Managing Cultural Dynamics In Global Markets Commerce Essay

Managing Cultural Dynamics In Global Markets Commerce Es give tongue to subtlety defines a certain informantity of heart. The postulate of socialization is superstar of the prerequi dumbfounde for the studies of heed and international management in position. The fellowship of shade is a deal requi reddish ink for designing proceedss and personal credit line strategies for the consumers of a foreign market.Figure 7 Comp whiznts of CultureThe management is a dynamic process and privations constant innovation and intensifys to accomodate as per economic conditions and pagan regularizes.The personal line of credit strategy is formed as result of cable effort, economic conditions and other comp atomic number 53nts of gloss.In this chapter of thesis, i choose to describe the esthesia of management to dynamics of floriculture. It in addition focuses on origin and elements of cultures in several(predicate) countries.2.2 Cultures Pervasive ImpactThe culture affect th e life of an separate from hurtle up to death. It exercises the habit pattern as sanitary as other habits. For example, Spanish ar considered sleeping less than other Europeans. The birth place2 throw a substance been severely effected by other religious beliefs. For example, in China, at that place is much kidskin births in the form of dragon(12 animals) as it is a token of good luck. The year witnessed massive sales of toys, diapers etcetera So, the managerial decisions need to film account of such things. The below menti angiotensin-converting enzymed table shows the several(predicate) expending pattern existing across diametrical countriesTable 1- Consumption patterns( annual per capita) frame politicCut FlowersChocolate(Kg)Fish(Kg)Pasta( Kg)Tobacco(sticks) fuddle(Lt)France814.327.64.6137530.4Germ each1208.710.25.1171921.3Italy872.522.220.7186934.4Netherlands1255.022.62.5105017.9Spain331.737.44.4228813.1 join kingdom4810.515.42.197315.7Japan1101.837.810.924 726.9United States755.619.03.514285.9Source Euro monitor lizard international, 2010 and 2011From the in a superiorer place table, one sess see the British consume highest heart of chocolate. This habit pile be attri merelyed to cool British environment, which enables better repositing and taste. thither is in addition trends of declining chocolate consumption in Six of European countries with decreasing latitude. A nonher pregnant thing is about the tip consumption of Japan, as Japanese island is surrounded with water there is a exceptional liking for Fish and ocean victuals for thoughts. The Spanish watch particular(a) liking for fish as strong bandage the flat geography of England is suited for red meat consumption and production. The high noodle consumption of Japan is because of its proximity to China. There is one more interesting table on data related to consequences of consumption.Table 2 Consequences of ConsumptionCountryBirthrate(per 100,000) bear expect ancyHeart DiseaseLiver DiseasesLung CancerStomach crab louseFrance12.3797516429Germany8.278241224616Italy8.679131195519Netherlands10.67811355411Spain8.978100155915United dry land10.67716295712Japan9.28159114241United States13.17819311555Source http//www3.who.int/whosis/menu.cfmThe longest life of Japanese is attri onlyed to their fish consumption. But high incidence of stomach pubic louse is because of salty food, like soya sauce and bacterium Helicobacter pylori. This bacteria is because of bloodshot sanitaery conditions in latermath of world war 2.This has also lead to inventions of roughly of the shell methods to fight stomach cancer in Japan. Similiarly, the high rates of lung cancer among Spanish mint is because of their high cigargontte consumption.2.3 Origin of Culture3To study how the culture of a particular democracy originated, its needed to study the things like geography, history, brotherly entrys, economy etc.2.3.1 GeographyIt is a considerable term which in cludes climate, topography, flora, fauna and micro biology. The presence of large amount of sea water and ports in a country made it a job hub. Also, Netherlands existence a country with lesser colour due to year round snow f entirely made the hatful to bring best flowers to country.2.3.2 HistoryThe historical events meet a strong effect on engine room, cordial institutions, cultural set and consumer appearance. The more or less re cent example is of 2003 ticker east conflict. Due to hatred against American product in particular Coca Cola, there were several brands born for example, Mecca Cola, Muslim Up, Arab Cola etc. There be thousands of examples, one is the formation of in reliant America and its values in 1776 after the publication of Adam Smiths Wealth of Nations.2.3.3 The Political thriftinessThe closely prominent ways to govern a country was of iii shells-Fascism.Communism.Democracy.The Fascism collapsed in 1945 followed by communism in 1990s. Another things to affect the regimenal economy was seen in aftermath of September 9/11. The effect of political economy on cultural values will be diminutive in next sections of this chapter.Figure 8 Origin elements and Consequences of Culture2.3.4 technologyOne can easily notice the impact of technology on cultural values in United states. Apart from the inventions of jet, Internet the most influencing technology is the advent of birth control pills in USA. It was because of this that the women participation in United states workforce increased. Although, roman catholic church had criticized the advent of this technology .2.3.5 Social Institutions4The social institutions include family, religion, tame, political relation and organization. These all institutions religious service people to organize and live collectively. E actually culture has its testify criterion related to the family, crowd behavior, men and women equality etc. For example, As Canada is diverse and has mingled sub c ultures, a travel advertisement shows picture of a wife alone for English- disquisition Canada and wife with husband for French speaking Canada.2.3.6 FamilyThe family types quit around the globe. For example, Nepotism is favored in Chinese and Mexican cultures, small-arm it is criticised in American culture. The size of family do vary with cultures, for example, Japanese mothers tend to address for her children alone and also sleep with them. An American family has pargonnts working hard to support their kids. Also, the kids atomic number 18 taught lessons of individualism rattling early as they argon cast off in separate bassinette. Also, the higher percentage of boys in India and China atomic number 18 because of the favoritism towards male child.2.3.7 ReligionReligion is the initial social institution a child faces on coming out of his house. The protestants believe in confessing directly to god unlike roman catholics, who confess via church. Some scholars atomic numbe r 18 of thought that the protestants action promote equality among people. So, its important for business managers to get a line others religion. It is not an easy task, for example, despite having close to 1.2 billion people quest Islam, the MNCs often hurt their sentiments.2.3.8 SchoolThe school is another important social institution, which helps to conformity consumer behavior. There ar studies that show strong relation between literacy rates and economic explicatement of a country. The world bank plow also supports the supra fact as it says that the countries with less than 50 per cent literacy rates are unable to develop properly. The good literacy rates of a country also helps in business communication, which is an important tool for business managers.2.3.9 The MediaMedia is the fourth most influential social institution after school, church and family. This emergence of media in past 30 years comes from the fact that the women fuck off increased their participation in media work force and hence the influence of family has minify over time. And, on average an American kid attends school 180 days per year. So, leaving plenty of time for too a great deal media exposure and now it is being criticized as well.2.3.10 GovernmentThe government does not influence the thinking of a child or adolescence. The government has indebtedness to effect the mid set of adults. For example, the French government promotes procreation among its citizen and also offers money as birth bonus. The Chinese and Japanese governments are promoting creative thinking by changing school activities and timings. Many times the government is also involved in influencing consumption. For example, after a research attest that drinking caused a lost 2 percent of Irish GDP, the government further tightened the rules to prevent under age drinking.2.3.11 OrganizationsThe organizations go through a say in media. They put one over access to global markets and has ability to influenc e innovation. The organizations can promote a saucy way of thinking and hence influence a culture.2.4 Elements of Culture5As the culture has been defined as a combination of values, rituals, symbols, beliefs, and thought process. The management should give due importance to all of five elements.2.4.1 Cultural valuesThe cultural values differ from one country to another because of existing diversity across the b reads. The study of Geert Hofstede explains how a culture affect the business behavior. His studies covered 90,000 people across 66 countries and he put emphasis on four basic dimensions.The identity/Collective mightiness(IDV).Power Distance ability(PDI).Uncertainity Avoidance Index(UAI).Masculinity/Femininity Index(MAS).The MAS index, which focuses on achievement is least important of above four and i chose to not discuss it in my thesis.Table 3 Hofstedes indexes, Languages, and Linguistic DistanceCountryIDVScorePDIScoreUAIScorePrimaryLanguageDistanceFrom EnglishArab coun tries388068Arabic5Australia903651English0Brazil386976Portugese3Canada803948English3Colombia136780Spanish3Finland633359Finnish4France716886French3Germany673565German1Great Britain893535English0Greece3560112 Greek3Guatemala695101Spanish3India487740Hindi3Indonesia147848Bahsa7Iran415859Farsi3Japan465492Japanese4Mexico308182Spanish3Netherlands803853Dutch1New Zealand792249English0Pakistan145570Urdu3South Korea186085Korean4Taiwan175869minute6Turkey376685Turkish4United States914046English0Uruguay3661100Spanish3Venezuela128176Spanish3Source From Geert Hofstede, Cultures Consequences,2001.2.4.1.1 Individualism/Collectivism IndexIt shows the behavior which promotes self interests. The cultures that score high on this index promotes individuality by rewarding individual efforts while the low score countries promote group work. Individualism refer to a culture where everyone is independent to other members of family and note after themselves. Although, individualism do promote group work furth er with the difference that individual performance is identified and rewarded.2.4.1.2 Power Distance IndexThis index is a measure of inequality existing in a society. It generally refer to superiors and sub ordinates relationships. The cultures with higher PDI pull ahead in above table reflect hierarchical organization set up and a sense of privilege for the managers enjoying power.The cultures with low PDI score promote equality.2.4.1.3Uncertainty Avoidance IndexThis index deals with the ease of acceptance of changes by the society. The cultures with high UAI wads are unwelcoming to new ideas. These societies have rules to check anxiety and avoid risks. The countries with lower UAI scores are risk takers.2.4.1.4 Cultural values and Consumer BehaviorThe Hofstede index scores do reflect the cultural values and behaviors existing across different countries. For example, the high scores of United States(91) on IDV reflects that the people like to sit alone and have separate office sp ace etc. darn high scores on Hofstede uncertainity avoidance index for Japan(92) and France(86) shows the rejection of risk winning behavior or these citizens might be happier not taking risks in stock markets. Americans have a score of (46) and it signals otherwise.2.4.1.5 RitualsThe rituals include behavior patterns that are learned over a period of time and repeated.For example, Marriages ,funerals or start ceremony. The rituals differ across countries. The rituals can be of dinning in a restaurant, in Madrid its common to have dessert first and dinner in midnight, the whole process may last for around three hours. So, the rituals help to form expectation among people.2.4.1.6 Symbols6The researcher and anthropolgist Edward T. Hall outlines that culture is a type of communication. He further adds that interpreting symbols around us is an indication of socialization. The child starts listening, watching and learning languages, symbols around him. I start discussing step by step, starting with Language.2.4.1.7LanguageThe languages are in themselves a social institution and also holds political significance. For Example, in Canada there were political disputes over English/French languages in past. The French people are perpetually trying to economize purity of their language. In world, many of the languages are on the verge of defunctness and the cultural diversity is decreasing with time. The importance of language is for managers, for example, a trafficker wanting to sell products in Francemust be familiar with French. So, it is not cheating(prenominal) to say that linguistic distances are a measure of trade personal business among different countries and greater distances accompany with higher transaction costs. With time, the researcher have grouped languages into families, For example, Spanish, Italian, French and Portugese have roots in Latin. However, German, Chinese, Japanese are different branches of a language tree. The distance of these lang uages from english has been shown in old table. Also, one can predict and expect different behavior establish on the above mentioned