International Management Conference

Business and Economy: Growth, Governance and Globalisation

International Management

ConferenceBusiness and Economy:

Growth, Governance and Globalisation

International Management

Conference

Plot No.5, Rao Tula Ram Marg, Vasant Vihar, New Delhi-110 057, Ph.: +91-11-4728 5000www.imc.fiib.edu.in | www.fiib.edu.in

on

Conference Souvenir

March 5, 2016

Dr. Shyam S. Lodha

Prof. (Dr.) John Joseph Puthenkalam

Dr. Radhe S. Pradhan

Prof. Sudhir K. Jain

Prof. Anup Singh

Prof. Sanjay Sehgal

Dr. Koustubh Kanti Ray

Prof. N. L. Ahuja

Dr. Kousik Guhathakurta

Dr. Subhadip Roy

Dr. P Satish

Prof. (Dr.) Mondira Dutta

Biswa Ketan Das

Dr. Arvind Ashta

Chairman, Department of Marketing, School of BusinessSouthern Connecticut State University, New Haven, USA

Dean, Faculty of Economics, Graduate School of Global Environmental Studies, Sophia University, Tokyo, Japan

Professor, Central Department of ManagementTribhuvan University, Kathmandu, Nepal

Professor & Ex-Head, DMS, IIT, Delhi (on leave) Vice Chancellor, Shri Mata Vaishno Devi University, Katra, (J&K), India

Director General, Nirma University, Ahmedabad, India

Professor, Department of Financial StudiesUniversity of Delhi, New Delhi, India

Associate Professor, Finance and AccountingIndian Institute of Management, Raipur, India

Professor of FinanceInstitute of Management Technology, Ghaziabad, India

Associate Professor, Finance and AccountingIndian Institute of Management, Indore, India

Faculty of MarketingIndian Institute of Management, Udaipur, India

Executive Director, Sa-Dhan, The Association of Community Development Finance Institutions, New Delhi, India

Professor, Centre for Inner Asian StudiesSchool of International Studies, JNU, New Delhi, India

General Manager (NW-II), State Bank of India, LHO, New Delhi

Professor, Banque Populaire Chair in Microfinance, Burgundy School of Business, Dijon, France

Conference Advisory Board

Copyright © Fortune Institute of International Business, New Delhi

Published by : Director, FIIB, New Delhion behalf of Fortune Institute of International Business, Plot No. 5,

Rao Tula Ram Marg, Opp. Army R & R Hospital, Vasant Vihar, New Delhi - 110 057.

Welcome Delegatesto the “International Management Conference on Business and Economy: Growth, Governance and Globalisation”.

On this auspicious occasion, we are releasing two edited books and the conference souvenir. We look forward to fruitful and meaningful deliberations

Disclaimer: Neither the institution nor the editors/organisers are responsible for author's expressed opinions, views and the contents of the published abstracts in the conference souvenir. The originality, proof reading of the abstracts and the errors are the sole responsibility of the individual authors.

Editorial TeamDr. Amiya Kumar Mohapatra | Dr. Asheesh Pandey | Prof. Utkarsh

Prof. Tushar Sankar Banerjee | Ishan Gupta | Kartikay Sharma | Sanya Ahuja

CONFERENCE DIRECTORATEInternational Management Conference

on Business and Economy: Growth, Governance and Globalisation

Patron

Mr. Manish KheterpalChairman

FIIB, New Delhi

Ms. Radhika ShrivastavaExecutive Director

FIIB, New Delhi

Dr. Anil Kumar SinhaDirector

FIIB, New Delhi

Dr. Amiya Kumar MohapatraAssociate Professor (Economics)

FIIB, New Delhi

Dr. Asheesh PandeyAssociate Professor (Finance)

FIIB, New Delhi

Prof. UtkarshAssistant Professor (Marketing)

FIIB, New Delhi

Patron

Conference Advisor

Conference ChairConference Chair

Conference Convenor

Prof (Dr.) John Joseph Puthenkalam, S. J.Dean, Graduate School of Global Environmental Studies

and Professor of Economics, Sophia University, Tokyo, Japan

Message

Dear Delegates,

Greetings from Sophia University, Tokyo !

It is a great pleasure for me to congratulate 'Fortune Institute of International Business (FIIB) Team' for organising International Management Conference on the theme of Business and Economy: Growth, Governance and Globalisation. It is a timely topic for India as we are on a trajectory of economic growth with well-founded macro-economic and business variables that will roll our nation into the globalised markets of the world economy. Good governance is the key factor for any corporate as well as national social responsibility to its clients and citizens. Let us hope this conference will delve into such topics so that all who are concerned may benefit from it.

Wishing you and all the participants a fruitful and meaningful deliberation

Best Wishes,Prof. John Joseph Puthenkalam, S. J.Sophia University, Tokyo, Japan

Prof. Sudhir K. JainVice Chancellor, Shri Mata Vaishno Devi University

Kakryal, Katra, Jammu and Kashmir, India

Message

I am happy to learn about the International Management Conference being organised by FIIB, New Delhi on 5th March 2016. The theme selected for the conference "Business and Economy: Growth, Governance and Globalisation" is apt and timely. India's projected high GDP growth rate has got skirted by the international business sentiments and there is strong need to discuss and debate on the chosen theme of the conference.

I am confident that the eminent professionals participating in the Conference will have a great opportunity to deliberate on various issues under different tracks and will come out with significant recommendations.

I complement the organisers of the International Management Conference for this important effort and wish the Conference all success.

Prof. Sudhir K. JainVice Chancellor, Shri Mata Vaishno Devi University

Ms. Radhika ShrivastavaExecutive DirectorFortune Institute of International Business, New Delhi

Message

Dear Delegates,

Welcome to Fortune Institute of International Business (FIIB's) International Management Conference titled 'Business and Economy : Growth, Governance and Globalisation'. This is FIIB's maiden international conference, and will include participation from over 40 institutes of repute across the country and from many other countries like Japan, France, Thailand, Nepal, and Mexico. Our aim, through these deliberations is to bring together industry and academia to deliberate on issues related to current trends in management practices and research in the changing global scenario.

My sincere wishes for an inspiring and successful conference. May FIIB always keep the flame of knowledge burning!

Best Wishes,Radhika Shrivastava Executive Director, FIIB, New Delhi

Message

Dr. Anil Kumar SinhaDirectorFortune Institute of International Business, New Delhi

It is a matter of great pride for Fortune Institute of International Business, New Delhi, to organise the International Management Conference on Business and Economy: Growth, Governance and Globalisation. FIIB is well known for its academic excellence in the field of management. The institute established in 1995, has always pursued excellence in realm of research and academics. This conference will contribute in our continuous efforts for sustaining the excellence we have achieved.

On behalf of FIIB, I am honoured and delighted to welcome all the participants to the International Management Conference. The conference will provide a forum to esteemed participants and dignitaries from different fields of management, to discuss ideas, discover new opportunities, meet new people, and broaden their knowledge. I hope that the participants will find the conference proceedings and deliberations useful for developing future research in the area of business and economy. I congratulate the Organising Committee for devoting their valuable time and efforts in organising the conference and reaching out to the academic society all over India and abroad.

I wish all the best for the success of conference.

Best Wishes,Dr. Anil Kumar SinhaDirector, FIIB, New Delhi

Organising Committee, IMC 2016Fortune Institute of International Business, New Delhi

On behalf of the Conference Orgainising Committee, we are honoured to greet and congratulate the esteemed faculty, research scholars and industry participants who will be with us in the International Management Conference 2016 at Fortune Institute of International Business, New Delhi.

The Conference theme of Business and Economy: Growth, Governance and Globalisation is highly relevant in the current era when our country is at the cross roads in achieving the path of development. Indian Economy, classified as a developing economy by World Trade Organisation, is a fertile field for research in different streams of management. The world is intrigued by the paradoxes our economy presents to the policy makers and managers worldwide. In such scenario, researchers can offer valuable insights on multiple issues related to business value, economic growth and public welfare. The participants from different institutes will immensely benefit from the discussions and deliberations in the conference.

We are thankful for the support provided by our institute in organising this conference. We are immensely grateful to Mr. Manish Kheterpal, Chairman, FIIB and Ms. Radhika Shrivastava, Executive Director, FIIB for their continuous support. We are highly thankful to Dr. Anil Kumar Sinha, Director, FIIB for his incessant encouragement during all the stages of preparation for the conference. The cooperation and support we received from the faculty members, staffs and students of FIIB is highly appreciated.

We have endeavoured earnestly as a team to deliver our best in this conference. We wish everybody all the best and hope that the conference shall be a grand success.

Best Wishes,Dr. Amiya Kumar Mohapatra - Conference ChairDr. Asheesh Pandey - Conference ChairProf. Utkarsh - Conference ConvenorOrganizing Committee, IMC-2016

Message

About the ConferenceInternational Management Conference on Business and Economy: Growth, Governance and Globalisation (IMC-2016) aims at capturing the impact of growth, governance and globalisation on business and economy and their expositions in contemporary researches in general and advancements in management theory and practices, in particular. In the last decade, the economies worldwide have witnessed rapid growth, leading to globalisation and also have witnessed slowdown, which turned the spotlight on good governance. Globalisation brings different cultures together and breaks the national boundaries leading to better economic growth and social development. The economies today have to ensure that this growth powered by globalisation reaches to the bottom of the pyramid and rests on sustainable practices. This is where governance intersects growth and globalisation. Good governance is instrumental in ensuring that globalisation is accelerating a sustainable growth which infiltrates the larger section of society and reduce disparities. The conference will serve as an interactive forum to discuss issues related to business and economy, current trends in management practices and research in the changing global scenario.

We received an overwhelming response from several premier institutions across India and from abroad for the conference participation. Several renowned speakers from various reputed institutions will deliberate over the conference theme and many established and budding researchers will be presenting their insightful research work. The papers will be presented under different tracks namely, Economic Growth and Governance, Finance, Marketing, International Business, Strategy, Human Resource, Operations and Information Technology. The conference will offer an opportunity for the participants to share their innovative ideas and research findings and further discuss the implications for business and economy. Two Edited Books, featuring the selected full papers received for the conference, and a Conference Souvenir, featuring the abstracts of selected research papers will be released on the day of the conference.

We hope that this event will incubate valuable ideas into the minds of researchers and enable them to pursue research in the area of business and economy.

