European financial market Essay Example | Topics and Well Written Essays - 1750 words

European financial market - Essay Example In business parlance, pooling is the grouping credit transactions like bank loans( Brigham, 1985). An example is when loans and other long term liabilities with the same characteristics are pooled successfully into a new stock. Other examples of pooling applying for cash loans(Weston, 1993) with property, plant and equipment are used as collateral loan received is used to invest in several stocks and bonds. The company can also enter into a bond agreement where the bank intermediaries will give a $200,000 loan where the house and lot and another factory equipment will be pooled together to be used as collateral to put buy stocks in the stock exchange. Funds includes all available money, including cash and checks deposited in banks and cash on hand. Funds also include mutual funds(Gartner,1997) where money is invested in many stocks and bonds and not lumped on one stock or bond alone. Pension fund is one fund pooling where the employees contribute a small amount of money to a fund so that when such employee retires, he or she will be able to receive a pension benefit upon his or her retirement. Pension fund could be availed of upon retirement either by lump sum method or monthly method. The factors that affect the success(Thompson, 1999) or failure of a pension fund is based on the tables below. The Life expectancy table shows , in 2002, that in the United Kingdom women will generally live until the ripe old age of 80 years old as compared to only 73.7 years old in 1960. The men, meanwhile, will live up to the ripe age of 75.2 which is an increase from the 67.0 years old age in the year 1960. The elderly will increase to 47 percent in the year 2040 in the United Kingdom as compared to only 32 percent in the year 2020. The table below also shows that pension assets divided by Gross Domestic Product is 91 which lower than the amount accorded to Switzerland and Swed en. The pension assets of United Kingdom pension assets will reach US $1,403,000.000. The real returns divided by risk for United kingdom pension fund is 5.9 and its 50-50 bond equity is 4.4 while the pension plan's global portfolio 67.5 and lastly, The real average earnings of United Kingdom is 2.8. One popular pooling of fund transaction is to exchange cash on and cash in banks and to invest these funds in the stock market. The company then generates income both ways. The first way is to earn dividends that the invested company declares. The second way to gain income is to sell the stocks at a market price that at a much higher than the price when the company bought the stocks. THREE OTHER FUNCTIONS OF FINANCIAL SYSTEM Financial System (UK) . This is defined as the information system(Obrien,1992) shows us all MONEY transactions using applications such as word, excel, quickbooks, MYOB accounting software and many others for the gathering of business related data such as official receipts received from suppliers for purchases paid or officials receipts issued for items sold. Electricity, water and telephone bills are also documents evidencing data to be inputted in the

Assisted Living Volunteer Experience Reflection

Assisted Living Volunteer Experience Reflection Austina Burton Robert Frost, a famous American poet, wrote, â€Å"Somewhere ages and ages hence: Two roads diverged in a wood, and I I took the one less traveled by, And that has made all the difference.† This is an excerpt from one of his most well-known poems, The Road Not Taken. It intends that in making this choice, one is trying to distinguish oneself from the rest of the world by taking the less traveled road, or the less popular decision. This indicates a person who is ready to take a chance, and to face a challenge. This is directly related to the foundation of The Davis Community, where I volunteered at this semester. In 1963, Champion McDowell Davis was a retired railroad executive. He began with a vision to create a positive living environment for aging men and women. This vision inspired him to transform his family’s former peanut plantation into, what is today a 50-acre not-for-profit community, where seniors choose to live (Davis, 2014). The Health Care Center, at The D avis Community, welcomed its first residents in 1966. In 2000, Champions Assisted Living was completed, which added another support service in the Davis Community. In 2010, the Rehabilitation and Wellness Pavilion was added, to provide seniors with a modern fitness center, outpatient therapies, and short-term inpatient care (Davis, 2014). Agency Information The part of the Davis Community I volunteered in was Champion’s Assisted Living. Its exact address is 1007 Porters Neck Rd, Wilmington, NC 28411. The Davis Community campus is located at Porters Neck, on a 50-acre campus (Davis, 2014). It is only a quarter of a mile from the Intracoastal Waterway. The campus is settled in a woodland location with luxury homes, yacht basins, and golf courses in close proximity. Nearby to the property is Plantation Village, an independent, not-for-profit residential community for seniors (Davis, 2014). The Davis Community is only 12 miles from Historic Downtown Wilmington, and the campus is within easy reach of the Wilmington International Airport and major roadways. Their phone number is 910-686-6462 (Davis, 2014). The person who was my supervisor was the activity director at Champions. Her name is Vicki Hardiman. My orientation was on January 24th, then I volunteered every Monday since January 27th. I skipped Monday, March 3rd because I was on spring break. Then my last day was on April 7th. What I Did During the orientation, I was welcomed in immediately. I was given a handbook and an application to fill out. There were other volunteers there for an orientation. At the end, we were given a tour of the building. On my first day I painted in the memory care unit, with the memory care patients. I helped a woman named Marilyn. The second day consisted of crafts and bingo, and, on my third day, there was a sing along group that came to perform, and then I helped with bingo. On the fourth day, I got to take control of my own activity because the staff was short-handed. I conducted a trivia game for half an hour, with the general population. The fifth day I volunteered consisted of craft time and bingo. On the sixth day, I attended craft time in memory care, and then I got to bake cookies. On the seventh day I volunteered, I got to watch a woman play the piano and sing, then I helped during bingo. The eighth day was really fun. I got to help Vicki do a trivia game, and then help with bin go. On my last day, I set up the recreation room for bingo, then helped get residents to the homeschooled children’s play on the second floor. Agency Structure Champions Assisted Living is a not-for-profit organization. The agency’s distinction of nonprofit is that decisions are guided by principle not profit (Davis, 2014). The people who make the decisions for the Davis Community is the Board of Directors. Then rules, regulations, and information is given to the staff to go bye (Davis, 2014). My supervisor was the Activity Director, so she was over the activity department for the assisted living home. Vicki had two people working under her, but she never treated them as such. The staff at Champions Assisted Living work as a team. There is a social worker who works at Champions Assisted Living. She has a Bachelor’s degree. Her job at Champions consists of conducting pre-residency assessments, and screening, of potential residents, and makes recommendations for appropriate level of residency. She is also responsible for evaluating the psychosocial, and activity of daily living needs of residents, and coordinating care and services as needed. She develops a care plan based on the resident’s needs, and works with an interdisciplinary team to communicate with residents and families before the plan of care is changed, or when there is a change in the resident’s condition. She provides individualized support to residents, and their families, through family meetings or support groups, and assists through the transition process to a higher level of care. Lastly, she monitors the needs of residents routinely. Many clients are served by Champions Assisted Living. The minimum age, that a resident may be, is 55 years old (Davis, 2014). Both males and females are welcome, as well as, all ethnicities. As far as the needs of the clients is concerned, there are caregivers and nurses that are assigned to specific halls on each level of the building, and there are a lot of services for each individual resident. When it comes to doing research, the most Champions does is keep medical records, and do checkups on each patient that is there. Champions provides a variety of services. When it comes to care services, Champions offers assisted living, skilled nursing care, rehabilitation and wellness, dementia care, respite care, and end of life care. Champions has a special care Alzheimer’s unit, and offers many amenities. A few of these are emergency call units in each bedroom and bathroom, clinic services open seven days a week, weekly housekeeping and daily tidying, restaurant-style dining, an in-house beauty salon/barber shop, a wide variety of activities, including weekly field trips to restaurants and museums, laundry services, pharmacy services, and psychological services (Davis, 2014). There are governmental policies that influence how Champions assisted Living operates. One of them is the policy about the minimum age of residents. To be eligible to be a resident at Champions Assisted Living, one must be 55 years old or older. Another