The factors that influence dividend policy

The factors that influence dividend policy According to Maury and Pajuste (2002) this kind of factor is important that may affect companys dividend policy. Each company big or small has different structure of owners who have different preference of dividends. The relationship between managers and stockholders in family companies is monitored by agency theory. As there is no separation between ownership and control, the agency problems will be reduced in family companies according the paper of Yoshikawa and Rasheed (2010). But, in big companies which have a huge government ownership will affect by agency problem. This may happen in corporations because of a double principal-agent problem as Gugler (2003) pointed out. For these companies there a solution to mitigate the agency problems which is by paying dividends. There is a huge separation between ownership and management in new companies. This may make inconsistent relation between managers and the owners of the company. Jensen and Meckling (1976) pointed out this problem in their research paper. If the managers have the decision in their hand, they will make it for their interest rather than of the company. This issue was discussed by La Porta et al. (2000). They argue that managers who have the authority on the company may advantage themselves in the form of stealing, increasing the salaries for themselves or selling the assets of the firm. In Oman, there is no big difference in the ownership structure of listed firms. Although the government in Oman is not an active investor in the Muscat Securities Market, it holds a large amount of shares in Oman Telecommunication Company which is about 70% of the shares. In the other hand, Omani government holds a little amount of shares in some large listed companies. There are a number of papers examined the relationship between ownership structure and dividend policy such as Desmetz, (1983); Desmetz and Lehn, (1985); Shleifer and Vishny, (1986); Morck et al., (1988); Schooley and Barney,(1994). They found that the ownership structure in large firms could affect dividend policy. In a recent study in emerging markets, Jayesh Kumar (2003) found that ownership structure does not influence dividend pay out policy uniformally. Ramli in his study of Malaysia suggests that controlling shareholders does influence the dividend policy of Malaysian listed companies. He also found that large shareholders have effects on Malaysian dividend policy. Mondher Kouki (2009) examined the Tunisian firms and found that the ownership structure is affected by institutional investors. They suggest that ownership structure approach is highly relevant to an understanding of corporate dividends policy in Tunisia. Al-Yahyaee (2008) in his study of dividend policy of Omani firms found that government which controls the company tends to have large payout ratios. In addition, Al-Kuwari (2009) pointed out that companies which the government owed a proportion of shares pay dividend more than companies owned by private sector. . Al-Yahyaee results also shows that there is a positive association between dividend yield and government ownership. This finding is in consistent with the results suggested by Gugler (2003). According to Al-Yahyaee (2008), Government ownership has a strong influence on the dividend policy of the non financial firms. Company Size: Firm Size is considered as one of the variables that have the ability to affect the dividend policy of the company. Lloyd et al. (1985) in their study to examine the influence of the firm size on the dividend policy add firm size as an important variable of dividend behaviour. Aivazian, and Booth (2003) found in their study about dividend policy in both US companies and emerging markets companies that there is evidence that firm size influence dividends. There are two types of companies, large and small. Many researchers such as Jensen et al. (1992), Fama and French (2000) on their study about dividend policy found that big firms pay high dividend to their shareholder than small firms. This occurs because of the fact that small firms have high chance of bankruptcy than large firms. Moreover, the research paper of Lloyd, Jahera, and Page (1985) argued that the variable firm size can be used to illustrate the dividend pay ratio of the company. Their findings discussed that big companie s are more mature than small firms. This feature makes them enter the capital market easily and let to pay higher dividends. According to Marsh, (1982); Baskin, (1989), Chang and Rhee, (1990); Bennets and Donnelly, (1993); Charitou and Vafeas, (1998), big companies have better evaluation debt. The size of the company has a positive correlation with dividend payment. This positive relationship is studied by a lot of financial economists for example, Lloyd and Jahera (1985), Rhee (1990), Smith and Watts (1992), Gaver and Gaver (1993), Vogt (1994), Redding (1997), Adedeji (1998), Bradley, Capozza, and Seguin (1998), Holder et al. (1998), Fama and French (2001). Ho, H. (2003) study the dividend policy of Japan firms and Australia firms. Their result show that the firms size have a positive sign with dividend policy in Australia and liquidity has a positive sign with dividend policy in Japan. Recently, there are some papers in emerging markets investigate the factors affecting dividend policy. For instance, Al-Kuwari study the determinant of dividend policy in GCC, and his result reveal that companies pay more dividends when firma size is high. On the other hand, Naceur, Goaied, and Belanes (2006) in their study of study the dividend policy of 48 firms listed on the Tunisian Stock Exchange found that the firm size