Articles
Competitive Behaviour of Outward Foreign Direct Investment from India

Manoj Kumar Sinha and Shalini Rawal

Volume 41, Issue 1(Jan- June) 2020

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The paper intends to focus on the direction of Outward Foreign Direct Investment (OFDI) from India. It also analyses the competition for Indian overseas investment among different country groupings. In terms of direction of OFDI from India, the changes in ranks of FDI outflows to developing countries are more than that of developed countries. Ranking patterns reveals that there is high level of competition among developing countries to attract Indian overseas investors. Somewhat same results are depicted by Index of Rank Dominance (IRD) in case of all the countries of the world, where out of total 25 countries, 7 are developed countries and other are developing countries, majority of them are considered to be tax havens. Mobility and Turnover shows high competition for OFDI from India in developing countries than developed countries.

A Trend Analysis of NPAs of Banks in India for 2008-2018

Amit Kumar Singh and Renuka Prasad

Volume 41, Issue 1(Jan- June) 2020

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Non-Performing Assets (NPAs) are one of the indicators indicating the performance of banks in India. As Indian Financial system is banking dominated, its health reflects the health of the economy. This paper discusses the Gross NPA, Gross Advances and thus the Asset Quality of Public Sector banks, Private Sector banks and Foreign banks from 2008-2018. The objectives of the paper are to analyse the trends in banking sector, highlight individual banks and understand few dynamics. The data is mainly secondary in nature collected from the RBI website. The study finds that Public Sector banks have deteriorating performance than other banks in the period. The asset quality deteriorated to 11.2% in 2018 as highest peak. It also found that there exists positive relation of Gross NPA ratio among PSB, PV and FB. Also there was significant difference in the Gross NPA (in amount) and Gross NPA ratio of different structure of banks measured by ANOVA. PSB advances are less affected by Gross NPA as compared to others.

Empirical Investigation of Select NSE Sector specific Indices to ascertain seasonality & asymmetries in their return & volatility

Rakesh Shahani and Ananya Sharma

Volume 41, Issue 1(Jan- June) 2020

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The current study makes an attempt to investigate the month-wise seasonal variation in returns (& also volatility of returns) of four sector specific indices viz. Nifty Auto, Nifty FMCG, Nifty Pharma and Nifty Real Estate of National Stock Exchange for the ten year period April 2009 to March 2019. Besides this, the study would also investigate spill-over of volatility from one sector specific index to another and also ascertain asymmetries in their return and return volatility. The data for the purpose of the study includes log transformed monthly returns of the four sampled sector specific indices. The methodology employed for this purpose include OLS (NW) Regression for testing seasonal impact in returns and GARCH(1,1) framework for ascertaining seasonal impact in return volatility. Further for asymmetry of returns, ‘T’ GARCH Model has been employed & for spill-over impact, residual squared error terms has been included in the GARCH Model. The results of the study showed that seasonal variation in returns did exist in some of the sector specific indices. In terms of results of asymmetry in volatility, only one index Nifty Auto was found to have asymmetric returns , on the other hand the spill-over impact from one sector to another was not visible from the results. The data was also tested for stationarity using DF-GLS test & all sector specific indices were found to be I(1) stationary.

Determinants of External Debt in India

Swami Prasad Saxena and Ishan Shanker

Volume 41, Issue 1(Jan- June) 2020

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This paper uncovers theoretical foundations of the factors influencing external debt and presents empirical model of the macroeconomic determinates of external debt in India for a period from 1990-91 to 2016-17. The OLS model reveal that gross fiscal deficit, net domestic savings, net domestic capital formation, exports, imports, real effective exchange rate, foreign exchange reserves, net terms of trade, consumer price index, debt service ratio, net foreign direct investment, gross domestic product and real interest rates (LIBOR) are the prominent macroeconomic variables and they explain 62 percent of the total systematic variations in India’s gross external debt.

Introducing the Concept of “Holistic Development & Well-being of Employees (HDWE)”

Seep Sethi and Mala Sinha

Volume 41, 2020

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The present study attempts to re-examine the concept of well-being at work in the contemporary scenario. The nature of work and workplace are changing rapidly, increased competition, work pressure, 24X7 work culture, etc. has made it important to re-examine the current literature on well-being at work to address the growing issues of stress, anxiety, and work-life imbalances. An exploratory study was also undertaken with the aim to understand the perspectives that prevail amongst the working professionals concerning the concept of well-being at work. Based on literature and results of the exploratory study, the paper attempts to re-define the concept of well-being at work by collectively examining all of its dimensions, viz. psychological, physical, financial, social, career and spiritual well-being, to make it more holistic. In the extant literature the dimension of spiritual well-being has been studied separately, and never been integrated with the other dimensions of well-being. The present paper proposes a more holistic framework on well-being at work which considers all the dimensions collectively in the work context.

