A Fingerprint Identification Technology Information Technology Essay

A Fingerprint Identification Technology Information Technology Essay Theoretical Presently a days in IT innovation, security is required and it assumes a significant job in IT applications and security arrangement applications. For keeping up security BIOMETRICS gives a significant job and the name it characterizes as bio is identified with organic examination and where metric know as estimation. Where, Finger print recognizable proof is a strategy we utilized in biometrics and it is best most seasoned technique appropriate in bountiful employments. Everybody has own one of a kind changeless fingerprints. At which unique mark is for the most part comprise of a wrinkles and arrangement of edges on upper layer of a finger. A unique finger impression is for the most part recognize by the wrinkles and edges and particulars focuses, where a details focuses can be acquired by edges attributes where they be contained in edge bifurcation and completion. A unique mark distinguishing proof is principally pertinent in examinations. Presentation A unique mark recognizable proof is a procedure for distinguish people these can be appropriate from last nineteenth centurys. Francis Galton characterizes the qualities purposes of unique mark distinguishing proof and these focuses are establishment of recognizable proof and extend over past hundreds of years. In 1960 unique mark ID begins with figuring innovation, with those PCs a Galton point subnet that alludes to particulars has actualized for improvement of unique finger impression innovation. Government Bureau of Investigation (FBI) utilizes the unique mark ID in 1969, after that it has fastly evolved in a lot increasingly manual procedure employments. After that National Bureau of Standards has Associate with FBI for preparing the computerize unique mark recognizable proof and directly the improvement procedure is going on National Institute of Standards and Technology. Following a couple of years the NIST was center around advancements of unique finger impression ID in computerized interface with the impacts of picture quality and coordinating and particulars extractions. For human inquiry narrowing uses the M40 calculation these calculations were presented by FBI and these was actualized by NIST. The M40 calculation was demonstrated effectively and prepared for human specialists for critical computations of little arrangement of pictures. In 1981, unique finger impression innovation was improved to Automated Fingerprint Identification System with various frameworks on USA and different nations. On this assessment of all correspondence frameworks were disregarded with one another, that implies assortment of unique mark in one framework the other framework can't look agains t the other these principles need more create in finger impression recognizable proof. In 1994, unique mark recognizable proof was built up the mechanized coordinated unique mark distinguishing proof framework with most significant difficulties. Where the difficulties that actualize in unique mark recognizable proof was computerized unique mark and edge qualities extractions and example coordinating model framework execution. APPROACH In unique mark ID, a finger for the most part looks with dark arrangement lines with contact edges with high bit cresting and these edges looks void area at less bit of edge erosion. The unique mark recognizable proof chiefly comprises of particulars focuses and edges and bifurcations. The accompanying figure shows the unique finger impression qualities highlights of particulars and different attributes of finger impression. C:UsersRAGHUDesktopimages.jpg F1: Minutiae C:UsersRAGHUDesktopfinger3.jpg F2: Other unique mark qualities A general information can be acquired from unique mark edges with grating stream and the element nearness is gotten by the individual way edges. Some significant unique mark highlights were created from AFIS. For example, it doesn't give a persistent stream in design in grating edges these regularly got in attributes of edges in completion and separating and dabs. The primary propose of AFIS structuring is to explain the general progression of edges with characterization and particulars extractions of unique mark. Unique finger impression recognizable proof is for the most part gotten by equipment and programming innovations. Equipment In equipment usage in unique mark distinguishing proof can be contained by various sorts of sensors they are optical and capacitive and warm and these are principally relevant in computerized picture assortment on upper layer of a finger. Presently a days optical sensors are utilizing normally for unique mark picture. A sensor which gauges the capacitances that can be rely on assess the pixel esteem these kinds of sensors is knows as capacitive sensors and it can without much of a stretch assess the capacitance on the grounds that a region of finger is more than territory of valley. The warm scanners are mostly use for the temperature estimation on computerized picture at the hour of finger swipe. At which a few sensors contained with high recurrence during the unique mark filtering these kind of sensors are knows as ultrasound sensors. Pastly we utilize some equipment advances they named as optical sensors and strong state capacitive sensors and strong state temperature sensors and strong state electric field sensors. While in strong state sensors are little and they can improve to almost to machine. The most recent advancement innovation in sensors are improve with little cards like platinum cards. Programming In programming innovation use in unique mark procedure is comprises of two techniques one is particulars coordinating and another is design coordinating strategy. In particulars coordinating technique it manages the details focuses and their course of each point. In design coordinating technique it manages the closeness of the two unique finger impression pictures. In unique finger impression coordinating calculation we are utilizing two distinct strategies one is details coordinating and other one is design coordinating strategy and these two procedures are talked about underneath. Details based Matching Example Matching Particulars based Matching: The cutting edge unique mark innovation utilizes the particulars coordinating method. A thought begins from an equivalent unique mark pictures will demonstrate particulars of one picture have same relating to other picture around then picture have equivalent details focuses. Essentially, details focuses are equivalent at relative separation of other particulars focuses. Focuses are matchup at the numerous purposes of one picture has same separation and another image various focuses have equivalent separation. For the most part particulars coordinating highlights are manages the unique mark edges and these can be separated into three focuses one is short edge and edge consummation and bifurcation. Short Ridge Edge Ending Bifurcation F1: Short edges F2; Ridge Ending F3: Bifurcation Short Ridge: In Short edges are characterize as the littler length than the normal length of edges in unique mark. Edge Ending: In edge finishing is characterize as where edge ends. Bifurcation: In bifurcation one edge is partitioned into two edges. Fundamentally, particulars focuses are organized with their equivalent situation to each other with their headings in enlistment process. In coordinating procedure, the unique mark picture distinguishes the details focuses which are equivalent to put away finger impression information. In these procedure, it initially assess the particulars focuses and after that it map the relative arrangement on finger around then it contains multifaceted nature. This calculation procedure can't utilized for the individual who having the low nature of details focuses in light of the fact that the calculation can't use for the less quality focuses. Example Matching: In design coordinating, it doesn't just looks at the individual focuses it can analyze all attributes focuses on surface of finger. For the most part the qualities are on finger densities and edge thickness and arch of unique mark. While unique finger impression edges are essentially separated into three fundamental examples they are Whorl and Loop and Arch. Curve: In curve design the edges are start from one side and finishes on opposite side in the middle of the beginning and consummation side that is in center it rises like a bend shape on finger surface zone. http://upload.wikimedia.org/wikipedia/en/thumb/3/32/Arch.jpg/200px-Arch.jpg Arch:F1 Circle: In circle they structure like a bend shape since they will begin from one side and end with opposite side. http://upload.wikimedia.org/wikipedia/en/0/0c/Loop.jpg Circle: F2 Whorl: In whorl edges are structure a roundabout shape on focus on the finger surface. http://upload.wikimedia.org/wikipedia/en/thumb/e/ee/Whorl.jpg/200px-Whorl.jpg Whorl: F3 While in enlistment technique, unique finger impression can be removed from the relative separation on little finger impression area. Predominantly design coordinating is use for identifying the copy fingerprints it will be founded on the region of particulars point and strange mixes and low ebb and flow and span. WORKING WITH BIOMETRICS The accompanying segments are assumes a significant job in biometrics framework. In this procedure, for gathering the information data on unique finger impression we need to utilize information assortment. Crude is characterized as the assortment of information during the unique mark process in biometrics. After that procedure is done it can coordinating the people unique mark which can be put away previously, in the event that it exists the individual is confirmed and denied its entrance. This is procedure we are utilizing in biometric process. Underneath figure shows the biometrics procedure and segments in biometrics. End For security propose unique mark place a significant job in human acknowledgment from past years and biometric framework just be available at the ongoing years. For the advancement of unique mark gauges, government and different ventures had done improvements on unique mark strategies. This advancement over the profoundly quality items and quicker utilization of gadgets and improve the unwavering quality on unique mark acknowledgment framework. Where this procedure is for the most part utilized for the legislature lawful strategies and examination propose and science network improvements and these are essentially valuable for the biometrics. Behind this advancement we have such a significant number of reasons in light of the fact that biometric isn't fix all security distinguishing pieces of proof. In this paper we talked about the outline of unique mark identificati

An Analysis of Prue By Alice Munro Essay