has a negative sign with dividend policy, Business risk: Business risk is a risk that affects the company when it has no enough cash flow to cover its obligations such as operating expenses. It is considered as one of the determinant of companies dividend policy and can play an important role to influence dividend payment. According to the results of Pruitt and Gitman (1991) risk is one of the factors that determine the dividend policy of the company. Furthermore, there is evidence of that risk can impact the dividend policy of the firms. This is provided by the study of Lintner (1956), Brav et al. (2005). When the business risk is high, the relationship between current and expected future profit will be uncertain. As a result, firms will avoid the obligation to pay high dividend. There are many studies reveal that companies which have high risk will pay low dividends to their shareholders because of the volatility of earnings. Some of these studies are conducted by Rozeff (1982), Lloyd et. al. (1985), 1993; Mohd et al., 1995, and Colins et. al. (1996). They apply in their study beta value of the firm as a proxy of the company business risk. This beta is expected to be negative with dividend payment. DSouza (1999) argues that there is a negative relationship between beta and dividend policy. In recent studies, Ling, Mutalip, Shahrin, and Othman (2007) test the dividend policy of Malaysian companies and they found that business risk has negative relationship with dividend yield and dividend payout ratio. Their result also show that firm risk influence the dividend policy of the firms. Al-Kuwari in his study of non financial firms of GCC argues that business risk is insignificant variable. In the case of Oman, Al-Yahyaee (2008) gave the same results as the above discussions and his result reveal that there is negative relationship between dividend payout and business risk. Profitability: This kind of variables that can affect dividend policy of the firm is considered as a primary factor of dividend payment because when firms have high profits, they tend to pay high dividend to their shareholder. Many financial economists such as Lintner (1956),Jensen et al (1992); Han et al (1999), Fama and French (2000), Adaoglu (2000), Pandey (2003) suggest that the companys profitability is an important indicator that affect dividend policy of the firm. Some of these papers argue that there is a positive relationship between profitability of the company and the dividend policy. This positive relationship is considered as an important prediction of the signaling theory of dividend policy. The positive sign means firms which have profits will pay dividend. In addition, Fama and French (2001) in his research pointed out that the positive relationship between the firms profitability and dividend payment is consistent with the pecking order theory. There are many studies reveal that in emerging market, the dividend payment is higher than that in developed markets. For example, the results of Glen et al. (1995) reveal that dividend payment is higher in developing countries. Furthermore, Aivazian, booth, and cleary (2003) found that in their study about emerging market and US firms, profitability in emerging markets has higher influence on dividend payout than in US companies. As discussed above similar findings were reported by Al-Kuwari (2007) for GCC firms, Al-Yahyaee (2008) for Omani firms, and Al- Najjar (2009) for Jordanian firms. To test the profitability of the dividend policy of the firm, the (ROE) measure was used. According to the above results, I expect to find a positive sign for the relationship between dividend payment and profitability. Leverage: Financial leverage is one of the main explanatory variables of firms dividend policy. The definition of this variable is that the long term debt to total asset. Firms that are highly leveraged and cannot make a payment on their debt will be faced risk of bankrupt. This fact may explain that firms with high debt may pay low dividend to their shareholders because they need to utilize their cash flow to pay their obligations. . On the other hand, Aivazian et al (2003) said that companies with low debt can pay and maintain their dividends. Financial leverage has a negative relationship with dividend payment. There are many studies appear to support this negative relationship. Rozeff (1982) results revealed that companies with high leverage prefer to pay low amount of dividends. Moreover, Crutchley and Hansen (1989) Jensen et al. (1992), Bradley et al. (1998), Faccio, Lang, and Young (2001) pointed out that financial leverage influence dividend payment in negative way. The recent studies also are in line with these findings. For instance, Kouki, Guizani (2009) in their study of the dividend policy of the Tunisian firms found that firms with high debt prefer to pay a little amount of dividend. the results of Al-Najjar (2009) shows that there is a negative relationship between leverage and dividend policy. Growth opportunities: The growth opportunity of the company is an important indicator that influences the operation of the distribution of dividends. When firms expect to have huge growth opportunities in their business, they will utilize the firms funds to finance the expansion. This may make the firms to pay lower amount of dividend to the shareholders. On the other hand, if companies know that the growth opportunities are low and the projects investment is small, they will distribute high cash dividend. These analyses propose that growth opportunities have a negative relationship with dividend payout. a lot of studies appeared to support this negative relationship such as, Higgins (1972), Rozeff(1982), Lloyd et al.