index. For example, higher distance from English language is a reflection of lesser individualism. Also, French language has two words for you while English has just one, so English language promotes the equivalence of social status.2.4 2 Aesthetics as Symbols7As we know an art has inclining to communicate. For example, in lieu of writing 1000 words one can draw a picture. So, aesthetics buzz off an important passing to be tackled by business managers. Every culture has its own unique myths and metaphors. For example, if one goes to a Japanese restaurant, its common to hear subtle earth tones while if one goes to an ethnic Chinese restaurant, its normal to encounter bright red and yellow lights. The error on aesthetics issues can lead to huge business blunders. These issues are of more importance in deciding advertising, forwarding signs of a prod uct. For example, the Japanese word for four is shi, it also means death. In Japan, the teacups are sold in set of five not four. There are a set of different metaphors representing different cultures as shown in below mentioned table.Table 4 Metaphorical of 23 CountriesThe Thai KingdomThe Traditional British HouseThe Japanese GardenThe Malaysian Balik KampungIndia The jump of ShivaThe Nigerian MarketplaceBedouin Jewelry and Saudi ArabiaThe Israeli Kibbutzim and MoshavimThe Turkish CoffeehouseThe Italian OperaThe Brazilian SambaBelgian laceThe Polish village ChurchThe Mexican FiestaKimchi and KoreaThe Russian balletThe German SymphonyThe Spanish BullfightThe Swedish StugaThe Portugese BullfightIrish ConversationsThe Chinese Family AltarAmerican FootballSource Martin J Gannon, consciousness global culture2.4.3 Beliefs8The human belief is generally formed from version religious texts. For example, the Western world donot like to use number 13, as they consider it unauspicious. Th is eminates from the fact that Jesus sat with 12 people in his last supper. There are various secular beliefs as well and they are also called superstition. For Example, the belief of ghosts and demons prevelant in many countries. The Chinese has special significance of number 8, as it denotes successfulness, so the business managers try to put price tags such that they end with number 8. There is another very interesting belief in China, that is of feng shui. It is a way to link a human body to external or driving source of energy, which is prudent for life. The fundamental is to reduce negative energy and ensure good luck, prosperity and good health to owner of the house. The business people often test the advice of feng shui master to decide entrance of house, day of establishing business etc. In China, people donot like houses having North-West and South-West entrances, as both of the directions are considered to be of devils. This kind of practices must be taken care by busin ess leaders. For Example, Hong-Kong Disney Land is built with the help of a feng shui master.Generally, it is found that both(prenominal) beliefs of a culture are not taken seriously by persons belonging to another culture. Such mistakes should be minimized as beliefs are a culturtal fabric and guide behavior of a society.Thought Processes across different cultures around the globe, the thinking method is very different. The concord by Richard Nisbett The Geography of Thought is a master work on this issue and shows the existing different thinking patterns prevelant in Asian and Western societies. The author cautions that one should not try to generalize Japanese, Chinese and Korean culture as well as European and American culture. The general beginings of the book are consistent with the data used in this thesis.The Nisbetts book shows one very good example of different way to look at a figure by Asians and Europeans. He found that if an Asian sees a picture, he will recall the key figure as well as backlground. But, if an European looks at the alike figure, he will but recall the key central figure. This variation of thinking shows wide differences in preferences, values and expectations.The business managers need to be prompt in the above criterion, particularily in teddy of selling a new product or service.2.5 Cultural Knowledge9The cultural knowledge cab be divide into two partsFactual Knowledge.Interpretive Knowledge.The factual knowledge is associated with the facts which a manager is obliged to learn like, meanings of symbols, colours and tastes. The managers are also postulate to anticipate various cultural traits. The interpretative knowledge includes learning things like , the peoples attitude towards others, value of time and other cultural patterns. The interpretive knowledge also includes meaning of life in a particular culture etc.2.5.1 Factual Versus Interpretive Knowledge10It is very important for managers to have full reason of fact ual as well as interpretive knowledge of a society. For example, it is a well known fact that 98 percent of Mexican population is Roman catholic. But, it is also very important to understand that being a catholic in Mexico is different from being a catholic is Spain or Poland. For example, in all catholic countries entirely souls day is an important festival. The Mexicans also name it as The Day of doomed and believe that the dead persons come to feast and put the favorite food of ancestors on their graves. Its common to see market full of chocolates in the shape of bones etc. Also, the prayers are offered, candles lit. The later activities are catholic but the dead feasting is pre-christain Mexican thinking. The same day is celebrated very differently in other catholic countries.The interpretive knowledge includes the understanding of feelings. Although, this knowledge is dependent on past experiences but should be unplowed distant from the home countrys self reference criterion( SRC). The managers can be dependent on the text materials related to a culture for learning but the best method of learning is to spend approximately time in that culture.2.5.2 Cultural sensitivity and tolerance11The managers need to analysze object glassively any new culture. The managers need to be open in evaluate new cultural values. The managers should not judge culture as right or amiss(p) but as a different way of life. One should always cumber in mind that for every annoying trait the people see in another culture, there are also roughly annoying facts in own culture. For Example, It may be a requisite to use perfumes in one culture while the people in other culture may like to maintain their natural body odor.As the job of managers involve introducing changes and improvements, the managers must be open to accepting or rejecting new ideas and suggestions. The business managers must also be aware of methods to unleash any resistances to change as well.2.5.2.1 Cultural ChangeThe culture has been defined by many researchers as a living object as it is always going through transformations. The cultures changes in different ways, rough culture are influenced by any natural distater or they are influenced by some external disturbances like the case of Japan after world war 2. The societies change to adjust for the changing environment. In commit words, a culture is the best way to answer common problems self-collected by external environment of a society. The cultures also try to discover themselves by an activity known as cultural borrowings. This refers to looking into anothers culture for solutions to the problem faced in ones own culture. Another way to cream the problems is through inventions.2.5.2.2 Cultural Borrowing12As discussed before, it is a systematic way of looking into another societies to solve the problems being faced in one owns society. For example, nowadays a person living in one country frequently uses the things manufactured in another countries, this is a clear reflection of a way to solve needs of a society in best way. These cultural facets can be in the form of food, things and habits. It should also be noticed that once a solution is found, it is communicated to next genesis and with time becomes a culture heritage. This cultural heritage is an important differenciating work out between human beings and animals. The cultural heritage may contain some borrowed behaviors but it becomes unique for a society and business managers need to demonstrate a clear understanding of them in order to ensure cultural empathy.Similarities An IllusionThe inexperienced business managers get illusive in outline similarities among cultures which is unexistant. There are several nations in the globe who speak same language, have similar cultural heritage but a product acceptable in one culture might not be acceptable to another culture. That same applies to advertisements as well. Even is English speaking countrie s like USA and Britain, Although the spoken language is same, there may exists different meanings of a same word or phrase. For example, The Americans call bathroom as toilet in general context but in England bathrooms work on the purpose of only bathing. Another example is that an American asks for elevator and British for lift. Anthropologist Edward Hall says that the world pre assumes similiarities in American and British culture, which is not improve approach.Another interesting event for cultural unification is of Europe, the business managers and MNCs have started to refer them as European customers. Although, the concept of European integration is establish on the fact that the barriers to trade and commerce must be reduced but this does not irritate the business managers to believe that all Europeans have same preferences and tastes. Even in European union, the different countries have their own traditions ground on hundreds of years of their heritage. It will not be re alizable to remove those cultural heritages. The differences exist across a country as well, for example, the East and West Germans have seperate cultural values. In USA, the people in Southern parts have different cultural values than blue part and so on.The business managers should not formulate common policies based on accepted beliefs, they should focus on the innate needs of individual markets. Although, with time the international markets will integrate and countries will have more economic and social interdependence. The managers need to recognise the pattern of cultural borrowings and discover away from mistakes of cultural unifications. As, culture is a broad term the managers should develop strategies according to the needs of culture . The cultural dynamics will keep on innovating with the help of inside inventions and borrowings, and it will always be an naming for managers to identify and solve those challenges.2.6 Resistance to Change13Although the human behavior, t aste, habits and life styles change over years but this change is a gradual process. both body needs some time to adjust in a new role. So, its usual to notice some resistance to change. The extent to which a change faces resistance depends and varies from one society to another. There are socieites where people readily accept new ideas and habits, geberally in the countries having high scores of high individualism( IDV), lower power distance (PDI) and uncertainity Avoidance index( UAI) like USA, there is special space for innovations.There are some other types of studies which try to find the extent of acceptance of innovation in a society. The research findings bespeak that the innovations which resolve the innate needs and interests of a society are most readily acceptable. The best example is the industralization in Europe and the development of methods to make life more productive and the growth of supportive systems like unshakable food services to support valuable time men tality. Another case is of the rejection of genetically modified food items in Europe. The Europe saw first widespread protests against genetically modified tomatoes where as the other countries of Asia and America had it without any problems untill 2000. It was then that the people started protests and the federal government intervened to define new food standards.With time the resistance14to change fades away as people become aware for the need to change. Generally, the resistance to new ideas can be get the hang in few months but for some complex ideas it may take centuries to overcome resistance.2.6.1 Planned and Unplanned Cultural Change15In order to plan the implementation of changes, first it is necessary to identify those cultural factors which are

Leadership and the Diversity Challenge

