Friday, December 27, 2019

Leadership Styles That The Leaders Of The Ancient World

Title Page Boudi Haj-Ayoub Ms.Cross Class code Intro: There are many different leadership styles that the leaders of the ancient world used to create and expand their empires. Each leader used a combination of different leadership styles during their rule. Two leaders that share very similar leading styles were Richard the Lionheart and Saladin. They both were Situational leaders, management leaders and relations leaders. They both used their skills against each other in a battle for the holy lands. Paragraph one: Situational leadership theory states that the best leaders are flexible and adaptable, able to modify their plans or make quick decisions that benefit their rule and their people. According to this theory, situational leaders possess the ability to analyze a situation and its variables and come up with the best course of action. Both Saladin and Richard Lionheart were situational leaders because they both had the ability to adapt quickly to what was happening around them and make crucial decisions with little notice. For example, during the siege of Jerusalem, Saladin modified his battle strategy in order to bring about success: Saladin saw that he was making no progress†¦. At dawn on a certain day [Sept 26] the King of Egypt (that is, Saladin) ordered the camp to be moved without any tumult or commotion. He ordered the tents to be pitched in the Vale of Jehoshaphat†¦.When morning had come the men of Jerusalem lifted up their eyes and,Show MoreRelatedInfluence Of A Great Philosopher And The Metaphysic Of Divine Providence1162 Words   |  5 PagesCicero returned to the republic government after the late Julius Caesar death Cicero became an enemy to Mark Anthony. After a power struggle Cicero was executed being an enemy to the state by the second Triumvirate in 43 BC. 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Thursday, December 19, 2019

The Gettysburg Address By Henry Wadsworth - 1548 Words

The â€Å"Gettysburg Address† is a speech given by former President Abraham Lincoln that focuses on the Civil War and the horrific battle that just took place at that location. Lincoln urges the people to remember what America is built on and freedom, liberty, and working together. Not only does Lincoln discuss that, but he also makes sure to thank the men who have fought in the war. He also reminded the people of what these soldiers fought for to give them the ideals that they take for granted I plan to use this speech in my research to talk about ideas that America associates and bases itself off of, and how those ideas influence the lives of Americans. Longfellow, Henry Wadsworth. â€Å"Paul Revere s Ride.† Poets.org, Academy of American Poets,†¦show more content†¦I intend to use this poem to explain some of the flaws in American nature, and also emphasize the work and pain these people suffered throughout the process of creating this â€Å"glorious† country. Morrison, Toni. Beloved. Vintage, 2016. Beloved is a novel that focuses on slavery, specifically the life of a woman who escaped but was captured by her previous slave owners. Before being taken Sethe, the escaped slave kills her two- year-old daughter so that she will not have to return to the plantation. However years later her daughter comes back and haunts her mother s as a constant reminder of what she did. I believe I will use this novel to talk about how people viewed slavery in American Society, and how it American culture was deeply shaken by slavery. I also wish to discuss what African’s had to experience and want to see what they felt their role in society was. McQueen, Steve, et al. 12 Years a Slave. Twentieth Century-Fox Film Corporation, 2013. The film 12 Years a Slave directed by Steve McQueen focuses on a free black man from the North who gets taken back to the South to become a slave. As the movie unfolds Solomon Northup, the man abducted, must experience pain and cruelty from the master of the plantation and learn to survive as a slave of the South. However, after his twelfth year of slavery, the man meets an abolitionist and hisShow MoreRelatedLincoln Speech Analysis1038 Words   |  5 PagesThe persuasion scenario our group choose to observe is the events that happen in United States of America in 19th century. It’s the President Abraham Lincoln famous Gettysburg address. One of the main points for Lincoln when he giving this speech is to persuade both union and confederate (two different sides during the civil war) citizens to come join together to create the new equal and justice United States. This persuasion speech made me known why many people saw him as the great man. He did notRead MoreEssay on The Battle of Gettysburg1316 Words   |  6 PagesThe Battle of Gettysburg General William T. Sherman put it best when he said War is Hell( Foote 1 ). The Civil War was the largest war fought on American soil. Over a million lives were lost and millions more were affected. Billions of dollars were spent by the United States and billions were spent by the Confederate States to fund this war. Three days were spent in the month of July of 1863 in pure hell. The largest battle of the Civil War was fought near a small town in Pennsylvania.