(1985) and Collins et al (1996), Fama and French (2001), Ho, Lam, and Sami (2004), and Aivazian et al. (2006). They argue that firms with high growth opportunities are more likely to pay low dividends. However, LaPorta et al. (2000) show different results. He found that there is a positive relationship between growth opportunities and dividend payment in countries that have high shareholder protection, but negative relationship in countries that have low shareholder protection. Based on the above assumptions I expect to find a negative association between dividends growth opportunities. Sample Description and Data: The sample data of this dissertation includes 5 large non financial companies listed in the Muscat Securities Market. The annual reports of the firms were taken also from the website of the Muscat Securities Market to get information about shareholders. There are 125 listed companies in Muscat Securities Market as at 31 September 2010. The main listed companies in MSM are banking and investment, services and insurance, and industry. The sample in this research come from industry and service sectors such as telecommunications, oil, and manufacturing companies. The data is obtained by Share-Holding Guide of Muscat Securities Market companies. The data are cross sectional and time series which are collected from 2005 to 2009. As discussed in the previous section, the dividend payout ratio is the model of the dependent variable of the dividend policy. the explanatory variables of the suggested dividend policy are ownership structure, firm size, profitability, business risk, leverage, and growth opportunities. The primary idea was to test the dividend policy and the six hypotheses related to dividend policy of the 6 companies listed on Muscat Securities Market. I chose to use non financial firms rather than financial because the information is limited and the data is missed on financial firms. The dividend paying firms are those companies that paid dividend at least one time over the five years period of the study 2005 to 2009. This means that all the five companies I selected are dividend payment firms. Measurement of Variables: This section is based on the previous discussions to test the six hypotheses on dividend payout ratios of Omani firms. The study of the variables is based on average for the 2005 to 2009 periods to examine the influence on companys dividend policy. Moreover, the predicted sign for the variables are positive with dividend policy for ownership structure, profitability, and firms size, but negative for business risk, leverage, and growth opportunities. The estimations of the models are as follows: DIV = f (GOV, SIZE, GROW, LEV, BETA, PROF) Where DIV is the dividend payout ratio which is measured by: Dividends per Share / EPS. The dividend payout ratio show the percentage amount of dividend the company will tend to distribute to their shareholders. This ratio indicates that the earnings of the company support the dividend payout. If the dividend payout is high, the share will be attractive to the shareholders. It differs among firms and the fact that the majority of mature firms have higher dividend payout ratio. The model utilizes the percentage number of shares that owned by corporations investors especially the proportion of the government shares (GOV) in the firm to test the ownership structure to know if it can affect the dividend policy. This is used by many studies for example, Gugler (2003), and some recent studies like Al-Kuwari (2007) in her study about GCC countries. Profitability (PROF) ratio can be measured as return on asset and return on shareholder equity. Return on asset is calculated by net profit over total asset. PROF = net profit/total asset Return on equity (ROE) which I have used in this study is measured by net profit divided by shareholder equity. PROF = net profit/shareholder equity Many existing studies have used return on equity (ROE) as a proxy of profitability more than using return on asset. For example, Aivazian, booth, and cleary (2003), Al-Yahyaee (2008), and Al- Najjar (2009) utilize return on equity in their study about dividend policy. Firm size (SIZE) is measured by the natural log of the total assets. Total revenue is also used as a proxy of firm size for example, Holder et al. (1998) has been used the same proxy for this variable. The proxy of the business risk (BETA) is beta. This has been used by Rozeff (1982), Lloyd et. al. (1985), 1993; Mohd et al., 1995, Colins et. al. (1996), and DSouza (1999). Growth opportunities (GROW) is measured by market to book ratio. Market to book ratio is calculated by dividing book value over market value of the firm. This ratio is used to find identify the value of the firm. Market to book ratio = book value/ market value Leverage (LEV) ratio is defined as total debt over total equity. This ratio is used to test how can debt affect the dividend payment of the firm. LEV = total debt/ total equity The Tobit and random effects models: The liner regression model includes, fixed and random effect tobit model. It has been used by several studies to test dividend policy. It is a statistical technique that tries to determine the link between two or more variables: dependent and explanatory variables. The dependent variable selected is dividend payout ratio. The explanatory or independent variables that used in this research are ownership structure, profitability, firm size, leverage, business risk, and growth opportunities. In this study of Omani firms I have used tobit models to investigate the factors of the dividend paid. In addition, to get the results I utilize the random effect tobit model which is suitable for nonfinancial firms.

