PRIVATE EQUITY IN INDIA: GROWTH AND EMERGENCE
Neerza, Vanita Tripathi and Simmarpreet KaurVolume 39, Issue 1 (January 2018 to June 2018)
The purpose of this study is to understand the trend, growth and emergence of private equity investment in India. Study involves discussion on the concept of private equity, its structure, emergence and drivers of growth. Data on private equity investment (deal value and volume) and exit (deal value and volume) is collected from 2004q1 to 2017q and log-lin regression analysis is performed. Study finds that private equity investment is a volatile activity in India. Over the past 13 years (2004-2017), the year 2015 attracted maximum investments and witnessed highest exits from private equity investors. IT&ITeS and real estate are the most preferred sectors. And late and growth stage companies are the most desired businesses for investment such institutional investors. Regression analysis report quarterly growth of 3.8% in investment value and 2.8% in investment volume from private equity investors. Also, results show quarterly growth of 3.4% in exit value and 2.7% in exit volume.
BOOK REVIEW OF NO ONE UNDERSTAND YOU AND WHAT TO DO ABOUT IT
Monika BansalVolume 39, Issue 1 (January 2018 to June 2018)
Human beings have a proclivity to garble other people’s feedback to fit their own views. We are often misconstrued by people around, regardless of our efforts to communicate clearly. Communication is vital, however, the irony is that people have a remarkably tough time when it comes to knowing what exactly they are communicating. We assume that other individuals see us as we see ourselves, and that they see us as we truly are. However, the uncomfortable truth is that our daily interactions are often shaped by subtle biases that alters how other people perceive us and also alters our perceptions of them. When people don’t come across the way they intend to, it becomes vexing, resulting in disconnect that may lead to big problems in their personal and professional lives. Heidi Grant Halvorson, author and social psychologist clearly states that “the aim of this book is to facilitate an understanding of how other people really see us, and give us tools to alter our words (when necessary), and actions so that you can send the signal you want to send”.
BOOK REVIEW OF CONFLICTS OF INTEREST: MY JOURNEY THROUGH INDIA’S GREEN MOVEMENT
Annavajhula J.C. BoseVolume 39, Issue 1 (January 2018 to June 2018)
This is one of the best books I have ever read. It is a boldest taking stock of the state of affairs with respect to environmental harm and welfare in our country, without any apriori ideological blinkers, that leaves the reader with so many uncomfortable truths that evoke “the deepest sighs and the frankest shadows”, so to speak.The author, Sunita Narain (who also represents the spirit of Anil Agarwal the journalist and environmentalist) is the Director General of the Centre for Science and Environment, New Delhi; Director of the Society for Environmental Communications, and the editor of the fortnightly magazine, Down to Earth. She indeed represents the most exemplary tradition of political activism for common good in our country, and gives us its concrete flavour through this book.
BOOK REVIEW OF IN SEARCH OF EXCELLENCE (LESSONS FROM AMERICA'S BEST-RUN COMPANIES)
Kamaldeep Kaur SarnaVolume 39, Issue 1 (January 2018 to June 2018)
The beauty of the book lies in the fact that these eight basics of management excellence are not something out of the box theories that everyone must have had expected, but instead these are like those golden phrases of truth that are easy to say and agree upon but very difficult to implement and execute. These all theories are very much interrelated and revolve around the most significant asset or the only ‘natural resource’ of any company – ‘people’.
SPECIAL DIVIDEND ANNOUNCEMENTS BY INDIAN FIRMS
Narain and C. P. GuptaVolume 38, Issue 2 (October 2017 to March 2018)
The present study attempts to investigate the phenomenon of special dividend announcements made by Indian corporate sector which has not been analysed so far by the researchers. Using the data of BSE listed firms during Jan. 2000 – Mar. 2017, it was found that most of these announcements were made in the month of May in celebration of Jubilees and anniversaries with token amount of dividends. The analyses of these announcements using Event Study methodology with market model revealed that these announcements are predictable and their effects vanishes immediately after the announcement. The shareholders of these firms experienced 4 percent marginal return cumulated around the announcement date. This study supplements the Indian experience to the limited global literature on the issue of special dividend payments.