Tuesday, December 10, 2019

Financial Performance of National Bank of Ethiopia free essay sample

In recent years, the importance of measuring MFI performance has been growing. An important aspect of this trend has been the increasing use of financial indicators that measures MFIs’ performance. However, it is hard to know the true picture of institutions with out the necessary adjustments. Hence, financial statements of NBE WSACA are adjusted for subsidy, loss provision and inflation to know its true picture. Accordingly, financial performance of the institution is analyzed based on PEARLS monitoring systems and MFI performance indicators (ROA, ROE, OSS, FSS and SDI), in which the overall performance was good. However, unadjusted ratios were misleading. 6 1. Introduction NBE WSACA has been in operation since 1985. It has been paying dividends to its members at the end of every year, after putting aside the reserve requirement and other deductibles. From the outset, the association was established with full financial and technical support from National Bank of Ethiopia and the various supports of the bank continue to date. However, these subsidies have never been considered in preparing the financial statements of the association so that it has not been possible to tell about the true performance of the association. This paper, therefore tries to see the real financial achievements of NBE WSACA in 2004, 2005 2006 and 2007 by including the various subsidies it was receiving, loan loss provision and the effect of inflation. Adjusted and non-adjusted financial performances of year 2005, 2006 and 2007 are also analyzed using PEARLS monitoring tool of WOCCU and selected MFI performance indicators. The results are also compared against each other and peer group result of sub Saharan Africa as well as benchmark of 30 credit unions operating around the world. The appropriate interest rate on loan is also suggested as per the indication of SDI. 1. 1 Background Ethiopia is one on the sub-Saharan African countries with a population of about 73 million. More than 85% of the population lives in rural area and agriculture remains the main stay of the economy. The Government applies agriculture lead development as growth strategy. Agriculture contributes 44% of GDP followed by Service and Industry with a share of 46. 3% and 11. 7% respectively. Table 1- Selected Macroeconomic and social indicators of Ethiopia 2005 Population (2005)* Population growth GNI per capita $ (2005)* GDP $ (2006) GDP growth, annual (2005) 75. 17 2. 8% 150 11 billion 11. 6% 2006 2007 7 2005 General Inflation, annual (2005) 8. 8537 2006 8. 9666 2007 9. 3192 Source: National Bank of Ethiopia Annual report (2006/2007) (*) World Bank Group Data and Statistics (accessed on 18/08/08) 1. 2 Financial sector in Ethiopia Traditional financial system in Ethiopia has long history and paramount contribution to economic betterment and social wellbeing of the society. Traditional institutions organized with a sense of cooperation and risk sharing has enabled Ethiopians to experience saving and financial management within its cultural context. Eqqub1 and Edir2 are some of the informal financial institutions that shaped the social bond and interaction. Formal financial institution started as early as 1905 with the formation of Bank of Abyssinia. However, the growth in number and capacity has been limited so that the service has not reached to the majority of the people. Currently, ten commercial banks, nine insurance companies and one development bank are operating in the market. All are owned by Ethiopian nationals. The banking sector was swinging from nationalization in 1977 to liberalization in 1992, which may contribute to its limitation in providing better services in terms of outreach and products. Their focus on big urban areas and the stringent lending policy they have been following have made there service inaccessible to the common citizens. As an alternative finance source, some enlighten employees started to form saving and credit cooperatives taking their working place as a common bond, based on provisions of proclamation No. 241/58. As of June 30, 2006, about 5437 SACCOs were providing financial services to their members. On the other hand, various NGOs (humanitarian organizations) were providing microcredit services as a complementary to their humanitarian and developmental activities. Although some of the NGOs had tried to provide the services through formation of SACCOs by providing revolving fund to organized groups, it had not been sustainable due to its loose 1 Eqqub is a form of rotation savings association in which e regular payment of weekly or monthly are made for the benefit of a large sum at some point in time. 2 Iddir is an informal financial and social institution of a community that serves as insurance when members face emergency situation. 8 foundation. The life of financial services was limited to the life of projects in particular areas. Absence of institutional framework and related legal problems compounded with clients’ lack of knowledge and attitude towards NGOs (loans were considered as donation) had affected loan repayment, in which outreach and sustainability of the service was not possible. In order to address these problems and bring the activities of micro financing within Ethiopia’s monetary and financial policies, Licensing and Supervision of Microfinance Institution, Proclamation No. 40/1996 was issued. The proclamation strongly prohibited provision of financial services without a license from the central bank. Following this, National Bank of Ethiopia has issued various directives as per the power vested in it by the proclamation. Accordingly, most of the NGOs that were providing credit services plus new government sponsored organizations came into the legal system by including nominal shareholders in their ownership structure. Since the enactment of the proclamation, 28 MFIs have registered to operate as a commercial financial institution as it is clearly stated in the proclamation and subsequent directives. Out of the 28, 7 are government owned MFIs established to assist its development strategy. However, they have been practically operating on a double bottom line approach. As of June 30, 2007, the sector has registered a total asset, total deposit and total capital of USD 0. 3 billion, USD 88. 3 million and total capital of USD 93. 6 million, serving total clients of 1. 5 million. 1. 3 Objectives of the study Though licensed MFIs are recent comers to the financial market, Savings and Credit Associations have been in operation for more than three decades. Most of the institutions have been reporting profit and good performance. The financial reports are based on conventional accounting methods that exclude various transactions that affect the quality of the report. Because conventional accounting usually reports the actual costs, not opportunity costs that reflect the real economic cost to society. Government and donor supports come in the form of tax exemptions, indirect government subsidies, in the form of direct financing, via budget subsidies, grants for specific purposes, and contracts to perform certain work and exchange rate fluctuation, inflation, non-performing loans and deposit requirements are the main factors that could affect the quality of financial reporting. Hence, the objective of this paper is to measure the financial performance of NBE WSCA, by including items that have not been captured by conventional accounting practice and then to: 1. Identify the degree of its dependence on subsidy and how much the society cost in supporting the institutions, if any, 2. Forward useful recommendations for its future prospect, 3. Give some light to microfinance sector in Ethiopia on relatively real performance evaluation method. 4. Recommendations related to future improvements in financial reporting if warranted Comparison to peer group of Africa’s Microfinance institutions will also be made to understand better its level of performance. It is proper to note here that the above Factors that affect the quality of the financial reports would be treated if their influence were believed to be significant and reliable information is secured for the adjustment. 1. 4 Methodology In assessing the performance of the selected institution, mainly, secondary data from reliable sources (audited financial statements) are used. The researcher will also try to complete data insufficiency and information gaps through questionnaire, interview and personal discussions. Though performance measurement tools in the sector are usually debatable, the researcher prefers to use adjusted return on asset (AROA), adjusted return on equity (AROE), financial self-sufficiency (FSS) and subsidy dependence index (SDI). In recognition of SACCOs unique feature, PEARLs monitoring tool is also used to evaluate its financial performance. The results will be compared with the peer benchmark result of the micro banking Bulletin of the MIX. 1. 5 Organization of the paper The paper is organized in six parts. In the first part, brief review of the financial sector in Ethiopia will be made. This part also contains objective of the study and the methodology. The second part deals with literature review on performance measures in microfinance with 10 especial emphasis to FSS, OSS, ROA, ROE, SDI and PEARLs monitoring systems. The third part focuses on SACCOs in Ethiopia and its legal framework. The fourth part gives incite on background of NBE WSACA and its services to members. Part 5 deals about NBE WSACA financial performance with and without consideration to the necessary adjustments as well as comparison to Africa benchmark of MBB. Part 6 gives conclusion based on the finding and forwards recommendations. 11 2. Literature Review 2. 1 Microfinance performance Evaluation Microfinance has attracted a number of attentions around the world and many countries and donors have been using it as a tool of poverty alleviation and development strategy. Microfinance has played significant role in embracing large world population who was forgotten and excluded by the formal financial institutions. It has been serving as a litmus paper to banks to show that it is feasible to do business with the poor. It has also put the poor at a higher moral ground by witnessing that the poor are trustworthy and have ideas, visions, talent and capacity to achieve them, if they are given the chance. Nowadays, many actors in the microfinance sector see finance as an effective tool, which can be used to help humanity and society develop. Significant numbers of people around the world have able to generate income and accumulate savings as their capacity allows them to do due to the availability of financial services. â€Å"Microfinance is much more than simply an income generation tool. By directly empowering poor people, particularly women, it has become one of the key driving mechanisms towards meeting the millennium Development Goals/MGD/, specifically the overarching target of halving extreme poverty and hunger by 2015. 