About FIIBSince its inception in 1995, FIIB, a premier Business School in Delhi, has worked towards rediscovering and reinventing management education by developing industry relevant global curriculum which is delivered by erudite faculty. Through its commitment to excellence in education, the institute has been able to touch lives of more than 1800 students and has helped them realize their dreams of becoming leaders and managers of business and social relevance. The focus of the institute has always been to bring a transformation in the skill set of students and improve overall quality education in order to make a difference in their career paths. Through international collaborations and certifications, global immersion programs, regular industry interface and vibrant community activities, students of FIIB community display exceptional leadership qualities which make their campus life and education, holistic and enriching. The institute celebrates the fact that it is emerging as a strong competition to other private B-Schools with strong Alumni Base, Corporate Connections, Leadership Programs and Industry Relevant Study. FIIB is approved by Association of Indian Universities (AIU) and All India Council of Technical Education (AICTE). Its PGDM course is equivalent to MBA (approved by AICTE) and it has been ranked 15th in Corporate Connect , 26th in Placement, by NHRDN Survey 2015 and 32nd among top private B-schools in India by CSR-GHRDC research in 2015. These ranks and grades are the testimony to the quality management education being imparted at FIIB, New Delhi.

LIST OF AUTHORS

Adarsh Anand, Department of Operational Research, University of Delhi, Delhi

Ameet Sao, Assistant Professor, RICS School of Built Environment, Amity University, Noida.

Amiya Kumar Mohapatra, Associate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Anurupa B. Singh, Associate Professor, Amity Business School, Amity University, Noida.

Arjun Mittal, Assistant Professor, Sri Ram College of Commerce, New Delhi.

Arnav Kumar, Research Scholar, Department of Commerce, Delhi School of Economics, University of Delhi, Delhi.

Arun Kumar Sapkota, Uniglobe College, Pokhara University, Nepal

Asheesh Pandey, Associate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Balwant Singh Mehta, Faculty, Institute for Human Development, New Delhi.

Darshy Saran, Research Scholar, Jamia Millia Islamia, New Delhi.

Deepika, Research Scholar, School of Commerce, Hemwati Nandan Bahuguna Garhwal University, Srinagar, Uttrakhand.

Deepti Aggrawal, Amity School of Business, Amity University, Noida

Devesh Shankar, Research Scholar, Faculty of Management Studies, University of Delhi

Ferojuddin M.A. Khan, Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Gagan Sharma, Research Scholar, Department of Financial Studies, University of Delhi

Gauri Narain Mathur, Research Scholar, Department of Political Science, Jamia Millia Islamia University, New Delhi.

Gunjan Bansal, Department of Operational Research, University of Delhi, Delhi

Harsh Vardhan, Finance Department, IMI, New Delhi

Himanshu Joshi, Associate Professor, FORE School of Management, New Delhi

John Joseph Puthenkalam, Dean, Graduate School of Global Environmental Studies, & Professor of Economics, Sophia University, Tokyo,

Japan

Jones Mathew, Professor, Jaipuria Institute of Management, Noida.

José G. Vargas-Hernández, University Center for Economic and Managerial Sciences, University of Guadalajara, Núcleo Universitario Los

Belenes, México

Jyotirmayee Tudu, Lecturer, Department of Public Administration, Utkal University, Bhubaneswar

Karan Singh Negi, Rayat-Bahara University, Mohali, Punjab.

Kartik Dave, Associate Professor, School of Business, Public Policy & Social Entrepreneurship (SBPPSE), Ambedkar University Delhi

(AUD), Delhi.

Kaushal Kumar, Department of Operational Research, University of Delhi, Delhi.

Krishna Kant Agarwalla, Jaipuria Institute of Management, Noida

L. Ramani, Associate Professor, BIMTECH, Greater Noida.

Maani Dutt, Assistant Professor, Periyar Management and Computer College, New Delhi.

Madan Singh, Research Scholar, Department of Management, Faculty of Management & Commerce, Mewar University, Rajasthan.

MadhuVij, Faculty of Management Studies, University of Delhi, New Delhi

Maninder Khalsa, Vice President-Human Resource, Viom Networks Limited, New Delhi.

Martín Guevara León, University Center for Economic and Managerial Sciences, University of Guadalajara, Núcleo Universitario Los

Belenes, México

Megha Shree, Research Fellow, People Research on India's Consumer Economy (PRICE), New Delhi.

ABSTRACTSInternational Management Conference

Business and Economy: Growth, Governance and Globalisation (IMC-2016)

on

Monica Bhardwaj, Assistant Professor, Fortune Institute of International Business, Vasant Vihar, Delhi

Monu Bhardwaj, The Technological Institute of Textile and Sciences, Bhiwani, Haryana

Mukesh Kumar, Senior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow.

Nidhi Singh, Assistant Professor, Jaipuria Institute of Management, Noida

Nimish Rustagi, Doctoral Candidate, HEC Paris, France

Nimit Gupta, Associate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Nishi Sharma, Assistant Professor, JSS Academy of Technical Education, Noida.

O.P. Midha, Rayat-Bahara University, Mohali, Punjab.

Pallavi Agarwal, Research Associate, Indian Institute of Management Indore, Indore

Pankaj Sinha, Faculty of Management Studies, University of Delhi, New Delhi

Parag Rijwani, Assistant Professor, Institute of Management, Nirma University, Ahmedabad, Gujarat.

Piyush Pandey, Research Scholar, Department of Financial Studies, University of Delhi

Prashant Kumar, Senior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow.

Prateek Bedi, Research Scholar, Department of Financial Studies, University of Delhi, New Delhi.

Preethi Viswanathan, Assistant Professor, Periyar Management and Computer College, New Delhi.

Priya Samant, Research Scholar, Amity Business School, Amity University, Noida.

Priyanka Jain, Research Scholar, Amity University, Noida.

R.S. Pandey, Associate Professor, School of Commerce, HemwatiNandanBahugunaGarhwal University, Srinagar, Uttarakhand.

Radhe S. Pradhan, Professor, Tribhuvan University, Nepal,

Rakesh Kumar, Senior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow.

Rakesh Mohan Joshi, Professor, Indian Institute of Foreign Trade, New Delhi.

Ramnath Srinath, Professor, Assumption University, Bangkok, Thailand.

Rar B. Bista, Prinicipal, Uniglobe College, Pokhara University, Nepal

Rashmi Anand, Research Scholar, Department of Business Administration, University of Lucknow, Lucknow.

Rashmi Taneja, Senior Research Officer, PHD Chamber of Commerce and Industry, New Delhi

Raveena Rana, Lady Shri Ram College for Women, New Delhi.

Renu Aggarwal, Assistant Professor, YMCA University, Faridabad

Ritika Malik, Research Scholar, JJT University, Rajasthan.

Samridhi Tanwar, Assistant Professor, The Technological Institute of Textile and Sciences, Bhiwani, Haryana

Sanjay Gawde, Research Scholar, Pacific University, Udaipur, Rajasthan.

Sanjay Kumar Dixit, Research Scholar, Department of PM & IR, Utkal University, Bhubaneswar.

Sanjay Medhavi, Head, Department of Business Administration, University of Lucknow, Lucknow.

Shalini Srivastava, Assistant Professor, Jaipuria Institute of Management, Noida

Shamsher Singh, Associate Professor, Banarsidas Chandiwala Institute of Professional Studies, Dwarka, New Delhi.

Sharad Chaturvedi, Associate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Shivangi Agarwal, Jaipuria Institute of Management, Noida

Shruti Chandra, Research Scholar, Centre for Political Studies, Jawaharlal Nehru University, New Delhi.

Shweta Jha, Associate Professor, Apeejay School of Management, New Delhi

Smita Tripathi, Senior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow.

Soni Agrawal, Assistant Professor, International Management Institute, New Delhi

Srirang Jha, Associate Professor, Apeejay School of Management, New Delhi

T. S. Banerjee, Assistant Professor, Fortune Institute of International Business, New Delhi

Taranjeet Duggal, Professor, Amity University, Noida.

Utkarsh, Assistant Professor, Fortune Institute of International Business, New Delhi

Vaibhav Lalwani, Research Scholar, Indian Institute of Management Lucknow

Vanita Tripathi, Associate Professor, Department of Commerce, Delhi School of Economics, University of Delhi, Delhi

Vidya M. Iyer, Assistant Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi.

Vijit Chaturvedi, Head and Associate Professor, School of Management Sciences, Lingaya's University, Haryana.

Vinay Kumar Yadav, Senior Research Fellow, Department of Business Administration, University of Lucknow

Vineeta Mishra, Research Scholar, Amity University, Noida.

Zain Mehdi, Research Scholar, School of Management, BBD University, Lucknow

International Management Conference on Business and Economy : Growth, Governance and Globalisation, March 5, 2016

Fortune Institute of International Business (FIIB), New Delhi (India)

Exploring the Relationship between Job Satisfaction and Turnover Intention among IT Employees, from Generation Y, in Chennai, Tamil Nadu, India

Ramnath SrinathProfessor, Assumption University, Bangkok, Thailand

AbstractThis study aims to examine the relationship between job satisfaction and turnover intention in Generation Y in Chennai, India. The researcher has aimed to focus on the change in value results by testing the relationship between the two main variables, which are job satisfaction and turnover intention. Even though, a lot of research has been conducted before, the change in generations and their attitude might be significant in the results which has been impacted by generation Y's employee perceptions. This study was also conducted in a traditional way by using employees' empowerment, promotion, workplace environment, supervisor and co-worker support in order to find the level and relationship with job satisfaction in the first part and in the second part, it aimed to find the relationship between job satisfaction and turnover intention for generation Y's employees. The findings conclusively show that these employees in the IT sector from generation Y, tend to leave their jobs or are constant job hoppers, because of a skills shortage in the industry; it also makes them feel that they are indispensable, which is of course debatable.