policy is a no smoking policy in private or public areas indoors (Davis, 2014). This was set in place because some of the residents have oxygen tanks they carry around with them. You are not supposed to have an open flame around one, under any circumstance. Feelings over Experience My feeling about the experience was that, mainly, it was fun. It was definitely a memorable experience. I learned a lot while I was there, about myself, and the population I want to work with in the future. The volunteering I did at Champions was enjoyable. I got to spend a lot of time with the residents. Volunteering there was definitely worth it. The agency is a great community for the older adults to live out the rest of their lives. It has a good atmosphere, and the staff were nice. I could tell the staff was qualified for their jobs. Continue Services I would be willing to continue to volunteer at Champions Assisted Living. Patrick White, author of Three Uneasy Pieces, summed up the public’s feelings about the older adult population in his own opinion. I would like to believe in the myth that we grow wiser with age. Those of a middle generation, if charitable or sentimental, subscribe to the wisdom myth, while the callous see us as dispensable objects, like broken furniture or dead flowers. For the young, we scarcely exist unless we are unavoidable members of the same family, farting, slobbering, and perpetually mislaying teeth and bifocals. (White, 1988) I am one of the few â€Å"young† who still view old age as wisdom. Every day that I volunteered, I learned something new from one of the residents. Sometimes it was as simple as experiencing a kindness I never had before. Other times, it was listening to their life stories. Older people have encountered some amazing incidents in their journey of life. When they shared their life stories, it gave me an insight about lifestyle in their time. The life stories I was told were very insightful to why things are the way they are in the present time. Also, it is very interesting to know about their adventures and the places they travelled to. I would be willing to provide services to any agency, not just an assisted living facility. I believe volunteering is very important, because you get to learn about new agencies, it looks good on a resume, and one can gain much needed experience from it. Human Behavior in the Social Environment In terms of human behavior in the social environment, I observed a lot of activities at the agency regarding client issues. I did not see much aggressive behavior. The old ladies were mean sometimes, though, during bingo. Most of the residents were really sweet, and non-confrontational. I didn’t observe any resistance to activities of daily living care. I also did not observe any depression. Sometimes when I was there, some of the residents would not want to partake in the activities, such as board games or trivia time. On these occasions, the staff had to be extra suggestive to get them excited about the activities. I noticed that everyone in memory care was forgetful in some way. For example, they needed assistance with walking to places or they would get side tracked very easily. Every resident at Champions Assisted Living needed assistance in some way. Conclusion Overall, I enjoyed volunteering at Champions Assisted Living. I would consider volunteering here again. I loved working with the staff, and visiting with the residents. I had fun watching all the old ladies play bingo, and I liked helping them. Champions is a nice facility. The Davis community, in total, is great. The campus is set in a nice location. It is close to the ocean, as well as, downtown Wilmington. I am glad I chose to do my service learning at Champions Assisted Living. References The Davis Community: Assisted Living in Wilmington NC. (2014). Retrieved April 9, 2014, from http://www.thedaviscommunity.org/ White, P. (1988). Three uneasy pieces. London: Jonathan Cape.

Manatee :: essays research papers

Manatee   Ã‚  Ã‚  Ã‚  Ã‚  The manatee popularly called the sea cow is any of the species of large water animals in the genus Trichechus. There are three species of manatee with T. inunguis found in the Amazon and Orinoco river systems; T. manatus is found in central Florida and along the Gulf of Mexico and Caribbean coasts; and T. senegalenis found in the rivers of tropical West Africa. A manatee is a slow moving, seal shaped mammal that lives in shallow coastal waters where rich plant grows. It usually is at home in salt or fresh water but rarely straying far from home.   Ã‚  Ã‚  Ã‚  Ã‚  A manatee is grayish-black stout thick skinned animals and almost hairless. Its corpulent body tapers to a horizontally flattened, round tail. The fore limbs are set close to it’s head and are used to push algae, such as seaweed and other water plants toward their mouths. They have a small head, with a straight snout and cleft upper lip with bristly hairs. Adults can grow up to 15ft (4.6 meters) but they usually only grow to about 10 feet. They weigh an average of 1300 pounds.   Ã‚  Ã‚  Ã‚  Ã‚  Manatees live in small family groups sometimes up to herds of 15-20. After a gestation of up to 6 months, usually a single pinkish calf is born. Manatees ferquently communicate by muzzle to muzzle contact and when alarmed they emit chripy squeaks.   Ã‚  Ã‚  Ã‚  Ã‚  The number of manatees has been reduced over the past several years due to heavy hunting for their hides, meat, and blubber oil. Some governments, including the United States, have placed the manatees under the endangered species list. One practical reason for this is that they have proved useful in clearin girrigation and transport channels clogged with aquatic plant life.

Hegemonic masculinity

Hegemonic masculinity refers to the culturally normative ideal behaviours of males. This concept is based on the assumption that there is a hierarchy of masculine behaviour, suggesting that most societies encourage men to exemplify a dominant version of masculinity. Hegemonic masculinity is competitive and reflects an inclination for males to pursue domination over other males and subordinate females. Contrary to feminism, anti-femininity demonstrates a male's strong aversion and fear of being attributed to feminine characteristics.Men's identity strategies are stablished through their complicit or resistant stance to prescribed dominant masculine styles. Masculine characters are not given. Rather, a range of possible styles and personae emerge from the gender regimes found in different cultures and periods of time. It is undeniable that the definition of a man is the same today as it was a decade ago. Among the possible ways of being masculine, some become winning style and it is th is with which men must engage.This manufactured image of the male projected the appearance of an educated man, the talented athlete, hardworking good family man, with the ability to always provide. This has become the standard definition of manhood. The workplace became the arena that allowed manhood to be tested and, proving to other males. It provided the space for which men could prove opposite characteristic of women, although women were one of many vehicles available to males for the purpose of exhibiting levels of success.Through the gender identity model, demonstrated by Christopher T. Kilmartin, this paper will view the different dimensions of male and female gender roles. Moreover, through the work of Ann Ferguson, the crucial interpretation of gender performance nd transgressive acts will be fundamental in identifying how hegemonic masculinity is identified as anti-femininity. In all societies the obvious biological difference between men and women is used as a Justificati on for forcing them into different social roles which limit and shape their attitudes and behavior.That is to say, no society is content with the natural difference of sex, but each insists on adding to it a cultural difference of gender. The simple physical facts therefore always become associated with complex psychological qualities. It is not enough for a man to be male; he also has to appear masculine. A woman, in addition to being female, must also be feminine. However, once the contrast between men and women has been increased and accentuated in this fashion, it is usually taken as a further manifestation of biological differences, which confirm the need for different social roles.Thus, from an early age, boys are helped to acquire a masculinity that allows them to assume and maintain that position. By the same token, girls are taught to cultivate a submissive femininity. The resulting difference in the male and female character is then described as inborn and used to defend t he existing power rrangement. Only those who accept it are normal, and only they can expect to succeed. The male social role is designed to reward masculine men, while the female social role offers its relative advantages only to feminine women.Gender identity is ultimately derived from both chromosomal makeup and physical appearance, but this does not mean that psychosocial influences are missing. Socialization, or the process whereby a child learns the norms and roles that society nas created tor his or her gender, plays a significant role in the establishment of her or his sense of emaleness or maleness. If a child learns she is a female and is raised as a female, the child believes she is female; if told he is a male and raised as a male, the child believes he is male.Beginning at birth, most parents treat their children according to the child's gender as determined by the appearance of their genitals. Parents even handle their baby girls less aggressively than their baby boys. Children quickly develop