Impact Of Dividend Announcement On Shareholder Value - Free Essay Example

Different studies suggest that dividend payment has no impact on share holder value in the absence of taxes and market imperfection. Whenever companies have surplus earning, they should invest it in projects having positive net present value. Another approach is that, the stock value depends upon expected future dividend of that stock. So companies must try to reflect a sustainable growth while announcing dividends. This study is to examine the impact of dividend announcement on shareholder value. This study is based on 17 dividend paying companies, listed on Karachi Stock Exchange. The result shows that investors did not gain from dividend announcement, but lost some value over a period of 30 days prior to dividend announcement through 20 days after ex-dividend date. Results of study is supporting the dividend irreverence hypothesis, that there is no benefit of shareholder in announcement of dividend. Literature Review: The ultimate objective of any corporate entity is to maximize the shareholder value. For the accomplishment of this objective, Finance managers take three kinds of important decisions. First two decisions are investment and financing decisions and the third one is regarding dividend payment to shareholders. Now the question is that whether the payment of dividend increases shareholder value or not. As dividend mean reward that shareholders already own in a corporation, so it is adjusted by decline in stock value (Porterfield 1959 and 1965). Generally shareholders prefer capital gain over cash dividend and the reason is tax pattern. Normally dividend is taxed at high rate as compared to the capital gain. So if we neglect the assumption of tax and other restrictions, then dividend announcement has no impact on shareholders value (Miller and Modigliani, 1961). Investors value a dollar of expected dividend more highly than a dollar of expected capital gain because the dividend yield component is less risky as compared to growth component. (Gorden 1963) If a firm pay the whole part of its earning as dividend then it is most possible that there will be shortage of funds for investment which may cause decrease in dividend in the future. Another related approach is that dividend announcement effect the market price of stocks because it carries the information of future cash flow of firm (Bhattacharya 1979, Baryosef and Huffman 1986). Shareholders have no benefit in the announcement of dividend. As the shares value falls from thirty days before announcement of dividend to thirty days after dividend announcement. But these losses are partially compensated by dividend yield in long run (Hamid Uddin, 2003). In some countries like Pakistan, companies are ranked on the basis of dividend payout and some rules by SECP also forced the companies to pay dividend. Considering the benefits of capital gain over cash dividend this is not a better approach at all (Dr. Ahmad Kaleem Chaudhary Salahuddin). The whole literature review is based on two ideologies. One is that the dividend announcement has a positive relationship with stock prices (Gordon 1963) and the second is that the dividend announcement has a negative relationship with stock prices (Bhattacharya 1979, Baryosef, Huffman 1986 and Hamid Uddin, 2003). The positive relationship between stock prices and dividend announcement is due to dividend information effect, while the negative relationship is because of tax effect. Introduction: Whenever a company generates profit, it either goes for reinvestment or pay dividend. If a company is going to pay dividend then it takes decision of whether to pay cash dividend or to buy back some of the existing stocks. The question is if a company has opportunity of investment in a project having positive net present value then why should company go for dividend? According to Irrelevance Theory by Merton Miller and Franco Modigliani (MM) a firms dividend policy has no effect on shareholder value and cost of capital of that firm. The most important thing is the earning of a company nor the dividend policy or reinvestment plans. Assuming there are no taxes and brokerage costs. According to Porterfield (1959 and 1965) paying cash dividend means giving rewards to shareholders that is something they already own in a company. Hence this will offset by declining in the stock value. So paying dividend is not a good approach at all. According to Gorden (1963) investors prefer a dollar of present more than that of expected future one. Thats why companies should go for