{"title":"Exploring Dynamic Linkages Between Inward FDI and India’s Economic Growth","authors":"Rakesh Shahani, Aayushi","doi":"10.1177/2278682119833194","DOIUrl":"https://doi.org/10.1177/2278682119833194","url":null,"abstract":"The present study attempts to develop a co-integrating relationship between foreign direct investment (FDI) net inflows into India and its economic growth for the calendar period 1986–2016 by taking log-transformed yearly data. The variables included in the study were per capita gross domestic product (GDP; as a measure of economic growth) and FDI net flows. Additional regressors as control variables include exports as a percentage of GDP (a proxy for trade openness) and call money rate (a proxy for financial variable). The methodology employed is autoregressive distributed lag (ARDL) bounds partial F-test. The results of the study show a positive co-integrating relation between FDI and GDP as given by computed F-value after controlling for other factors impacting growth. The long-run model also satisfied the necessary prerequisites of the model, such as variable stationarity, no serial correlation, and model stability. The lagged error correcting mechanism (ECM) was negative, stable, and significant; however, pace of adjustment was found to be at a slow rate of 7.6 percent per period (per annum).","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129049390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Analysis of Foreign Exchange Risk Management: Techniques Employed in Indian Pharma Industry","authors":"Prakash Basanna, K. Vittala","doi":"10.1177/2278682119833193","DOIUrl":"https://doi.org/10.1177/2278682119833193","url":null,"abstract":"Foreign exchange risk management (FERM) involves using both internal and external techniques such as forwards, futures, options, and swaps that are called as currency derivatives. The firms with greater growth opportunities and tighter financial constraints are more inclined to use currency derivatives. The Forex market provides various derivative instruments to hedge against currency exposures such as currency forwards, options, futures, and swaps. The current article aims at studying various FERM techniques used in the Indian pharmaceutical industry and its impact on exchange gain/losses. For this purpose, foreign exchange cash flows arising out of imports and exports and exchange gain/losses of the companies during 2010–2017 of 10 sample companies chosen from the pharma industry are used. It is observed from the study that only two currencies—USD and EUR—hold command in the forex market and other currencies are being used minimally. It is also noted that there are several currency derivatives available to the business firms such as forwards, futures, options, and swaps for hedging currency exposure. However, among all these techniques, forward contract is considered to be an effective hedging tool and easier to understand.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116620780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Econometric Analysis of Relationship between Economic Growth and Petroleum Consumption in India","authors":"Musavir Ul Habib","doi":"10.1177/2278682119833195","DOIUrl":"https://doi.org/10.1177/2278682119833195","url":null,"abstract":"The objective of this study is to examine empirically the relationship between the petroleum consumption which is a non-renewable and fast-depleting natural resource and economic growth for India for the period 1980–2014. The results obtained thereof act as the tools for the proper resource management and the environmental planning for sustainability. The study found that economic growth and petroleum consumption are cointegrated and hence there is a long-run relationship between the petroleum consumption and economic growth; conversely speaking, petroleum consumption has a significant impact on the economic growth of India in the long run. So the reduction of petroleum consumption if undertaken will have the serious repercussions on economic growth of India in the long run. The Granger causality test confirms that there is unidirectional causality running from petroleum consumption to economic growth in the short run but not vice versa. Hence, the study found that to achieve the dual goal of economic growth and environmental sustainability, the policymakers should focus on conserving the non-renewable petroleum resources. But at the same time, the investment in the renewable energy sector ought to be pursued so as to maintain the same level of energy consumption as well as achieve the sustainable development.