â€Å"Prue† is the fundamental character of the story and is portrayed by the storyteller as a lady who plans to turn into the genuine individual that she needs to be in spite of the considerable number of circumstances that she is really associated with at present. Her comprehension of her job as a lady is appeared through the changed encounters that she needed to manage in her life. It begins with her being separated from her first spouse with whom she bore youngsters to. Her youngsters I the story are as of now grown an are independent, causing her to show up as a lady who is attempting to do the trick her own needs through functioning as a lounge area master in Britain and right now a Toronto assistant. She is a lady of good comical inclination who can deal with life’s challenges in a much positive methodology that makes her more exceptional than other ladies of her age. Thinking about this specific certainty, it is verifiable that she has continued with her life issues with much positivism and quality in taking care she had always wanted in offset with what she has right now. Her association with Gordon, a man with his very own spouse however, gave her a fairly flimsy status with respects her passionate standing and her relationship with the said man. Significantly, such issues have not been appeared by the character of Prue as something that is legitimately influencing her and her development as a lady. Rather than really being profoundly included, she at that point takes a few gifts that are neither costly nor an excess of useless from the man that she venerates and kept them in a tobacco tin where she kept different tokens from her past encounters and others she met with in her life. Topic Statement (a) Women are exposed to numerous difficulties throughout everyday life and as people; they have various methodologies in confronting such issues. For Prue, concealing her feelings was likely her procedure of confronting life. Complexities of the Story Ladies are known for their capacity of taking care of different errands simultaneously. Serving the individuals that they love and as yet being the individual that they should be is one of the essential things that ladies are for the most part worried of. In the narrative of Prue however, the said portrayal of ladies has been highly centered around causing a known ID of how ladies to endeavor to get adequate for themselves as they become separated from their youngsters to whom they owe duty. Naturally, such status in life makes the character of Prue rather shows a lady who can endure life through dismissing a portion of the fundamental things that she needs to do like composing letters to her kids in order to make an association with them despite the fact that they have all developed and are now having their very own period lives. The creator, Alice Munro really gave the story a few clarifications in regards to the portrayal of Prue missing inside the plot of the story. Likely, this confusion isn't at all incidental. The writer basically needs the perusers to fill themselves in, into the shoes of Prue and therefore have the option to understand the sort of individual that she is in their own specific manner of comprehension. It is through this that the writer could really include the character of the perusers inside the character depicted by Prue inside the story. Component distinguishing proof The component of feeling has been coolly precluded from the clarifications of the various circumstances that Prue needed to manage as she trod an incredible excursion. Munro has normally made the story increasingly complex as far as clarifying what is as of now clear inside the plot. Besides, Munro utilized the various components of womanhood to really show the various issues that are associated with ladies managing the genuine circumstances in life that they are confronted with. Connections and obligations really shape the character of ladies all around the globe. The portrayal of Prue’s character in the story cold really be noted to directly affect the way Alice Munro herself needs to enable the perusers to comprehend the portrayal of ladies through and through. She at that point plans to tell the perusers that ladies are people who are needing their own personality that isolates them from the others. Not at all like her very own normal lady, it could likewise be noticed that Prue’s character in the story call attention to an uncommon person who could go through amusingness to cover what she truly feels about a specific circumstance that has been introduced to her by life. Her contribution with Gordon has been treated by Prue as an advantageous encounter that has built up her development and comprehension of connections. Despite the fact that it has been so much entangled thinking about that Gordon has a spouse and as yet experiencing divorce procedures, she despite everything figured out how to get the best out of such close to home and personal contribution with a man. Prue’s character demands in introducing a sort of lady who can deal with the challenges in existence in view of so much good faith. It is through this specific procedure that the lady attempting to develop inside Prue’s character started to uncover as the story advances towards the end. Naturally, such an issue is introduced through the ways by which she utilizes funniness to shroud her feelings. It could be seen that through the foundation of the character of Prue in that specific state, she has become an embodiment of a lady who attempts to turn into the genuine individual that she needs to be in spite of the considerable number of encounters that she needs to look with in her life. The regularities of the various difficulties that she meets with ordinarily, grinding away, with her relationship with her youngsters, with her relationship with the man she loves, her character stands apart to be somebody who can control her feelings and still develop out of the way that she feels torment inside her. She realizes that every one of these occasions are a piece of life that should cause her to develop towards the individual that she expects to turn into. Impressively, Prue’s character is introduced as an ordinary person who have had odds of managing their mix-ups and their confinements in existence with the utilization of confidence and assumed intelligence in understanding life as it presents a great deal of difficulties en route. Through this, Prue’s character reflects the ability of people to utilize diversion and confident person to endure life’s out of this world from time to time. Justifiably, the various impacts of connections and passionate connections just as obligations upon the self-awareness of ladies could really be comprehended through the portrayal of how Prue really met with the various issues that she needed to deal with in her life as a lady, as a mother, as a laborer and as a sweetheart who wants for little more than the best for her and for those whom she adores.

Autobiography – My earliest memories

It was an excellent summer's day and the flying creatures were singing pleasantly like a congregation ensemble of heavenly attendants. My senior sibling, Narvair recommended to my mom and father to go birthday looking for presents as it was approaching my fifth birthday celebration. As we walked down the lengthy drive to the blue Vauxhall Cavalier, the bursting sun nearly blinded us. We could feel the exceptional warmth so much that sweat was pouring down our countenances. As we voyaged and moved toward the motorway, I enquired about our goal, however I was educated that it was an astonishment. In transit we passed numerous fields where there were various ponies, sheep and cows were eating. In the far separation I could see the tops of numerous houses and the tall pointed steeple of a congregation. Through the sun rooftop I could see the cloudless quiet blue sky. As we left the motorway, I understood that we were setting out toward Meadow Hall. Right now I was brimming with energy, yet this before long failed away, as it set aside such a long effort to discover a stopping space. Like read about recollections? Peruse also Flashbulb memory! In the end we entered the huge, splendidly lit shopping center, jam-stuffed with individuals hustling and clamoring all through the shops. I quickly held my mummy's turn on the off chance that I wandered away. As we attempted to pass the individuals I looked through any little spaces in the middle of the rubbernecks searching for toy shops. Further along the shopping center, my hold slackened on my mum's hand, as my consideration drew towards my sibling. While energetically tussling with my sibling, I watched out for my mum and father's whereabouts. My mum entered the garments shop and my father perused the games shop adjoining it. As we were playing, a fun ball dropped out of my pocket and moved down the area. Decisively I let go of my mum's hand and sped after the ball not understanding I had before long left my folks and sibling great behind. The ball ricocheted and moved on being kicked by the on going individuals. Over the long haul I found the ball as a man of his word caught it under his foot. I expressed gratitude toward him and carelessly ran in irregular ways looking for my mum and father. Out of nowhere I found I was in solitude and started to cry removes running in and from shops crying for my mum, without much of any result. Some time later, I saw a woman garments shop where there was a woman wearing Indian articles of clothing. As of now I felt eased and trusted I had discovered my mum. Suddenly I ran towards her, just to discover it was a shop window sham. In the midst of the disarray and the outsiders, I started to cry and shriek yet nobody would help. Further on the shopping center I ventured onto the lift paving the way to the highest floor. Investigating the railings I had an outline of the ground floor; anyway I was unable to perceive any individuals from my family. Now I chose to solicit all the passing individuals from my parent's whereabouts, however no one knew. With fatigue and foggy eyes I sat on the cool hard floor with my legs through the railings, anxious to find my folks or my sibling. Abruptly a security monitor hunched down adjacent to me and educated me that it was anything but a smart thought to have my legs dangling through the railings. He at that point asked me for what valid reason I was crying. Having disclosed to him I had fled from my folks to discover my ball and now was lost. The watchman offered to help, support and accompanied me to the client assistance work area. Here he reported over the shopping center's tanoy framework: â€Å"Can Mr and Mrs Birdi please go to the client assistance work area immediately?† On observing my folks coming I dashed towards my mom and clung to her with a tight grasp. My folks were particularly mitigated and enchanted to see me. â€Å"Sandeep, where have you been? We have been searching for you,† shouted my father. â€Å"I pursued my ball dad,† I answered crying. â€Å"Don't ever do it again, let us know where you are going. Presently stop crying,† my mum said embracing and kissing me. Subsequent to consoling me, my folks and my sibling walked on towards the toy shop. I ran into the toy shop like an accusing bull of my sibling, however my mum demanded that I quieted down. Still energized I attempted to take in all the toys around however in the long run I painstakingly picked an extraordinary version Action Man. It was an enormous present with numerous devices, for example, recording radio and a discharging assault rifle. I had been aching for this present and couldn't let any other individual handle it. I was extremely glad and could scarcely sit tight for my birthday, so I could play with it among my different toys. This made me the most joyful five years of age on the planet. Right up 'til today I have still kept the Action Man in great condition and working request. Indeed, even now it is a delight to play with it, in spite of the fact that I recall how I discovered my self lost in the immense shopping Mall.