a clear understanding that they are either female or male, as well as a strong desire to adopt gender-appropriate mannerisms and behaviors. This normally occurs ithin two years, according to many authorities. In short, biology sets the stage, but children's interactions with the social environment actually determine the nature of gender identity. The gender identity model also carries the assumption that, ‘being like a woman' is a negative outcome in personality development† (Kilmartin, 39). Early psychoanalytic theorists were quick in assuming that poor motherhood was the primary drawback in a male child being overly feminine. Other Justifications point to an absent father who was away often or very distant from his children. The feminine male has been demonstrated as a scary unwanted image. A teenage boy is not supposed to cry during a romantic movie.If a young boy associates with too many feminine things, he may end up identifying more with wo men than with men. All females are not necessarily feminine and all males are not necessarily masculine. We are never provided with a definitive answer to what constitutes masculinity, but instead we are provided with details and examples of how an why masculinity cannot be reduced to the male body and its effects, asserting as well that dominant asculinity relies on alternate masculinities, such as female masculinity.Masculinity in this society inevitably conjures up notions of power, legitimacy and privilege, a fact which closely ties the idea of masculinity to conceptions of race gender, sexuality and class, yet this power is only recognizable in opposition where masculinity only become legible as masculinity only in certain social settings. Ann Ferguson highlights three strategies in which males display masculinity. Heterosexual power; â€Å"always marked as a male† (Ferguson, 81). This refers to the social theory that men ave unearned advantages or rights granted to them solely on the basis of their sex, but usually denied to women.In societies with male privilege, men are afforded social, economic, and political benefits because they are male. Second involves role reversal, which is described by Ferguson as the disruption of the normal direction of the flow of power. Girls are outperforming boys at every level of education; women are overtaking men in the workplace in both status and pay. More men are becoming househusbands. Girls are becoming more assertive and aggressive whilst boys are becoming more feminine. Females are graceful in becoming the dominant gender. Third, Ferguson identifies violence as a strategy in displaying masculinity.This displays the conflict between authority and masculinity. These masculine strategies reassert the notion that gender is a performance. Contrary to feminine behavior, males are at constant battle to upkeep the masculine image. C. J. Pascoe's representation of the anti-feminine male exemplified the anxiety mal es have of being labeled as feminine. She implied through her research that it is acceptable to be gay, under the conditions that you are masculine as well. Her rendition ot the tag discourse argues that labeling other's as a tag is central to boys' joking relationships.Joking about the â€Å"fag† both strengthens relationships among boys and soothes their social anxiety. The high school boys from Pascoe's study bond by throwing the fag nickname at one another where boys call their peers fag for a number of reasons, such as being incompetent, showing emotion, caring about appearances, dancing or expressing interest in other guys, all these trait subjective to the female identity. Another aspect of fag discourse is the enactment of the fag, in hich high school boys would act out exaggerated femininity or pretend to be sexually attracted to men.Through this behavior, boys reminded themselves and each other that at any moment they could become fags if they were not sufficiently masculine† (Pascoe, 60). The notion of compulsive heterosexuality is based on the idea that one's sexuality is not chosen, but rather forced through society. This term does not refer to a sexual orientation. Rather, it refers to a variety of behaviors, social interactions, and institutional structures. This is a good umbrella term for a lot of different physical, erbal, and emotional actions.Pascoe describes how male students exhibit compulsive heterosexuality verbally when referring to their sexual interests. It is all about â€Å"the ability to exercise mastery and dominance literally and figuratively over girls' bodies† (Pascoe, 78). Whether a boy is objectifying, privately or publicly, a woman's body directly at her or in the company of other men/boys, these are forms of compulsive heterosexuality. Pascoe examines how masculinity is present in not only in media, sexual practices, and desire but also in politics.This leads to how it also ffects economics and gender i nequality in both physical and emotion ways. It can be seen in television shows, clothing ads, or unequal pay wages between men and women. In terms of anti femininity, hegemonic masculinity is the display of behaviors opposite to those deemed feminine. A hegemonic male will allow himself to suppress feelings of emotion and vulnerability to qualify as a manly man. Through the works of Pascoe, Ferguson and Kilmartin we have understood that the social construction of a male is what defines hegemonic masculinity rather than biological features.The egemonic male is seen as anti-feminine because of the social pressures he is presented. A male's fear of being labeled as feminine is primary in defining hegemonic masculinity as anti-femininity. The competitive male who seeks dominance over others and especially females, demonstrates the strong aversion a male has over becoming a subordinate himself. Through Kilmartin's gender identity model, it was argued that being like a woman is negative in any way, shape or form. Ann Ferguson's three strategies argue that gender is a performance and one that must be up kept through constant displays of power.Pascoe's fag discourse and ompulsive heterosexuality concepts present the anti-feminine in males through name-calling and, again, displays of dominance.

Roles of Human Resource in Managing Employee Expectation

ROLES OF HUMAN RESOURCE IN MANAGING EMPLOYEE EXPECTATION INFLUENCE THE SUCCESS OF MERGER & ACQUISITION By KASMARIZA KASSIM A project paper submitted to Othman Yeop Abdullah Graduate School of Business Universiti Utara Malaysia in fulfilment of the Requirements for the degree of Master of Human Resource Management 1 TABLE OF CONTENT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES ix xiii xiv CHAPTER 1 : INTRODUCTION 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 Background Study Problem Statement Research Questions Research Objectives Significant of Study Definition of Terms 1. . 1 1. 6. 2 1. 6. 3 Employee’s Expectation Leadership Communication 1 2 4 5 6 7 7 7 8 2 1. 6. 4 1. 7 1. 8 1. 9 Commitment 8 9 9 9 Scope of Study Assumptions Structure of the Study CHAPTER 2 : LITERATURE REVIEW 2. 1 2. 2 Introduction Evaluation of Merger & Acquisition 2. 2. 1 2. 2. 2 2. 2. 3 2. 2. 4 2. 3 2. 4 2. 5 Pre-Deal Due Diligence Integration Planning Implementation 11 11 12 13 13 14 17 18 19 Evaluation of Employee Expectations The Importance of Managing Employee Expectation Evaluation of Strategic Human Resource Management in M&A 2. 5. 1 2. 5. 2 2. 5. 3 2. 6 2. 7 2. 8 Leadership by Human Resource Communication by Human Resource Commitment by Human Resource 21 22 24 25 26 26 Research Model/Framework Research Hypothesis Development Conclusion CHAPTER 3 : METHODOLOGY 3. 1 3. 2 Introduction Research Design 3. 2. 1 3. 2. 2 3. 3 3. 4 3. 5 Type of Study Unit of Analysis 27 27 28 28 29 30 31 Population and Sampling Procedure Data Collection Procedure The Measurement 4 3. 6 3. 7 3. 8 Questionnaire Design Data Analysis Techniques Conclusion 2 33 35 CHAPTER 4 : FINDINGS 4. 1 4. 2 4. 3 4. 4 4. 5 Introduction Overview of Collected Data Respondents’ Profile Reliability Analysis Major Findings 4. 5. 1 4. 5. 2 4. 6 4. 7 Pearson Correlation Coefficient Multiple Regression 36 36 36 39 40 40 42 45 45 Summary Findings Conclusion 5 CHAPTER 5 : DISCUSSION AND ANALYSIS 5. 1 5. 2 5. 3 5. 4 5. 5 5. 6 Introduc tion Discussion Limitation of Study Recommendations for Future Research Theoretical and Practical Implication Conclusion 46 46 50 51 51 52REFERENCES APPENDIX A : Questionnaire APPENDIX B : Frequency Analysis APPENDIX C : Descriptive Statistics APPENDIX D : Reliability Analysis APPENDIX E : Correlations Analysis APPENDIX F : Regression Analysis 53 58 63 66 76 77 78 6 LIST OF TABLES Table 3. 1 : Table 3. 2: Table 3. 3 : Table 3. 4 : Table 4. 1 : Table 4. 2 : Table 4. 3 : Table 4. 4 : Table 4. 5 : Table 4. 6 : Sample Breakdown Likert-Scale Measurement Items Questionnaire Layout Response Rate Respondents’ Profile Reliability Analysis Inter-Correlations of the Major Variables Results of Regression Analysis Summary Findings 30 31 31 32 37 37 38 41 43 44 LIST OF FIGURES Figure 2. 1 : Figure 2. 2 : Merger & Acquisition Life Cycle Comparison of Where HR Playing A Lead Role in very Successful Deals vs. Less Successful Deals 15 21 Figure 2. 3 : Research Framework 25 8 CHAPTER 1 INTRODUC TION 1. 