British company law - Free Essay Example

Sample details Pages: 7 Words: 2029 Downloads: 6 Date added: 2017/06/26 Category Law Essay Type Analytical essay Did you like this example? Question One It has become clear that the issue at hand relates to shareholders’ rights. It has been established in evidence that the Table A Articles of Association provide for two classes of shares: ordinary and preference. Ordinary shares are exactly what their name suggests, they carry with them all the rights and responsibilities of a regular shareholder of the company. Don’t waste time! Our writers will create an original "British company law" essay for you Create order The issue reaches frustration point when one considers the rights of those who hold preference shares, however. The Articles of Association provide that the preference shareholders have no participatory rights, nor do they have any rights to vote in general meetings. In addition to this, it is alleged that the directors of the company, who hold 80% of the ordinary shares of the company between themselves, are attempting to use their positions in a selfish manner, seeking to gain financially from their positions. This brief sets out to inquire into these issues, and critically analyse them in the context of British company law. While it has been established that the directors of Sunkit Ltd own 80% of the ordinary shares, there is no mandate for them to hold shares in the company in order to act as a director. The 1985 version of the Table A Articles does not provide for this requirement. For the purposes of the first analysis, it is important to consider the directors within the co ntext of being shareholders of the company, and not in terms of their official appointments. It is alleged by the preference shareholders that a scheme is proposed that would serve to reduce the preferential dividend paid to preference shareholders from 7% to 2%, with the rationale being based on commercial losses. Given that the Articles of Association provide for the dividend to be 7%, any alteration to this amount would require an alteration to the Articles. This can only be done by a special resolution at a general meeting.[1] In order for a special resolution to be passed at a general meeting of shareholders, 75% of the total votes cast must be in favour of the resolution.[2] There is also a provision that would allow the directors of the company to propose a special general meeting in writing, rather than having a physical meeting.[3] Considering this in the context of the facts at hand, the directors of Sunkit Ltd could quite legally pass a resolution amending the Articles of Association in this regard. The directors hold over 75% of the ordinary shares that are eligible to vote at general meetings (80% in fact), and could quite easily pass this resolution if they all voted in favour of the resolution, either personally or by proxy.[4] The passing of this resolution would be deemed to have been accepted by the members, and will take effect provided it is not in breach of legislation or any other law regarding corporate governance.[5] This would, however, need to be done at a general meeting using a special resolution, and not by an ordinary resolution. In regards to the alleged proposed cancellation of the preference shares, the board would not be permitted to do this where such an action would be deemed to be unfair.[6] The court would consider whether such an action can be deemed to be to be fair either between different classes of shareholders,[7] or between shareholders of the same class.[8] In this scenario, we would see that the preference shar eholders would not be paid any return for their investments, and hence one would conclude that this scheme hardly seems fair and equitable. Common law also suggests that, where a reduction of capital was to take place, the preference shares would be the last class of shares to be reduced.[9] This would effectively provide for an equitable scheme, showing that both ordinary and preference shareholders receive relatively equal treatment in regards to the reduction of capital within the company. Reduction of capital can only occur where power is granted by the Articles of Association (there is provision in article 34 of Table A), and this power can only be exercised by special resolution in an identical procedure to the case previously outlined. The reduction of capital would then need to be effected by the Court, or else it will not have a binding value.[10] Given that the rights of preference shareholders are not given legal certainty and are subject to common law interpretation, it may be recommended that the preference shareholders seek to have a provision inserted into the Articles of Association that requires any reduction of capital to be approved by them at a separate class meeting, as it would be deemed to be a variation of shareholder rights. This provision would be similar (if not identical) to the one discussed in Re Northern Engineering Industries plc [1994] 2 BCLC 709. There is a certain amount of protection for the preference shareholders at common law in regards to reduction of capital; however it would be in their best interests to seek rigid entrenchment in the articles of the company. In regards to the alleged proposal regarding the ability of directors to issue preference shares to themselves, this would quite clearly be in breach of common law provisions. These provisions have since been given effect in legislation. For example, if a director seeks to use his power to issue shares in an attempt to favour a particular class of shareholders at the expense of another group of shareholders without their consent, then such an allotment of shares would be deemed to be invalid by the Courts.