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Management and Organization Theses and Dissertations

Theses/dissertations from 2023 2023.

For Love or Money: Investor Motivations in Equity-Based Crowdfunding , Jason C. Cherubini

The Great Resignation: An Exploration of Strategies to Combat School Bus Driver Shortages in the Post-COVID-19 Era , James E. Cole Jr.

An Empirical Analysis of Sentiment and Confidence Regarding Interest Rates in Disclosures of Public Firms in the U.S. Fintech Sector , James J. Farley

Motivations for Planning: Uncovering the Inhibitors to the Adoption of Comprehensive Financial Planning for Business Owners , Daniel R. Gilham

An Examination of Reward-Based Crowdfunding Performance and Success , Matthew Alan Grace

All Quiet on The Digital Front: The Unseen Psychological Impacts on Cybersecurity First Responders , Tammie R. Hollis

Commitment to Change Dimensions: The Influence of Innovative Work Behavior and Organizational Environments , Michael Holmes

Turmoil in the Workforce: Introduction of the Nomadic Employee , Catrina Hopkins

Attention-Grabbing Tactics on Social Media , Arjun Kadian

Theses/Dissertations from 2022 2022

Building a Mentor-Mentee Maturity Model , Leroy A. Alexander

Do Auditors Respond to Changes in Clients’ Analyst Coverage? Evidence from a Natural Experiment , Mohammad Alkhamees

Designing a Messaging Strategy to Improve Information Security Policy Compliance , Federico Giovannetti

Are all pictures worth 1,000 words? An Investigation of Fit Between Graph Type and Performance on Accounting Data Analytics Tasks , Shawn Paul Granitto

An Enterprise Risk Management Framework to Design Pro-Ethical AI Solutions , Quintin P. McGrath

Deceptive Appeals and Cognitive Influences Used in Fraudulent Scheme Sales Pitches , Rafael J. Toledo

Using Online Reviews to Identify How Hotels Can Satisfy Travelers With Pets While Making Money , Sonia Weinhaus

Theses/Dissertations from 2021 2021

The IS Social Continuance Model: Using Conversational Agents to Support Co-creation , Naif Alawi

The Use of Data Analytic Visualizations to Inform the Audit Risk Assessment: The Impact of Initial Visualization Form and Documentation Focus , Rebecca N. Baaske (Becca)

Identification of Entrepreneurial Competencies in I-Corps Site Teams at the University of South Florida , Mark A. Giddarie

Understanding Nonprofit Boards: An Exploratory Study of the Governance Practices of Regional Nonprofits , Susan Ryan Goodman

Strengthening the Entrepreneurial Support Community , Andrew J. Hafer

Who to Choose? Rating Broker Best Practices in the Medicare Advantage Industry , Darwin R. Hale

Bridging the Innovatino Gap at SOCOM , Gregory J. Ingram

Improving Environmental Protection: One Imagined Touch at a Time , Luke Ingalls Liska

Residential Curbside Recycle Context Analysis , Ntchanang Mpafe

Fighting Mass Diffusion of Fake News on Social Media , Abdallah Musmar

Managing Incomplete Data in the Patient Discharge Summary to Support Correct Hospital Reimbursements , Fadi Naser Eddin

GAO Bid Protests by Small Business: Analysis of Perceived and Reported Outcomes in Federal Contracting , David M. Snyder

Engagement and Meaningfulness as Determinants of Employee Retention: A Longitudinal Case Study , Calvin Williams

Public Budgeting as Moral Dilemma , Ben Wroblewski

Theses/Dissertations from 2020 2020

Improving Engagement: The Moderating Effect of Leadership Style on the Relationship Between Psychological Capital and Employee Engagement , Scott Beatrice

Physician Self-Efficacy and Risk-Taking Attitudes as Determinants of Upcoding and Downcoding Errors: An Empirical Investigation , Samantha J. Champagnie

Digital Identity: A Human-Centered Risk Awareness Study , Toufic N. Chebib

Clarifying the Relationship of Design Thinking to the Military Decision-Making Process , Thomas S. Fisher