1 Background of Study. Merger and acquisition (M&A) has certainly become the mechanism for companies to respond to the demands of the business world. It has been since several years, a main topic for strategic literature, since its advantages in its right use can be estimated in high levels of competitive advantages for companies.Companies that are facing changes in their organizational structures through a M&A, present important modifications in the processes, politics, values and frame of references. Each participant of this processes either the acquiring or the acquired, have to face different process and challenges. Clearly, both companies are affected part of their identity and way of doing things. The challenges of this adaptation are more evident when the difference of core business between the both companies is more obvious. Therefore, the kind of industry is a fundamental element to understand the transition.First of all, some fields are more appropriate to realize an M&A, for instance, industries, where the economy of scale is very relevant, and much easier to be understood in term of economy. Moreover, if the companies are complementary in their own business, synergies are most likely to be reached in terms of marketing, finances and organizational goals which make it a â€Å"natural† growing process. 9 Through the last century, companies paid more attention to the three following mindsets: strategy, economics and finance.Nevertheless, these last years, it has seen the emergence of a fourth mindset, as human factors to achieve a perfect integration of both companies. Though M&A process is regarded to be an integral organizational change, but the human component often appears to be the determinant element to succeed or fail (Parra, 2006). This is because people are susceptible to fear modification in their environment; therefore the implementation has to be executed with clear and structured plan in order to diminish possible resistanc e. To manage M&A process efficiently in the best conditions is very far to be easy.If some barriers are perfectly identifiable such as human costs of scale, weak innovation and so forth, there are others more niggling to identify and measure like the invisible structure of mindsets. For all of these reasons, an important and deep study has to make before the bargaining of M&A (Parra, 2006). 1. 2 Problem Statement The M&A is an ongoing process. This means that the operation runs from the moment the company is interested by another one until and after the achievement of the M&A. For instance, a number of M&A succeed in the long run, often after a long period of time.This illustrates that M&A process is always running, even 10 before the bargaining of transactions independently of the need or circumstances that surround the process. The M&A process has to launch and develop through companies integration. This is highly oriented toward the management of people and the strategies develop ed to incorporate them into the new vision and philosophy that the company will create with the merger. This stage of the process represents the problem that will be analysed, described, and explained in this study.Though integration and its success depends on many factors like corporate culture compatibility, corporate size and dimensions, management style and, ability to communicate effectively, another vital issue to acknowledge is the appropriate environment throughout the whole process of M&A where human talent is involved. This cannot be realised without the assistance and involvement of human resource. Having said, the M&A strategy should be driven by human resource. It is inevitable that human resource play vital role in the human side of the M&A process especially managing employee expectation.There are literally hundreds of reasons why the M&A failure rates are so high and many have been traced was due to the exclusion of human resource professionals in the pre-deal planni ng phase. Human resource only function to the last minute inclusion after the transaction has closed. This is a classic case of â€Å"too little, too late† (Clemente & Greenspan,1999). 11 In order to obtain a better insight of the situation above described, this thesis project addresses its focus on studying the transition process in a M&A developed by two giant oil and gas service providers in Malaysia; SapuraCrest Petroleum Berhad and Kencana Petroleum Berhad.Some factors will structure the analysis of this investigation such as employee expectation, leadership, communication & commitment. Most importantly, this thesis will look into the factors that influence the M&A success through human resource initiatives by focusing on the employee expectation. The initial and basic assumptions of this investigation is being able to explain and analyze how human resources initiatives and leading roles, being the most important dimension in M&A process could be considered to have the m ost impact to the success or failure of the integration .This is critical since the merger between SapuraCrest Petroleum Berhad and Kencana Petroleum Berhad has triggered issues in oil & gas industry. The involvement of risk and massive investment made so far by both companies, are the key reasons why this M&A cannot afford to accept failure as the closure. 1. 3 Research Questions This research will initially be guided by these questions: 12 RQ1- Is there any significant relationship between human resource strategic roles in terms of leadership and employee expectation towards the success of M&A?RQ2 – Will there be any relationship between human resource strategic roles in terms of communication and employee expectation towards the success of M&A? RQ3 – Will human resource strategic roles in terms of commitment contribute in managing employee expectation towards the success of M&A? 1. 4 Research Objectives There aren? t many studies on the relationship between the empl oyee expectation and strategic human resources in the case of M&A. However, the main objective of this study is to determine which amongst the variables contributes most to the success of M&A.They are addressed by specific objectives such as: RO1 – To determine significant relationship between human resource strategic roles in terms of leadership and employee expectation towards the success of M&A. RO2 – To examine the relationship between human resource strategic roles in terms of communication and employee expectation towards the success of M&A. 13 RO3 – To determine the relationship between human resource strategic roles in terms of communication and employee expectation towards the success of M&A. 1. Significant of Study In general this research aims to promote the understanding of employee expectation after the announcement of M&A to the management, as well to explore the impact of human resources roles on the success of the integration. Even though in toda y? s rapid growth of business and the acknowledgment of the benefits gained by proceeding with M&A, it is observed that the research done was insignificant. Most M&A research preaches on corporate culture compatibility, corporate size and corporate dimension as factors contribute to the integration success.This issue needs to overcome in ensuring that the management are aware that in every M&A, there is the human side to deal with. Apparently, the most common factors cited as „keys to M&A success? are communication, cultural integration and fit, integration project planning, due diligence, leadership and talent placement and management. All of these factors are intrinsically linked to human resource. Hence, the involvement of human resource in this big step taken is vital. Since employees are the one drives the success of a company, human resource being the backbone of a company, functions to manage the employee expectation in any M&A process. 4 This study is hoped to give an insight to the management of SapuraCrest Petroleum Berhad on the awareness of the importance of human resource strategic roles in managing employee expectation towards the M&A success. Since the integration stage is still at the initial stage, it is worth getting the feedback on the employee expectation. The finding will at least assist in ensuring that the rest of the process is carried out in accordance such as cultural assimilation and placements. 1. 6 Definition of Terms For the purpose of this study the following terms are defined as follows: 1. . 1 Employee Expectation : Employees concern that transform into expectations concerning both themselves and their work group. These expectations are with respect to immediate job and employment worries to longer term status, and behavioural and cultural concerns in the „new? organization (Surkund, Purang & Gupta, 2006). In this case, the expectations reflected by the affected employees of SapuraCrest Petroleum Berhad in the proce ss of M&A. 1. 6. 2 Leadership : A process whereby ones influences others to achieve a common goals (Northouse,2001).In this case, it is referred to the management of SapuraCrest 15 Petroleum Berhad through human resource strategic role and the affected employees. 1. 6. 3 Communication : Defines as the communication transaction between individuals and/or groups at various levels and in different areas of specialization that are intended to design and redesign organizations, to implement design and contribute from day-to-day activities (Frank & Brwnell, 1989). In this case the communication is meant between the management of SapuraCrest Petroleum Berhad through human resource strategic role and the affected employees. . 6. 4 Commitment : The meaning behind commitment in the organizations appears to be shifting from a â€Å"desire to remain in, and identify with, the organization towards a highly proactive, innovative and challenging approach to work, as a mutually beneficial psycholo gical contract between organization and individual (Vinicombe, 1998). This summarise the intention definition of commitment in this study where human resource strategic role acts on behalf of the management of SapuraCrest Petroleum Berhad in ensuring commitment is offered to employees throughout the process of M&A. 6 1. 