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Corporate social initiatives and wealth creation for firms-an empirical examination
Purpose: This study aims to examine whether social initiatives adopted by firms lead to improved financial performance. The authors analyse the impact of different elements of social initiatives on wealth creation for firms in terms of operating and market performance. Design/methodology/approach: The study is based on the social initiative scores of over 4,500 firms collected from Thomson Reuters' ESG database. The study uses two-stage least squares (2SLS) to analyse the relationship between social initiatives and firm performance. Findings: Profitable, mature, capital intensive and firms with high sales growth rate tend to invest more in social initiatives. Firms with high agency costs invest in social initiatives for workforce efficiency, maintaining human rights and product responsibility. The study documents evidence that social investments are value creating mechanism for firms which leads to improved financial performance in terms of operating and stock market performance. Firms with high dividend intensity invest in social initiatives for workforce welfare and human rights initiatives. Investment in employee well-being and community initiatives results in intangible benefits such as improved stock market valuation. Practical implications: The research model has not considered the impact of intervening variables to understand the relationship between corporate social performance and corporate financial performance. Social implications: Firms ought to recognize that social investment is beneficial in terms of value creation of firms as stock market perceive such investments favourably. Firms must focus more on community development initiatives and workforce initiatives for the value creation of firms compared to investments directed towards human rights initiatives and product responsibility initiatives. Originality/value: This study focusses exclusively on the social dimension of the CSR activities. The authors examine the impact of social welfare scores on firm performance by analysing the valuation effects on scores representing workforce, human rights, community and product responsibility. Moreover, the paper also examines the impact of a new dimension of product responsibility on firm performance. They also focus on both aspects of financial performance in terms of operating performance (proxied by ROE) and the joint impact of both operating and market performance (proxied by Tobins Q). This paper contributes to the research on the linkage of social performance to financial performance by observing that firms with high agency cost characteristics tend to invest in social initiatives for work force efficiency, maintaining human rights and product responsibility. 2024, Emerald Publishing Limited. -
Revisiting the trade opennessunemployment nexus: anapplication of the novel JKS panel causality test with static anddynamic panel models
Purpose: This paper documents a robust empirical regularity: higher trade openness is associated with a lower unemployment rate. This paper also examines whether or not the effects of trade liberalisation depend on countries' income levels. Further, the dynamic causation between trade openness and unemployment is also examined. Design/methodology/approach: In order to obtain insight into the opennessunemployment nexus, following empirical methods were utilised - static panel models, dynamic panel models and a novel panel Granger causality approach proposed by Juodis etal. (2021). Findings: Results suggest that openness negatively affects unemployment; the extent to which trade liberalisation affects unemployment depends on the income level of each country. The Juodis, Karavias, and Sarafidis (JKS) test confirmed that the past values of trade openness, inflation, foreign direct investment and gross domestic product per capita contain information that helps to predict unemployment in a more robust manner. To simply put, opening upto trade may eventually become a requirement for creating more job opportunities, but this alone may not be enough. The extent to which nations benefit from trade liberalisation is largely dependent on the overall economic conditions and their capability to move up the income scale. Originality/value: A major difference between this study and those performed previously is that this study does not only examine the impact of trade openness on unemployment, but also investigates whether the unemployment effect of liberalisation is affected by countries' income levels an issue that has received little attention in the past. Additionally, the unique panel non-causality approach put forth by Juodis etal. (2021) is used in the first instance to look into the causal link between trade openness and unemployment. This method has advantages in that the method enables capturing Granger-causality in homogeneous or heterogeneous panels amongst multiple variables. 2023, Emerald Publishing Limited. -
Trade Integration and Export Aspiration: Evidence from India's Trade in Goods with BRICS Countries
