{"title":"Determinants of Capital Structure with Reference to Select Indian Companies: A Panel Data Regression Analysis","authors":"Rajbinder Kaur, Arup Kumar Chattopadhyay, Debdas Rakshit","doi":"10.1177/2319510X20913454","DOIUrl":"https://doi.org/10.1177/2319510X20913454","url":null,"abstract":"This article mainly focuses on the analysis of determinants of capital structure of 50 Bombay Stock Exchange (BSE)-listed sample companies, choosing 5 sample companies from each of 10 industries, namely cement, computer hardware, large heavy engineering, fertiliser, fast-moving consumer goods (FMCG), large electric equipment, mining/mineral, textile, large tyres and pharmaceutical over 15 years’ time period ranging from 1999–2000 to 2013–2014, applying panel data regression technique. Our study has first made industry-wise empirical analysis of capital structure with respect to eight firm-specific determinants, viz. profitability, size, growth, tangibility, non-debt tax shield, liquidity, uniqueness and income variation. Subsequently, we have made a comparative analysis of selected determinants of capital structure across selected industries to determine their capital structure behaviour in view of three prominent capital structure theories, namely Pecking Order Theory, Trade-Off Theory and Agency Cost Theory. The regression analysis concludes that the Pecking Order Theory and the Trade-Off Theory mostly describe the observed relationship of independent factors with capital structure of the selected Indian industries. Profitability emerges as a significant determinant in devising the capital structure of the selected industries and reveals that greater proportion of profits is likely to raise the internal fund for financing future investment projects and, therefore, less dependent on external borrowings.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127228568","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":"Psychology of Indian Stock Market: An Evidence of Seasonal Affected Disorder","authors":"R. Raut, R. Kumar","doi":"10.1177/2319510X20915146","DOIUrl":"https://doi.org/10.1177/2319510X20915146","url":null,"abstract":"This article examines the association between daylight hours as a proxy for the seasonal affective disorder (SAD) and stock market return. Past studies have documented different decision-making mechanisms induced by investors’ cognition mainly influenced by greed and fear. However, this study appears to be different from evidence where investors’ mood is affected by seasonality, which plays a vital role in risk-taking propensity. Data have been taken from three indexes of Bombay Stock Exchange (BSE), for the period between April 2003 and December 2016. The impact of SAD on stock market return was examined by using naïve ordinary least square (OLS) model. This study reports a negative relationship between daylight hours and pattern of midcap as well as smallcap indexes, which are in alignment with mood maintenance hypothesis (MMH). The result of negative correlation suggests a summer-type SAD, which is an addition to the findings of the existing literature.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130782174","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":"Human Capital: A Key Driver of Consumer Decision-making in Online Promotion (An Application of Grounded Theory in Exploratory Research)","authors":"Ayushi Sharma, R. Joshi, O. Wali","doi":"10.1177/2319510X20931267","DOIUrl":"https://doi.org/10.1177/2319510X20931267","url":null,"abstract":"This study throws light on the diversity of online sales promotion and deal acquisition with respect to human capital (time cost and efforts cost). This is the non-monetary investment of consumer while making a purchase. The influence of non-monetary cost decides the action towards purchase choice among various product offerings in online space. Findings of the research reveal (a) the different types of consumer: value conscious, price conscious and encounters, (b) different strategies a consumer adopts: track on information, futuristic thinking and formulating deals and (c) source of deal gratification for different goal-oriented consumer behaviour. This study proposes an empirical model validated by data interpretation using grounded theory. It shows how human capital decides approach of consumer to evaluate online sales promotion.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124683162","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}
Mohammad Kashif, S. K. Singh, S. Thiyagarajan, Abhishek Maheshwari