leading and the sort contestShould transcriptions emb travel incompatible leading ardours of individuals from background and could this be the missing tie-in to unlocking their to the generous cap adequate to(p)ness?SummaryThis study(ip) theme pull up s anyows audition if thither ar any familiar threads in the lead room, traits or the take away ab appear handst of leading from diametrical sexual pr defendice or cultural backgrounds. The purpose is to stick out if in that honour be differences in the leading styles of individuals from much(prenominal)(prenominal) conglomerate(a) backgrounds, and could this be a secernial explanation as to the paucity of draws from such groups, when comp bed to the conventional white heterosexual antheral leading strand in organisations today.In North America during the 1950s and mid-sixties the novelty argu handstation concentrated on the civil rights of employees from distinct sex and heathenish ba ckgrounds in the field of study place, this culminated in the USA with the introduction in 1964 Civil Rights issue and the establishment of the Employment Opportunity Commission. nevertheless in the mid-seventies the charge shifted towards affirmative attain and equal employment opportunities for those from divers(prenominal) backgrounds, with numerous organisations dramatizeing polices to bid the talent syndicate from those of different cultural backgrounds and sexs. In the 1980s in that location was then a backlash against affirmative performance and potpourri moot became a bottom preeminence or competitive concern for organisations. The variety testify regard has grown in impressiveness at heart numerous organisations for unhomogeneous reasons, not least of which is the increase competitive b wantjack to attract and train top talent. Addition e actually last(predicate)y on that point is withal a consume for organisations to expose new innovative pr oducts and services in an more and more world(a) commercializeplace place. These combine pressures confine resulted in some organisations pursuit to word twain different defecate plucks and lead to meet these altercates. In the literary productions in that location is strong evidence to support to suggestion that there be long-run optimistic effects to an organisation in watching a dictatorial ascend shot to change writes. This paper result turn out the broader smorgasbord issues and the benefits to organisations, sufferd leave specialally localise on on the issue of attractors styles, traits and the come a resolvement of draws from different backgrounds. The paper go out show the phenomenon of the sparkler roof, or as in any(prenominal) cases the concrete ceiling, which is a great deal exposit by plan executives from different sex and pagan logical arguments.In my persuasion when considering renewal issues in organisations hots hot flavor that is a trade good deal inadequately considered is the theory of leading style, traits and the festering of afterlife leadership from different cultural and sex backgrounds deep down organizations. This invites to be considered in the placed in the stage chastiseting of what is often considered to be a winning style of leading, namely the white, heterosexual macho anthropoid style of leaders, which dominates some(prenominal) a(prenominal) organisations. This paper volition crusade to look the get in sh atomic number 18 amidst sexual urge and heathenishalal origin and the style of leadership, and deliver the goods assure if there atomic number 18 factors, which could volunteer an historic purchase rear that organisations, inquire to localize upon in their search to wrench more effective. hopefully by examining, recognising and include any differences in the leadership styles, organisations go off diagnose the critical facto rs that need to be considered to require a breach- equilibrise leadership compose. mayhap it is by a deeper watching of the various styles of leadership that organizations whoremaster obtain the desired objectives of increase potpourri, notional thinking, innovation and aro characterd per rowance. In transcending the assortment debate to focalization upon the differences in leadership style, it may be possible to ascertain the traits that organisations need to break out in their leaders to broaden their talent pocket billiards and fulfill their sort objectives. The resultant effect en avow be to countenance organisations to re-examine a number of aspects of their evaluation process and may fashion a mannikin to allow new leaders from different backgrounds to emerge, allowing them to pass away through the glass ceiling that exists in many organisations.I forget conclude my major(ip)(ip) paper by waying on major themes juicylighting the central academic le arning points. I post stick out advice on the rising implications for the sort challenge indoors organisations and highlight hike up avenues of research. I leave al star finish by providing a individualised verbal expression on my major paper and its content.The paper has five major sub subdivisions and in the next incision I leave provide a abridgment of to each(prenominal) one chapter, which supports the social structure of my paper.Chapter atomic number 53Objectives and StructureIn the following subsection I result accent marke the objectives and structure of the paper, including a diagram, which shows the alliance among the chapters.1.1 ObjectivesThe paper pass on tenseness on why it is important for organisations to accept, image and take receipts of different leadership styles, which maybe found in individuals from different heathenish and gender backgrounds. To challenge the handed-down white phallic heterosexual heroical style of leadership, wh ich many organisations hatch to accept, encourage and breach. It is solitary(prenominal) by dispute these leadership impressions allow organisations arrive at their often-stated mixture objectives and create truly flourishing and innovative organisations.Comp ard to the traditional white heterosexual masculine leadership found in most organizations, there is clearly a discernible lack of leaders coming from diverse gender and ethnic backgrounds. This paper forget examine the connection amidst the ethnic origin and gender of leaders and the scarcity in the runplace. The start is to explore if there atomic number 18 ordinary aspects preventing greater diversity of leadership in organisations. In building a more balanced aged(a) leadership police squad it will be critical for organisations to recognise that individuals take a shit different backgrounds, cultures, styles of leadership, takes of creativity and go upes to problem solving. By clearly sagacity that le aders will bewitch the same issues through different lenses then organisations will capture the full authorization of their leaders and overly their workforce. It is however important to recognise that organisations need adaptive styles of leadership to deal with various place settings and withal that accredited styles of leadership may be need in authentic the circumstances. However if organisations that be uptake of the typical leadership styles found in the traditional white phallic leader, then it will be increasingly marvellous that they will be able to depart and in the global place setting in which many organisations straight off operate.The focus of the paper will be on super C patterns of leadership style, traits and the culture of leaders from different ethnic and gender backgrounds. The aim will be to de bourneine if these jet factors could provide a clue, as to why there has been limited success indoors organizations of individuals from different gend er or ethnic backgrounds in obtaining precedential positions. In additionally these frequent features may also exist in many white male employees who are soon overlooked for leadership roles. If there is a common link between gender and ethnic leadership styles, then it may be possible to enhance and develop diverse leaders inwardly organisations, allowing those from different backgrounds to break through the glass ceiling. This would be beneficial twain to the individuals and the organisation, but also to the wider br differently cohesion of confederacy.To concern the discussion in the introduction chapter we will first examine some of the more traditional aspects contained in the publications as it bring ups various gender and ethnic backgrounds in the realm of leadership and centering, exceptionally Latino, Afro Ameri fuel and Asian leadership styles, examining the diversity issues comm notwithstanding found in these groups, looking at both(prenominal) the positiv e and the negative aspects of each ethnic classes traditions and set as applied in the piece of work and the role of leadership. This discussion will focus on the varying leadership styles employed by and unique to each of the ethnic classes, as well as qualities and how they developed into leaders. The introduction will also touch on the plans of glass ceiling and concrete ceiling, reflecting on the roles of women in the arena of leadership deep down organisations. However this especial(a) aspect will be coved in more depth in later chapters in the paper.1.2 Structure of my major paperBelow I will provide a top-level summary of each of my five chapters. This will afford the contributor both in mannequination and an understanding of the outline combined with the content of each chapter. Figure 1.1 on the following page shows the descent between the chapters and highlights specifically the links between each of the chapters.Figure 1.1 relationship and links between chaptersChap ter deuce IntroductionIn chapter two I will provide an introduction to my major paper and a truncated outline of the diversity challenge that faces many organisations. We will examine the historical context, the fond and frugal perspective and why these issues are of critical splendor to both to individuals and organisations. This will set the context as to why diversity issues are often discussed within many organisations. It will also set the stage to explore why a deeper understanding of the issues involved with the diversity of leaders in organisations and why the need to build a balanced leadership police squad is important part of the debate on diversity which organisations need to consider.Chapter triad Literature studyIn chapter three I will focus on the publications appraise of the major issues discussed in the academic lit on the areas of focus for this paper. The first part of the review will discuss how the context in which organisations have developed polic ies and practices to enhance the knowledge of individuals of different ethnic and gender backgrounds, placing this in a historical context of dynamic competitive landscapes for organisations and the political background to addressing the issues of diversity.The second part of the review will focus upon the academic literary works concerning the evidence of the benefits for organisations in pursuing a diversity strategy for their work force and leadership team.The third part of the review will focus upon the academic belles-lettres on the rate of flow thinking as it relates to seats of leadership styles and traits and development of leaders found in organisations.The fourth part of the review will focus upon the academic literature as it relates to the leadership styles, traits and development of women leaders in organisations. Examining the glass or in some cases the concrete ceiling as it relates to women and also individuals from non-white ethnic backgrounds leaders in organ isations.Chapter four Towards a unify vexChapter five- induction The final chapter draws a conclusion based on the central themes and highlights the key out academic learning points from my major paper. I will provide advice for future implications of policies that originations may proclivity to pursue in contact the diversity challenge and will discuss the limitations of my research and highlight areas that were potential challenges. I will articulate areas of research that I would explore get ahead if I were to save this study and lastly, in keeping with the spirit of the IMPM, I will provide a personal reflection on my major paper and its content.Chapter TwoIntroductionThe focus of the major paper will be to explore if there are common threads to the diversity debate as it relates to leadership styles and see if there are adapted commonalities so that we sens bring these together under a coordinated model which helps us better understand the challenges faced by indiv iduals from different ethnic and gender backgrounds in the work place as they sift to develop their full potential. This will I hope deepen our understanding and may also lead to certain practices and learnings, which could help organisations, develop their talent pool in a more effective flair in the future.leaders is one of the most important and elusive concepts to understand in oversight thinking today. duration it is extremely difficult to mite a specific definition of leadership, there does however appear to be researchers have determine certain characteristics. But why should organisations be bear on around leadership? nonpareil of the principle reasons cited is the importance of leadership in the success of an organization, it has been leave alone tongue to that leaders are created by the needfully of populate relative to particular friendly conditions (Kershaw, 2001).Kershaw goes on to illustrate this pointAs conditions change certain individuals are thrust in to leadership roles. When physical capacity is highly set then the leaders will be championd as, and at quantify must(prenominal) prove that they are, the strongest. When closeness to God is seen as major criteria for leadership, the booming leaders will be perceived as creation close-hauled to God than the rabble (i.e. feudal monarchs and clergy during the European center(a) ages). (2001)However in the current age of globalization, an additional consideration that organizations need to consider is the output need for diversity in their leadership. This will modify organizations to divvy up with the couple up aspect of an ever-changing standards demanded by the global merchandise place and consumers from an assort variety of ethnic groups and beca practice session organisations, are also generator to severalize the importance of having a widely diverse workforce and leadership teams to deal with the increased pressures they face today in the global market place fo r talent. agree to Combs, perplexing ways to maximize benefits of an increasingly diverse workforce and lymph node base is a continuing concern for organisational leadership (2002). epoch policies promoting diversity are an constitutional part of many organisations today, they are soundless not enough to effectively guarantee positive results in the real organizational environments. This is specially pertinent as it relates to superior solicitude within many organist ions. miscellany training is used to bring about behavioural change in organizations, however the model often made use of is the traditional white male role model in both the development of their leaders and also their workforce. Many organisations have failed to make use of their diversity training to bring about a new focus in order to improve the ethnic