The purpose of this study was to examine the dynamics of trade between India and the BRICS countries as well as to gauge the relative strength of Indian exports to those nations. The trade integration patterns among BRICS countries were also analyzed. To quantify the extent to which India's exports correspond to the needs of its BRICS counterparts, a novel export aspiration index was constructed. The index of trade integration patterns has also been employed to quantify India's trade integration pattern with other BRICS members. Further, the gravity model of trade has been employed to analyze the fundamentals of India-BRICS trade. The export aspiration in individual BRICS countries shows a diverse pattern. However, India's export aspiration in these countries has improved, although marginally in the long run. Such empirical evidence substantiates that the relative strength of India's exports within its BRICS counterparts has marginally improved over time. Moreover, the trade integration index indicates a similar trade integration pattern among the BRICS countries and corroborates the presence of inter-industry trade. Added to the conventional variables of the gravity model, India's outward multilateral trade resistance and BRICS inward multilateral trade resistance significantly promote India-BRICS trade. Hence, the relative strength of Indian exports will increase substantially if India's commodity composition is diversified by including more commodities in its export baskets that correspond to the needs and changing conditions of the BRICS economies. Copyright 2022 Mudaser Ahad Bhat, Aamir Jamal, Mirza Nazrana Beg. -
COVID-19 pandemic and trade flows: empirical evidence from selected Asian Pacific countries
Purpose: This paper aims to investigate the effects of the COVID-19 crisis on trade flows in Asia Pacific countries and explores the causality between COVID-19-related shocks and trade. Design/methodology/approach: The authors used two novel techniques, namely, two-stage instrumental-variables (2SIV) approach and Juodis, Karavias and Sarafids (JKS) causality test, to examine trade dynamics in the Asia Pacific region during the pandemic. Findings: Using the monthly trade data of 17 Asia Pacific countries between January 2020 and December 2021, the results were threefold. Firstly, the empirical analysis showed that during the COVID-19 crisis, the flow of exports tended to persist idiosyncratically in comparison to the flow of imports. In particular, a specific finding was that the persistence level in exports was about 20%25% higher than that in imports. Secondly, the authors found that the past values of COVID-19 cases and COVID-19 deaths contain information that helps to predict exports/imports over and above the information contained in the past values of exports/imports alone. Finally, the study established that the government response and stringency indexes have a Granger-causal relationship with exports and imports. Research limitations/implications: For the foreseeable future, these findings have significant policy ramifications. Firstly, if a COVID-19 crisis-like situation emerges in the future, it will be critical for countries to maintain their competitiveness throughout the crisis, like the COVID-19 pandemic, while also rebuilding trade relationships wherever possible. Secondly, because information about government responses and measures can also be used to predict future trade flows, prudent management of government responses and stringent measures will be necessary in a crisis like COVID-19 to achieve the optimum level of exports and imports. At the same time, the trading partners should give up the idea of trade protection and focus on finding a way to balance the conflicting needs of imports and exports. Originality/value: To the best of the authors knowledge, the authors, for the first time, used a 2SIV approach and JKS causality test to examine trade dynamics in the Asia Pacific region during the pandemic. In addition, the authors present the first comprehensive analysis of the evolving relationships between export and import flows and governmental policy responses under COVID-19. As a result, it contributes uniquely to both public and international economics. 2023, Emerald Publishing Limited. -
Lean Six Sigma competitiveness for micro, small and medium enterprises (MSME): an action research in the Indian context
Purpose: The aim of the article is to ascertain the challenges, lessons learned and managerial implications in the deployment of Lean Six Sigma (LSS) competitiveness to micro, small and medium Enterprises (MSME) in India and to establish doctrines to strengthen the initiatives of the government. Design/methodology/approach: The research adopts the Action Research methodology to develop a case study, which is carried out in the printing industry in a Tier III city using the LSS DMAIC (Define-Measure-Analyze-Improve-Control) approach. It utilizes LSS tools to deploy the strategy and to unearth the challenges and success factors in improving the printing process of a specific batch of a product. Findings: The root cause for the critical to quality (CTQ) characteristic, turn-around-time (TAT) is determined and the solutions are deployed through the scientifically proven data-based approach. As a result of this study, the TAT reduced from an average of 1541.21303.36min, which in turn, improved the sigma level from 0.55 to 2.96, a noteworthy triumph for this MSME. The company realizes an annual savings of USD 12,000 per year due to the success of this project. Top Management Leadership, Data-Based Validation, Technical Know-how and Industrial Engineering Knowledge Base are identified as critical success factors (CSFs), while profitability and on-time delivery are the key performance indicators (KPIs) for the MSME. Eventually, the lessons learned and implications indicate that LSS competitiveness can be treated as quality management standards (QMS) and quality tools and techniques (QTT) to ensure competitive advantage, sustainable green practices and growth. Research limitations/implications: Even though the findings and recommendations of this research are based on a single case study, it is worth noting that the case study is executed in a Tier III city along with novice users of LSS tools and techniques. This indicates the applicability of LSS in MSME and thus, the modality adopted can be further refined to suit the socio-cultural aspects of India. Originality/value: This article illustrates the deployment of LSS from the perspective of novice users, to assist MSME and policymakers to reinforce competitiveness through LSS. Moreover, the government can initiate a scheme in line with LSS competitiveness to complement the existing schemes based on the findings of the case study. 2020, Emerald Publishing Limited. -
