most critics seem to agree that The Human Abstract represents a philosophical turning point in The Songs of InnocenceRead MoreWilliam Blake And The Divine Image Essay2209 Words   |  9 PagesWilliam Blake, a transitional figure in British literature, was the first romantic poet to focus on content instead of form. Blake is one of the great mystics of the world, like Henry More and Wordsworth; he lived in a world of glory, of spirit and of vision, which, for him, was the only real world. His devotion to God expresses through his lyrical poetry collection Songs of Innocence and Songs of Experience. This collection contains 51 poems wh ere the poems of Innocence are counter part of the poemsRead MoreWilliam Black - I Heard an Angel Singing1404 Words   |  6 PagesWILLIAM BLAKE â€Å"I heard an angel singing† A Matter of Life an Death Abstract In this poem William Blake at the beginning speaks about an angel, who was singing in the small hours every day. An angel was singing all day about mercy, pity, peace, which is the world ´s release. Angel was positive feature. He tried to help people. His voice is really beautiful and people feel good during his singing. Devil cursed mercy, pity and peace, because he saw all men are happy in the world and they don ´tRead MoreAN ANALYSIS OF WILLIAM BLAKES SONGS2960 Words   |  12 PagesAN ANALYSIS OF WILLIAM BLAKE’S SONGS OF INNOCENCE AND OF EXPERIENCE AS A RESPONSE TO THE COLLAPSE OF VALUES TIMOTHY VINESâˆâ€" Blake’s Songs of Innocence and of Experience are a much studied part of the English canon, and for good reason. Blake’s work depicts a quandary that continues to haunt humanity today: the struggle of high-order humanity against the ‘real’ rationality and morals of institutionalised society. This essay seeks to explore both Blake’s literary reaction to the Enlightenment and theRead MoreAnalysis Of The Songs Of Innocence By William Blake1787 Words   |  8 PagesWilliam Blake, an unconventional writer and artist in Romantic England, was known best for his unique printing method and claim to supernatural visions. In 1789, Blake published the â€Å"Songs of Innocence,† a collection of poems attributed with an innocent, romantic viewpoint, as the title indicates. One of the poems, â€Å"The Divine Image,† was used to identify the nature of God in man. â€Å"The Divine Image† speaker identifies the Mercy, Love, Peace, and Pity found in humans to be truly divine and of GodRead MoreThe Romantic Movement Of William Wordsworth And Samuel Taylor Coleridge Essay1427 Words   |  6 Pagesof poetry by conveying nature in their writings. Nature is considered an authoritative characteristic that motivates poets to write subjective poems that reflect on solidity and God. William Blake, William Wordsworth and Samuel Taylor Coleridge were amongst the Romantic poets who published revolutionary Lyrical Ballads that illustrate the association of human relationships with nature (ADD CITE). According to (ADD SOURCE HERE), these famous poets were categorized by the transformation in their themeRead MoreEssay about The Representation of the Female in William Blake1921 Words   |  8 PagesRepresentation of the Female in William Blake If William Blake was, as Northrop Frye described him in his prominent book Fearful Symmetry, a mystic enraptured with incommunicable visions, standing apart, a lonely and isolated figure, out of touch with his own age and without influence on the following one (3), time has proved to be the visionarys most celebrated ally, making him one of the most frequently written about poets of the English language. William Blake has become, in a sense,Read MoreWho Goes with Fergus11452 Words   |  46 PagesWho Goes With Fergus This poem is about the dichotomy of the thinker and the actor. Yeats, in love with Maud Gonne, was the thinker, the courtly lover -- the one who would brood upon loves bitter mystery. Yeats was Mr. Nice Guy. Yet Yeats wanted to be the actor - the alpha male - the Fergus. Note the sexualized subtext that permeates the poem, who will pierce the deep woods woven shade? Who will drive with Fergus. Finally, we get the reasons to be the alpha male - the man of action, in theRead Morewisdom,humor and faith19596 Words   |  79 Pageshumor. Genuine humor is replete with wisdom.† Mark Twain, quoted in Opie Percival Read, Mark Twain and I (1940), 17. â€Å"Humor offers both a form of wisdom and a means of survival in a threatening world. It demands that we reckon with the realities of human nature and the world without falling into grimness and despair.† Roger Shattuck, The Banquet Years: The Origins of the Avant-Garde in France—1885 to World War I, rev. ed. (1968), 248. â€Å"Humor is, in fact, a prelude to faith; and laughter is theRead MoreANALIZ TEXT INTERPRETATION AND ANALYSIS28843 Words   |  116 Pagesstory â€Å"To Build a Fire† or Ernest Hemingway’s â€Å"The Old Man and the Sea†) or between man and society (as in Richard Wright’s â€Å"The Man Who Was Almost a Man†). It may also take the form of an opposition between man and man (between the protagonist and a human adversary, the antagonist), as, for example, in most detective fiction. Internal conflict, on the other hand, is confined to the protagonist. In this case, the opposition is between two or more elements within the protagonist’s own character, as in