SAARC Development Fund (SDF): Programs and Priorities

John Joseph Puthenkalam Dean, Graduate School of Global Environmental Studies & Professor of Economics, Sophia University, Tokyo, Japan

Amiya Kumar Mohapatra Associate Professor, Fortune Institute of International Business (FIIB), Vasant Vihar, New Delhi

Abstract

SAARC Development Fund (SDF) as an institution of regional integration and economic cooperation of SAARC member countries is having dedicated objectives; that intend to promote the welfare of the people, to improve the quality of life, and to accelerate economic growth, social progress and poverty alleviation in the SAARC region. To accomplish all these objectives, SDF has initiated a set of measures from identifying the projects, funding the projects and even provides technical assistances including managing the fund. To leverage the development process, the SDF primarily focuses on three segments; social window, economic window and infrastructure window. Social window mainly focuses on poverty alleviation and social development projects. Economic window provides funding support to non-infrastructure projects like trade and industrial development, agriculture, service sector, science and technology. Infrastructure window provides funding support to projects on energy, power, transportation, telecommunications, environment, tourism and assist in eliminating infrastructure deficiencies. SDF acts as an 'umbrella of financing mechanism' for all such programs and projects as being the economic and geopolitical organisation of all the eight nations of SAARC. To foster impetus in the process, recently SDF and United Nations Development Program (UNDP) have signed a partnership to achieve sustainable development agenda. SDF is working to fulfill the SAARC development goals and tries to address various socio-economic issues relating to poverty alleviation, women empowerment, ensuring better health care services and education, rural development through funding support. Although the SDF is started with noble intentions but in reality, its future and success very much depends upon socio-political environments and able leadership of SAARC member countries.

Long Run Relationship between Aggregate Stock Prices and Macroeconomic Factors in BRICS Stock Markets

Vanita Tripathi, Associate ProfessorArnav Kumar, Research Scholar

Department of Commerce, Delhi School of Economics, University of Delhi, New Delhi

AbstractThis paper comprehensively examines the long run relationship between aggregate stock prices and select macroeconomic factors (i.e., GDP, Inflation, Interest Rate, Exchange Rate, Money Supply and International Oil Prices) in the emerging BRICS markets over the period 1995 to 2014 using quarterly data. To assess the impact of global financial crisis on this relationship, we consider two sub periods viz., a Pre-Crisis period (1995:Q1 to 2007:Q2) and a Post Crisis Period (2007:Q3 to 2014:Q4). Long Run Granger Causality Test, Johansen's Cointegration Test (both Bivariate & Multivariate) and Vector Error Correction Mechanism (VECM) are applied.Overall, we find that there is unidirectional long run causality from Stock prices to GDP, Inflation & Interest Rate. A bidirectional long run causal relationship of Stock prices is found with Money Supply and Oil Prices. Also, the long run granger causal relationship differs significantly between pre and post crisis periods. Johansen's Cointegration results suggest presence of long run equilibrium relationship between BRICS Stock prices and Macroeconomic Factors (except Exchange Rate). There was no major difference in cointegration results in pre and post crisis periods except for GDP,implying that global financial crisis has led to greater long run integration of stock market with the real economy. VECM results indicate that error correction to restore equilibrium is more in stock market than in macroeconomic factors. Thus, in times of any destabilisation or disequilibrium in long run, the real economy leads the stock market to a new equilibrium. These findings, besides augmenting the empirical literature and knowledge domain on the topic, have significant implications for policy makers, regulators, academicians, researchers and investment community, particularly in emerging markets.

CONFERENCE ABSTRACTS

01



Constructing International Equity Portfolio for BRIC Nations using Modified Global CAPM Returns

Himanshu JoshiAssociate Professor, FORE School of Management, New Delhi

AbstractInternational portfolio diversification allows a reduction in risk, relative to intra-national diversification, by offsetting individual country risk factors and hence reduces portfolio systematic risk to the 'world' risk factors alone. Paper illustrates the case of international diversification for four emerging markets namely, Brazil, Russia, India, and China using standard mean variance portfolio optimization method. The Capital Asset Pricing Model (CAPM) is the most prevalent model for determination of equity returns in the developed countries. However, reliability of CAPM is dubious in the context of high growth emerging markets, primarily on account of existence of country specific political risk, and higher sensitivity of these markets for global economic turbulences. To overcome these limitations of the CAPM in the context of emerging markets, its international version known as Global CAPM is used to calculate the equity returns for respective BRIC countries Indices. The Global CAPM uses US treasury rates for risk free rate (Rf), and MSCI World Index is used as a proxy for market return. The Global CAPM is further adjusted for country specific political risk factors for all the four countries under study using sovereign yield spread. The data set constructed for the study includes monthly time series of historical returns for period January 2005 to December 2015.

An Examination of Causality Relationship of Spot and Future Price of Silver in MCX

Ferojuddin M. A. Khan Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi,

L. RamaniAssociate Professor, BIMTECH, Greater Noida

Abstract

The key research objective of the study was to find out the causality relationship and further checking the nature of short-run and long-run causality between spot and future price of Silver in MCX. The data were taken from MCX Year Books, with data from April 2004 to December 2010. MCX has stopped publishing Year Books, last being Year Book 2011. While latest (raw) data could have been taken from the site of MCX itself for the period from 2004 to date, it was thought to examine the data given in the Year Book only, which is smoothened by MCX itself. The exact spot price as given for months respectively in the Year Books were taken, but to get the month wise future price of Silver, same had been taken by taking the average of opening and closing future price of every month given in the Year Books. The various models used in the analysis were Johansen Co-integration Test, Granger Causality Test, Vector Error Correction Model (VECM), Test for Normalcy, Auto-Regressive Conditional Hetroscedasticity (ARCH), Serial Correlation test and Regression Analysis. Non-stationary data were converted to stationary data wherever it was required for better interpretation. The results showed that both the variables were Co-integrated; Silver Future price had causality on Silver Spot. The type of causality was found to be both short-run and not long-run. The impact of ARCH and Autocorrelation were found to be there and management perspective was tried out by using regression analysis on stationary data.

Human Resource as Business Partner – A Key Business Differentiator

Maninder KhalsaVice President-Human Resource, Viom Networks Limited, New Delhi

AbstractHistorically, many within the HR profession have lamented the lack of respect and acknowledgment for the services they provide. Changing business dynamics has ensured easy availability of capital and technology, now a key differentiator for organizations is people. Now opportunity is banging at the door of every HR professional to reverse that situation and get the respect they deserve. In 1997, Dave Ulrich started talking about moving HR from an “operationally reactive” role to a “strategically proactive” role. This calls for HR to be more strategic and business-linked. HR Business Partner model proposed by Ulrich has potential to improve both transactional and transformational HR delivery. However, even after decades of rhetoric about becoming “business partners” with a “seat at the table” where the business decisions that matter are made, most human-resources professionals aren't nearly there and HR Business Partner model has not led to significant improvement in organizational performance to the satisfaction of many CEOs. The role of HR as business partner has been an aspiration for CEOs and HR professionals, with possibility of far reaching benefits to business and HR function. When HR function is strategic contributor to business, people issues are placed higher on the business agenda, making HR as a key differentiator for business. This paper reflects from practitioner's point of view, the essential mindset and skills required by the HR professional and business leaders to ensure successful implementation of Business Partner model, and creating HR as a key differentiator.

02

Determinants of Leadership Effectiveness

Srirang Jha and Shweta JhaAssociate Professors, Apeejay School of Management, New Delhi

AbstractLeadership is foundation of organizational excellence. The organizations thrive and sustain for long as a result of leadership effectiveness. However, leveraging leadership for superior performance surpassing expectations of all the stakeholders is possible when it is not restricted to the founders, promoters or even the top management. Thus the concept of leadership effectiveness entails a scenario where it becomes a mind-set, a habit, an obsession across the organization irrespective of positions or ranks. If majority of the organizational members assume leadership, the organization



itself becomes market leader. Inspiring members of the organization to take up leadership into their stride is highly desirable but a demanding charge. This paper tries to explore various determinants of leadership effectiveness which might be useful in nurturing a large pool of self-driven leaders at all levels who are ready to lift the company to greater heights out of their own volition. Determinants of leadership effectiveness which have been examined in this paper include organizational culture, justice and fair-play, governance, leader-member exchange, employee engagement programs, HR practices and above all, leadership development initiatives.

Behavior of Indian Sectoral Stock Price Indices in the Post Subprime Crisis Period

Harsh VardhanFinance Department, IMI, New Delhi

Pankaj Sinha & Madhu VijFaculty of Management Studies, University of Delhi, New Delhi

Abstract

The purpose of this paper is to demonstrate importance of usage of sector indices which provides insight for sector specific investment strategies and direction for suitable policy formulation for the Indian industry. It investigates long run, short run and causality relationships between eight identified sector indices and Sensex for the post subprime period. The study uses Vector Error Correction Model (VECM) for econometric analysis. It employs Generalized Impulse Response and Variance Decomposition analysis for developed multivariate framework in order to provide information about precise interplay of the sector indices. Long-term relationships between sector indices were determined by the usage of VECM indicating minimal benefits from diversifying investments to different sectors. Limited lead – lag short run relationships between sector indices were observed.

Human Resource Practices in Indian Startups

Soni AgrawalAssistant Professor, International Management Institute, New Delhi

AbstractIndia is growing rapidly in providing online consumer services and is giving a tough competition to countries such as US and China. These services are provided by a number of Indian companies backed with latest technology. These companies are small Startups. Startup industry in India is currently at its all-time high. According to a report released by IT industry representative body recently, “Total funding in the India-based startups is estimated to be around $5 billion by 2015, which is a massive 125 percent growth from $2.2 billion (roughly Rs. 14,270 crores) in 2014,” said National Association of Software and Services Companies (Nasscom).But that does not mean that startups are having a rosy way ahead. Lots of startups are struggling and closed on a daily basis. Many startups are getting acquired by big houses and they find difficult to survive in the tough competition. Unfortunately, 90 percent of startups fail to sail through phases and succeed. These technology backed startups are trying hard to fight the challenges and are working continuously on innovation business models. These online firms are having a share of around 8-9% of the total pie, but the share is increasing rapidly. The continuous efforts and innovative models and improved services are provided by these firms. Thus, it is expected that with improved HR practices such as improved services to the customers and strategies to attract and retain the top talent will pose heavy competition for offline companies in the near future. However, there is sufficient scope in India for online and an offline company to co-exist as the consumer base to be catered is huge, and the consumers of both channels considerably vary in terms of their needs and expectations. Thus, the present study tries to analyze challenges faced by these technology driven companies and how these challenges are addressed by them by giving improved services to external customers and strategies adopted to attract, engage, and retain top talent that ultimately is a source of competitive advantage.