ROLE OF FACTORING SERVICE IN SHORT-TERM BUSINESS FINANCING: A CROSS COUNTRY ANALYSIS
Manoj Kumar SinhaVolume 39, Issue 2 (July 2018 to December 2018)
It is focusing on to study trends of factoring service at world, developing countries and developed countries level by using basic as well as stylized research techniques. The paper use growth rate, growth index, year-on-year growth rate, ranking method and dominance technique for analyzing trend of factoring services across the countries. The period of study is 1998-2016. The importance of factoring has been gaining importance not only in developed countries but also in developing countries such BRICS countries during industrialization period. However, there is marginal fall in dominance of developed countries and increase of share of developing countries share in world factoring volume. There should be a more uniform policy environment for factoring services which facilitates and promotes a greater participation by all countries in different countries groupings and within each country grouping.
PRICE CONTROLS IN THE INDIAN PHARMACEUTICAL INDUSTRY
Fiyanshu SindhwaniVolume 39, Issue 2 (July 2018 to December 2018)
Using AIOCD-AWACS database on drugs sold in the Indian pharmaceutical industry, in this paper we have empirically analysed the impact of price control regulation on sales (units and volumes) of price regulated drugs. The latest drug price regulation, DPCO-2013 has an important limitation that it does not cover all the strengths and dosage forms of a regulated molecule. This leaves some part of the molecule price regulated and some part unregulated. We have utilised this feature of DPCO-2013 in our study. Using ‘Difference-in-Difference’ methodology we have compared the trend of sales for the price regulated and price unregulated drugs of the same molecule. We find that there is no difference in difference in total units sold of the regulated and unregulated drugs in the pre vs post intervention period. We do find a significant difference in difference in the sales value of regulated and unregulated drugs. The sales value of regulated drugs has declined over time, that of unregulated drugs has increased over time. Hence, price regulation has neither made price regulated drugs more available, nor has it led to their shortage but the sales revenue of firms has declined over time from the regulated drugs and has increased from the unregulated drugs.
Book Review on "Factfulness"
Annavajhula J.C. BoseVolume 41, Issue 2 (July 2020 to December 2020)
SOCIAL SECURITY PRACTICES IN CO- OPERATIVE AND PRIVATE SUGAR MILLS OF PUNJAB: A COMPARATIVE STUDY
Ashutosh Gupta and Gurpreet RandhawaVolume 38, Issue 2 (October 2017 to March 2018)
Social security benefits are a distinct part of the social policy of Government of India. Being a welfare state, India has a special social security mechanism for the workers employed in different industries and sugar industry is no exception. All the social security legislations are applicable on sugar industry except the Employees State Insurance Act, 1948 as it not applicable on seasonal industries like sugar industry. Considering the significance of social security benefits for the socio-economic development of the country, the present paper attempts to examine the current state of social security measures as perceived by the workers. With the help of a structured questionnaire data was collected from a sample of 490 workers (280 from co-operative sugar mills and 210 from private sugar mills of Punjab) drawn using referral sampling method based upon proportional representation of total population. The study concluded that co-operative and private sugar mills differ significantly from each other on maximum parameters of social security benefits. Most of workers of the co-operative sugar mill perceived social security measures to be more simple, useful, satisfactory and sufficient in comparison to the private sugar mill workers.
ENVIRONMENTAL CONSCIOUSNESS AND CONSUMER LIFESTYLE
Monika Bansal and Kavita SharmaVolume 39, Issue 2 (July 2018 to December 2018)
Identification and targeting of consumer segments who exhibit some kind of pro-environmental behavior in their use and consumption related activities is an important fac-tor for considering environmental issues in business decisions. An extensive review of extant literature highlights the role of environmental consciousness in explaining pro-environmental behavior, thus, making it imperative to investigate the antecedents determin-ing consumers’ environmental consciousness. The investigation holds particular interest to the marketers as it suggests the market feasibility of eco-friendly product options on the ba-sis of identification of profitable green segments. It is in this backdrop that the study at-tempts to examine environmental consciousness as a construct and identify lifestyle- based antecedents of consumers’ environmental consciousness. The study has its implications for marketing practitioners and researchers who can employ the research findings to draw a clear and distinctive picture of environmentally conscious consumers. Moreover, the find-ings will help marketers to identify green consumer segments in terms of pattern of their life-style.