I Am Writing About The Social Welfare System Essay

I am writing about the Social Welfare System. How a system that was created for the purpose of helping the needy, has now become a highway for people to abuse of it. This public policy program has come to be a very controversial subject on both sides of the political arena. Originally created during the Great Depression, where the majority of households, through no fault of their own were living in poverty. Although many changes to the system have been made, the original focus is the same. To prevent American citizens form living in the state of poverty, as well as to assist the unemployed find long term work. Unfortunately, this system has been turned into a roadway for abuse. People rather continue to use the system and abuse its benefits. Rather than to get out of the welfare system and out of poverty, as originally intended for. Which meant getting job training, child support, child care, energy or utility assistance, food assistance, medical assistance, and vocational reh abilitation services. To understand this a bit more we have to answer the question of what is considered to be the social welfare policy. According to Arthur J. Altmeyer, Former U.S. Commissioner for Social Security, Social Welfare In The United States†, â€Å"The term social security has sometimes been used synonymously with social welfare in its widest sense. It is also used in a more restricted sense to mean a government program designed to prevent destitution by providing protectionShow MoreRelatedSocial Work Reflection1338 Words   |  6 Pages What is self-reflection? According to Yip (2006), â€Å"social work students are encouraged to undergo self-reflection. It is a process of self-analysis, self-evaluation, self-dialogue, and self-observation. 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The Power of Language 1984 Comparison Essay - 1525 Words

The Power of Language George Orwell, the writer of many highly regarded literary works, is extremely interested in the power of language, mainly how it is abused. By analyzing two of his works, 1984 and Politics and The English Language, it is clear that Orwell is using his writing to bring awareness to the dangers of the manipulation, misuse, and decline of language. In 1984 he demonstrates how language can be used to control thought and manipulate the past. This is proven throughout the novel by examining the language of Newspeak and how it is key to controlling the totalitarian state, and how using language to alter and manipulate history can shape reality. In his essay Politics and the English Language Orwell†¦show more content†¦Since without language thought is nearly impossible the party believes that by altering the language they can impose their untrue reality. They will be able to restrict it to the point that even a person’s thoughts are manipulated; things s uch as individualism and imagination will cease to exist. Which ultimately will give the Party total control over society. The newspeak engineer also goes on to state â€Å" In the end we shall make thoughtcrime literally impossible because there will be no words in which to express it.† (55) This quote proves how vital control of language is to the party, it is the key to becoming a controlled state. By creating the element of Newspeak in 1984 Orwell is warning against the potential consequences of manipulating language to benefit people in power and how this can eventually lead to a totalitarian state. In 1984 Orwell also warns of the misuse of language and how it can shape reality. He demonstrates how the Party is extremely skilled at changing reality through language, especially when it is related to the past. 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Community Correction Paper - 1216 Words

Community Correction Paper May 27, 2012 CJS/230 – Introduction to Corrections Community corrections programs are to oversee offenders outside of jail or prison, and are administered by agencies or courts with the legal authority to enforce sanctions. Such community corrections programs are probation and parole. There are also sub-programs that are parts of community corrections; such programs are drug-involved offenders, sex offender programs, and electronic monitoring technologies. Probation programs are correctional programs that are supervised within the community rather than jails or prisons. Parole programs for offenders are periods of conditional, supervised release from prison. By using such programs as these,†¦show more content†¦Over the years a substantial number of law enforcement and correctional agencies have instituted partnerships in which state from both agencies jointly perform functions that provide benefits to both agencies. Many of these police-corrections partnerships have been started in jurisdictions that first implemented community-policing programs, which try to reduce crime by solving community problems that contribute to crime. Solving these problems often requires access to services or resources that are controlled by other agencies or organizations in the community. Community policing emphasizes the formation of partnerships among police, the community, and other agencies to address selected problems. Police partnerships with corrections have the potential to reshape the way both policing and correctional services are performed. Example: if the police/corrections partnerships are successful in preventing crimes, the demand for high-security confinement may be lessened, and resources could be freed for other important social purposes, although these partnerships have not fully demonstrated themselves. 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The Brain Is An Ever Elusive Thing - 991 Words

The brain is an ever-elusive thing. There are so many mysteries still waiting to be discovered or unlocked. Memory seemed an appropriate topic for this class as it is a necessity to completing it successfully. This research paper will explain how the brain uses synapses to store certain memories while others may be lost and how proteins play a major role in this process and could be the answer to solving memory problems in the future. To start, it is important to understand how memory storage occurs. After a series of experiments conducted from 1958-2000, by Dr. Eric R Kandel and numerous colleagues, using a radical reductionist approach, he found evidence for several theories. First, our research suggests that the cellular and molecular†¦show more content†¦Based on his first conclusion, when it comes to short term memories, synaptic connections in the brain are modified by small changes in proteins. Long term memories require that new proteins be formed, gene expression be stimulated and new connections be synthesized. Implicit memory is a type of memory in which previous experiences aid the performance of a task without conscious awareness of these previous experiences. Explicit memory is the conscious, intentional recollection of previous experiences and information. Storing of implicit and explicit memories can follow different processes. Different signaling is necessary when storing implicit memories vs. explicit memories in the short-term. However, the storage of implicit and explicit memories in the long-term, follows the same specific signaling pathway. Based on his second conclusion, different modularity transmitters are used depending on which type of learning you are engaged in. These transmitters act in several different ways. They can either activate, regulate, or mediate. If they activate, they trigger the enzyme kinase, which then reports to the nucleus to aid in the growth of neurons and long-term memory. If they regulate, they monitor protein synthesis that is required in order to stabilize the synapses for long-term storage. Finally, mediation is the least understood process. What is known, is that it is necessary in recollecting specific memories and memory production.

The venture capital and private equity industry Free Essays

string(130) " rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments\." Journal of Indian Business Research Emerald Article: Venture capital and private equity in India: an analysis of investments and exits Thillai Rajan Annamalai, Ashish Deshmukh Article information: To cite this document: Thillai Rajan Annamalai, Ashish Deshmukh, (2011),†Venture capital and private equity in India: an analysis of investments and exits†, Journal of Indian Business Research, Vol. 3 Iss: 1 pp. 6 – 21 Permanent link to this document: http://dx. We will write a custom essay sample on The venture capital and private equity industry or any similar topic only for you Order Now doi. org/10. 1108/17554191111112442 Downloaded on: 24-09-2012 References: This document contains references to 25 other documents To copy this document: permissions@emeraldinsight. com This document has been downloaded 365 times since 2011. * Users who downloaded this Article also downloaded: * Vedran Vuk, (2008),†Taking advantage of disaster: misrepresentation of housing shortage for political gain†, International Journal of Social Economics, Vol. 35 Iss: 8 pp. 603 – 614 http://dx. doi. org/10. 1108/03068290810889224 Doru Tsaganea, (2011),†Tension reduction by military power equalization: the USA-USSR case†, Kybernetes, Vol. 0 Iss: 5 pp. 778 788 http://dx. doi. org/10. 1108/03684921111142313 Guihe Wang, Ligang Qu, Limin Fan, Tianbiao Yu, Wanshan Wang, (2009),†Web-based system for industry using information and communication technologies†, Kybernetes, Vol. 38 Iss: 3 pp. 533 – 541 http://dx. doi. org/10. 1108/03684920910944254 Access to this document was granted through an Emerald subscription pr ovided by For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www. emeraldinsight. com/authors for more information. About Emerald www. emeraldinsight. com With over forty years’ experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1755-4195. htm JIBR 3,1 Venture capital and private equity in India: an analysis of investments and exits 6 Thillai Rajan Annamalai and Ashish Deshmukh Department of Management Studies, Indian Institute of Technology Madras, Chennai, India Abstract Purpose – The venture capital and private equity (VCPE) industry in India has grown signi? cantly in recent years. During ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments. You read "The venture capital and private equity industry" in category "Essay examples" However, academic research on the Indian VCPE industry has been limited. This paper seeks to ? ll the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/approach – Studies on the VCPE transactions have traditionally focused on one of the components of the investment lifecycle, i. e. nvestments, monitoring, or exit. This study is based on analyzing the investment life cycle in its entirety, from the time of investment by the VCPE fund till the time of exit. The analysis was based on a total of 1,912 VCPE transactions involving 1,503 ? rms during the years 20 04-2008. Findings – Most VCPE investments were in late stage ? nancing and took place many years after the incorporation of the investee ? rm. The industry was also characterized by the short duration of the investments. The type of exit was well predicted by the type of industry, ? nancing stage, region of investment, and type of VCPE fund. Originality/value – This paper highlights some of the key areas to ensure sustainable growth of the industry. Early stage funding opportunities should be increased to ensure that there is a strong pipeline of investment opportunities for late stage investors. VCPE investments should be seen as long-term investments and not as â€Å"quick ? ips†. To achieve this, it is important to have a strong domestic VCPE industry which can stay invested in the portfolio company for a longer term. Keywords Venture capital, Equity capital, India, Investments, Financing Paper type Research paper . Growth of the Indian VCPE industry Over the last few years, India has become one of the leading destinations for venture capital and private equity (VCPE) investments. Though the concept of VCPE investment prevailed in the country in one form or another since the 1960s, the growth in the industry was mainly after the economic reforms in 1991. Prior to that, most of the VCPE funding was from p ublic sector ? nancial institutions, and was characterized by low levels of investment activity. In recent years, VCPE commitments and investments in India have grown at a rapid pace. Venture economics data indicate that during the period 1990-1999, India’s ranking was 25th out of 64 and various VCPE funds raised $945. 