Gated Communities in Istanbul

The background Istanbul is one of the outstanding concern, Cultural, tourer and transit hubs in Europe every bit good as the Middle East which besides contributes 22 per cent of Turkey’s GDP with 17.8 per cent of the national population. ( 21 ) The economic activity is rooted geographically and historically as the instance with many planetary metropoliss. From the Ottoman period, Istanbul has been the major metropolis in term of societal moral force and economic activity. In The wake of the Second World War, the industrial capital throughout the patriot and develop mentalist clip with experiment of big inward migration. The rapid enlargement is chiefly through spreading outwardsgecekonducolonies near the mill on the traveling borders of Istanbul which displaced the manifestation of the aureate age of informal urbanisation. Whereas, with the debut of the Neoliberal scheme which started from the 1980s, it has entered into a new phase that the shot of nation’s integrating into supranational capitalist kineticss is focused on Istanbul. ( book ) At that period of clip, the luxury upper category residential country and globalising commercial infinites spread outwards of the metropolis ; Meanwhile,gecekonducolonies have con tinued to turn. Thus, the great disparity of income, wealth and power deepen in Istanbul as the city expressed in spacial segregations ( book ; keyder2005 ) It could reason that planetary capitalist economy is the beginning of centralisation and backdown for the form of growing. In the recent decennaries, Istanbul has been considered by Turkish capital and province as a supranational regional economic Centre, assisting Turkey to take a farther measure into internationalisation and planetary capitalist economy as the fiscal hub for the East and the West. ( ppt ) To implement the acceleration, the Istanbul Metropolitan Planning ( IMP ) was established by the JDP authorities. There are two indispensable purposes for the planning authorization ; the first is to deconcentrate the fabrication industry towards outskirts of the built-up country. The 2nd is to transform the cardinal metropolis towards finance services, up-market ingestion, so traveling the growing of up-market utilizations from the outskirts to the Centre. ( book ) These transmutation besides led of import functional alterations in the cardinal metropolis like Emine °S ? Which was the city’s oldest concern centre now lost its production and service maps but act as great touristic and cultural roles.17 The chief intervention for the spacial restructuring is through large-scale urban renovation which including the three big havens at Zeytinburnu, Haydarpasa and Galata are for trade centre. Meanwhile, the new bomber centre is located in the outer of both sides of the metropolis to suit the lower degree and more local commercial activity to guarantee the cardinal metropolis to be available for high degree concern sectors. The internationalized utilizations for renovation of cardinal metropolis proceed partially on empty land in the cardinal metropolis which owned by the public authorization. At the same clip, the IMP has seen a ‘rent gap’ in rundown residential countries with hapless dwellers so in the interior metropolis, these countries are targeted as major planned regeneration undertakings. First, be aftering in the country where the historic edifices in metropolis centre that occupied by the cultural minority of all categories who were expelled in the 1920s from the state by the nationalist government. Second, be aftering in the country where thegecekonducolonies built by immigrants in the past 50 old ages which means they are composed to travel out. Before, these dwellers who work in these countries are largely employed in informal service sectors and small-scale economic improvisation in the cardinal metropolis. Even more worse, because of the planetary crisis the unskilled occupat ions are difficult to happen for support, the impairment of poorness happens with the cultural and societal background of recent migrators like Kurdish migrators, the Roma population of Sulukule, African refugees. Therefore, without rubric to the land, these people are unable to take part in the increasing market-oriented lodging economic system. ( rhenium ) The menace is non merely for the income polarisationa?† a?