A Syudy on Fast Food

SOCIOLOGY AND ANTHROPOLOGY OBAFEMI AWOLOWO UNIVERSITY, ILE-IFE. GROUP WORK SOCIAL REFORMATION CHAPTER ONE INTRODUCTION 1. 0 BACKGROUND TO THE STUDY Dunn, Mohr, Wilson and Wittert (2007) argued that the definition of fast food is inconsistent even within a simple sample. This has allowed participants to define fast food from list of different food items. The common menu items at fast food restaurants include fish and chips, sandwiches, hamburgers, fried chicken, French fries, chicken nuggets, tacos, pizza, hot dogs, and ice cream (Ayse, Lale & Metin, 2007).Moreover there are studies done at Berkeley University in 2009, the closer people live to a fast food restaurant, the higher their risk of becoming obese (Davis, 2011). Although, people indicated a very broad definition of fast food when asked what style of foods classified as fast food(including burgers, fish and chips, meat pies and pasties and brought (sand-wiches), when discussing fast food, they gave example which focused only on traditional fast food items such as burgers and chips from large franchises.Fast food according to the Oxford Dictionary of Contemporary English- is hot food that is served very quickly in special restaurant and often taken away to be eaten in the streets. Equally, fast food is the term given to food that can be prepared and served with low preparation time. The food is sold in a restaurant or store with preheated cooking ingredients and served to the customers in a package form for take-out or take away. The term â€Å"Fast Food† was recognized by Merriam-Webster in 1951.In as much as the importance of fast food in contemporary society cannot be overemphasized, it is pertinent to tilt focus to the emergence of fast food, and how it became pivotal in feeding and satiating the society to a remarkable extent. The historical background of fast food can be traced to urban development. The development was deeply rooted in sociological inevitability. Furthermore, in the Middle A ges, large towns and major urban areas such as London and Paris supported vendors that sold dishes such as pies, pastries, pancakes, wafers and cooked meats.In Roman cities during the antiquity, 1 many of these establishments catered for those who had no means to cook on their own. Travelers, as well such as pilgrims en route to a holy site were among the customers. The United Kingdom and United States also had notable developments in the fast food sphere, following the advent of the World War I. Equally, as fast food outlets became popular and more affordable, drive – in restaurants were introduced, alongside franchising in 1921 by A & W Root Beer which franchised distinctive syrup.In the traditional African society, Fast Food as an institution is equally evident. There have been hawkers of fast food items in these societies since time immemorial, and these have evolved into restaurants and fast food outlets. Fast food outlets existed in the traditional Nigeria society. The corner seller of Suya, Akara (fried bean cake), roasted plantain, Fried yam, roasted corn has been an age old feature of many Nigeria towns serving snacks for those on the go for everyone from little children to working adults.While traditional fast food delicacies still remain as well as mobile market fast food vendors, what has contributed significantly to the growth of fast food outlets in Nigeria has been increased urbanization and changing work roles. Since the 1960s, (U. S Library of congress), Nigeria has had one of the fastest population growth rate in the world. In 2010, almost half of all the population lives in the cities. As more people choose to settle in Nigeria crowded cities, the time to prepare meals has become more demanding.With more women joining the work force, their traditional roles have changed. This can further be explained by individualization thesis by Beck- Gernshein, (1998). Fast food can also be found in every nook and cranny of Nigeria, Tertiary instit ution like Obafemi Awolowo University is not an exception to this phenomenon of fast food. The example of contemporary and traditional fast food outlets such as Forks and Fingers, Banwill, sell contemporary meals while traditional meals such as Suya, Eba and Egusi soup, Semo are sold within OAU CAMPUS.The patronage of fast food outlets on campus has factors that influence it; these factors are dependent on the student economic status, family background, genders, e. t. c. 2 1. 1 STATEMENT OF THE PROBLEM: There is a general assumption in the Nigeria society that males patronize fast food outlets more, this assumption is backed up by the sexist patterning of division of labour (Bem, 1993; Friedan 1963; Lorber, 1994; Pateman, 1999; A. Rossi, 1964; Schaeffer, 2001). This study seeks to establish the kind of correlation existing between gender and patronage of fast food outlet.Many observers are quick to point at the economic gap between the rich and poor and the rich. Due to the unequal distribution of resources in the study, some people do not have the access to these resources. In the patronage of fast food outlet, there are different fast food on campus, the rate at which students patronize one fast food outlet the others varies for example forks and fingers vary with the rate at which they patrons Banwill. This finding seeks to explore if the socio-economic status of students is a determinant of fast food patronize on campus.The rate at which students patronize Banwill which is more expensive than others like forks and fingers varies. This is as a result of unequal distribution of economic resources in the society. Nevertheless, both the students from low and high income family still patronize fast food outlet despite their difference in socio economic status. 1. 2 RESEARCH QUESTION: The research questions include the following: 1. To what extent does family background influence student’s patronage of fast food outlets? 2. How does gender influence the p atronage of fast food outlets? . How does income level affect fast food outlets patronage? 3 1. 3 OBJECTIVES The broad objective of this research is to look at the social correlates of fast food outlet patronage among OAU students. In achieving the broad objective of this research, the specific objective is to: 1. Determine the extent to which family background affects student’s patronage. 2. Evaluate if gender can influence student patronage of fast food outlets. 3. Determine if the income level of students can affect their patronage of fast food outlet. 1. 4 SIGNIFICANCE OF THE STUDYThis study will help to draw the attention on the reasons why OAU students patronize fast food outlets, it will also explain the gender differences in the patronage of fast food outlets, it will help to understanding the adverse effects of patronizing fast food outlets, it will further explain the rationale behind varied opinions on sparing point of students’ time or hours cooking for the mselves. The findings will assist in understanding the Socio-economic influence that pre-dispose students from different family background to patronize or not patronize fast food outlets. CHAPTER TWO LITERATURE REVIEW Base on previous studies there are lack of studies regarding on fast food consumption locally and there are limited information on these study. Most of the studies regarding on fast food were studied at well developed foreign countries. In addition, there are lack of fast food research specifically consider the attribute of the consumer preference and consumption pattern. For example law, Hui, and Zhao (2004) showed that sta attitude, food quality and variety and environment ignificantly affect customers satisfaction in fast food outlet. Pettijohn and luke (1997) found that quality, cleanliness and value to be three most important attribute in fast food restaurants, while atmosphere and menu variety were relatively unimportant. When consumer considered the convenience and prices of eating place, the utilitarian value (task specific and economical aspect of product and services) of eating out plays an important role in restaurant evaluation and selection (Johns and Pine,2002:Park,2004).However these research do not specifically consider the attribute of consumers who show preferences for fast food product such as important of fast food, consumers concern on health and diseases and child preference of fast food and outlets. Fast food have become an omnipresent part of the moving consumer Goods (FMCG) sector in most development is relatively a new phenomenon that has occurred mainly over three to four decades (Anon, 2007). Fast food is define as ready-to-eat dishes sold by commercial establishment that may or may not have on site dinning accommodation ( Ozcelik,Akan&surucuoglu 2007:43).According to the institute of medicine,( 2006) Fast foods can also be describe as food and meals design for ready availability use or consumption. These food are sold at eating establishment focusing on quick availability or â€Å"take aways† These food tend to be hi in saturated fats and carbohydrates (institute of medicine, 2006). Most fast foods are high in fat and sodium and low in fibre, vitamins and some minerals (Anon 2007) Although fast food in some form of other has been the immemorial, the current fast food phenomenon beyond these contexts is relatively recent.It began in the USA in July 1912 with the opening g of the fast food restaurants called Automat in New York. This restaurant caused such stir and became so popular that numerous other Automat restaurants were soon built around the country. This popularity lasted through the 11920’s well into the 5 1930’s (Schlosser, 2002:15). Kang Chung survey analysis explain that about 13. 3% of the students patronize fast food once a week; about 46. 7% of the students patronize fast food twice a week, about 23. 