9 million for investments in India; however, during the next decade, 2000-2009, India’s ranking rose to 13th out of 90 countries and the funds raised $16,682. 5 million for investments in India. Journal of Indian Business Research Vol. 3 No. 1, 2011 pp. 6-21 q Emerald Group Publishing Limited 1755-4195 DOI 10. 1108/17554191111112442 The authors would like to gratefully acknowledge the ? nancial support provided by the Indian Council of Social Sciences Research and IIT Madras for this research. They would also like to acknowledge the support of M. B. Raghupathy and V. Vasupradha for this research. This represents a growth of 1,664 percent over the previous decade. The trend is even more encouraging for the most recent ? ve-year period 2005-2009, during which India’s ranking was 10th out of 77 countries, and various funds raised $15,073. 6 million for VCPE investments in India. Funds raised during 2005-2009, represented a growth rate of 837 percent as compared to funds raised over the previous ? ve-year period 2000-2004. The growth rate in investments made by various VCPE funds has been equally strong. During the ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments[1]. The amount invested by VCPE funds grew from US$ 1. 8 billion in 2004 to US$ 22 billion in 2007 before tapering off to US$ 8. 1 billion in 2008[2]. During the ? ve-year period ending 2008, VCPE investments in India grew from 0. 4 percent of GDP in 2004 to more than 1. 5 percent of GDP in 2008 (Annamalai and Deshmukh, 2009). The rest of the paper is structured as follows: Section 2 indicates the objective of the paper. Section 3 provides details on the data set used for analysis and the sources of data. Section 4, which covers the results and discussion, is divided into six sub-sections. The sub-sections are in the following order: round wise analysis of investments, time of incorporation and ? nancing stage, intervals between funding rounds, investment exits, duration of investment, and a statistical analysis of investment duration and type of exit. Section 5 provides a summary of the paper. 2. Objective of the paper Research on VCPE has not been in tune with the growth seen in the industry. Past research on the Indian VCPE industry can be broadly classi? ed into the following categories: studies that examined the evolution and the current status of the industry (Pandey, 1996, 1998; Verma, 1997; Dossani and Kenney, 2002; Singh et al. , 2005); multi country studies which also included India (Lockett et al. , 1992; Subhash, 2006; Ippolito, 2007); survey studies of VCPE industry practices in India (Mitra, 1997; Vinay Kumar, 2002, 2005; Vinay Kumar and Kaura, 2003; Mishra, 2004); and studies which can be considered as case studies of VCPE investments (Kulkarni and Prusty, 2007). The objectives of this paper are as follows: ? rst, research that has focused on the recent growth phase of the VCPE industry in India has been limited. Most of the papers that have studied the Indian industry were either before the growth phase (pre-2004) or did not cover the growth phase in full, starting from the onset of growth in 2004 until the slowdown in 2008, caused by the global ? nancial crisis. This paper is an attempt to meet the gap in research on the recent trends in the Indian VCPE industry. Second, there have been very limited studies that looked at the lifecycle of investments, i. . from the time of investment in the company until their exit from the investment. There have been several studies that have looked at areas related to investments such as investment decision making, structure of investments, and valuation. Similarly, there have been studies that have looked at topics related to venture exits. However, there have been limited studies that looked at the enti re investment life cycle. The main contribution of this paper is to look at the investment lifecycle in its entirety. Third, this paper aims to highlight some of the lesser known features of the Indian VCPE industry such as the characteristics of the investee ? rm at the time of VCPE investment, the duration of VCPE investments in the ? rm, and the timing and mode of exit by the investors. The objective of this paper is to provide an holistic understanding of the Indian VCPE industry to enable the creation of a policy environment to sustain the growth of the industry. VCPE in India 7 JIBR 3,1 8 3. Data set used and sources This study uses VCPE investment transaction data during the years 2004-2008. The choice for the period of analysis was driven by two considerations. First, it was during this period that the industry witnessed signi? cant growth and India emerged as one of the leading destinations for VCPE investments. Therefore, a detailed study of this industry growth would be of general research interest. Second, the choice of period was also governed by practical considerations. Data on VCPE investments in India before 2004 were not available in a form that can be used for a research study. Therefore, it was decided to begin the starting period of the study at year 2004, the year from which we had access to data. It was felt that a ? ve-year study of transactions would be a reasonable time frame to overcome the yearly ? uctuations. This ? ve-year period also coincided with a full ? nancial cycle in the global ? nancial markets, a period marked by dramatic growth and equally dramatic fall. The data for the study were obtained from multiple sources. To start with, deal data on the various investments and exits were obtained from two database sources: Venture Intelligence India[3] and Asian Venture Capital Journal[4] database. The data from both these databases were combined to form a comprehensive data set. The data set was then suitably checked for data repetition and duplicate data points were removed ? rst. Second, whenever there was a difference in the information given for the same deal, the correctness and accuracy was checked by independent veri? cation from other sources, such as newspaper reports and company web sites. Information that was not available in these databases was then separately sourced from the web sites of the independent companies. Admittedly, with the lack of a strong database on Indian investments, developing such a data set involved a lot of effort. The comprehensive data set that was developed provided various details on the VCPE investments and exits that happened in India during 2004-2008. It consisted of a total of 1,912 VCPE transactions involving 1,503 ? rms during the period 2004-2008. From these 1,503 ? rms, 1,276 ? rms had only investment transactions while another 129 ? rms had only exit transactions during the ? ve-year period. The remaining 98 ? rms had both VCPE investment and exit transactions. To facilitate a more detailed analysis, the investments were classi? ed into ten industry categories and four ? ancing stages based on the lifecycle stage of the investee ? rm and the objectives of the investment. Exits were classi? ed into two categories, namely initial public offer (IPO) and merger and acquisition (M) or trade sale. 4. Results and discussion 4. 1 Round-wise analysis of investments Firms seeking to raise VCPE investments normally receive the investment in multiple rounds (Sahlman, 1990); earlier works have provided several explanations for this trend. Gompers (1995) indicates that the staging of capital infusions allows venture capitalists to gather information and monitor the progress of ? ms, while retaining the option to periodically abandon projects. Admati and P? eiderer (1994) indicate that such an option to abandon is essential because an entrepreneur will almost never quit a failing project as long as others are providing capital and the threat to abandon creates incentives for the entrepreneur to maximize value and meet goals. Neher (1999) indicates that multiple rounds of ? nancing overcome the potential agency con? icts between the entrepreneur and investor as previous rounds create the collateral to support the later rounds. While the stage of ? ancing is determined by the objectives and timing of investment, the round of ? nancing simply indicates the number of instances of VCPE investments in the ? rm. Thus, for example, Round 1 ? nancing is the ?rst instance of the ? rm getting VCPE investment, but it need not be always early stage ? nancing. Depending on the ? rm lifecycle and the objectives of investment, Round 1 ? nancing can happen in any of the four ? nancing stages. Similarly, there could be multiple rounds of investment happening in the same stage. In a particular round of funding, there may be many investors jointly investing in the company. For example, when there is a co-investment by more than one VCPE investor at the same time, it is considered as a single round of investment. By the same token, when the same investor makes investments in the ? rm at different times at different valuations, each investment is considered a separate round of funding. Funding rounds are considered to be different when there has been a substantial time gap from the previous round of ? nancing and/or the investment happens at a different valuation from the previous round of funding. Figure 1 shows the results from the round wise analysis of VCPE investments. The results indicate that 82 percent of the total VCPE investments were in Round 1, i. e. ?rst time VCPE investments in the company. Out of the total amount of investment, follow on investments account for only 18 percent. It can be observed that investments decrease sharply with subsequent funding rounds. One possible reason behind this could be because of the nature of data: most of the investment has happened during the later years of the study period[5], indicating that suf? cient time might not have elapsed for the next round of investment. However, these results indicate the possibility that VCPE investments are happening at a much later stage in the ? rm lifecycle and the ? rm is not in need of an additional funding round for reaching a critical size that is needed for an IPO or for ? nding a buyer. This might also be explained by the grandstanding theory (Gompers, 1996), where VCs are keen to exit more quickly from their investments. Second, this trend can also indicate that the companies that have received the ? rst round might not have been able to achieve a strong enough performance to attract the next round of investment from investors. Further studies are needed to understand this pattern in detail. Table I indicates that the number of rounds of funding received by companies in different industries was 1,912 from a total of 1,503 companies. This indicates that the average number of rounds in a company was 1. 27. As can be seen from Table I, a large majority of the ? rms have received only one round of VCPE investment. This result accompanies the results in Figure 1 well, which indicate that 82 percent of the total Round 3 1,061. 85 (2. 6%) Round 2 5,394. 11 (14%) VCPE in India 9 Round 4 391. 25 (1%) Round 5 170. 6 (0. 4%) Round 1 2,961. 