Essays on the Disposition Effect , Matthew Henriksson

Analysis of Malicious Behavior on Social Media Platforms Using Agent-Based Modeling , Agnieszka Anna Onuchowska

Who Rises to the Top: An Investigation of the Essential Skills Necessary for Partners of Non-Big 4 Public Accounting Firms , Amanda K. Thompson-Abbott

Theses/Dissertations from 2019 2019

The Financial and Nonfinancial Performance Measures That Drive Utility Abandonments and Transfers in the State of Florida , Daniel Acheampong

Locating a New Collegiate Entrepreneurship Program, a Framework for a University Campus , Douglas H. Carter

Understanding Employee Engagement: An Examination of Millennial Employees and Perceived Human Resource Management Practices , Danielle J. Clark

The Potential Impact Radius of a Natural Gas Transmission Line and Real Estate Valuations: A Behavioral Analysis , Charles M. Hilterbrand Jr.

Introducing a Mobile Health Care Platform in an Underserved Rural Population: Reducing Assimilations Gaps on Adoption and Use via Nudges , Joseph Hodges

Controlling Turnover in an Inside Sales Organization: What are the Contributing Factors , Dennis H. Kimerer

An Emergent Theory of Executive Leadership Selection: Leveraging Grounded Theory to Study the U.S. Military's Special Forces Assessment and Selection Process , Darryl J. Lavender

Essays on Migration Flows and Finance , Suin Lee

The Underutilized Tool of Project Management - Emotional Intelligence , Gerald C. Lowe

Increasing the Supply of the Missing Middle Housing Types in Walkable Urban Core Neighborhoods: Risk, Risk Reduction and Capital , Shrimatee Ojah Maharaj

Playing Darts in the Dark: How are Chamber of Commerce Leaders Aligned for Greater Effectiveness? , Robert J. Rohrlack Jr.

Are Transfer Pricing Disclosures Related to Tax Reporting Transparency? The Impact of Auditor-Provided Transfer Pricing Services , Stephanie Y. Walton

Theses/Dissertations from 2018 2018

Price Transparency in the United States Healthcare System , Gurlivleen (Minnie) Ahuja

How to Build a Climate of Quality in a Small to Medium Enterprise: An Action Research Project , Desmond M. Bishop III

Banking on Blockchain: A Grounded Theory Study of the Innovation Evaluation Process , Priya D. Dozier

Enhancing the Design of a Cybersecurity Risk Management Solution for Communities of Trust , James E. Fulford Jr.

An Examination of the Progressive and Regressive Factors that Business Owners Consider When Choosing Whether or Not to Implement an Exit Strategy , David C. Pickard

The Relationship between Ambient Lighting Color and Hotel Bar Customer Purchase Behavior and Satisfaction , Kunal Shah

The Unmanned Aerial Systems (UASs) Industry and the Business Impacts of the Evolution of the Federal Regulatory Environment , Darren W. Spencer

Intercultural Communication Between International Military Organizations; How Do You Turn a ‘No’ Into a ‘Yes’? , Douglas A. Straka

Essential Leadership Skills for Frontline Managers in a Multicultural Organization , Janelle Ward

Moffitt Cancer Center: Leadership, Culture and Transformation , W. James Wilson

Two Essays on String of Earnings Benchmarks , Yiyang Zhang

Theses/Dissertations from 2017 2017

Multi-Step Tokenization of Automated Clearing House Payment Transactions , Privin Alexander

The Effect of Corporate Social Responsibility Investment and Disclosure on Cooperation in Business Collaborations , Sukari Farrington

What Factors during the Genesis of a Startup are Causal to Survival? , Gilbert T. Gonzalez

The Great Recession of 2007 and the Housing Market Crash: Why Did So Many Builders Fail? , Mohamad Ali Hasbini

The Effect of Expanded Audit Report Disclosures on Users’ Confidence in the Audit and the Financial Statements , Peter Kipp

An Examination of Innovation Idea Selection Factors in Large Organizations , Troy A. Montgomery