3 In their effort to achieve what is expected of them from various stakeholders, microfinance institutions are required to achieve two major performances, social performance and financial performance. The former is the one, which characterizes microfinance institutions, and it includes outreach to the poor and the excluded, adaption of services and products to the target clients, improvement of clients’ social capital and social responsibility of MFIs. Financial performance on the other han d, deals on economic situations such as portfolio quality, efficiency and productivity, financial management and profitability. Nevertheless, unlike commercial banking with its Basle standards, the microfinance industry does not have widely agreed performance standards. â€Å"Recent years have seen a 3 Mark Malloch Brown, Administrator of the United Nations Development Program/UNDP/ 12 growing push for transparency in microfinance. An important aspect of this trend has been the increasing use of financial and institutional indicators to measure the risk and performance microfinance institutions. However, it is hard to achieve transparency if there is no agreement on how indicators measuring financial condition, risk and performance should be named and calculated. †4 Hence, Microrate, Inter-American Development Bank (IBD), the Consultative group to assist the poorest (CGAP), the united states Agency for International Development (USAID), MCRIL and planet Rating agree on the names and definitions of a set of commonly used indicators. Accordingly, the â€Å"Roundtable group† agreed on performance measures such as portfolio quality, efficiency and productivity, financial management and profitability. SEEP network has also developed MFIs performance measure and reporting guidelines. 2. 2 PEARLS Monitoring System World Council of Credit Unions/WOCCU has also developed its own performance measures for SACCOs. Since 1990, the world council of credit unions, Inc. has been using a set of financial rations known as PEARLS, which each letter of the word PEARLS measures key areas of Credit unions operations. Protection, Effective financial structure, Asset quality, Rate of return and cost, Liquidity and Sign of growth. PEARLS ratios are set to serve as executive management tool for standardize evaluation, comparative ranking and tool of supervisory control. (David C. Richardson, 2002). WOCCU has set the following targets for the main ratios in PEARLS: Protection- protection against loan loss is deemed adequate if a credit union has sufficient provision to cover 100% of all loans delinquent for more than 12 months, and 35% of all loans delinquent for 1-12 months. The system evaluates the a dequacy of the protection by comparing the allowance for loan losses to loan delinquency. Microrate inter-American Development Bank Sustainable Development Department Micro, Small and Medium Enterprise Division, performance indicator for MFIs, Technical guide 2 nd edition, Washington D:C, 2002 5 David C. Richardson (2002), PEARLS monitoring system, World Council of Credit unions, WCCU toolkit series number 4 13 Effective financial structure- 95% of the productive asset should composed of 70-80% loan and 10-20% liquid investment. The remaining 5% is unproductive assets composed of land, buildings and equipments). On the ther hand, 70-80% of Credit union liability should be composed of members’ savings to achieve financial independence. In order to finance non-performing assets, improve earnings and absorb losses, members share capital and institutional capital should be greater or equal to 20% and to 10% of total asset respectively. Asset Quality-keeping delinquency rate belo w 5%, maintaining non-earning asset a maximum of 5% and financing the non-earning asset with institutional capital are set to be measure of asset quality for credit unions. Rate of return and costs- operating expense to total assets ratio is set to be less than 10% and other return and costs to be greater or equal to market rate. However, administrative cost should not be greater than 5% of the average total assets. Liquidity- the liquidity indicators show whether the credit union is effectively measuring its cash so that it can meet deposit withdrawals requests and liquidity reserve requirements. This is a measure of savings deposits invested in National Associations or Commercial banks, the minimum amount set to be 15%. In addition, the idle liquid fund should as much as possible closer to zero. Liquidity reserve to savings deposit is also set at 10%. Signs of growth- growth in Credit unions are measured in areas of total assets, loans, savings deposits, shares and institutional capital linked with profitability. The desired goal in this respect is growth, after subtracting inflation of the year. Nevertheless, the key performance and self-sustainability ratios published by the microfinance industry are deceiving if not adjusted to reflect subsidies. This is mainly because many items that significantly affect measuring real self-sufficiency are excluded by conventional accounting practices, which need to be adjusted. 14 2. 3 Adjustments Financial analysts often calculate a number of adjustments based on their purpose of analysis. In general, the following four groups of adjustments are commonly used but there is no precise standard calculation method so that any kind of adjustment should describe the calculation method used (Microfinance consensus guidelines, 2003). 1. Subsidy Adjustments- subsidy adjustment serves two purposes, first, MFIs vary widely for subsidy they receive. Some MFIs get no subsidy at all. Thus, adjustment that offset subsidy will allow for a more meaningful comparison of performance among MFIs with different amounts of subsidy. Second, the industry has accepted that, in the long term, MFIs should be able to operate without subsidy, relying instead on commercial sources and private investment or market rate. 6 There are two types of subsidy adjustments, subsidized cost of fund adjustment and in kind subsidy adjustment. Subsidized cost of funds adjustment looks at the difference between an MFI’s actual financial expenses and the financial expense it would pay if all of its liabilities were priced at market rates. One common way of doing this is to multiply the MFI’s average funding liability by some shadow price-a market interest rate and then subtract the actual financial expense. The difference is the amount of adjustment and is treated as an expense. No single shadow rate is appropriate in all circumstances. Many analysts use as a shadow the rate that local banks are paying on 90-day time deposits (International accounting standards 2002 in CGAP Microfinance consensus guidelines, 2003). In-kind subsidy adjustment on the other hand is provision of goods and services at no cost or below market cost. The usual in-kind subsidies could be office furniture and equipments, consultancy services, free office space and free staff. The adjustment in this case is the difference between what an MFI pays for the goods and services and what it would have to pay for the same goods and services at market rate. CGAP, Microfinace Consensus Guidelines, definition of selected financial rations and adjustments for Microfinance, third edition, September, 2003 15 2. Inflation Adjustment- The value of fixed assets tracks with the rises in price levels. Their real value increases along the lines of inflationary pressures. As such, the value of the fixed assets rises with inflation. Analysts make two adjustments f or inflation to account for this rise: one to total equity and one to fixed assets. Equity is adjusted downwards with inflation; and fixed assets adjusted upwards. In reporting this separate adjustment for fixed assets, the institution must create two counterbalancing entries, one on the income statement and one on the balance sheet. On the income statement, inflation increases the value of fixed assets, recorded as revenue from a revaluation adjustment. On the balance sheet, this adjustment increases the balance of the fixed assets account. The rational behind the inflation adjustment is that an MFI should preserve, at a minimum, the value of its equity against erosion due to inflation. Inflation produces a loss in the real value (purchasing power) of equity. The inflation adjustment recognizes and quantifies that loss. 7 In order to adjust for inflation, subtract net fixed assets from equity and multiply the difference with the period inflation rate. Year to year inflation adjustments create an expense in the income statement and a reserve in the balance sheet equity account, which is cumulative retained earnings consumed by the effects of inflation. 3. Adjustments for non-performing Loans- MFIs’ differ widely in their treatment of loan loss provision expense and write of policies, which can have a large impact on how sound its financial results appear. Hence, three portfolio adjustments have to be made to generate true financial statement. The three main adjustments are: Loan loss allowance and provision expense, write off and reversal of interest accrual on delinquent loans (CGAP, microfinance consensus guide lines, 2003). The MIX makes provision of 50%, 100% and 50% for loans with payments that are late between 90 and 180 days, for loans late for more than 180 days and renegotiated loans respectively. Loan loss allowance and provision expense increases loan loss allowance in the balance heet and provision expense in the income statement. Write off adjustment reduces gross loan portfolio and loan loss allowance with out 7 CGAP, Microfinace Consensus Guidelines, definition of selected financial rations and adjustments for Microfinance, third edition, September, 2003 16 affecting other accounts in the income statement or balance sheet. Reversal of interest income accrued on non-performing loans reduces interest income net profit and equity with the same amount. 4. Foreign exchange adjustments- this is an adjustment related to MFIs, which have assets and liabilities denominated in foreign currency, but handle their accounting in local currency. The change in exchange rate between the two currencies put an institution in gain or loss position. However, there is no agreement how to recognize the gain or loss. 2. 4 Key performance indicators in Microfinance Performance measure in microfinance has been a point of concern due to their double bottom line operation and their reliance on external source of fund in the form of subsidy. Hence, traditional accounting performance measures that have been used for purely commercial undertaking may give unrealistic picture for MFIs that benefit from any kind of subsidy. The failure of the return on asset (ROA) and return on equity (ROE) in measuring the performance of MFIs is due to their reliance on accounting practices that ignore the subsidies received by MFIs, in which without properly reporting and evaluating the subsidies involved, no adequate cost benefit analysis or cost effectiveness analysis of the MFI can be carried out. Basic financial statement indicators, such as net income, hints about an institution’s level of profitability without taking into consideration whether the income is donated or earned, whether loans received by the institution are priced competitively or subsidized , or whether the institution gets in-kind support. A truly accurate assessment of an institution’s sustainability based on adjusted data can help to anticipate the future, when external support may end (CGAP, MIS for MFIs, a handbook, Technical tool series no. 1). 