7 Scope of the Study The research is carried out on SapuraCrest Petroleum Berhad? s (SCPB) affected employees. The announcement to merge with another giant oil & gas service provider in Malaysia, Kencana Petroleum Berhad has triggered some concerns amongst the affected employees. This study is primarily designed to review the relationship between SapuraCrest Petroleum? s human resource strategic roles and employee expectation on the merger plan success. 1. Assumptions A researcher assumes that all respondent at SapuraCrest Petroleum Berhad (SCPB) answer all questions sincerely and that respondents are fully understand and aware the purpose and objectives of this stud y. Researcher also assumes that the sample in this study represents the population of organization that is going through a merger exercise in Malaysia. 1. 9 Structure of the Study This study consists of five chapters. The first chapter outlines the introduction, purpose and objectives of this study.It also touches on the research problems, questions and the significant of the study. Chapter Two discuss on review of related literature based on the research done, research model framework, and research hypothesis development. 17 Elaboration on the research design, sampling and data collection procedures, measurement & instrumentation and, data analysis techniques are outlined in Chapter Three. Chapter Four discusses on the overview of the data collected, profile respondents, reliability test, major findings, correlation analysis of variables, multiple regression and summary findings.The final chapter presents the discussion of the research done, recommendations for future research as w ell as limitation. 18 CHAPTER 2 LITERATURE REVIEW 2. 1 Introduction Chapter Two offers a literature review on issues related to M&A, employee expectation and human resource management. The development of research framework/model and hypotheses will be discussed in this chapter. Then, it is followed by theoretical framework. 2. 2 Evaluation of Merger & Acquisition Mergers and acquisitions represent the end of the continuum of options companies have in combining with each other.This combination has the greatest implications for size of investment, control, integration requirements, pains of separation, and people management issues (Doz & Hamel, 1998; Hamel, 1991; Harbison, 1996; Sparks, 1998, 1999). With the focus on mergers and acquisitions, it is important to distinguish them. In a merger, two companies come together and create a new entity. In an acquisition, one company buys another one and manages it consistent with the acquirer? s needs. However, both suffer the same predicament .The primary purpose of merging and acquiring new firms is usually to improve overall performance (Lubatkin, 1983) by achieving synergy, or the more commonly described as the â€Å"2 + 2 = 5† effect (Cartwright and Cooper, 1993) 19 between two business units that will increase competitive advantage (Porter & 1985). However, the mere existence of potential synergism is no guarantee that this possibility will be realized (Cartwright & Cooper, 1993). Recent research indicates that these M&A has a negative impact on the economic performance of the new entity (Cartwright & Cooper, 1993).With the estimated rates of their success from 20-60 percent, it sure will paralyse the competitiveness in the new entity (British Institute of Management, 1986). Therefore, although M&As are usually extremely well planned out in terms of financial and legal aspects, the conclusion that has to be drawn is that these poor results have come to be attributed to poor human resource planning. Consequent ly, for sustained competitive advantage to be achieved, it is imperative that the M&A be implemented from a financially and legally sound standpoint, as well as from a behavioural approach.Most mergers and acquisitions follow a four-stage process as per discussed by Schmidt & Griffin, 1993. There are the pre-deal stage, due diligence stage, integration planning stage and implementation stage. 2. 2. 1 Pre-Deal Based on its growth strategy, the acquirer searches for an appropriate target or partner, assesses potential targets and develops a plan for executing the deal. This first phase involves searching for suitable entities for M&A. During this phase it is usually done to develop a set of criteria for the selection of a suitable 20 entity.In this early phase the organization defines its objectives and desired outcomes of the merger or acquisition and searches for suitable entities. This often involves extensive research and gathering of market intelligence to access the potential of suitable candidates. 2. 2. 2 Due Diligence After making the offer, the acquirer ensures that the deal is strategically and economically sound and has a high likelihood of success. Thorough, detailed execution of this stage is critical. Once a suitable entity has been identified, usually the next step is to make an offer to acquire or merge with the new entity.This offer is usually made conditional on the completion of the due diligence. During this second phase, a review of the new entity is undertaken to ensure the soundness of the deal and to access any risks involved with the completion of the deal. During this phase the organization will typically review the financial statements, strategies, business plans, resources and operations of the entity to confirm their assessment of the commercial suitability of the deal. Often many transactions do not go beyond this phase because the due diligence highlights the inappropriate risks associated with the deal. 2. 2. Integration Planning The acquirer creates a comprehensive plan for integrating the two organizations. This stage takes place within the first 100 days of the decision to 21 merge and can begin during due diligence if both sides believe the deal will go forward. The detailed plans, milestones and activities are developed to ensure the successful implementation of the deal. This phase is often conducted under very tight time frames and requires extensive and detailed involvement from experienced personnel. Detailed project management plans are established to ensure the smooth implementation of the deal. 2. 2. Implementation The final stage builds on all the planning that has gone before. Implementation can take months or even years to complete, depending on the complexity of the deal and the size of the merging companies. This phase requires the execution of the detailed planning conducted in phase three. Again, this phase is usually conducted under tight time frames and requires the execution of many co mplex plans simultaneously. Strong project management skills are required during this stage. The implementation phase is very visible to, shareholders, staff, clients and competitors and is conducted under tremendous scrutiny of these parties.However, according to the study carried out by the Ministry of Manpower Singapore (2003) there should be another stage that sums up M&A process. This neglected final stage is known as evaluation. The final phase requires reviewing the performance of the new entity to ensure that a successful integration has been completed and that the objectives of the M&A have been achieved. Performance of 22 the new entity is assessed against the original objectives determined in the pre deal phase. Figure 2. 1 Merger & Acquisition Life Cycle Source : The Ministry of Manpower Singapore,2003 There are numerous reasons for companies to merge or acquire. Some of the most frequent include: ? ? ? ? ? ? ? ? ? Horizontal mergers for market dominance; economies of sc ale Vertical mergers for channel control Hybrid mergers for risk spreading, cost cutting, synergies, defensive drivers Growth for world-class leadership and global reach Survival; critical mass Acquisition of cash, deferred taxes, and excess debt capacity Move quickly and inexpensively Flexibility; leverage Bigger asset base to leverage borrowing 23 ? ? ? ?Adopt potentially disruptive technologies Financial gain and personal power Gaining a core competence to do more combinations Talent, knowledge, and technology Hence, M&A are supposed to create new, stronger organizations, but history shows that such combinations often fall far short of expectations. Every M&A promises to create value from some kind of synergy, yet statistics show that the benefits that look so good on paper often do not materialize. The result, more often than not, is value destruction. The literature on M&A indicates that failure rates typically range from 50 to 70 percent or even higher.A Business Week (2004) s tudy of megamergers conducted between 1998 and 2000 found that in more than 60 percent of the cases, shareholder value was destroyed. Why do so many corporate combinations that looked like such great opportunities end up in disaster? Recent research suggests that contrary to common belief, it is not poor strategic fit that most often causes M&A to fail but poor execution. The errors can be seen, for example, in instances of insensitive management, lack of trust building and communication, slow execution, power struggles, or a leadership vacuum following the deal.Even with this kind of information, most corporate combinations still place special emphasis on the strategic and financial goals of the transaction, whereas the cultural and people implications rarely receive as much attention. 24 2. 