{"title":"Linear and Nonlinear Causal Relationships Between International Reserves and Economic Growth: Evidence from India","authors":"Mohammad Kashif, S. K. Singh, S. Thiyagarajan, Abhishek Maheshwari","doi":"10.1177/2319510X19898633","DOIUrl":"https://doi.org/10.1177/2319510X19898633","url":null,"abstract":"This study investigates linear and nonlinear causal relationships between accumulated international reserves (IR) and economic growth (Econ) in the case of India. The present study is carried out using quarterly data ranging from the period of the first quarter of 1985 to the fourth quarter of 2014. The study used econometric tools such as the augmented Dickey–Fuller (ADF) unit root test, the linear Granger causality test, Johansen’s cointegration test, the Brock, Dechert and Scheinkman (BDS) test and the nonlinear Granger causality test developed by Hiemstra and Jones. The study establishes that there exists a bidirectional linear causality. The Hiemstra and Jones test reveals a bidirectional nonlinear causal relationship between the variables. In light of these results, the study suggests that reserves accumulation can be implemented in India provided that excess of reserves are invested in alternative sources such as economic infrastructure projects and regional infrastructure development.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133292540","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 Empirical Study on Power Evacuation Projects’ Performance: A Strategic Layout in the Indian Context","authors":"Adarsh Garg, Achintya Ghatak","doi":"10.1177/2319510X19891665","DOIUrl":"https://doi.org/10.1177/2319510X19891665","url":null,"abstract":"In a competitive business environment, project management aligned with the business strategy caters to the organisation goals. Researchers and practitioners are constantly probing into the possible enhancement of the existing approaches to manage projects. Though the relevant literature recommends numerous methodologies to enhance the achievement of project performance, yet the importance of power evacuation projects is still unnoticed and little has been done in this area. This research aims to develop a strategic layout using critical influence factors (CIFs) of power evacuation projects. A survey is carried out in 47 companies which are working on power evacuation projects. The results of the statistical analysis revealed that there is a significant direct and indirect impact of the strategy, risk, contract, information technology (IT) and stakeholders on the project performance with respect to power evacuation projects.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126171486","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":"Correlates of Organisational Commitment Among University Teachers in India: An Empirical Investigation","authors":"Barooj Bashir, A. Gani","doi":"10.1177/2319510X19872632","DOIUrl":"https://doi.org/10.1177/2319510X19872632","url":null,"abstract":"For the success of educational institutions (herein referred as an organisation), teachers’ commitment has, in particular, been recognised as an effectual route. As the educational system is the most influential spot that leads to the progress of society, it requires committed teachers who are not mere tools, but their strategic partners. This research study highlights the state of commitment of university teachers under various dimensions in India and explore whether there is any significant difference between selected demographics and the perception of teachers over their organisational commitment issues. The data were collected from full-time teachers working in selected universities of India. This study reveals that the majority of teachers possess continuance commitment, as they weigh the costs and risks associated with leaving the university and when given better alternatives, they may leave their institutions. Among the demographic variables, it was only the level of education that was found to be significantly affecting the commitment of university teachers. This study reveals that the teachers and the universities are engaged in give and take relationship. When teachers perceive high organisational engagement, they respond back with a greater commitment, perceiving them as an integral part of the organisation. They are more motivated and dedicated towards meeting and achieving organisational goals. Moreover, universities depend on committed teachers to create and sustain a competitive advantage and achieve superior performance.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131502536","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":"Nature and Extent of Corporate Social Responsibility Disclosure in India: A Study of Selected BSE Companies","authors":"P. Aspal, Manjit Singh","doi":"10.1177/2319510X19898631","DOIUrl":"https://doi.org/10.1177/2319510X19898631","url":null,"abstract":"Corporate social responsibility (CSR) disclosure is growing at an increasing trend in the corporate world. It is a relatively new concept and it has emerged as a crucial research domain over the last decade. Financial as well as social performances of the company are the strong basis of sustainable development. At present, corporations in India are confirming an authentic and legitimate concern about the upliftment of their stakeholders and community. Thus, the prime objective of this study is to analyse the nature and extent of CSR disclosure in Indian companies selected from the top 200 BSE companies for the period 2014–2016. Content analysis has been employed using CSR checklist to compute the disclosure score under four dimensions of CSR, such as employee relations; welfare and development of community; consumer issues and products and environment. The percentage of companies disclosing CSR has been observed to be enhancing over the period of study and regarding the dimensions of CSR. The most disclosed dimension is customer issues and products followed by community development and welfare, environment and employee relations. The analysis also reveals that the CSR disclosure in selected industries has been increased during the period of study. Oil and gas industry is on the top position in terms of CSR disclosure and chemical and leather industry stands at the bottom-most position.