17 The MFI industry, as represented by MIX, correctly recognizes the failure of traditional accounting ratios to measure the performance of MFIs. Accordingly, the ROA and ROE ratios are adjusted in an attempt to account for subsidies commonly received. 8 Accordingly, the mix developed three key ratios: adjusted return on asset (AROA), adjusted return on equity (AROE) and financial self-sufficiency (FSS). 2. 4. 1 Adjusted return on asset (AROA) and adjusted return on Equity (AROE) The prime objective of any commercial activity is to maximize shareholders benefit through maximizing profit. The process by which the profitability of the shareholders can be measured is through determination of retune on equity. Return on asset is an overall measure of profitability that reflects both the profit margin and the efficiency of institutions. It gives an indication how efficient institutions are in utilizing their assets. ROE makes little sense for comparing microfinance institutions, which have widely divergent liability and equity structures. Many have large equity base built up through donor funds; others have little equity and are funded through soft loans. Hence, return on asset is more appropriate to measure MFIs performance (CGAP, MIS handbook, 1998). However, using such traditional indicators to measure performance of MFIs is inadequate because of this ratios failure to reflect the tremendous impact of subsidies received by MFIs (Yaron, 1992a). Therefore, ROA and ROE are adjusted for subsides received, inflation, loan loss provision and exchange rate difference. Adjusted return on asset is determined as adjusted net operating income net of taxes divided by adjusted average total asset. AROA = Adjusted net operating income-tax Adjusted average total Asset. 8 Ronny Manos and Jacob Yaron (2007), what is wrong with â€Å"adjusted† accounting ratios that are commonly used by MF industry to measure financial performance, school of business, college of management. 18 Adjusted return on equity could also be determined as adjusted operating income net of tax divided by average adjusted total equity. AROE= Adjusted net operating income-tax Adjusted average total Equity 2. 4. Operational self sufficiency (OSS) and financial self sustainability (FSS) According to definition of CGAP MF consensuses guidelines, OSS measures how well an MFI covers its cost through operating revenue. In addition to operating expense, it is recommended that financial expense and loan-loss provision expense to be included in this calculation, as they are a normal (and significant) cost of operating. FSS on the other hand measures how well an MFI covers its costs, taking into account a number o f adjustments to operating revenue and expenses, which is the level of self-sufficiency. The purpose of most of these adjustments is to model how well the MFI could cover its costs if its operations were unsubsidized and it were funding its expansion with commercial-cost liabilities (CGAP MF consensus guidelines, 2003) The FSS measure is the prime sustainability performance indicator provided by the MIX, and is the basis for further calculating the AROE and AROA-the subsidyadjusted profitability ratios. Yaron and Manos (2007) on the other hand, argue that the FSS is an inaccurate measure of financial sustainability and that it causes to distortion due to the following reasons: 1. When measuring the subsidy attributed co concessionary funds, the FSS methodology ignores the administrative cost of mobilizing and servicing deposits, (when financial cost of deposits serves as the shadow price-the practice of MBB) 2. The FSS measure treats equity as a cost free item except erosion of net monetary asset due to inflation, 19 3. FSS does not consider exemption of institutions from reserve requirements, which underestimates subsidy received, 4. The FSS methodology does not distinguish between an MFI that generates income from lending to target clients and MFI that uses subsidies received to generate its income from others sources. 2. 5 Subsidy dependence index (SDI) The subsidy dependence index (SDI) asses and quantifies subsidy dependence. Its assessment and calculation requires the application of a certain procedure as well as judgment. The consistence application of these procedures and judgments from period to period is more important than the absolute accuracy of the figures included in the SDI computation. The SDI is the ratio that measures the percentage increase in the average onlending interest rate required to compensate an MFI for the elimination of subsidies in a given year while keeping its return on equity equal to the approximate non-concessional borrowing cost. 9 Subsidy Dependence index (SDI) is calculated as the annual subsidy received by the MFI divided by the income earned by the MFI on its average loan portfolio. It is normally derived in to two stages. First, the annual subsidy received by the MFI is divided by the average annual loan portfolio. Then, the total annual subsidy received by the MFI is divided by the MFI is divided by the interest and fee income earned on the MFI’s loan portfolio. The amount of the annual subsidy received by the MFI is stated as: S=A(m-c) + [(E x m)-p]+K Where: S Annual subsidy received by the MFI A – MFI concessionary borrowed funds outstanding (annual average) M – The assumed interest rate that the MFI would have to pay for borrowed funds if access to concessionary borrowing was eliminated 9 Jacob Yaron (1992), Assessing Development Finance Institutions a Public Interest Analysis, a World Bank Discussion paper 174 0 E – Average annual equity P – Reported annual profit before tax (adjusted, when necessary, for loan loss provisions, inflation, and so on) K – The sum of all other annual subsidies received by the MFI. Then SDI is defined as: SDI= S___ LP x i Where: SDI – Subsidy dependence Index S –Annual subsidy received by the MFI LP †“Average outstanding loan portfolio I –weighted average interest rate on loan portfolio of the MFI As it is stated above as a sensitivity analysis, an MFI has to increase its interest rate on loan in order to avoid subsidy. However, this is not the only means to avoid subsidy or minimize it. Improving loan collection rate, minimizing administrative costs play significant role in driving an institution towards self-sustainability. Striving to achieve self-sustainability and completely remove all subsidies is not always or necessarily politically feasible or economically desirable. However, calculating the SDI measure is still important for three basic reasons10 a. The SDI may be used as a tool to measure dependency and recommend improvement or justify its continuation, b. Measuring the subsidies received by the MFI is always economically or politically desirable as it would improve resource allocation, c. Computing and disclosing SDI provide basic information on the public debate on the use of scarce public funds. 10 Jacob Yaron and Ronny Manos (2007), Determining the self sufficiency of Microfinance institutions, savings and development No. 2 21 2. 6 Benchmarking In the field of microfinance, an agreed upon set of ratios to measure performance has developed. Accurate data, adjusted along common lines, are a pre-requisite for benchmarking. When comparing its own performance against industry benchmarks, an MFI can identify performance variance and highlight the key factors that influence performance. For managers and board members, such system provides a sign post for identifying institutional strength and weaknesses. It also influences the decision of donors and investors. MFIs with different characteristics have been operating around the glob. MFIs differ in their age, charter, depth of intermediation, lending methodology, scale of operation, operating region, target market and outreach, which makes comparison difficult. The way out for such problem is using Peer group performance as a benchmark. In this regard, Microbanking bulletin of the MIX has been preparing simple peer group benchmarks (bases on single characteristics) and compound peer group benchmarks (complex set of variables). 22 3. SACCOs in Ethiopia 3. 1 Legal framework of SACCOs in Ethiopia Savings and credit cooperatives in particular and cooperatives in general have passed through various changes due to continuous political changes in the country. Every new government came to the country was interested to promote cooperatives in its own way with no deep analysis on strong and weak points. The main reason for such radical change was believed to be that government change in the country has never been made in peaceful way. Hence, activities of the going government were grossly considered disgraceful so that new governments were interested to start afresh. During the command economy, promotion and registration of cooperatives were given to different ministries. Accordingly, promotion and registration of savings and credit cooperatives were given to National Bank of Ethiopia (central Bank). Issuance of proclamation N. 47/98 by the incumbent government has given the power to respective cooperative promotion offices under different regional offices. The cooperative promotion structure in National Regional states have different names and they way they are structured is not uniform either. In some Regions the office is named as Cooperative Agency (Ormia, SNNNP. ), in Addis as cooperative Promotion and regulation Department, in Afar, Somalia and Gambella as cooperative bureau. The accountability of the offices also differs from Region to Region. In Oromia, it is organized under Mass organization ( Hezeb aderejajete) which is one sector that reports to the Regional cabinet meetings, in Amhara it is under the Rural and Agricultural development bureau, while in Addis it is under the bureau of trade and industry. In most of these offices including the Federal cooperative Agency, the activities are departmentalized under Promotion, Market, Supervision and Audit, legal services and support activities. Promotion department is again divided into major teams like Agricultural and non-agricultural cooperatives. Promotion of saving and credit cooperatives is undertaken mostly under the non- agricultural cooperative team. The marketing department again can be subdivided into market development, effort, loan follow up (for agricultural input and crop loans). The promotion department is divided into teams based on the type of cooperatives while the marketing is on major marketing and credit activities. 23 (Dagnew Gessese Half a century development of savings and credit cooperatives in Ethiopia, status, challenges and future prospects, April, 2007) The main contributing factor for such mixed and non-standard structure is that the country has been using one proclamation for different nature of cooperatives. This clearly shows that there no clarity on financial services of savings and credit cooperatives. As performance standard measures has not been developed for SACCOs or WOCCUs standard, PEARLS has not been adapted, inspection of SACCOs has been limited to checking for proper record of their transactions to respective accounts. The other manifestation on lack of clarity on financial nature of SACCOs is that in 1996, proclamation No. 0/96, for licensing and regulation of microfinance institutions was issued that has authorized the central bank to license and regulate MFIs. Following this, National Bank of Ethiopia has issued 18 directives to regulate and supervise SACCOs.