[11] This principle is further enhanced through section 80 of the Companies Act 1985, which regulates the ability of the directors of the company to issue shares, outlining various requirements of disclosure and transparency. Such an action by the directors of Sunkit Ltd could not possibly succeed, as it is clearly outlawed at a legislative level. Question Two Part A The building in question is alleged to have been sold at a price that was significantly lower than the value determined by the independent valuation. At the time the property was sold, it could be argued that the directors of the company had knowledge that Company XYZ Ltd was struggling to pay its debts as and when they fell due, hence the need to turn assets into capital. It is assumed, for the purposes of this question, that the auditor that was appointed to act o n behalf of the company was appointed in coherence with relevant governing legislation.[12] This raises questions in regards to the directors and the performance of their duties. Given that the company was bordering on being insolvent, one would assume that a director would try and extract maximum value out of a transaction, rather than disposing of an asset for ‘quick cash’. There is evidence at common law that a director must act â€Å"in the interests of the company† when exercising their power to dispose of the company’s property.[13] Given the gross neglect of the value given to the directors by the auditor, it is clear that this did not happen; hence the directors (in this circumstance) may be liable for action in the Courts for breach of their duty as a fiduciary of the company. Part B This question revolves around the conversion of a substantial loan into a floating charge. The use of a floating charge meant that the company was still free to deal with the assets used to secure the charge during their normal course of business, without any consent of the chargee. The floating charge then ‘crystallises’ when, for example, the company ceases business.[14] This would turn a floating charge into a fixed charge, and allows the creditors to seek recourse from these assets in order to recover their debts. This effectively makes the company liable to pay the debt (provided it was the company that took the debt and not the director herself). Obviously if the company is found to be liable for the debt, then assets will be sold by the administrator as per standard winding-up procedures in order to pay the creditors. Part C This question differs in kind from that in Part A. We see, in fact, the opposite occurring. Rather, company property was sold at a grossly excessive price, when the property was valued by the auditor at being significantly less than then sale price. This question, then, revolves around the iss ue of fraudulent trading. It appears in the evidence that the purchaser of the property was misled into believing that the property was worth  £15 million, rather than the  £4 million it was in fact sold for. Under legislation, any person who seeks to intentionally defraud the creditors of a company may be held liable to make contributions to the company’s assets as the court sees fit,[15] or alternatively the court may seek to disqualify that person from being a director of a company.[16] Where a contribution by the director is deemed necessary by the courts, such an action can only be made during a winding up, however the director may be liable for criminal proceedings at any time.[17] In this scenario, given that the conduct of the director did not lead to a financial loss to the company in regards to this transaction, it would appear that disqualification from directorship would be a more likely option. The director, Janet, may be liable for criminal prosecution as a result of her actions in defrauding the creditor in the sale of the property. Part D There is a key distinction to be made between the concepts of ‘wrongful trading’ and ‘fraudulent trading’. Wrongful trading means that the director did not take all reasonable steps to ensure that the company did not become insolvent upon entering into the transaction, and hence relies more so on negligence on the part of the director.[18] Fraudulent trading, on the other hand, has its basis more on the intent of the director, where the intention was always to defraud a party.[19] The concept of fraudulent trading is further discussed at a common law level, which further entrenches the notions of intent and blatant dishonesty.