Performance Of Microfinance Institutions In Mediterranean Countries - Free Essay Example

This paper examines empirically the relation between governance mechanisms and the performance of Euro-Mediterranean microfinance institutions (MFIs) in terms of outreach and sustainability. Specifically, we found that performance-based compensation of managers is not associated with better performance of MFIs. The results identify tradeoffs between MFIs outreach and sustainability depending on larger boards size, and on higher proportion of unaffiliated directors. Moreover, the study shows that the more women there are on a board the better the performance, and reveals that external governance mechanisms help MFIs to achieve better financial performance. This study also allows us to distinguish other factors leading to a better sustainability such as Regulation, the use of individual lending methodology. However, the MFIs active as NGOs seem to be more consistent with their social mission than with their financial performance. 1. Introduction Microfinance is the provision of financial and non financial services to the poor who are excluded from financial/credit markets because they are considered unbankable. Indeed, microfinance institutions has evolved primarily as a consequence of the efforts individuals and assistance agencies committed to the idea of ensuring that the poor people has access to some form of credit. The majority of MFIs claims having a dual mission of reaching poor borrowers (outreach), and being financially sustainabl e (sustainability). While the social goals of reaching the poorest and poverty alleviation are valid, financial sustainability has emerged as one of the core management and governance issues. The shrinking resources base for donor funds to support the increasing demand for grants and soft loans implies that MFIs will eventually have to support themselves (Ledgerwood, 2000). However, their sustainability will focus on governance structures within the industry. Indeed, as M Labie (2000) observes, in the last decade corporate governance principles have imposed themselves as the basic rules for any well Run Company to follow. The trend has however transcended from traditional business companies but is now part of the globalization process often seen as a tool for standardizing the controlling vision for any major organization in the world. The drive towards Governance has been propelled by a number of factors particularly the collapses of some of the major players in the Industry, th e influx of private Equity and fall in donor funding. Governance is about achieving corporate goals. The fundamental purpose of MFIs is to contribute to a country development. This involves reaching out to more clients especially the poor (Helms, 2006; Johnson et al., 2006). Not least but now growing in importance especially among donors is the requirement that MFIs achieve financial sustainability. Microfinance practitioners assert that good governance is the key to a successful MFI (Campion, 1998; Rock, Otero Saltzman, 1998; Labie, 2001; CGAP, 2006; Helms, 2006; UN, 2006). In spite of these observations, only few studies have focused on governance and the examination of the linkage of various governance mechanisms and performance (McGuire, 1999). It seems relevant to examine closely the role of various governance mechanisms since MFIs managers control significant resources. Except the study of Hartarska (2005), and those of Mersland, Roy and StrÃÆ' ¸m, Reidar ÃÆ'ËÅ"yst ein (2007), and Cull et al., (2007), no more study attempt to shed light on the link between governance and performance especially in the Euro-Mediterranean countries although it is a very active zone with a microfinance industry quite diverse (NGO, NBFI, Bank) where actors should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. While exploiting recently conducted survey by the authors in order to study the efficiency of MFIs in Mediterranean countries, the annual financial reports of the microfinance institutions and other relevant information collected from Microfinance Information Exchange (MIX), this paper aim to investigate the link between governance and Euro-Mediterranean MFIs performance in terms of outreach and sustainability since governance guides an institution in fulfilling its corporate mission and protects the institutions assets over time. As Rock, R, Otero, M Saltzman, S (1998) not es it is a key in guiding management in strategic issues and in carrying out the agreed upon strategic plans. The empirical model explores the joint and individual effect of management compensation, board diversity, and external governance mechanisms on both MFI sustainability, and the depth and breath of outreach while controlling for individual characteristics and, as well as country specific factors. The results show that performance-based compensation does not improve performance. MFIs with larger boards seem to do better. More independent boards are more effective however. Board diversity (Higher proportion of women) seems to ameliorate outreach. External governance mechanisms especially auditing and regulation improve the financial sustainability. The remainder of this paper is organized as follows. Section 2 deals with the research context. Section 3 briefly reviews the few related studies. Section 4 presents the conceptual framework as well as working hypothesis. Section 5 looks at data description and methodology. Section 6 discusses the empirical findings, and Section 7 draws conclusions emanating from the findings. 2. Microfinance in Mediterranean Experience throughout the world has proven that microfinance help the poor to increase income, built their business, and secure their future by reducing their vulnerability to external shocks. Furthermore, microfinance is often a powerful tool for empowering the poor especially women, to take charge of their economic well-being and those of their families. The Euro-Mediterranean region consists of 21 countries. The microfinance industry in this zone is young with high growth potential. Currently, it is estimated that there are over sixty microfinance institutions (MFIs NGOs), and a potential of numerous other producing credit to poor microentrepreneurs (Ben Soltane, 2008). The majority of these programs are south of the Mediterranean (Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Syria). Programs also exist in Spain, France, Italy, Kosovo, Albania, Bosnia, and Croatia (Figure 1). Morocco AMSSF, FMBC, KARAMA, AL AMANA, ZAKOURA Turkey MAYA Bosnia Bossel, EKI, MI-Bospo, MIKRA, Women For Women Palestine FATEN, UNRWA Italy FRD, 10 Talenti Fond S.M.Soccorso Fond S.G.Moscati Tunisia ENDA, BTS Spain CODESPA, WWB Spain Egypt ESED, Lead foundation, DBACD, Al Tadamun France CSDL Albania PSHM, USCA Croatia DEMOS Lebanon Al Majmoua, Ameen, CHF-AM Jordan MFW, AMC, JMCC,DEF Kosovo P4, Meshtekna, Grameen Trust Figure1  [1]  : MFIs delivering microcredit in the Mediterranean. Euro-Mediterranean MFIs aim to provide financial services to low income households, even the extremely poor in a participatory and non-paternalistic development approach to the great interest of the donor community, policy makers, development researcher and practitioners. According to the so-called win-win proposition MFIs should combine the socials goals, such as poverty alleviation and reaching poor households (outreach) with operational and financial self-sufficiency (sustainability) based on access to international financial markets independently from international development agencies. Therefore, MFIs should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. The regionà ¢Ã¢â€š ¬Ã¢â€ž ¢s top MFIs are openly committed to best practice microfinance. In terms of depth of outreach, the sector has generally moved towards serving more and more of the poor clients. According to the FEMIP and Sanabel study, the Mediterranean represents a potential market for the microfinance with nearly 40 million customers, whereas currently only 9 million people profit from the financial assistance of the companies operating in this sector. The number of borrowers increased of more than 43 % per annum between 2004 and 2006, against 20% on a worldwide scale, an indication that the sector as a whole is reaching more of the marginalized in the society. The regionà ¢Ã¢â€š ¬Ã¢â€ž ¢s top MFIs have proven also to have excellent leadership abilities, impressive outreach and growth, as well as a commitment to best practice microfinance. Furthermore, it is estimated that around 85% of the regionà ¢Ã¢â€š ¬Ã¢â€ž ¢s active clients are served by sustainable MFIs. 3. Literature review Governance in microfinance has been recognized to be an important issue. However, the biggest problem to microfinance practitioners has been balancing the dual mission of outreach and sustainability. The changing of microfinance environment has shown a move towards sustainability ultimately leading to governance issues as donors funds shrink and equity inflows increase in the microfinance sector. Microfinance institutions have therefore embraced boards and adopted principles of corporate governance to ensure their survival. Investigating the link between good governance and the performance of MFIs in terms of outreach and sustainability is crucial since governance guides an institution in fulfilling its corporate mission and protects the institution assets over the time. However, there is a limited academic studies dealing with this subject, partly due to the lack of data. While using three surveys of rated and unrated east European MFIs from three random samples in the perio d 1998 to 2002, Hartarska (2005), investigates the relation between governance mechanisms and financial performance. Financial performance and outreach constitute dependant variable dimensions and governance mechanisms include board characteristics, managerial compensation, and external governance mechanisms such as rating, financial statements audited, and supervision. The author finds that performance-based compensation of managers is not associated with better performing MFIs; lower wages suggested for mission-driven organization worsen outreach. She identify also that a more independent board has better ROA, but a board with employee directors gives lower financial performance and lower outreach. Finally, the author concludes that external governance mechanism seems to have a limited role in the study region. In a recent study, Mersland, Roy and StrÃÆ' ¸m, Reidar ÃÆ'ËÅ"ystein (2007), use a self constructed global data set on MFIs spanning 57 countries collected from thir d-partly rating agencies. The authors study the effect of board characteristics, ownership type, competition and regulation on the MFIs outreach to poor clients and its financial performance. They found that split roles of CEO Chairman, a female CEO, and competition are important explanation. Moreover, the authors found that larger board size decrease the average loan size, while individual guaranteed loan increase it. Finally, they conclude that there is no difference between nonprofits organizations and shareholder firms in financial performance and outreach. A third study conducted by Cull et al., (2007) looking at MFIs financial performance and outreach as well, with a focus on lending methodology  [2]  , controlling for capital and labour cost as well as institutional features. While using data from 124 rated MFIs, the authors found that MFIs that focus on providing loans to individuals perform better in terms of profitability. Yet, the fraction of poor borrowers and fem ale borrowers in the loan portfolio of these MFIs is lower than for MFIs that focus on lending to groups. The study suggests also that individual-based MFIs, especially if they grow larger, focus increasingly on wealthier clients, a phenomenon termed as à ¢Ã¢â€š ¬Ã…“mission driftà ¢Ã¢â€š ¬?. This mission drift does not occur as strongly for the group-based MFIs. However, no governance variables, such as board characteristics or ownership type are taken into consideration. The limited academic investigation into the link between governance mechanisms and performance of MFIs in terms of outreach and sustainability, and the fact that other governance mechanisms such as the proportion of women in the board remain unexplored justify the importance of a similar study in the Euro-Mediterranean zone, characterized by a very active and quite diverse microfinance industry, that complete formers studies. 