Tuesday, December 3, 2019

Security in Government and Private Institutions The Aftermath of 9/11 Essay Example

Security in Government and Private Institutions: The Aftermath of 9/11 Essay The world-infamous 9/11 attacks on the World Trade Center and the Pentagon have forever changed the way people look at security measures.   This is not to say that security had been more lenient prior to these attacks, but the fact remains that everybody – especially those occupying sensitive posts in government – has tightened the security measures surrounding them.   The apparent anxiety that the 9/11 attacks have caused is not without basis.Everyday in the world today, we read about kidnappings, killings, and terrorism.   If one reads newspapers and watches television, it would be easy to conclude that there is no safe place for mankind to stay anymore. It is not, therefore, surprising if a huge chunk of the government budget is being eaten by security.   It is a must, considering that government entities, and especially military bases, are prime targets for attacks.Indeed, the United States government has a reason to fear terrorism. After all, it has attacke d its prime military base a few years back. Although, the clear picture of the 9/11 attacks has yet to be publicly acknowledged, one cannot – and should not erase from memory the pulverized buildings of the Twin Towers, together with the dead bodies littered all over Ground Zero.Following the 9/11 attacks, the Bush administration scrambled to announce to the world that it is waging war against terrorists. It went on to attack Iraq and Afghanistan, countries suspected of coddling terrorists. Iraq was attacked primarily because of Saddam Hussein who was suspected of concealing nuclear weapons intended for mass destruction. Attacks on Afghanistan followed suit, and this time it is in pursuit of the alleged architect of the 9/11 attacks, Osama Bin Laden who happens to be of Saudi Arabian descent.Consequently, security in government-owned and -controlled buildings has been tightened.   This is not to discount the fact that private institutions are not totally safe.   After al l, when something exploded in the twin towers of the World Trade Center, its proponents did not mark out who was going to be killed and spared. It goes without saying that terrorism knows no discrimination. As long as one is within the trajectory of target, he or she is not safe from harm.It is therefore logical to assume that danger is everywhere. It is a-given, however, that highly-classified government institutions, such as the Pentagon and other U.S. Military bases, are more prone to terrorist attacks and imminent danger than private entities (Miller, 2001).   This paper will then comparatively tackle the issue of the security measures being implemented in both government entities and private companies, especially following the 9/11 attacks.Statement of the ProblemHave the level of security and types of measure increased in public and private institutions after the 9/11 attacks?Data Presentation and AnalysisThe number of literature on terrorism and security naturally shot up a fter the 9/11 attacks. Indeed, the world has changed since September 11, 2001. The Bush administration thinks that America has remained a nation at risk to terrorist attacks and will remain at risk for the foreseeable future. Given all threat conditions, the American people must remain vigilant, prepared, and ready to deter terrorist attacks (whitehouse.gov, 2006).Prior to Iraq’s Hussein’s capture, U.S. intelligence agencies, independent analysts and arms control organizations have already been mapping possible weapons of mass destruction facilities in Iraq.   They have allegedly found evidence that Hussein has rebuilt at least some facilities that were earlier destroyed in military strikes or dismantled by U.N. weapons inspectors. This is presumably one reason why the U.S. government has been itching to seize Hussein and attack Iraq.Although U.S. officials and many private analysts said the satellite images cannot definitively determine what activities are going on inside Iraqi facilities, this has not stopped the government from attacking Hussein’s country.Inevitably, this reaction by the U.S. government has caused massive criticism worldwide.   Nonetheless, Hussein was captured, Iraq was bombed, and the Bush Administration finally conceded that, indeed, the claim that Iraq was keeping weapons for mass destruction was a false alarm. America’s habit of championing the freedom of the world has brought many enemies to its shore.   From among its citizens themselves, enemies have been formed. It then left American society more vulnerable to security risks. The terrorists of late 2001 took advantage of the weaknesses of U.S. security—its international borders, its immigration policies and its financial management systems (csa.com, 2005).But terrorism is not the only threat to the American people.   The other issue threats are espionage, proliferation, economic espionage, targeting the national information infrastructure, targeting the U.S. government, perception management, and foreign intelligence activities (fbi.gov, 2006).On the other hand, even private entities have become vulnerable to security risks.   Although terrorism may not rank high among the threats, the advent of technology has brought even private companies closer to danger.In the case of private companies, the biggest threat to their existence comes through cyberspace. Internet usage has brought monumental problems to these institutions that even those who are manning the security of private companies are already alert on terrorist activities that may be forward through cyberspace. In other words, the threats to American security have been getting more perilous.Recent historical events have left America in pain. As discussed earlier, the Federal Bureau of Investigation (FBI) identified several issue threats prevalent in American society today.Terrorism is foreign power-sponsored or foreign power-coordinated activities that: involv e violent acts, dangerous to human life, that are a violation of the criminal laws of the United States or of any State, or that would be a criminal violation if committed within the jurisdiction of the United States or any state; appear to be intended to intimidate or coerce a civilian population; to influence the policy of a government by intimidation or coercion; or   to affect the conduct of a government by assassination or kidnapping; and occur totally outside the United States or transcend national boundaries in terms of the means by which they are accomplished, the persons they appear intended to coerce or intimidate, or the locale in which their perpetrators operate or seek asylum (fbi.gov,2006).Espionage concerns foreign power-sponsored or foreign power-coordinated intelligence activity directed at the U.S. government or U.S. corporations, establishments, or persons, which involves the identification, targeting and collection of U.S. National defense information (fbi.gov, 2006).On the other hand, proliferation consists of foreign power-sponsored or foreign power-coordinated intelligence activity directed at the U.S. government or U.S. corporations, establishments or persons, which involves: the proliferation of weapons of mass destruction to include chemical, biological, or nuclear weapons, and delivery systems of those weapons of mass destruction; or the proliferation of advanced conventional weapons (fbi.gov,2006).According to the FBI, one of the most prevalent security risks in the private sector concerns economic espionage.   This is actually about foreign power-sponsored or foreign power-coordinated intelligence activity directed at†¦U.S. corporations, establishments, or persons, which involves:   the unlawful or clandestine targeting or acquisition of sensitive financial, trade or economic policy information, proprietary economic information, or critical technologies; or the unlawful or clandestine targeting or influencing of sensitiv e economic policy decisions (fbi.gov, 2006).There is also what analysts call perception management, which involves a foreign power-sponsored or foreign power-coordinated intelligence activity directed at†¦U.S. corporations, establishments, or persons, which involves manipulating information, communicating false information, or propagating deceptive information and communications designed to distort the perception of the public regarding†¦economic strategies (fbi.gov,2006).Alternatively, the targeting of the national information infrastructure concerns foreign power-sponsored or foreign power-coordinated intelligence activity directed at the U.S. Government or U.S. Corporations, establishments, or persons, which involves the targeting of facilities, personnel, information, or computer, cable, satellite, or telecommunications systems which are associated with the national information infrastructure(fbi.gov, 2006).Then there’s targeting of the U.S. government by foreig n power-sponsored or foreign power-coordinated intelligence activity directed at the U.S. government or U.S. corporations, establishments, or persons, which involves the targeting of government programs, information, or facilities or the targeting or personnel of the U.S. intelligence community, U.S. foreign affairs or economic affairs community, or the U.S. defense establishment and related activities of national preparedness (fbi.gov, 2006).Finally, foreign intelligence activities concerns foreign power-sponsored or foreign power-coordinated intelligence activity conducted in the U.S. or directed against the government, or U.S. corporations, establishments, or persons, that is not described by or included in the other issue threats (fbi.gov, 2006).Consequently, virtually all public and private sector entities need updated threat assessments and a plan to mitigate threat and further reduce their risks. Today, many of America’s businesses with critical infrastructures and ass ets are taking a proactive approach to security by developing and maintaining a comprehensive security and crisis program.Admittedly, however, many private companies are still inadequately prepared to counter risks. Too little attention is paid to security; too few resources are devoted to it. According to the director of the Institute for Security Technology Studies (ISTS) at Dartmouth College, Michael Vatis, security everywhere has beefed up since the 9/11 attacks â€Å"†¦more companies have taken needed steps but we’re not close to where we need to be. It’s just not where we must beCertainly, there’s more attention to the issue than two, three, four years ago. The specter of threats is growing. There are more attacks. The sophistication of those attacks is growing. There are terrorist groups to deal with. Foreign nation states are using cyber technologies.† (Gaudin, 2002)Targets usually hit by cyber attacks are critical infrastructures. This is be cause that’s where the impact would be the broadest and most severe, and this applied even to U.S. government facilities offshore.Take for example a U.S. Military Base in Iraq.   According to some officials, the military has completed a review of base security throughout Iraq in wake of insurgency attacks on facilities that included both Iraqi and U.S. troops. New regulations have been put in place and this meant increase in the screening of visitors and limit access to Iraqis who train or work in military bases (worldtribune.com).Big targets also include banks and other financial houses because of their impact on the economy. Recognizing the urgent challenge of Department for Homeland Defense (DHS), many private companies have also devoted their efforts to ongoing research. In fact, the Science and Technology Directorate of the DHS itself is continuing to transfer cutting-edge technological resources to federal, state, and local officials in order to strengthen the capabil ities of protecting the homeland. In the future, science and technology will serve as intelligent tools for national security (Rothman, 2003).Indeed, this is not the time for the United States of America to be lax as far as security is concerned. Now, risks are not only critical among government entities.   Even private companies have become susceptible to threats and since they are the most unprepared, they are most likely to be targets when attacks are deployed.ConclusionAnyone can be vulnerable to terrorist attacks or other security threats.Intelligence services of nations who view themselves as rivals seek out classified U.S. government information. Moreover, the secrets of the American economy have also become attractive targets of intelligence services.   This is primarily because the cost of economic espionage is cheaper than research and development. Intelligence services, utilizing the cyberspace, are extremely sophisticated and have become extensive resources to carry out operations.However, once a nation or corporation believes its secrets have been compromised, it makes changes to minimize damage; therefore, intelligence services conceal their operations to maximize their efforts. This is what has been happening in America since the 9/11 attacks. It is therefore normal that the government has done its best to reduce risk vulnerabilities.   However, it must be highly noted that American citizens, corporations or institutions with access to restricted information can be a target of an intelligence service. After all, they are potential targets of a terrorist attack anywhere in the world.In the end, it is safe to conclude that security measures in American institutions – both government and privately owned – have been finely tuned, especially after the destructive 9/11 attacks. However, there is still so much to be done to eliminate more danger and threats, and this is where the government is currently concentrating their efforts o n.   Even private companies are already investing huge sums to upgrade their security procedures.   The fact is, the threat to security is continuing and everybody must exert extra effort in helping minimize, if not curb, it.