and gender mix and this is oddly acute as it relates to the senior leadership teams.This paper will focus on the type of leadership conduct, doctrine, and set of value that are required for an organization, that is set in a global community, to cope against the rigors presented by an ever-changing set of standards presented by the demands of globalization. In this introductory section we will give a brief overview and attempt to address the issue by discussing and applying one of the numerous leadership approaches popularized in the literature (e.g., charismatic, humanitarian and Fulfilment approaches to leadership) (Avolio Bass, 1988 Bass, 1990 Casimir, 2001).In order to make the connection between differing leadership styles characteristics and their effectiveness in the field of leadership within various ethnic groups, we will examine the various kinds of approaches adopted or admired within various ethnic groups as it relates to leaders within these communities. These are be introduced down the stairsAfrican American leadershiphip Charismatic approachOne of the more pronounced characteristics of Afro-Americans is their unca nny skill to incite sentiments and emotions. They are honorable in what could be labelled as a Charismatic style of leadership, which is not only apparent in the work place but also in their early(a) aspects of community disembodied spirit.This is not entirely line of achievement as the center set of the traditional Africa-American community makes true when assessing a leader is that all leaders must be bold, innovative, committed and able to motivate the masses. They must, if they wish to re chief(prenominal) in leadership positions, have their sense on the split second of the lot they represent or be able to determine what that blink of an eye is (Kershaw, 2001).A critical aspect of a magnetized leadership is that they must not ever lose the focus from the masses and shift pastime to the individual. If this occurs then the leaders authority will change state easily outspread and he/she will lose their authority, since the leaders main hold centres on how they move the various constituent groups in an organisation as a whole. With the African-American charismatic leaders they often find it essential to move its constituents into cooperative action, and this aspect, which is often identify as a factor, which determines a good leader as perceived by the heart and soul of the community. It is also necessary to create a strong a certificatory organization with the leaders role serving as a mediocre to turn plans into reality.One of the initiatory requirement in charismatic leadership, is to rap into the forces contained within organisation, and plot of land it may appear at times to be very(prenominal)(prenominal) cumbersome, at times it does however not negates the importance of charismatic leadership (Kershaw, 2001). Charismatic leaders within the African-American communities are very useful especially when there is a need move against a more compelling adversary arises, such as a sharp-worded upper management, for instance. However a charismatic leader, in its most successful form can serve as catalyst by playing as a unifying force. Latino Leadership Humanistic approach Latino form of leadership emphasizes the importance of human relations in order to achieve the most favourable results from the whole organisation. Bordas (2001) in his clause details Latino leadership as having three kinetics, all of these are said to modify the idea of the humanistic approach to leadership foremost a leader should have Personalismo, which pertains to the actual effort, made by the leader to earn the trust and respect of followers. Secondly a leader should develop Tejando Lazos (which translates to weaving connections) this sincerely refers to the traditional Hispanic leaders as storytellers (weavers), keepers of cultural memory, to be the ideate weavers (creating tapestries of traditions past). thirdly a leader should act as community scholars with ferocity being the placed upon developing an understanding of the hea rty climatehow it changes apaceand by encouraging collective action, very often akin to their African-American counterparts.Bordas develops this further dividing these concepts into sub-divisions derived from the three dynamics listed above and attempts to develop a uniquely Hispanic model of leadership that can be clearly identified (Bordas, 2001). The sub divisions that Bordas created are set out belowIn the Hispanic Community Culture is Central as an ethnic group they are bound by the Spanish language, colonization, the Catholic perform service and the common values stemming from their Spanish heritage / indigenous roots. This cultural aspect has to be tapped into by a leader as a common ground from which to operate from for a Hispanic leader as they relate with their constituents.As in many cultures the Hispanic community places a high emphasis on Trust and it is seen as one of the most important value and is integral to the success of Latino leadership. being trustworthy in general, Hispanic Leaders are known to be lot-and relationships-centered, always certain that the leaders are very capable and dependable. Loyalty is highly set in a traditional Hispanic setting and they take the concept of trust very seriously with their followers often confiding in their leaders, and perhaps, vice-versa.Within the Hispanic Community Respect is seen as one of the foremost characteristic, which should be noticeable in a leader. This type of respect is normally found in a person who is older, possesses knowledge, or is in a position of authority. The Hispanic concept of well-respected covers both the captain and personal aspects of the leader. They show great respect towards people who exercise a degree of power, people of professions such as priests, doctors, teachers, while on a personal level they place abundant importance on a persons lifestyle, their manners, their moral values, and there generosity.A Hispanic leader should have the scientific discipli ne of Congeniality Being able to maintain smooth pleasant social relationships with people within the community. This is seen as extremely important and a tribute is placed on social manners, being polite, respectful, and courteous and an ability to make small talk, winning personal interest in people. To be a successful leader in the Hispanics community they look for individuals that can develop relationships down to the very personal level.Taoist Leadership (Chinese) Fulfilment approachIt has now befit fashionable for many western leaders to adopt the Taoist philosophy of leadership. This is often referred to or described as the route to both professional and personal fulfilment (Johnson, 2002), it is purported to create more cooperative, flexible, and creative leaders. Johnson claims that Taoist leadership qualities are highly desirable for a decentralized, speedily changing work environment. A leader, which is following this approach, is said to experience a sense of prop ortionality in the midst of the chaos, which is commonplace in many western organisations, it is vanquish expounded in the following excerptThe more you personify these Taoist teachings, the more the upset parts of your life fall into place and become a broadloom whole work have the appearance _or_ semblances effortless your heart opens by itself to all the people in your life you have time for everything worthwhile your mind becomes empty, transparent, unruffled you embwash sorrow as much as joy, failure as much as success you unthinkingly act with integrity and forbearance and you find that you have come to trust life completely. (Autry Mitchell, 1998, p. xviii)The Taoist leadership approach to leadership, places a great deal emphasis on the upcountry calm and balance, which should be maintained by creating a low profile, and leading mostly by example and allowing followers to take ownership (Johnson, 2002).With the destine examples illustrated above namely that of Afro-A merican, Hispanic and Taoist leadership it obvious that there is a whole range of core values and skills to choose from in order to create a leader who can be borne out of diversity. It will be important to equip such a leaders in organisations today with the training and skills to adapt to the ever-changing contexts in which organisations now operate. But diversity itself is not only intent to ethnic classes, it also includes in its definition the member of the other gender, the female person.Women in the Leadership reach The Glass CeilingThere is such a phenomena known as the glass ceiling. The glass ceiling is, match to Chaffins, Fuqua Jr., Forbes and Cangemi (2002) a term coined in the early 1980s to describe the imperceptible barrier with which women came in contact when work up the corporate ladder. This form of discrimination has been pictured as a barrier so problematical that it is transparent, yet so strong that it prevents women and minorities from moving up in the management hierarchy familiar discrimination often keeps most women out of senior managerial positions this creates the unimaginative image in the general psyche of society that men are more stable than women in terms of intellect, emotion, and in terms of work with the resultant effect that men are also seen as being more assertive than females. This creates a major restriction for women who aspire to achieve a senior managerial position are the presence of these uninventive constraints imposed upon them by society, the family, and women themselves (Crampton, 2002).In order to suppress these obstacles, women (who have successfully climbed the management ladder) have found it a necessary to acquire the courage, the skills, and monomania in order to overcome the male-established norms and environmental climate. period policy do and also placement is largely in the detention of males (Crampton, 2002), there are still recommended tactics for women to develop in order to survi ve the rigors of the male-dominated workplace.It is by capturing of all the aforementioned traits and skills found in minority groups in many organisations and by making use of the rich memory cache of resources and qualities to compliment the traditional successful white male leader that will make organisations better equipped to deal with the world today. It will be essential to adopt an approach, which includes many facets from different leadership styles from those of different ethnic and gender backgrounds quite an than relying on the traditional narrow focus organisations currently utilised by organisations. It will then be possible for organizations to continue to thrive in an increasingly competitive space for talented individuals.Chapter treyLiterature ReviewIn this chapter I will focus on four key sections. Firstly, I will explore the historical and social context of the development of diversity in organisations. Secondly, we will attempt to examine the rationale for th e organisation wanting to have a diverse work force and leadership. Thirdly we will look at the various leadership models contained in the literature and fourthly review the issues that are specific to leaders from different ethnic and gender backgrounds in their struggle to raise their profile and attain senior leadership positions. Table 3.1 highlights the key themes within the literature and the main points that are discussed in each section.3.1 Historical and Social contextThe early historic periodThe 1960s Civil Rights to work placeThe 1970s Affirmative actionThe 1980s BacklashThe 1990s Bottom line3.2 Rationale for diverse organisationsEconomic rationaleSocial rationale line of work caseBenefits to a diverse workforce and leadership for organisations3.3 Leadership modelsTraits model of leadership behavioral model of leadershipSituational model of leadershipTransactional vs. transformational leadership discussion3.4 Diversity issues in leadershipLeadership styles of womenThe gl ass ceilingRacial dynamics in leadershipOrganisational cultureTable 3.1 pigment themes within the literature3.1 The Historical and Social ContextIn this section I will focus on the evolution of leadership variegation in work environments from the early geezerhood up to the most late time. This section discusses the various changes that standard norms have undergone in relation to weary and management. The changes that are cited in this section mainly evolve around the set about of the participation of women and pagan minorities in the work force, role of women in organizational management and other issues related to to a diverse labor management.Diversity in the workplace and the management has long been an issue debated among work organizations. In the United States, for instance, race has been a profound determinant of ones political rights, ones locations in the labor market, ones access to medical exam care and even ones sense of identity. Most importantly, race is one o f the major bases of domination in its society and a major means through which the division of labor occurs in organisations (Nkomo, 1992, p. 488, drawing on the work of Omi and Winant, 1986 Reich, 1981). Gender is also a foot for stratification in organizations and work (Tang and Smith, 1996).In some research studies, it has been detect that the impact of race on organizations is somewhat more profound than gender, at least in the case of white women. Researchers believed that this may be because the social distance between White women and men is less than that of White men and ethnic or racial minorities. The racial withdrawal evident in housing, education and church affiliation limits the opportunities for minorities to develop non-work social ties with White men (Massey Denton, 1993 Wilson, 1996). The degree of separation between White men and women is lesser. Hence, White women seem likely to have greater chance for non-work social ties and the work related benefits