4. Conceptual framework and working hypothesis While focusing on the microfinance field, the governance can be defined as the process of guiding an institution to achieve its objectives while protecting its assets. It refer to the mechanisms though which donors, equity, investors, and other providers of funds ensure themselves that their funds will be used according to the intended purposes (Hatarska, 2005). The presence of these control mechanisms is crucial either to align the interests of managers and providers of funds since they may have diverting preferences and objectives, or to monitor the performance of managers to insure that they use their delegated power to generate the highest possible returns for the providers of funds. This notion comes from the agency perspective. It found its origins in the work of M. C. Jensen and W. H. Meckling, 1976 who assimilate the firm to a node of contracts. The explanatory model of the structures of financing and shareholding is founded on the assumption of asymmetry of information and conflicts of interests between managers and providers of funds. According to M. C. Jenson and W. H. Meckling, agency relationship is a contract under which à ¢Ã¢â€š ¬Ã…“one or more persons (principal) engage another person (agent) to perform some service on their behalf, which involves delegating some decision-making authority to the agentà ¢Ã¢â€š ¬?  [3]  . In this case the relation of agency will relate the principal (owner) and his agent (manager), this last being engaged to serve the interest of the first. From these relations emanates the concept of agency costs, costs which result from the potentially opportunist character of the actors (moral hazard) and information asymmetry between the contracting ones (adverse selection). These agency costs represent the loss in value compared to an ideal situation where there is no information asymmetry and conflict of interests. According to the theorist of agency an organisation is considered efficient if it minimise the agency costs. This purpose can be intended though an effective governance mechanism. According to Keasey et al., 1997, the most important features of an effective governance framework are ownership structure (including institutional and managerial ownership), CEO (manager) and director (board member) remuneration, board structure (size and composition), auditing, information disclosure, and the market for corporate control. Usually, research literature related to this field use partial measures. In other words, governance studies treat separately the impact of each variable such as compensation, board size, independence and diversity, and external market forces on firm performance. However, since latest studies (Hermalin Weisbach, 2003) identify the complementarities, and the correlation between these mechanisms, this study will investigate the impact of the majority of these mechanisms excluding ownership due to lack of data on ownership structure. The most important attribute tha t distinguishes microfinance institutions from other is what has come to be called its dual mission of balancing a social agenda or social impact with its financial objectives. The MFI combine a social development mission (provision of financial services to the lowest income population possible), with a financial objectives that drives the institution to achieve self-sufficiency and thereby accomplish sustained service delivery without dependence on subsidies. These dual objectives (social: outreach, and financial: sustainability) make difficult the study of governance of MFIs, especially with their different types: Non profit, Non-Governmental Organizations (NGOs), For-profit Microfinance Institutions, Credit Unions. This challenge is surmounted by formulating and testing hypothesis based on insights from the literature on corporate governance, formers studies, governance in banks and in non profit organizations, and by estimating the impact of the governance mechanisms on both sus tainability and outreach. 4.1. Internal Governance mechanism The incentives of top management have been characterized as an important mechanism of corporate governance as it ensures the alignment of the management and the shareholders interest (John et al., 2004). In other words, it serves as a mechanism for resolving the conflict of interest among the managers and shareholders. Brick, Palmon and Wald (2006) highlighted that director compensation should also affect performance of a firm. With regards to banking institutions, higher-powered incentives may encourage managers to take higher risks at the expense of depositors, who would suffer if the institution fails; thus low pay-performance sensitivity is suggested (John John, 1993). In fact, it is proved by Adams Mehran, 2003; Houston James, 1995; John Qian, 2003, that pay-performance sensitivity in banking in lower than other industries. Since in non-profit firm there is a growing problem of informational asymmetry between clients and managers (i.e., managers possess many crucial inf ormation about the product), it seems that the fixed management salaries is the best choice for mission-driven organizations (Easley Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Hara, 1998). With the fixes salaries, the managers, indifferent between telling the truth or lying, will find it in his benefit to tell the truth. Therefore, if the client and donors find the information provided by non-profit managers more credible, the firm will be better-funded and better-performed. Hypothesis 1. MFIs whose manager receives a fixed salary will not perform worse than MFIs whose managers receive performance based remuneration. Most guidelines recognize that the board of directors is the focal point corporate governance. The composition and structure of the board have a direct bearing on corporate governance. Board of directors is designate for the purpose of ensuring the alignment of the firm activities and its specified objectives. The board has the duty for making sure that the top managers are behaving in a way that will provide the optimal value for shareholders (Coles et al., 2001). There is a view that larger boards are better for corporate performance because they have a range of expertise to help make better decisions, and are harder for a powerful CEO to dominate. However, recent thinking has leaned towards smaller boards. Jensen (1993) and Lipton Lorsch (1992) argue that large boards are less effective and are easier for a CEO to control. When a board gets too big, it becomes difficult to co-ordinate and process problems. Smaller boards also reduce the possibility of free riding by individual directors, and increase their decision taking processes. Empirical research supports this. For example, Yermack (1996) documents that for large U.S. industrial corporations, the market values firms with smaller boards more highly. Eisenberg et al. (1998) also find negative correlation between board size and profitability when using sample of small and midsize Finnish firms. In Ghana, it has been identified that small board sizes enhances the performance of MFIs (Kyereboah-Coleman and Biekpe, 2005). Mak and Yuanto (2003) echo the above findings in firms listed in Singapore and Malaysia when they found that firm valuation is highest when board has five directors, a number considered relatively small in those markets. In a Nigerian study, Sanda et al (2003) found that, firm performance is positively related with small, as opposed to large boards. Hypothesis 2. Board size should have an inverse correlation with MFIs performance A third common monitoring mechanism advocated by the agency perspective is a board composed of a majority of independent directors. These non-executive or outside directors are believed to provide superior benefits to the firm as a result of their independence from firm management. Under this organizational design, conflicts of interest can be avoided and executive leaders can be evaluated more objectively. The literature suggested t hat increases in the proportion of outside directors on the board should increase firm performance as they are more effective monitors of managers (Adams and Mehran, 2003). The proportions of the outside directors can be measured in terms of the ratio of outside directors to board size. The positive aspect of having board independence was evidenced in a study by Byrd et al (2001) that highlighted the survival of firms in the thrift crisis due greater proportion of independent directors in the board. Kyereboah-Coleman and Biekpe (2005) found also a positive relationship between proportion of outside board members and performance of MFIs in Ghana. Hypothesis 3. MFIs performance will be affected positively by the proportion of non-affiliated outsiders on the board. Corporate governance literature argues that board diversity in terms of women and minority representation is potentially positively related to firm performance. Board diversity promotes a better understanding for the m arket place, increases creativity and innovation, produces mores effective problem solving, enhances the effectiveness of corporate leadership, and promotes effective global relationships (Robinson and Dechant, 1997). Fondas and Sassalos, 2000 argue that diversity in board composition via greater female representation will lead to improved board governance and top management control. In microfinance, the study of Coleman, 2006 show that having women in CEOs on MFI boards enhance performance and also the more the women there are on a board, the better the performance. Furthermore, having a high fraction of women in the board would help the MFI understand its customers better so as to separate the good risk from the bad (Mersland R. et Oystein Strom R. 2007). Hypothesis 4. Board diversification and the presence of women and minority will lead to a better performance of MFI. Another principle of effective bank supervision is effective internal audit. Internal audit helps to ident ify problem areas and to avoid major collapse. The internal board auditor provides independent, objective assessments on the appropriateness of the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s internal governance structure and the operating effectiveness of specific governance activities. Reporting of all internal audit reports in an accurate and timely manner is essential for evaluation of the institutionà ¢Ã¢â€š ¬Ã¢â€ž ¢s status and need for any change in strategy. Policy papers for MFIs stress the importance of internal audit and recommend that the internal auditor reports directly to the MFI board (Steinwand, 2000). Hypothesis 5. MFI allowing their internal auditors to report directly to the board should show higher financial performance. 