03

An Exploratory Research into the Antecedents of the Need for Uniqueness Motivation among Adolescents in India

Jones Mathew Professor, Jaipuria Institute of Management, Noida

Rakesh Mohan JoshiProfessor, Indian Institute of Foreign Trade, New Delhi

Abstract

The Need for Uniqueness (NFU) motivation is a positive approach toward understanding 'abnormality of being different from others' and quite useful in the understanding of consumer behavior. Past studies have examined the relationship between the need for uniqueness and the consumer need for uniqueness (CNFU) but the antecedents of the need have not been examined sufficiently well. This study approaches the issue with an exploratory research through focus group discussions and in-depth interviews to uncover the antecedents of NFU among adolescents in the age range 10-19 years in India. Adolescents have been chosen for this study because this age segment constitutes a significant proportion of the consumer population with the power of increasing spends and independent decision making. The findings indicate that there are primarily four intrinsic (to the individual) antecedents and two extrinsic (to the individual) antecedents for the need for uniqueness motivation. Implications of this study for the quantitative validation of a structural equation model of the antecedents of the Need for Uniqueness motivation have been explained.



Content Analysis of Brand Communication Strategies for Select Global Brands in India and USA

Nishi SharmaAssistant Professor, JSS Academy of Technical Education, Noida

AbstractThe success of global brands in emerging markets has led to an academic debate on predictable colonization of local cultures by multinational brands in these markets. However, indigenous cultures like India are relatively resilient to the assumed erosive effects of globalization on its product markets. Thus, striking a balance between standardization and localization not only in the context of product offerings but also for the brand communication strategy is imperative. India can be characterized as a high context culture nation. High context cultures are relational, collectivist, intuitive, and contemplative, while USA is classified under low context culture nation. The low context cultures are logical, linear, and highly individualistic and action oriented. The present paper conduct the content analysis of brand communication strategies for global brands namely, Coke, McDonald's, and Maggi in Indian and US markets. Cross country content analysis of advertising can identify specific differences and similarities in advertising strategies, expressions, and manifest cultural values, norms and stereotypes of the target customer group. Findings of the paper suggest substantial differences in the content of brand communication strategies of global brands under study between India and USA. Indian advertisements of these brands are more informative, and focused on headings and subheadings. In USA, they follow minimalistic expressions and focus more on the pictorial content. The findings of such studies can be useful in cross country advertising content designing.

Seasonality in Stock Market Returns: A Comparison of Developed and Emerging Markets

Vaibhav LalwaniResearch Scholar, Indian Institute of Management, Lucknow

Prateek BediDepartment of Financial Studies, University of Delhi

Devesh ShankarFaculty of Management Studies, University of Delhi

Abstract

Calendar anomalies like weekend effect, day of the week effect, month effect in stock markets have been widely elucidated in finance literature. The objective of the study is to empirically contrast the 'Day-of-the-Week Effect' in financial markets of select developed and emerging countries, which can have implications on the informational efficiency of markets. We use daily log returns of the past ten years for the corresponding stock indices of the following markets: India (BSE-500), China (SSE-COMPOSITE), Russia (MICEX), Hong Kong (Hang Seng), USA(S&P 500), Japan (NIKKEI-225) and UK (FTSE-100) to examine whether return on a particular day is statistically different from other days on an average. We examine day-of-the-week effect in return equation by using Ordinary Least Square method (OLS) by introducing dummy variables for each day. Results for financial markets of developed and emerging economies are then compared and reported. The study rests on the intuition of varying levels of stock market efficiency across developed and emerging economies. An attempt is made to empirically test this difference through the presence and extent of 'Day-of-the-Week Effect'.

Risk Perception and Asset Holdings: From Beliefs to Actions

Arjun MittalAssistant Professor, Sri Ram College of Commerce, New Delhi

Prateek BediResearch Scholar, Department of Financial Studies, University of Delhi

AbstractRisk perception is the viewpoint one holds towards risk. The understanding of risk is influenced by the knowledge one possesses about alternative investment opportunities and market environment. Investors differ in their perspective towards risk and their investment decisions are a reflection of the same. This study aims to find out whether risk perception and asset holdings of investors vary across demographic characteristics of investors. The objective of the study is also to examine the relationship between risk perception and asset holdings of the investors. A primary survey is conducted to collect data with regard to demographic characteristics, risk perception and asset holdings. Risk perception is measured through a set of fifteen statements on a five point scale. We use ANOVA to study the relationship between risk perception and demographic characteristics as well as asset holdings and demographic characteristics. We use statistical tests of proportion to find out whether there is a difference in the asset holding pattern of investors with different risk perception. The study is based on the intuition that difference in beliefs about risk should translate into a difference in investment behaviour as reflected by the asset holdings of investors.

04

Strategic Innovations in TCS

Pallavi Agarwal Research Associate, Indian Institute of Management Indore, Indore

AbstractThe technological initiatives and business strategies in today's dynamic and volatile environment is facilitated by Information Technology (IT) driven innovations. Innovation is a core renewal process within organizations (Tranfield et al., 2003) and a cornerstone of competitive strategy. It is defined as the development and implementation of a new idea, be it a new technology, product, organizational process, or arrangement (Schroeder et al., 1986). Bercovitz and Feldman (2007) stated innovation as the ability to create economic value from new ideas. The importance of innovation has been



reported in the literature extensively. The question now is no longer whether to innovate, but what particular innovation strategy to pursue (Gronlund et al., 2010). This review paper has been carried out to investigate the dimensions of innovative practices by articulating business strategies with special reference to IT firms in India. The purpose of this paper is to examine serial strategic innovation as a basis of sustainable competitive advantage through a case study of TCS from the firm's inception through 1968. This paper reviews five key strategic innovations in the context of innovation labs, co-innovation network, global strategic partnership, digital software solutions, and business process innovation. The critical review of the available research findings of past studies in present paper led to conclude that there is a need to study and understand “how firms are significantly gaining competitive advantage over its competitors by integrating strategic innovations in attaining excellence towards the success paradigms of these firms”.

Micro Finance Institutions in Delhi: Challenges and Road Ahead

Madan SinghResearch Scholar, Department of Management, Faculty of Management & Commerce, Mewar University, Rajasthan

Asheesh PandeyAssociate Professor of Finance, Fortune Institute of International Business, Vasant Vihar, New Delhi

Abstract

Micro finance Institutions are engaged in providing loans and financial services to people below poverty line at a reasonable cost. In this paper, we present Microcredit procedures, Challenges and Solutions of the Microfinance Institutions (MFIs) operating in Delhi. Microcredit process work through the co-operation of Government agencies namely National Bank for Agriculture and Rural Development, Small Industries Development Bank of India, Rashtriya Mahila Kosh, Regional Rural Banks, Housing Development Finance Corporation with NGOs, Microfinance Institutions, etc. On the basis of our research, we find some prominent challenges faced by MFIs which are Client Retention, Competition, Difficulty in Communication and Education of a Client. We suggest training, insurance, protection of micro borrower's interest and honestly working of regulators as few possible solutions to the challenges faced by the MFIs.

Estimating Missing Girls in India

Darshy SaranResearch Scholar, Jamia Millia Islamia, New Delhi

AbstractIndia has a long history in viewing the girl child as a burden. The birth of a daughter is considered a curse and the unfortunate girl is very seldom spared in our patrilineal society. Amartya Sen claimed that about 100 million women are missing in the world, referring to the number of females who had died as a result of unequal access to resources in parts of the developing world. Sen's crude estimate highlighted the importance of the issue and paved way for many demographers to provide serious quantitative estimates of “missing women”. This paper attempts to provide an estimate on the number of missing girls in India in the age group 0-4 years. The results suggest that more than 2 million girls are missing in India in 2010 in the age group 0-4 years. State wise decomposition shows that it is Uttar Pradesh that house the maximum number of missing girls followed by Bihar, Rajasthan, Madhya Pradesh and Gujarat. It is also interesting to see that States having historically low sex ratio such as Punjab and Haryana have not shown a substantial number of missing girls as was expected. This finding is also in accordance with Census 2011 results where these States have registered an appreciable increase in the child sex ratio.

05

Perception of Employees of Selected Banks of Haryana on Work Attitude Linked to Organizational Efficiency: An Analysis

Karan Singh Negi and O. P. MidhaRayat - Bahara University, Mohali, Punjab

Abstract

Organizational efficiency is an organization's degree of success in utilizing the least possible inputs in order to produce the maximum possible outputs. Various factors that contribute to an organization's efficiency can be both internal and external to the organization. Work attitude is the way of doing things in the work place, not just the way the employees perform their work but also the way they think and feel. Work attitude influences the behavior in an employee and has a major effect on organizational efficiency. The work of employees of commercial banks involves close interaction with customers and taking decisions which have wide financial implications and impacts organizational efficiency. Thus, bank employees form a representative group for studying work place attitude linked to organizational efficiency. This study was conducted in Haryana amongst the employees of selected banks of urban areas. The perception of employees on work attitude was recorded in questionnaires designed to bring various aspects of work place attitude. This study will help the banks to take steps for enhancing work attitude amongst their employees, thus helping in improving organizational efficiency of the banks.

Fresher's Echelon-Employability Skill Grid

Vidya M. IyerAssistant Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi

Kartik DaveAssociate Professor, School of Business, Public Policy & Social Entrepreneurship, Ambedkar University, Delhi

AbstractThe Fresher's Echelon-Employability Skill Grid is the abstraction from an empirical study about employability in banking sector with specific



reference to Delhi - NCR region. Various factors explored during the study have been sorted into such skills which are significant for the employability of fresher. The utility value of a candidate for an offered job has been derived from sorted skills. It is developed to show the interaction among various skills and thus arrive at the derived utility of candidate. The grid is developed on the basis of the deliberation with industry experts as well from literature on skills and employability.