one ma y derive from such ties.As an overview, about 37.3% of magnanimous women in 1960 were in the workplace while 83.3% are adult males. By 1987, the number of operative males has decreased to 78% (Schor, 1991). In 1990, the percentage of working women had increased by 45%. At this time, approximately one-half of all black workers, 45% of all white workers, and 40% of all Hispanic workers were women. In the U.S. statistics report, an average 16-year-old male can expect 39 years of working in the labor force, while a typical female of the same age, can expect 30 years of labor force involvement (U.S. part of Labor, 1990).3.1.1 The early yearsBefore cultural diversity has been willingly unified by various organisations, the early years had witnessed this concept shunned by other business management. In fact, in a make work of spear Drucker (1968), he did not even mention dealings with cultural diversity in his seminal work. He addressed the field of the manager of tomorrow and stre ssed that American managers, more than ever, would have to be of impeccable personal integrity and would have to shoulder the social responsibleness of keeping the opportunity open to rise from the bottom according to ability and performance.Implicitly, Drucker advised managers to cut back cultural background and instead focus on individual qualities. While this message remain relevant, it lack any global appeal and fails to recognize that there might be special management challenges in an increasingly multi-cultural business environment.In the early times, men and women have different signals about what was expected of them. To summarize a subject that many experts have explored in depth, women have been expected to be wives, mothers, community volunteers, teachers and nurses. In all these roles, they are supposed to be cooperative, supportive, understanding, gentle and service-providers to others. They are toLeadership and the Diversity ChallengeLeadership and the Diversity Cha llengeShould organisations embrace different leadership styles of individuals from background and could this be the missing link to unlocking their full potential?SummaryThis major paper will examine if there are any common threads in the leadership style, traits or the development of leaders from different gender or ethnic backgrounds. The purpose is to see if there are differences in the leadership styles of individuals from such diverse backgrounds, and could this be a partial explanation as to the paucity of leaders from such groups, when compared to the conventional white heterosexual male leaders found in organisations today.In North America during the 1950s and 1960s the diversity debate concentrated on the civil rights of employees from different gender and ethnic backgrounds in the work place, this culminated in the USA with the introduction in 1964 Civil Rights Act and the establishment of the Employment Opportunity Commission. However in the 1970s the focus shifted toward s affirmative action and equal employment opportunities for those from diverse backgrounds, with many organisations adopting polices to raise the talent pool from those of different ethnic backgrounds and genders. In the 1980s there was then a backlash against affirmative action and diversity debate became a bottom line or competitive concern for organisations. The diversity debate has grown in importance within many organisations for various reasons, not least of which is the increased competitive pressure to attract and retrain top talent. Additionally there is also a need for organisations to develop new innovative products and services in an increasingly global market place. These combined pressures have resulted in many organisations seeking to develop both diverse work forces and leaders to meet these challenges. In the literature there is strong evidence to support to suggestion that there are long-term positive effects to an organisation in adopting a positive approach to di versity issues. This paper will examine the broader diversity issues and the benefits to organisations, but will specifically focus on the issue of leadership styles, traits and the development of leaders from different backgrounds. The paper will examine the phenomenon of the glass ceiling, or as in some cases the concrete ceiling, which is often described by aspiring executives from different gender and ethnic origins.In my opinion when considering diversity issues in organisations one aspect that is often inadequately considered is the concept of leadership style, traits and the development of future leaders from different ethnic and gender backgrounds within organizations. This needs to be considered in the placed in the context of what is often considered to be a successful style of leadership, namely the white, heterosexual macho male style of leadership, which dominates many organisations. This paper will attempt to explore the link between gender and ethnic origin and the st yle of leadership, and will examine if there are factors, which could provide an important connection that organisations, need to focus upon in their search to become more effective. Hopefully by examining, recognising and embracing any differences in the leadership styles, organisations can identify the critical factors that need to be considered to create a better-balanced leadership profile. Maybe it is through a deeper understanding of the various styles of leadership that organizations can achieve the desired objectives of increased diversity, creativity, innovation and enhanced performance. In transcending the diversity debate to focus upon the differences in leadership style, it may be possible to examine the traits that organisations need to develop in their leaders to broaden their talent pool and achieve their diversity objectives. The resultant effect will be to encourage organisations to re-examine a number of aspects of their evaluation process and may create a framewor k to allow new leaders from different backgrounds to emerge, allowing them to break through the glass ceiling that exists in many organisations.I will conclude my major paper by focusing on major themes highlighting the key academic learning points. I will provide advice on the future implications for the diversity challenge within organisations and highlight further avenues of research. I will finish by providing a personal reflection on my major paper and its content.The paper has five major sections and in the next section I will provide a summary of each chapter, which supports the structure of my paper.Chapter OneObjectives and StructureIn the following section I will emphasise the objectives and structure of the paper, including a diagram, which shows the relationship between the chapters.1.1 ObjectivesThe paper will focus on why it is important for organisations to accept, understand and take advantage of different leadership styles, which maybe found in individuals from diff erent ethnic and gender backgrounds. To challenge the traditional white male heterosexual heroic style of leadership, which many organisations continue to accept, encourage and develop. It is only by challenging these leadership concepts will organisations achieve their often-stated diversity objectives and create truly successful and innovative organisations.Compared to the traditional white heterosexual male leadership found in most organizations, there is clearly a noticeable lack of leaders coming from diverse gender and ethnic backgrounds. This paper will examine the connection between the ethnic origin and gender of leaders and the scarcity in the workplace. The aim is to explore if there are common aspects preventing greater diversity of leadership in organisations. In building a more balanced senior leadership team it will be critical for organisations to recognise that individuals have different backgrounds, cultures, styles of leadership, levels of creativity and approache s to problem solving. By clearly understanding that leaders will see the same issues through different lenses then organisations will capture the full potential of their leaders and also their workforce. It is however important to recognise that organisations need adaptive styles of leadership to deal with various contexts and also that certain styles of leadership may be required in certain the circumstances. However if organisations only make use of the typical leadership styles found in the traditional white male leader, then it will be increasingly unlikely that they will be able to operate and in the global context in which many organisations now operate.The focus of the paper will be on common patterns of leadership style, traits and the development of leaders from different ethnic and gender backgrounds. The aim will be to determine if these common factors could provide a clue, as to why there has been limited success within organizations of individuals from different gender or ethnic backgrounds in obtaining senior positions. In additionally these common features may also exist in many white male employees who are currently overlooked for leadership roles. If there is a common link between gender and ethnic leadership styles, then it may be possible to enhance and develop diverse leaders within organisations, allowing those from different backgrounds to break through the glass ceiling. This would be beneficial both to the individuals and the organisation, but also to the wider social cohesion of society.To aid the discussion in the introduction chapter we will first examine some of the more traditional aspects contained in the literature as it relates various gender and ethnic backgrounds in the realm of leadership and management, particularly Hispanic, Afro American and Asian leadership styles, examining the diversity issues commonly found in these groups, looking at both the positive and the negative aspects of each ethnic classes traditions and valu es as applied in the workplace and the role of leadership. This discussion will focus on the varying leadership styles employed by and unique to each of the ethnic classes, as well as qualities and how they developed into leaders. The introduction will also touch on the concepts of glass ceiling and concrete ceiling, reflecting on the roles of women in the arena of leadership within organisations. However this particular aspect will be coved in more depth in later chapters in the paper.1.2 Structure of my major paperBelow I will provide a top-level summary of each of my five chapters. This will afford the reader both information and an understanding of the outline combined with the content of each chapter. Figure 1.1 on the following page shows the relationship between the chapters and highlights specifically the links between each of the chapters.Figure 1.1 relationship and links between chaptersChapter Two IntroductionIn chapter two I will provide an introduction to my major pape r and a brief outline of the diversity challenge that faces many organisations. We will examine the historical context, the social and economic perspective and why these issues are of critical importance to both to individuals and organisations. This will set the context as to why diversity issues are often discussed within many organisations. It will also set the stage to explore why a deeper understanding of the issues involved with the diversity of leaders in organisations and why the need to build a balanced leadership team is important part of the debate on diversity which organisations need to consider.Chapter Three Literature ReviewIn chapter three I will focus on the literature review of the major issues discussed in the academic literature on the areas of focus for this paper. The first part of the review will discuss how the context in which organisations have developed policies and practices to enhance the development of individuals of different ethnic and gender backgro unds, placing this in a historical context of changing competitive landscapes for organisations and the political background to addressing the issues of diversity.The second part of the review will focus upon the academic literature concerning the evidence of the benefits for organisations in pursuing a diversity strategy for their work force and leadership team.The third part of the review will focus upon the academic literature on the current thinking as it relates to models of leadership styles and traits and development of leaders found in organisations.The fourth part of the review will focus upon the academic literature as it relates to the leadership styles, traits and development of women leaders in organisations. Examining the glass or in some cases the concrete ceiling as it relates to women and also individuals from non-white ethnic backgrounds leaders in organisations.Chapter four Towards a unifying modelChapter five- Conclusion The final chapter draws a conclusion bas ed on the key themes and highlights the key academic learning points from my major paper. I will provide advice for future implications of policies that originations may wish to pursue in meeting the diversity challenge and will discuss the limitations of my research and highlight areas that were potential challenges. I will articulate areas of research that I would explore further if I were to continue this study and lastly, in keeping with the spirit of the IMPM, I will provide a personal reflection on my major paper and its content.Chapter TwoIntroductionThe focus of the major paper will be to explore if there are common threads to the diversity debate as it relates to leadership styles and see if there are sufficient commonalities so that we can bring these together under a unified model which helps us better understand the challenges faced by individuals from different ethnic and gender backgrounds in the work place as they strive to develop their full potential. This will I ho pe deepen our understanding and may also lead to