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Impact of Capital Structure on Financial Performance: A Study of Select Automobile Companies in India 资本结构对财务绩效的影响:以印度汽车公司为例的研究
MUDRA : Journal of Finance and Accounting Pub Date : 2018-12-22 DOI: 10.17492/MUDRA.V5I2.14331
Rahul Sarkar, R. Choudhary
{"title":"Impact of Capital Structure on Financial Performance: A Study of Select Automobile Companies in India","authors":"Rahul Sarkar, R. Choudhary","doi":"10.17492/MUDRA.V5I2.14331","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I2.14331","url":null,"abstract":"There exists a debate as to whether capital structure variables and financial performance are associated or not. This study aims to understand the movement of shareholders return in the context of capital structure\u0000 composition. With fifteen years data and sixteen automobile companies, both pooled regression and panel regression (Fixed effects and Random effects models) have been used and the best fitted model have been selected through Hausman test and Wald\u0000 Test. The best fitted model was found to be the Fixed Effects model and according to that equity and short-term debt affects return on equity (ROE) positively and negatively respectively and both are highly statistically significant. The model\u0000 explained almost 57% variation in ROE with no autocorrelation problem in error term. The study is of high significance to the investors as well as firms for decision making as the study reveals ROE is fairly explained by Capital Structure\u0000 composition.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129768117","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}
引用次数: 0
Demystifying the Gimmicks of Financial Shenanigans: A Conceptual Study 揭开金融骗局的神秘面纱:一项概念研究
MUDRA : Journal of Finance and Accounting Pub Date : 2018-12-01 DOI: 10.17492/MUDRA.V5I2.14327
Debabrata Sharma, S. Dey
{"title":"Demystifying the Gimmicks of Financial Shenanigans: A Conceptual Study","authors":"Debabrata Sharma, S. Dey","doi":"10.17492/MUDRA.V5I2.14327","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I2.14327","url":null,"abstract":"Financial reporting is the best and most vital way of communicating financial information of the business to all the stakeholders. It is also the most subtle way to commit financial fraud and scandals. Corporates are using\u0000 financial statements and financial reporting not to educate the stakeholders about its performance but to deceive them by supplying misleading information. Corporate financial scandals have been around since the age of corporations and investors\u0000 themselves. For a long time, dishonest management has been preying on unsuspecting investors by using financial shenanigans. While most companies report their results and figures honestly to investors, a significant number of companies use accounting\u0000 or financial reporting tricks to hide the truth. Those tricks are known as financial shenanigans. These techniques are used by management to mislead investors about a company’s financial performance or economic health. Corporate financial shenanigans\u0000 get away in the shadows of creative accounting. So, it is indispensable for all stakeholders particularly the common man to have some idea about the financial shenanigans. This research paper focuses on understanding the concept of financial\u0000 shenanigans along with its types.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124827473","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}
引用次数: 2
Green Finance: A Step towards Sustainable Development 绿色金融:迈向可持续发展的一步
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13036
Sharif Mohd., V. kaushal
{"title":"Green Finance: A Step towards Sustainable Development","authors":"Sharif Mohd., V. kaushal","doi":"10.17492/MUDRA.V5I01.13036","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13036","url":null,"abstract":"In present times of technological progress the worldwide economy is undermined from three major challenges: environmental change, vitality limitations and money related emergency. This is on account of financial improvement conveys alongside itself expenses to the countries in the shape of environmental degradation. Green finance is the solution for accomplishing contract between the economy and nature. Green finance is considered as the monetary help for green development, which decreases ozone depleting substance discharges and air contamination emanations altogether. Green fund in horticulture, green structures, green security and other green activities should increment for the monetary improvement of the nation. In this paper an endeavour has been made to explore the existing literature on the green financeandfuture scope of green finance in India.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133240557","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}
引用次数: 34
Risk Information Practices in Annual Reports: An Indo-German Collaborative Comparison
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/mudra.v5i01.13032
Pankaj Trivedi, T. Berger, S. Parmar