3% of the students patronize fast food thrice a week, and the remaining 16. % patronize fast food more than thrice a week. Hence, it shows that students usually patronize fast food twice a week. Out of the students patronizing fast food once a week, 75% of the students are female and the remainders are male. Out of the students patronizing fast food more than thrice, 60% of the students are male and the remainders are female. Hence, it shows that male patronize fast food more than female. According to Okome, Mojbol Olfnk, It has been argued that pre-colonial Nigeria had a gendered division of labor. However, the nature and implication of such a division of labor is often misinterpreted.While male dominance was built into the social system of some Nigerian ethnic groups, women played a significant and vital role in all aspects of the lives of their community For some scholars, this is due to the complimentarily of male and female roles and functions. This explains that, from time immemorial, division of labour has been separated between male an d female. Women have been saddled with the responsibility of cooking. When you think about fast food, there are something that you must not forget which is the most factor in fast food is gender.Christine Ton Nu, Patrick Macleod, Jacques Barthelemy(1996),effects of age and gender on Adolescents Food Habits and Preferences. They reported Reasons among Food Quality and Preference (251-262). This study explored food habits and preferences of 222 French adolescents of 10 to 20 years old. They completed a questionnaire about their eating habits and quoted 10 of their favourite and 10 of their most disliked food or beverages. They also mentioned any change in their preferences. These results show that food habits and tastes are mostly related to age and gender.Girls pay more attention to dietetics and snack less than boys. Young adolescents prefer bland and familiar foods whereas older ones learn to appreciate ‘adult’ foods. As they grow older, chicken snack more, skip more m eals and seem more interested in foreign foods. Before puberty teenagers reject many foods they previously liked. After puberty they begin to appreciate some foods they didn’t like before. Their food repertoire widens at this period because of social and cognitive influences. 6 Schlosser, E. , (2001) pointed out the most frequently reported reason for eating at fast food outlets is quick service.Laroche and Parsa, (2000) agreed with Schlosser, E. , and said that people decide to chose fast food outlets because they were worried about time. To prepare home meal food, it may take much of time to cook and served it compared to taking fast food. French S. A Et. al (2001) summaries that some people have other reason why they chose fast food outlets which might be in order for them to chose time with family, friend, by along with eating at fast food outlets, because they are quick and easy to get to and also a way of socializing with friend and family.Drewnowski and Spectre, (2000) contends that another factor that may influence consumption of fast food is by socioeconomic status. There have totally difference between people who have high wages with people who is have low wages in their life. Usually people who have low economic status, they more prefer to choose food that something not has high nutrition, but more reasonable and inexpensive price while wealthy person they prefer to choose branded restaurants rather than realized the ingredients and nutrients contain in the food.Herman and Polivy, (1984) contradicts/protests and emphasizes that the factor that influence of fast food consumption based on residential areas. He observed that people who stay at the rural areas are less consumed of fast food rather than people who stay at urban area because urban/town residential areas are nearer by the fast food outlets. 7 CHAPTER THREE THEORECTICAL FRAMEWORK 3. 0 INTRODUCTION This chapter focuses on the theoretical framework of the social correlate of fast food outlet among OAU students.Thus, the purpose of a good theoretical framework is to explain a given social phenomenon and to define the interrelated concepts, definition and propositions that represent a systematic view of the subject of study (Ogunbameru 2006). Although, there are many theories that can be used, in this study, rational choice theory and Mcdonaldization theory are employed. 3. 1 RATIONAL CHOICE THEORY Rational choice theory is derived from the neo-classical economics (as well as utilitarianism and game theory, Levi et al,1990,Linden berge,2001;Simpson,2007).The focus in rational theory is on actors. Actors are seen as being purposive or as having intentionality that is actors have ends or goals towards which their actions are aimed. Actors also are seen as having preferences (or values, utilities). Of importance is the fact that action is undertaken to achieve objectives that are consistent with an actor’s preference hierarchy. Although, the rational choice the ory starts with actor’s purpose or intentions, it must take into consideration at least two major constraints on action.The first constraint is the scarcity of resources. Actors have different resources as well as differential access to other resources. The attainment of ends may be for those with lo of resources, the achievement of ends may be relatively easy. However, for those with few, if any, resources, the attainments of ends may be difficult or impossible. Related to scarcity of resources is the idea of opportunity cost (Friedman and Hechter, 1998). In pursuing a given end, actors must keep an eye on the costs of forgoing heir next-most-attractive action.A second source of constraints an individual action is social institution. The institutional constraints provide both positive encourage certain action and discourage others. Friedman and Hechter put it that individual’s actions are checked from birth to death by family and school rules, churches, synagogue and mosques, hospitals, etc. By 8 restricting the feasible set of course of action available to the individuals, enforceable rules of the game include norms, laws, agendas etc. 3. 2 RELEVANCE OF RATIONAL CHOICE THEORY TO THE STUDYThe central theme and the main lesson that may be learnt and applicable to this study from the rational choice approach is that students have the goals or aims to achieve good grade or graduate from the university, but there are some challenges they have to go through. In a case where a student is being instructed by his or her lecturer to finish a project or assignment within a given period of time, such student will have to choose between alternative of forgoing his or her cooking time for his or her project or assignment, he or she may choose to save time by patronizing fast-food. More so, another rea of relevance to this study is that some students have the intention to forgo cooking for reading, but the resources (money) needed to buy the food are limited. Students always make use of this slogan â€Å"Aye o Po†, (i. e. No time to do anything else on campus like, cooking and other things). That is despite the differences in the income level among students they still patronize fast food outlet not minding their class in the society or social economic status. Being rational-calculative beings, the time it takes to prepare food compared to patronizing the fast food outlets has been rationally analyzed by the students.It obviously takes more time for preparing food than patronizing the fast food outlets such as the option of patronizing is high. Some students maintained that it cost more to prepare food than opting to fast food centers; calculating the cost of obtaining the raw food stuffs with the stress involved and the constraint of the time-table/academic course work, it appeared to them that the best option available is to get their food-(prepared food) from the fast food centers on campus.In a situation where the time table d oes not allow leisure, for example having a class from 8:00am till 12:00pm at a stretch, such student involved considered that the best option is to patronize the fast food joint because of nonavailability of time to cook due to the constraint created by the lecture schedule and time-table. The intention and decision by students varies i. e. ambivalent; depending on the income level in term of pocket money or allowance gotten by the students. 9Since society is stratified, the family background of the students will be a factor that influences the decision and intention of the students. This tries to explain that humans are pleasure seekers according to Jeremy Bentham but the constraint from social institutions e. g. (family, peer, school, church) and the non-availability of resources due to the variance in its distribution has a major role to play in their decisions, goal attainments etc. The allowance of the students from home also contributes to the decision of patronizing the fast food outlets.For some students that claimed to have little or insufficient allowance from home, they prefer to maintain the little on them, buying raw food stuffs and reduced to cooking compare to patronizing the fast food outlets contrary to those with high and sufficient weekly or monthly allowance from home that have considered patronizing the fast food outlets as better option in so far that there is financial ability in their disposal. 3. 3 MCDONALIZATION THEORY This theory explains that the drive towards bureaucratization and rationalization is largely motivated by profit.Companies believe they cut cost and increase profits through rationalization. The phenomenon of ‘’McDonaldization’’ which Ritzer elicits from his analysis of McDonald’s fast food restaurants encompasses both Production and consumption and is applied to a broad scope of economic, political, social and cultural artifacts and mechanisms. Ritzer is able to apply his concept to p henomenon ranging from work to leisure, from food to media, from education to politics. Such mode of post modern theory help us to critically view key social dynamics institution and problem the exemplifying the major strength of social theory.McDonald’s restaurant has become a better exemplar of current form of rationality and its ultimately irrational and harmful human consequences. McDonaldization’s institution is part of a general drive to rationalization. 10 They aim to increase: 1. Efficiency: choosing the best quickest or least difficult means to a given end. 2. Calculability: Emphasis on the quantitative aspects of the product being sold. 3. Predictability: involves the customer knowing what to expect from a given producer of goods and services. 4. Control: A way to keep a complicated system running smoothly. . 