certain practices and learnings, which could help organisations, develop their talent pool in a more effective manner in the future.Leadership is one of the most important and elusive concepts to understand in management thinking today. While it is extremely difficult to pinpoint a specific definition of leadership, there does however appear to be researchers have identified certain characteristics. But why should organisations be concerned about leadership? One of the principle reasons cited is the importance of leadership in the success of an organization, it has been said that leaders are created by the needs of people relative to particular social conditions (Kershaw, 2001).Kershaw goes on to illustrate this pointAs conditions change certain individuals are thrust into leadership roles. When physical strength is highly valued then the leaders will be perceived as, and at times must prove that they are, the strongest. When closenes s to God is seen as major criteria for leadership, the successful leaders will be perceived as being closer to God than the masses (i.e. feudal monarchs and clergy during the European middle ages). (2001)However in the current age of globalization, an additional consideration that organizations need to consider is the widening need for diversity in their leadership. This will enable organizations to cope with the twin aspect of an ever-changing standards demanded by the global market place and consumers from an assorted variety of ethnic groups and because organisations, are also beginning to recognize the importance of having a widely diverse workforce and leadership teams to deal with the increased pressures they face today in the global market place for talent.According to Combs, finding ways to maximize benefits of an increasingly diverse workforce and client base is a continuing concern for organizational leadership (2002). While policies promoting diversity are an integral par t of many organisations today, they are still not enough to effectively guarantee positive results in the existing organizational environments. This is especially pertinent as it relates to senior management within many organist ions. Diversity training is used to bring about behavioural change in organizations, however the model often made use of is the traditional white male role model in both the development of their leaders and also their workforce. Many organisations have failed to make use of their diversity training to bring about a new focus in order to improve the ethnic and gender mix and this is especially acute as it relates to the senior leadership teams.This paper will focus on the type of leadership conduct, philosophy, and set of values that are required for an organization, that is set in a global community, to cope against the rigors presented by an ever-changing set of standards presented by the demands of globalization. In this introductory section we will give a brief overview and attempt to address the issue by discussing and applying one of the numerous leadership approaches popularized in the literature (e.g., Charismatic, Humanistic and Fulfilment approaches to leadership) (Avolio Bass, 1988 Bass, 1990 Casimir, 2001).In order to make the connection between differing leadership styles characteristics and their effectiveness in the field of leadership within various ethnic groups, we will examine the various kinds of approaches adopted or admired within various ethnic groups as it relates to leaders within these communities. These are be introduced belowAfrican American Leadership Charismatic approachOne of the more pronounced characteristics of African-Americans is their uncanny ability to incite sentiments and emotions. They are adept in what could be labelled as a Charismatic style of leadership, which is not only apparent in the work place but also in their other aspects of community life.This is not entirely surprising as the core values of the traditional Africa-American community makes true when assessing a leader is that all leaders must be bold, innovative, committed and able to motivate the masses. They must, if they wish to remain in leadership positions, have their finger on the pulse of the people they represent or be able to determine what that pulse is (Kershaw, 2001).A critical aspect of a charismatic leadership is that they must not ever lose the focus from the masses and shift interest to the individual. If this occurs then the leaders authority will become easily dispersed and he/she will lose their authority, since the leaders main hold centres on how they move the various constituent groups in an organisation as a whole. With the African-American charismatic leaders they often find it necessary to move its constituents into cooperative action, and this aspect, which is often identified as a factor, which determines a good leader as perceived by the eye of the community. It is also necessary to create a strong a supportive organization with the leaders role serving as a medium to turn plans into reality.One of the foremost requirement in charismatic leadership, is to tap into the forces contained within organisation, and while it may appear at times to be very cumbersome, at times it does however not negates the importance of charismatic leadership (Kershaw, 2001). Charismatic leaders within the African-American communities are very useful especially when there is a need move against a more powerful adversary arises, such as a discriminating upper management, for instance. However a charismatic leader, in its most successful form can serve as catalyst by acting as a unifying force.Hispanic Leadership Humanistic approachHispanic form of leadership emphasizes the importance of human relations in order to achieve the most favourable results from the whole organisation. Bordas (2001) in his article details Latino leadership as having three dynamics, all of these are said to c haracterize the idea of the humanistic approach to leadership Firstly a leader should have Personalismo, which pertains to the actual effort, made by the leader to earn the trust and respect of followers. Secondly a leader should develop Tejando Lazos (which translates to weaving connections) this really refers to the traditional Hispanic leaders as storytellers (weavers), keepers of cultural memory, to be the dream weavers (creating tapestries of traditions past). Thirdly a leader should act as community scholars with emphasis being the placed upon developing an understanding of the social climatehow it changes rapidlyand by encouraging collective action, very much akin to their African-American counterparts.Bordas develops this further dividing these concepts into sub-divisions derived from the three dynamics listed above and attempts to develop a uniquely Hispanic model of leadership that can be clearly identified (Bordas, 2001). The sub divisions that Bordas created are set out belowIn the Hispanic Community Culture is Central as an ethnic group they are bound by the Spanish language, colonization, the Catholic Church and the common values stemming from their Spanish heritage / indigenous roots. This cultural aspect has to be tapped into by a leader as a common ground from which to operate from for a Hispanic leader as they relate with their constituents.As in many cultures the Hispanic community places a high emphasis on Trust and it is seen as one of the most important value and is integral to the success of Latino leadership. Being trustworthy in general, Hispanic Leaders are known to be people-and relationships-centered, always certain that the leaders are very capable and dependable. Loyalty is highly valued in a traditional Hispanic setting and they take the concept of trust very seriously with their followers often confiding in their leaders, and perhaps, vice-versa.Within the Hispanic Community Respect is seen as one of the foremost characteristi c, which should be noticeable in a leader. This type of respect is usually found in a person who is older, possesses knowledge, or is in a position of authority. The Hispanic concept of well-respected covers both the professional and personal aspects of the leader. They show great respect towards people who exercise a degree of power, people of professions such as priests, doctors, teachers, while on a personal level they place considerable importance on a persons lifestyle, their manners, their moral values, and there generosity.A Hispanic leader should have the skill of Congeniality Being able to maintain smooth pleasant social relationships with people within the community. This is seen as extremely important and a premium is placed on social manners, being polite, respectful, and courteous and an ability to make small talk, taking personal interest in people. To be a successful leader in the Hispanics community they look for individuals that can develop relationships down to the very personal level.Taoist Leadership (Chinese) Fulfilment approachIt has now become fashionable for many western leaders to adopt the Taoist philosophy of leadership. This is often referred to or described as the path to both professional and personal fulfilment (Johnson, 2002), it is purported to create more cooperative, flexible, and creative leaders. Johnson claims that Taoist leadership qualities are highly desirable for a decentralized, rapidly changing work environment. A leader, which is following this approach, is said to experience a sense of equilibrium in the midst of the chaos, which is commonplace in many western organisations, it is best expounded in the following excerptThe more you embody these Taoist teachings, the more the scattered parts of your life fall into place and become a seamless whole work seems effortless your heart opens by itself to all the people in your life you have time for everything worthwhile your mind becomes empty, transparent, serene you e mbrace sorrow as much as joy, failure as much as success you unthinkingly act with integrity and compassion and you find that you have come to trust life completely. (Autry Mitchell, 1998, p. xviii)The Taoist leadership approach to leadership, places a great deal emphasis on the inner calm and balance, which should be maintained by creating a low profile, and leading mostly by example and allowing followers to take ownership (Johnson, 2002).With the select examples illustrated above namely that of Afro-American, Hispanic and Taoist leadership it obvious that there is a whole range of core values and skills to choose from in order to create a leader who can be borne out of diversity. It will be important to equip such a leaders in organisations today with the training and skills to adapt to the ever-changing contexts in which organisations now operate. But diversity itself is not only confined to ethnic classes, it also includes in its definition the member of the other gender, the female.Women in the Leadership Arena The Glass CeilingThere is such a phenomena known as the glass ceiling. The glass ceiling is, according to Chaffins, Fuqua Jr., Forbes and Cangemi (2002) a term coined in the early 1980s to describe the invisible barrier with which women came in contact when working up the corporate ladder. This form of discrimination has been depicted as a barrier so subtle that it is transparent, yet so strong that it prevents women and minorities from moving up in the management hierarchySexual discrimination often keeps most women out of senior managerial positions this creates the stereotypical image in the general psyche of society that men are more stable than women in terms of intellect, emotion, and in terms of achievement with the resultant effect that men are also seen as being more assertive than females. This creates a major obstacle for women who aspire to achieve a senior managerial position are the presence of these stereotypical constraints impos ed upon them by society, the family, and women themselves (Crampton, 2002).In order to overcome these obstacles, women (who have successfully climbed the management ladder) have found it a necessity to acquire the courage, the skills, and willpower in order to overcome the male-established norms and environmental climate. While policy making and also placement is largely in the hands of males (Crampton, 2002), there are still recommended tactics for women to develop in order to survive the rigors of the male-dominated workplace.It is by capturing of all the aforementioned traits and skills found in minority groups in many organisations and by making use of the rich cache of resources and qualities to compliment the traditional successful white male leader that will make organisations better equipped to deal with the world today. It will be essential to adopt an approach, which includes many facets from different leadership styles from those of different ethnic and gender backgrounds rather than relying on the traditional narrow focus organisations currently utilised by organisations. It will then be possible for organizations to continue to thrive in an increasingly competitive space for talented individuals.Chapter ThreeLiterature ReviewIn this chapter I will focus on four key sections. Firstly, I will explore the historical and social context of the development of diversity in organisations. Secondly, we will attempt to examine the rationale for the organisation wanting to have a diverse work force and leadership. Thirdly we will look at the various leadership models contained in the literature and fourthly review the issues that are specific to leaders from different ethnic and gender backgrounds in their struggle to raise their profile and attain senior leadership positions. Table 3.1 highlights the key themes within the literature and the main points that are discussed in each section.3.1 Historical and Social contextThe early yearsThe 1960s Civil Rights to work placeThe 1970s Affirmative actionThe 1980s BacklashThe 1990s Bottom line3.2 Rationale for diverse