Wednesday, November 27, 2019

Depression And Women Essays - Depression, Psychiatric Diagnosis

Depression And Women Around the world, depression occurs more frequently among women than among men. The female-male ratio ranges from 2:1 to 3:1 in most industrialized countries (Nolen-Hoeksema, 1999). Women are 2-3 times more likely than men to suffer from depression(Encarta Encyclopedia, 2001). Why do women feel blue more often than men? Three explanations of the sex difference in depression for a potential hypothesis are the following: (1) Women are more willing to seek help and, therefore, are more likely to be categorized as having depression. (2) Biological differences may exist between females and males that predispose females to become more depressed than males. (3) Psychological factors-different rearing environments, different social roles, and less favorable economic and achievement opportunities, for example-may produce greater depression in women than in men. From my research and knowledge in this subject, I would say that biological differences are the main reason for the frequent cause of depression in women. The first potential hypothesis may be true, but about 1/3 of women suffering from depression do not even get help. Often they do not recognize the symptoms for depression. For example they may be experiencing headaches, fatigue, and sleeping problems, but do not realize that those are symptoms of depression. Although there may be psychological differences between men and women, I feel that women are more sensitive in terms of physiology. First, because of differences between the X and Y chromosome, male and female brains are exposed to different hormonal surroundings in utero. These hormonal differences may affect brain development so that men and women have different vulnerabilities and different physiological reactions to environmental stressors later in life. Second, the fact that post pubertal men and women have different levels of circulating gonadal steroids might somehow put women at higher risk for depression. Research studies shows that girls become more susceptible to depression than boys only after puberty, when they begin menstruating and experiencing hormonal fluxes. Estrogen might set the stage for depression indirectly by priming the bodys stress response. Evidence is emerging that estrogen might not only increase Cortisol (hormone that increases the activity of the bodys metabolic and immune system, among others) secretion but also decrease Cortisols ability to shut down its own secretion. The result might be a stress response that is not only more pronounced, but also longer-lasting in women than in men. It is unclear whether depression is a cause or consequence of elevated Cortisol levels, but the two are undoubtedly related. Over the past few decades, a number of studies have shown that Cortisol levels are elevated in about half of all severely depressed people, both men and women. So the idea is this: if estrogen raises Cortisol levels after stress or decreases Cortisols ability to shut down its own secretion, then estrogen might render women more prone to depression particularly after a stressful event. Biological and social influences not only coexist but also probably reinforce one another. However, as I stated earlier, biological differences may make women more prone to feel blue. Men and women are unique and our differences will always lie deep in our roots of physiology. I am convinced that this is the nature of womens depression, thus making us vulnerable to stress. Perhaps the current effort to better understand womens depression will be successful and reduce womens pain and suffering from feeling so blue. Psychology Essays

Saturday, November 23, 2019

In a time of political dissent and eventual revolution, our great nation was founded

In a time of political dissent and eventual revolution, our great nation was founded. Our founding fathers experienced first hand what it was like to not have their natural rights as humans recognized. They based this nations foundation and laws on protecting those unalienable rights of man, which are, life, liberty and the pursuit of happiness (Declaration of Independence 1). Here in the United States, the main protector of the unalienable rights of man is the Bill of Rights in the Constitution. Perhaps the most essential amendment to the Bill of Rights is the first amendment which says, Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances (Bill of Rights 1). Even though the First Amendment clearly states these rights, there have been four attempts to m! uddle out parts of the First Amendment by adding an amendment that bans flag desecration. I understand the offense that is created by desecrating the symbol of our country. But adding an amendment to the Constitution that bans flag desecration should not happen because it takes away the peoples right to show their disapproval of the government. Although I approve of the latest failure of the amendment on 29 March 2000 in the senate and will approve of the future dismissals of the amendment, I am not supporting flag desecration; I am simply supporting the right to desecrate the flag. America is the greatest country in the world because of the freedom and rights granted to us in the Bill of Rights. Sir Winston Churchill observed in 1945 the United States is a land of free speech. Nowhere is speech freernot even [in England], where we sedulously cultivate it even in its most repulsive forms (quoted in A Flag Desec...

Thursday, November 21, 2019

Health and Safety Legislation Assignment Example | Topics and Well Written Essays - 2000 words

Health and Safety Legislation - Assignment Example The bottom-line of the regulation actions is that safety is important, and the reduction of accidents is needed to make working conditions favorable. Strategic drivers in health and safety regulation in Britain can be viewed from two perspectives. That is from the business perspective and the regulators perspective. It has to be noted beforehand that the regulating authority in charge of managing health and safety regulation in the Great Britain is the health and safety executive. The role of this organization is to engage all stakeholders in promoting safe and healthy work place environments in Britain. Therefore in discussing the strategic drivers from the regulators perspective, much attention will be focused on the methods and actions taken by health and safety executive and its functions. From the perspective of the businesses, the main strategic drivers to regulation of health and safety are social responsibility, reputation, impact on revenue and the ability of such businesses to comply with the regulation. Each of these drivers is of significant influence to the ability and level of compliance to the regulations that concern health and safety at work. Considering social responsibility as a driver, the argument, in this case, is that the business owes a level of responsibility to the people and community within which it is established. Therefore, it is the responsibility of the business to provide a safe environment both within and without the firm. The community, in this case, does not mean just the surrounding but even the members of the organization. This perspective is similar to the concept of corporate social responsibility. In corporate social responsibility, the businesses moral obligation is to give back to the society that it owes its existence to. The point of divergence of the two cases is that beneficiary of the good gesture from the business. Social responsibility can also be

Wednesday, November 20, 2019

Rrisoners choice in Les Miserables and Crito Essay

Rrisoners choice in Les Miserables and Crito - Essay Example Willing to help the friend and to save the righteous man, Crito tried to persuade him to escape from prison and promised him any possible assistance in his further life. Moreover, Crito as a noble devoted fried was ready to sacrifice his wellbeing for the sake of Socrates’ salvation. In this way, Socrates faced an intricate choice, the choice between life and death, between reputation and salvation. The story of Jean Valjean depicted in the novel seems to be more complicated and rather different, with several turning points offering their dilemmas. The protagonist is a former convict who has carried his burden for nineteen years and was finally released with an overwhelming feeling of disappointment and resentment towards the world and society. The very origin of his story implies the theme of justice and an individual, as Valjean was convicted for the crime he – similar to Robin Hood – committed in order to recover justice and help those who were in need. Having stolen a loaf of bread for his sister’s starving children, the man became a criminal in the eyes of law (created by the strongs, as it has always been) and was punished. Although Valjean bears enormous contempt in his soul after being released, his outlook on life changes as he meets the bishop, and probably this is the factor influencing his further decisions.As he became a wealthy noble man running a factory, holding the post of a mayor and hiding behind the false name, he learns that there is a man facing trial in the neighbor city as Jean Valjean.

Sunday, November 17, 2019

Turtles Hatching Essay Example for Free

Turtles Hatching Essay English Essay In the poems ‘Turtles Hatching’ and ‘The Pairing Of The Terns’, Mark O’Connor explores the idea of the circle of life and compares nature to human beings to show how much more evolved nature is then humans are and also the experiences that we go through. O’Connor’s use of visual imagery in ‘Turtles Hatching’ not only tells us, but shows us about the life cycle of the turtles. When the baby turtles are trying to get to the water the seagulls and crabs try and catch them so that they can eat them, which leaves only a few that make it to the water. Slipping in, as it left, the shadow, a thousand times larger, of a parent come shoreward to lay; two ends of the earthbound process linked in the uncomprehending meeting of kin’. This quote tells us, that when a baby turtle has hatched and made its way to the water to begin its life in the ocean, a mother turtle has come to shore to lay her eggs. ‘I gathered a living brother, hiked it over the rock-flats, (fighting on in my hand). Through this use of personal pronouns, O’Connor helps us to connect with the environment he is describing. In this way, O’Connor enables the reader to feel for the turtles. In O’Connor’s poem, ‘The Pairing Of The Terns’, he links the terns to humans. ‘Human lovers know it only in dreams, the wild mating flight of the terns’. This quote tells us that human couples can only dream about what the terns feel when they are flying. When the terns fly they stay motionless in half gales then suddenly they plunge down and across the sky, their strong wings beating into thick vortices of the air. As much as humans wish they could feel free like the terns do when they fly, we humans can only dream about it. ‘locked in pairs by invisible steel’. In this quote, O’Connor explains to us that no matter which way the terns move, they will always be together because they are so in sync with each other. Humans can never have the same love that the terns have, and O’Connor hopes to evoke in the reader a feeling of wonder and desire. O’Connor deliberately compares nature to human beings because it shows how different they are and that humans can only dream about what it feels like to be a part of something more evolved. The experiences that humans go through help to change the way they view the life of nature.