3 Evaluation of Employees Expectations in M&A Mergers between different organizational entities have been a widespread phenomenon during the past decades. Our newspapers abound with stories abo ut organizations in the process of merging their activities. It is expected that approximately one in three employees will face a merger or acquisition in their working ife (Hubbard, 1999). In the past decades, many works, both academic and business, have been dedicated to this phenomenon, and the reasons for merging and the actual implementation have both been described extensively (Cartwright & Cooper, 1993). The issues under investigation have initially concerned the strategic, financial, or operational side of mergers. However, even thoroughly planned mergers often fail to materialize and much of the variance in the prediction of merger failure remains unexplained (Amiot, Terry, & Callan, 2007). Many companies believe that M&A are a key means for growth.By combining, companies may gain market share, new markets, a wider range of product offerings, control over the supply chain, and cost efficiencies. It isn? t just being bigger that matters. Employees may not always agree with t he merger rationale, but their understanding of it guides decisions and actions, motivates them to devote the energy and time to changes, sustains their performance and retention during the merger, and develops an enthusiasm for a better future (Walker & Price,2000). 25 Merger announcements should not simply be a cliche.Stating that the merger will enable us â€Å"to become more competitive globally† or to â€Å"become the technology leader in our industry† says very little to employees. Beyond increased shareholder value, an acquiring company should define specific benefits expected and how they will be realized (Walker & Price,2000). A focus on the â€Å"human side† of mergers could therefore be valuable. Human dynamics become even more relevant with the growing trend toward related combinations which involve a great extent of people integration (Cartwright & Cooper, 1996).The human side of mergers has been examined according to a variety of perspectives and t heories such as expectations in certainty on the future direction of the company, departure of key personnel, cultures clashed, job Security and morale (Cartwright & Cooper, 1996). 2. 4 Importance of Managing Employee Expectation An estimate by Davy et. al (1998), blames â€Å"employee problems† as being responsible for one-third to one-half of all M&A failures. Therefore, the underlying causes of employee resistance need to be studied carefully because their understanding has the potential of improving merger planning outcomes.Managing employee expectation is crucial as it leads directly to the success of merger. This is very much related to the importance of employees? engagement. According to Harter, Schmidt and Hayes (2002), a highly engaged employee will 26 consistently deliver beyond expectations. Employee engagement is critical to any organization that seeks to retain valued employees. The Watson Wyatt (2010), a consulting company has proved that there is an intrinsic link between employee engagement, customer loyalty and profitability.As organization going globalize and become more dependent on technology in a virtual working environment, there is a greater need to connect and engage with employee to provide them with an organizational â€Å"identity† (Vazirani, 2007) All those who are involved with the M&A process should take into consideration the human expectations. They should be able to understand human attitudes and behaviours in order to manage the expectations. Given the magnitude and importance of the employees? sychological reactions on the merger outcome, it is very important to understand the sources of this stress and the way it affects the organization in order to be able to reduce employee resistance as a way to maximize synergy realization (Moran, 2005). 2. 5 Evaluation of Strategic Human Resources Management in M&A Given the increased importance of people issues in an M&A transaction, it? s somewhat surprising that survey results conducted by Towers Watson (2008) shows that human resource function tends to be only peripherally involved in much of the M&A process. It? not until the planning and implementation phase of the acquisition that human resource plays a more predominant role, with 38% of 27 respondents saying that they? re brought to the leadership team at the integration planning stage and 35% of respondents saying they have a leadership role during the integration implementation phase. There is evidence to suggest that bringing human resource to the leadership team earlier in the acquisition makes sense it is interesting to note that very successful dealmakers appear to involve human resource in more aspects of the deal than others.The data shows that a small number of very successful dealmakers chose to involve human resources a lot earlier in the process. For example, 17% of very successful dealmakers involved human resource in the due diligence phase with some involving their human resou rce function in the target evaluation phase. It is believed this may be an appropriate response to the impact of people issues in affecting long-term deal success. Figure 2. 2 : Comparison of Where HR Playing A Lead Role in very Successful Deals vs. Less Successful DealsSource : Canadian Financial Executive Research Foundation, 2010 28 If one assumes that human resources is the unit best equipped to help the new company manage the people-related issues of a merger, the next step is to look at how human resource functions during a merger or an acquisition. According to Schmidt & Griffin (2002), below are strategies that should be taken or at least considered by human resources in dealing with M&A process : 2. 5. 1 Leadership by Human Resources The greater the frequency and magnitude of change, the more important leadership and culture become.Leadership holds it all together. It is a make or break function (Arian, 2007) He confirms that leadership is the most important driver of emplo yee engagement. During periods of transition and disruption, employees look first to leaders for guidance about how to react and behave, for motivation, and for focus. Experience shows that what leaders do during mergers and acquisitions has a significant impact on how employees of both organizations react and promote a sense of community and purpose. Positive employee perception of leaders is crucial to successful change.Employees want to believe that leadership cares about them. When employees are convinced that leaders genuinely do care about them, they become more open and willing to make necessary transitions (Arian, 2007). Companies that foster a high degree of leadership visibility and involvement during M&A instil a supportive organizational culture with a better than average chance of success (Olson, 2007). Leaders set the priorities and create the positive business 29 momentum and discipline required during M&As.They instil in employees the necessary level of commitment, e ngagement, confidence and comfort to work through difficult transitions. Leaders, who by their statements and actions inspire a shared sense of purpose, coherence, community and trust, enable employees to focus and remain highly engaged during M&As and post-merger integration. Establishing and sustaining cultural alignment during the first 100 days is particularly important in shaping the newly formed organizational culture and employee perceptions of it. Leadership intervention is a critical symbol of the new organizational culture (Olson, 2007).Strong leadership and maintaining energy for change among employees are the two principles of success that reinforce each other when executed well (McKinsey, 2008). Only human resource truly has its fingers on the pulse of the acquired employees. Only human resource can shape the organizational mindset that will move the merged firm forward in the marketplace. Therefore human resource must take a leadership role in these most important area s. 2. 5. 2 Communication by Human Resource It is well accepted that communication is the key tool within any changes (kanter, Stein & Jick, 1992).Any failure to communicate leaves employees uncertain about their future and will lead them to seek other means to reduce this uncertainty, such as reliance on rumours and other means of informal 30 communication which are not an effective means in reducing anxiety (Rosnow, 1988). This is because it tends to focus on negative and inaccurate information. Buono and Bowditch (1989) mention that, during mergers and acquisitions activity, â€Å"rumour mills and the grapevine work overtime, leading to more anxiety and, in many cases, counterproductive behaviours.Often based on fears rather than reality, these rumours can significantly exacerbate employee anxiety, tension and stress†. This anxiety and uncertainty are usually leading to dysfunctional outcomes. The extensive literature on managing communication in periods of organisational c hange and merger, shows that frequent and honest communication to staff about the merger has a stabilising effect (Ashkenas et al. , 1998). The literature suggests communication strategies serve to reduce uncertainty, but also acknowledges that staff are frequently sceptical about management messages.Furthermore, it is evident that such scepticism is not misplaced in times of change where futures are uncertain and directions are evolving. Procedural justice research emphasises the importance of two-way communication, in which both management and employees can voice their opinions, concerns, desires and provide information. Research shows that employee opportunity to voice an opinion results in the process being perceived as fairer, although this is negated if that opinion is perceived to be ignored by the decision maker (Citera and Rentsch, 1993).With all concerns mentioned earlier, clear communication is the tool to ensure their anxiety is entertained. The primary goals of post mer ger 31 communications should be to inform, and more importantly to inspire! The best median will be none other than human resource as the intermediary. 