[20] These concepts have been dealt with in the case of Company XYZ Ltd, and it has been established that there have been incidences of fraudulent trading, which tends to carry more severe criminal charges if the case is substantiated. Bibliog raphy Books Mayson, S, French, D and Ryan, C, Mayson, French and Ryan on Company Law (2003, 19th ed), London: Oxford University Press Sealy, LS, Cases and Materials in Company Law (2001, 7th ed), London: Butterworths Walmsley, K (ed), Butterworths Company Law Handbook (2003, 17th ed), London: LexisNexis Butterworths Legislation Companies Act 1985 Company Directors Disqualification Act 1986 Insolvency Act 1986 Cases British and American Trustee and Finance Corporation Ltd and reduced v Couper [1894] AC 399 Harben v Phillips (1882) 23 ChD 14 Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821, PC JJ Harrison (Properties) Ltd v Harrison [2002] 1 BCLC 162 Poole v National Bank of China Ltd [1907] AC 229 Re EB Tractors Ltd [1986] NI 165 Re Floating Dock Co of St Thomas Ltd [1895] 1 CH 691 Re Northern Engineering Industries plc [1994] 2 BCLC 709 Re Patrick and Lyon Ltd [1933] Ch 786 Re Peveril Gold Mines Ltd [1898] 1 Ch 122 Re Woodroffes (Musical Instruments) Ltd [1986] CH 366 Scottish Insurance Corporation Ltd v Wilsons and Clyde Coal Co Ltd [1949] AC 462 Welton v Saffrey [1897] AC 299 Whitehouse v Carlton Hotel Pty Ltd (1987) 162 CLR 285 1 Footnotes [1] Companies Act 1985, s 9(1). [2] Companies Act 1985, s 378(1) and (2). [3] Companies Act 1985, s 381A. [4] Harben v Phillips (1882) 23 ChD 14, 32 and 35-6 (Cotton LJ and Bowen LJ). [5] Welton v Saffrey [1897] AC 299, 329 (Lord Davey). See also Re Peveril Gold Mines Ltd [1898] 1 Ch 122. [6] Poole v National Bank of China Ltd [1907] AC 229, 239 (Lord Macnaughten) [7] Ibid. See also Scottish Insurance Corporation Ltd v Wilsons and Clyde Coal Co Ltd [1949] AC 462, 486 (Lord Simonds). [8] British and American Trustee and Finance Corporation Ltd and reduced v Couper [1894] AC 399, 406 (Lord Herschell LC). [9] Re Floating Dock Co of St Thomas Ltd [1895] 1 CH 691. [10] Companies Act 1985, s 135(1). [11] Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821, PC. See also Whitehouse v Carlton Hotel Pty Ltd (1987) 162 CLR 285 for an Australian example. [12] Companies Act 1985, s 25. [13] JJ Harrison (Properties) Ltd v Harrison [2002] 1 BCLC 162, 173 (Chad wick LJ). [14] Re Woodroffes (Musical Instruments) Ltd [1986] CH 366. [15] Insolvency Act 1986, s 213. [16] Company Directors Disqualification Act 1986, s 10. [17] Companies Act 1985, s 458. [18] Insolvency Act 1986, s 214. [19] Insolvency Act 1986, s 213. [20] Re EB Tractors Ltd [1986] NI 165. See also Re Patrick and Lyon Ltd [1933] Ch 786.

Essay on Ways Terror is Cultivated in Chapter 26 of Jane...

Analyse the ways Charlotte Bronte creates a sense of terror in chapter 26 and comment on how this is sustained in the context of the gothic genre elsewhere in the novel. ‘Jane Eyre’ is a 19th century novel written by Charlotte Bronte. Bronte creates a sense of terror in chapter 26 in various ways, including: the rendezvous with Bertha and Bronte’s description. The gothic style also plays a big part in numerous points in the book. â€Å"Jane Eyre† is about a young orphan girl called Jane Eyre who is neglected by her aunt and grows up to be a governess, who is well educated. She marries Mr. Rochester after a series of events. In chapter 26, Jane Eyre is preparing for her wedding. Mr. Rochester seems anxious, he wants to get to the†¦show more content†¦Ã¢â‚¬Å"Day of judgement when the secrets of all hearts shall be disclosed†, this phrase normally refers to death but Rochester’s day of Judgement is already upon him in another way. It is ironic as Rochester’s day of judgement is that day as if he gets married he will have two wives. When the two â€Å"strangers† enter the church and say â€Å"the marriage cannot go on†, the reader is not very shocked as those two people were mentioned several times. And when Rochester responds to the situation by saying â€Å"Proceed†, it shows Rochester wasn’t really shocked either. He was expecting this to happen, which explains his earlier behaviour. Briggs, one of the â€Å"strangers†, who is a solicitor, says â€Å"Mr Rochester has a wife now living†, this is the first time it is mentioned that Mr Rochester has a wife, though it had been foreshadowed earlier in the novel when Jane hears laughing in the 3rd floor of Thornfield hall. In Thornfield Hall lives Bertha Rochester, the wife of Mr. Rochester. Mrs. Rochester is the mysterious person Jane heard laughing earlier in the novel. At the time the evil, bizarre laughing created terror as the laughing was not normal laughing. The cackling sounded â€Å"ireful†. So when Jane is alone and hears the laughing the reader is filled with terror as Jane is filled with terror too. Bertha is the opposite of Jane. Rochester says Jane is â€Å"as fair a lily†, this shows Jane is pure. In Victorian times women are traditionally supposed to be morally pure. Jane is a

Answers Risk Aversion and Security Free Essays