dividend instead of capital gain. All the theories regarding payment of cash dividend have their own approaches and directions. So the issue of whether paying cash dividend has any impact on shareholder value or not is still unresolved. In countries where dividend income is highly taxable as compared to capital gain, investors prefer capital gain over cash dividend. There is another face of picture, in countries like Pakistan where companies are ranked according to rate of dividend paid by them, companies normally prefer to pay cash dividend. In this study we have examined the effect of dividend announcement on shareholders value. To do so, we have selected 17 dividend paying companies from eight different sectors and use the methodology of Market Adjusted Abnormal Return (MAAR) and Cumulative Abnormal Return (CAR). Methodology: To study the impact of dividend announcement on shareholder value, two measurement have been used. (i) Market Adjusted Abnormal Return (MAAR). (ii) Cumulative Abnormal Return (CAR). MAAR indicates the relative daily percentage price change in the dividend paying stocks compared to the change in average market price. We use KSE 100 price index as proxy of average market price. MAAR is calculated as follows. MAARit = Rit-Rmt MAARit it is the market adjusted abnormal return for security i over time t. Rit is the time t return on secutiry I, calculated as (Pit à ¢Ã¢â€š ¬Ã¢â‚¬Å" Pit-1)/Pit-1. Where, Pit is the market closing price of stock I on day t. Pit is the market closing price of stock I on day t-1. Rmt is the time t return on the KSE-100 price index calculated as (It-It-1)/It-1. Where. Iit is the market index on day t. It-1 is the market index on day t-1. The market adjusted abnormal return (MAAR) shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day (O-day). The second measure used is cumulative abnormal return (CAR), which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. We use a 51 day window period starting from -30 day to + 20 day relative to the dividend announcement day (O-day). CAR is computed as follows. CARit = MAARit CARt = CARit Where CARit is cumulative abnormal return for security I and CARit is cumulative abnormal return for all securities. Similarly MAAR it is market adjusted abnormal return for security I for window period. After that all, the t-test suggested in Brown and Warner (1990, p251-252) is applied to test the significance of CARit and CARt. Sample Description: The sample includes 17 companies, from eight different sectors. All these companies are registered on Karachi Stock Exchange (KSE) and announced dividend between January 2009 and December 2009. Five companies are from banking sector, three from oil and gas, three from cement, two from chemical, one from Pharmaceutical, one from auto assembler, one from textile and again one from telecom sector. Table 1 is showing the names of companies with percentage of dividend announced by them in respective year. Empirical findings and analysis Market Adjusted Abnormal Return MAAR shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. In this study, MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day on zero days. Cumulative Abnormal Return CAR which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. Table 1 Sample Companies Sr. No Company Name Sector 1 Habib Bank Limited Banking 2 Allied Bank Limited Banking 3 National Bank of Pakistan Banking 4 United Bank Limited Banking 5 Bank AlFalah Limited Banking 6 OGDCL Oil and Gas 7 National Refinery Limited Oil and Gas 8 Pakistan State Oil Oil and Gas 9 Lucky Cement Cement 10 DG Cement Cement 11 Attock Cement Cement 12 ICI Pakistan ltd. Chemical 13 Engro Chemical Ltd Chemical 14 Highnoon Labortories ltd. Pharmaceutical 15 Indus Motor Company ltd. Auto Assembler 16 Nishat Mill ltd. Textile 17 Pakistan Telecom Co. Telecom Table 2 Dividend paid by different sectors in 2009 (Dividend in %age) Sector No of Companies Maximum Dividend Minimum Dividend Average Dividend Banking 5 66 25 28.5 Oil and Gas 3 125 25 67 Cement 3 40 Chemical 2 65 60 62.5 Pharmaceutical 1 25 25 25 Auto Assembler 1 100 100 100 Textile 1 20 20 20 Telecom 1 15 15 15 Table 3 Average MAAR for 51 days Days relative to Dividend Announcement Average MAAR -30 0.006995623 -29 -0.000286981 -28 0.005946367 -27 0.005136643 -26 0.005144653 -25 -0.004782532 -24 -0.005356564 -23 -0.002944433 -22 -0.01411987 -20 0.004907264 -19 0.00128167 -18 -0.00011111 -17 -0.001020032 -16 0.001673402 -15 0.000430173 -14 0.002846477 -13 -0.001693558 -12 0.002657397 -11 -0.016735807 -10 -0.013092062 -9 -0.005113378 -8 -0.000797798 -7 -0.015879282 -6 -0.005853397 -5 -0.006602591 -4 -0.010009299 -3 -0.002897751 -2 -0.009621279 -1 0.00260226 0 -0.007908932 1 0.005621832 2 -0.011260743 3 -0.001171285 4 -0.003236167 5 0.000455198 6 0.002713615 7 -0.002483024 8 0.006107779 9 -0.005986564 10 -0.006719537 11 -0.003661463 12 -0.00255736 13 0.001298415 14 -0.003020666 15 -0.013184736 16 -0.001647796 17 -0.000315768 18 0.006733917 19 -0.009766422 20 -0.000404328 Table 4 Cumulative Abnormal Return Company Name CARit Habib Bank Limited 0.007539 Allied Bank Limited -0.23825 National Bank of Pakistan -0.13679 United Bank Limited -0.56202 Bank AlFalah Limited -0.46642 OGDCL 0.077864 National Refinery Limited -0.17524 Pakistan State Oil 0.368848 Lucky Cement -0.14289 DG Cement -0.08247 Attock Cement -0.2001 ICI Pakistan ltd. 0.04316 Engro Chemical Ltd -0.32989 Highnoon Labortories ltd. 0.02233 Indus Motor Company ltd. -0.31301 Nishat Mill ltd. 0.09022 Pakistan Telecom Co. -0.13362 CARt -2.17073

Rhetorical Analysis Of The Dumb Kids Class - 892 Words

A Rhetorical Analysis like Nun Other Being a smart kid is an honor to most, but as a child Mark Bowden believed otherwise. In â€Å"The Dumb Kids’ Class† he tells his unique experience in Catholic school, where he was in the dumb kids’ class and then switched into the smart class, and discovers the true differences between them. Bowden begins his narrative with a hasty generalization when he comments â€Å"[I] astonishingly, was never struck by a nun or molested by a priest† (1). Although he is saying none of this stereotypical behavior happened to him, he is still reminding the audience of the behavior, which could turn away Catholic readers with such striking pathos. Then, he introduces the context of his education, which is ethos because he did†¦show more content†¦This euphemism puts what students may perceive as discouraging words, into a benefit of being in that class. Then, he goes on to the differences between the smart and dumb kids. An e xample of pathos Bowden uses is the dumb kids were proud of their class placement and saw it like â€Å"a badge of honor† (6). He also uses logos to differentiate the characteristics of the kids in each class. Smart kids were focused on pleasing their parents and teachers, while dumb kids did not care. Additionally, Bowden uses enumeratio when he lists all the trouble the dumb kids got into, to exemplify how naughty they could be. Something that gives Bowden ethos is in the aspect of the naughtiness of the children is the fact he had a broken tooth, which made all the other kids respect him. Another reason for him to be respected was the fact that when he was chosen for a humiliating game played by the school bullies which also evokes pathos, he punched the bully in the face. Then he claims his â€Å"most valuable lessons were in the dumb kids’ class† (8) , which is contrary to what most would believe. Ironically after claiming this, he was switched into into t he smart class, which he describes it a â€Å"the best of both worlds† (8) which is a bit cliche and could have been described better to describe the drastic change. In his newShow MoreRelatedContent Analysis of Focus Group Data7519 Words   |  31 PagesRESEARCH Understanding the Experiences of Adult Learners: Content Analysis of Focus Group Data Jeff Zacharakis, Marie Steichen, and Gabriela Diaz de Sabates, Kansas State University Dianne Glass, Kansas Board of Regents ABSTRACT In this qualitative research study, we sought to better understand the experiences of adult learners in adult education centers. We conducted eight focus groups with 104 adult education students from 25 adult learning centers. Five groups were made up of English-speakingRead MoreViolation Of The Maxims Of Cooperative Principle7912 Words   |  32 PagesAims and Objectives of the Research Project 6) Data, Methodology and Techniques 7) Plan of Thesis I) Chapter – I (Introduction) II) Chapter – II (Theoretical Framework) III) Chapter – III (Analysis of the play Endgame) IV) Chapter – IV (Analysis of the play Waiting for Godot) V) Chapter – V (Analysis of the plays Happy Days ) VI) Chapter –VI (Conclusion and pedagogical implications) 8) Scope And Limitations of the Study 9) Significance of the Study 10) Conclusion CHAPTER - IRead MoreLogical Reasoning189930 Words   |  760 PagesReasons ................................................................................................ 236 Deceiving with Loaded Language ................................................................................................... 