An Empirical Study of Employee Engagement in TRL Krosaki Refractories Limited

Sanjay Kumar DixitResearch Scholar, Department of PM & IR, Utkal University, Vani Vihar, Bhubaneswar

AbstractEmployee engagement has become an important driver for strategy development. As competition intensified, employers realized the significance of employee to sustain and grow in the knowledge economy. The driving need today is for business to continue to improve productivity in a global environment where continuous change is making it difficult to compete. This desire to do more is combined with the mandate to do so with less, and one of the only outlets left for making this happen is employees. However, given the employee contract as it has been redefined, it is not easy for employers to snap their fingers and simply get employees to do more. Thus, the employee engagement movement arrived as a way to solve this problem.The basic purpose of the study is to find out what variables are significant to create an engaged workforce. It will be appropriate to apprise to the reader that the cardinal objective of my project is to carry out an extensive survey which will not only reinforce and magnify the awareness level of Employee Engagement Survey in TRL Krosaki Refractories Limited, but also help the company to improve its overall efficacy of business. The paper focuses on the study of employee engagement for both officers and workmen and the analysis is done for last 5 years and how employee engagement is an antecedent of job involvement and what should company do to make the employees engaged.

A Study of Consumer Preferences for Online Banking in Delhi/NCR

Shamsher SinghAssociate Professor, Banarsidas Chandiwala Institute of Professional Studies, Dwarka, New Delhi

Raveena RanaLady Shri Ram College for Women, New Delhi

AbstractOnline banking allows customers to conduct financial transactions on a secure website operated by their bank. The purpose of the present article is to study consumers' preferences of online banking. The study has been carried out in the national capital region of Delhi and the findings can be generalized only for the urban, metropolitan cities. The study has collected primary data of 100 respondents using self-structured questionnaire by adopting convenience sampling from different location across NCR Delhi. ANOVA and frequency analysis have been employed to analyze the consumer responses. The study has found that the consumer feels that there is no regular update of web sites and security of transactions is important aspects which the bank need to assure their customers so that more customers start using the online banking. These finding can be used by the decision maker to enhance the security and other aspects of online banking marketing efforts and boost the sale.

06

Good or Bad Jobs: Women in Indian Manufacturing Sector

Megha ShreeResearch Fellow, People Research on India's Consumer Economy (PRICE), New Delhi

Balwant Singh MehtaFaculty, Institute for Human Development, New Delhi

Abstract

Globalization has significantly transformed the labour market structure in developing countries during the past few decades. The central feature of the transformation is women's increased participation in industry or services sector jobs from traditional agriculture sector in India. However, scholars and policy makers have been debating about quality (good or bad) of these jobs. In particular, manufacturing jobs are often cited as “good or quality jobs” as it provides higher benefits and paid more to the workers than the other sectors of the economy. But over the years, the increasing adoption of flexible practices for hiring women workers by manufacturing firms raises questions about its quality. In this context, the present paper attempts to explore the jobs quality for women in manufacturing sector in India. The analysis will be based on various rounds of National Sample Survey, Government of India data and few case studies of women workers in the electronics manufacturing sector. It will help in bridging the gap in existing literature and will help policy makers to get better understanding on the women's employment status in Indian manufacturing sector.

Microfinance through Self Help Groups: An Empirical Study of Repayment of Loans in Lucknow Region Rural Self Help Groups

Zain MehdiResearch Scholar, School of Management, BBD University, Lucknow

Abstract

Microfinance means the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services. The microfinance sector in India went on to evolve in the 1980s around the concept of SHGs, informal bodies



that would provide their clients with much-needed savings and credit services. An SHG has 10–20 members and each member saves a certain amount every month; the SHG lends the collective savings on a monthly basis to its members sequentially on terms decided by the group. It is identified that most of the poor are in the rural areas in India. The purpose of this paper is to analyze the repayment problems of microcredit loans and also the lack of knowledge about the terms and conditions of the loans to the members of SHG who are linked with Microfinance Institutions. The sample is collected from respondents who have taken microcredit through SHG from Microfinance Institution in Lucknow, Uttar Pradesh. The sample size of 50 individuals of EWS (Economically Weaker Section) Class had been taken. The tool (Schedule) is used for Primary data collection and further analysis and findings have been done in order to draw conclusions from it. The findings show that actually the micro credits do not benefit the EWS class of the society and in reality, they are affecting their livelihood and poverty alleviation is successful only when all basic needs of poor people are fulfilled.

Performance Evaluation of Mutual Funds: The Issue of Reporting and Disclosure

Devesh ShankarResearch Scholar, Faculty of Management Studies, University of Delhi. New Delhi

Prateek BediResearch Scholar, Department of Financial Studies, University of Delhi, New Delhi

Vaibhav LalwaniResearch Scholar, Indian Institute of Management, Lucknow

Abstract

The mutual fund industry spanning over almost two decades now, has seen its share of success and failure. It has evolved dynamically and grown substantially. The need for regulation and transparency assumes greater importance in such a growing industry given the background of complex financial environment. The reporting and disclosure requirements with regard to financial performance of mutual fund schemes is a key issue to ensure informed investment decisions by investors. In this study, we explore such norms for mutual funds in India and suggest specific risk-adjusted performance evaluation measures to be mandatorily reported by mutual fund houses for each of their schemes based on the degree of rank correlation among such measures. Our methodology consists of survey of the existing regulation and calculation of Spearman's and Kendall's rank correlation coefficient to identify appropriate measures of risk adjusted performance. We conclude that there is a severe lack of risk adjusted performance reporting and disclosure requirements in India, coupled with inadequate clarity on measurement of risk and assessment of performance. We suggest half-yearly reports of mutual funds should include one risk-adjusted measure from each of the four different classes of risk measures discussed in the paper to ensure informed investment decisions.

Exploring the Effect of Government Change on Foreign Direct Investment Movement in India

Rakesh KumarSenior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow

AbstractThe Government plays important role in the economy of any country. Their policy plans and procedures may impact the investor's decision whether they invest or not. Now at present scenario, the Indian Government is trying to catch the foreign investors for acceleration of Indian economic growth. They launched several plans and provided a healthy environment to the foreign investors. Prime Minister Narendra Modi visited several countries to make trust in foreign corporates and promoted their policies and framework. Government also companioning, that we are providing the opportunity to invest long term investment for developing the Indian economy. From Government point of concern FDI means First Develop India instead of Foreign Direct Investment. The objective of this paper is to explore the effect of government regulation policy and framework on foreign direct investment in India. This paper is based on secondary data analysis. We collect data from RBI bulletins, Government Reports, UNCTAD Reports and other recognized sources. Through data analysis, we try to find out the relationship between government regulation and FDI movement. It is concluded that government changes have significant influences on FDI investment.

07

Service Quality Management in Grocery Stores Check out Services: A Study of Grocery Store Services at Mumbai, India

Sharad ChaturvediAssociate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi

Sanjay GawdeResearch Scholar, Pacific University, Udaipur, Rajasthan

AbstractThis study aims to clarify the service attributes during the checkout process that are important to the customers and the levels of service attributes that are the most desirable from the customer's perspective. In this study, using a questionnaire survey on services provided by the grocery stores located at Kandivali, Mumbai studied for their checkout process and using conjoint analysis, the critical services attributes and customer's importance to their levels were analyzed. The participants included customers at Kandivali, Mumbai, India of which 38 were men and 25 were women. The results show that the expected waiting time is the most influential factor in consumer satisfaction. In particular, the waiting time of more than 5 minutes in line is found to significantly reduce customer satisfaction. It was also found that the customer's don't discriminate the service provider based on gender or age. Although, the gender and age demographics of an employee have little effect on consumer satisfaction. These results not only give new implications for research but also are useful in practical terms, such as innovating new ways to identify the ways to reduce the waiting time, particularly during peak hours of business, to serve customers better and guide improvements in the operation of retail stores.


Fortune Institute of International Business (FIIB), New Delhi (India) 08

Knowledge Management for E-Governance in Indian Public Sector

Rashmi AnandResearch Scholar,

Sanjay MedhaviHead and Associate Professor, Department of Business Administration, University of Lucknow, Lucknow

Department of Business Administration, University of Lucknow, Lucknow

AbstractKnowledge management has evolved as one of the sustainable practice to evaluate governance in many senses. In the current era of information technology, the knowledge based management focuses on creating, managing, utilizing, communicating and sharing knowledge within or outside any sector. On one side, paper presents good literature review on role of knowledge management in E-governance whereas on the other side, paper also presents a model of E-governance, that can be seen as a best approach for bringing transformation in citizen's lives. The purpose of this paper is to systematically review knowledge management for E-governance in Indian public sector. For this purpose, the extensive literature review in related domain has been done. Review shows that there are gaps in laying down the significance of knowledge management in the process of E-governance in the said sector of Indian economy. These gaps would support the various directions for the future research.

Growth of Micro, Small and Medium Scale Enterprises and Its Impact on Employment Generation in Uttarakhand

DeepikaResearch Scholar,

R. S. PandeyAssociate Professor, School of Commerce, Hemwati Nandan Bahuguna Garhwal University, Srinagar, Uttarakhand

School of Commerce, Hemwati Nandan Bahuguna Garhwal University, Srinagar, Uttarakhand

AbstractThe role of industrialization in the process of social and economic development has been well documented. In the state of Uttarakhand, Micro, small and medium enterprises find a special place in employment generation and poverty alleviation. The contribution of micro, small and medium enterprises to employment generation and economy cannot be neglected. The study mainly aimed at tracing the relevance of growth in the numbers of MSME of both, service and manufacturing industries in the employment generation. The research is completely based on secondary data, carried out in all the 13 districts of Uttarakhand and 8 years data has been used from 2008 to 2015. Using correlation, data has been analyzed. Findings revealed that there is a positive relation between growth in the number of enterprises established and employment generated. But the pace of growth is not constant and declined during some years, which have badly affected employment. It is suggested in the paper that to overcome this issue, the government must constantly be alert to opportunities to improve the effectiveness of their policies regarding MSME and the performance of Micro Finance institutions can be improved and with the help of these institutions, MSME can play their role better in poverty alleviation than usual.

Consumer Behavior towards Promotional Mobile Messages among Management Graduates in Delhi - NCR

Nimit Gupta Associate Professor, Fortune Institute of International Business, New Delhi

Ritika Malik Research Scholar, JJT University, Rajasthan

Abstract

With the emergence of high speed wireless network technologies and the increasing market penetration of mobile phones, the global advertising industry's interest in using this medium as a means of marketing communication is rising. However, in spite of the increasing number of companies investing in mobile marketing campaigns, there is, as yet, little academic research on this topic and the nature and implications of this channel are not yet understood fully. This research attempts to help in bridging this gap; it investigates the factors that induce consumers to accept the mobile phone as a means of communicating promotional content. In this paper, the focus will be on 100 youth consumers from Management Colleges of Delhi-NCR region. The response will be taken with the help of well-structured questionnaire on different parameters and the conclusion and findings will be drawn accordingly with the help of different statistical tools. Thus, this paper will focus on behavior of consumers and their reactions when they receive messages on their mobiles and how they use these messages.