- but besides it affected societal, cultural, and spacial exclusion and possibly a lasting sub-proletariat. ( Re ) For illustration, in recent regeneration undertaking in the Sulukule territory which is one of the oldest Roma vicinities been occupied by Anatolian Gypsies since Byzantine times will replace the edifice with Ottoman manner Villa. It is the MHA led undertaking that propose a 100 edifice are to be demolished with all 620 the renters are evicted. The two options is either to purchase new flat at a high monetary value or purchase societal lodging units in the outskirts of the metropolis at below- market rates but it is 45km off, therefore it become truly dearly-won and hard to entree to employment in the metropolis centre. The other similar regeneration projectikucukcekmece, to bring forth tremendous residential developments which close to a new planned commercial growing country in the outer West of the Istanbul. The MHA has constructed a immense increased denseness of 100,000 lodging unites with ingestion infinite. ( book ) However, the MHA demolished old 2000 homesteader colonies which move the proprietors to societal lodging in less valuable countries. The poorest tenants were neglect when they couldn’t pay the monetary value for the provided units. ? ? ? Thegecekonducolonies are consolidated. The Mass Housing Administration participated in this development by concept high-rise residential units for low income groups in outskirts of the metropolis and some of the Original occupants could go forth the old vicinity and take for middle-class residential developments. Alliances happened for the last 15 old ages and profited from the development. As a consequence, the metropolis could stop up with an tremendous bubble of extra existent estate ( 49 ) ? ? ? ? ? In Istanbul there are more than half illegally edifices where big population growing was accommodated on these productions of colonies. For the terminal of populism it demonstrated that land had eventually become a commodityiREi?†°which of course become favourable for guess as more and more land was pulled into the market sphere. However, the planetary moving ridge of bad investing in these tremendous developments make up one's minding the spacial enlargement of the urban metropolis. ( 49 ) In the 1980s, the earlier stage of the planetary vision was chiefly driven by the Turkish beginning pudding stone capital. The new unit of ammunition of urban globalisation is non merely driven by existent estate but besides a cultural undertaking. However, it could still reason that the renovation docket to turn metropolis infinites into the profitable Assets ; meanwhile, to accommodate the demands of spread outing wealth or for touristry, for commercial utilizations. ( 49 ) The planetary Investors are attracted to the quickly increased consumer demand for high-quality lodging, commercial apace and cultural touristry in the most profitable country. ? ? ? ? As a consequence, It can be seen in a 5.5 km2 big renovation undertaking, maestro planned by Zaha Hadid, in the Kartal territory along the Marmara shore which hosts 100 industrial mill. The former Mayor of Kartal had indicated the program to pull US $ 5 billion from planetary investors to develop a yacht marina accommodating 1,000 boats with Hotels, place and residential country. These sort of transmutation rely on the confederation of national and local political purpose and economic involvements, moreover it is besides depended on the graduated table and range with planetary capital entered the metropolis. ( 49 ) The comparative economic alteration is the world that modern urban developments have homogenized edifice signifiers. The standardisation has progressed because of the edifice can be globally traded which are every bit the same in all topographic points. The societal effects of standardisation is the consequence of homogeneousness in reinforced signifier affects segregation it is efficient to build full communities destined for certain societal groups. 12 Gated communities appeared in Turkey in the 1980s as of import undertaking of urban transmutation and enlargement in the metropolis which driven by an progressively powerful existent estate market and accepted by political relations and planning. This advancement is non merely altering urban and architectural forms in the metropolis but besides the deduction on the societal and economic constructions at the vicinity degree. ( web ) For illustration Ge °Ã¢â‚¬ ¡te »Ã‚ µk, as a innovator of this manner of development in the 1990s existent estate developers discovered the potency for the up market lodging development. Therefore, more than 30 gated communities have been built closly. As a consequence, the population increases from 1,500 in 1993 to about 20,000 in 2008 with increasing land value. ( ) The country has been transformed into an island among islands with necessary web of economic, societal brushs which connect Ge °Ã¢â‚¬ ¡te »Ã‚ µk’s apparently the fragment into an incorporate economic whole.i5i?†°However, the gated communities still consequence on crystallisation of the class-based spacial segregation. Istanbul is acknowledged that has a proper system of public conveyance constitutes to counter the immense menace to mobility by planned expresswaies, widened roads and introduced new traffic lanes. However, it could make farther divisions and destruct the city’s delicate vicinity construction. The original street forms of theGecekonduand yap-sat territories, with their complex societal and micro-economic constructions, and lively street activities are being replaced by the new vicinities which dwelling of monolithic blocks with high-rise flat towers. Besides, a big Numberss of diverse population are forced to go considerable distances for plants and even basic demands that farther consequence on the mobility on all degrees.