238 Using Rhetorical Devices .................................................................................................................. 240 Review of Major Points .............................................................................................Read MoreLanguage of Advertising20371 Words   |  82 Pages INTRODUCTION This graduation paper is devoted to the investigation of peculiarities of advertising language. However, the number of works devoted to the analysis of advertising language, is rather significant, though we witness advertising English is developing very fast. The reason is that advertising is very popular nowadays and a lot of people want to know about advertising language. An advertising practitionerRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesmymanagementlab is an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY

Barnabas Medical Centre, Willow Springs Memorial Hospital and the Honeysuckle Clinic Free Essay Example, 2000 words

Dr Till plays a critical role in advising the board and supporting the medical staff towards the realisation of the intended objectives for Willow Springs Memorial Hospital. The board is expected to support the president in executing this initiative. The medical members of staff have a role to support the president in leading Hospital to achieve its vision. There is also the county health department director who should support the hospital by providing the relevant information and analysis of Willow Springs residents. These residents are the customers for the hospital whose needs have to be met. Their failure or success in meeting their roles would determine whether they are a support or barrier to the collaborative effort. Nola Salem is not a transformational leader, but rather a transactional leader. She makes generalisations, not considering the views of part-time employees as being significant. That is why meetings are called within even five-minute notice. A transformational le ader would not relieve employees who do not meet their targets of their duties but rather seek to understand their goals. Such a leader would be more focused on employees rather than attracting grant money as Ms. We will write a custom essay sample on Barnabas Medical Centre, Willow Springs Memorial Hospital and the Honeysuckle Clinic or any topic specifically for you Only $17.96 $11.86/page The questions asked would include what strategies the leader could use to motivate employees, to guide on belief in staff motivation; how to solve a specific conflict in an organisation, to understand the leader s value for communication and relationships.

Catal Hyuk - 2725 Words

CHAPTER ONE: Before History IDENTITIES: Complex Society Paleolithic Venus Figurines Metallurgy Social Class/Social Structure Lucy Neolithic Lascaux Cave Paintings Neolithic Revolution Agricultural Revolution MAP: Olduvai Gorge Neander Valley Catal Huyluk Lascaux CHAPTER TWO: Early Societies in SW Asia and Indo-European Migrations IDENTITIES: The Epic of Gilgamesh Sargon of Akkad Hammurabi’s Codes/Laws Stele Assyrians Economic Specialization Stratified Patriarchal Society Elite, Commoner, Dependent, Slave Cuneiform Moses Polytheism Cross-Cultural Interaction Cross-Cultural Exchange Semitic City-state Hammurabi Indo-Europeans†¦show more content†¦Augustine Constantine Visigoths Huns 476 ce Bishop of Rome CHAPTER 12: Cross-Cultural Exchange on the Silk Road IDENTITIES: Monsoon Winds Taklamakan Desrt Missionaries Epidemics Expatriate Merchants Bubonic Plague Bishop of Rome 476 ce Nestorians Syncretic/syncretism Small Pox St. Augustine Manicheaism MAP: Kush Himalaya Mounta ins Taklamakan Desert Taxila Persian Gulf Arabia Tyre Red Sea South China Sea Ceylon Bactria Chang’an Hindu Kush Mountains Madagascar Kashgar Caspian Sea Palmyra Antioch Arabian Sea Damasacus Guandzhou Pondicherry Samarkand Sumatra Java Parthia CHAPTER 13: The Commonwealth of Byzantium IDENTITIES: Byzantine Commonwealth Caesaropapism Corpus iuris civilis â€Å"Greek Fire† Schism Saint Cyril and Methodius Sasanids Hagia Sophia Theme System Iconoclasm Fourth Crusade MAPS: Balkan Peninsula Egypt Constantinople Alexandria Kiev MediterraneanShow MoreRelatedThe Pros and Cons of the Neolithic Revolution Essay933 Words   |  4 Pagesthought can be seen in symbolic artifacts and signs of ritual activity throughout the world. (Haviland et al 2011: 241) Trade increased and many settlements became wealthy. These wealthy communities could support some people as artists and priests. Catal Hyuk is an example of astounding neolithic art, much of which adorns religion shrines. (Levac k et al 2009:5) Metalurgy first made an appearance in Europe during the Neolithic. (Levack et al 2009:16) Architecture improved and in many areas dwellings