Spectroscopic study of Be-shell stars: 4 Her and 88 Her
We present an optical spectroscopic study based on 41 spectra of 4 Her and 32 spectra of 88 Her, obtained over a period of 6 months. We estimate the rotational velocity of these stars from HeI lines in the blue spectral region (4000-4500 . We find that these stars are likely to be rotating at a fractional critical rotation of ?0.80. We measure the average I p/I c ratio to quantify the strength of the H? line and obtain 1.63 for 4 Her and 2.06 for 88 Her. The radius of the H? emission region is estimated to be Rd/R? ?5.0, assuming a Keplerian disk. These stars are thus found to be fast rotators with a relatively small H? emission region. We detect V/R variation of the H? spectral line during the observed period. We re-estimate the periods for both stars and obtain a period of ?46 d and its harmonic of 23.095 d for 4 Her, and a period of ?86 d for 88 Her. As these two cases are shell stars with binaries and have low H? EW with the emission region closer to the central star, the V/R variation and a change in period may be an effect of the binary on the circumstellar disk. 2016 National Astronomical Observatories, Chinese Academy of Sciences and IOP Publishing Ltd. -
The Lives behind the Luxurious Threads: Beleaguered Sustainability of Kashmirs Pashmina Artisans
Kashmir pashmina, sometimes referred to as "cashmere, in the West, is one of the most valuable cultural artifacts Kashmir has offered for centuries, and continues to be sought after. The fine pure pashmina has maintained its luxury status for centuries and is still a symbol of elegance in the international markets. The pashmina shawl is not just popular for its fiber, but also for the elegant embroidery stitched in myriad colors by skilled artisans. Despite this international acclaim, the pashmina artisans dwell in impoverished conditions and face the ever-growing challenges of power looms. This research article is a study of the social and economic barriers that contribute to the dire living conditions of the active Kashmiri pashmina artisans. Along with examining the deteriorating work condition of the artisans, this paper also looks at how these circumstances have a long-lasting impact on the pashmina shawl industry, thus leading to the degradation of an art form altogether. Finally, this paper studies the declining living conditions of the pashmina artisans by analyzing the data collected through a qualitative study incorporating cultural mapping tools like interviews, personal narratives, and literature review. The sample for the study was collected from Kashmir Haat, Srinagar, Kashmir by the researcher through interviews and discussions. 2023 Informa UK Limited, trading as Taylor & Francis Group. -
Psychological distress among college students of coastal district of Karnataka: A community-based cross-sectional survey
Background: Common Mental Disorders (CMDs) are frequent among adolescents and early adults. National Mental Health Survey of India 20152016 shows alarming results, especially for depression. This study explored the prevalence of psychological distress among college students. Additionally, the relationship between gender, living arrangement with psychological distress in various educational streams were explored. Materials and Methods: Through a cross-sectional community-based survey a total of 4839 college going students of various educational streams in Mangalore, Karnataka were assessed for psychological distress with Self-Reporting Questionnaire (SRQ-20). Results: Participants had median age of 19 (range = 9) years and the majority (59.5%) were females. The median SRQ score was 4 (range 20) and about 28.5% of students were found to be psychologically stressed. The suicidal ideation was reported by 13.6% of the students. Engineering and Arts/science/commerce students had significantly higher psychological distress scores as compared to health and allied sciences (k = 47.7; p < 0.001) and those who were staying with families (U = 2,687,648.5; p = 0.004) reported higher levels of psychological distress in comparison to those who were staying away from their families. Conclusion: Prevalence of psychological distress was high among students, especially non-medical students, students who were staying with their families, and those who were younger in age. A significant proportion of students had suicidal ideation, which needs early mental health interventions at the college level. 2018 -
Pollution Haven Hypothesis and the Bilateral Trade Between India and China