4.2. External Governance Mechanisms The external governance mechanism can be implemented as a result of the failure or the weakness of internal governance mechanisms. In the microfinance industry donors and creditors are increasingly relying on information from audited financial statement and rating agencies (Hartarska, 2005). These external governance mechanisms are an important mechanism that provides depositors, creditors and shareholders with credible assurances that they will refrain from fraudulent activities. In other words it reduces informational asymmetries between the different stakeholders and the firm (Healy Palepu, 2001). Audited financial statements are an important tool for the assessment of MFIs by regulators and capital markets. They form an important part of the effective corporate governance. The auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s role is to provide a disinterested an objective view of the financial statements of the MFI in the line with generally accepted accounting standards. It is a mean to ensure potential investors and donors that an MFI complies with the accounting practices and managers do not misrepresent financial information. Hypothesis 6. MFIs with financial statement audited achieve better performance than MFIs without financial statement audited. According to Hartarska (2005), in the absence of developed equity and debt market, donors and investors rely on independent evaluation of MFIs performance. A MFIs rating reflects a rating agencyà ¢Ã¢â€š ¬Ã¢â€ž ¢s opinion of entityà ¢Ã¢â€š ¬Ã¢â€ž ¢s overall creditworthiness and its capacity to satisfy its financial obligations. The raters evaluate objectively and independently the corporate governance in MFI and rank it on a relative rating scale that would facilitate comparison. Unlike typical rating agencies that rate the riskiness of issued debt, microfinance rating agencies rate the overall performance of the MFI in terms of outreach and sustainability. Hypothesis 7. Rating helps MFIs to achieve better results Many MFIs around the world operating as NGOs have increased their assets, reorganized, and transformed into regulated entities that can capture savings deposits. A regulated MFI has more chance to earn customer trust, and by the way to have a higher financial performance. Hence, regulation is crucial for microfinance sector development since it affect MFI performance by changing the internal rule of the organization. It implies the access to an important and low-cost funding source through the right to mobilise savings. Due to this effect, the MFI win the opportunity to increase the number of clients, but also to increase average loan amounts for existing borrowers. Moreover, if demands to fulfill regulatory requirements divert attention away from serving the poor, and hold back innovation in lending technology that has been the driving force behind MFIsà ¢Ã¢â€š ¬Ã¢â€ž ¢ability to serve even poorer borrowers, regulatory involvement will lead to mission-drift (Hartarska, 2007). Therefore, the effects upon depth and breadth in outreach may be uncertain as well, either upon depth or breadth, or a combination of the two (Mersland R. Oystein Strom R. 2007). Hypothesis 8. Regulation may guide the MFIs to fulfill better sustainability, but not to achieve better outreach. 5. Data and methodological issues Data for this study are issued from various sources. The major part comes from a survey conducted by the author in 2006 in order to test the efficiency of microfinance institution in Mediterranean (Ben Soltane, 2008). The performance variables and some governance variables are also obtained from the annual financial reports of the microfinance institutions collected from Microfinance Information Exchange (MIX); a non governmental organization whose object is to promote the exchange of information on the microfinance sector around the world  [4]  . All these information are updated and completed by a questionnaire dealing fundamentally with detailed question on governance addressed to the MFIs in the region. The response rate was 58% with 40 institutions. A special questionnaire was also addressed to the Mediterranean microfinance institutions that donà ¢Ã¢â€š ¬Ã¢â€ž ¢t figure in the MIX MARKET data base. The response rate for these MFIs was weak and near 20%, with four inst itutions. Due to missed data, only two institutions are taken into account. The final sample comprises 42 institutions working in 20 countries. Our sample is quite representative of the Mediterranean microfinance industry as well as of the governance mechanisms and the performance of MFIs in the region. Following Hartarska (2005) works, our empirical model used to test the hypothesis include five major potential groups of determinants and is on the form: Where is a performance variable for MFI i in country j at time t; are MFI specific variables; are management specific variables; are board-specific variables, are external governance mechanisms; and are the country-specific macroeconomic variables. It is crucial to mention at this level that our choice of a single-equation model is supported by the hypothesis that various governance mechanisms are endogenously determined is not always supported by empirical evidence  [5]  . Since MFIs are special institutions having a d ual mission, their performance is measured in terms of outreach and sustainability. Outreach is measured in breath and depth. Breach of outreach (NAB) is the logarithm of active borrowers, depth of outreach (DEPTH  [6]  ), is the average loan size on GDP per capita. Sustainability is measured by return on assets (ROA) which is a standard finance literature measure of performance, and by operational self-sufficiency (OSS). This variable measures how well the MFI can cover its costs through operating revenues. Table 1. Definitions of dependent variables used in analyses Variable Explanation Social Performance: Outreach NAB Logarithm of the number of current borrowers DEPTH The average loan size on GDP per capita Financial Performance: Sustainability ROA Return On Assets OSS Operational Self-Sufficiency MFI specific variables () are MFI size measured by the logarithm of total assets, MFI age measured in years sine commencement, and MFI type measured by th ree dummies (NGO, Nonbank Financial Institution, and bank). Since further studies (Navagas, Conning, Gonzalez-vega, 2003) show that the type of lending methodology used influences the success of these organization, our study include a variable Individual which is a dummy that takes the value of one if the MFI used individual lending technology. Variables built-in are Fixed-wage, which is a dummy for pay not based on performance, Experience is used to proxy for a mangerà ¢Ã¢â€š ¬Ã¢â€ž ¢s quality and is measured by the years of work experience. The board-specific variables contains Board-size, measured by the number of board members; Employees measured as the proportion of MFI employees who are voting board members; Independent measured as the proportion of non-affiliated board members; Women measured as the proportion of women in the board; Internal Board Auditor is a dummy variable that takes the value of one if there was an internal auditor with direct access to the board. The variables included in are Regulation, which is a dummy that takes the value of one if the MFI was supervised by the central bank or other bank supervisory agency; Rated is a variable that indicates whether the MFI was subject to independent evaluation or rating by an outside organization; Audited is a dummy that take also the value of one if there was an audited financial statement in the year t-1. Since MFI are issued from north and south of the Mediterranean, the dissimilarity in economic conditions across countries are controlled by the size of the economy (Economy size), measured by the logarithm of a countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s GDP, and by the average inflation rate (Inflation), measured by the average consumer price index. These variables are issued from the World Bank Development Indicators. We wanted also to build a variable that take account of the institutional differences between countries but we did not find an adequate measure. Table 2. Definitions of independe nt variables used in analyses Variable Explanation Fixed-wage A dummy being one if the manager receives a fixed salary Experience The number of years of experience of the manager Board-size Number of board members Independent The proportion of voting board members who do not have an affiliation with any of the stakeholders of the MFI Women The proportion of the women in the board Internal board auditor A dummy being one if internal board auditor reports directly to the board Audited A dummy that equals one if the financial statement of the MFI is audited and zero otherwise Rated A dummy that equals one if the MFI is rated by a specialized MFI rating agency and zero otherwise Regulation A dummy being one if the MFI is regulated by banking authorities Individual A dummy that equals one if the MFI used individual lending methodology and zero otherwise MFI age Number of year sine the commencement MFI size Loga rithm of the total assets of the MFI NGO The MFI is an NGO NBFI The MFI is an non financial bank institution Bank The MFI is an bank Inflation Average annualized consumer price index Economy size Logarithm of total GDP (Gross Domestic Product of the country) for year t 6. Discussion of findings Table 3. Descriptive statistics (N=42) Variable Mean Standard Deviation Min Max ROA 5.935 23.12 -7. 