Culture Of The Kurds Culture - 1531 Words

Culture of the Kurds According to United Kingdom based news syndicate, BBC, in their article entitled, Who are the Kurds?, â€Å"Between 25 and 35 million Kurds inhabit the mountainous region straddling the borders of Turkey, Iraq, Syria, Iran and Armenia† (2016). This would make them the fourth largest ethnic group in the Middle East. Although the Kurds adhere to a number of different religions and creeds, they are considered a race of people with a unique history that separate themselves from the surrounding cultures of the middle east due to their differing religious beliefs, cuisine, dance, crafts, and geopolitics. Who They Are The Kurds have occupied the now north-eastern Syria, south-eastern Turkey, northern Iraq, north-western Iran†¦show more content†¦Another legend known as Newroz, proclaims that an evil king of the Assyrian named Zahak conquered and terrorized modern-day Iran. He demanding human sacrifices by the form of eating young men’s brains. Assisted by some of the local king’s servants, some young men fled and hid in the mountains with the aims of gather and training an army to oust the demon king. Once ready, the army descended from the mountains and slayed the tyrannical king. Kaveh the Blacksmith claimed the demon’s thrown and founded the Kurdish people according to Ãâ€"zoglu, in his book, Kurdish Notables and the Ottoman State: Evolving Identities, Competing Loyalties, and Shifting Boundaries (2004). Today they are still a nomadic people that mostly live in huts, herd livestock, and occupy the mountainous regions of the Mesopotamian plains and highlands regions. Kurds are often regarded as the largest ethnic group without a state,† according to Michael Kennedy in his New York Times article, Kurds Remain on the Sideline of Syria’s Uprising despite their attempts for independence this last century (2012). Religion The majority of the Kurdism people are Sunni Islam Muslims. 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The Pros And Cons Of The Death Penalty - 915 Words

The Death Penalty is the punishment of execution to someone who legally by court of law convicted a capital crime. In the United States of America this is mainly used for aggravated murder. Additionally this means that the murder has circumstances that are severe. For instance it was planned murder, intentionally killed below the age of 13, killed someone while serving term in prison, killed a law officer, and killed someone or illegally terminated a person’s pregnancy while in the process of committing, trying to commit or escaping after the act of rape, kidnapping, aggravated arson, arson, robbery, aggravated robbery, burglary, aggravated burglary, terrorism, or trespass. The death penalty is balanced between pros and cons, where it†¦show more content†¦It must also allow the sentencing judge or jury to take into account the character and record of an individual defendant.The year of 1977 was when the death penalty in California was reinstated. In 1992, Robert Harri s was the first individual executed in the state in two decade. Including 12 other men that were executed after that year. The gas chamber was considered as a cruel and unusual punishment to the U.S. District Court, so California made lethal injections their default mode of execution. Currently the death penalty in California is still active, however it has been a full decade since the last execution of Clarence Ray Allen. There has been situations right after his death about the protocol of the lethal injection, which brought the states execution machinery to halt. Although this had occurred Californias death row is the largest in the country, still continuing to increase in number. First it appeared as 646 people in January of 2006, but today its 750. Last year California officially ran out of space for its condemned prisoners. Urging Governor Jerry Brown to assist them by soliciting 3.2 million from the lawmakers to expand the death cells. Even though only 13 men have been executed in California, there is still a number more than 100 that have died facing execution. A quarter of these prisoners have committedShow MoreRelatedPros And Cons Of The Death Penalty789 Words   |  4 Pages Death Penalty The death penalty has been a debated topic for decades. Many people believe that it serves justice to the person being executed, while others think that it does no good for either party. However, I believe the three