Research Methodology Strategies in Venture Capital/Private Equity

Smita TripathiSenior Research Fellow, Department of Business Administration, University of Lucknow, Lucknow

Abstract

This paper reviews and examines how venture capital researchers apply research methods, and what strategies they use as a part of the research process, to organize, transform, create and evaluate research tools, data and information resources. It also analyzes recent developments in research methodology to create scientific knowledge and practice in venture capital, offering an overview of methodologies used in venture capital research. Finally, the paper identifies and discusses some methodological research issues and reviews future direction on research methodologies in venture capital/Private Equity.



Socially Responsible Investment: The Indian Scenario

Vineeta MishraResearch Scholar, Amity University, Noida

Abstract

Socially responsible investing ,which is also known as sustainable, socially conscious, green or ethical investing, is an investment strategy which seeks to consider both financial return and good. The areas of concern recognized by the SRI industry are sometimes summarized as ESG issues: environment, social justice, and corporate governance. In India, till recently, there was only one SRI mutual fund, the ABN Amro Sustainable Development Fund, launched in 2007 and even this fund is not doing well (judged by its net asset value and liquidity). However, in the past two years, the Indian markets have seen emergence of two Shariah -based ethical investment funds – Tata Ethical Fund and Taurus Ethical fund. These two funds, especially the former, are doing well. During the past decade, efforts have been made to develop the regulatory and institutional infrastructure to mandate and reward ethical corporate behavior among corporations. Also, since the opportunities for retail portfolio in SRI segment is less in India, leaving a scope for Venture capital and Private Equity Funds. So, it is necessary to determine the opportunities available for VCs and PEs for investment in this sector by determining the performance study of already available opportunities. This paper which is exploratory tries to analyze the situation in India with respect to SRI investment and tries to measure the market for SRI indices, SRI mutual funds and Venture capital and PE going in the SRI segment.

Price Discovery and Information Transmission in Spot and Options Segments for NSE 50: An Empirical Study

Piyush Pandey and Gagan SharmaResearch Scholars, Department of Financial Studies, University of Delhi

AbstractIn the absence of market imperfections or frictions, any new information is expected to reflect in both spot and derivative market instantaneously but in reality, this hardly exists. The nature of the market microstructure results in a lead/ lag relationship and one market acts a dominant while other acts a satellite market. In this study, we examine the information transmission process between spot and options segments of the NIFTY 50, benchmark index of India. The daily data files stretch from 1 April 2009 to 31 March 2014. Cointegration and related tools were used to examine the price discovery process and it was found out that spot is the dominant trading platform vis-à-vis options for NIFTY 50 index and price signals emanating from spot are being factored in by speculators to hedge their risk in derivatives market. Since,in spite of low trading cost and fewer restrictions in options market, price signals seem to be emanating from spot, that challenges the market efficiency theory. The study is useful for the investment professionals who can make long/short strategies to make profits. It is also useful for the regulators to see the imperfections prevailing in the market microstructure in order to efficiently manage the markets.

Understanding Role of Leadership Coaching as an Effectual Tool for Talent Building in Organization-A HR Development Outlook

Vijit ChaturvediHead and Associate Professor, School of Management Sciences, Lingaya's University, Haryana

AbstractToday's organization is no longer like traditional organization with hierarchical silos and bounded authority and responsibility. With the trend of “Leading by Example”, organizations expect that its workforce, which is the intellectual capital, should be innovative and creative enough along with possessing excellent inter-personal and communication skills by way of which they can perform extraordinarily better and can create competitive advantage. Every organization aims at developing the employees by exposing them with training and development opportunities to make them more confident, skilled thus, elevating their involvement, satisfaction and contribution to organization. The paper helps in understanding the basic concept of leadership coaching, its process and strategies, basic approaches to leadership coaching and traits for developing leadership coaching. It also helps in understanding different functional outcomes and possible hurdles in imbibing coaching traits and delivering the same for effective organization performance.

Multilateral Alliances: Accessing the Prospects of a Multipolar World

Gauri Narain MathurResearch Scholar, Department of Political Science, Jamia Millia Islamia University, New Delhi

AbstractThe world is witnessing the decline of the Atlantic era followed by the advent of Asian century wherein everyone is eyeing at 'Chindia' as a major game changer .The Subprime Crisis and the resulting great depression which the US economy has undergone, prompted the decline of superpower hegemony marked by anemic growth, bleak labour market with few jobs and the declining real wages. When the real estate bubble busted, largest bank holding companies like J.P Morgan, Goldman Sachs, and Morgan Stanley were running into bankruptcy. It needs to be noted that Obama Administration, to some extent, succeeded in halting the economic crisis. It can be argued that US financial crisis of 2008-9 predominantly resulted in the unsustainable fiscal policies of the economies of Euro Zone. Crisis erupted in Greece, followed by Ireland and Portugal. The austerity measures which the state governments resorted to received criticism from various quarters. The fact needs to be pondered upon here is that China emerged as the biggest lender at a juncture when most of the economies including US were worst hit. China has witnessed a boom in its FDI. Most of its FDI comes from Hong Kong, Macau and Taiwan. In this context, it needs to be noted that during the financial meltdown, it was India and China that performed substantially well. China has performed incredibly well in the field of manufactured exports while, India boasts on sophisticated professionals like IT



and Pharmaceuticals. Throughout this paper, the emergence of regional alliances on the landscape of International Political Economy has been analysed as a challenge to Washington's hegemonist project. Natures of contemporary alliances have undergone profound change with much broader orientation to maximize economic benefits. This paper seeks to analyse the role of the groupings like ASEAN, BRICS, BIMSTEC and their impact upon multipolarity.

Tax Management: A New Strategic Tool to Determine Tax Quality and Tax Control

Mukesh Kumar and Prashant KumarSenior Research Fellows, Department of Business Administration, University of Lucknow, Lucknow

AbstractThere is a major need for clear frameworks and standards for tax. This is why PwC and Nyenrode University have developed the Tax Management Maturity Model. This model is an (international) tool for determining the quality of the tax function and the tax control framework (TCF). The model is based on accepted models such as COSO and CobiT. It uses five maturity levels to show the extent to which a PwC organisation exercises tax control and what the ambition level of the organisation is or should be. It is an universal, transparent model that shows in one sheet the compliance status of the entire organisation – a unique tool for self-diagnosis and communication with (international) supervisors and all internal and external stakeholders. The model is ideal for (international) benchmarking, scoping and developing a tax control environment. In this paper, we came to know that it is essential that not only the tax department must be assured of the quality of tax control but also the other stakeholders in and outside the organisation.

An Empirical Study of Intrinsic and Extrinsic Factors Influencing Consumer Buying Behavior in Buying a House across Delhi-NCR

Shamsher SinghAssociate Professor, Banarsidas Chandiwala Institute of Professional Studies, Dwarka, New Delhi

Ameet Sao Assistant Professor, RICS School of Built Environment, Amity University, Noida

AbstractIndia is blessed with one of the fastest growing real-estate markets in the world. It is not only attracting domestic real-estate developers but also the foreign investors; particularly, the NRI investments in India have a bulk of their share in the Indian housing market. Indian housing sector has shown tremendous growth as income of people has risen. There is a great demand for houses. With modernization, there is a growing number of nuclear families, in which each couple occupies its own house. Thus, it creates a gap in the existing structure and provides an opportunity to the developers to build different types of houses. This paper tries to identify the existing market structure for the product and the intrinsic and extrinsic factors influencing consumer buying behavior while buying a house. The intrinsic factors are the internal motivators or drivers of an individual and the extrinsic factors are the developers generated activities. The hypothesis model is created that takes into account the dependent and the independent variables, which were empirically tested through techniques such as ANOVA, Independent T-test and Factor analysis which differ across different demographic variables such as age, income & gender.

10

The Pragmatics of Trading Luxury Brands Online

Maani Dutt and Preethi Viswanathan Assistant Professors, Periyar Management and Computer College, New Delhi

Abstract

Luxury brands have a friend and foe relationship with the digital world. Brands are curious to figure out how to use it without harming their brand identity and their exclusivity of luxury, when relying upon an assortment network with a-prior anti-luxury characteristics. Going e-way would mean being more down-to-earth for luxury brands. They have thus, not succeeded in transferring the luxury boutique experience online, and do not manage to reconcile the exclusive principle of luxury with the extensive principle of digital. This paper basically reflects the projection and interpretation of e-luxury brands in consumer's mindshare. We observe a drift from brand to product communication and from buying experience and context to penny. The definition of luxury using online tools is not similar to its offline definition.

Association Rule Mining to understand Customer Purchase Behavior in a Supermarket

Kaushal KumarDepartment of Operational Research, University of Delhi, Delhi

Abstract

It has become an important and challenging problem to understand the behavior of customers in competitive markets. In order to make correct decisions in such a scenario and that too by analyzing huge amounts of data , we have data mining tools which have become very effective in facilitating the decision making process. One such tool is association rule mining which has applications in a supermarket where we analyze plenty of supermarket data by exploring customer purchase behavior and finds decisions to have an advantage over the competitors. This is also known as Market basket analysis where we scrutinize the items which the customers purchase together and this information is used to identify the collection of items to be promoted together. Market basket analysis is used to analyze a huge amount of supermarket transactional data for discovering interesting customer purchasing patterns by finding relationships among purchasing patterns of various products. The transactional data consists of many



records, where each record corresponds to the products which have been purchased by a customer in a transaction. This data is analyzed to find the items which are frequently purchased together so that such items can be grouped together on same shelf to promote cross selling. Such type of information is very useful for a supermarket manager who can identify the bestselling items and accordingly develop some strategy to gain more profit. Market basket analysis is thus, a decision making technique in which customer purchase behavior at a supermarket or some retail outlet is studied and interdependence among the demand of different category of items is identified and some strategy is developed to gain competitive advantage.