47 (82%) Figure 1. Round-wise VCPE investments (in US$mn) during 2004-2008 JIBR 3,1 Industry 10 Table I. Count of companies for different funding rounds Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Grand total Count of companies for different funding rounds 1 2 3 4 5 6 7 36 137 110 92 295 214 133 65 93 51 1,226 5 21 30 19 53 25 12 10 15 8 198 1 6 5 6 12 6 5 3 4 3 51 1 1 3 2 3 3 2 1 1 17 1 2 8 1 1 1 1 2 1 3 1 4 2 2 Total companies 43 167 151 120 364 250 153 9 112 64 1,503 investments were Round 1 investments. Only 13 percent of companies have obtained two rounds of funding, and approximately 5 percent of the total companies that have received VCPE investments during the period have obtained more than two rounds. The proportion of companies that have received the second round of funding in different industries is more or less the same as what we saw for Round 1 investments, except in the ? nancial services category. The phenomenon of some industries being more successful in getting Round 2 investments could not be clearly observed in our analysis. In a way, this is a surprising trend. For example, information technology (IT) and information technology-enabled services (ITES) companies constitute 24 percent of the total number of companies that have received funding, 24 percent of the companies that have received the ? rst round of funding, and 25 percent of the companies that have received more than one round of funding. This indicates that IT and ITES companies, seen as one of the engines of growth in India, have not had higher proportional success than companies in other industries in attracting multiple rounds of funding. The ? nancial services companies constitute 10 percent of the total companies that have received funding, 9 percent of the companies that have received one round of funding, and 15 percent of the companies that have received more than one round of funding. This indicates that ? nancial services companies have a better track record of getting additional investment rounds. The reasons could be numerous – the larger funding requirements created the need for funding to happen in multiple rounds and companies that had obtained the ? st round of funding would have been able to showcase a strong performance track record to attract the subsequent rounds of funding. The industry itself was in an upswing in India during the study period and this might have contributed to investor interest in investing in subsequent rounds. It could also be due to the institutional and regulatory features of private equity (PE) investing in India. For example, funding could be done in multiple rounds bec ause of the procedural issues in foreign investments in certain sectors. Further studies are needed to identify the determinants of funding rounds. One would reasonably expect that multiple rounds of funding would be observed in more capital intensive industries. Among the ten industry categories, engineering and construction and manufacturing sectors are very capital and asset intensive. However, it can be seen that the proportion of companies receiving additional rounds of funding in these sectors is not more than the proportion of companies that have received ? rst-round funding. On the contrary, the proportion of companies receiving additional rounds of funding in manufacturing is less than that of their proportion in Round 1 ? ancing. Several explanations are possible for this trend, which needs to be substantiated with further research. Companies are receiving VCPE funding at a much later stage in the lifecycle and they do not need additional rounds of funding before providing an exit to the investor. It is possible that, because of their asset intensive nature, they are able to get access to debt funding thereby limiting the possibility of additional rounds of VCPE ? nancing. VCPE in India 11 4. 2 Time of incorporation and ? nancing stage It is well known that VC investments happen early in a ? rm’s life. It is during the early stage that companies have limited means to raise money from conventional sources and look to sources like VC for meeting the funding requirements. Table II provides the results from our analysis of the interval between the year of incorporation of the company and the ? nancing stage. The results indicate some interesting trends. Early stage funding should normally happen within the ? rst couple of years after the incorporation of the ? rm. But in our analysis, we ? nd that 17 percent of the ? rms have received their early stage funding as much as ten years after they were incorporated. While the highest frequency of early stage funding can be seen in the one- to three-year category, a large proportion of companies get their early stage funding even until the ? fth year from the time of incorporation. This indicates the disinclination of the VCPE investors in India to make investments in very early stages. A majority of the growth stage investment happens between ? ve and eight years from incorporation. However, the second highest percentage of growth stage funding happens after 15 years after incorporation. While growth stage ? nancing during the ? e- to eight-year period seems reasonable (though it is still more than that which is normally associated with growth ? nancing), growth ? nancing happening after 15 years from incorporation needs to be studied in detail. It could either be a question of willingness or readiness. Either the investors are not willing to invest earlier or the companies are not ready to receive VCPE funding in their early years. The companie s might have explored funding from family, banks, or friends before taking investment from VCPE investors. Financing stage Early Growth Late Pre-IPO Time since incorporation (in years) ,1 20 13. 6% ,3 22 9. 3% 7 2. 3% 7. 7% 1-3 51 34. 7% 3-5 26 11. 0% 15 5. 0% 0 0. 0% 3-5 37 25. 2% 5-8 68 28. 8% 25 8. 3% 6 15. 4% 5-8 13 8. 8% 8-10 36 15. 3% 19 6. 3% 3 7. 7% 8-10 1 0. 7% 10-15 31 13. 1% 61 20. 3% 13 33. 3% Total . 10 25 17. 0% . 15 53 22. 5% 173 57. 7% 14 35. 9% 147 236 300 39 Table II. Number of VCPE deals for different ? nancing stages vs time since incorporation of investee companies JIBR 3,1 12 Analysis of late stage investment deals, as can be expected, show an increasing trend with time from incorporation. However, more than half of the late stage deals that have been studied are seen in companies more than 15 years after their incorporation. This again re-con? rms the earlier ?ndings that VCPE investors have been more inclined to invest in companies that have a longer track record and operating history, and have a suf? cient size. From the perspective of companies that are receiving VCPE funding, such late stage funding, could indicate that these companies might have been part of a larger business group, which provided the ? nancial support in their early years. Further studies need to be done to understand the antecedents of ? rms that receive late stage investment. But one of the most compelling observations which attracts immediate attention is that about 75 percent (541 out of 722[6]) deals are in companies that are more than ? ve years old. Almost 60 percent (429 out of 722) VCPE deal investments are made in ? rms that are eight years old or more. This supports the earlier inferences that VCPE funds in India are more inclined to invest in ? rms that have a track record of performance. While this investment trend might not be very different from that which is seen in other emerging economies such as Brazil (Ribiero and de Carvalho, 2008), it is much more marked in India. Therefore, it is felt that most of the VCPE investments in India are in the nature of PE investments rather than VC investments, which are typically investments made in early stage companies. 4. 3 Intervals between funding rounds Table III presents average time intervals in months between different rounds of PE funding (for Rounds 1-3)[7] across industries. The average time interval across industries between Round 1 and Round 2 funding is 13. 69 months, which is just slightly more than year. The average time interval between Round 2 and Round 3 funding is 10. 1 months, which is less than a year. The median values for the above intervals are 12. 17 and 11. 17 months, respectively. The closeness of the mean to median values indicates that there is no signi? cant skew in the time interval between different funding rounds. Figures 2 and 3 show the distribution of time intervals between rounds. These indicate that the deals are well distributed in the initial periods, with a slightly high er frequency around the mean value, and tapering down in the later periods. Since it takes about three to six months from the date of the ? rst signi? ant meeting with the investors to realize an investment, the low time interval between successive Industry Table III. Average time interval between successive rounds of VCPE funding (in months) R2-R1 R3-R2 Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Total 14. 43 17. 13 12. 28 14. 89 15. 64 11. 58 13. 93 8. 46 11. 16 9. 54 13. 69 16. 72 4. 88 7. 44 14. 22 12. 43 10. 14 16. 57 6. 03 15. 23 9. 63 10. 91 VCPE in India 50 45 Number of deals 40 35 30 13 25 20 15 10 5 0 3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 ? 36 Duration (months) Figure 2. Time between Round 2 and Round 1 investments 14 12 Number of deals 10 8 6 4 2 0 ?3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 Duration (months) ? 36 ?na ncing rounds indicates that the top management of the company might be continuously devoting their energies in raising capital. This might not be good for business, as spending more time on raising ? nancing is likely to affect their attention to business operations. Our results also indicate that in the Indian context the pace of ? nancing increases with time. This result is somewhat surprising as, under normal circumstances, the size of funding increases with every additional round of funding and is expected to meet the needs of the company for a longer duration even after accounting for the higher cash burn rates due to the increase in company size. Analysis of time intervals for different industry categories indicates that the engineering and construction sector had the largest time interval between the ? rst and second round of funding. Some explanations, which need to be followed with further research, for this trend include being capital intensive. They raise large sums which Figure 3. Time between Round 3 and Round 2 investments JIBR 3,1 help the companies to sustain the operations for a longer period. They are able to get additional funding from other sources such as debt. Cash ? ows from operations would also contribute towards the ? nancing requirements. However, the time interval between second and third round is the lowest for this sector, which indicates that this could be due to the pre-IPO nature of funding. 14 4. 4 Investment exits Venture exit has been an area where there has been limited research (Gompers and Lerner, 2004). The VCPE investor after a certain period has to exit the investment to recover the same as well as to earn a return on it. The different possible exit routes play a major role in VCPE ? nancing and the likely availability of favorable exit opportunities in lesser time is one of the key criterions used by investors while evaluating investment opportunities. Though there are several exit routes for the VCPE funds such as IPO, secondary sale of shares, M, management buy outs, and liquidation. Exit by IPOs and trade sale through M are the more prevalent methods of exit in Indian VCPE markets. Of the total 252 exit events that were recorded during the ? ve-year period ending 2008, 84 events were IPOs and the remaining 168 were M. Thus, the ratio of exits of IPOs and M is exactly 0. 5, indicating that an exit by M is twice as likely as that by IPO. However, an analysis of this ratio across different industries provides an interesting picture. The ratio is less than 1 for all but two of the industry categories – engineering and construction, and transportation and logistics. Companies in this sector tend to be capital intensive industries with a large asset base and largely dependent on the Indian market. Since companies in this sector are much larger in terms of revenues or assets, it becomes comparatively easier to achieve an exit by means of an IPO. For sectors, that are not so asset intensive, M seem to be a common form of exit for VCPE investors. Computer-hardware, IT and ITES, and healthcare – all traditionally attractive industries for VCPE investments – show a strong inclination towards M exit routes with the ratio of IPO-M exits being less than 0. 