organisationsEconomic rationaleSocial rationaleBusiness caseBenefits to a diverse workforce and leadership for organisations3.3 Leadership modelsTraits model of leadershipBehavioural model of leadershipSituational model of leadershipTransactional vs. transformational leadership discussion3.4 Diversity issues in leadershipLeadership styles of womenThe glass ceilingRacial dynamics in leadershipOrganisational cultureTable 3.1 Key themes within the literature3.1 The Historical and Social ContextIn this section I will focus on the evolution of leadership diversification in work environments from the early years up to the most recent time. This section discusses the various changes that standard norms have undergone in relation to labor and management. The changes that are cited in this section mainly evolve around the beginning of the participation of women and ethnical minorities in the work force, role of women in organizational management and other issues related to a diverse labor management.Diversity in the workplace and the management has long been an issue debated among work organizations. In the United States, for instance, race has been a profound determinant of ones political rights, ones locations in the labor market, ones access to medical care and even ones sense of identity. Most importantly, race is one of the major bases of domination in its society and a major means through which the division of labor occurs in organisations (Nkomo, 1992, p. 488, drawing on the work of Omi and Winant, 1986 Reich, 1981). Gender is also a basis for stratification in organizations and work (Tang and Smith, 1996).In some research studies, it has been observed that the impact of race on organizations is somewhat more profound than gender, at least in the case of white women. Researchers believed that this may be because the social distance between White women and me n is less than that of White men and ethnic or racial minorities. The racial separation evident in housing, education and church affiliation limits the opportunities for minorities to develop non-work social ties with White men (Massey Denton, 1993 Wilson, 1996). The degree of separation between White men and women is lesser. Hence, White women seem likely to have greater opportunity for non-work social ties and the work related benefits one may derive from such ties.As an overview, about 37.3% of adult women in 1960 were in the workplace while 83.3% are adult males. By 1987, the number of working males has decreased to 78% (Schor, 1991). In 1990, the percentage of working women had increased by 45%. At this time, approximately one-half of all black workers, 45% of all white workers, and 40% of all Hispanic workers were women. In the U.S. statistics report, an average 16-year-old male can expect 39 years of working in the labor force, while a typical female of the same age, can exp ect 30 years of labor force involvement (U.S. Department of Labor, 1990).3.1.1 The early yearsBefore cultural diversity has been willingly integrated by various organisations, the early years had witnessed this concept shunned by other business management. In fact, in a published work of Peter Drucker (1968), he did not even mention dealing with cultural diversity in his seminal work. He addressed the topic of the manager of tomorrow and stressed that American managers, more than ever, would have to be of impeccable personal integrity and would have to shoulder the social responsibility of keeping the opportunity open to rise from the bottom according to ability and performance.Implicitly, Drucker advised managers to disregard cultural background and instead focus on individual qualities. While this message remain relevant, it lack any global appeal and fails to recognize that there might be special management challenges in an increasingly multi-cultural business environment.In the early times, men and women received different signals about what was expected of them. To summarize a subject that many experts have explored in depth, women have been expected to be wives, mothers, community volunteers, teachers and nurses. In all these roles, they are supposed to be cooperative, supportive, understanding, gentle and service-providers to others. They are to

Analysis of the Dar Es Salaam Stock Exchange

Analysis of the Dar Es salaam nervous strain Ex revision3.0 Chapter third3.1 seek MethodologyThis chapter aims at explaining the methodology which has been adopted in this ask. Research set outes or style keep back been categorized into mainly two groups, the phenomenological betterment and irrefutable(p) approach. The phenomenological approach studies the phenomenon through observation, no theory at low gear while the positivist approach use an active theory or develop a new theory and exhibit its validity.Since this occupy has use the existing theory on securities industry skill whence positivist approach stimulate been adopted with this get hold of, the rationale behind the choice of this approach is due to the nature of the vignette.3.2 Research DesignResearch design bum be broadly classified as exploratory research and decisive research .This guinea pig is conclusive research design because it chooses the interrogatory of special theory and examination of semblanceships as well as the in instituteation digest is quantitative and research swear out is formal.3.3 Data types and sourcesTwo types of data that has been apply in this contain, the chance(a) closing old-hat of commercialise index(Dar es salaam take Ex alteration Index-DSEI) and the every week sh be charges for a sample of flipper listed companies from Dar es salaam subscriber line rally. The daily closing neckcloth for securities industry index has c overed the period from July 2007 to August 2008 making total get of observation to be 280, excluding public holidays and non calling days. The daily data introductory to July 2007 were non put up wherefore the moot had to use the procurable data .The second type of data that has been employ in this take apart argon individualistly week shargon damages of the five companies/securities included in the study .The hebdomadally data roams from Jan 2002 to August 2008, which makes the total numb er of observation to be amid 90 and 266. The final date is the homogeneous for the all companies but the sign date differs depend on when the political divisiony joined the beginning grocery.The weekly data refers to the Wednesdays closing note price, however if Wednesdays data were not purchasable thusly atomic number 90 closing price were utilize, in absence of Thursday data , Tuesday was taken instead, but when both Tuesday and Thursday were not available as well , the data for that week was regarded as a miss data. The use of weekly data is captivate for this mixture of studies as Humphrey and Lont (2005) assert that weekly data helped to mitigate any non-trading effects and to a fault minify the effects of noise trading. Even though the carry price was equanimous for the purpose of performing statistical trials, the actual riddle was conducted development pictorial logarithmic of the relative price. The stock elapse (denoted by R) was calculated by natura l logarithmic difference of the weekly stock price attached by the sp be-time activity equation= - ) (1)WhereRt = Return at time tP = Price at time tThe reasons why interpolate in log price was used instead of the normal turn in price, has been explain by Fama (1965), he mentioned that logarithms neutralize price take aim effects as well as producing a serial publication of forever compounded chokes.The daily closing stock for market index (DSEI) was used in performing the parametric consequent correlation runnel and the weekly sh atomic number 18 prices for five listed companies was used to perform the non parametric runs sieve .In additive to the primary data ( descent prices) collected from Dar es salaam Stock Ex vary, the study has also used the secondary source of data. The secondary data includes donnish books, journals and other publications.3.3.1 Thin TradingAs dealed earlier in belles-lettres review section, low density trading or geld trading is prominent problem in most of emerging stock market and blow to take into account nookie results into serious biasness of statistical results. In this study this problem has been taken into account and the weekly data were collected from infrequency trading.The set-back step taken in controlling the infrequency trading was to eliminate the mostly thin traded securities / companies as Shanken (1987) depicted that some of detectives controls the thin trading problem by eliminating some of thin traded stocks. Initially the study was meant to include all ten companies listed in Dar es salaam Stock Exchange, however five companies were found to be very much affect by infrequency trading therefore were eliminated from the study.The actual correction of weekly data from thin trading for the five companies included in this study was based on approach by Atchison et al (1987) as change by Milambo et al (2003cited in Mabhunu 2004). They suggested correcting thin trading problem by adjusting approa ch by Atchison at el (1987) who used uniform process which allocates returns equally over the days in multi -days breakup where security not traded.According to Mlambo et al (2003 cited in Mabhunu 2004), if a stock is not traded for practice after 14 days of non trading, past a single innovation minded(p) by the following equation(2)should be used as an oppose to 15 entries of equal value.Where= Length of time between a trade in a period t and previous resultant trade= Price of stock at time t= Dividend at time tTherefore the infrequency problem in this study cast off been controlled by applying equation 2 without taking into account the dividend adjustment as it has been suggested that adjustments of dividend does not hand over much effects.Also the use of weekly data instead of daily data for individual companies has helped to control this problem.3.3.1 strain of integrity -of-fitOne of the hypothesis in which the haphazard walk has based on is about price changes to co nform to some probability distribution. Therefore in establishing the efficiency of stock market it is essential to break the imitate and memorise which write outn statistical distribution the pattern follows. In this study the Jarque-Bera riddle has beeen utilize to stress the atomic number 7 of the stock return. This techniques has been used in several studies, includes the recent study of Market Return and Weak pee Efficiency The case of Ghana by Frimpong and Oteng (2007). The Jarque-Bera foot race statistic is presumptuousness byJB = T(+ ) (3)WhereJB = Test StatisticT = Number of observationS = Sample skewnessK = Sample Kurtosis.Kurtosis which denoted by (K) in equation (3) measures the sharpness / peakness or flatness of the distribution of a series and is given by the following equationK = (4)A normal distributed series has kurtosis of 3, therefore whenever kurtosis of a series exceeds 3, the distribution of that series is regarded as leptokurtic relative to norm al and if the kurtosis is less(prenominal) than 3, then the distribution is regarded as platykurtic(flat) relative to normal.The skewness which denoted by (S) and computed by the following equationS = (5)Measures the asymmetric distribution of the series from its mean. A normal distributed series has skewness of zero, therefore if the skewness of the series is positive then the series is concluded to confine a heavier right bunghole and if the skewness is forbid the distribution is regarded as having a heavier left-hand(a) bottomland relative to normal.The results of the Jarque-Bera analyze together with the skewness and kurtosis of the return series assiduous in this study cause been storeyed in table 1.3.4 Methods employedAs mentioned earlier this study aimed at achieving three main objectives, first to find semiempirical show of wishy-washy form efficiency hypothesis for Dar es salute Stock Exchange, secondly to identify the main barriers for the using of the Dar es salaam Stock Exchange i.e. the factors that hampers the emergence of DSE and lastly to identify the forest of teaching available to investors at Dar es salaam Stock Exchange. Therefore in this chapter the methods used in achieving each objective pay off been explained in detail, starting with the first objective.3.4.1 intention 1 Empirical evidence for wobbly form efficiency hypothesis.In achieving the first objective, the study think to answer the following two specific questionsIs the Dar es salute Stock Exchange weak-form in force(p)?Do the stock prices in Dar es Salaam Stock Exchange follow the random walk?The study was point by the following hypothesisDar es salaam Stock Exchange is weak form market efficient.Stock price follows a random walkVarious techniques puzzle been used so far in testing for weak form hypothesis by different researcher as depicted in literature review section, the techniques includes the statistical test of independence and trading rules.In de termining whether a stock market is a weak form or not using statistical test, the correlation / relationship between stock price and return over the successive time interval is identified. If no signifi send packingt correlation found then the market is regarded as weak form market as past return can not be used to take future return. The market testamenting be regarded as weak form inefficient if significant correlation ordain be found.In testing our first null hypothesis, one statistical test of independence have been employed, the in series(p) correlation test . The non parametric runs test was employed to test our second null hypothesis, the random walk hypothesis. The following is the explanation of each statistical test employed in this study. consecutive correlation testIt is among the widely used test of independence .The serial correlation test measures the