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115554043","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 Impact of Diurnal Preferences on Customer Satisfaction, Word of Mouth and Repurchasing: A Study in Indian College Online Shoppers","authors":"L. Leung","doi":"10.1177/2319510X19897455","DOIUrl":"https://doi.org/10.1177/2319510X19897455","url":null,"abstract":"The importance of positive word of mouth (WOM) and repurchasing in competitive online retail environments demands their further study. Although customer satisfaction has been found to drive positive WOM and repurchasing, limited research has explored what type of customers feel more satisfied with online shopping. It was anticipated that the convenient nature of online shopping would better match the conscientious personality traits of customers with earlier sleep and wake times. Data collected from 334 Indian college students participating in this study using a snowball sampling method were analysed by multiple regression. As hypothesised, based on self-congruency theory, customers with earlier sleep and wake times were found to feel more satisfied with online shopping, which in turn enhanced their positive WOM and increased repurchase intention. Theoretical and managerial implications are discussed.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"58 9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122376794","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":"Leading by Example: Corporate Social Responsibility Initiatives by Dabur India Limited in North India","authors":"Amritjot Kaur Sekhon, L. M. Kathuria","doi":"10.1177/2319510X19895904","DOIUrl":"https://doi.org/10.1177/2319510X19895904","url":null,"abstract":"The purpose of this study is to explore the corporate social responsibility (CSR) initiatives undertaken by Dabur India Limited, the biggest Ayurvedic company in the world, at areas close to its manufacturing plant. It also explores the perception of Dabur’s stakeholders with respect to its social responsibility behaviour. For the purpose of this study, both primary as well as secondary data have been used. The primary data have been collected by conducting unstructured interviews and a field visit within the premises of the company’s manufacturing plant in Baddi district as well as in the surrounding villages. The secondary data have been collected from annual reports of the company and the company website. On investigating, it was be observed that Dabur, through years of social involvement and local community partnership projects, has established a special bond of trust with all its stakeholders. Also, as the expenditure made by Dabur on its CSR activities has always exceeded the stipulated amount as per government recommendations, this evidently supports its dedication towards its vision statement, on creating value for society. As after a revision in CSR policies there have not been many research studies examining the CSR practices by companies in India, this study, therefore, addresses this knowledge gap and provides new insights on the compliance by Dabur with regard to new CSR guidelines by the Companies Act, 2013.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117196096","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":"Antecedents of Cause Marketing: An Assessment of Psychographic and Demographic Factors on the Consumer’s Purchase Behaviour","authors":"Shruti Gupta","doi":"10.1177/2319510X19883073","DOIUrl":"https://doi.org/10.1177/2319510X19883073","url":null,"abstract":"Cause marketing initiatives are increasingly becoming the prominent aspect of the marketing mix; a lot of companies are jumping into the bandwagon primarily to distinguish themselves in the homogeneous markets. However, it is only a recent phenomenon that the companies are beginning to appreciate how corporate giving may be adopted as an effective strategy to market their products in the competitive markets. This article is aimed at examining the effect of psychographics and demographics on the buying behaviour of the consumer. It identifies the various factors that drive the behaviour of the consumer exposed to a customer relationship management (CRM) initiative and examine the impact of the same on the attitude, perception and purchase intention of the consumer. This, in turn, provides valuable insights to the academicians and the practitioners as to how to communicate and what to emphasise while designing their cause marketing communication initiatives.","PeriodicalId":283517,"journal":{"name":"Asia Pacific Journal of Management Research and Innovation","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128963429","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}