Friday, November 15, 2019

International business and cultural diversity

International business and cultural diversity Cultural Diversity in its varying forms, undoubtedly plays a distinct role in the success or failure of interaction in the work place, these often come from impassive behavioural judgements, programmed values or peer understanding (Briley and Aaker, 2006). Diversity can be viewed from a variety of perspectives and effective communication in this respect can be actively moulded to formulate an outcome if an understanding is learned or developed before or during this interaction. This essay then aims to discuss the impacts of cultural diversity in the work environment, with focus on how communication is affected both positively and negatively and the degree to which cultural diversity as an explanation of this is a precursor to successful deliberation. So what is culture? Culture is an inherently difficult idea, arguably without distinct definition. Hall (1959: 52) argues that culture â€Å"is a mold in which we all are cast, and it controls our lives in many unsuspected ways.† Hofstede (1980: 45) maintains that culture is â€Å"the collective programming of the mind, which distinguishes the members of one human group from another.† Trompenaars (1994) views culture as the way that a group of people solved the problems that afflicted their society. The successful solutions were then adopted as being normal behaviour or accepted standards and were gradually incorporated to become a part of acceptable culture. This suggests that culture is capable of change and that change is constant (Olivas-Lujan, Harzing, and McCoy, 2004). The concept of culture incorporates a system of shared meanings or values that can exert a strong influence on the objects, events, and ideas to which people attend and toward which they act and att ribute value (Liu, Furrer, and Sudharshan 2001; Trompenaars 1994; Watkins and Liu 1996). People from different cultures are often expected to choose different groups, messages, and methods to affect communication (Chow, Deng, and Ho 2000; Kale 1991) in business this is often reflected at the initial point of exposure but developed over time. Types of cultural diversity are well documented. In business, the work of Varner (2000) suggests a theory of transactional culture, the idea that diversity is learned or altered depending upon the situation. This theory is justified by Hofstede (1980) who states often the interaction between cultures establishes the idea of professional culture, the idea of a single mutual culture fed by both identities. Gagliardi (1986: 124) claims that a â€Å"common culture strengthens cohesion and improves the ability to communicate,† indeed, in the workplace this ideology is apparent when discussing the ways in which diversity plays a role in business interaction. Positively, evidence suggests the addition of multicultural entities to an organisation provides a varied number of successful responses (Source) indeed with the rise in globalisation; the increase in a multicultural workforce is inevitable both internally and externally. This reason justifies the need to understand, facilitate if not promote cultural recognition throughout the business not just at a managerial but personal level. Depending upon the level of interaction, the methods of communication as highlighted by Beamer, (1995) are based on a learned environment, a training culture that aids in the understanding of both the foreign and native diversity. Cultures are often categorised as a means of predicting behaviour, clarification, and standardization as a means of finding unity. To do this, variations among cultural groups are often discussed in terms of geography, gender, age, and class, as well as other variables. Hofstede (1980) formulates these variations into three distinct classes, organizational, occupational and national, but also promotes the idea of cultural dimensions to illustrate similarities between nations. Each of these higher level classifications contain sub-references to the type of culture such as linear active, multi active or reactive and incorporates layers of culture including national, regional, generation and societal groups. Incorrect understanding of these can lead to difficu lties as the acceptable or expected behaviours. In this respect it is necessary to observe that the nature of communication in the workplace is based on the ability to recognise cultural variation and adapt to the changing situation. Nevertheless diversity in the workplace provides differentiated service range, increased market potential and the possibility of higher efficiency (Poniatowski n.d). It is this benefit to businesses that pushes the need to generate active participation and increased awareness of cultural differences (Structural Integration). Poniatowski, (n.d) discusses approaches to cultural diversity in an organisation and suggests that it can be thought of as, cultural relativism, absolutism or pluralism. These illustrate examples of closed, hierarchical, (Monolithic) or individualistic (pluralistic) based culture differences which and is useful as a base to assess the level of understanding in an organisation. In industry, often the first issue to understanding and a stunt to effective communication is undoubtedly one of several factors. These include, language, environment/technology, social organization, contexting, authority, non- verbal behaviour, and conceptions of time (Victor 1992). At first glance, the initial interaction between cultures formulate an underlying set of psychological challenges (Mak, West- wood, Ishiyama, Barker, 1999; Sanchez, Spector, Cooper, 2000). Not only in a business context, this can often create (performance) anxiety (Stajkovic Luthans, 1998; Wood Bandura, 1989) and perhaps embarrassment (Keltner Buswell, 1997), in front of a critical, evaluative audience from the native culture (Edmondson, 1999). The required/expected behaviour in the foreign setting may also conflict with an individuals deeply ingrained values and beliefs, resulting in psychological distress, expressed in perspiration, nervousness and feelings of helplessness (Leong Ward, 2000; Sanc hez et al., 2000; Ward Searle,1991). Cox (1993) discusses the physical association between appearance, language and perception of identity to others and this dance with personal pressure, individual identification and understanding of others perceptions. This could and sometimes does illustrate communication problems through misunderstanding or something that may not be directly recognised as being culturally linked. It is often in this stage, or the first encounter, that prejudices start and can be illustrated through unpredicted behaviour such as an English person for instance speaking Hebrew in France, to the observer this wouldnt be normal or the perceived norm for a French person, highlighting not only the individual expectations based on explicit variables of appearance etc. but stereotypical views of national culture (Larkey 1996). Language is often seen as a variable to cultural identity and can be viewed as an example of explicit culture or observable reality (Hampden-Turner et al 2002). Beamer (1995) approaches this with the concept of schemata. This describes the idea of pre-existing mental structure that allow someone to make sense of information. With regards to cross cultural schemata this calls for a so-called alignment of thought processes referred to as mutual expectation (Hampden- Turner et al 2002) and is often difficult to achieve. The next step in this is the relation between the language and the tones of the dialect in its portrayal of ideas or concepts. As suggested by Tannen (1998) conversation is a mixture of engagement and a consistent pattern of constants and constraints, this can illustrated by the French or Italians for example, who use language dialogue as tools of elegance. Not only this but the subtle use of body language as an indication of expression. Meanings through language can be interpreted in a variety of ways. In many countries the use of silence can show understanding and appreciation even respect but this can also create misunderstanding not only of expression but intent. Language can also be regarded upon reflection of Maltz and Borkers (1982) work as an example of the gender-as-culture hypothesis, explaining differences in male and female language use and societal roles. They observed that children learn much complex social and communicative behaviour through interactions with same-sex peer groups this is then carried on throughout life. These social contexts not only promote gender-specific language styles and norms, but also reinforce gender-specific cultures, thus justifying personality trait theories such as those proposed by Smith, Dugan Trompenaars (1997) and underpinning the social prejudice work of Aldrich, (1999). More recently, Mulac, Bradac, and Gibbons (2001) observed that although men and women may speak the same language; they speak it differently.(Tannen) Similarly, Jameson (2007) suggests the cultural impact on emotion. â€Å"People have positive, negative, neutral, or ambivalent feelings not only about race but also about other components of cultural identity. For instance, a particular individual may feel positive about her gender, negative about her economic class, neutral about her nationality, and ambivalent about her ethnicity,† (Jameson 2007:25). This justifies the linguistic hurdles that belay intercultural communication even before conversion starts. The understanding then of language as expression and a projection of national character comes hand in hand with listening. As communication is a two way process, the listener or audience must respect the listening patterns and differences in the nature of conversation. It is important to recognise that communication is not simply restricted to verbal interaction. In modern society, the use of technology as management of teams and communication has pr ovided varied challenges in dealing with understanding globally. The increased use of virtual teams on widespread projects means there is a need to both get to grips with the advantages of the technology such as â€Å" frequent, easy, low-cost, around the clock communication and collaboration† (Duarte Snyder 1999: 24) but also to be sensitive to the audience, the levels of formality in an organisation, language and to have awareness of values and beliefs, communication styles, and approaches to decision making, problem solving, and conflict resolution when relying on non- face to face contact. Language and listening are related directly to methods of communication. As well as these, patterns of cross cultural business behaviour tend to stem from deal vs. relationship focus, informal vs. formal, rigid vs. fluid time and emotionally expressive vs. emotionally reserved cultures (Gesteland 2003). Again these interpretations like those of Hofstede (1980) etc. are relatively rigid in their attempts to justify differences, however they are useful in understanding a perspective pattern when dealing with communication. Deal focus cultures refers to task orientation whereby relationship focused are more people orientated. Similarly, those from egalitarian cultures differ with more formal counterparts from hierarchical societies, the perception of time is also fundamental in some cultures separating the lazy from the â€Å"arrogant martinets enslaved by clocks and arbitrary deadlines.