{"title":"Risk Information Practices in Annual Reports: An Indo-German Collaborative Comparison","authors":"Pankaj Trivedi, T. Berger, S. Parmar","doi":"10.17492/mudra.v5i01.13032","DOIUrl":"https://doi.org/10.17492/mudra.v5i01.13032","url":null,"abstract":"This paper looks at the information given on risks as disclosed in Indian and German annual reports. Such annual reports are a method for overcoming the information asymmetry between investors and managers by gaining information on the performance and the associated risks of listed companies. They can also be of valuable for analysts and managers as a reference for their own reporting and (financial) analysis. We therefore analysed the annual reports of the companies in the Indian SENSEX index and compared them with the companies included in the German DAX index keeping in mind the regulatory framework of their operations. This was done with the help of an evaluation scheme, acting as a guideline for the qualitative content analysis. With disclosure requirements oscillating between mandatory and voluntary, we found that while companies of both indices comply with the mandatory requirements, information on voluntary basis, especially on numerical concrete risk reporting, can be improved, more so in the Indian context. Also, some companies in both economies have shown the way in comprehensively categorizing risk related information which can be adopted, where possible, by other companies in their respective indices. Overall, we found that (1) companies issue only few information on concrete risks, (2) the difference in information quality between the two samples is statistically significant, and (3) size and leverage can explain part of the variance within the samples.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"124 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123244696","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}
引用次数: 0
Impact of Macroeconomic Variables on Small, Mid and Large Cap Stocks: A Comparative Study of India Using VAR Approach 宏观经济变量对中小、大盘股的影响:基于VAR方法的印度比较研究
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13038
Shukrant Jagotra, Amanpreet Singh
{"title":"Impact of Macroeconomic Variables on Small, Mid and Large Cap Stocks: A Comparative Study of India Using VAR Approach","authors":"Shukrant Jagotra, Amanpreet Singh","doi":"10.17492/MUDRA.V5I01.13038","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13038","url":null,"abstract":"The study examines and compares the relationships between Indian stock market indices (BSE Small, Mid and Large Cap) and five macroeconomic variables (Index of Industrial Production, Wholesale Price Index, Money Supply M3, Exchange Rate and Call Money Rate) over the period April 2006 to March 2017. The study applies Augmented-Dickey Fuller test to test the data stationarity. The analysis reveals that data is neither found to be stationary at level nor co-integrated. Hence, the study applies unrestricted Vector Autoregression (VAR) model to establish the short-run relationships. It is observed that macroeconomic variables significantly impact stock prices depending upon the type of index. As per the Granger Causality test, the study found unidirectional relationship from Exchange Rate to BSE Small Cap; unidirectional relationship from Exchange Rate to BSE Mid Cap and BSE Mid Cap towards IIP; bidirectional relationship between BSE Large Cap and Exchange Rate whereas unidirectional relationship from BSE Large Cap to IIP and from Money Supply M3 towards BSE Large Cap.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125331651","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}
引用次数: 0
Testing the Performance of Black and Scholes Pricing Model in the Indian Options Market Black和Scholes定价模型在印度期权市场的性能检验
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13033
Sonal Sharma
{"title":"Testing the Performance of Black and Scholes Pricing Model in the Indian Options Market","authors":"Sonal Sharma","doi":"10.17492/MUDRA.V5I01.13033","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13033","url":null,"abstract":"Since its introduction in 2001, option markets have been growing at a phenomenal rate in India. One of the most basic and popular model used by traders to price an option contract is the Black and Scholes (BS) option pricing model. The model has been tested for its empirical performance by numerous authors throughout the world except India. The results in these studies have shown contradictory biases in the model. The present study is a step towards reducing this gap in the literature, and aims to test the BS model’s performance by employing time series data on NIFTY Index option contracts. In implementing the BS model, volatility of the underlying NIFTY Index is measured through the Random Walk model and the Historical Mean model. Many of the results found are contradictory to the systematic biases found in previous literature. These results are crucial for the traders while valuing the option contracts and creating portfolio diversification in the Indian markets.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"194 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121435110","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}
引用次数: 0
Financial Risk Identification- A Taxonomy based Study 金融风险识别-基于分类法的研究
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13034
Sangeeta Shankar, K. Ramulu, Sandeep Shankar