58 33 OSS 85.41 63.2 20.345 143.33 NAB 8.238 45.11 2.34 45.23 DEPTH 220 143 111 654 Fixed-wage 0.824 0.578 0 1 Experience 8.4 16.12 2 11 Board-size 5.82 3.32 4 16 Independent 0.457 0.245 0 0.213 Women 0.398 0.367 0 0.453 Internal board auditor 0.478 0.532 0 1 Audited 0.812 0.634 0 1 Rated 0.376 0.512 0 1 Regulation 0.423 0.675 0 1 Individual 0.732 0.479 0 1 MFI age 3.254 2.349 4 17 MFI size 17.634 2.115 7.311 23.546 NGO 0.598 0.463 NBFI 0.178 0.234 Bank 0.098 0.127 Inflation 0.164 0.254 0.023 0.328 Economy size 19.34 2.278 12.432 34.897 Source: Authorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ estimates The descriptive statistics for this study are shown in table 3. Notably, we have complete records of data for only 42 institutions. The performances of Microfinance Institutions are widely spread. On the average, the MFIs recorded a return on assets of 5,935%. While the minimum was -7.58%, the maximum performance was 33% indicating a widely spread performance. Similarly, the studied MFIs have on the average an Operational Self-Sufficiency of 85.41% with respectively a minimum and a maximum of 20.345% and 143.33%. As regard to the DEPTH, the average value relatively weak 220 indicate that the poor borrowers are very well served On the average, the MFIs managers have 8.4 years of experience and 82.4% of these managers are receiving a Fixed-wage. On the average, 5 persons serve on a board of an MFI and a standard deviation of 3,32 cou pled with a maximum board size of 16 members and a minimum board size of 4 members suggest that these boards are widely dispersed. The unaffiliated directors represent on the average 45% of the board members. The descriptive statistics indicate also that on the average 39% of all boards are made up of women. In our sample, around half of the MFI have an internal auditor reporting directly to the board. Moreover, 81% of the MFIs studied have their financial statement audited and 37% of the MFIs forming the sample are rated. The result also shows that 42% of the institutions are regulated, and the individual lending technology constitutes 73% of the cases. The average age standing for the MFI is about 3 years. The NGO represent 59% of our sample however, the NBFI and Bank represent respectively 17% and 9% of the sample. Finally, the average inflation rate in all the countries subject of the study is about 16%. Table 4. Regression Results of sustainability and outreach Sustain ability Outreach ROA OSS NAB DEPTH Fixed-wage 2.76 (0,23) 1.38 (1,02) -0,157 (-0,47) -0,356 (-0,36) Experience 0.09 (0.044) 1.528 (9.72)*** 0.064 (2.65)*** -0.024 (3.22)*** Board-size 0,1927 (4,23)** 0,1923 (4,23)** 0.079 (2.74)*** -0.028 (0.61) Independent 0.081 (2.21)** 0.044** (1.54) 1.528 0.034 -0.029 (1.93)* Women 0,234 (2,18) 0.081 (3.18) 1,224** (0,09) -0,567** (1,11) Internal board auditor 0.94 (1.21) 0.061 (0.42) 2.34 (2.43) 0.34 (0.09) Audit 1.919*** (0.203) 0.006** (0.009) 0.003 (0.002) -0.182 (0.187) Rating 0.006 (0.009) 0.033 (0.132) 0.138 (0.071) -0.212 (0.192) Regulation 0.776*** (0.161) 0.002** (0.013) -0.013 (0.054) 0.008 (0.013) Individual 0.348*** (0.075) 0.009 (0.143) 0.024 (0.055) -0.0 61 (0.055) MFI age 0.174** (0.152) 0.168** (0.072) 0.002*** (0.013) -0.018** (0.137) MFI size 0.033* (0.132) 0,234** (4.32) 0.012** (0. 13) -0.125* (0.432) NGO -0.001 (0.004) -0.109 (0.084) 0.003** (0.005) -0.003*** (0.005) NBFI 0.059 (0.013) 0.417 (0.187) 0.003 (0.009) -0.278 (0.162) Bank 0.19 (0.124) 0.271 (0.238) 0.102 (0.076) 0.023 (0.301) Inflation -0.196** (0.025) -0.020** (0.009) -11.915 (1.814) -0.306 (0.059) Economy size -0.028 (0.008) 0.148 (0.172) 0.007** (0.002) -0.006** (0.002) Constant -3,2708** (-3,33) -3,2268** (-3,31) 0.2789 (2.11) 0,2962** (2,09) Number of observations 42 42 42 42 Wald Statistics 79.23 83.34 92.12 89.37 Log pseudo-likelihood -168.93505 -146.57205 -123.87643 -178.34896 Pseudo R2 42 42 42 42 Absolute value of t-statistics in parentheses *Significant at 10% level, ** Significant at 5% level, *** Significant at 1% level As can be shown in table 4 dealing with the estimation of the impact on sustainability and outreach, our first hypothesis stipulating that the remuneration system (performance-based compensation or fixed salary) is confirmed. The coefficient on Fixed-wage is not significant in any of the specifications. This result confirms formers findings, such as Hartarska (2005) and can be attributed to the fact that MFIs managers may not have reacted to performance-based compensation offered during the study period. Managerial qualifications as shown by the positive and significant sign of Experience in the OSS and NAB regressions as well as the enviable negative and significant coefficient in the DEPTH indicate that the acquired experience allows MFIs managers to reach poor borrowers and produce better sustainability. Board size is rath er positively related to ROA, OSS, and NAB suggesting in the contrary that MFIs with larger boards seems to do better. The results reduplicate our second hypothesis and confirm studies that support the view that larger boards are better for corporate performance since members have a range of expertise to help to make better decision, and are harder for powerful CEO to dominate. This is in sharp contrast to finding by Jensen (1993), Lipton Lorsch (1992), Eisenberg et al., (1998), and Sanda et al., (2003); however, it confirm the finding of Kyereboah-Coleman, A, (2006). An important result of this study is the support for the third hypothesis that MFIs with a higher proportion of unaffiliated directors had better sustainability (ROA OSS) and also reach poor borrowers. This result confirm previous works: Hartarska (2005), and indicate that MFIs can also benefit from more independent boards. The results of the study confirm partially the fourth hypothesis and show that board div ersity (Higher proportion of women) improves social performance. This is consistent with recent thinking and discussions which point to the fact that governance reforms have been geared towards the importance of gender diversity especially in the boardroom and that the issue of gender diversity is central and could enhance boards effectiveness by tapping boarder talent pools for their directors resulting in more diverse board having better relations with other stakeholders such as customers, suppliers, and employees (Ellis and Key, 2003) which inevitably translate into performance and firm value (Kyereboah-Coleman, A, 2006). Our fifth hypothesis is not confirmed by the empirical results. Although the internal auditor reporting to the board is way to reach board governance with information relative to internal firm governance, the results indicate that the internal board editor seems not to have any significant influence on MFIs performance. A similar result was found by Mersland R. Oystein Strom R. (2007). Although microfinance rating agencies rate the overall performance of the MFIs in terms of outreach and sustainability, the empirical results show that this variable havenà ¢Ã¢â€š ¬Ã¢â€ž ¢t any significant influence on MFIs performance. In addition, the study reveals that MFIs having their financial statement audited achieve better sustainability. These MFIs complies with accounting practices and are able to reach higher levels of financial performance. Regulated MFIs do not reach more borrowers but according to results from table 4, have significant and positive ROA OSS. Although this result is diverse from past studies which did not find any relation between these two dimensions: Mersland R. Oystein Strom R. (2007), or find a weak relation: Hartarska (2005), it bring the evidence that regulation may assure customers that they are treated fairly and this could lead to more business and better financial performance. Results indicate that the lending technology improve considerably the financial performance of the MFIs. This result can be attributed to the fact that the cost argument is more important than the repayment argument for group lending or village bank. The supposed efficiency in group lending does not hold Mersland R. Oystein Strom R. (2007). From another point of view, it can be justified by the new tendency toward the individual microlending (Armendariz de Aghion and Morduch, 2005; Ben Soltane and Trigui, 2008), since this methodology becomes highly recommended (Armendariz de Aghion and Morduch, 2000). This study confirms well the study of Cull et al. (2007). In conformity with the theory and formers studies such as Kyereboah-Coleman, A, (2006), the age of the firm as a proxy for reputation impact positively on performance likewise the size of the MFI. Expectedly, the size of MFI has a significant positive impact on performance. This may be due to the fact that a large firm has the ability to accommodate risk and to enhance productivity through diversification of products and services. The study shows that NGOs are more efficient than NBFI and show better social performance by reaching the poor. It becomes clear that NGOs are more consistent with their social mission than with their financial performance. The results reveal also the significance of controlling for crosscountry differences. The level of inflation affects negatively the sustainability of MFIs. Comparable results were found by Hartarska (2005), in Central and Eastern Europe and the Newly Independent States. Finally, the study suggests that economy of big size affect outreach. 7. Conclusion and recommendations This paper tests empirically the relationship between corporate governance and Euro-Mediterranean MFIs performance in terms of outreach and sustainability. While using data from a self-conducted survey as well as from the annual financial reports and from the Mix Market, the study examine the impact of management remuneration, board independence and diversity, internal auditor reporting directly to the board, external governance mechanisms of control, and MFIs and countries specifications. Results indicate that not all known governance mechanisms affect performance and in addition, different factors have differential effect on outreach and sustainability. The study shows that explicit and implicit incentives schemes such as compensation, perks, etc become less powerful and less able to motivate managers (Dewatripont, Jewitt Tirole, 1999). Results show also that larger boards are better for MFIs performance since members have a range of expertise to help to make better decision and are harder for powerful CEO to dominate. Moreover the study reveals that microfinance boards with larger proportions of unaffiliated directors achieve better results. Thus, independence of the microfinance board should be encouraged. The fundamental result of this study is that board diversity (Higher proportion of women) enhances performance and again the more women there are on a board, the better the performance. Thus board diversity is paramount for enhanced performance of microfinance institution. Having financial statement audited, and being rated by international agencies is synonym to a better financial performance. It seems that external governance mechanisms help MFIs to reach their financial performance. This study allows us to distinguish other factors leading also to a better sustainability such as Regulation and the use of individual lending methodology. However, the MFIs type (NGOs) seems to be more consistent with their social mission than with their financ ial performance. The microfinance institutions characteristics such as age and size affect positively the performance nevertheless, the level of inflation have a negative impact on the sustainability of MFIs. Although this study bring some clarifications on the link between governance mechanisms and performance in microfinance, several governance mechanisms remains unexplored such as CEO duality, graduate board members, international directors, ownership structure. Thus, it seems relevant to conduct more studies in order to learn more about the impact of these governance mechanisms on outreach and sustainability of MFIs not only in the Euro-Mediterranean countries but also in other part of world.