Essays on Sales Coaching , Carlin A. Nguyen

Vital Signs of U.S. Osteopathic Medical Residency Programs Pivoting to Single Accreditation Standards , Timothy S. Novak

Leaders Who Learn: The Intersection of Behavioral Science, Adult Learning and Leadership , Natalya I. Sabga

Toward a Systemic Model for Governance and Strategic Management: Evaluating Stakeholder Theory Versus Shareholder Theory Approaches , James A. Stikeleather

A Longitudinal Study of the Effects of Cognitive Awareness Training on Transaction Processing Accuracy: An Introduction to the ACE Theoretical Construct , John Townsend

Theses/Dissertations from 2016 2016

The Effect of Presentation Format on Investor Judgments and Decisions: Does the Effect Differ for Varying Task Demands? , Kevin Agnew

Theses/Dissertations from 2014 2014

Multi-Task Setting Involving Simple and Complex Tasks: An Exploratory Study of Employee Motivation , Maia Jivkova Farkas

Essays on Mergers and Acquisitions , Marcin Krolikowski

Do Social Biases Impede Auditor Reliance on Specialists? Toward a Theory of Social Similarity , Rina Maxine Limor

Theses/Dissertations from 2013 2013

Psychological Distance: The Relation Between Construals, Mindsets, and Professional Skepticism , Jason Rasso

Theses/Dissertations from 2011 2011

Combining Natural Language Processing and Statistical Text Mining: A Study of Specialized Versus Common Languages , Jay Jarman

An Empirical Investigation of Decision Aids to Improve Auditor Effectiveness in Analytical Review , Robert N. Marley

The Effects of Item Complexity and the Method Used to Present a Complex Item on the Face of a Financial Statement on Nonprofessional Investors` Judgments , Linda Gale Ragland

Theses/Dissertations from 2010 2010

Two Essays on Information Ambiguity and Informed Traders’ Trade-Size Choice , Ziwei Xu

Theses/Dissertations from 2008 2008

Two Essays on the Conflict of Interests within the Financial Services Industry-- Financial Industry Consolidation: The Motivations and Consequences of the Financial Services Modernization Act (FSMA) and “Down but Not Out” Mutual Fund Manager Turnover within Fund Families , Lonnie Lashawn Bryant

Two Essays on Multiple Directorships , Chia-wei Chen

Two Essays on Financial Condition of Firms , Sanjay Kudrimoti

A Study of Cross-Border Takeovers: Examining the Impact of National Culture on Internalization Benefits, and the Implications of Early Versus Late-Mover Status for Bidders and Their Rivals , Tanja Steigner

Two Essays on Corporate Governance⎯Are Local Directors Better Monitors, and Directors Incentives and Earnings Management , Hong Wan

Theses/Dissertations from 2007 2007

The Role of Ethnic Compatibility in Attitude Formation: Marketing to America’s Diverse Consumers , Cynthia Rodriguez Cano

Two Essays on Venture Capital: What Drives the Underpricing of Venture CapitalBacked IPOs and Do Venture Capitalists Provide Anything More than Money? , Donald Flagg

Two essays on market efficiency: Tests of idiosyncratic risk: informed trading versus noise and arbitrage risk, and agency costs and the underlying causes of mispricing: information asymmetry versus conflict of interests , Jung Chul Park

The impact of management's tone on the perception of management's credibility in forecasting , Robert D. Slater

Uncertainty in the information supply chain: Integrating multiple health care data sources , Monica Chiarini Tremblay

Theses/Dissertations from 2006 2006

Adolescent alcohol use and educational outcomes , Wesley A. Austin

Certificate of need regulation in the nursing home industry: Has it outlived its usefulness? , Barbara J. Caldwell

The impacts of the handoffs on software development: A cost estimation model , Michael Jay Douglas

Using emergent outcome controls to manage dynamic software development , Michael Loyd Harris

The information technology professional's psychological contract viewed through their employment arrangement and the relationship to organizational behaviors , Sandra Kay Newton