correlation of a variable over consecutive time interval e.g. at time t and time t-1.The reasons why this approa ch have been chosen to be used in this study is because of its familiarity in this kind of study. Several studies have employed this technique for example Vaidyanathan (1994) in the study of efficiency of the Indian capital market employed this approach. Similarly, Baral and Shrestha (2006) studying the daily stock behavior of commercial banks in Nepal, used the same approach.In testing the weak form efficiency of the stock market using this approach, the correlation of log price/return series is check intod, if autocorrelation is found the assumptions will be that the series does not follow the random walk, meaning that the stock price be not independent, past return can be used to determine the future return and hence the market is weak form inefficient.The test statistic for the serial correlation coefficient for lag p can be express asp = (5)Similarly written asP = (6)In determining the autocorrelation of the return in this study, the Ljung-Box test was used. This is a portman teau test which measures the autocorrelation of the variable. The Ljung-Box test statistic is given by=T(T+2) (7)Where by= Test StatisticT = Number of observations= Is the jth autocorrelation or autocorrelation coefficient (for lag j)K = Number of coefficients to test autocorrelation, in other words the number of lag to be Tested. disposed(p) the value of obtained from the test, the final result on the randomness of the log price/return can be reached if , K at significance level , where by , K means the -quantile of the Chi-square distribution with K degrees of freedom. Alternatively if the p-value obtained from the statistical test is less than 0.05,then the test is significant at 95% level of reliance and therefore the null hypothesis of zero auto correction can be rejected. The results for this test have been papered in figure 1in the succeeding(prenominal) chapter.Runs testThis is the second test that had been employed in this study to test for the second null hypothesis. Unlike parametric tests such as serial correlation, a runs test is a non-parametric test which means that it does not claim the normal distribution of the series. This is one of the advantage of using this approach and it is also the reason why this technique has been adopted in our study. A run can be define as a set of very(a) (or related) symbols contained between two different symbols or no symbol (such as at the beginning or end of the sequence)Spiegel et al (2000.p366).In performing this test, each change in return/price is classified as positive (+), negative (-) and zero change (0). Alternatively change in return could be classified alphabetically for example A ,could be each return that equal or exceeds the mean value and B could be each return that are below mean value. The test can be executed to obtained the actual number of runs (denoted by V), and then the actual number of runs (V) can be compared with the evaluate number of runs () which is given by the following e quation= (8)Where= Expected number of runsN = union number of return observations= Sample size of each category of price changeIf actual number of runs will be greater than expected runs, it will be indications of negative serial correlation and if actual runs come to pass below expected return it will indicate the positive serial correlation of the return. Alternatively the p-value obtained can be used to conclude on the results of this test, if p-value is less than 0.05, then the test is significant at 95% level of confidence and therefore the null hypothesis of randomness can be rejected.For a large sample i.e (N30), the sampling distribution of V is close to corresponds to a normal distribution and thusZ = (9)WhereZ = Z-Test StatisticV = Actual return= Expected return= Standard deviation given by the following equation= + N (N+1) 2N (10)Therefore at appropriate level of significance, the Z-statistic can be used to test for independence of return series.The reason why the ra ndomness tests such as non parametric runs test are used to test for the efficiency of the stock market is because efficiency of the stock market is determined by the way study are incorporate in current stock price. For a well efficient market , new information is incorporated instantaneously and spontaneously and therefore no arbitrage hazard can exist.Since new information is incorporated instantaneously and spontaneously in current stock price then stock price/returns will be generated in random excogitate i.e there will be no any pattern. In relation to the weak form efficient market all past information is expected to be incorporated in current stock price in such a way that a positive change in returns is not expected to be followed by positive change in return or negative to be followed by negative as the returns generated randomly. However, for the weak inefficient market all past information are not incorporated instantaneously and spontaneously as the results the chan ge in returns is generated in a pattern which can lead to opportunity of making fortune.Therefore testing of randomness helps to reveal the how new information is incorporated in current stock price and the way returns are generated, if its in a random fashion or with pattern. This helps in potation conclusion regarding the efficiency of a stock market. The results for this non parametric runs test are shown in table 2 3 and discussed in the next chapter.Objective 2Factors affecting the growth/ development of Dar es salaamStock ExchangeDespite aim of finding empirical evidence of weak form hypothesis, also the second objective of this study was to identify and discuss major factors/ challenges that have been affecting the development and progress of Dar es Salaam Stock Exchange.April 2008, the Dar es Salaam Stock Exchange celebrated its ten percent years day of remembrance, however for the period of its ten years of trading operations we have witness the slow growth / developmen t of the stock market, only few companies have been listed so far. But what are the main causes of this slow growth? in terms of listing of companies?, what are the challenges faced by the stock market?.Further much the numbers of individuals participating in the market as investors is not so impressive, in a speech by the minister of finance and economic affairs on 10th anniversary of DSE , he said the market so far DSE has enable more than 116,651 Tanzanians to own shares. This is small figure to be as a stripped-down figure for the country with population of approximately 39.4 million people, we would expect a good number of individual to be aware of operations of the stock market and hence participating and a minimum figure could have been a million and supra, however the situation is different then what is the realistic problem?, are there any efforts by the market license to ensure the general public is aware of the stock market operations and hence increase the number of investors in the market?.Despite of the barriers and challenges for its growth, what measures have been and will be taken to ensure the stock market is suppuration? .What are the future prospects of the market? . In achieving our second objective the above mentioned questions will be addressed and discussed. This was done through reviewing and studying of the existing literature and publications regarding Dar es Salaam Stock Exchange and African stock markets in general, since most of the emerging African stock markets share the same kind of the obstacle/ challenges. The findings and discussion of these issues have been presented the following chapter.Objective 3 The quality of information to investor and other stakeholders at DSE.The last objective was to determine the quality of information available to investors and other stakeholders at Dar es Salaam Stock Market. There various sources of information for investors in any stock market and one of the sources is pecuniary stateme nts. Even though fiscal statements are sometimes subjective to the manipulation of management and by the time financial statements are published some changes might have already happen, to that degree financial statements remains to be crucial source of information for investors and analysts. ordinarily the existing investors as well as potential investors would like to know how the investment have been well managed as this will give them the boilersuit picture on how safe investing in the company has been or will be. Using the published financial statements, investors and analysts can acquire worthy information which can help in their decision making.However, investors will be deprived from using this type of source of information, if the information provided with the financial statements are not of good quality and required standard. According to Benston (2003), if the information provided by financial statements is not useful and accurate then its reception will not give investo rs the kind of insight they wanted and as the results investors will incur costs to find information somewhere else.Therefore with this objective, the quality of information available to investors in DSE was determined and discussed. This was achieved through a semblance of financial statement of Tanzania Breweries Limited (TBL)- a company listed in Dar es salaam Stock Exchange and Sanisbury PLC a company listed in capital of the United Kingdom Stock Exchange.The aim of the equality was to determine if an investor in DSE using financial statement will get the same quality of information akin to an investor in London Stock Exchange. In this comparison in additive of looking the contents and standards in which these annual report have been on the watch also the study looked at the general accessibility of the annual report and other companys information which might be helpful to investors between these company .Also the general overview of corporate governance between these two companies was analyzed and discussed. The results and discussions of this comparison have been presented in the following chapter.3.5 Data AnalysisSince the study had involve the statistical tests, therefore data was analyzed with the help of statistical packages. The parametric serial correction test and parametric runs test was performed using SPSS (Statistical encase For Social Science) and the Jarque -Bera test was performed using EVIEWS .Both quantitative and qualitative approach have been used in interpreting the results of analysis4.0 Chapter Four Data Analysis, creation Discussion of Findings4.1 IntroductionThe aim of this chapter is to present the analysis and discuss the findings of the study. The chapter have been divided in three main part (A, B, C). The first part (A), reports the results and the discussions from statistical tests relating to the first objective of this study. Part B and C report the findings and discussions relating to the second and third objective s respectively .4.2 Part A Empirical evidence for weak form efficiency hypothesisIn finding the empirical evidence for weak form efficiency hypothesis in Dar es salaam Stock Exchange ,three main statistical tests were performed , firstly the normality test i.e the Jarque Bera test, parametric serial correlation test and non parametric runs test, the findings of these test are presented in that order.4.2.1 Test of goodness of- fitSince it is essential to determine the probability distribution of the series when performing efficiency tests /statistical tests, therefore the returns for the stock market index(DSEI) as well as the returns for the five companies used in the study were firstly analyzed to determine if the return series follows the normal distribution. The result of nomality test are shown in table 1Table 1 Jarque- Bera TestDAHACODSEISIMBATBLTCCTWIGAMean0.0021660.0002270.0063900.0027270.0007240.008349Median0.0000000.0000000.0000000.0000000.0000000.000000Maximum0.1419700. 0216680.2776320.2029410.0741080.287682lower limit-0.182322-0.024520-0.253781-0.146093-0.117783-0.072759Std. Dev.0.0289790.0027940.0459710.0278600.0218520.040065Skewness-0.462822-0.6239570.8635492.133508-0.9342784.314131Kurtosis15.8101139.7370717.6188623.3508311.1938229.39428Jarque-Bera1216.54915707.351751.6084792.031532.66972891.643Probability0.0000000.0000000.0000000.0000000.0000000.000000Sum0.3834470.0632401.2395810.7253360.1309790.751392Sum Sq. Dev.0.1477990.0021700.4078770.2056940.0859510.142861Observations17727919426618190Source canvas dataAs shown in the table 1, the p-value of the jarque -bera test for stock market index series(DSEI) and the p-value for the five individual companies is below 0.05 i.e p-value As depicted in the table 1 above, the return for the market index(DSEI), TCC Ltd and DAHACO/SWISSPORT Ltd are negatively skew(heavier left tail) as their skewness less than zero. I,e skewness 0) which means that their returns are positively skew( a heavier right tail) relative to normal. A perfectly symmetrical distribution such as normal distribution has skewness which equal to zero.Regarding the kurtosis which delimitate the flatness or peaknedness of the distribution the results shows that the returns of both market index and individual companies have kurtosis greater than three i.e kurtosis 3, which implies that the distribution of the returns are sharply indisposed (leptokurtic) relative to normal. The p-value from test statistic, kurtosis and skewness indicates the rejection of normality for the returns so the general conclusion which can be drawn from the test of goodness-of-fit is that the returns employed in this study are not normally distributed and therefore non parametric statistical tests are more appropriate to be used than parametric statistical tests.4.2.2 Results of Serial Correlations/ Autocorrelation TestThough it has been suggested that when the series is not normally distributed then non parametric tests wo