4 (Figure 4). The choice of exit route is also in? uenced by the state of the capital markets. The ratio of IPO-M exits in each of the ? e years during the study period is shown in Figure 5. Figure 4. Ratio of exits by IPO to M across industries Co En m gi pu ne te er r-h in g ar an dw d ar co e ns tru Fi na ct io nc n ia ls er vi ce s H ea lth ca IT re an d IT M ES an N uf on ac -fi tu na rin ci g al se rv ic es Te O le Tr th co er an m s sp an or d ta m tio ed n ia an d lo gi tic s 1. 6 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 VCPE in India 0. 9 0. 8 0. 7 0. 6 0. 5 0. 4 15 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 2008 Figure 5. Ratio of exits by IPO to M during 2004-2008 While the overall ratio of IPO-M exits is 0. 5 for the ? e-year period ending 2008, the ratio varies in line with the state of the capital markets. The ratio ranges from 0. 3 to 0. 6 for all years, except 2006, when it is signi? cantly high (. 0. 8). This can probably be attributed to the ? ourish in the IPO market in India during 2006. This is consistent with the ? nding that IPOs are more likely to occur when equity values are high (Lerner, 1994). In addition to the type of exit, the capital markets also in? uence the time taken for an investor to exit. The pattern of variation in an average number of rounds for the two exit methods over the years is shown in Figure 6. It can be noted that there are large variations for those companies that provided exits through IPOs. The number of rounds of VCPE funding before the IPOs are lower during the years 2006 and 2007, when the capital markets were active. Such variations could not be seen in those cases where the exits were from M. The number of rounds of funding before an M has been gradually increasing over the years, indicating that the size needed before an exit from an M has also been increasing over the years. But a more interesting inference could be for companies that exit from an M; the circumstances in the capital markets do not have a signi? cant effect. On the other hand, if the conditions are favorable, companies tend to make their IPOs in a shorter period to take advantage of the momentum in the capital markets. This is also supported by the fact that the average numbers of funding rounds are nearly equal for both the exit types during 2006 and 2007. 3. 5 Average number of rounds 3 2. 5 2 IPO 1. 5 Trade sale – M 1 0. 5 0 2004 2005 2006 2007 2008 Figure 6. Average number of funding rounds before exit during the ? ve years JIBR 3,1 16 4. 5 Investment duration The duration of a VCPE investment is de? ned as the interval between the time of investment and exit[8]. It is generally considered that VCPE funds are not short-term investors, and stay invested in the ? rm between three and ? ve years; however, our analysis tells a different story. Table IV provides the investment duration for investments in different ? nancing stages. To make our analysis more accurate, this exercise was done only for those companies for which complete data on both investments and exits were available. A total of 110 transactions in 98 companies were included in this analysis. The main ? nding from Table IV is the overall short-term duration of VCPE investments in India. For 63 percent of the investment transactions, the average investment duration is less than one year. Even in those investments which can be classi? ed as growth stage, 75 percent of the investments have less than two years’ duration. For late stage investments, the proportion of exits within two years increases to 87 percent. Overall, the average duration of investment stands at just 17 months. In comparison, the investment duration for an IPO exit in the USA and Canada is 4. 7 and 5. 86 years, respectively. The investment duration for an exit through the acquisition route for the USA and Canada is 5. 17 and 6. 94 years, respectively, (Cumming and MacIntosh, 2001). For VCPE investments, which are generally considered medium to long-term investments, the observed duration in India is very low, indicating that most of the investments are late stage or pre-IPO types of investments. While Indian VCPE investors would generally indicate that they are long-term investors, the data corroborates that which many entrepreneurs have always felt: that VCPE funds need to be invested in the long term and not focused on quickly exiting from the investment. While these results are interesting, they also suffer from two limitations: the sample size and the ? ve-year time frame for analysis. Further con? rmatory studies that cover a longer time frame with more deals are needed. 4. 6 Statistical analysis of investment duration and type of exit As a part of this study, statistical analysis was done to determine whether any of the variables were able to explain the duration of VCPE investment and the type of exit. For this analysis, Investment duration and type of exit were taken as the dependent variables. Independent variables used in the study were industry, ? ancing stage, region, and type of VCPE fund. Bivariate regressions (Table V) indicate the relative in? uence of each independent variable on the dependent variables. As it can be expected, duration of investment can be best explained by ? nancing stage. The high f-ratio and the Financing stage Early Growth Late Table IV. Duration of VCPE investments Pre-IPO ,1 0 0. 0% 14 48. 3% 35 6 1. 4% 20 90. 9% Duration of investment (in years) 1-2 2-3 3-4 4-5 2 100. 0% 8 27. 6% 15 26. 3% 2 9. 1% 0 0. 0% 6 20. 7% 6 10. 5% 0 0. 0% 0 0. 0% 1 3. 4% 1 1. 8% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% .5 Total 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 2 29 57 22 R S. no. Dependent variable Independent variable(s) 1 2 3 4 5 6 7 8 Duration of Industry investment Financing stage Region Type of VCPE fund Exit mode Industry Stage Region Type of VCPE fund R2 Adjusted R2 SE of the estimate 0. 318 0. 387 0. 159 0. 278 0. 544 0. 429 0. 221 0. 115 0. 101 0. 150 0. 025 0. 077 0. 296 0. 184 0. 049 0. 013 0. 007 0. 118 0. 011 0. 066 0. 212 0. 154 0. 014 0. 001 10. 853 10. 157 10. 876 10. 453 0. 423 0. 439 0. 474 0. 477 ANOVA p-value F-ratio (Sig. ) 0. 938 4. 755 0. 696 6. 952 3. 506 6. 093 1. 389 1. 105 0. 498 0. 004 . 557 0. 010 0. 001 0. 001 0. 252 0. 296 VCPE in India 17 Table V. Results from bivariate regression analysis low p-value indicate the signi? cance of the regression. This can be easily explain ed as those investing in the early stage would remain invested for a longer duration and those investing in late stages would remain invested for a shorter duration. High f-ratio and low p-values are also noted for the bivariate regression that had a type of VCPE fund as the independent variable. In this study, VCPE funds were categorized into two: domestic and foreign. The fact that this has an in? ence supports the argument that domestic VCPE funds stay invested for a longer duration as compared to foreign funds. It was also noted that industry and stage of ? nancing have more in? uence on the exit mode as compared to other variables. These results can also be explained. Some industries could be more suited for exiting with IPOs because of the market bias. Similarly, many of the late stage and pre-IPO investments are made just before the company goes for an IPO. When these investments are being made, the investee company has a clear road map for going for an IPO. Therefore, the exit route in such late stage and pre-IPO investments are more or less clear at the time of the investment itself, unless there is an adverse change in market conditions. We performed a discriminant analysis in SPSS (Table VI) to predict the probable exit route for an investment, given the independent variables. Discriminant analysis Dependent variable (Y), i. e. exit method Original Count % Cross-validatedb Count % Predicted group membershipa 1 (IPO) 2 (M) Total 1 (IPO) 2 (M) 1 (IPO) 2 (M) 49 5 87. 5 17. 2 7 24 12. 5 82. 8 56 29 100. 0 100. 0 1 (IPO) 2 (M) 1 (IPO) 2 (M) 5 6 80. 4 20. 7 11 23 19. 6 79. 3 56 29 100. 0 100. 0 Notes: a85. 9 percent of original grouped cases correctly classi? ed and 80. 0 percent of cross-validated grouped cases correctly classi? ed; bcross-validation is done only for those cases in the analysis; in cross-validation, each case is classi? ed by the functions derived from all cases other than that case Table VI. Results from the discriminant analysis on exit method classi? cation JIBR 3,1 18 is typically used for the prediction of categorical or non-metric variable being classi? ed into two or more mutually exclusive categories. The independent variables used in the discriminant analysis were industry, ? nancing stage, region, and type of VCPE fund. The proportion of cases correctly classi? ed indicates the ef? cacy and relevance of the application of discriminant analysis for predicting the dependent variable, which in this case is the type of exit. Discriminant analysis was done on the investment and exit data for 85 out of 98 companies (for which all necessary details were available). Out of the 85 companies, IPO exits were observed for 56 companies and M for 29 companies. Table VI indicates the results from the discriminant analysis. It can be seen that 49 out of 56 IPO exits and 24 out of 29 M exits were correctly classi? ed, thus leaving an error of 12 out of 85 cases. Overall, 85. 9 percent cases are correctly classi? ed. To augment the validity and reliability of the ? ndings, a cross validation was done. In a cross validation, each case is classi? ed using a discriminant function derived from all cases other than the case being classi? ed. The cross validation results indicate that 45 out of 56 IPO exits were correctly classi? ed and 23 out of 29 M exits were correctly classi? ed. Overall, 80 percent of the cases were correctly classi? d. Both these results points towards the good predictive power of the available data in prediction of exit method choice. The results also indicate that it is possible to predict the type of exit based on the information available at the time of making an investment, i. e. industry, ? nancing stage, region of investment, and type of VCPE fund. This could indicate that investor s are reasonably clear about the type of exit that they might get from a given investment. While the timing of exit might be uncertain, the type of exit seems more or less evident at the time of investment. More research needs to be done to determine whether the variables identi? ed in this paper are a good predictor for exit type or not, even in other markets. 