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Management →

• 07 May 2024
• Cold Call Podcast

Lessons in Business Innovation from Legendary Restaurant elBulli

Ferran Adrià, chef at legendary Barcelona-based restaurant elBulli, was facing two related decisions. First, he and his team must continue to develop new and different dishes for elBulli to guarantee a continuous stream of innovation, the cornerstone of the restaurant's success. But they also need to focus on growing the restaurant’s business. Can the team balance both objectives? Professor Michael I. Norton discusses the connections between creativity, emotions, rituals, and innovation – and how they can be applied to other domains – in the case, “elBulli: The Taste of Innovation,” and his new book, The Ritual Effect.

• 26 Apr 2024

Deion Sanders' Prime Lessons for Leading a Team to Victory

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• Research & Ideas

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Why Boeing’s Problems with the 737 MAX Began More Than 25 Years Ago

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How SolarWinds Responded to the 2020 SUNBURST Cyberattack

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A review of strategic management research on India

• Published: 28 April 2022
• Volume 40 , pages 1341–1392, ( 2023 )

Cite this article

• Anil Nair   ORCID: orcid.org/0000-0001-6033-8095 1 ,
• Mehdi Sharifi Khobdeh 2 ,
• Aydin Oksoy 3 ,
• Orhun Guldiken 4 &
• Chris H. Willis 1  

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In 1991 India embarked on far-reaching economic, financial and regulatory reforms, which led to not only a surge in economic growth, but also spurred scholarly interest in Indian firms, their strategies, and their business environment. As it has been almost three decades since the reforms were initiated, we believe that it is an appropriate time to take stock of the research on strategic management in the Indian setting. Our scoping review finds three dominant themes in extant research: impact of environment (specifically liberalization) on firms, strategies of firms, and the different ownership structures of firms. We discuss the key findings within these domains and identify the theories and methods that scholars have used to address their research questions. We assert that the unique Indian context — a mix of public and private economy operating within a democratic system — provides a rich environment for not only testing existing theories in strategic management but also generating new theories. We conclude by identifying several important areas of research and urging strategy scholars to engage with the opportunities offered by the evolving Indian business environment.

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Institutional Approach to Strategic Management

Navigating cross-border institutional complexity: A review and assessment of multinational nonmarket strategy research

How Has Japan Accepted, Developed, and Transformed Strategic Management Theory?

Scoping reviews summarize the extant literature on a particular topic in order to investigate the extent and nature of research activities or to identify research gaps in the literature (Paré et al., 2015 ). These types of review studies focus more on the breadth of coverage of the literature than the depth of coverage.

Appendix 1  offers a brief narrative of India’s economic history and business environment to provide the context in which Indian firms and their strategies have evolved.

Use of the * character in ABI search produces all variants of relevant words such as strategy, strategies, strategic. We also searched the Web of Science and EBSCO databases to ensure that we did not miss any relevant peer-reviewed papers on Indian strategic management.

Our final search was performed on 10/31/2021.

The selection process for the table is based on citation rates (Podsakoff et al., 2008 ). We avoid the citation bias identified by Steel et al. ( 2021 ) by following Aguinis et al. ( 2011 ) coding citations per year. This allowed us to identify the impactful strategic management articles conducted in the context of India. We calculated the average cites per year per article following Judge et al. ( 2022 ) and included the articles that have above average cites per year from the total identified sample. Because of the time delay between release for new articles and resulting citations, we also include several of the more recent publications.

This was the latest edition of the yearbook that reported the total number of cooperatives.

Carr, Tagore & Company, the first managing agency company, was set-up in 1834 by Dwarkanath Tagore in Calcutta (Goswami, 2016 ).

One of the oldest surviving company in India was founded by one such immigrant, Thomas Parry, in 1839 (Menon, 2016 ).

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Appendix 1: Brief background: Economy, government and business

The evolution of India’s industry structure and firm strategies can be better understood by reviewing its history in terms of pre- and post-British colonization, which we briefly summarize below.