4 RELEVANCE OF MCDONALIZATION THEORY TO THE STUDY. Using the principles of McDonalization, success has been recorded by workers, students and managers. These principles have offered students, workers, manager e. t. c. Efficiency, calculability, predictability and control. These principles will be explained and how it has applied to our study. Ritzer (1996) defines efficiency as ‘The optimum method for getting from one point to another’. To the customer or students of fast food outlets, this means ‘the best way of getting from being hungry to being full.In this contemporary society where all consumers varying from students, workers, lecturers, etc. are in a rush to meet up with tight schedules, e. g. lecture time table, submission of assignments and other demands of the society might turn to fast food outlets for their survival, due to the stress and time constraint faced in cooking. This can be affirmed by (Ritzer, 1996) who stressed that cooking is inefficient because it can take hours to get fed whereas traditional and continual food prepared in this fast food takes minutes and it is also efficient.In major fas t food outlets, ‘quantity (especially a large quantity) tends to become a surrogate for quality. (Ritzer1996). There is an emphasis on producing a high quantity, get a lot of food quickly, and the owners gets a lot of work out of their workers. However, the consumers may not get a quality dining experience, because they are rushed and they have a limited choice. 11 CALCULABILITY: Great importance is given to calculability to an emphasis on quality, often to the detriment of quality. This principle explains the adverse effects of fast food outlets on customers or students.The owners and employees of fast food outlets are majorly concerns with the quick rate of turner, with this, it affect the quality of food they produce, because they are after quantity and not quality. Similarly, customers are expected to spend as little time as possible in the fast food outlets. The drive through the window reduces the time to zero, but if customers desire to eat in the restaurant, the chairs may be designed to impel them to leave after about 20 minutes. (Some students go for relaxation). The emphasis from speed clearly has a negative effect on the quality of food at a fast food outlet.Also, the emphasis on how fast the work is to be done means that the customers cannot be served high quality food. PREDICTABILITY: What this theory explains is that, there is an expected ways the customers are attended to by the workers of fast food outlets and there is a designed way of selling and buying in the outlet e. g. before going to buying food in forks and fingers or Iya- Ila, you have the fore- knowledge of what you expect from the fast food outlets. In these outlets, there are processes which both the customers and the outlets workers must follow in the course of their transaction.Taking Iya-Ila as example, the process in which customers order their food, the customers queue for their food, and also queue for the soup. The predictability has been able to posit that, students h ave the fore knowledge of what to expect from the fast food. 12 CHAPTER FOUR METHODOLOGY 4. 0 INTRODUCTION Methodology according to Oxford Dictionary of Sociology is used to refers to the methods and general approach to empirical research of a particular discipline or even a particular large study, although, the term ‘research techniques’ is perhaps more apt in this context.This chapter describes the place of study, the sampling technique, collection of data and processing, and problems encountered in the field. 4. 1 STUDY AREA The research work was studied in Obafemi Awolowo University campus Ile-Ife, Osun State. The focus areas are: 1. Academic area 2. Student Union Building Area 3. Hostel area 4. New market / New Buka Area. . 4. 2 RESEARCH DESIGN Exploratory research design was used in this study. It serves the purpose of satisfying ones curiosity and desire for better understanding. It was also used to test the feasibility of understanding a more careful study. 4. 3 SAMPLING TECHNIQUEThe sampling technique used in this study is the probability or Random sampling, specifically, systematic sampling procedure to arrive at the target respondents for the study. 13 4. 4 DATA COLLECTION INSTRUMENT In this study, quantitative instrument of data collection was used which entails administering of questionnaire. The questionnaires were divided into sections. The first section is concerned with socio-economic and demographic characteristics of respondents such as their age, marital status, religious belief, while the other section is about income level like school allowance, monthly allowance and additional income.The questionnaire contains both the open and close-ended questions, close–ended questions constantly to find out attitudes of respondents if they patronize the fast food outlets and the positive and negative effects that prompt it. It has a closed ended questions in order to minimize irrelevant responses and also to make it easier for the respondent to answer as he or she only has to choose a category. Open ended questionnaire was also included in the questionnaire to allow more opportunity for creativity and self-expression by the respondent.It also helps to deal with complex issues that cannot be condensed into few small categories. 4. 5 DATA COLLECTION PROCEDURE OAU Campus is divided into areas, the areas chosen was the ACADEMIC AREA, STUDENT UNION BUILDING AREA, HOSTELS AREA and NEW MARKET or NEW BUKA AREA. The rationale of selection was systematic through the process of balloting, two faculties were chosen out of the 11 FACULTIES, (Faculty Law and health sciences,) five questionnaires were administered to each faculty to make it 10.Fork and fingers and fivers were chosen in the student union building area based on the food outlets are patronized by 10 questionnaires were administered each to the students to make it 20 questionnaires. The respondents chosen in the BUKA AREA and NEW BUKA MARKET were also done ran domly. 10 questionnaires were administered. Two hostels were chosen by balloting, Moremi and Angola were picked, and Five questionnaires were administered to each hostels make it 10. In all, 50 questionnaires were administered to these areas. 14 4. 6 DATA ANALYSIS PROCEDUREAfter the collection of data, analysis and presentation was done in order to give meanings to the raw data collected by using the statistical package for social science (SPSS). 4. 7 PROBLEM ENCOUNTERED DURING THE STUDY Many of the respondents at the initial stage complained that they did not have the time to fill the questionnaire and were too busy preparing for their examinations as the research was carried out during this period; some opted out of the research session because they were not in the mood to fill the questionnaires. With persuasion, some filled the questionnaire.The female were eager to answer the question, while the males felt reluctant and demanded for a tangible reward. Another problem encountere d was the non response especially on the open-ended questions that requires the respondent volition to answer questions thus; they filled some of the questions arbitrarily. However despite all challenges, the study achieved a great success. 15 CHAPTER FIVE DATA ANALYSIS AND PRESENTATION 5. 0 INTRODUCTION This chapter focuses on the discussion, analysis and presentation of tables on the various results obtained from the survey.The discussion herein covers: the socio demographic characteristics of respondent used in the survey, and a discussion on the three objectives: to examine the extent to which family background affects students patronage; to evaluate if gender can influence students patronage of fast food outlets; and to determine if the income level of students affects their patronage of fast food outlet. 4. 2: Socio demographic characteristics Table 1 Age group 15-19 years 20-24 years 25-29 years 30-34 years 40-44 years Total Frequency 6 30 9 1 1 47 Percentage (%) 12. 8 63. 8 19. 1 2. 1 2. 1 100. 0 Sex Male Female Total Frequency 23 27 50Percentage (%) 46. 0 54. 0 100. 0 16 Marital status Single Married Total Frequency 48 2 50 Percentage (%) 96. 0 4. 0 100. 0 Religion Christianity Muslim Traditional Total Frequency 41 8 1 50 Percentage (%) 82. 0 16. 0 2. 0 100. 0 Table 1 shows the socio demographic characteristics of respondents used in the survey. The result obtained from students shows they fall between the age range 15-44 years old, with 12. 8 percent in 15-19 age group, 63. 8 percent of those in 20-24 age group being the highest percentage, 19. 1 percent those in ages between 25-29 years of age, 2. 1 percent of those in 30-34 years old and 40-44 years old respectively.The sex distribution includes 46. 0 percent male and 54. 0 percent female. Their marital status includes majority being single 96. 0 percent, and the married surveyed are 4. 0 percent of total surveyed population. Religious affiliations of respondents are Christianity 82. 0 percent, Mus lim 16. 0 percent, and traditional 2. 0 percent. 17 4. 3: Examining the extent to which family background affects students patronage: Table 2 Variables How are your meals By your mum been prepared at home? By cook By relatives Others-self, sisters Total Frequency 35 5 1 7 48 Percentage (%) 72. 10. 4 2. 1 14. 6 100. 0 If none of the options Yes above, do they give you No money to buy food at Total home? 1 1 2 50. 0 50. 0 100. 0 If yes, does it influence Yes your patronage of fast food outlets on campus 1 100. 0 How often do you cook in your hostel? Trice a day Once a day Twice a week Frequency 10 26 8 Percentage (%) 20. 4 53. 1 16. 3 10. 2 Others- Twice a day, 5 often, never Total 49 100. 0 18 Table 2 examines the extent to which family background affects students’ patronage of fast food. The result shows that meals are prepared at home by majorly by mum 72. percent, followed by cook 10. 4 percent, self and sister 14. 6 percent, and by relative 2. 1 percent. Of all the respond ent only two respondents answer the question do they give you money at home, if meals are not prepare? This has a single positive and negative result of yes and no. And the one person who reported receiving money at home says it influences his or her patronage of fast food. The frequency of cooking in the hostel is reported as once a day 53. 