Articles
Corporate Governance and Sustainability Tourism Marketing: An Analysis and Review of Recent Literature

Jatin Vaid, Davinder Kumar Vaid and Subodh Kesharwani

Volume 40, Issue 1 (Jan - Jun)

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The present research paper comprehensively reviews the academic work on Corporate Governance and Sustainability Tourism Marketing and presents a précis of 60 research papers published in 29 reputed international journals, over a period of ten years, from 2007 to 2016. Tracing the concepts of corporate governance and sustainability, a detailed discussion of the importance and challenges in implementing sustainability marketing strategies in fast-paced tourism industry is illustrated with classification and pictographic models. A rigorous research in internationally reputed databases has been carried out to select research papers for reviewing them. Text books, international reports and research papers published in international journals only have been included for review. The literature for review spanned a period of ten years, from 2007 to 2016. The studies have been carried out in 23 countries and published in 29 International journals and include both empirical and conceptual papers. Findings suggest that there has been a general increase in the momentum of research in the area till 2015, with a sharp rise in 2008; Most researches have been authored by two or three authors; Majority of the studies have been carried out in the US and UK; A large number of research papers are Empirical and quantitative in nature; ‘International Journal of Contemporary Hospitality Management’; and ‘International Journal of Hospitality Management’ have published the highest number of researches. The paper concludes with highlighting developing trends; Directions for future research; and shortcomings of the present study.

The Marvel of Taj: A Competitive Advantage in Brand Positioning in Tourism

Kalpana Bhakuni and Sheetal Kapoor

Volume 40, Issue 1 (Jan - Jun)

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Brands are considered as marketer’s tool for creating product differentiation which cannot be easily copied and replicated. A brand positioning can become a core competitive advantage in different perspectives of the matter. Taj Mahal is not only a monument of world repute, but it is a brand in itself. Positioning Taj Mahal as a brand involves a creative exercise listing down the ideas, benefits and features to convey to its target tourists. This paper studies the competitive advantage of brand positioning of Taj Mahal in tourism today through an empirical study, and how it should be marketed as a brand, especially through digital portals. The experiential marketing, positive brand image, virtual identity, are some of the measures to be adopted in branding the Taj. For a positioning strategy ‘Taj’ can be conveyed as unique brand personality of its own in Heritage tourism.

A STUDY OF ORGANISATIONAL JUSTICE DIMENSIONS AMONG BANK EMPLOYEES

Nidhi and Krishna Kumari

Volume 40, Issue 1 (Jan - Jun)

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Organisational justice is one the widely applicable concept in industrial relation in 21st century. It aims to provide justice to its employees in terms of resource allocation, procedural fairness and fair employee’s treatment in all spare of organisation system. The concept of justice is more important for service sector industry due to huge human capital employed in service industry. Banks are major employer in service sector industry of India. Thus bank employees’ organisation justice perception is critically important for banking organisation. Organisation justice as a multidimensional construct previously has been defined as two factor, three factors and four factor construct. This study is an attempt to confirm dimensionality of organisation justice perception in banking. For the purpose of this study data has been collected though questionnaire from the private and public sector banks in Gurugram City. To confirm the dimensionality of organisation justice perception, a confirmatory factor analysis was applied on data using Amos 18.0. Result confirms the four factor model of organisation justice (distributive, procedural, interpersonal and informational justice).

Ethical Conduct of Educated Youth in India- A study of MBA students

Mala Sinha and Anisha

Volume 40, Issue 1 (Jan - Jun)

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The purpose of this study is to understand the nature and categories of (un)ethical behaviours that are displayed by educated youth in India. The rationale for the study is based on the fact that there is an increase in corporate crimes in the current area of globalisation. Since research studies have shown that a large number of global organisations hire managerial resource from business schools this study has examined the unethical and transgressive practices of, post-graduate students pursuing MBA- the resource pool for business organisations. Data was collected from 65 respondents doing master’s in business administration from one of the leading institutions of the country. The age of the participants was between 21-27 years, most of them were freshers but a few had work experience. Based on narratives of the (un)ethical conducts of their peer group described, content analysis was conducted to understand the transgressive behaviours of educated business school youth. The results showed that most of the stated conducts by the participants were unethical and very few were ethical. Three identified categories of major unethical conducts were: academic misconducts, rule breaking and lying. Under these categories various unethical themes were also identified. In all 54 kinds of unethical behaviours and themes were identified under 9 domains like classroom, public life and inter-personal relations. During the debriefing interviews it was found that the reported unethical conducts were linked to imitating behaviour of role models, goal-orientation due to competitiveness and learned cultural behaviours.