Information and Communication Technology (ICT) Intervention for Women Entrepreneurs in Indian Rural Market Access

Vinay Kumar YadavSenior Research Fellow,

Sanjay MedhaviHead & Associate Professor, Department of Business Administration, University of Lucknow, Lucknow

Department of Business Administration, University of Lucknow, Lucknow

Abstract

This paper aims to explore the impact of Information and Communication Technology (ICT) for Women Entrepreneurs in rural market information access. The rural women can be very effective agents of change for better homes, better society and ultimately, for robust economy in the present global scenario as women entrepreneurs can be contributor in rural Indian market's access for the development of economy like India. Women Entrepreneurs may have more impact than men as the motherhood is a metaphor which represented the household and family in context of female entrepreneurs. The methodology used is mainly based on the literature review of impact of Information and Communication Technology (ICT) and holistic understanding of women entrepreneurship. The result and discussion indicates that ICT can improve the women entrepreneurs in holistic understanding of rural market information access.

Competitive Diffusion based Modeling Framework for Adoption of Product Lines

Adarsh Anand and Gunjan BansalDepartment of Operational Research, University of Delhi, Delhi

Deepti AggrawalAmity School of Business, Amity University, Noida

AbstractFor any brand/company, the aim of sustainability in the market brings competition into picture. A firm thus tries to capture all the possible potential buyers by providing a group of variety of products, thereby adopting the concept of product line. In today's cut throat competitive scenario, the concept of product line provides an opportunity for a firm to provide same kind of products with some variation at an altered pricing. In this study, we propose to understand the diffusion of competitive goods when product line is available in the market. The goal of the modeling framework is to observe shifting behaviour of customers and to predict the sales level in the presence of multiple products available together. Validation of the model has been done on real life sales data sets for automobile industries.

11

Empowering Women through Political Representation in IndiaShruti Chandra

Research Scholar, Centre for Political Studies, Jawaharlal Nehru University, New Delhi

AbstractOne of the Millennium Development Goals set up by United Nations at the turn of the century was to bring about empowerment of women and gender equality. To achieve this goal it is important that women participate fully and actively in all walks of life. This can be ensured through equal access to education, employment, sexual and reproductive health and ensuring end to all forms of violence and discrimination against them. This can be achieved if there is adequate representation of women especially in institutions of decision making like legislatures. This paper looks at the representational character of our legislatures. It compares two institutions: Parliament at the national level and Panchayati Raj Institutions at rural level to highlight the importance of reservation of seats in political institutions to ensure gender equality and empower women.

Green Marketing: Advantages and Challenges of Adopted Green in BusinessMonu Bhardwaj and Samridhi Tanwar

The Technological Institute of Textile and Sciences, Bhiwani, Haryana

AbstractMarketing is a form of communication between you and your customers with the goal of selling your product or service to them. The evolution of Green Marketing occurred in the late 1980s and early 1990 .The first book on green marketing was entitled "Ecological Marketing. It is the marketing of products that are presumed to be environmentally preferable to others. Other similar terms used are Environmental Marketing and Ecological Marketing. There are many new types of products called "green" products were created, which would cause less damage to the environment. There are three phase in the evolution of green marketing: Ecological Green Marketing, Environmental Green Marketing, Sustainable Green Marketing. Green marketing plays an important role to promote the idea of environmental protection and sustainable development both in the minds of the customer and the marketers. Today, people around the world are becoming more aware of the environmental stresses. This paper will attempt to introduce the concept of green marketing and examines some reasons that make the organizations interested to adopt green marketing philosophy. This paper also makes an assessment of, the strategies or phases of green marketing advantages and challenges of green marketing.



Organizational Commitment of Emotionally Intelligent Leader in Indian IT Sector of Delhi/NCR

Priyanka JainResearch Scholar, Amity University, Noida

Taranjeet DuggalProfessor, Amity University, Noida

AbstractThe intention of this research was to examine the relationship existing between the Emotional Intelligence of managers and their organizational commitment. The target sample comprised of 120 supervisors from various IT companies of Delhi/NCR of India using random sampling. The study used a self-administered questionnaire to collect the primary data. Participant completed two surveys: (1) Emotional Intelligence Appraisal (Bradberry and Greaves , 2003), which Measures (A) Self–Awareness, (B) Self–Management,(C) Social Awareness, (D) Relationship Management, and (E) Overall Emotional Intelligence; and (2) Organizational Commitment Questionnaire (Meyer & Allen), which assesses commitment in three dimensions (a) Affective Commitment (b) Normative Commitment (c) Continuance Commitment. In order to analyze the data, Pearson correlation, ANOVAs, regression were employed. The statistic results revealed that there is a significant strong relationship between the two main variables of the study, namely EI and OC. Thus, the paper contributes to the existing pool of knowledge on the empirical impact of emotional intelligence on organizational commitment.

Digitalization of Rural Communities: Problems and Remedies

Priya SamantResearch Scholar, Amity Business School, Amity University, Noida

Anurupa B. SinghAssociate Professor, Amity Business School, Amity University, Noida

AbstractDigitalization or Digital Technologies has become the latest wave of innovation. Many new initiatives have been introduced to digitalize the rural population and attain the dream of inclusive growth, Financial Inclusion and Social Inclusion. In our country majority of people still resides in villages and practice agriculture as their prime profession. Our country is heading towards Digitalization and launch of Digital India intiative is a step towards it. But many of our rural folks still have to struggle and had to travel miles to avail even the basic necessities of life. They have to struggle for electricity, basic education facilities, telephone connectivity, information gathering etc. Their still exists a large gap between urban and rural people when we talk to Digital Literacy which is dependent on various factors. So, there is a need to bridge this gap and integrate rural and urban segments to achieve the inclusive growth. Many successful initiatives like e-Kranti, e-Choupals, e-Education etc. have been introduced to connect to this bottom of the pyramid segment and to develop the rural economy through Digitalization. But only these initiatives will not suffice. It requires many more efforts to bring this potential segment in the mainstream of development. Therefore, this paper attempts to study the impact of digitalization in rural area, highlight the initiatives launched by Government for Digitalization of rural areas and the impact of these initiatives on the lives of rural communities. In addition to this the study also focuses on the challenges faced in implementation of these programmes and the areas which require more attention to make Digitalization a success among rural communities. It also suggests the strategies to establish Digital Highways to attain the sustainable growth in near future.

Examining the Antecedents of Online Banking Adoption in India

Renu AggarwalAssistant Professor, YMCA University, Faridabad

Monica BhardwajAssistant Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi

Abstract

With the paradigm shift in banking services landscape, innovative channels of financial delivery have emerged. With augment of smarter, cost effective and convenient modes of payments and remittances, the future of banking appears promising. Amidst challenges of being cash carry culture and lack of financial inclusion, such innovative channels leverage cost advantage and volume of business to banks, ubiquity and anytime banking to the customer. Despite all this, the adoption of these services is delimited because of various factors. This paper analyzes the influence of different levels of experience on customers' attitude towards online banking adoption behaviour. The study utilizes Technology Acceptance Model (TAM) as theoretical reference model and extends it to apply in the present context. The constructs other than TAM, included in the model are social influences and the impact of moderating effect of experience on the intention to adopt online banking. The empirical findings support social influences have significant impact on the attitude towards adoption followed by perceived usefulness. The implications for the researchers and practitioners are discussed.

Testing Fama French Model: Evidence from India

Asheesh PandeyAssociate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi

Abstract

In this paper, we evaluate the efficacy of three factorFama French Model for Indian capital market. Using data of BSE 500 companies from July 2001 to January 2015 from CMIE Prowess, we test the validity of Fama French Model for Indian capital market. We check the robustness of the model in two ways: 1) by using alternative measures of size viz. market capitalization, enterprise value and total assets and 2) by dividing the total period into two



sub periods, i.e. pre subprime crisis and post subprime crisis. Controlling for size effect, we find that the three factorFama French Model totally explains the extra normal returns for the study period. Further, we find that the findings are robust for alternative size based portfolio constructions as well as for both the sub periods. Thus, we confirm that in the Indian context both size and value factors, along with market factor have strong return explanatory power as compared to standalone Market factor.

The Principal- Manager Problem within the Local Company Pizza and Come® In the Metropolitan Area of Guadalajara

José G. Vargas-Hernández and Martin Guevara L onUniversity Center for Economic and Managerial Sciences, University of Guadalajara

Núcleo Universitario Los Belenes, Zapopan, Jalisco, México

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AbstractThe present work has the purpose to analyze the Problematic Principal-Agent, studied by the Agency Theory, present inside the local fast food company Pizza Come® which operates inside of Guadalajara, Jalisco. It was analyzed in the literature related with the Agency Theory and the systems of intrinsic rewards for development and thus, suggest a model with the purpose of state a better governance to improve the relationship among principal and agent, therefore decrease costs related to the supervision of workers and in turn, reduce the opportunism that could be generated by agents establishing a system of intrinsic rewards in order to complete the extrinsic rewards already offered.

Relevance of Contract Farming in India for Agrarian Transformation

Amiya Kumar MohapatraAssociate Professor, Fortune Institute of International Business, Vasant Vihar, New Delhi

AbstractWith the world becoming more advanced in every aspect of life, not only our needs and demands are rising but also the purchasing power is growing. As a result, the demand of commodities has increased in both urban and rural areas. To maintain continuity in the supply chain, the entire production sector, right from small to giant corporate, is looking for uninterrupted and sustainable sources of raw materials. Instead of going for a traditional method of procurement of primary raw material from the market, they are eager to get it from reliable sources with a pre-defined quality and quantity. The expansion of market, corporate diversification and commercialization of agriculture has led to emergence of contract farming. Contract farming is a method by which the land owners or farmers make a contract with a processing and procuring firm at a specified price, product, time, quality and quantity or to deliver a product at pre-decided conditions. The contract farming practice is quite successful in many states of India like Maharashtra, Karnataka, Tamil Nadu, etc. However, few other states are now adopting the same for the welfare of the farmers. Contract farming is definitely the need of the day. Contract farming played a vital role in alleviation of poverty in most of the countries and more successful in rural sector, which has been revealed by various research findings. There are many lapses and deficits in the advancement of contract farming. The government should play a regulatory and enabling role by ensuring appropriate laws and efficient legal system and also need to play a developmental role by reallocating resources towards promotion of contract farming.