1 percent, trice a day 20. 4 percent, twice a week 16. 3 percent, others includes twice a day, often, and never 10. 2 percent. 4. : Evaluate if gender can influence students patronage of fast food outlets Table 3 Variables Who do you think Male Frequency 32 15 47 Percentage (%) 68. 1 31. 9 100. 0 patronize fast food joint Female most Total State your reasons for your answer above Frequency They have no cooking 8 skill No enough time to 10 Percentage (%) 18. 2 22. 7 devote to cooking Laziness Gender role issue Taking friends out to eat Total 17 3 6 44 38. 6 6. 8 13. 6 100. 0 19 Figure 4. 3 evaluates if gender can influence students patronage of f ast food. It is reported that male patronize fast food 68. 1 percent more than female 31. 9 percent.Reasons for the high patronage of fast food given are laziness especially on the part of males 38. 6 percent, believing there is no enough time to devote to cooking 22. 7 percent, lack of cooking skill 18. 2 percent, taking friends, especially girlfriends, out to eat 13. 6 percent and men believing it is duty of a particular gender 6. 8 percent. 4. 5: Determining if the income level of students can affect patronage of fast food outlet: Table 4. 1 Variable How do you receive Weekly your school allowance Monthly Between monthly No response Total 1 50 2. 0 100. 0 weekly Frequency 11 26 and 12 Percentage (%) 22. 52. 0 24. 0 How much is your 2,000-5,000 12 17 20 49 24. 5 34. 7 40. 8 100. 0 monthly allowance income 6,000-10,000 Above 10,000 Total Figure 4. 5 determines if the income level of students can affect students' patronage of fast food outlet. Table 4. 1 describes the income level o f surveyed respondents. This shows that majority of respondents receives their income monthly 52. 0 percent, this is followed by between weekly and monthly 24. 0 percent, weekly 22. 0 percent, the no response rate was 2. 0 percent. The reported monthly income receive by respondents are within #2,000 to 20 #5,000 24. percent, #6,000 to #10,000 34. 7 percent, and above #10,000 40. 8 percent, having a max of #50,000 from those surveyed report. Table 4. 2: Other sources of income and choice of fast food Variable Do you have other Yes Frequency 31 19 50 Percentage (%) 62. 0 38. 0 100. 0 source of income apart No from your monthly Total allowance? If yes, what are the Scholarship sources? Business Relatives Others- 1 18 9 3. 2 58. 1 29. 0 9. 7 craftsmanship, 3 friends, working Total 31 100. 0 Can your additional Yes 27 14 41 65. 9 34. 1 100. 0 income motivate you to No patronize outlet? fast food TotalWhat is your choice of Forks and fingers fast food outlet on Banwill Iya-Ila 26 8 5 55. 3 17. 0 10. 6 campus? 21 Others- Captain cook, 8 New buka, Depullars Total 47 17. 0 100. 0 Table 4. 2 shows other sources of reported income. 62. 0 percent reported has having other sources of income apart from monthly allowance from home. This sources includes business ventures 58. 1 percent, relatives 29. 0 percent, scholarship 3. 2 percent, others are craftsmanship, friends and working 9. 7 percent. Additional income is also reported to be a motivating factor to patronizing fast food outlet 65. percent. The choice of fast food outlet are forks and fingers 55. 3 percent, banwill 17. 0 percent, Iya-Ila 10. 6 percent, others are captain cook, new buka, and depillars 17. 0 percent among surveyed respondents. Table 4. 3: Cross tabulation showing how much of monthly income or allowance goes to fast food What percentages of your allowance go to fast food Income 2,000-5,000 6,000-10,000 Above 10,000 Total 5-10% 7 (63. 6%) 9 (60. 0%) 5 (26. 3%) 21 (47. 7%) 15-20% 1 (9. 1%) 4 (26. 7%) 3 (1 5. 8%) 8 (18. 2%) 25-30% 3 (27. 3%) 2 (13. 3%) 11 (57. 9%) 16 (35. 6%) 11 (100. %) 15 (100. 0%) 19 (100. 0%) 45 (100. 0%) Total Table 4. 3 shows a cross tabulation of how much income or allowance goes to fast food outlet. 10% of income goes to fast food outlet by those who receive between #2,000 to #5,000 naira as monthly income, 1 person reports 15 to 20 percent of income goes to fast food, and 3 person reports 25-30 percent goes to fast food. Those that receive between #6,000 to #10,000 9 persons reports 5 to 10 percent going to fast food, 4 persons report 15 to 20 percent goes to fast food, and 2 persons reports 25 to 30 percent goes to fast food. 22Those that receive above #10,000 naira 5 persons reports that 5 to 10 percent goes to fast food, 3 persons reports that 15 to 20 percent goes to fast food, and 11 persons reports that 25 to 30 percent of allowances goes to fast food. For those whose income falls between #2,000 to #10,000 naira, that is 63. 6 percent and 60. 0 percent, the highest percentage of income that is spent in fast food outlet is between 5 to 10 percent, while for those whose income is above #10,000 naira, 57. 9 percent of them spend a higher percentage of their income at the fast food outlet 25 to 30 percent.DISCUSSION Findings in this study suggest that the economic status can be a determining factor for student’s patronage of fast food outlets. This can be affirmed by the fact that respondents who receive the lowest income (#2,000 – 5000) spend less of their income on fast food outlets i. e. 63. 6% of them spend just 10% of their income on fast food. This empirical study background can influence student’s patronage as can be seen in table 4. 3 where by 72. 9% of the respondents have their meals cooked by their mum, cook by other relatives while just 7%, cook their food themselves at home.This goes further to imply that greater percentage of the students do not cook by themselves. Hence, they tend patronize fast foo d outlets. Students who have their meals cooked by their mum tend to be lazy in preparing their own food, this can also be tested by the fact that 38% of respondents belief laziness contribute to the reasons why students patronize fast food outlets. This study also establish the fact that individuals gender affect the patronage of fast food outlets as more male patronized than female (68. 1% male patronize fast food outlets while 31. % female patronize it). 23 SUMMARY, RECOMMENDATION AND CONCLUSION 6. 0 SUMMARY OF THE FINDINGS: The definition of fast food is inconsistence but equally, fast food is the term given to food that can be prepared and served with low preparation time. The term â€Å"Fast Food† was recognized by Merriam-Webster in 1951. The historical background of fast food can be traced to urban development which was deeply rooted in sociological inevitably. Large urban cities like United Kingdom, United state, Paris, and London witness the emergence of fast food.I n the traditional society, fast food is equally evident, the example of traditional meals such as Suya, Eba, and Egusi soup, Semo are sold within OAU Campus. Academic and scientific research revealed that, most undergraduate students patronize fast food outlets, which has indirectly affected their cooking culture and the level of satisfaction derived from the consumption of this fast foods. However, other relevant literatures relating to social, economic status of the students however were also discussed. Rational choice theory was used as a theoretical framework to explain how students make choices in order to have good grade.Despite the differences in the income level among students they still patronize fast food outlets not mining their social class and socio-economic status. This study depict that, student maintain the cost to prepare food than opting to fast food outlets. The principle on the study of McDonalization has been recorded by workers, students and managers, looking a t their efficiency, predictability, calculability, and control Methodology describes the place of study, sampling technique, collection of data and processing and problems encountered in the research work.The exploratory research was carried out among the OAU students using the probability sampling, systematic procedure and the problem encountered on the research work is that most of the respondents complained that have the time to fill the questionnaires. 24 Data analysis and discussion focuses on the various results obtain from the survey. This study has been able to cover the social-demographic characteristics of respondent used in the survey looking at the extent to which family background affect student’s patronage, how gender influenced students patronage of fast food outlets. 25 6. 1 RECOMMENDATIONFrom the analysis we can see that most parent do the cooking, parent should be encouraged more to train up their wards on how to prepare meal on their own. ( They can teach t hem how to prepare fast food on their own instead of buying outside). Food and nutrition should also be included in all school curriculums. Gender role of cooking should not be confined to the female child alone; there should be a balance in the societal roles. This will encourage the male to also participate in cooking activities at home so that such child will be able to cook for himself/herself when they get to school.Moderate allowance should be given to student that receives more allowance because more than half of their money goes to fast food restaurant which disallow them from cooking in school. 26 6. 2 CONCLUSION Conclusively, fast food should not be totally criticized because it has been a major source of survival for those that do not have the time and the skill on how to prepare meal on their own. At the same time the students should be discourage from patronizing fast food outlets. The importance of fast food on campus cannot be over emphasizes.The rise or emergence of fast food has been a source of help to social class or group. Consequently in examining the extent through which family background affect patronage of fast food, we see that most meals are often prepared by their mothers and also student who receive more income from home tend to patronize fast food than those who do not receive much. Also, those who have their meal prepare by a cook tend to patronize fast food outlet more than others who know how to prepare their meals themselves.We are able to conclude that male student patronize fast food outlet more than their female counterpart because of the various reason associated with this which are laziness, lack of cooking skill or time. Evidently student income level also goes a long way in affecting student patronage of fast food outlets; those who receive more money from home patronize fast food more. So therefore the survey carried out shows that all these variable such as economic, family background, income level etc goes a long way in affecting student patronage of fast food outlets. 27 REFERENCESChristine Ton Nu, Patrick Macleod, Jacques Barthelemy. (1996). Effects of Age and Gender on Adolescents Food Habits and Preferences. Christine E. Blake, Carol M. Devine, Elaine Wethington, Margaret Jastran, Tracy J. Farrell, and Carole A. Bisogni. (2009). Employed Parents ‘Satisfaction with Food-Choice Coping Strategies. Influence of Gender and Structure. Emily Kroshus, MPH. (2008). Gender, Marital Status, and Commercially Prepared Food Expenditure. Ayse Ozfer Ozcelik, Lale Sariye Akan & Metin Saip Surucuoglu. (2007). An Evaluation of Fast-Food Preferences According to Gender (2007).Humanity & Social Sciences Journal 2(1), 43-50 Aikman, S. N & Graham, D. (2006). Food attitudes, eating behaviour, and the information underlying food attitudes. Olakunle A. Ogunbameru,Bankole O. Ogunbameru (2010), Contemporary Methods in Social Research Kuntel Publisher Ooni layout,Ajebamidele Ile Ife. George Ritzer (2012) Sociologi cal theory Eight edition publisher Mcgraw-Hill companies Inc. 121 Avenue of the Americas, New York. John Scott and Gordon Marshall (2009), Oxford Dictionary of Sociology revised edition Oxford University press. 28