Your assistant, Thomas, is briefing you on the current portfolio and states â€Å"We have too much of our portfolio in Alpha. We should probably move some of those funds into Gamma so we can achieve better diversification. † Is he right? Hint: Feel free to use spreadsheet statistical functions. We will write a custom essay sample on Answers: Risk Aversion and Security or any similar topic only for you Order Now ] Here is the data on all three stocks. Assume, for convenience, that all three securities do not pay dividends. Alpha, Current Price 40; Current Weight 80%; Next Year’s Price: Expansion 48, Normal 44, Recession 36; Beta, Current Price 27. 0; Current Weight 20%; Next Year’s Price: Expansion 27. 50, Normal 26, Recession 25; Gamma, Current Price 15; Current Weight 0%; Next Year’s Price: Expansion 16. 50, Normal 19. 50, Recession 12. It depends. No. Yes. Answer : Yes Question 10 (15 points) Suppose there are two mortgage bankers. Banker 1 has two $1,000,000 mortgages to sell. The borrowers live on opposite sides of the country and face an independent probability of default of 5%, with the banker able to salvage 40% of the mortgage value in case of default. Banker 2 also has two $1,000,000 mortgages to sell, but Banker g’s borrowers live on the same street, have the same Job security and income. Put differently, the fates and thus solvency of Banker g’s borrowers move in lock step. They have a probability of defaulting of 5%, with the banker able to salvage 40% of the mortgage value in case of default. Both Bankers plan to sell their exceptive mortgages as a bundle in a mortgage-backed security (MBPS) (I. E. , as a portfolio). Which of the following is correct? Banker g’s MBPS has a higher expected return and more risk. Banker Xi’s MBPS has a higher expected return and less risk. Banker Xi’s MBPS has a higher expected return and more risk. Banker g’s MBPS has more risk, but the expected returns on both MBPS are the same. Banker Xi’s MBPS has more risk, but the expected returns on both MBPS are the same. Banker g’s MBPS has a higher expected return and less risk. The same. In accordance with the Coursers Honor Code, I (Oddity Vats) certify that the answers here are my own work. How to cite Answers: Risk Aversion and Security, Papers

Science of Consumer Behavior Tourism Industry

Question: Discuss about the Science of Consumer Behavior for Tourism Industry. Answer: Introduction Travel and tourism industry has grown to be one of the most influential industries of the world. It has driven many economies towards welfare which is one of the best things that has happened to many developing economies. Many countries in the world largely depend upon travel and tourism industry for the overall growth and development of the country. It s important to mention that with time opportunities in travel and tourism industry has grown which has been conducive for many countries to make serious amendments about the travel and tourism industry in the country (Morin, 2011). The importance of travel and tourism has grown rapidly as the interest in tourism has increased consistently in the last few decades which have been conducive for the growth and development of the travel and tourism industry globally. Countries like Malaysia, Mauritius, and Hong Kong depend highly on their tourism. On the other hand countries like Spain, Italy, and United Kingdom receive a substantial amount through travel and tourism. It is quite clear that tourism consumer has increased slowly and steadily with time and this has favored competition in the travel and tourism market. Every tourism company has emphasised on understanding the science of consumer behavior. The key to realising the different aspects that helps a consumer decide on their tourism consumption. Hence it could be said that the science of consumer behavior is extremely important to be understood by companies and the present study will try to delve deep into this matter. The increasing number of holiday destina tions all around the world has kind of got people confused about making their tourism decisions which creates a huge problem in the industry (MacInnis Folkes, 2010). The purchase decisions of the consumers depend on different attributes which are extremely important to be evaluated. There have been a lot of researches on consumer purchasing behavior and it has showed that consumer purchase behavior is a complex mechanism and involves huge psychological assessment of different aspects. The buying behavior of consumers stands to be very important in deciding about choosing a product or service that will fulfill the needs and wants of the consumers. Consumer behavioral attributes is what most of the companies try to analyse in order to understand what they could exactly think and assess before going for a certain product or service (Goel et al., 2010). The information is taken from a primary research study which was based on specific number of respondents interested in travel and their responses have been interpreted numerically in order to gain effective idea about the trend in travel and tourism industry. The study will help us to scrutinise the key reasons behind the decision taken by a consumers and what thought process is likely applied in choosing the holiday destinations. The different attributes like cost, transport, different activities involved come into picture and how do they influence the decision making process of the consumers are also reflected upon effectively (De Mooij, 2010). Analysis of consumer decisions The present study has taken up the overall assessment of choosing three different holiday destinations. In the first place it is important to mention