Early history

Prior to the arrival of British East India Company in 1608, India had its own organic system of trade and commerce. Merchants from the subcontinent were actively involved in trading silk, jewelry and spices across the world along the silk route for millennia (Behera, 2002 ). The Indian Ocean contained the most extensive trade routes of the day (McCloskey, 2010 ). An extensive review of early Indian business history is beyond the scope of this paper; we thus refer the reader to Hawk’s ( 2015 ) extensive analysis of law and commerce in pre-industrial societies, in which the author describes the various sophisticated markets (such as “haats” and “mandis”), trading structures, and trade routes that emerged in medieval India under various kingdoms.

Arrival of the British

With the arrival of the British East India company, some of these traditional practices changed. The British East India Company was initially established to trade with India, but gradually expanded its scope of operations to eventually control and govern a substantive part of the country. After a series of laws passed by Parliament to reform the East India Company, its monopoly rights were eliminated in 1813, which allowed for the entry of private merchants, traders and agencies into the economy (Goswami, 2016; Webster, 1990 ). Footnote 8 In 1858, the governance of the Indian subcontinent was fully taken over by the British Crown. The operations of the British East India Company and later the direct rule by the Crown led to the introduction of Western technology, education, legal system, institutions, business practices, and the founding of several industries. The development of ports and railroads and the establishment of the Bombay Stock exchange in 1875 further led to the growth of Indian enterprises (DeLong, 2003 ; Tomizawa et al., 2020 ).

India after independence

After independence, Indian leaders Gandhi, Nehru, and Patel had distinct visions for the economic development of the new country. Gandhi preferred an economic development model that was village-based, supported by small-scale enterprises relying on the widely available pool of labor (Rivett, 1959 ). In contrast, Nehru emphasized the need to embrace advanced technology and establish large-scale factories, with the public sector and central planning playing a dominant role in the economy. Patel, on the other hand, preferred the private sector to play a leading role in the economy (Kudaisya, 2014 ). Nehru’s vision prevailed (Ramesh, 1991 ), and in 1950 India adopted a path of centrally planned economic development (Das, 2016 ), along the lines of the former Soviet Union, through a series of five-year plans (Jalan, 1996 ). Due to the competing visions offered by cooperatives, small scale and private sectors had an important role in the Indian economy, resulting in a hybrid system where state-owned entities co-existed with a regulated private sector (Kaushik, 1997 ; Li & Nair, 2007 ). Even after his death in 1964, Nehru’s policies and the five-year plans were supported by several successive administrations (Dandekar, 1988 ). Yet by the early 1980s, as the success of the East Asian economies such as South Korea, Malaysia and Singapore became undeniable, some scholars and policy makers started acknowledging that India’s planned model of growth had failed (Tayeb, 1996 ). Between 1950 and 1980, India realized an average real economic growth rate of 3.5 percent – well under that of the rapidly growing East Asian economies such as Taiwan, Hong Kong, and Singapore. The government-dominated and over-regulated system had led to inefficiencies, shortages, and corruption (Ahlstrom, 2010 ; Ahlstrom et al., 2004 ; DeLong, 2003 ).

1980s reforms

India made some attempts at economic reform starting in the mid-1980s (Rosen, 1992 ). Although the Indian middle-class welcomed the reforms as it led to increased choices in consumer markets such as autos, consumer electronics and packaged goods, the same reforms received stiff resistance from the leaders steeped in socialist, nationalist, or communist ideologies as well as from business leaders who had profited from the Nehruvian protectionist regime. These interest groups stalled the reforms (Kohli, 1989 ).

1991: The second attempt at reforms

In 1991, Narasimha Rao was elected to serve as prime minister. Rao nominated the Cambridge- and Oxford-trained economist Manmohan Singh as finance minister in his new administration.