Jet task 2 Essays

Jet task 2 Essays Jet task 2 Essay Jet task 2 Essay jet 2 Task 2 There are a few areas of concern with the Budget that Competition Bike, Inc. has displayed within their budget for year 9. The most prominent area of concern in is in the Revenue section of the budget. In the budget for year 9, Competition has included units sold to be 3510. This is a lofty prediction given that year 8 had seen such a big decline in that number. In year 8, Competition sold 3400 units, but the previous year had sold around 4000 units, a 15 % decline. The company is hoping for n upswing, but this may be too positive of an estimation. To go with that, Competition is only allowing for $984 more dollars in advertising for year 9. If they had budgeted maybe $2000-$3000 more to this category to get to where their advertising spending was in year 7 when they sold 4000 units, their budget of increased sales in year 9 would not be as suspect. In the Budgeted Income Statement, Competition Bikes has budgeted $1340038 for Selling, General, and Administrative Expenses. This is a little high as in year 7, when he highest number of units was sold, that category totaled $1322075. Sometimes this number is budgeted high to help show how well the company managed the budget, as they have built in extra that they know that they can beat. This is not in the best interest of the company, however, because the goal is not aggressively set, and there is no real push to beat the budgeted amount. The other concern with this area is that a lot of the key components in this category should remain relatively similar to revious years. For example, Executive Compensation, Employment taxes, Payroll Service, Depreciation Expense, and Administrative Salaries were the exact same for Years 7 8. Given that these should remain the same in year 9; it is unclear why the company is budgeting more than $50,000 in this area than the previous year. I would suggest that the budgeted amount be somewhere between the year 7 8 amounts, given the positive prediction that sales will increase, which would put it between $1273867 and $1322075. This over statement in this category has also led to the company to under budget their Operating Income which they have budgeted at $80585. With the prediction of selling more units than year 8, the company should be budgeting a higher Operating Income than the previous years amount of $97,533. They definitely should not be indicating that they will be selling more but making less. This would be a bad financial sign for the company, as it is showing a lack of leadership and management skills. Jet task 2 By wahabfun

Appealing to Tradition Fallacy

Appealing to Tradition Fallacy Fallacy Name: Appeal to AgeAlternative Names:argumentum ad antiquitatemAppeal to TraditionAppeal to CustomAppeal to Common PracticeCategory: Appeals to Emotion and Desire Explanation of the Appeal to Age Fallacy The Appeal to Age fallacy goes in the opposite direction from the Appeal to Novelty fallacy by arguing that when something is old, then this somehow enhances the value or truth of the proposition in question. The Latin for Appeal to Age is argumentum ad antiquitatem, and the most common form is: 1. It is old or long-used, so it must better than this new-fangled stuff. People have a strong tendency towards conservatism; that is to say, people have a tendency to preserve practices and habits which seem to work rather than replace them with new ideas. Sometimes this may be due to laziness, and sometimes it may simply be a matter of efficiency. In general, though, its probably a product of evolutionary success because habits which allowed for survival in the past wont be abandoned too quickly or easily in the present. Sticking with something that works isnt a problem; insisting on a certain way of doing things simply because its traditional or old is a problem and, in a logical argument, it is a fallacy. Examples of the Appeal to Age Fallacy One common use of an Appeal to Age fallacy is when trying to justify something which cant be defended on actual merits, like, for example, discrimination or bigotry: 2. Its standard practice to pay men more than women so well continue adhering to the same standards this company has always followed.3. Dog fighting is a sport thats been around for hundreds if not thousands of years. Our ancestors enjoyed it and it has become part of our heritage.4. My mother always put sage in the turkey stuffing so I do it too. While its true that the practices in question have been around for a long time, no reason for continuing these practices are given; instead, its simply assumed that old, traditional practices should be continued. There isnt even any attempt to explain and defend why these practices existed in the first place, and thats important because it might reveal that the circumstances which originally produced these practices have changed enough to warrant dropping those practices. There are quite a few people out there who are under the mistaken impression that the age of an item, and that alone, is indicative of its value and usefulness. Such an attitude is not entirely without warrant. Just as it is true that a new product can provide new benefits, it is also true that something older may have value because it has worked for a long time. It isnt true that we can assume, without further question, that an old object or practice is valuable simply because it is old. Perhaps it has been used a lot because no one has ever known or tried any better. Perhaps new and better replacements are absent because people have accepted a fallacious Appeal to Age. If there are sound, valid arguments in defense of some traditional practice, then they should be offered, and it should be demonstrated that it is, in fact, superior to newer alternatives. Appeal to Age and Religion Its also easy to find fallacious appeals to age in the context of religion. Indeed, it would probably be hard to find a religion which doesnt use the fallacy at least some of the time because its rare to find a religion which doesnt rely heavily on tradition as part of how it enforces various doctrines. Pope Paul VI wrote in 1976 in Response to the Letter of His Grace the Most Reverend Dr. F.D. Coggan, Archbishop of Canterbury, concerning the Ordination of Women to the Priesthood: 5. [The Catholic Church] holds that it is not admissible to ordain women to the priesthood for very fundamental reasons. These reasons include: the example recorded in the Sacred Scriptures of Christ choosing his Apostles only from among men; the constant practice of the Church, which has imitated Christ in choosing only men; and her living teaching authority which has consistently held that the exclusion of women from the priesthood is in accordance with Gods plan for his Church. Three arguments are offered by Pope Paul VI in defense of keeping women out of the priesthood. The first appeals to the Bible and isnt an Appeal to Age fallacy. The second and third are so explicit as fallacies that they could be cited in textbooks: we should keep doing this because its how the church has constantly done it and because what church authority has consistently decreed. Put more formally, his argument is: Premise 1: The constant practice of the Church has been to choose only men as priests.Premise 2: The teaching authority of the Church has consistently held that women should be excluded from the priesthood.Conclusion: Therefore, it is not admissible to ordain women to the priesthood. The argument may not use the words age or tradition, but the use of constant practice and consistently create the same fallacy.

How is Let America be America applicable to today's America Essay

How is Let America be America applicable to today's America - Essay Example He is saddened that America has lost it way and says that he never felt true freedom in the USA. He appeals to the reader and indeed the general public at large that they should work to bring back America to the status of the leader of the free world. This poem was written in 1935 in the Great Depression Era (Rampersad, 4) but is relevant even today. Explanation This selection consists of two stanzas. In the first stanza (Hughes, 725) the poet says that the USA should revert to the ideal of being a dream fulfilled, as the leader of the free world. Just like the part of mankind searching for freedom from oppression, America should be a pioneer in ensuring that people enjoy freedom from oppression and enjoy civil liberties as their basic right, across the civilized world. This is a democratic ideal and America has been known to champion the cause of democracy across the world in the present times. It regards democracy to be the best system of Government because the people elect their o wn representatives who then are entrusted with the duty of serving the people in the most effective and efficient manner.