that all the data collected have reflected on the original decisions of the respondents and it has helped to realise the key factors that goes on to make consumer decisions. Three respondents and their data have been chosen to be analysed effectively which will give us a fair bit of idea about the science of consumer behavior. The three respondents have answered certain questions relevant on 6 different locations all around the world and have given contrasting answers which would help us to develop strong rationale about consumer behavior and the influence of different aspects related to consumer buying behavior (Foxall, 2010). The main factor that has seemed to have affected the consumer behavior of buying any tourism package is Cost. Cost is one of the most important things that are taken into account by most consumers in order to develop a strong sense which drives their buying behavior. Cost or economic factor has always been the biggest motivator and vice versa for people indulging into shopping, entertainment and travel and tourism. It has been again proved that consumers see cost as the major influence in making their purchase decisions. From the given data it could be seen that two out of three respondents have rated cost as one of the most key aspect in evaluating a particular destination as suitable or not suitable. Both the respondents have given it a rating above 40 which clearly indicates that the trend of choosing the travel and tourism package is highly dependent on cost (Miller, 2009). Cost determines whether a consumer will choose a particular product or not. At the same in relation to this criteria both the respondents who are male one of 51 and the other of 19 have nodded negatively against the expensive package of Spain, France and Italy and rated it 1 which means very poor. This also clears the air about any confusion lying on the fact that cost is the most important aspect for any consumers looking to book tourism package. This has also been seen that both the respondents saying cost is a key factor are men which means that men tends to assess cost as a huge factor which means men are much more conservative about the income and expenses and want to spend or invest money prudently which is very visible from this case. On the other hand the woman has rated cost under 40 which means she does have an opinion on price but it is not a big deal for her and she is much more interested on the other factors (De Mooij Hofstede, 2011). The aspect of cost brings in another related factor into the picture that is income. It is important to mention that income attribute of a consumer is also a huge factor in determining ones taste and preference but of course there are exceptions. In this case as it is seen from the given data that respondent 1 is a young male of 19 and is still studying and is a part time worker and doesnt have huge income he has already cleared that he wants to have new experiences it is imminent that he will effectively develop interest for tourism. But since his income is not huge and is just $39000 a year it becomes tough for him to afford any kind of expensive tourism package (Wyer Srull, 2014). At the same time the 51 year old male has an income of around $151,900 pretax he is married and hence he cannot only focus on tourism so it is clear that both of them are bound financially and cannot go for expensive tourism package and so they go for cheaper packages. Whereas the female respondent has high income and apparently much stable so she could easily afford to pay for expensive packages (Kardes et al., 2014). If its minutely seen it could be said that these individuals differ in their style and interest since they belong to different group, ethnicity and culture. It is important to mention that the choice of tourism locations also largely depend upon ethnicity. In this case we have got diversified ethnicity. The young student is from Australia and he is extroverted as he has strongly agreed to this point in the survey, it could be said that being a young boy from university he would look to learn about the life of worlds biggest sin city Las Vegas. As a young man he would like to experience the night life of the place and learn about different things and play poker in the casinos and his interest is quite justified given his age. On the other hand since he is an Australian he would like to go a place where he can speak English is original tongue and could lead a similar English lifestyle in a place and hence there couldnt have been a better idea than Las Vegas (Rucker Galinsky, 2014). On the other hand the 51 year males ethnicity is Chinese and hence it is clear that why he has opted for Hong Kong. Since Hong Kong is almost neighboring to China it has similar culture, food and lifestyle which would help him and his family to stay within their culture even after coming to a holiday which stands to be the key reason why he has opted for China. On the other hand Chinese Culture is orthodox culture and being introvert helps to be in this culture. Finally the Woman is from Canada and in terms of nature she is a neutral lady but loves power and uniqueness which helps her to opt for Barossa Valley. Since she loves uniqueness she has opted for this