Participatory Governance and Women Self-Help Group Federation: The Case of BMASS in Ganjam, Odisha

Jyotirmayee TuduLecturer, Department of Public Administration, Utkal University, Bhubaneswar

AbstractThis paper is an attempt to understand the complexities interwoven between participatory governance and empowerment. Both of the concepts, though, have a long historical genealogy but in neoliberal age, the valorisation of their relationship shares a common ground, i.e. to transfer of power to the marginalised. The former has now evolved in the shape of institutional innovation, where community owned institutions are involved in different public service delivery programmes. In this regard an involvement of women SHG federation has been engaged in many activities with an assumption it would bring efficiency in governance. However, scepticism followed with regard to the dominant involvement of state agencies. On the one hand, suspicion occurs that it may constrain the norm of profit making and cooption on the other. Notwithstanding the above critical dimension state supported SHGs are getting wider visibility and also rural women prefer to be a part of it. Do such engagements encourage women to exercise her agency? Here the paper examines the case of BMASS initiated by Odisha government on a pilot basis at different blocks of Ganjam district. One of the core components of this has been to promote women entrepreneurship through distribution of dealership. However, it leads to bourgeoning of conflict between local dealers with women groups. In this context, how local women groups use their collective lobby to uphold their interest will be the central content of the paper. The central argument insisted that one cannot easily discount the state involvement in a state like India where socio-economic structure is predominantly driven with patrimonial and dominant class norms. Further such intervention may be taken as an initiative to challenge the assumption that marginalised is the only legitimate actors in their own empowerment. Moreover, empowerment would be a possibility when poor women find such kinds of intervention as an opportunity structure to negotiate with the state against exploitative practices of market.



A Study on Effect of the Changing Crude Oil Price on OPEC Countries

Krishna Kant AgarwallaJaipuria Institute of Management, Noida

Nidhi SinghAssistant Professor, Jaipuria Institute of Management, Noida

AbstractCrude oil price behaviour has been a subject of voluminous research across globe. Nonetheless, the puzzle of the effect of these changing prices has been yet to be revealed. The recent fall on the price of crude oil has actually affected the economy of the OPEC countries. This study will aim at finding the effect that the falling oil price is having at the economy of the OPEC countries. For the successful completion of this research we will be looking into variables like GDP, Debt, Exports and Devaluation of currency. For this analysis we will be using the Correlation and Regression method.

Using Unconventional Measures to Evaluate Mutual Fund Performance

Parag RijwaniAssistant Professor, Institute of Management, Nirma University, Ahmedabad

AbstractThe primary aim of this study is to study the effect of select unconventional mutual funds measures on mutual fund performance. This study examines mutual fund performance measures that are not publicly available and need to be computed or obtained by the investor. By answering the aforementioned question through the use of the appropriate statistical tests, this study constitutes a practical value to both the mutual funds attribute/performance literature and lay investors by helping in selecting mutual funds. 174 Indian equity diversified open ended mutual fund schemes are considered using new yardsticks namely Ulcer Index, Downside Capture Ratio, Upside Capture Ratio and Omega Ratio. For the Study 10 years data from 2006-2015 was taken and analyzed. From analysis it was found that these new yardsticks have significant impact on performance management and moreover, three of them, namely Ulcer Index, Upside Capture Ratio and Downside Capture Ratio provide persistence in measuring fund's performance. Hence, we have concluded that these new performance yardsticks can be used for evaluating mutual fund performance.

Firm Specific and Macroeconomic Determinants of Share Prices of Nepalese Commercial Banks

Radhe S. PradhanProfessor, Tribhuvan University, Nepal

Rar B. BistaPrinicipal, Uniglobe College, Pokhara University, Nepal

Arun Kumar SapkotaUniglobe College, Pokhara University, Nepal

Abstract

This study examines the determinants of share price of Nepalese commercial banks. The share price in terms of market price per share, stock return and excess return are selected as dependent variables. Earnings per share, dividend per share, price earnings ratio, leverage, return on assets, gross domestic product, inflation and interest rate are taken as independent variables. The data are collected from annual reports of selected commercial banks and bank supervision reports published by Nepal Rastra Bank. The survey is based on 133 observations from 19 commercial banks in Nepal. The regression models are estimated to test the significance and importance of share price in Nepalese commercial banks.The result shows that there is positive relationship of market price per share with earning per share, dividend per share, returns on assets, price earning ratio and gross domestic product. It indicates that an increase in earning per share, dividend per share, returns on assets, price earning ratio, gross domestic product leads to an increase in the market price per share. Similarly, the result states that there is negative relationship of market price per share with leverage, inflation and interest rate which reveals that an increase in leverage decreases the market price of share. The result also shows that stock return and excess are positively related to earning per share, dividend per share, price earning ratio and gross domestic product. It shows that an increase in price earning ratio and gross domestic product leads to an increase in stock return and excess return. Similarly, there is negative relationship of leverage, return on assets, inflation and interest rate with stock return and excess return which reveals that higher the inflation and interest rate, lower would be the stock return and excess return. The beta coefficient is positively significant for earning per share, dividend per share, return on assets, price earning ratio, gross domestic product and market price of share whereas the beta coefficient is negatively significant for leverage only.

A Study on Micro Industry of Cutlery of Burdwan, West Bengal from the “Make in India” Perspective

T. S. BanerjeeAssistant Professor, Fortune Institute of International Business, New Delhi

Abstract

“Make in India” is a program launched by the Indian government in 2014 to promote India's manufacturing sector. The government has come up with various schemes and policies in the very first year of its formation. One of the most promising amongst them is the “Make in India” program which is framed to register a socio-economic growth with a prime focus on the Indian manufacturing sector. It would enable cost effective manufacturing with an emphasis on creation of jobs and spur development of the Indian economy. The Indian manufacturing sector has been a classic example of great potential, but one that has been suffering from policy paralysis and entrepreneurial myopia and ignorance. This study has been focused on a micro



industry of Cutlery from a small town of Bengal, which, in spite of its immense potential and scope is losing out of track. The study would investigate the reasons of the downfall of the micro industry of Cutlery in Burdwan in the light of the ongoing campaigns and supports provided by “Make in India”.

India's Exports: Past Trends, Present Challenges and Way ForwardRashmi Taneja

Senior Research Officer, PHD Chamber of Commerce and Industry, New Delhi

AbstractIndia's exports have shown a remarkable growth and resilience during the last decade, especially before the onset of global financial crisis in 2007-08. This is reflected in India's exports increasing manifold from US$83bn in FY2005 to US$163bn in FY2008 and registering an annual average growth rate of 26% during the same period. Nonetheless, the US financial crisis, coupled with collapsing of Lehman Brothers, adversely impacted India's exports. India's annual export growth which was recorded at 29% in FY2008 started declining, touched at 13% in FY2009 and further turned negative at around (-)4% in FY2010. However, due to timely immediate remedial policy actions and strategies taken by the government, the declining trend of India's exports was not only arrested but brought to a very high growth of 41% in FY2011, raising once again the hopes of attaining the high water mark at the pre crisis level. But again, in FY2012 because of Euro zone crisis and domestic constraints, India's export growth was again moderated to 21.8% and turned negative at (-) 1.8% in FY2013. Though, the following FY2014 witnessed a positive growth of around 5%, a continuous decline in India's exports for the last 14 months in a row till January 2016 has become a major cause of worry for both the exporter and the government as well. At this backdrop, the present paper aims at identifying the various causes of continuous deceleration of exports in recent times and suggesting a few measures to revive India's exports in coming times. For this study, both primary survey as well as secondary data analysis would be undertaken. For primary survey, around 40 exporters from 10 major sectors viz.(1) agro and food processing, (2) auto components & automotive parts, (3) drugs & pharmaceuticals, (4) engineering goods, (5) FMCG, (6) gems & jewellery, (7) iron & steel, (8) leather & leather products, (9) service sector and (10) textile & apparel sector would be interviewed through open ended questionnaire. For secondary analysis, data will be collected for 15 years (FY2001-FY2015) from the various branches of the Ministry of Commerce and Industry so as to draw appropriate inferences as per the above stated objectives of the study. The study will enable us to suggest few measures that can be supportive to revive and strengthen India's exports, going forward.

Impact of Locus of Control on Organizational Role Stress and Job Satisfaction

Shivangi AgarwalJaipuria Institute of Management, Noida

Shalini SrivastavaAssistant Professor, Jaipuria Institute of Management, Noida

AbstractHuman Resource management is considered to be the most valuable assets for any organization. Organizations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibility, and authority to carry out different tasks. Today Organizations are open systems they affect and are affected by their environment. Now business environment is characterized by international competition, rapid technology expansion, high levels of risk, high employee turnover, and a turbulent external environment. Organizational behavior experts have prescribed various strategies to deal with change overload and to build organizational capacity for change. In order to keep pace with rapidly changing technologies, international competition and the vast amount of information made available through the Internet and social media, organizations must be in a continuous state of change. This has resulted in increasing stress and reducing the job satisfaction. The purpose of the study is to explore the impact on the locus of control on the relationship between job satisfaction and organizational role stress of the managers working in various organizations. The present study was done on a sample of 172 managers working in various industrial sectors variables in the study were assessed using various validated instruments.

Materialism - Consumer Self-Confidence Relationship and its Impact on the Consequences of Materialism: An Exploration

Nimish RustagiHEC Paris, France

UtkarshFortune Institute of International Business, New Delhi

AbstractThe modern man indeed lives in a world of consumerism and is embedded in a marketing-led environment. The emergence of consumption as a major human activity and indulgence has led consumer researchers to study the impact of material quest on consumer well-being. Materialism is defined as a personal value that is reflected by people's beliefs about the importance they ascribe to possessions, and has been associated with lower consumer well-being, a favorable attitude towards debt, risky financial behaviors, etc. However, the question whether materialism's impact on consumer behavior and well-being is influenced by the consumers' self-confidence about engaging in the marketplace is largely unexplored in research. Consumer Self-Confidence is defined as the extent to which an individual feels capable and assured with respect to his or her marketplace decisions and behaviors. It is unclear how materialism as a value and consumer self-confidence as a personality aspect relate to each other and how their relationship influences the outcomes of materialism. In this study, we explore the materialism-consumer self-confidence relationship and its impact on the consequences of materialism.

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