The Gulf War of 1991 led to declining remittances from Indian expatriates in the Middle East, and rising cost of importing oil. As a result, the Rao government faced a severe foreign exchange reserve crisis. The crisis led to an assistance from the IMF, which imposed several terms and conditions for structural reforms. Rao and Singh used the crisis to justify the introduction of far-reaching multi-faceted economic reforms that continued through the 1990s despite changes in administration (Bajpai, 2002 ). These reforms included initiatives in the following area (Srinivasan, 2003 ): lowered tax rates, subsidies (especially for fuel, fertilizer, electricity), reformed banking system and capital markets, opening of reserved sectors to private business, reduced controls on capacity creation, production and prices, market-determined exchange rate, diluted import controls by reducing tariffs, eased restrictions on portfolio and direct investment, and privatization and sale of state-owned firms.

The collapse of the Soviet Union and China’s accelerating economic development provided further legitimacy to a more market-based economy; yet legacies from the past continued to hinder the reforms (Bardhan, 2006 ).

Appendix 2: Brief summary of articles on strategy in Indian context

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Nair, A., Khobdeh, M.S., Oksoy, A. et al. A review of strategic management research on India. Asia Pac J Manag 40 , 1341–1392 (2023). https://doi.org/10.1007/s10490-022-09820-1

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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Review of Related Literature (RRL) in Research Paper

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1. Introduction: This review examines how technology affects education, focusing on student engagement, learning outcomes, and teacher practices over the past decade.

2. Theoretical Framework: Based on Constructivist Learning Theory and TPACK, this review explores how technology integration enhances education.

3. Review of Empirical Studies

Student Engagement

• Interactive Whiteboards : Smith & Jones (2015) found increased student participation in 20 elementary classrooms using interactive whiteboards.
• Gamification : Lee & Hammer (2011) reported improved motivation and engagement with educational games in 300 middle school students.

Learning Outcomes

• Online Learning Platforms : Johnson & Brown (2017) observed better standardized test performance among 500 high school students using online platforms.
• Blended Learning : Clark & Mayer (2016) found higher academic achievement in 200 college students in blended learning environments.

Teacher Practices

• Professional Development : Williams & Davis (2018) highlighted improved instructional practices from ongoing tech training in 150 teachers.
• Digital Assessment Tools : Thompson & Peterson (2019) showed enhanced instructional strategies using digital tools in 30 high school classrooms.

4. Methodological Review: Studies used surveys, experiments, and longitudinal designs. Surveys provided broad data but had self-report biases. Experiments showed causation but lacked ecological validity. Longitudinal studies provided long-term data but were resource-intensive.

5. Synthesis and Critique: Technology positively impacts engagement, outcomes, and practices. Challenges include digital divide and training. More longitudinal and experimental research is needed.

6. Conclusion: Research shows technology’s potential to enhance education but highlights the need for further study on sustainable implementation and overcoming barriers.

7. References :

• Clark, R. C., & Mayer, R. E. (2016). E-learning and the Science of Instruction . Wiley.
• Johnson, L., & Brown, A. (2017). Impact of Online Learning on Student Performance . Journal of Educational Technology, 12(3), 45-56.
• Lee, J. J., & Hammer, J. (2011). Gamification in Education . Academic Exchange Quarterly, 15(2), 1-5.
• Smith, K., & Jones, L. (2015). Interactive Whiteboards in Elementary Education . Educational Technology Research, 63(4), 123-135.
• Thompson, M., & Peterson, D. (2019). Digital Assessment Tools in High Schools . Journal of Education, 14(1), 78-89.
• Williams, P., & Davis, R. (2018). Professional Development for Technology Integration . Journal of Teacher Education, 20(4), 100-110.

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• Instructive
• Professional

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Genetic Architectures of Adolescent Depression Trajectories in 2 Longitudinal Population Cohorts

• 1 Division of Psychiatry, Centre for Clinical Brain Sciences, University of Edinburgh, Edinburgh, United Kingdom
• 2 Department of Medical Epidemiology and Biostatistics, Karolinska Institute, Stockholm, Sweden
• 3 School of Health and Wellbeing, University of Glasgow, Glasgow, United Kingdom
• 4 School of Medical Sciences, Örebro University, Örebro, Sweden
• 5 Generation Scotland, Centre for Genomic and Experimental Medicine, Institute of Genetics and Molecular Medicine, University of Edinburgh, Edinburgh, United Kingdom
• 6 MRC Integrative Epidemiology Unit, University of Bristol, Bristol, United Kingdom

Question   Could multitrait polygenic risk scores be used to strengthen genetic prediction of longitudinal depression across adolescence?