wine testing tour which will give her self-satisfaction (Osbaldiston Schott, 2011). Hence it could be said that some of the important aspects which influence the decisions making of consumers are cost, income, ethnicity and uniqueness of the place and obviously the nature of the consumers. Behavior of the chosen respondents The behavior of the chosen respondents is very clear from their choices of purchasing tourism packages. Their behavior could be understood and personalities could be assessed. The first respondent is a 19 year young male who is per time worker and an undergraduate student. His income is not huge and is just $39000 P.A hence it is clear that he would be fun loving jovial guy looking for fun all the time which reflects on his choice of destination as Las Vegas and this establishes his personality as well. On the other hand the 51 year old man who is not an extrovert and is looking for a holiday which would allow his family to stay under their culture but also have fun within a stipulated budget and hence Hong Kong is a good idea. This choice made by him clearly shows that he is orthodox by nature and a serious personality. Lastly the lady of 43 years is well established highly educated has a PhD (Higgins Scholer, 2009). Degree and earns huge amount of money herself. She is also not an extrovert and hence wants to go for a holiday which will help her to spend time in peace and give her self-satisfaction which is provided by Barossa Valley. The wine testing and accommodation in 4 star hotels perfectly foils the tour and even though she doesnt have money problem her class and gravity has made this choice along with her husband who is ruling force in this case. This clearly indicates that she has a conservative personality and is looking for something with class and peace (Osbaldiston Schott, 2011). Marketing to young customers Companies catering to young clients similar to the one in this involved case who opted for Las Vegas should be very prudent as these kinds of clients have significant characteristics. Since these people are young and fun loving they normally dont have huge money but as they are extrovert and love to experience new and unique things they opt for places like Las Vegas hence it is important for the tour operators to keep these features in mind for young people and learn different aspects from one ro more purchases happening. This will help to learn from one transaction and implement it in the next which will help to advertise these kinds of packages only to young segments and gradually it will increase the profitability of the company (Higgins Scholer, 2009). Conclusion At the present moment the tourism industry is a very competitive industry globally and naturally consumers become highly confused about which place to go to or which place to or which tourism package to buy as there are numerous companies providing the same kind of packages, some at better price and some at better configuration and this clearly arises problems for consumers and in this scenario if companies are able to assess the key aspects that influence consumer behavior it will help companies to develop ideas and plans to utilise these information effectively in order to draw consumers towards the business and gain competitive advantage in the market (Miller, 2009). The present study has highlighted on the analysis done on the key aspects which influence consumer buying behavior which has helped to cover the different objectives of the study making it a success. References Morin, C. (2011). Neuromarketing: the new science of consumer behavior.Society,48(2), 131-135. MacInnis, D. J., Folkes, V. S. (2010). The disciplinary status of consumer behavior: A sociology of science perspective on key controversies.Journal of Consumer Research,36(6), 899-914. Goel, S., Hofman, J. M., Lahaie, S., Pennock, D. M., Watts, D. J. (2010). Predicting consumer behavior with Web search.Proceedings of the National academy of sciences,107(41), 17486-17490. De Mooij, M. (2010).Consumer Behavior and Culture: Consequences for Global Marketing and Advertising: Consequences for Global Marketing and Advertising. Sage. Foxall, G. R. (2010). Invitation to consumer behavior analysis.Journal of Organizational Behavior Management,30(2), 92-109. Miller, G. (2009).Spent: Sex, evolution, and consumer behavior. Penguin. De Mooij, M., Hofstede, G. (2011). Cross-cultural consumer behavior: A review of research findings.Journal of International Consumer Marketing,23(3-4), 181-192. Wyer Jr, R. S., Srull, T. K. (2014).Handbook of Social Cognition: Volume 2: Applications. Psychology Press. Kardes, F., Cronley, M., Cline, T. (2014).Consumer behavior. Cengage Learning. Rucker, D. D., Galinsky, A. D. (2009). Conspicuous consumption versus utilitarian ideals: How different levels of power shape consumer behavior.Journal of Experimental Social Psychology,45(3), 549-555. Osbaldiston, R., Schott, J. P. (2011). Environmental sustainability and behavioral science: Meta-analysis of proenvironmental behavior experiments.Environment and Behavior, 0013916511402673. Higgins, E. T., Scholer, A. A. (2009). Engaging the consumer: The science and art of the value creation process.Journal of Consumer Psychology,19(2), 100-114.