NOT SPECIFIED Research Proposal Example | Topics and Well Written Essays - 500 words

NOT SPECIFIED - Research Proposal Example More effective learning material is needed due to a lack of information, misunderstanding and communication difficulties with other pilgrims and organizers (Hameed, 2010). The proposed study will investigate the need for, potential and establish the importance and effectiveness of multimedia technology for preparing Muslims for performing hajj or Umrah in the form of education and guidance. The primary aim will be to satisfy essential requirements first, such as knowing the procedure with respect to religious and historical knowledge as well as the whereabouts of important places such as the black stone, the commemoration spot of Prophet Ibrahim (AS), and Safa and Marwa. In addition, performers would need to know about the transportation and health care facilities, toilets, and emergency and fatwa stations. The study will involve a field survey of Malaysians, and may also lead to the development of an application software for evaluating its potential and effectiveness, and for providing additional services, such as real-time guidance during the hajj or Umrah. According to Yusoff et al. (2011), most learning materials which are meant to prepare Muslims for hajj exist only in written and also audio and video form; however, they are normally based on the practice of passive learning. It is believed that multimedia technologies and, in particular, virtual surroundings can offer a much better way of preparing Muslims for hajj through offer interactive chances and immersive experiences, and; therefore, easing understanding. To attain these objectives, the research will incorporate a mixed methodology. Both quantitative and qualitative techniques will be employed that will strengthen data obtained from Hameed (2010) and Yusoff et al. (2011). The reason for employing both quantitative and qualitative method is that this design is that it better validates the findings. Participants of

Soccer or Hunger Essay Example | Topics and Well Written Essays - 500 words

Soccer or Hunger - Essay Example In fact, the level of attention that is paid to the sports in Europe and U.S speaks about the high levels of life the dwellers of this regions have. Thus, it is no wonder that there is little football fans in Africa - it's hard to devote all of the attention to the forthcoming football match when you don't know what your children will have for breakfast tomorrow. Soccer has become a profitable industry due to the amount of attention that is devoted to it in the developed countries. It turned out that being a soccer player is a decent occupation; at least the salaries of the soccer players in some parts of the world, are higher than those of the doctors or lawyers. The numbers found in the Soccer and World Football FAQ were that in top Euro leagues the soccer players make from $50,000 to $7,000,000-8,000,000. The statistics strokes us down by the fact that the financial state of the European soccer players is not as good as it may've seemed, as the average salary is no more than $1,500,000. The top salary in Mexico is $2,200,000, but the average one is no more than $400,000. High profile players like David Beckham earn roughly 10 million a year from their salary alone. Roy Keane (Manchester United) got paid 100,000 a week, while Ronaldinio gets paid 7.6 million per year.

Impact of foreign institutional investors on Indian stock market

Impact of foreign institutional investors on Indian stock market CHAPTER 1 Generalities of Study Introduction In the initial period the economic growth of all the countries were started by government planning and action by developing the agricultural, manufacturing and the infrastructure facilities of the country. Though these facilities were adequate for the economy but it didnt boost the domestic growth of the country as it did not lead to much saving or any further investment. Since these domestic savings were inadequate, countries had to depend on the loans from different countries for the development of their country through different public organisations. This led to growth of economies by increased foreign investments which came in the form of overseas loans. Foreign capital plays a significant role in the development of any economy. It fills the gap between domestic savings and its required investment for growth. But this investment limited the scope of growth as loans were not easily available. So countries induced foreign investments by allowing them to invest in the companies list ed on stock markets to a major extent. This led to development of stock markets. Stock Markets initially were just a way for people to invest their money into different companies and they were not that big. But as of today they have become an important part in the growth process of any country. Due to development of stock markets, economies are getting globalised and world is getting smaller. Hence the significance of stock markets has grown above leaps and bounds. As of today the Gross Domestic Production of a country largely depends on stock markets. As a result each country is trying to enhance its stock markets in order to attract foreign investments and to boost the growth process of their own country. The best decision of the century has been the financial liberalisation of the equity markets all over the world which gave opportunity for foreign investors to invest in domestic markets especially of the emerging economies. According to Lalitha, S (1992), the main reason for opening stock market for FIIs was to attract foreign investments and stop country from raising more debts. According to Cerny (2004), the behaviour of stock market is affected by the globalisation of the world economy. The Foreign Investors are eyeing these days on the Asian markets specially India due to many obvious reasons. First of all growth potential in Asian Markets is higher, secondly its cheaper in countries like India to invest as the costs are low, thirdly there is a higher investor base and fourthly mostly the Asian economies are developing and hence the Governments are welcoming to Foreign investors as they play a major role in boosting the growth of the country. Now the question that arises is who are Foreign Institutional Investors? According to SEBI, FII means an entity which is established or incorporated outside India and which proposes to make investments in India. According to Sehgal and Tripathi (2009) FIIs are speculators instead of investors as they tend to invest in stock for short term and after attaining short term gains they tend to move away to different company and this might lead to volatility in stock prices and may lead to financial crisis. FIIs investments in stock market increases volatility in market due to excessive liquidity but it also leads improvement in value of stocks. According to Choe et al., (1999) Froot et al., (2001) Griffins et al., (2002), Foreign Investors run after returns from stocks, in a way they will buy shares in those companies whose returns they expect to be high. According to Syste et al. (2003), Foreign Investors invest in large liquid companies which enable them to exit quickly at lower cost. Another research by Prasana (2008) Foreign Institutional Investors have been eyeing on Indian Markets because of the positive fundamentals of the economy and potential to grow fast. Since foreign investors are freely available and are unpredictable, therefore FIIs are always on look out for profit. FIIs move their investments regularly and because of these swings there is a tendency to be fluctuations in prices and hence increased volatility in the market. Another study by Clark and Berko (1997) finds that stock prices rises due to increase in capital flows by foreign institutional investors but they could not conclude that the rise in pri ces are for short term or for long term. Another finding which indicates positivity of presence of FIIs was produced by Banaji (2000). According to him, due to presence of FIIs in Indian market there has been improved transparency in the procedures, automation and regulations regarding disclosure and reporting standards were initiated. So it becomes the necessity to study the Impact Foreign Institutional Investors have on Indian Stock Market. Background of Indian Economy India was ruled for nearly 200 years by British rule and in 1947 it gained its independence.( http://www.iloveindia.com/history/modern-history/british-india.html) So the growth of India has come in the last 60 years in which Indian economy has been thriving to set its foothold in the world. Under the British rule India was mainly dependent on its agricultural production and few basic industries were in existence as in textile industry which was basically for the benefit of the British colony to support them in their trade for European goods by exporting Indian basic agricultural goods and textile manufactures. After Independence, India carried on with its policy of attaining self sufficiency and closed the doors for the foreign investors. But this policy of government limited the growth of economy. So in order to finance the needs to economy of providing basic necessities to its citizens and for getting over with the burden of loans as the foreign reserves were at their all time low, Government of India took support from World Bank and International Monetary Fund to get the country on to revival path. These organisations agreed to help Indian economy on the condition that they will allow foreign investors to enter India. So basically a reform process was initiated in India after balance of payment crisis of 1991 which was recommended by M. Narsimham, chairman of committee of financial system. This became starting point of deregulation of financial sector and development of various sectors of financial markets. This resulted in significant changes in Indian market from dull to highly buoyant stock market. As a result Indian markets were opened to foreign institutional investors in September 1992 and this event led to effective globalising of the financial services and since then the Foreign Institutional Investments have been rising positively year on year. These investments helped India in developing infrastructural facilities which were necessary for the growth of the country. These investments were led due to increasing confidence in Indian stock markets which were based on strong macro-economic fundamentals of the economy, abolition of long term capital gain tax, improved performance of Indian com panies and transparency in the regulatory system. The opening up of markets for foreign investors had its own pros and cons. Pros of financial liberalisation are that firstly stock markets had to improve its trading mechanism and match up to world standards and secondly with the presence of foreign investors, information system saw a drastic change. Con of financial liberalisation was that it brought destabilisation in the economy and increased more volatility in stock movements. But overall it increased confidence of foreign investors in Indian stock market. The last two decades has led to growing participation of Institutional Investors which includes not only the foreign Institutional investments but also investments by domestic institutional investors. Indian economy has been an attractive avenue for foreign investors as nearly 16% of the world population lives in India and also India has joined the elite club of 12 countries to cross trillion dollar economy. Other countries which have in past breached this trillion dollar economy mark in the past includes countries