† (Gesteland 2003:17). Those who exhibit an emotionally expressive nature communicate differen tly from those who are reserved, this resulting confusion can often be mistook for lack of understanding or effort thus creating a gap in negotiation of interaction management. Interpretation of body language also plays a significant aspect in the portrayal of the type of cultural pattern being displayed by those during interaction. The subtle differences in movements such as the head and eyes of the speaker, in cultures such as those of Spain or Greece is considered a reinforcement of position and a sign of respect, maintaining consistent eye contact for example, whereas in Japanese culture this same movement it is considered improper and rude. This type of behaviour is not uncommon to hierarchical cultures. Expressive features of the body also include the hands, used to emphasise a point. The notion of body language is a critical aspect in understanding the meaning of conversation sometimes not portrayed by the language, especially if the language is not native. Non- Verbal expres sions then like language can effect communication unintentionally. Similarly, cognitive patterns formulate reasoning and approaches to interaction. In this, understanding variations in thought between cultures promotes correct verbal response and action. For instance, in Japanese- United States (U.S) business deals, those thought to be completed by US negotiators can often be re-opened by the Japanese, this can be frustrating for the U.S but a necessary aspect of understanding for the Japanese (McDaniel, 2000). In addition to the levels and methods of interaction, both in the workplace and society, cultural identities are also thought to be associated with the idea of power positions, that some cultural groups have greater power, prestige, and status than others (Ridgeway and Berger, 1986; Nkomo, 1992; Ragins, 1997). In Western society there exists a predetermined cultural norm amongst a variety of groups. Many of these are becoming blurred but have been empirically proven by Alderfer (1987) as a residual cultural standard. This view of status is jointly underpinned by achievement vs. ascription cultures where a position is earned through education; such as a degree from a good school or attributes such as titles at birth. Not only this but also the idea of connections, status can be achieved through who you know ideology. There is much support for the notion that paying attention to differences in power and status is critical for understanding diversity in organisations. In Alderfers (1987) theory of intergroup relations, for example, the distribution of power among cultural identity groups, both inside the organization and in the larger society, is key to how people think, feel, and behave at work. The power distance index given by Hofstede illustrates this gap and underpins Harbermas (1970) study of communicative distortion whereby the hierarchical relationships or norms for interaction in an organisation will limit the extent to which communication is freely given in a global context. There is then a standard norm for communication that transcends the gap of cultural similarity, an underlying base of dos and donts or methods of conducting ones own behaviour during communication. Proponents of status characteristics theory (Ridgeway, 1988; 1991) argue that much of what we think of as the effects of membership in particular identity groups, such as race or sex, are in fact produced by the status value our society ascribes to those groups, so does this effect both our own personal rules for interaction, the rules dictated by the organisation or the expected rules of our culture? It is important to understand that there is a difference between intercultural communication and intercultural business communication. In intercultural business communication, communication can often depend for example on the interaction style. This may change depending upon the context. In this the identity of the person changes depending on the environment. For example, professional, social and cultural identities would alter the style of verbal contact. A social business interaction would be different for some cultures than others. This reflects the work by Spencer- Oatley (2000), which discusses the idea of identity face, where a person can use multiple layers of identities at a given moment (Collier and Thomas 1988; Hecht et al., 1993). Fundamentally, in business communication both strategies, goals, objectives, and practices become an integral part of the communication process and help create a new environment out of the synergy of culture, communication and business. The work of Holtgraves (1997) examines how culture influences whether a person uses direct or indirect communication. He finds that Koreans are more likely to be indirect than are U.S. citizens in intercultural communication. Gudykunst, Matsumoto, and Ting-Toomey (1996) found that individual factors are better predictors of high and low-context communication styles than cultural values of individualism and collectivism. Hosftedes (2001) work on inter cultural interaction highlights the differential value systems of countries, this justifies the notion of communication methods highlighted by Holtgraves. In this, the likelihood of successful interaction is either enhanced or reduced by the value set of a given culture. Based on the ideas of individualism, collectivism, power distance, masculinity, femininity, long term orientation and uncertainty avoidance (Hofstede 2001) it is necessary to alter ones cultural and business environment and create a new context (Bolten, 1999). More than this how ever, there is a need to understand the impact of key organizational concepts such as HR and promotion policies, decision-making, competitive environment, financial/business laws and governmental regulations on the intercultural business communication processes. Participants in interaction must understand the relationship of business and culture in a particular environment to create a common ground to base discussion. In the work place certain predicated knowledge then can be detrimental to business relationships. The prejudices gained through peer interaction, value sets and indeed media interpretation learned or perceived through the process of â€Å"growing up,† all add to this vision of an outcome before any intercultural communication has taken place. It can often seem like a finite game of West vs. East ideology so often if these practices are used in organisations that use a monolithic approach this can have negative effects both economically for the business but make it even harder for employees to respond to change. In modern society there is a need to engage in cultural experimentation. The work by Lovett (1999) and Yan (1997) challenge the conservatism approach by presenting an argument based around the individual rather than culture, highlighting how interaction is formulated from an individual perspective. Simply, cultures dont interact with each other individuals do. This sent iment puts forth the cognitive approach to interaction based both on the value set of the culture, the transactional culture created by the interaction and the contextual understanding of both parties, developing a value hierarchy for interaction. This however isnt simplistic, unlike the linear, sender/receiver models such as those proposed by Limaye and Victor (1991), this could represent in itself a dominant personified role for either representative. Simple stated, communication and interaction between individuals is a product of the moment, the message is given but filtered before understood through these layers of culture as discussed in Lewis (2005 : p 44-45). Leininger (1997) suggests a more appropriate model for solving the issue of cultural understanding in methods of communication. She discusses presenting a relationship between business context and global strategies, the aims of each business; if these are clearly defined by both parties this systemic approach removes the necessity for traditional processional communication. Yet this model fails to reduce the gap between cultures, as highlighted by Fine (1996) perspective models often only gloss over practices but rarely alter the perception or differentials in neither organisation or individual, Walck (1995) agrees that such approaches would eliminate rather than manage diversity. So looking at the differences in cultural standards between two cultures, Fink et al (2007) would suggest that they are, â€Å"not necessarily the consequence of differences in a single cultural dimension (i.e., values). It can be safely assumed that contexts, choices, and decisions made within a society by groups or organizations and interactions among sets of values (combinations of values) can influence the emergence of specific cultural standards. Although these choices are based on values, different modes of behaviour may be relevant within different contexts.† (Fink et al. 2007:47) From a personal perspective, the transition between cultural environments whether through businesses exchanges or geographical movement can be enough to generate an atmosphere of uncertainty, referred to by Lewis (2000) as Culture Shock. Culture shock is a multifaceted experience often felt by people whose opinion of normality is blurred in a foreign country. Whereby societal norms or traditional approaches alter and everything is different to what is expected. From this, one can experience a sudden loss of identity, different in regards to cultural identity, this is based on the individual and perception of ones self irrespective of the base culture. This can be a daunting period, developing in stage transitions, moving first from an initial apprehensive model through crisis and resolution. Despite this movement though, the process if often cyclic and the transition between each and even the return to the host culture can re-ignite this out of body experience (Winkelman 1994). For c ommunication, culture shock can have negative effects with lack of enthusiasm, misunderstanding, and perhaps depression. But the individual needs to understand that despite culture requiring us to think and giving us metaphors, facts and norms it doesnt tell us what to think. Based on this idea, Cohen (1989) argues that identity can be created through community, the idea of symbolic or imagined community in the host culture. This paints a pretty picture, but doesnt solve the underlying problems of ethnomethodology, and people can sometimes fail pray to others definitions of their identity when maintaining extended periods in foreign environments, the idea of cultural Diaspora (Gilroy 1993, Jenkins 1996). Critically for the success of business interaction, it is the ability to recognise ones own programming or the awareness of ones own metaphors for being that lays the foundation for communication. Yet at present even with a degree of understanding, there still remains an interactive gap between cultures. The idea that cultures stick together is prominent from the boardroom to the classroom. As discussed by Echenique et al (2007) the use of social networks can be used to both explain and or reduce this gap, currently a Spectral Segregation Index (SSI) has been used to measure the connectedness of individuals from a variety of backgrounds and makes it possible to compare the segregation between cultures. 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