most outstanding topics surround the death penalty are the cost of death vs. life in prison, attorney quality, and irrevocable mistakes. The first topic surrounding the death penalty is the cost of death vs. life in prison. This is a bigRead MoreDeath Penalty Pros and Cons1636 Words   |  7 Pages Pros and Cons of the Death Penalty The death penalty is a legal process whereby a person is put to death as a punishment for a crime. The death penalties are usually carried out for retribution of a heinous murder committed, such as aggravated murder, felony killing or contract killing. Every state handles what method they want to use to put a person to death according to their state laws. The death penalty is given by lethal injection, electrocution; gas chamber firing squad and hanging areRead MoreDeath Penalty Pros Cons2512 Words   |  11 PagesTop 10 Pros and Cons Should the death penalty be allowed? The PRO and CON statements below give a five minute introduction to the death penalty debate. (Read more information about our one star to five star Theoretical Credibility System) 1. Morality 2. Constitutionality 3. Deterrence 4. Retribution 5. Irrevocable Mistakes 6. Cost of Death vs. Life in Prison 7. Race 8. Income Level 9. Attorney Quality 10. Physicians at Execution PRO Death Penalty CON Death Penalty 1. Morality PRO:Read MoreDeath Penalty Pros And Cons1501 Words   |  7 Pagesthe death penalty. 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Havin g been given the death penalty means that someone is going to be put to death by a lethal injection or an electric chair; There are more ways, but the injection and the electric chair are the most used. There are many different opinions surrounding the idea of death penalties; which some people think the death penalty should be used more and some believe the complete opposite. There are two main

Business Research Method Qualitative Data Analysis

Question: Discuss about the Business Research Method for Qualitative Data Analysis. Answer: Introduction: The rise of the Australian dollar and the increasing competition amongst the Australian tourism company are the two key significant challenges of the Australian tourism industry. It has been speculated that recently, the international market share of Australia has reduced, and the domestic tourism expenditure of the country has also decreased currently (Biggs, 2010). Thus, the tourism company, Thomas Cook is also facing some operational challenges in the market of Australian tourism. Hence, the tourism industry and the government of the country would need to take necessary initiatives to improve the growth of the Australian tourism segment. Theory, Assumption, Background Literature: Theory: The theory of sustainable tourism systematically identifies the functional dimensions of the contemporary sustainable tourism, which provides the latest developments in the major areas of the tourism company and the services. In this regards, Kulendran Dwyer (2008) stated that Hans Magnus Enzensbergers theory of the tourism is a proactive effort in developing the Australian tourism. Assumption: The current study attempts to analyse that the long term government strategy would help the Australian tourism sector to build more competitiveness to establish a stable economic contribution. The future goal of the Australian tourism market has to achieve more than $140 billion in the overnight spend by the year of 2020. According to the opinion of Zeppel Beaumont (2012), almost around half a million Australians would be the direct employee in this segment. It is expected that the GDP would need to grow by 5% in coming future. Research Objectives: To evaluate the significance of the government contribution in the growth of the Australian tourism segment To identify the factors influencing the development of the Australian tourism segment To assess the relationship between the role of government initiatives and the Australian tourism industry To recommend the strategic ways for developing the Australian tourism industry Background Literature It has been identified that having a strong performance in this sector, the Tourism Australia has experienced several fluctuations to redefine the future success. As per the report of the Australian tourism industry, the government initiatives have helped to increase the number of tourist arrivals in the Australia by 8% (www.thomascookgroup.com, 2016). The overnight spend by the travellers has been increased by $83.4 billion in the last year. The government contribution has assisted the firm, Thomas Cook to earn the