2. 5. 3 Commitment Another crucial human resource role is helping employees cope with change. It has far-reaching consequences, including maintaining productivity, stemming the loss of key talent and smoothing the integration of the two cultures. Change can be particularly difficult for employees involved in a M&A, especially those who work for the target.Unanswered questions about job security, relocation and new reporting relationships, spawn rumours, anxiety, resentment and the loss of top talent, who can most easily find jobs elsewhere. All this can lead to lower productivity and diminution of a company? s intangible assets. In the growing world of global financial services mergers, these issues take on heightened importance (Schmidt & griffin, 2002). Exhibiting commitments to the employees in the light of merger is essential. Th ings rarely remain the same in the wake of a major transaction.Roles and responsibilities change. Employees are normally re-assigned or worst case scenario, terminated. New policies and new procedures are adopted. Employees must be aided and psychologically prepared, to accept the changes that are inevitable. They must be made understand that additional changes may have to be enacted in the future as the integration process moves through its various stages. Helping employees to 32 accept and understand change is a commitment by human resource where it will accelerate the process and minimize the pain associates with the uncertainty. . 6 Research Model/Framework Based on the literature discussed earlier, the following research framework has been developed as a model for this study. This research model is designed to identify the relationship between dependent variable of employee expectation and three independent variables of human resources strategic roles. Based on the literature r eview presented, further investigations on the relationship among the variables are accomplished. The model framework is as per illustrated in Figure 2. 3 below. Figure 2. 3 : Research FrameworkDEPENDENT VARIABLES Leadership Communication Commitment H1 H2 H3 DEPENDENT VARIABLES Employee expectation towards M&A success 33 2. 7 Research Hypotheses Development From the model in Figure 2. 3, three (3) hypotheses are developed as below: H1) There is a significant relationship between human resource strategic roles in terms of leadership and employee expectation towards the success of M&A. H2) There is a relationship between human resource strategic roles in terms of communication and employee expectation towards the success of M&A.H3) There is a relationship between human resource strategic roles in terms of commitment and employee expectation towards the success of M&A. These hypotheses had been tested using appropriate data analysis technique. 2. 8 Conclusion This chapter has presented a review of literature that focused on the employee expectations and how human resource strategic roles could assist in managing them subsequently ensuring the success of merger & acquisition. Research framework has been developed to see the significant relationship between employees? expectation and human resource Strategic roles.The following chapter describes in details of the procedures and methodology used for data collection and analysis for this paper. 34 CHAPTER 3 METHODOLOGY 3. 1 Introduction This chapter provides the methodology use in this research to study the significant relationship between the independent variable and the dependent variables. This chapter begins with research design, population and sampling procedures, data collection procedures and data analysis techniques. 3. 2 Research Design A research design is a master plan explaining the methods and procedures for collecting and analyzing the information.The design is to ensure that all of the information gath ered are appropriate for solving the problem (Zikmund, 2003). Research design offers critical choice points to carry out the research. It outlines the details or the necessary procedures in carrying out the research. This research intends to investigate the relationship between independent and dependent variables, as well as it offers a platform for hypothesis testing. According to Sekaran (2006) studies that engage in hypothesis testing usually explains the nature of certain relationship. 35 3. 2. Type of Study The method used to analyse data was carried out using quantitative survey where the researcher measured the phenomena under investigation with the use of statistical analysis of raw data collected from a structured questionnaire. It used various statistical tests and Statistical Package for Social Science (SPSS) to interpret the results of data. The study will be carried out specifically among affected employees at SapuraCrest Petroleum Berhad. 3. 2. 2 Unit of Analysis The u nit of analysis refers to the level of aggregation of the data collected during the data analysis (Sekaran, 2000).The problem statement of this study focused on how the success of merger is significantly influence by the relationship between strategic roles of human resources and employee expectation. Data was collated from individuals working at SapuraCrest Petroleum Berhad. The approach to this study was a survey study where data was generated via distributing questionnaires. Affected employees had been asked to furnish and answer the questionnaire to the problem statement of this study; evaluate the existence of relationship between human resource strategic roles and employee expectation. 6 3. 3 Population and Sampling Procedure The samples at SapuraCrest Petroleum Berhad are selected using the simple random sampling technique. The simple random sampling method is chosen because every element in the population has a known and equal chance being selected as the sample. According t o Sekaran (2006), simple random sampling has the lease bias and offered the most generalization. In order for this research to become more reliable, it is important to have the right sample size. The population of this study cover all affected employees in SapuraCrest Petroleum Berhad.Affected employees are defined as the first cohort joining the new entity. Due to tight time frame of the thorough implementation process of M&A as well as the business and operations requirement, the management has decided to implement the merger in phases. It started off with all employees that are hired directly under SapuraCrest Petroleum Berhad cost centre. There are 134 employees all together. The rest of the 1466 employees are hired under business unit cost centres. Due to the operations requirement these employees will not be affected immediately. The second phase will only commence 8 months later.The reason why only this population chosen is very much aligned to the significant of this study a s per mentioned in Chapter One. Out of 134 affected employees, the random sample of 100 employees is identified via Raosoft Sample Size Calculator with 5% margin error and 95% tolerance of confidence level. 37 Below is the breakdown of the 100 participated employees Table 3. 1: Sample Breakdown Category/ Job Grade Tea Lady & Driver (DO & OA) Non Executive (G1-G3) Admin & Secretary (S1-S4) Executive (E8-E6) Middle Management (E5-E3) Senior Management (NG-E2D) Management TechnicalNon-Technical 4 6 7 6 22 20 4 15 13 3 3. 4 Data Collection Procedure The major approach in generating data for this study is through questionnaires which intended to measure employee expectation towards merger & acquisition. The survey is conducted at SapuraCrest Petroleum Berhad. The questionnaire was distributed to 100 employees both via email as well as hard copy extended by hand. The respondents were given 1 week to respond to the survey. 38 3. 5 The measurement The major measures for this research are em ployee expectation, leadership, communication and commitment.Participants are required to respond to all questionnaire items for measures using a five-point likert scale. Two scales are used in this research. First is nominal scale, specifically for Section A. Likert Scale is used for Section B, C, D and E. The scale below show the measurement used in Likert-Scale scoring from 1 to 5 (Sekaran, 2003). Table 3. 2: Likert-Scale Strongly Disagree 1 Uncertain Uncertain Agree Strongly Agree 5 2 3 4 Source : Sekaran, 2003 Responses on items for each measure are averaged to form an overall score such that higher scores indicated a higher standing on the measures.The items for each of the measures are given in the Appendixes. Table 3. 2 outlines the measurement items. Table 3. 3: Measurement Items Variables Employees Expectations Items 5 Scales Five-point Likert Scale Sources Adopted from Clemente & Greenspan (1999) 39 Leadership 5 Five-point Likert Scale Adopted from Avolio, Gardner & Walum bwa (2004) Adopted from Cartwright & Cooper (1993) Adopted from Allen & Meyer (1990) Communication 5 Five-point Likert Scale Five-point Likert Scale Commitment 7 3. 6 Questionnaire Design The questionnaire consists of five (5) sections.The first part contains information regarding respondent? s demographics features which include age, gender, academic qualification, job grade, length of service and job classification. The second part of the questionnaire consists of questions on employee expectation, which subsequently followed by leadership, communication and commitment in that order. Table 3. 4 : Questionnaire Layout Sections A Variables Respondent Background: ? Age ? Gender ? Academic Qualification ? Job Grade ? Length of Service ? Job Classification Employee Expectation Leadership Items 6 B C 5 5 40 D ECommunication Commitment 5 7 3. 