Are We Ready for yet another Crisis: Institutional Liquidity Viability?

Megha Jain and Saurabh Jaiswal

Volume 41, 2020

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The current liquidity fiasco is not anymore, a confidential matter. In view of the same, the current study is an attempt to investigate deeper in order to gain insights of the so-called liquidity crunch on key sectors in India such as Mutual Fund, Microfinance institution, Banking and the Corporate. The analysis indicates towards the grim fundamentals in the upcoming year(s). The silver lining shall be a combination of efforts from the central bank along with a fiscal boost in order to make the desired dent to a shiny future.

Foreign Direct Investment in Multi Brand Retail in India – An Interpretative Phenomenological Analysis

Chandra Shekhar Sharma and Sameer Lama

Volume 41, Issue 1(Jan- June) 2020

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Foreign Direct Investment in Multi Brand Retail has been a contentious issue both for the policy makers and the foreign investors who are willing to invest in India. Various stakeholders are baffled to assess the overall implication of FDI in Multi Brand Retail. The purpose of this phenomenological study is to examine the perceived implications of FDI in Multi Brand Retail in India for various stakeholders. To address the central research question if it makes a sense to open the door for foreign investors in multi brand retailing in India, the authors have adopted an interpretative phenomenological analysis methodology to examine the experiences of the various stakeholders associated with foreign direct investment in multi brand retailing in India. Analysis of 52 significant statements from a series of semi structured interviews revealed that FDI in Multi Brand Retail would lead to a number of economic and social problems in India. However, it was also revealed that FDI in Multi Brand Retail would improve the logistics and infrastructural prospects in both the rural and urban areas in India. People are still skeptic with the issue of employment generation or displacement but majority of the participants feel that some form of employment will be generated as a result of FDI in multi brand retailing. The political and administrative structure shall play a critical role for the reform to be successfully implemented in India. The study is the first of its kind in India and certainly the study would help the scholars from the academia and the policy makers to presuppose their argument on FDI in multi brand retailing in India.

Aspects of Returnee Emigrant Workers from the Gulf: An Empirical Study

Rajeev Kumar

Volume 41, Issue 1(Jan- June) 2020

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The paper explores the behavioural and other aspects of the returnee emigrants who worked for at least one year in any one of the six member countries of the Gulf Cooperation Council (United Arab Emirates, Saudi Arabia, Kuwait, Oman, and Bahrain and Qatar) in the last ten years. The paper is based upon a field survey conducted in nine districts of the Western Uttar Pradesh. Primary focus of the paper is on the decision of the returnee emigrants and their households in terms of remitting money while abroad, return and utilisation of remittance by their family. Apart from that the paper also tries to explore various other issues like financing of the initial cost of migration and occupational choices upon return.

Book Review of "The Business of Humanity: Strategic Management in the Era of Globalization, Innovation and Shared Value"

Annavajhula J.C. Bose

Volume 41, Issue 1(Jan- June) 2020

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This book has interested me a lot for heralding a transformation in capitalism away from being shareholder-centred to becoming human-centred. The authors have documented this emerging change on the basis of sound empirical evidence wedded to appealing inductive logic. There are companies which have strategically integrated “humaneness” into their value creation, and have shown better economic performance in the process. And there are also companies which have massively invested in emerging markets to meet the needs of impoverished people in large numbers by doing a rethink of products and services, technology, and marketing, and they too have shown better economic performance. In other words, these companies have considered and included “humankind” at the bottom of the pyramid.

HOLIDAY EFFECT IN SELECT ASIAN STOCK MARKETS

Anuradha Agarwal, Krishan Lal Dahiya and Poonam Gupta

Volume 40, Issue 2 (Jul - Dec)

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This study seeks to examine the existence of holiday effect in two Asian Stock Markets, Singapore and India. India and Singapore seem to have similar traditions. Many Hindus, being the citizen of Singapore celebrate Diwali and worship Buddhism, which was preached by King Siddhartha (then part of India). Keeping in mind this fact, the daily closing prices and stock returns are regressed to investigate the existence of pre-holiday and post-holiday effect in the two countries and during the common holidays from a period of 1992 to 2018. It was found that in both the countries the pre-holiday effect did not exist. It had been replaced by the post-holiday effect. Even though Singapore is developed, the post-holiday return was found to be significant in this country. Among the specific holidays, the New Year and the Good Friday could attract the attention of investors at 10% significance level in post-holiday period. As for India, none of the holidays but the trading days not-corresponding a holiday provided significant return at 10% level in post and pre-holiday analysis. The post-holiday effect was however found in the form New Year effect in India at 5% significance level. The Common holiday like Deepwali did not achieve the returns significant enough at 5% or 10% level, neither in the pre-holiday period nor in the post-holiday.