Scarlet Letter Analysis Essay - 2078 Words

â€Å"Women belong in the kitchen.† â€Å"All women should be barefoot and pregnant.† â€Å"Women are strictly homemakers.† These are a few of the commonly used phrases regarding the female role in society that date back to the mid-seventeenth century. However, ardent supporters of gender equality have surfaced in almost every culture where this ideology is practiced. Nathaniel Hawthorne explores this inveterate societal conflict through his story The Scarlet Letter. The main character, Hester Prynne, is punished for committing adultery by being forced to wear a scarlet letter upon her bosom; Hawthorne created a story sympathetic to the female cause and demonstrated, through Hester, qualities of early feminism that later establish themselves during his†¦show more content†¦These feminists aimed to defend their silenced voices. One motive for the dissent of inequality could have resulted from the strict government regulation of conformity. Everyone was tr ained to evade individualistic thinking, which in turn, led to the questioning of leaders. â€Å"It was an age in which the human intellect had taken a more active and a wider range than for many centuries before,† (149). This quote illustrates the possibility of a change in people’s mind regarding the injustice towards women. Hester represents the story’s population that thinks freely. She is not content with fulfilling the pre-determined destiny of a silent wife under Christ, and demonstrates it by challenging that role and attempting to reorganize the archaic system in which she lives. The women of the town are outraged by her actions, demonstrating that they are afraid that if women start acting out of passion, the entire structure they depend on would dilapidate. Hester made it clear that it is possible to survive outside of prejudice, which is still exemplified today. 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Throughout most of the novel, Dimmesdale is unable to face Pearl without being reminded of his sin and he becomes estranged to his own child. As a result, Pearl lacks a true connection with her father which becomes a detriment to herRead MoreAnalysis Of The Scarlet Letter 1307 Words   |  6 PagesStephanie Boltz Mrs. Voshell Honors English 10 8 January 2016 The Perception of Sins in The Scarlet Letter In The Scarlet Letter, the perception of sin deviates from person to person. The deviation occurs on the severity of the sin that was committed and who committed the sin. Focusing on Hester and Dimmesdale, it is easy to compare the consequences of coping with the perception of their sins, on a private and a public level. The outcome of dealing with their sin is extremely different. The theme

Diabetes Is A Chronic Disease - 1450 Words

Introduction Diabetes (Diabetes mellitus) is a chronic disease caused by number of reasons. Diabetic patient characterized by hyperglycemia (high blood in sugar) resulting from defect of insulin secretion (Mellitus, 2005). World Health Organization (2008) defined the Diabetes untreated disease, known by chronic rise of the concentration of sugar (glucose) in the blood. Glucose is major source of energy in our body, food is convert to fats, protein, and carbohydrate. Carbohydrate when eat, convert to glucose, the glucose is source of energy in the body. The World Health Organization (2008) estimate 171 million people in the world with diabetes in 2000 and the number will increase to 366 million by 2030. Types of Diabetes There are two†¦show more content†¦Diagnosis There are many ways to diagnosis the diabetes. First , by measurement the glucose level in the blood when the patient is not eat or drink (except water ) for at least 8 hours .this is test usually done in early morning ,before the breakfast (WHO.2008) . The normal fasting blood sugar in healthy people is 80 – 90 mg/dl compere diabetic patient is 126 mg/dl (Diabetes Association, 2008). Second , the oral glucose tolerance test (OGTT), The OGTT is a two-hour test that checks your blood sugar levels before and 2 hours after you drink a special sugared drink. The blood sugar in healthy people is 80 – 139 mg/dl compere diabetic patient is 200 mg/dl (Diabetes Association, 2008).third, random plasma glucose test .in this test, blood check at any time of day if the glucose is higher than 200 mg/dl. Symptoms The common symptom of diabetes is rise urination (polyuria) and thirst (polydipsia) and tiredness (WHO, 2008). Diabetes symptoms is different according to the type of diabetes. The common symptoms in type 1 diabetes are unexpected Wight loss, Fatigue or tiredness, blurred vision, itching skin ,nausea, dry mouth, vomiting and in woman ,frequent vaginal infection . The common symptoms in type 2 diabetes are excessive thirsty, dry mouth, itching skin

The sound in music industy unit free essay sample

The Music Industry In this essay I will be discussing the four mall areas of the music Industry; I hope to gain knowledge about them and how they connect to one another so I can better myself overall as a musician. Record Labels: Record Labels are brands that are responsible for marketing the music recordings and music videos of bands/artists; there are two types of record labels, major and independent. There are only 3 major record labels left which are universal Music Group, Warner Music Group and Sony Music Group, a record label is classed major when it has more than 5% market share.Major Record Labels There are many pros to signing to a major record label and the most obvious and perhaps most important one Is that these big companies have a lot of money, this means they will be spending more money promoting your record, which means a higher chance of sales and popularity. Having more cash available also means they will invest a lot in touring, recording and music videos which will all benefit your career In a band or as a solo artist.Although the pros of signing a major record deal sounds incredibly rewarding, there is a few downsides which may cause a band/ artist to be put off. Firstly, signing to a major record company wont always last as long as the artist wants It to; if your major label Is paying a lot of money to promote you they will not keep you signed If you are not selling records to return the output of money back into their pockets. A lot of the time they will sign a lot of acts just to see what ones are popular and will make money, resulting in the unpopular acts being dropped. Furthermore, things like artist unfriendly deals which leave the artist earning a lot less money than the label and not having full creative control of eternal are all disadvantages which could leave an artist or band seeking a better deal from in an independent label. 1 Independent Record Labels An independent record label is a label not associated with the big three major labels, a lot of artists start their career on Independent labels.One pro of an Independent label Is that they love your music; this means they will be working harder with you, this also means you will have close working relationships with the label due to smaller staff and a smaller roster which means you can contact your label easier and ask them questions. Also independent labels have artist friendly deals, you will have more creative control and independent labels are unlikely to contract you to multi album deals. Independent labels also have a few cons and the main one being money, which was the main pro of a major label.With less money available this will mean you wont have large recording budgets, huge promotion deals and things like tour support, you will have to support yourself financially which Is why a lot of artists would prefer a major record deal. Along with a shortage of money, other cons of Indies labels include size which means less purchasing power and also disorientation. Overall I believe the best type of record label depends on preference, if an artist is seeking fame and fortune a major label deal would be best for them as more money would be available to them and they would be promoted and better known.If an artist felt strongly about the music they wrote and wanted to have full creative If you want to get signed to a record label you can start by sending in your demo to the A department and then things can advance from there if they like what they hear. Record labels have separate department that help find and sign artists which is A, they help find artists by listening to demos, going to gigs and watching recordings of bands to find talent, they would contact the artist and tell them how they would develop them as an artist.Furthermore, they find the right songs for the artist, make sure they work with the right producer and find the right studio; A are also the department that handles contract negotiations. As an A person you must understand w hat music is current and what can become popular, this is an important Job and you must have a good ear as this person bridges the gap between cord labels and artists and can be the person responsible for signing the next big thing. If you want to get signed to a record label you can start by sending in your demo to the A department and then things can advance from there if they like hat they hear. What can record labels offer you? Recording studios are also another thing that comes with a signing a record deal, perks of a recording studio includes top of the range equipment and rooms with excellent acoustics to give your band a better sound when recording, you will also have a well-trained sound engineer to mix and produce your song, however these an be expensive and leave you with less money for things like touring. I believe recording your music in a studio will also give it a better sound which means it will also be more likely to sell.Record labels will also help you distribute your material, Retail is selling your music by physical sales or through the internet, you can sell songs and albums for digital download over the internet on multiple platforms such as tunes or Amazon, once a song is bought a percentage goes to the retailer and the rest to the artist and label. Selling your music on CD is distributed slightly different, abeles will discuss with the retailer how many copies they want to order and once an amount has been agreed the cads will be shipped then sold.Overall I believe selling {Our music for digital purchase is better as internet sales are becoming very popular as people can download songs straight to their phones, also you make less of a loss if {Our songs dont sell on tunes or Amazon etc. As you havent had to pay for CD printing. Ii Music Publishing: A music publisher or m usic publishing company is in charge of making sure songwriters and composers receive their royalty payments when their compositions re used commercially. They will also help distribute and promote music that is created, license songs to record companies and copyright songs and compositions, their Job is to promote and protect songs and compositions. Finding songwriters and composers in a music publishing company is also handled by AR, songwriters and composers can be found on Youth, Twitter, Backbone and other social media sites; furthermore there are traditional methods like going to gigs to find songwriters and composers. Promotion One of the most important Jobs to a music publisher is promoting songs, this means tenting the songs to be used in ways that earn money. They can talk to music supervisors to get songs played in films, TV shows and advertisements which can bring in a lot of money due to synchronization rights and royalties. 