5. Summary The growth and vibrancy in the Indian VCPE industry has attracted global attention. This paper highlights some areas of concern that need to be addressed for the long-term growth in the country. First, there has to be a creation of an ecosystem that encourages early stage investments. It would be such early stage investments that would spur innovation and provide the pipeline for growth and late stage investments. Venture economics data indicate that of the total PE commitments made to India, VC commitments[9] accounted for 90 percent during 1990-1999, 55 percent during 2000-2009, and 51 percent during 2005-2009. This indicates that though there has been an overall growth in funds committed to India, the proportion of VC commitments that primarily fund early stage investments have been gradually decreasing. In the absence of early stage investments, many PE funds would ? nd it dif? cult to ? nd new opportunities for follow on investments. The result would be a funneling of investments in established companies with increasing valuations. In the long run, the industry would fall apart under the burden of such high valuations leading to an exit of investors from India. To prevent this from happening, it is important to ensure that there is adequate early stage investing. Since domestic VCPE investors invest more actively in early stages[10], this points to the need for creating a more stronger and active community of domestic VCPE investors in India. Second, the short duration of VCPE investment does not bode well. A recent World Economic Forum report indicates that PE investors have a long-term ownership bias nd 58 percent of the PE investments are exited more than ? ve years after the initial transaction. So-called â€Å"quick ? ips† (i. e. exits within two years of investment by PE funds) account for only 12 percent of deals and have decreased in the last few years (Lerner and Gurung, 2008). Seen from this perspective, most of the VCPE investments in India could come under the category of â€Å"quick ? ipsâ € . This trend, if it continues, would be a cause of real concern. It is expected that VCPE investors would do a lot of hand holding and participate in value-adding activities in their portfolio companies. However, contributing to the investment in such ways would happen only if the investors remain invested for a long term. Short-term investments deny the portfolio companies the opportunity to leverage the management expertise of the VCPE investors. Since the investment duration is also in? uenced by the source of VCPE funds, there is a strong need to promote the domestic VCPE industry in India[11]. The domestic investors would stay invested for a longer duration and this would give more opportunities to the investor to add value in the portfolio companies. Third, the time intervals between successive funding rounds should increase. Frequently, approaching the investors means that the top management attention gets diverted from the business operations. It would be bene? cial if the entrepreneurs and companies raise capital in such a way that the portfolio company can sustain the operations for at least two years. While they might feel that raising a large round would deprive them the bene? ts of valuation increases if funding is raised in multiple rounds, it would de? nitely help to keep the transaction costs lower. The issues of valuation increases can be addressed by incorporating suitable incentive structures in the shareholders’ agreement. The investors too should support the idea of a larger funding round for the companies and engage in co-investing with other VCPE investors if required. Given the exploratory nature of this study, further research and con? rmatory studies are needed to corroborate the ? ndings of this paper. It is felt that many of the results in this paper are suf? ciently interesting to warrant further studies. Notes 1. Based on Subhash (2006) and PricewaterhouseCoopers Global Private Equity Reports 2004, 2005, 2006, 2007, and 2008. 2. Investment data from the PricewaterhouseCoopers Global Private Equity Reports might not match with that of the funds committed data from venture economics as we feel that many investments might have been made outside of a formal VCPE fund structure. In addition, several funds locally set up in India might not have been captured in the venture economics database. However, both the reports indicate the strong growth in funds committed to various VCPE funds and actual investments made in companies. . Venture Intelligence can be accessed at: www. ventureintelligence. in 4. Asian Venture Capital Journal database can be accessed at: www. avcj. com 5. Out of the 1,503 companies that received funding from VCPE investors, 866 companies, i. e. 58 percent of the companies received their funding during the last two years of the study period. 6. Information on time of incorporatio n was readily available only for 722 out of the 1,503 companies. 7. Since there are very few companies that have received more than three rounds of ? nancing, Round 4 and above have not been included for this analysis. VCPE in India 19 JIBR 3,1 20 8. Strictly speaking, it would dif? cult to determine when the investor actually exited from the investment, either partially or completely. One could ? nd that information by studying the annual reports as well as stock exchange ? lings of the company, which was not done in this study. Exit in this paper is meant to be understood as the time of occurrence of an exit event, which may or may not be the time of actual exit. 9. A distinction can be made between VC and PE commitments. VC commitments are mainly targeted at the early stage and growth stage investment opportunities. PE commitments are primarily targeted at the late stage opportunities. Average investment in deals by PE funds is usually larger than those made by VC funds. 10. As per the India Venture Capital and Private Equity Report 2009, 70 percent of the early stage investments are by domestic VCPE investors during 2004-2008. 11. India Venture Capital and Private Equity Report 2009 indicates that foreign investors have contributed nearly 73 percent of the total amount invested in VCPE transactions during 2004-2008. References Admati, A. and P? eiderer, P. (1994), â€Å"Robust ? ancial contracting and the role of venture capitalists†, Journal of Finance, Vol. 49, pp. 371-402. Annamalai, T. R. and Deshmukh, A. (2009), â€Å"India venture capital and private equity report 2009†, unpublished report, Indian Institute of Technology Madras, Chennai. Cumming, D. J. and MacIntosh, J. G. (2001), â€Å"Venture capital investment duration in Canada and the United States†, Journal of M ultinational Financial Management, Vol. 11, pp. 445-63. Dossani, R. and Kenney, M. (2002), â€Å"Creating an environment: developing venture capital in India†, BRIE Working Paper 143, The Berkeley Roundtable on the International Economy, Berkeley, CA. Gompers, P. A. (1995), â€Å"Optimal investment, monitoring, and the staging of venture capital†, Journal of Finance, Vol. 50 No. 5, pp. 1461-89. Gompers, P. A. (1996), â€Å"Grandstanding in the venture capital industry†, Journal of Financial Economics, Vol. 42, pp. 133-56. Gompers, P. A. and Lerner, J. (2004), The Venture Capital Cycle, 2nd ed. , MIT Press, Cambridge, MA. Ippolito, R. (2007), â€Å"Private equity in China and India†, Journal of Private Equity, Vol. 10 No. 4, pp. 36-41. Kulkarni, N. and Prusty, A. (2007), â€Å"Private equity investment strategy in India’s port sector†, Journal of Private Equity, Vol. 1 No. 1, pp. 71-83. Lerner, J. (1994), â€Å"Venture capitalists and the decision to go public†, Journal of Financial Economics, Vol. 35, pp. 293-316. Lerner, J. and Gurung, A. (2008), The Global Impact of Private Equity Report 2008, World Economic Forum, Geneva. Lockett, A. , Wright, M. , Sapienza, H. and Pruthi, S. (1992), â €Å"Venture capital investors, valuation and information: a comparative study of the US, Hong Kong, India and Singapore†, Venture Capital: An International Journal of Entrepreneurial Finance, Vol. 4 No. 3, pp. 237-52. Mishra, A. K. 2004), â€Å"Indian venture capitalists (VCs) investment evaluation criteria†, ICFAI Journal of Applied Finance, Vol. 10 No. 7, pp. 71-93. Mitra, D. (1997), â€Å"The venture capital industry in India†, Journal of Small Business Management, Vol. 38 No. 2, pp. 67-79. Neher, D. V. (1999), â€Å"Staged ? nancing: an agency perspective†, Review of Economic Studies, Vol. 66, pp. 255-74. Pandey, I. M. (1996), Venture Capital: The Indian Experience, Prentice-Hall, New Delhi. Pandey, I. M. (1998), â€Å"The process of developing venture capital in India†, Technovation, Vol. 18 No. 4, pp. 253-61. Ribeiro, L. L. and de Carvalho, A. G. (2008), â€Å"Private equity and venture capital in an emerging economy: evidence from Brazil†, Venture Capital, Vol. 10 No. 2, pp. 111-26. Sahlman, W. (1990), â€Å"The structure and governance of venture capital organizations†, Journal of Financial Economics, Vol. 27, pp. 473-524. Singh, S. , Singh, S. J. and Jadeja, A. D. (2005), â€Å"Venture investing in India? Think twice†, Journal of Private Equity, Vol. 8 No. 4, pp. 35-40. Subhash, K. B. (2006), â€Å"How to teach the big baby to walk: case of the Indian venture capital industry†, Journal of Private Equity, Vol. No. 4, pp. 76-91. Verma, J. C. (1997), Venture Capital Financing in India, Sage, London. Vinay Kumar, A. (2002), â€Å"Venture capital ? nance in India: practices, perspectives and issues†, Finance India, Vol. 16 No. 1, pp. 247-52. Vinay Kumar, A. (2005), â€Å"Indian VCs’ involvement with investee ? rms: an empirical analysis of board composition, e xpectations and contribution†, ICFAI Journal of Applied Finance, July, pp. 28-39. Vinay Kumar, A. and Kaura, M. N. (2003), â€Å"Venture capitalists’ screening criteria†, Vikalpa, Vol. 28 No. 2, pp. 49-59. About the authors Thillai Rajan Annamalai is an Associate Professor in the Department of Management Studies at IIT Madras. His research interest includes VC, PE, infrastructure, and corporate ? nance. Thillai Rajan Annamalai is the corresponding author and can be contacted at: thillair@iitm. ac. in Ashish Deshmukh was an MBA student at the Department of Management Studies at IIT Madras. To purchase reprints of this article please e-mail: reprints@emeraldinsight. com Or visit our web site for further details: www. emeraldinsight. com/reprints VCPE in India 21 How to cite The venture capital and private equity industry, Essay examples

Important International Management Theories †MyAssignmenthelp.com

Question: Discuss about the Important International Management Theories. Answer: Global management of people and organizations is a complex factor that calls for multilevel analysis of the underlying elements. International business suggests organizational strategies that organizations require in the management of operations in different countries. These have advantages and disadvantages. The international management theory explains how organizations cope with the management of people and business activities in the global environment (Zentess, et al., 2015). It explains the characteristics of the international market systems highlighting its opportunities and challenges. The report makes use of the globalization theory to explain the role of innovation, strategic human resource management and organizational tactics. In the business aspect, market entry strategies including forming joint ventures and franchising are used. In this discussion, the PEST analysis explains the macro-environment. Sustainability brings in the role of business ethics in the market system as a way of controlling the widespread use of natural resources. The essence of this mixed approach to managing globally is to highlight the international management practices their strengths ad weaknesses(David, 2011). Global organizations need a holistic approach that can address all operations. In an effort to provide answers to the existing solutions, an organization needs to address and manage change effectively. PEST Analysis The PEST analysis by Fred Aguilar defines the brands spheres of influence using the Political, Economic, Social, and Socio-Cultural and Technology factors(Frue, 2017). In order to compare with its strengths and weaknesses, an organization needs to consider: These are the national elements defining a region or a country. It includes the government bodies, policies and bureaucracies. It covers the legislation required to start and run a business. It may also encompass environmental policies and privacy protection for customer. Political ideologies in a region may foster or hinder a business. Corporate policies, economic status and taxation rates are some of the underlying elements to consider. Multinational corporations seeking to employ workers need to look at the availability of the skills, rate of unemployment and infrastructure. Culture is one of the barrier to new market entries. An organization needs to weight the societys beliefs, language effect, and lifestyle in order to understand the consumer. Failure to do this may lead to rejection or resistance from the locals. Localization helps