Teletech Corporation 1996

Teletech Corporation 1996 Teletech Corporations has headquartered in Dallas, Texas, defined itself as a â€Å"provider of integrated information movement and management. The firm had two main business segments: The Telecommunication Services and the manufacture of computing and telecommunications equipment named, Product and Systems. Margareth Weston, a Teletech chief financial officer, learned of Yosarrian's letter in January 1996. Margareth organized a team immediately of lawyers and finance staff to assess the threat.Maxwell Harper, the firm's CEO, scheduled a teleconference meeting of the firm's board of directors the next day. Harper and Weston agreed that before the meeting they need to fashion a response to Yossarian's assertions about the firm's returns. It is in connection with the article published that reclusive billionaire Victor Yossarian has acquired a 10 percent stake in Teletech Corporation and has demanded two seats on the firm's board of directors. The purchase was revealed upon filing with the Securities and Exchange Commission and separately a letter to Teletech's CEO, Maxwell Harper.It is stated that the firm is misusing its resources and not earning an adequate return and the company should abandon its misguided entry into computers and sell the Product and System Segment. Also, the management must focus on creating value for shareholders and Teletech must issued a brief statement emphasizing the virtues of a link between computer technology and telecommunications. Ironically, returns had been the subject of debate within the firm's circle of senior managers in recent month.A number of issues had been raised about the hurdle rate used by the company in evaluating performance and in setting the annual capital budget. Since the company was expected to invest nearly $2 billion in capital in 1996, gaining closure and consensus on these issues had become an important priority for Margareth Weston. Now, Yossarian's letter lent urgency to the di scussion. In the short run Margaret needed to respond to Yossarian. In a long run, she needed to assess the competing viewpoints and recommended new policies as necessary.

How Can The Holocaust Be Explained Free Essay Example, 2000 words

Davidowicz argues that Hitler had planned the Holocaust around 1919, and she based her arguments on anti-semitic statements made by Hitler. In one particular account of Hitler’s words, there was an indication of him planning to kill around 12,000 to 15,000 Jews. In Mein Kampf, Hitler says that it would have been better if 12,000 to 15,000 Jews were gassed to death in place of German workers in the First World War2. Though, one can observe here that the number referred to here is quite significant, critics of Davidowicz’s views assert that there isn’t enough evidence from Hitler’s words that he was intending to carryout a Holocaust as early as 1919. However, aside from the Mein Kampf words of Hitler, Davidowicz draws a number of quotations that announce Hitler’s hatred towards the Jews. This evidence presented in Mein Kampf consists of nearly 700 pages, but critics assert that it is stretched with little evidence. Perhaps Davidowicz’s work is not sufficient to place Hitler’s intentions of a Holocaust as early as 1919. However, Daniel Goldhagen does assert that there was general hatred for Jews in Germany before the Nazi regime took over. We will write a custom essay sample on How Can The Holocaust Be Explained or any topic specifically for you Only $17.96 $11.86/pageorder now Perhaps with this knowledge Hitler could have found it convenient to infuse ideas of a Holocaust realizing that there would be no objection from the people. In his book, ‘Hitler’s willing executioners’, Goldhagen suggests that Germany was enthusiastic about the persecution of Jews under the Nazi regime between 1933 and 1939. Aside from the above intentionalist perspective that is considered to be extreme, there is a milder form of intentionalism, which is the moderate intentionalist view. As the name suggests, this perspective is milder than the one above3. Moderate Intentionalist Perspective: Moderate intentionalists hold that Hitler had intentions of a Holocaust from the late 1930s. This perspective also holds that Hitler could not have decided on a holocaust anytime later than 1939. The moderate intentionalist perspective focuses considerably on the ‘Prophecy Speech’ of Hitler that was made on January 30th, 1939. Due to proponents of the moderate intentionalist perspective considering this speech to be pivotal in explaining their viewpoint, they hold that Hitler had intentions of a holocaust around this time or at some point in the late 1930s. Also, since Hitler at one point asserted that if ‘Jewish Financers’ were to start another world war, the entire Jewish race in Europe would be annihilated. Clearly, these words indicated that at this point Hitler had intentions of a holocaust, and would carry one out if he saw reason for it.