like U.S, Japan, Germany, China, France, U.K, Italy, Spain, Canada, Brazil and Russia. Besides this countrys stock Market capitalisation has also risen to $944 billion which is close to trillion dollar level. As per Credit Suisse Report, stock markets have risen in eight out of ten countries after reaching this mark. Foreign Institutions have played a major role in Foreign Investments in India which resulted in changing the face of Indian Stock Market. According to M Puri, ICICI Securities Chief, ( 2009) India has been looked upon as the safest destination for foreign investors. Foreign Institutional Investors are the companies which are registered outside India. They are registered with Securities and Exchange Board of India and they are guided by SEBI in participating in stock market through limits placed by it. The major source of their investment in Indian Stock market is through Participatory notes which are almost 50% of the money invested in markets. The disadvantage of participatory notes is that the investor is anonymous and hence it could be an investment by any organisation including terrorist organisations. Foreign Institutional Investors have invested more than $41trillion of funds in India in the past four years which resulted in bull market witnessing unprecedented growth with BSE Sensex rising in absolute terms. India has witnessed over a decade of FIIs portfolio flows and these flows have gained significance and have played a key role in the overall Indian Economy. The impact of foreign investments in India is significant. The increasing role of Institutional investors led to both qualitative and quantitative developments in Indian Stock Markets. The Foreign institutional investors has also impacted the domestic investors to a large extent in the sense that if FIIs sell the stocks then there is a situation of panic created among the domestic investors and they tend to sell as well. Hence there is a need to study its impact on Indian companies and economy in general taking into consideration all the factors affecting movement of stocks on Indian Stock Market. Significance of Study Indian economy is growing at a very fast pace. Most of the FIIs are investing in India due to its significant growth. These FIIs though they are investing in the country, they not only invest for profit they also are affecting the movement of stocks in stock markets. Hence they are impacting the stock market in a large way which is an important perimeter of the Indian economy as it contributes to the growth process of Indian Economy. So it is significant to study the impact of Foreign Institutional Investments on Indian Stock Market. Objectives of Study The main objectives of study are: To analyse the impact of FIIs investments on the shareholding pattern of Stock exchange companies. To find way to reduce risk associated with investing in stock market and to know when to exit. To look for investment opportunities CHAPTER 2 Review of Literature and Studies Determinants of FIIs Foreign Institutional Investors play a major role in the economic growth of India. Their impact is significant even though their market capitalisation is not much and is improving year on year. Several attempts have been made to understand the impact FIIs have on Indian Stock markets. According to Aggarwal 1997, Chakrabarti 2001 and Trivedi and Nair 2003(cited in Rai and Bhanumurthy) equity returns have positive impact on FIIs. But Gordon and Gupta,2003 ( as citied in Rai and Bhanumurthy) contradict by saying that foreign investors are here for earning profits, they invest in a company and make the price go up as other investors follow and then book their profits and leave. So it can be said that there is a bidirectional relationship between FIIs and equity return. After the bursting of infotech bubble in 1998 and Asian crisis, Chakrabarti (2001) analysed and found a shift in regime in the determinants of FIIs. He analysed that before the Asian crisis, any change in investment pattern by FIIs had a positive impact on equity returns but after Asian Crisis he found that if there is a change in equity return then the behaviour of FIIs change. But Trivedi and Nair (2003) are of a different view point, they feel that any investments made depend a lot on the risk associated with it. They further divide realised risk into two factors, ex-ante and unexpected risk. According to them, ex-ante risk is negatively related to FIIs whereas the relation of FII with unexpected risk is not certain. This is because uncertain activities can bring unimaginable loss or gain depending on the situation. Take for example U.S subprime crisis. Those crises were unexpected and they led to unexpected movement in stock markets and FIIs activity. Studies in the past have concluded that the return in source country and inflation in that country doesnt exert pressure on FII. But this theory has been contradicted by the recent subprime recession in US which led to most of FIIs withdrawing their investments in order to cope up with crisis in their own country. Hence if stock markets of foreign investors home country are doing well and there is stability in their economy then it leads to a positive impact on the investments by FIIs. According to Aggarwal 1997 (as cited in Rai and Bhanumurthy 2004) world stock market capitalisation has a positive impact on growth of FIIs in India. According to literature survey shows that most of the existing studies do not reflect the effect of stock volatility and also they do not account for realised risks in foreign and domestic markets. Another observation by Ahmadjian and Robbins (2005) after analysing firms in Japanese economy showed that foreign investors are more inclined towards profit making than going in for long term ownership. They tend to make money and move away towards other company. Investment Preferences of FIIs According to Douma, Pallathiatta and Kabir (2006) there is a positive impact of foreign ownership on firm performance and especially on the emerging economies. They also found the impact on business group affiliations of FIIs But FIIs dont invest in any firm, they invest in those firms which have good corporate governance as the firms with poor corporate governance are least protective about the investors and instead they are concerned about their own interest only, this was observed by Aggarwal, Klapper and Wysocki (2005). According to them companies which are controlled by block of shareholders they find it difficult to find external investors as they are derived by private benefits and may manipulate things accordingly. This was already concluded by Cho and Padmanabhan 2001 (as cited in Prasana 2008) that block shareholders influence firm performance. They also said that corporate governance of listed companies play an important role in attracting foreign investments. They also cl arified that block shareholders mean basically businesses run by family groups and distinguished them from times when government acts as block shareholders; they act quiet differently from private investors. Bhanumurthy and Rai (2003) made an attempt to examine the determinants of FIIs by using the monthly data from January 1994- November 2002 by analyzing the effect of return, risk and inflation in domestic and foreign economy. They firstly calculate the domestic and foreign returns from daily returns on BSE Sensex and SP 500. After the analyses they find out that FIIs inflow depend on stock market returns, inflation rate and Ex-ante risk. According to Yin-Hua and Woidtke 2005 (cited in Prasana 2008) investors protection is weak when company board is dominated by members of controlling family and it gets difficult to separate the ownership from management then firm value is inversely related to family ownership firms. Their view was supported by Choe, Kho, Stulz (2005) who analysed US investors and concluded that they hold fewer shares in companies where ownership structure is more conducive to insiders. Another observation by LI (2005) was that if there was poor corporate governance then foreign investors tend to prefer other route of Foreign Direct Investment instead as Foreign Institutional Investors. Going further in accessing the information on firm ownership, Leuz, Nanda and Wyoscki (2003) assessed the firm level characteristics and found family control increases insider trading which gives less benefit to foreign investors. They were supported by Haw, Hu, Hwang and Wu (2004) who concluded that firm level charact eristics cause information asymmetry problems for FIIs. In order to analyse the investment preferences of FIIs, Dahlquist et al (2003) analysed the foreign ownership and firm characteristics of Swedish Stock Market and they concluded that FIIs prefer firms which are large, pay low dividends and have a huge cash holdings. Whereas Covirg et al (2007) were of the view that foreign managers have comparatively less information than domestic managers and hence they concern FIIs preference to be based on size of sales and stocks which are listed on foreign soil. According to Li and Jeong-Bon 2004 (as cited in Prasana 2008), FIIs are in a better position to analyse the public information and hence they tend to avoid stocks with high cross-corporate holdings whereas according to Morin 2000 (as cited in Prasana 2008) as they analysed the French model of shareholding and management of FII pattern concluded that France has undergone a rapid change and has gone away with the traditional system of FII holding and facilitated with new techniques which demands corporate management. Stock Market Volatility Research by Forbes and Rigobon (2002), Bekaert, Harvey and Lumsdaine (2002a,b) , Edwards (2000) and others focussed on stock market volatility concentrating on moving of volatilities among different economies and also of the financial crisis which happened thereafter. Bakaert and Harvey 2000 (as cited in Batra 2004) analysed equity returns of a group of emerging markets before and after financial reforms. According to Aggarwal, Inclan and Leal 1999 (as cited in Batra 2004) local events and happenings make the stock markets to turn volatile in emerging economies. In order to draw this conclusion they analysed emerging stock markets for volatility for period of 1985-95 and by using ICSS algorithm they identified points of sudden change when some event occurred or when there was large movement in stock market volatility. They calculated the variance at each point. According to De Santis and Imrohoroglu 1997 (cited in Ranjan Kumar Dash and Sumanjeet Singh) studied the behaviour of volati lity in emerging markets and the effect of liberalisation on financial markets and concluded that volatility decreased after liberalisation. Their study was contradicted by Singh (1993), Grabel (1995), Levine and Zervous (1998), Kamminsky and Schmickler (2001 and 2003), Nission (2002) and Edwards et al. 2003 (cited in Ranjan Kumar Dash and Sumanjeet Singh) by saying that financial liberalisation increases stock market volatility. In Indian context, Samal 1997 and Pal 1998 (cited in Ranjan Kumar Dash and Sumanjeet Singh) found that FIIs investment is the major source of volatility whereas stock market volatility was lower in liberalized economy. This view was supported by Richards 1996 who took three different methodologies and two different sets of data to calculate the volatility in emerging markets and came with the conclusion that there was no empirical evidence which supports that liberalization of economy increases volatility in stock markets. Hamao and Mei 2001(as cited in Batra 2004) examined Japanese market at a time when foreign portfolio investments in Japan