organizations to emerge successful (Cullen Parboteeah, 2013). Technological innovation form a significant part of global business that brands cannot ignore. It covers communication devices, the internet, software applications and management devices(Dunning, 2013). Managing people It is impossible to run an organization without people. The people factor involves employees and consumers. These influence the effectiveness of an organization. Intertwined in this is culture and the management of technology. These are the two most dominant factors affecting global management today. Culture in the workplace and consumer culture have similar influencing factors. The global economy requires intercultural competencies (Moran, et al., 2014) These are skills required for the success of an organization. Contemporary human resource practices encourage employees to develop these skills as a survival tactic in the highly competitive markets. Hofstedes cultural dimensions theory provides a framework for this phenomenon based on values and behavioral factors(Chhokkar, et al., 2013). Effective communication in a new environment requires proficiency in the local language and an understanding of their values and practices. It facilitates for successful negotiations, management of people and marketing to consumers. Business etiquette in the emerging markets is very important. Intercultural competence prepares leaders and professionals for the new markets. An effective organization needs diversity in the team. However, the management of the diversity is critical for its success . Employees feel comfortable working in their home environment. In cases where they have to provide their services abroad, the organization needs to put in place strategic management practices for the move. Human Resource practices continues to evolve in order to meet the global changes. SHRM encourages the development of a conducive work environment for workers(SHRM, 2015). Multinational organizations hire competent professionals in order to maintain the value offered by the organization. The process of tapping into these skills involves the use of cross border recruitment agencies. Employees traveling for work in a foreign country need special care. If they have families, proper mechanisms should in place for their wellness. Rewards systems should feature travel allowances, security details, and competent health care. Organizational structures in the global markets sometimes changes. In the event of mergers or acquisitions, the employee needs psychological support(Sinkovics, et al., 2011). The monetary and non-monetary allowances serve as motivational factors that convince employees to move out of their comfort zone. This is part of talent management, which deals with staffing, staff retention, performance and compensation in a multinational corporation(Scullion Collings, 2011) . Sometimes training is necessary to equip the employee with the new changes. A good working environment requires interpersonal skills, which come from the social and work environment. The Human resource department needs to offer psychological support factors, which bridge the gap to prevent loneliness(Lengnick-Hall, et al., 2011). Technology Effect The global environment comprises of different organizations. Technology and innovation provides a platform for organizations to excel. Employees need training on how to use the internet, software applications and digital technology equipment(Scullion Collings, 2011). Coping across border successfully requires training in advanced technology because global organizations use technology for most basic operations such as office applications, presentation skills, social media, coding, use of mobile digital devices and troubleshooting (Angeles, 2015). A clear understanding of communication tools and devices is a plus. Organizations also provide training for workers in order to upgrade their professional skills. Professionals who work in global organizations find it hard to leave because of the training opportunities and exposure to the best organizations. The world of innovation is full of ideas helping the individual to improve on personal and professionalism. Global enterprises use knowledge management approaches to handle and disperse information(Liebowitz Frank, 2016). Cloud computing is an important application for information sharing. The widespread use of e learning in organizations saves on costs. Videoconferencing is also popular in training, interviews and organizational updates. Technology has pros and cons. Since technology is a necessity, coping with its ills such as cyberbullying is also important. Mitigating its risks is one way to deal with the effects. Managing Organizations Organizations which plan to penetrate a new market need a market entry plan because of the uncertainty in the global market(Zott, et al., 2011). The strategy directs the organization on the best method for introducing the brand to the new consumer. Carrying out a market research helps the organization to identify the existing gaps in the new market. Currently, the emerging markets of China, India and Saudi Arabia have become hot spots for investments. However, some organizations may succeed in these environments while others fail because of the strategy. Issues of concern include sourcing for products, investing through joint ventures and marketing the brand. Market entry plans for product include a marketing plan. An example is the 4P plan for the products and 7 Ps for the services. In this strategy, the brand makes a mapping of the most appropriate pricing, product, place and the ideal promotion. Service brands like McDonalds venture into a new region with consideration for the phy sical environment, people, and processes(MarketingMix, 2017). A marketing mix is popular because it blends the important factors in order to generate the best map for a business plan with the right targets. It looks at the needs of a customer in the new environment, for proper pricing and delivery mode. Market entry plan with a comprehensive outlook of the new environment has a risk management plan. The BCG matrix tries to understand the market share of the existing brands against a new entrant. It provides brand portfolio and profitability for competitors in order to understand how to generate higher profits. This analysis is also good because it projects the market growth rates. This is an ideal technique for market penetration and diversification strategies(Jurevicius, 2013). The BCG matrix works together with other approaches like the McKinsey Matrix, which is ideal for businesses that have diversified products and services(Shen, et al., 2015). It provides a comparison of different units for checking the attractiveness of the industry and the brands strength to compete in it. These tools improve profitability while revealing the risks involved in the uncertain market. Understanding the customer in the new market calls for numerous tactics. Benchmarking recognizes the trends in t he landscape for the development of strategic processes(Bilbao-Osorio, et al., 2013). The Vrio framework of resource capability provides an investor with information on how to invest the valuable, rare, costly to imitate and the organized to capture value in order to gain a competitive edge(Andersen, 2011). This makes it possible for a company to tap into the natural resources for the present and future success. Unknown organizations need partners from the region in order to succeed. Local consumers have trust in ideas that are familiar to them. Some regions like the EU remain loyal to traditional products. Another reason for starting with the joint kind of partnership is for resource exploitation(Cao Zhang, 2011). A manufacturing organization that discovers raw materials in a developing nation needs a collaboration for mutual benefits. Large brands form partnerships with smaller ones in order to provide financial support. On the other hand, a smaller company may enjoin itself to a reputable brand in order to gain popularity. Associating with a local organization smoothens the set up process and prevents legal violations. This strategy also creates a competitive edge as seen in the case of technology world(Wall, 2015). When making determinations about a joint venture, a horizontal integration serves as a source of strength for the business. This allows organizations in different productions but the same industry to collaborate for a common goal. For instance, Microsoft merger with Xerox, a photocopier company for regional penetration(Markoff, 1999). On the other hand, a vertical integration happens when a company decides on full control of the industry through its value chain. This is common in the technology industry where smartphone producers like Apple own their distinct innovation. This is a common trend in the lucrative industries like oil production where there channels of distributions have secure and dominant market share owners(Gnawali Park, 2011) Multinational companies penetrate the new markets to duplicate their products and services in a new country. In this case the brand adopts common merchandise, marketing, training and operational tactics in the home country. Having a distribution joint in a foreign land also has its advantages and disadvantages(Entrepreneur, 2017). Entrepreneurs who wish to enter into franchising need to tread carefully in order to avoid financial complications. Popular global franchised brands include Shell petroleum, McDonalds and Subway. In this case, companies agree to carry the brand name and trademarks at a fee and within specified contract period. However, national countries have rules for franchising in their territories(franchise.org, 2011) Dealing with Competition One of the characteristics of the global market system is its competitiveness. New entrants and market giants interact. Dealing with this competition needs strategy because many large organizations have fallen in the face of the free market system. The Porters five forces theory describes ways in which to survive in the competitive world(Prizeman, 2011). Presenting a business strategy, the theory suggests an analysis of the profitability using core competencies. A unique business approach needs to consider the rivalry in the industry, the threat from new entrants, threats from substitutes and the bargaining power of suppliers. This careful approach allows a small business owner to consider whether it is wise to enter into the European markets and what trends rule the region(Bond, 2017). Sustainability is another important aspect of cross border business. It covers more than the environment perspective(Kruschwitz, et al., 2011). Most countries support brands that seek environment friendly investment. Organizations also require unique ideas that competitors cannot duplicate easily. This calls for constant innovation and research to delve into the brand reputation, revenue flows and customer satisfaction. The creation of a variety needs an analysis of complementary products and the integration. It also measures efficiency and value chains(Gereffi, et al., 2016). E-commerce provides a platform for business based value chains(Laudon, 2013). This is a best practice that presents economic and social benefits. As a social practice, it guides investment organizations on how to give back to the community. The value of a brand manifests through its ethical and economic performance measures. As the world continues to become a busy and competitive hub, it affects natural resourc es because producers depend on nature for energy, minerals and existence. Effects of the carbon emissions being released into the environment is already visible. As a result, organizations have taken it upon themselves to monitor environmental issues for protection. However, the challenge lies in the individual role of the companies in providing accountable information of their activities(Chu Majumdar, 2012). Conclusion Managing across borders involves international