Findings   In this longitudinal cohort replication study of 14 112 adolescents, stronger effect sizes of multitrait polygenic risk association with adverse depression trajectories were found compared with unitrait genetic risk.

Meaning   Longitudinal depression has a robust genetic underpinning, and leveraging shared genetic information across multiple psychiatric traits may strengthen prediction models of depression in adolescence.

Importance   Adolescent depression is characterized by diverse symptom trajectories over time and has a strong genetic influence. Research has determined genetic overlap between depression and other psychiatric conditions; investigating the shared genetic architecture of heterogeneous depression trajectories is crucial for understanding disease etiology, prediction, and early intervention.

Objective   To investigate univariate and multivariate genetic risk for adolescent depression trajectories and assess generalizability across ancestries.

Design, Setting, and Participants   This cohort study entailed longitudinal growth modeling followed by polygenic risk score (PRS) association testing for individual and multitrait genetic models. Two longitudinal cohorts from the US and UK were used: the Adolescent Brain and Cognitive Development (ABCD; N = 11 876) study and the Avon Longitudinal Study of Parents and Children (ALSPAC; N = 8787) study. Included were adolescents with genetic information and depression measures at up to 8 and 4 occasions, respectively. Study data were analyzed January to July 2023.

Main Outcomes and Measures   Trajectories were derived from growth mixture modeling of longitudinal depression symptoms. PRSs were computed for depression, anxiety, neuroticism, bipolar disorder, schizophrenia, attention-deficit/hyperactivity disorder, and autism in European ancestry. Genomic structural equation modeling was used to build multitrait genetic models of psychopathology followed by multitrait PRS. Depression PRSs were computed in African, East Asian, and Hispanic ancestries in the ABCD cohort only. Association testing was performed between all PRSs and trajectories for both cohorts.

Results   A total sample size of 14 112 adolescents (at baseline: mean [SD] age, 10.5 [0.5] years; 7269 male sex [52%]) from both cohorts were included in this analysis. Distinct depression trajectories (stable low, adolescent persistent, increasing, and decreasing) were replicated in the ALSPAC cohort (6096 participants; 3091 female [51%]) and ABCD cohort (8016 participants; 4274 male [53%]) between ages 10 and 17 years. Most univariate PRSs showed significant uniform associations with persistent trajectories, but fewer were significantly associated with intermediate (increasing and decreasing) trajectories. Multitrait PRSs—derived from a hierarchical factor model—showed the strongest associations for persistent trajectories (ABCD cohort: OR, 1.46; 95% CI, 1.26-1.68; ALSPAC cohort: OR, 1.34; 95% CI, 1.20-1.49), surpassing the effect size of univariate PRS in both cohorts. Multitrait PRSs were associated with intermediate trajectories but to a lesser extent (ABCD cohort: hierarchical increasing, OR, 1.27; 95% CI, 1.13-1.43; decreasing, OR, 1.23; 95% CI, 1.09-1.40; ALSPAC cohort: hierarchical increasing, OR, 1.16; 95% CI, 1.04-1.28; decreasing, OR, 1.32; 95% CI, 1.18-1.47). Transancestral genetic risk for depression showed no evidence for association with trajectories.

Conclusions and Relevance   Results of this cohort study revealed a high multitrait genetic loading of persistent symptom trajectories, consistent across traits and cohorts. Variability in univariate genetic association with intermediate trajectories may stem from environmental factors. Multitrait genetics may strengthen depression prediction models, but more diverse data are needed for generalizability.

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Grimes PZ , Adams MJ , Thng G, et al. Genetic Architectures of Adolescent Depression Trajectories in 2 Longitudinal Population Cohorts. JAMA Psychiatry. Published online May 15, 2024. doi:10.1001/jamapsychiatry.2024.0983

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