{"title":"Financial Risk Identification- A Taxonomy based Study","authors":"Sangeeta Shankar, K. Ramulu, Sandeep Shankar","doi":"10.17492/MUDRA.V5I01.13034","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13034","url":null,"abstract":"Risk taking is the foundation of business activity. Quantifying it in an accurate manner such that the magnitude, impact, and point in time effect is recognized financially is critical for efficiency in business. Both unhedged and mispriced risk, while opposites in terms of the cost of doing business, have similar effects of loss of capital for the entire community an entity operates with. In this paper, we examine the list of known risks which need to firewalled against for a business to survive as well as thrive. Costing risks and derivatives in a similar manner allows for representing the health of a business in relation to its impact in the reassuringly standardized form of a balance sheet.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126631419","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}
引用次数: 1
Financial Soundness and Shareholder Value of Private Banks in India 印度私人银行的财务稳健性与股东价值
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13039
K. Abirami
{"title":"Financial Soundness and Shareholder Value of Private Banks in India","authors":"K. Abirami","doi":"10.17492/MUDRA.V5I01.13039","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13039","url":null,"abstract":"The objective of this study was to develop solid dispersions of Nifedipine which has low aqueous solubility and bioavailability. Preliminary solubility studies were carried out using various hydrophilic polymers. The formulations were then optimized and evaluated by in-vitro dissolution studies, X-ray diffraction, FTIR and SEM. Formulation with 1:4:2 ratios of Nifedipine, Labrosol and SLS was found to be the best as it possessed better drug release properties compared to pure drug and other physical mixtures. The optimized formulation SD12 was found to have better drug release of 98.74±5.19% in 90 minutes. From FTIR studies no interaction was takes place between drug and polymers. XRD peaks indicate the successful transformation of drug from crystalline to amorphous form. The final results indicate that the solid dispersion of Nifedipine remained stable over 90 days.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132523320","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}
引用次数: 0
A Study on Affiliation between Indian Stock Market and Macro Economic Variables 印度股市与宏观经济变量关系研究
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13040
Pooja Sharma
{"title":"A Study on Affiliation between Indian Stock Market and Macro Economic Variables","authors":"Pooja Sharma","doi":"10.17492/MUDRA.V5I01.13040","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13040","url":null,"abstract":"Stock market volatility is a result of complex interplay of a host of factors. Hence, it is difficult to make a correct assessment of its movement. Macroeconomic variables have are very much influential in context of the volatility of stock market. This study inspects the association amongst stock market index and selected macroeconomic variables. For the analysis unit root, co-integration, Granger causality tests and Johansen co-integration tests were performed. Outcomes of the study showed that all the variables namely money supply, exchange rate and inflation rate are positively correlated with the stock market index except gold prices. Co-integration existed between the stock market index and macroeconomic variables. The study uses monthly data of past ten years (i.e. from April 2008 to March 2018).","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132371362","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}
引用次数: 0
Impact of CSR Activities on the Financial Performance of Firms 企业社会责任活动对企业财务绩效的影响
MUDRA : Journal of Finance and Accounting Pub Date : 2018-07-30 DOI: 10.17492/MUDRA.V5I01.13037
Amith Kumar, A. Sinha, A. Arora, A. Aggarwal
{"title":"Impact of CSR Activities on the Financial Performance of Firms","authors":"Amith Kumar, A. Sinha, A. Arora, A. Aggarwal","doi":"10.17492/MUDRA.V5I01.13037","DOIUrl":"https://doi.org/10.17492/MUDRA.V5I01.13037","url":null,"abstract":"Corporate Social Responsibility has become an integral part of the corporate structure after the rising concerns of people with the manner in which corporates have been operating to maximise their profits. The key objective of this research study is to analyse the impact of CSR expenditure on the financial performance of BSE companies of four different industries - the information and technology, automobile, cosmetics and toiletries, and the petroleum industry. The time period examined is 2013-2015 - keeping in mind that the CSR component was mandated only in the Companies Act 2013. Consistent with past studies, the two variables are correlated but the impact of CSR on financial performance varies from industry to industry. Our results suggest that the public image of a particular industry has a great influence on the relation between two variables and thus leads us to the conclusion regarding the different approaches that industries have towards the CSR expenditure.","PeriodicalId":254929,"journal":{"name":"MUDRA : Journal of Finance and Accounting","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121395066","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}
引用次数: 5
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