5 Publishers will Ninth. They can also make deals with musicians that want to use songs their clients have written/composes.It is very important that a music publisher or music publishing company promotes well because getting your music heard and recognized can be the forefront to your success. Copyright management Copyright means protecting material and allowing composers to be paid for their N or, if something is copyrighted it means the creators of the material are in charge of it and can decide who uses their work and what circumstances it is used in. In a song the musical work and lyrics are both protected, to copyright something it has to be original and not copied; it must be recorded on paper or on CD. It is important a music publisher copyrights their songwriters/composers material otherwise it can be copied by other people and they will not be able to prosecute in court without copyright. 6 Performing rights Performing rights are the right to perform songs in a public place; it is part of upright law and means the composer/songwriter and publisher will be paid, the royalties would be split 50/50.Performance rights mean a group who are not copyright holders are performing a piece of music publicly, performances are considered public if they are in a public place such as a nightclub, restaurant or at a concert. This is another reason why it is important for a music publishing company to copyright their clients music, so they can claim royalties and money can be made from their material. Live performance: Live performance inclu des things like gigs and festivals, I will be discussing some of he roles that make a live performance and how they work.Promoting a Live Performance ere main thing that completes a live performance is people, without people turning Jp to your live performance you will fail to create an atmosphere and most importantly not make any money back from the high costs of renting a venue hiring staff etc. So to get people to come along to your event/performance you need to promote. Promoting techniques you can use include printing off posters and posting them everywhere you can, ask small shops if you can put them in the windows or even stick them to lampposts. However you need a good eye catching poster otherwise it will go unnoticed.Other ways to promote include promoting your event on social networking like Backbone and Twitter, you can create an event and invite as many people as you like; people are likely to see this as a lot of people have their phones on them all the time and will receive a notification when invited. Online and physical ways of promoting can both be effective when done right, but if you want a large amount of people to notice your event and consider coming you need to do both online and physical promotion. Setting up a live performance o set up for a live performance you need to start by gathering some equipment.It is advisable you go and take a look at the v enue a few weeks before the show day so seeing if the venue has a PA, if not you may want to hire or invest in one; if you are hosting the event at your own venue it is worth buying your own PA to save money in the long term. Other things include staging space, make sure there is ample floor space for the performers to stand and you may want to bring a stage/drum riser if there arent any there already. Lighting can also be important in bringing atmosphere to a performance. Finally, you will at least a handful of staff on the night such as security, stagehands and a sound engineer. When hosting an event you may want to choose for more expensive equipment whilst saving money on staff, good equipment Nail improve sound and experience meaning people will want to come again; but you can get away with hiring people for not much at all as people are happy to get into a free show and help. Health and safety Health and safety precautions at a live performance are incredibly important, start by making sure there is a person in charge of first aid as this is also the law; people are keel to get hurt in a crowd of people by tripping up or bumping into people.Secondly, when sorting and setting up electrical equipment you need to make sure Mires are not across the stage in the air as this could cause a trip hazard for performers and also make sure there are no trip hazards in the crowd standing space also. Another precaution to take is making sure staging is secured properly; if heavy staging equipment is not put together correctly accidents could happen causing big injuries which could mean you not being able to host events again. A IANAL thing to take into consideration is noise level, when hosting a live event you are granted a license with rules of decibel level and if you exceed this level you would not be granted another license so another live performance would not be possible. I believe taking all of these health and safety precautions is fundamental to looking after everyone at a venue and will mean things can run smoothly without any inconvenience. Tour and event management An event manger means you will be in charge of a number of Jobs, firstly youll need to find your venue that is suitable to your event; and then you need to book your acts. After you have sorted this you need to check health and safety is okay and then make sure the night runs smoothly. An event manager is an important role in making sure live performance goes to plan, the audience may not notice the hard work of an event manager but if it wasnt for them there would be no show.A tour manager is slightly different; they are in charge of booking venues as well as hotels and what crews are in charge of health and safety, security etc. I believe that tour and event management plays a huge part to live performance and makes things tick, without our and event managers everything would be unreleased and would not go smoothly. Front of house and Backstage Starting with front of house, this includes a wide range of Jobs such as door staff; these can be security or people that accept tickets.People at food stalls or bars are also included, these people are important as they can keep the audience refreshed Ninth drinks and food. Front of house staff can be important as they are what the audience see so they need to be calm and relaxed so things run according to plan and not to distress anyone at the venue. Backstage staff covers a few more roles, they Include the sound engineer who controls the levels and quality of the bands sound technicians for drums, bass, guitar so if any instruments fail in any way they are there to fix it or provide a new instrument e. . Backup guitar/bass. Other roles include a lighting technician to give the performance visual effect and also a pro- technician who is in charge of any fireworks or fire during the performance. Backstage managers will make sure acts are ready to go on stage at the correct time; roadies are in charge of moving and packing equipment away for the end of the set or for the next act. Backstage staffs are Just as important as the acts themselves, this job needs to be done effectively and communication is key otherwise things could fall apart very quickly.Performance rights En hosting a live performance you need to make sure you are licensed to play music, you must have the correct copyright licenses, having these is a legal requirement. PROS collects royalties for songwriters, publishers and composers and PL collects royalties for performers and musicians. You also need public liability insurance, and if any Dos are performing they will need a Produce license; this is added for when a DC is transferring music from a vinyl, CD etc. To a digital format.If they do not have this license you may face fines or legal prosecution. Artist management Business and Tour managers Business managers are in charge of all the money to do with the artist, they are usually accountants that have experience with musicians, day to day managers can also take care of finances but they usually have a lot more things to do so it is helpful to have a business manager for this. A tour manager takes care of booking venues, hotels, flights and things like selecting a tour bus etc.Tour managers are important because they get the artist/band from one place to another and make sure things run smoothly, a good tour manager needs to be organized so the band makes it on time to gigs, interviews and recordings. Having managers can be very helpful to an artist; however they will need to be paid so its important to decide what mangers you definitely need. 10 Artist and managers rights In the music industry artist and managers rights must be abided by, otherwise you could be brought to court; artist rights include being paid their royalties due to upright, these are usually songs played on the radio/television etc.Managers rights are slightly different they include being paid fairly and that all contract terms are kept to, if they arent it means the manager can terminate the contract at any time. I believe it is very important managers and artists rights are abided by because you may end up in court if contract terms are breached. Sponsorship Sponsorship does not always mean getting free stuff from the company that is sponsoring you, it means when two businesses come together to benefit from the association of one another.Sponsorship deals can be gained by the artists manager, t can mean money is offered to an artist and in the return the artist will wear, promote the brand. This is a very good way for an artist to earn income; it also makes artists/bands noticed. Endorsement is slightly different as it means artists can use the companies gear, this is good as it opens the company to a lot of fans and allows the artist to use top of the range equipment. I think sponsorship deals are good as they benefit both parties and can allow a lot of income to the artist and company. Merchandise can include clothing, Cads and stickers.The merchandise should include a creative logo that goes with the name of the band, stickers are useful as they can be stuck anywhere and promote your band. Merchandise can be sold after shows and also online which is useful if people cannot get to them at a show, selling merchandise is a great way to make money as people will pay high prices to own a t shirt with their favorite bands name and logo on it. Its also a good promotion technique, if people are walking the streets with your band name on their t shirt soon {Our bands name will become familiar to people and they will tempted to listen to Our music.However, you need to make sure your designs are effective and not offensive because bad merchandise may put people off of your music. Merchandising is a very popular and important way of earning money and getting your band noticed, believe it is a very good way to help an artist/bands success. In this essay I have talked about and explained the four areas of the music industry, I have gained knowledge which will benefit my career as a musician, with this knowledge I now have an understanding about various careers in the music industry also.