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134352159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Efficiency Evaluation of Indian Scheduled Commercial Banks","authors":"A. Bhatia, Megha Mahendru","doi":"10.1177/2278682118823308","DOIUrl":"https://doi.org/10.1177/2278682118823308","url":null,"abstract":"The main objective of the article is to analyze and evaluate cost, revenue and profit efficiency scores of Indian scheduled commercial banks (SCBs) in India during 1991–1992 till 2012–2013 by the application of data envelopment analysis (DEA)—a nonparametric approach. The results show that Indian SCBs have profit, revenue and cost efficiency of less than 1 during both the reformatory as well as post-reformatory era depicting that banks are not able to maximize their revenues and minimize their costs simultaneously in order to enhance their net effect. During reformatory and post-reformatory era, SCBs are more efficient in generating revenues and profits rather than in using their resources efficiently reflecting a high level of cost inefficiency. Overall, the results depict that Indian SCBs exhibit higher efficiency scores in reformatory era than in post-reformatory era.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"10 10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131822160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Study of Brand Equity Formation in the Fast Moving Consumer Goods Category","authors":"M. Shariq","doi":"10.1177/2278682118823306","DOIUrl":"https://doi.org/10.1177/2278682118823306","url":null,"abstract":"Purpose: To identify key relationships in building brand equity in the fast-moving consumer good (FMCG) category in the United Arab Emirates. Design/methodology/approach: It is postulated that marketing elements impact brand equity dimensions which in turn impact the brand equity construct. Five marketing mix elements were selected—price, distribution intensity, advertising, price promotions and non-price promotions, and four dimensions of brand awareness, brand loyalty, perceived quality and brand associations, finally to overall brand equity. Data were collected from a broad sample. Structural equation modeling was used to test the relationships among the 10 constructs. Findings: Brand loyalty and perceived quality have a significant impact on brand equity, whereas brand awareness and brand association were weak. Brand awareness has a significant influence on brand loyalty. Distribution intensity and non-price promotions have a positive relationship with all the brand equity dimensions, whereas weak support was determined for pricing and advertising. Conclusion: In the FMCG category building strong brand awareness combined with wide distribution and supported by non-price promotions are critical to building brand loyalty which in turn impacts brand equity. Originality/value: This study contributes to the general body of knowledge on branding and provides a starting point for further research in the region.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115261014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Effect of Capital Structure on Profitability: An Empirical Panel Data Study","authors":"N. Singh, Mahima Bagga","doi":"10.1177/2278682118823312","DOIUrl":"https://doi.org/10.1177/2278682118823312","url":null,"abstract":"One of the most perplexing issues faced by finance managers is to know about the effect of capital structure on the profitability of firm. Many studies have been carried out to examine the effect of capital structure on the profitability of firms, but most of them belong to other parts of the world, and only few studies have been conducted in India. Thus, the present study has been undertaken to evaluate the effect of capital structure on the profitability of Nifty 50 companies listed on National Stock Exchange of India from 2008 – 2017. The data has been analyzed by using descriptive statistics, correlation and multiple panel data regression models. Four different regression models have been used to study the relationship between capital structure and profitability. In these models, we study the individual effect of total debt and total equity ratios on profitability, that is, ROA and ROE. All four models have been tested with pooled OLS, fixed effects, and random effects. We conclude that there is significant positive impact of capital structure on firm’s profitability.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131420152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Satisfaction an Antecedent of Word-of-mouth among Electronic Banking Users: A Study on Salaried Employees","authors":"Deepjyoti Choudhury, Dibyojyoti Bhattacharjee","doi":"10.1177/2278682118785800","DOIUrl":"https://doi.org/10.1177/2278682118785800","url":null,"abstract":"The study attempts to investigate whether the satisfaction pertaining to the use of electronic banking (e-banking) channels has any impact on word-of-mouth (WOM) among specific group of population, that is, the salaried employees. A sample of 400 respondents was collected from the districts of southern Assam, India, based on post-stratified random sampling. After achieving good fit of the measurement model by confirmatory factor analysis, hypothesis testing was done using structural modeling to find the causal relationship between the constructs of the model. The results revealed that there is a direct positive relationship between satisfaction and WOM in e-banking among salaried employees. Evidences show that the salaried employees are maximum users of e-banking. Finding out the relationship between satisfaction and WOM among target population shall enable the banks to develop a niche-based strategy and attain feedback for increasing satisfaction.