relations. The global environment is highly competitive and dynamic. Understanding it calls for strategic plans made of theoretical ideas. These are proven ideas that large and small organizations consider in order to penetrate and gain a competitive edge. Based on the high competition, and dynamic market system change is inevitable. Although there are numerous opportunities in the global market challenges also exists. These arise due to the political, economic, sociocultural and technological factors from the external market. The PEST analysis helps an organization to weigh its strengths and weaknesses in preparation for the global market. To survive in the market economies, organizations must understand the people and organizational factors. The report breaks down the complexities of the international environment using international management principles that facilitate for the success of the organization. Small companies have a chance to compete globally because of technology, which exposes them to consumers from across the globe. E-commerce is one of the innovative means through which an organization can participate in the system. Ideas for market entry include the joint venture approach, which joins large companies with the smaller ones. Market dominance also characterizes the global market therefore; brands need a way to overcome the competition through effective management. SHRM provides a guide on how brands can make employees part of the winning team. Branding techniques provide solutions for managing the consumer trends. Among these is the 4P and 7P, which guides on how to price and promote products. The mention of sustainability is a blend of economic and social benefits that organization gain by providing value in their undertakings. Technology in contemporary operations is necessary and its fruits can only manifest if its tools and devices have proper management. Therefore, an integration of different theories gives solutions on some of the challenges to expect in the process of interacting globally. These are simple ideas for the present and future organizations. Frequent research into the topic of i nternational management promises solutions to address solutions as they arise. Bibliography Andersen, J., 2011. Strategic resources and firm perfomance. Management Decision, 49(1), pp. 87-98. Angeles, S., 2015. Five technology skills skills everyone needs to have. news.co.au. Bilbao-Osorio, B., Dutta, S. Lanvin, B., 2013. The global infromation technology report, s.l.: World Economic Forum. Bond, D., 2017. Luxury magazines finally face digital headwinds. Financial Times, 4 April. Cao, M. Zhang, Q., 2011. Supply chain collaboration: Impact on collaboration advantage and firm perfomance. Journal of operations management, 29(3), pp. 163-180. Chhokkar, J. S., Brodceck House, R. J., 2013. Culture and leadership across the world: The GLOBE book of indepth studies of 25 societies. s.l.:Routedge. Chu, S. Majumdar, A., 2012. Opportunities and challenges for a sustainable energy future. Nature, 488(7411), p. 294. Cullen, J. Parboteeah, K., 2013. Multinational Management. s.l.:Cengage. David, F., 2011. Strategic management: Concepts and case. s.l.:Pearson, Hall. Dunning, J. H., 2013. Multinaionals Technology Competitiveness. s.l.:Routledge. Entrepreneur, 2017. Franchising. The Entrepreneur. franchise.org, 2011. International franchising laws. Franchising. Frue, K., 2017. Who invented PEST analysis and why it matters. [Online] Available at: https://pestleanalysis.com/who-invented-pest-analysis/ Gereffi, G., Fernandez-S K, 2016. Global value chain analysis: a primer. 2nd ed. s.l.:s.n. Gnawali, D. Park, B. J., 2011. Cooperation between giants: Collaboration with competitors for technological innovation. Research Policy, 40(5), pp. 650-663. Jurevicius, O., 2013. BCG growth-share matrix. [Online] Available at: https://www.strategicmanagementinsight.com/tools/bcg-matrix-growth-share.html [Accessed 25 August 2017]. Kruschwitz, N. et al., 2011. Sustanability and Competitive Advantage. MITSloan Management Review, 51(1). Laudon, K. C. T. C. G., 2013. E-Commerce. Fourth ed. s.l.:Pearson. Lengnick-Hall, C., Beck, T. Lengnickk-Hall, M., 2011. developing a capacity for organizational resilience through strategic human resource management. Human Resource Management Review, 21(3), pp. 243-255. Liebowitz, J. Frank, M., 2016. Knowledge mangement and e-learning. s.l.:CRC press. MarketingMix, 2017. The Marketing Mix. [Online] Available at: https://marketingmix.co.uk/ [Accessed 25 August 2017]. Markoff, J., 1999. Xerox-Microsoft deal links variety of technologies. New York Times. Moran, R. T., Abramson, N. Moran, S., 2014. Managing cultural differences. 9th ed. s.l.:Routledge. Prizeman, T., 2011. Apply five basic forces to the four big audit firms. Financial Times. Scullion, H. Collings, D., 2011. Global talent management. s.l.:Routledge. Scullion, H. Collings, D., 2011. Global talent management. s.l.:Routledge. Shen, L., Zhou, J., Skitmore, M. Xia, B., 2015. Application of a hybrid Enthropyy-Mckinsey Matric method in evaluationg sustainable urbanization: A China case study. Cities, Volume 42, pp. 186-194. SHRM, 2015. Understanding workplace cultures globally. [Online] Available at: https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/understandingworkplaceculturesglobally.aspx [Accessed 25 August 2017]. Sinkovics, R. R., Stefan, Z. Verena, K., 2011. Between merger and syndrome: The intermediary role of emotions in four cross border M As. International Business Review, 20(1). Wall, M., 2015. Shopping tech firm Powa in major Chinese Joint Venture. BBC, 16 December. Zentess, J., Klein, S. H. Morschett, D., 2015. Important International Management Theories. Strategic International Management, pp. 123-143. Zott, C., Amit, R. Massa, L., 2011. The business model: recent developments and future research. Journal of management , 37(4), pp. 1019-1042.

Sociology Research free essay sample

Sexism is also known as  gender discrimination  or  sex discrimination, is defined as prejudice or discrimination based on sex; or behavior, conditions, or attitudes that foster stereotypes of social roles based on sex. Sexism is a form of discrimination or devaluation based on a persons sex, with such attitudes being based on beliefs in traditional stereotypes of gender roles. The term  sexism  is most often used in relation to discrimination against women, in the context of patriarchy. Sexism involves hatred of or prejudice towards a gender as a whole or the application of gender stereotypes. Sexism is often associated with gender-supremacy arguments. Gender stereotypes A 1952 magazine feature stereotyping women drivers. Gender stereotypes are widely held beliefs about the characteristics and behavior of women and men. Gender stereotypes are not only descriptive, but also prescriptive beliefs about how men and women should be and behave. Members of either sex who deviate from prescriptive gender stereotypes are punished; assertive women, for example, are called bitches whereas men who lack physical strength are seen as wimps. Empirical studies have found widely shared cultural beliefs that men are more socially valued and more competent than women at most things, as well as specific assumptions that men are better at some particular tasks (e. g. , mechanical tasks) while women are better at others (e. g. , nurturing tasks). For example,  Fiske  and colleagues surveyed nine diverse samples, from different regions of the United States, and found that members of these samples, regardless of age, consistently rated the category men higher than the category women on a multidimensional scale of competence. Gender stereotypes can facilitate and impede intellectual performance. For instance,  stereotype threat  can lower womens performance on mathematics tests due to the stereotype that women have inferior quantitative skills compared with men. Stereotypes can also affect the assessments people make of their own competence. Studies found that specific stereotypes (e. g. , women have lower mathematical ability) affect women’s and men’s perceptions of their abilities (e. g. , in math and science) such that men assess their own task ability higher than women performing at the same level. These biased self-assessments have far-reaching effects because they can shape men and women’s educational and career decisions. Gender stereotypes are sometimes applied at an early age. Various interventions were reviewed including the use of fiction in challenging gender stereotypes. For example, in a study by A. Wing, children were read  Bills New Frock  by  Anne Fine. The content of the book was discussed with them. Children were able to articulate, and reflect on, their stereotypical constructions of gender and those in the world at large. There was evidence of children considering the different treatment that boys and girls receive, and of classroom discussion enabling stereotypes to be challenged. Sexist and gender-neutral language Research has found that the use of  he  as a generic pronoun evokes a disproportionate number of male images and excludes thoughts of women in non gender-specific instances. Results also suggest that while the plural  they  functions as a generic pronoun for both males and females, males may comprehend  he/she  in a manner similar to  he, as  he  usually is placed before the dash and  she  after. This is usually done because the word  she  already contains the word  he  so it is positioned after the dash. It also has nothing to do with stereotypical gender roles. Nearing the end of the 20th century, there is a rise in gender-neutral language in western worlds, which is often attributed to the rise of  feminism. Gender-neutral language  is the avoidance of  gender-specific job titles, non parallel usage, and other usage that is considered by some to be sexist. Supporters claim that having gender–specific titles and gender–specific pronouns either implies a systemic bias to exclude individuals based on their gender or else as unnecessary in most cases as race-specific pronouns, religion-specific pronouns, or persons-height-specific pronouns. Some of those who support gender-specific pronouns assert that promoting gender-neutral language is a kind of semantics injection itself. Anthropological linguistics and gender-specific language Unlike the  Indo-European languages  in the west, for many other  languages  around the world,  gender-specific pronouns  are a recent phenomenon that occurred around the early 20th century. As a result of  colonialism, cultural revolution occurred in many parts of the world with attempts to modernize and westernize by adding gender-specific pronouns and animate-inanimate pronouns to local languages. This resulted in the situation of what was  gender-neutral pronouns  a century ago suddenly becoming gender–specific. (See for example  Gender-neutrality in languages without grammatical gender: Turkish. ) Gender-specific pejorative terms Gender–specific pejorative terms intimidate or harm another person because of their gender. Sexism can be expressed in a pseudo–subtle manner through the attachment of terms which have negative gender oriented implications  such as through  condescension. Many examples include swear words. A mildly vulgar example is the uninformative attribution of the term hag for a woman or fairy for a man. Although hag and fairy both have non-sexist interpretations, when they are used in the context of a gender–specific pejorative term these words become representations of sexist attitudes. The relationship between rape and misogyny Research into the factors which motivate perpetrators of  rape  against a specific gender, for example, women, frequently reveals patterns of hatred of said gender and pleasure in inflicting psychological and/or physical trauma, rather than sexual interest. Researchers have argued that rape is not the result of pathological individuals, but rather systems of male dominance, cultural practices and beliefs that