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What determines firm value is the size and riskiness of the cash-flows arising from its investment and opetaring activities. As these cashflows are deemed to be independent of the financing decision, with the exception of tax effects, capital structure will therefore be irrelevant for determining firm value.

RESOURCING THE ORGANISATION

Whatever the nature of an organisation, the effectiveness of its operations and functıons inevitably depends very largely upon the staff it employs.All managers are concerned with the success of the human resources function in their own department and with the management of their staff.Managers should recognise the importance of a planned and systematic approuch to resourcing the organisation,and to the recruitment,selection and induction of staff.