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126037751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Examining the Effectiveness of Huff Model in Store Performance Assessment","authors":"Vikas Singla, H. Rai","doi":"10.1177/2278682118777033","DOIUrl":"https://doi.org/10.1177/2278682118777033","url":null,"abstract":"Huff model and its variants have been used extensively in location decision making. This study has compared two versions of Huff model of location decision making in their appropriateness to analyze sales performance of selected shopping center. The sales have been estimated by using original Huff model given by David L. Huff (1964, Journal of Marketing, 28, 34–38) and modified version of it is suggested by Li and Liu in 2012 (Applied Geography, 32, 591–600). The modified version considered the effects of agglomeration and competition on similar stores. But the selected stores were standalone stores. In this study instead, a famous shopping mall consisting of cluster of stores, which create bundling effect and provide more choices to customers, has been used to understand the effectiveness of discussed two versions of Huff model. The results were obtained for different agglomeration and competition factors in case of modified Huff model. These different factors were found to have significant influence on estimation of sales suggesting utmost care in their selection. Overall modified version was found to be more suitable in fulfilling the objective.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129726465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Benford’s Law and Stock Market—The Implications for Investors: The Evidence from India Nifty Fifty","authors":"M. Jayasree, C. S. P. Jyothi, P. Ramya","doi":"10.1177/2278682118777029","DOIUrl":"https://doi.org/10.1177/2278682118777029","url":null,"abstract":"Benford’s law which is also known as first digit law states that data follow a certain frequency. This law was applied to accounting by Nigrini (2012, Benford’s Law: Applications for forensic accounting, auditing, and fraud detection [Vol. 586], John Wiley & Sons) and later on, an exhaustive study was carried out by Amiram, Bozanic, and Rouen (2015, Review of Accounting Studies, 20(4), 1540–1593) to explore the applicability of the law to detect accounting frauds which was proven to be working. The literature has substantial evidence on relationship between accounting numbers and stock returns. The application of Benford’s law to stock trade and returns was explored and it was found that stock trade that included volume, number of trades, and turnover confirmed the distribution but stock returns did not conform the distribution (Jayasree, 2017, Jindal Journal of Business Research, 6(2), 172–186). In this context, the present study attempts to understand its implications to investors by examining the three-day moving average of stock prices and volatility volume by using Chainkin money flow during announcement and post-announcement period of observation. The study also examines whether stocks conforming the distribution and stocks not conforming the distribution are significantly different in buying and selling.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125987268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Determining Reasons for Lower Participation of Women in Indian Stock Market: A Comparative Study of Stock Investors and Non-investors","authors":"Tina Vohra, M. Kaur","doi":"10.1177/2278682118777032","DOIUrl":"https://doi.org/10.1177/2278682118777032","url":null,"abstract":"Today’s age is the age of the modern woman. Women these days have become more successful than ever before. While the success of women has translated into more wealth creation, it has also translated into additional challenges related to their everyday family life and most importantly related to their spending and investment decisions. Therefore, an attempt has been made to identify the factors inhibiting women from participating in the stock market in India and to find out the relative importance of these factors in determining the stock market participation among women. The data for the study were collected from primary sources using a pre-tested, well-structured questionnaire. Factor Analysis and Binary Logistic Regression have been used to analyze the collected data. The findings of the study revealed that financial hindrances, personal constraints, attitudinal constraints and gender stereotypes are reasons that inhibit women from investing in the stock market. Among the factors identified, financial hindrances were found to have the highest influence as a reason for lower participation of women. The article suggests that the policy makers need to design programs for the economic development of women because it is primarily on account of financial hindrances that women lag behind when it comes to investing in the stock market.","PeriodicalId":230921,"journal":{"name":"Jindal Journal of Business Research","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128719449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}