7 Data Analysis Techniques The first step in statistical analysis involved physically going through all the completed questionnaires page by page a nd browsing through them in order to understand the responses. Raw data, as per written in the questionnaire will be coded for analysis purposes by using Statistical Package for Social Science (SPSS) Program. The analysis of data begins with reliability test for the scales through Cronbach? s Alpha. The Cronbach Alpha testing is used due to well accepted reliability test tools applied by social researcher (Sekaran, 2005).Cronbach? s Alpha reliability analyze that the closer Cronbach? s Alpha is to 1. 0, the higher the internal consistency reliability (Cronbach, 1946). Cronbach scale analyzes: I. II. III. reliability less than 0. 6 is considered poor reliability in the range 0. 7 is considered to be acceptable reliability more than 0. 8 is considered to be good Secondly, in order to determine whether there are significant relationships among the independent and dependent variables, Pearson Correlation 41 Coefficient analysis was carried out.The scale model suggested by Davies (1971) is used to describe the relationship between the independent variables and the dependent variable, as shown below: I. 0. 7 and above – very strong relationship, II. 0. 50 to 0. 69 – strong relationship, III. 0. 30 to 0. 49 – moderate relationship, IV. 0. 10 to 0. 29 – low relationships and V. 0. 01 to 0. 09 – very low relationship. Thirdly, Multiple Regression Analysis was conducted to exam which among the three independent variables is the most important variables in exhibiting employees? xpectation. According to Sekaran (2005), the correlation coefficient, R, will indicate the strength of relationship between two variables and it will also show how much of the variance in the dependent variable will explain when several independent variables are theorized to simultaneously influence it. Besides that the square of multiple, R2 is the amount of variance which will explain the dependent variable by the predictors. Beta value ( ) is used to identify the most important variables. This is known as Multiple Regression. 42Finally, frequency distribution is being carried out to obtain a count of number of responses associated with different values of one variable and to express these counts in to percentage terms 3. 8 Conclusion This chapter discussed the research method proposed for this study by presenting the theoretical framework and research hypothesis. Aside to that, it also includes the discussion of sampling design, data collection, questionnaire, measurement and data analysis. 43 CHAPTER 4 FINDINGS 4. 1 Introduction This chapter outlines the results of data analysis obtained based on data collected from respondents.The main purpose of this research is to study the relationship between the independent variables of HR strategic roles namely leadership, communication and commitment with the dependent variable which is employee expectation. The findings intend to verify the hypotheses made in chapter two. The statistical method of Pearson Correlation is used to determine the existence of any relationships between the independent variables and dependent variable. In addition, regression analysis is conducted to examine independent variable and determine which serve the most important to explain employee expectation.This chapter also illustrates the reliability test made to the instruments used using Cronbach Alpha. All in all, this chapter is divided into eight segments which includes; overview of data collection, profile of respondents, goodness of measure, descriptive analysis, major findings, summary of findings, and conclusion. 44 4. 2 Overview of Collected Data A total of 100 sets of questionnaires were distributed to respondents. All 100 sets of questionnaires were returned on a timely manner; within 1 week. It has been found that all questions were answered by the respondents and considered valid and ready-fit to be analyzed.Table 4. 1: Response Rate Data Questionnaire distributed Collected question naire Usable questionnaire Discarded questionnaire Total 100 100 0 0 Percentage (%) 100 100 0 0 4. 3 Respondents’ Profile The survey demonstrated the details concerning demographic characteristics or respondents? profile as shown in Table 4. 2 below. Table 4. 2: Respondent Profile No 1 Demographic Age Categories ? Below 25 ? 25-34 years ? 35-44 years ? 45-54 years ? 55 and above ? Male ? Female Frequency 8 55 34 3 0 57 43 Percentage (%) 8 55 34 3 0 57 43 2 Gender 45 3 Academic Qualification Secondary ? Diploma ? Degree ? Master ? PhD ? Professional ? DO &OA ? G1-G3 ? S1-S4 ? E8-E6 ? E5-E3 ? NG-E2D ? Below 2 years ? 2-4 years ? 5-7 years ? 8-10 years ? More than 10 years ? Management ? Technical ? Non- Technical 6 11 67 9 1 6 4 13 6 42 32 3 18 56 24 1 1 7 43 50 6 11 67 9 1 6 4 13 6 42 32 3 18 56 24 1 1 7 43 50 4 Job Grade 5 Length of Service 6 Job Classification The study indicates more than half of the respondents are within the age of 25 – 34 years old, where approxim ately one third of the respondents are within the age of 35 – 44 years old.It is self explanatory, when majority of 57% of the respondents are male due to the nature of business which is oil & gas, which known for performing tasks under harsh environment. A highest rate of respondents 67% 46 did their degree and only small percentage of 9% holds master degree followed by 1% who pursued PhD. Lastly, this questionnaire managed to capture different job classification where 7% from the management, 43% from technical and 50% from non-technical. 4. 4 Reliability Analysis According to Sekaran (2003), the closer the reliability coefficient gets to 1. , the better it is, and those values over . 80 are considered as good. Those value in the . 70 is considered as acceptable and those reliability value less than . 60 is considered to be poor (Sekaran, 2003). According to George & Mallery (2003), reliability is the degree to which measure are free from error and therefore yield consistent results. Table 4. 3: Reliability Analysis Variables Employees Expectations Leadership Communication Commitment No. Of Items 5 Items Dropped 0 Cronbach? s Alpha 0. 6 5 5 7 0 0 0 0. 8 0. 6 0. 8 As shown in table 4. , alpha value for independent variables ranges from 0. 6-0. 8 which can be considered good. In addition, dependent variable has found to be at 0. 6 on acceptable value. 47 4. 5 Major Findings The results of Pearson Correlation Analysis and Linear Regression are presented in the following section. 4. 5. 1 Pearson Correlation Coefficient According to Sekaran (2003), in research project that includes several variables, beyond knowing the means and standard deviations of the dependent and independent variables, the researcher would often like to know how one variable is related to another.This means that the researcher should see the nature, direction and significance of the bivariate relationship of the variables used in the study which is the relationship between any two var iables among the variables tapped in the study. A Pearson correlation matrix will provide this information, which will indicate the direction, strength and significance of the bivariate relationships of all the variables in the study. Theoretically, there is a possibility of a perfect positive correlation between two variables, which is represented by 1. 0 (plus 1), or a perfect negative correlation which would -1. (minus1). While correlation could range between -1. 0 and +1. 0, and the researcher need to know if any correlation found between two variables is significant or otherwise (i. e. ; if it has occurred solely by chance or if there is a high probability of its actual existence) As for the information, a significance of p ? 0. 05 48 is the generally accepted conventional level in social sciences research. This indicates that 95 times out of 100, this can be sure that there is a true or significant correlation between the two variables, and there is only a 5% chance that the r elationship does not truly exist.The correlation matrix between dependent variable and independent variables are exhibited in Table 4. 5 below. The finding from this analysis is then compared against the hypotheses developed in this study. Table 4. 4 : Inter-Correlations of the Major Variable Variables Leadership Communication Employee Expectation Employees -. 544** . 502** Expectations Leadership . 782** Communication Commitment – Commitment . 460** . 857** . 680** – **Correlation is significant at the 0. 01 level (2-tailed) *Correlation is significant at the 0. 05 level (2-tailed)Hypothesis 1: There is significance relationship between human resource strategic roles in terms of leadership and employee expectation towards the success of M&A. The relationship between leadership is tested against employee engagement. The results between the two variables is found as r=. 544, n=100, p?. 05. The correlations coefficient indicates that there is a strong relationship betwee n the variables. Hypothesis 1 is accepted. 49 Hypothesis 2: There is significance relationship between human resource strategic roles in terms of communication and employee expectation towards the success of M&A.The relationship between communication against employee expectation is investigated. The results shows quite similar to leadership where the two variables are found as r=. 502, n=100, p ? .05. The relationship is significant with strong relationship. Hence, hypothesis 2 is accepted. Hypothesis 3: There is significance relationship between commitment and employees’ expectation in SapuraCrest Petroleum Berhad. The relationship between commitment against employee expectation has found to have poor significant with r=. 406, n=100, p