were small and found no proper evidence to prove that foreign investments tend to increase volatility more than increase in volatility due to domestic investors. Folkerts Landau and Ito 1995 (as cited in Batra 2004) computed market volatility in emerging economies at different periods in which there was a difference in flow of portfolio and found in case of Mexico that stock prices were less volatile when Foreign flows were more volatile and vice versa for Hong Kong. According to Nilsson (2002) by using Markov regime switching model in Nordic Stock markets, liberalisation in stock markets leads to increase in volatility. Nilsson also evidenced that higher volatility and higher expected returns have strong links with international stock markets. Considerable attention has been paid these days to stock market volatility and especially after global recession. Stock Markets had been highly volatile in emerging markets like India and its study becomes important. Investment strategies of FIIs There has been a considerable amount of research done on the investment strategies of FIIs which show the Positive feedback and herding strategies being followed by FIIs. Research done by Lakonishok, Shleifer and Vishny (LSV) 1992(cited in Sehgal and Tripathi 2009) looked at the investment behaviour of 769 US tax exempt equity funds managed by 341 money managers for the period of 1985 to 1989. They concluded that there was no herding by money managers but it was prevailing in the behaviour of stock prices of small companies than in large companies. The reason given by LSV is that information on large stocks is easily available whereas small companies do not provide much information to public, so money managers look at the investments by other big investors into small stock and follow them. According to LSV, it is difficult to find the effect of herding as at times a small amount of herding can bring significant movement in stock prices. An argument was put forward by Dornbusch and P ark (1995) that foreign investors follow positive feedback strategy which leads to stock unusual movement in stock prices. Wermers 1998 (cited in Sehgal and Tripathi 2009) used LSV measures to check the presence of herding among mutual funds. He took the quarterly data of mutual funds from 1975 till 1994 and concluded that mutual funds showed existence of herding. He also analysed stocks and concluded that herding among those stocks tend to be higher which had reported higher amounts stock returns in the previous quarter. He concluded that investors buy those stocks which had good returns in the previous quarter and sell those stocks which had poor quarterly results. After computing average level of herding by Wermers model it was concluded that herding is more in mutual funds than in stocks. But after analysis of trading behaviour of large pool of mutual funds it was found that the herding behaviour in fact reduces in mutual funds and it was justified as large pool of mutual funds carry stock which have large amount of capitalisation and companies with large capitalisation tend not to do any herding. A nother analysis by Bonser- Neal et al 2002 (cited in Sehgal and Tripathi 2009) analysed the foreign trading behaviour on Jakarta Stock exchange between 1995 and 2000 and found positive feedback trading and herding by foreign investors but they didnt find any evidence indicating destabilising of markets due to foreign investors during Asian crisis. Richards 2002 (cited in Sehgal and Tripathi 2009) used data pertaining to net purchases by foreign investors in six Asian emerging markets over 1999-2001 and found an evidence of positive feedback trading. According to Kim and Wei (2002) foreign investors who live outside Korea are more likely to indulge in positive feedback trading and herding strategies as compared to their branches and subsidiaries who are living in Korea or any foreign national staying in Korea. According to them this difference in trading behaviour arises due to different kind of processing of information by those living outside Korea than those living inside. CHAPTER 3 Data and Methodology Research Methodology and Design According to Collis and Hussey (2003), Methodology refers to overall approach to research process which includes underpinning of theory, collection of data and analysing it. However the research process adopted depends to a great extent on the approach taken by the researcher. Research design is the general plan of how to go about answering the research question. It gives the logic behind every interpretation. Due to nature of research carried out the prime focus has been on gathering the secondary data which is relevant to analysis being carried out. According to Collis and Hussey (2003), there are two main paradigms of research that is qualitative and quantitative. Qualitative research is followed by those people who have phenomenological bent as it deals with understanding the behaviour of human beings. Therefore it is also known as Phenomenological Paradigm. On the other hand Quantitative research refers to those who relate to positive view of the world and therefore this kind of research is also called as Positivistic Paradigm. Positivistic paradigm is used basically in natural sciences as this approach gathers facts with subjectivity of the nature of research and individual bias. For the purpose of research both qualitative and quantitative data will form part. Qualitative Data: this data has been collected by: Studying into the certain days on which markets fluctuated in upside or downside direction to a great extent Studying the changes in regulations by the Securities and Exchange Board of India in relation to foreign institutional investors. Studying the behavior of domestic investors and other factors affecting the market. Studying the basis on which the foreign institutional investors entered Indian Stock Market and there enter and exit strategy and its impact on Indian economy. Quantitative Data: this data has been collected by: Studying the market capitalization of foreign institutional investors and their cumulative effect on stock market Looking in the growth of number of institutional investors and the share of their investments year on year. The research onion below in the diagram gives an overview, how to achieve the objectives by using the techniques in each layer of the onion. In order to carry on with the research each onion of the Research Onion has been peeled systematically so as to get in the right direction. The philosophy adopted for the purpose of research is Positivism philosophy as research has been undertaken mostly from the data already published in journals, articles, previous researches etc. Approach taken by the researcher is mainly inductive as maximum data is qualitative and it has been of utmost importance to cover every aspect of research. Researcher has taken the case study strategy to analyse the data. The Researcher has used Mixed Method research choice in the sense the data collected comprises of both qualitative and quantitative data. The time horizon for research has been longitudinal as this research has been carried on after observing the behaviour of stock markets over a long period of time and on happening of any event. While carrying out the research it has been kept in mind that the research objectives and the characteristics of the information collected match. In order to analyse the Impact of FIIs on Indian Stock market, a thorough research has been done from different sources which includes RBI and SEBI publications, newspaper articles, journals, previous research done on the topic and also from internet. For the purpose of our research study we are looking into the data till financial year 2008-09. Limitations of Study: This study has been taken during the time when impact of recession has not been fully analysed and its exact nature and impact on the movement of stock markets and Financial Institutional Investors cannot be justified as it is a global recession. So research may miss out some of the implications of recession and may not correlate to impact which FIIs may have during the normal market conditions. Data has been collected mostly through online source. It was not possible to conduct personnel interviews with top brokers in India due to distance barriers. Hence the findings and analysis has been derived on the basis of data available online. Summary of Research: The majority of this research is conducted by making use of secondary sources of data which includes journals, articles, books, magazines, newspapers, Internet and other electronic sources. The research in this area has already been conducted but the purpose of this research is to generate new ideas and to gain further understanding into the subject by looking into each and every detail of it. This research is conducted at the time of recession, the condition which was not prevalent earlier, so it is expected to bring new concepts and theories into existent and it will also over rule some of the studies that have already been conducted. CHAPTER 4 Analysis of Indian Stock Market Overview of Indian Stock Market Stock markets were first introduced to India in 1875 as a non profit making organisation. Bombay Stock exchange is the oldest stock market in whole Asia. Stocks in India are traded on the stock exchanges which are around 23 which includes Bombay Stock Exchange and National Stock Exchange. Stock exchange is a corporation which provides its brokers to trade stocks of companies which are listed with them. The organisation of Stock Exchange, its systems and practices are regulated by Securities Contract, (Regulation) Act (SC(R) ACT), 1956.They are highly efficient organisations which have led to growth of securities market. Stock exchanges trade securities which include shares, unit trust, pooled investments and also bonds which are listed on them. Members of the stock exchange act as its agents as they are only allowed to trade on behalf of their customers who pay brokerage to them for the services provided by them. Stock exchanges also provide plenty of services as in issuing and redee ming shares and also in payment of dividends to its shareholders through its participants or members. Stock exchanges are important even though it is not necessary to issue shares via stock exchange. Shares are normally issued through Initial Public Offering (IPO). Stock exchanges play a major role in the economy as of today as they help with expansion plans of the country by mobilising the savings to investments and also by redistributing wealth among the economy. Stock exchanges maintains the records of all the shareholders at one central location but shares that are traded on stock exchange they are not dependent on that central location as the computerisation has made it easier to trade stocks. All stock exchanges have become an important part of world market for securities as global investors can invest in any market from anywhere. Importance of Stock Markets in India: Stock markets play an important role in the economy as they are now the financial indicators of growth in any country. They represent the crux of functioning of all the sectors of country. NSE NIFTY comprises of 50 top Indian companies from each sector and BSE SENSEX comprises of 30 companies from all the sectors. The following points describe the role stock markets play in India: Improving Corporate Governance: Since Stock markets are regulated by SEBI, companies are bound to follow the rules and regulations in order to have a good market value of their stocks on stock markets. This is possible only if they keep their shareholders satisfied. So they