objectify and degrade women. Mary Odem, Jody Clay-Warner and Susan Brownwiller consider sexist attitudes to be propagated by a series of myths about rape and rapists. They state that contrary to those myths, rapists often plan a rape before they choose a victim and that acquaintance rape  is the most common form of rape rather than assault by a stranger. Odem also states that these rape myths propagate sexist attitudes about men by perpetuating the thought that men cannot control their sexuality. In response to  acquaintance rape, the Men Can Stop Rape movement has been implemented. The US military has started a similar movement with the tagline My strength is for defending. Occupational sexism Occupational sexism refers to any  discriminatory  practices, statements, actions, etc. based on a persons  sex  that are present or occur in a place of  employment. One form of occupational sexism is  wage discrimination. In 2008, the  Organization for Economic Cooperation and Development  (OECD) found that while female employment rates have expanded considerably and the gender employment and wage gaps have narrowed virtually everywhere, on average, women still have 20% less of a chance to have a job and are paid 17% less than men. Moreover, the report stated: [In] many countries, labor market  discrimination  Ã¢â‚¬â€œ i. e. the unequal treatment of equally productive individuals only because they belong to a specific group – is still a crucial factor inflating disparities in employment and the quality of job opportunities [ ] Evidence presented in this edition of the  Employment Outlook  suggests that about 8% of the variation in gender employment gaps and 30% of the variation in gender wage gaps across OECD countries can be explained by discriminatory practices in the labour market. The report also found that despite the fact that almost all OECD countries, including the U. S. have established anti-discrimination laws, these laws are difficult to enforce. Gender stereotypes Gender roles  (or sex roles) are attitudes and activities that a society links to each sex. A culture that defines males as ambitious and competitive encourages them to seek out positions of leadership and play team sports. To the extent that females are defined as deferential and emotional, they are expected to be supportive helpers and quick to show their feelings. According to the  OECD, womens labor market behavior is influenced by learned cultural and social values that may be thought to discriminate against women (and sometimes against men) by stereotyping certain work and life styles as male or female. Further, the OECD argues that womens educational choices may be dictated, at least in part, by their expectations that [certain] types of employment opportunities are not available to them, as well as by gender stereotypes that are prevalent in society. There is a long record of women being excluded from participation in many professions. Often, women have gained entry into a previously male profession only to be faced with additional obstacles. Elizabeth Blackwell, the first woman to receive an M. D. in the  United States  and  Myra Bradwell, the first female lawyer in the state of  Illinois, illustrate the prevalence of women being excluded from certain professions and the changing culture. Professional discrimination continues today according to studies done by  Cornell University  and others. Some have hypothesized that gender bias has been influencing which scientific research gets published. This hypothesis coincides with a test conducted at the  University of Toronto  led by Amber Budden. The study showed that, in the journal  Behavioral Ecology, after implementation of double-blind review in which both the author and reviewer identity is concealed, there was an increase of 7. 9% in the number of papers authored by women. This was more than three times the increase of female ecology graduate students in the United States. In addition, women frequently earn significantly lower wages than their male counterparts who perform the same job. In the U. S. , for example, women earn an average of 23. 5% less than men. In 1833, women working in factories earned only one-quarter of mens wages, and in 2007, womens median annual paychecks reflected only $0. 78 for every $1. 00 earned by men. A study showed women comprised 87% of workers in the child care industry and 86% of the health aide industry. Some experts believe that parents play an important role in the creation of values and perceptions of their children. The fact that many girls are asked to help their mothers do housework, while many boys do technical tasks with their fathers, seems to influence their behavior and can sometimes discourage girls from performing such tasks. Girls will then think that each gender should have a specific role and behavior. A 2009 study found that being overweight harms womens career advancement but presents no barrier for men. Overweight  or  obese  women were significantly under-represented among company bosses, whereas a significant proportion of male executives were overweight or obese. The author of the study stated that the results suggest that the glass ceiling effect on womens advancement may reflect not only general negative stereotypes about the competencies of women, but also weight bias that results in the application of stricter appearance standards to women. Overweight women are evaluated more negatively than overweight men. There is a tendency to hold women to harsher weight standards. At other times, there are accusations that some traditionally female professions have been or are being eliminated by its roles being subsumed by a male dominated profession. The assumption of baby delivery roles by doctors with the subsequent decline of  midwifery  is sometimes claimed to be an example. Wage gap [pic] Euro stat  found a persisting gender pay gap of 17. 5% on average in the 27  EU Member States  in 2008. Similarly, the OECD  found that female full-time employees earned 17% less than their male counterparts across OECD countries in 2009. In the U. S. , the female-to-male earnings ratio was 0. 77 in 2009, meaning that, in 2009, female full-time, year round (FTYR) workers earned 77% as much as male FYTR workers. Womens earnings relative to mens fell from 1960 to 1980 (from 60. 7 percent to 60. 2%) and then rose rapidly from 1980 to 1990 (from 60. 2% to 71. 6%), and less rapidly from 1990 to 2000 (from 71. 6% to 73. 7%) and from 2000 to 2009 (from 73. 7% to 77. 0%). At the time when the first  Equal Pay Act  was passed in 1963, female full-time workers earned 58. 9% as much as male full-time workers. The gender pay gap has been attributed to differences in personal and workplace characteristics between women and men (education, hours worked, occupation etc. as well as direct and indirect discrimination in the labor market (gender stereotypes, customer and employer bias, etc. ). Studies always find that some portion of the gender pay gap remains unexplained even after controlling factors that are assumed to influence earnings. The unexplained portion of the wage gap is attributed to gender discrimination. The estimates for the discriminatory component of the gender pay gap vary widely. The OECD estimated that approximately 30% of the gender pay gaps across OECD countries is due to discrimination. Australian research shows that discrimination accounts for approximately 60% of the wage differentials between women and men. Studies examining the gender pay gap in the United States  show that large parts of the wage differential remain unexplained even after controlling for factors that affect pay. One study examined college graduates and found that the portion of the pay gap that remains unexplained after all other factors are taken into account is 5% one year after graduating college and 12% 10 years after graduation. Research done at  Cornell University  and elsewhere indicates that mothers are less likely to get hired than equally qualified fathers and, if hired, would be paid a lower salary than male applicants with children. The  OECD  found that a significant impact of children on women’s pay is generally found in the United Kingdom and the United States. ]  Fathers, on the other hand, earn  $7,500 more on average that than men without children. Glass ceiling The term glass ceiling is used to describe a perceived barrier to advancement based on discrimination, particularly gender discrimination. In academic achievement, great improvements have been made. However, as of 1995 in the United States, women received about half of all Masters degrees, but 95 to 97% of the senior managers of Fortune 1000 Industrial and Fortune 500 companies were male and in the Fortune 2000 Industrial and service companies, only 5% of senior managers were women. The  United Nations  asserts progress in bringing women into leadership and decision making positions around the world remains far too slow. Objectification Some argue that  sexual objectification  is a form of sexism. Some countries, such as  Norway  and  Denmark, have laws against sexual objectification in advertising. Nudity itself is not banned, and nude people can be used to advertise a product, but only if they are relevant to what is being advertised. Sol Olving, head of Norways Kreativt Forum, an association of the countrys top advertising agencies, explained, You could have a naked person advertising shower gel or a cream, but not a woman in a bikini draped across a car. Sexism in the Workplace Sexism in education is clearly associated with sexism in the workplace. When women are expected to â€Å"stay in the home,† they are unable to access the necessary educational resources to compete with men in the job market. If by chance they are able to secure a position, women may be less prepared educationally for the task, and thus draw lower wages. In recent decades more women have entered the United States workforce. After WWII (from about 1947), about 30 percent of women were employed outside the home; today, at the start of the 21st century, the figure is well over 50 percent. (Some estimates approach 75 percent if â€Å"part-time† jobs are included. Yet women are far from treated equally on the job. Typically, they hold lower-paying, lower-status jobs than men. In fact, women may account for only 25 percent of the upper-level managers in large corporations. And although half of the employees in the largest, most prestigious firms around the United States may be women, perhaps as few as 5 percent or less actually hold senior positions. In general, women are under-represented in the higher-status, higher-paying occupations, such as university teaching, law, engineering, and medicine. In contrast, women are over-represented in the lower-paying occupations, such as public-school teaching, nursing, and secretarial work. In stereotypical female jobs, referred to as  womens ghettos, women are subordinate to the positions of men. For example, executives supervise secretaries who are likely to be women, and lawyers supervise paralegals, who are also likely to be women. Women in the same jobs as men usually earn less, even though these women may have the same or better training, education, and skills. As a general statistic, women make only 60 percent or less than men in comparable positions. Why this disparity? Sociologists speculate that, in some cases, the fact that women often must take time off to have and raise children interrupts their career path. As much as Americans may hate to admit it, women in the United States still bear the primary responsibilities of child-rearing. Conflicting demands may partly explain why married women with children are more likely to leave their jobs than are childless and single women. Also, men are seen as the â€Å"chief bread winners,† so the belief is that they should be paid more than women in order to support their families. Whatever the reason, paying women less than men for equally demanding work is discrimination.