THE IMPACT OF PUBLIC EDUCATION EXPENDITURE ON ECONOMIC GROWTH AND INCOME DISTRIBUTION IN INDIA

Vijay P. Ojha

Volume 37, Issue 2

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In this study, a multisectoral neo-classical type price driven computable general equilibrium (CGE) model, with the additional feature that it includes a mechanism by which public education expenditure to build human capital augments the supply of educated/skilled labor, is used to analyse the impact of an increase in the former, financed by an increase in direct tax rates, on economic growth and income distribution in the Indian economy. The simulation results suggest that it is possible to increase investment in education in the resource constrained fiscal environment of the Indian economy, and reap the benefits in terms of a faster economic growth and an improved income distribution. The results also suggest that secondary education needs to be accorded higher priority, though, not necessarily, at the cost of higher education. Finally, to maximize the benefits in terms of economic growth it is desirable that investment in physical capital be increased simultaneously with investment in human capital (education).

THE STABILITY OF INDIAN STOCK MARKET AFTER DEMONETISATION

Narain and Asha Rani

2016-2017, Volume 37

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This study attempts to analyse the impact of demonetisation of High Denomination Currency Notes (HDCNs) on the stability of Indian Stock market. The current central government announced the withdrawal of HDCNs from Indian currency in circulation in a move to curb black money from the Indian economy by making Rs. 500 and Rs. 1000 currency notes not remaining legal tender from 9th November, 2016. This sudden move of central government has resulted into short-term contraction of money supply in the economy. The change in the money supply has resulted into redistribution of portfolios of Indian investors. The logistics of replacement of currencies has affected all walks of life. The earlier experiences of demonetisation in 1946 and 1978 has alternatively been negative and then positive for Indian stock market. Using Event Study methodology, this study examines the information content of announcement of demonetisation of HDCNs by the central government. The study also employs ARDL methodology to establish a stable long-run relationship between money supply and stock market. It was observed that the current move of reduction in money stock in the economy has both short-term and long-term implication for the investors’ wealth. Sooner the restoration of money supply happens, faster the investors regain their lost wealth.

ROLE OF FACTORING SERVICE IN SHORT-TERM BUSINESS FINANCING: A CROSS COUNTRY ANALYSIS

Manoj Kumar Sinha

Volume 39, Issue 2 (Jul-Dec)

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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 Sindhwani

Volume 39, Issue 2 (Jul-Dec)

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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.

ENVIRONMENTAL CONSCIOUSNESS AND CONSUMER LIFESTYLE

Monika Bansal and Kavita Sharma

Volume 39, Issue 2 (Jul-Dec)

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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.

TOTAL FACTOR PRODUCTIVITY IN CEMENT INDUSTRY

Meetakshi Pant

Volume 39, Issue 2 (Jul-Dec)

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Total factor productivity (TFP) is a variable which accounts for the effects in total output that is not caused by traditionally measured inputs. TFP is a real variable and also independent in nature. Residual profit increases due to TFP growth. Profit is based on the ordinary economic calculation of cost and revenue but TFP growth is not anticipated so any gain and loss in terms of TFP growth is a return over and above the expected potential profit in the long run. Total factor productivity growth (TFP) is the best-known measure of productivity. TFP is a costless growth. It is disembodied technological progress; therefore, it cannot be attributed to any single factor of production. TFP is also dynamic as it can only be captured over a period of time. The focus of this study is on the Indian cement industry, which is the second largest producer in the world after China. The time period for this study is 26 years, i.e. from 1991 to 2016. It is observed that there is significant productivity growth in more than 60 percent of cement companies. The sign of TFP is negative in almost 77% of the companies under study. It depicts that the malleability of technologies needs to be kept in mind. It is on account of the rigidities in the case of the cement industry that real factor productivity is negative. It also appears that under such circumstances even the costless growth alternative of TFP is not available because TFP is the practice of technology but if the technology is rigid, it is not possible to have positive TFP growth.