revenue of $7,834 million in 2015 (www.tourism.australia.com, 2016). Adding to this, the tourism support environment and the infrastructure of the tourism transport are the foremost factors that have assisted the Australian tourism segment to grow dynamically. I6t has been scrutinised that As per the view of Xu Bao(2011), the government has limited the tourism tax, red tape and the other regulatory burden to foster growth of the tourism sector. The effective marketing campaigns and the support industry development regarding road, transport have become more fruitful opportunity to initiate the growth of the Australian tourism industry. Furthermore, it is essential to remain competitive by building a digital capability to draw the attention of the customers (Zeppel Beaumont, 2012). Moreover, the commonwealth games 2018, is going to hold in Gold Coast, Australia, which indicates the government's intervention for developing the tourism segment of Australia. Variables and Hypotheses: Variables: The current research has established two variables such as the role of government and the Australian tourism industry. Both the variables are dependable on each other to satisfy the research objectives and goals. Hypothesis: H0: The role of the government has major significance in the development of the Australian Tourism Industry. H1: The role of the government does not have any major significance in the development of the Australian Tourism Industry. Operational Definitions and Measurement: AS the problem is very transparent to understand, so that, it could be deduced the problem need scoping or simplifying to make it achievable. The secondary data analysis has helped to measure the two variables such as the role of the government and the Australian tourism industry. Research Design and Methodology: Research Design The research design can be categorised as follows: exploratory, explanatory, and descriptive. In this current context, a descriptive research design has been evaluated by the researcher as it allows to assess various research scenarios. As per the view of Freshwater (2007), a descriptive research design helps the researcher to find the accurate solution by evaluating various journals, books and the authentic website. Hence, the choosing of descriptive research design is quite satisfactory. Instrumentation/Sampling: The researcher would send the online questionnaire to 60 visitors for collecting the quantitative data. Hence, the sample size is 60 for the quantitative data. A simple random probability mechanism would be chosen for conducting the quantitative data. In the opinion of Xu Bao (2011), it is feasible while the sample size is larger. On the other hand, a non-probability convenience sampling would require for accumulating the qualitative data. The 5 managers from the Thomas Cook would be chosen to collect the relevant information regarding the context. Hence, the sample size is 5 for the qualitative data. Data Analysis: The qualitative data in the current research would be analysed by transforming the visitors response to the assistance of graph, chart and table format. The responses of the tourists would be produced by calculating it in a percentage format. According to the opinion of Waite (2011), the MS Excel sheet is the best option to generate the responses of the quantitative analysis. However, the managers responses would be discussed thoroughly by making links with the famous authors. Moreover, the data triangulation has been maintained here to find out the authentic outcome of the current research. Conclusion The initial hypothesis of the research is supported as the firm Thomas Cook is getting a lot of benefits for the government contributions in the tourism segment of Australia. Recommendation: As Australia has a wealth of assets, including unique landscapes, nature-based tourism, friendly environment and the culturally diverse population, the government of the country could improve the key resources and the infrastructures to increase the number of tourist footfalls in the country. In the view of Biggs (2010), this initiative would facilitate the country to maximise the economic growth. Furthermore, the opportunity of digital revolution would allow the tourist agency to engage more with the visitors and making more business profitability. References: Biggs, D. (2010). The tourism societys dictionary for the tourism industry. Tourism Management, 31(4), 556. Kulendran, N., Dwyer, L. (2008). Measuring the return from Australian tourism marketing expenditure. 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