The pollution haven hypothesis is studied from a bilateral trade perspective in this study, taking the reference of two Asian giants, namely, India and China. For this purpose, trade in pollution-intensive industries is analysed using data collected from the United Nations Comtrade dataset based on Standard Industrial Trade Classification codes for 19922019. The analysis helps us argue that between the two, China's demand is more pollution-intensive and India is the major supplier of pollution-intensive products. From an environmental perspective, this implies that China seems to be gaining from trade, and India is becoming a pollution haven in its trade with China. The Author(s) 2023. -
A pair of kinematically related space curves
We investigate the relation between two types of space curves, the Mannheim curves and constant-pitch curves and primarily explicate a method of deriving Mannheim curves and constant-pitch curves from each other by means of a suitable deformation of a space curve. We define a "radius" function and a "pitch" function for any arbitrary regular space curve and use these to characterize the two classes of curves. A few non-trivial examples of both Mannheim and constant pitch curves are discussed. The geometric nature of Mannheim curves is established by using the notion of osculating helices. The Frenet-Serret motion of a rigid body in theoretical kinematics is studied for the special case of a Mannheim curve and the axodes in this case are deduced. In particular, we show that the fixed axode is developable if and only if the motion trajectory is a Mannheim curve. 2018 World Scientific Publishing Company. -
Acacia auriculiformisDerived Bimodal Porous Nanocarbons via Self-Activation for High-Performance Supercapacitors
Carbon nanomaterials derived from Acacia auriculiformis pods as electrodes for the electrochemical double-layer capacitors were explored. Four pyrolysis temperatures were set (400, 600, 800, and 1,000C) to understand the role of temperature in biomass pyrolysis via a possible self-activation mechanism for the synthesis of carbon materials. The carbon materials synthesized at 800C (AAC800) were found to exhibit a well-organized hierarchical porous structure, quantified further from N2 adsorption/desorption isotherms with a maximum specific surface area of 736.6m2/g. Micropores were found to be contributing toward enhancing the specific surface area. AAC800 exhibited a maximum specific capacitance of 176.7F/g at 0.5A/g in 6.0M KOH electrolyte in a three-electrode setup. A symmetric supercapacitor was fabricated using AAC800 as an active material in an organic electrolyte composed of 1.0M tetraethylammonium tetrafluoroborate (TEABF4) as a conducting salt in the acetonitrile (ACN) solvent. The self-discharge of the cell/device was analyzed from fitting two different mathematical models; the cell also exhibited a remarkable coulombic efficiency of 100% over 10,000 charge/discharge cycles, retaining ?93% capacitance at 2.3V. Copyright 2021 Bhat, Jayeoye, Rujiralai, Sirimahachai, Chong and Hegde. -
Toxicological Profiling of Onion-Peel-Derived Mesoporous Carbon Nanospheres Using In Vivo Drosophila melanogaster Model
Toxicological profiling of the novel carbon materials has become imperative, owing to their wide applicability and potential health risks on exposure. In the current study, the toxicity of mesoporous carbon nanospheres synthesized from waste onion peel was investigated using the genetic animal model Drosophila melanogaster. The survival assays at different doses of carbon nanoparticles suggested their non-toxic effect for exposure for 25 days. Developmental and behavioral defects were not observed. The biochemical and metabolic parameters, such as total antioxidant capacity (TAC), protein level, triglyceride level, and glucose, were not significantly altered. The neurological toxicity as analyzed using acetylcholinesterase activity was also not altered significantly. Survival, behavior, and biochemical assays suggested that oral feeding of mesoporous carbon nanoparticles for 25 days did not elicit any significant toxicity effect in Drosophila melanogaster. Thus, mesoporous carbon nanoparticles synthesized from waste onion peel can be used as beneficial drug carriers in different disease models. 2022 by the authors. Licensee MDPI, Basel, Switzerland. -
Capacitive dominated charge storage in supermicropores of self-activated carbon electrodes for symmetric supercapacitors
The present work demonstrates a systematic study of pore size and specific surface area (SSA) of biomass-derived carbon and the choice of electrolyte concentrations affecting charge-storage mechanism (surface controlled and diffusion controlled) and electrochemical behaviour. Porous nanocarbons derived from Caesalpinia Sappan pods were synthesized by pyrolysis at 400, 600, and 800 C. Pyrolysis at 800 C was found suitable for the self-activation mechanism which formed bimodal porous nanocarbons with a high SSA of 675 m2/g. A maximum specific capacitance of 261.8 F/g at 0.5 A/g in 5.0 M KOH was observed for electrode materials synthesized at 800 C. The highlight of the study is the porous nanocarbon synthesized at 800 C which was found to possess micropores of size 0.71.0 nm playing a pivotal role in enhancing capacitance. The effect of electrolyte concentration on capacitance and charge storage mechanisms was also analyzed. A diffusion-controlled self-discharge model is established for supercapacitor devices. The single cell can power a red LED for 15 min; exemplifying the sustainable strategy of the utilization of abundant bio-waste to efficient energy storage devices. 2022 Elsevier Ltd -
Impact of Organizational Commitment on Turnover Intentions in BPO Sector
Global Journal of Arts & Management, Vol-2 (3), pp. 223-226. ISSN-2249-264X -
The Influence of Organizational Induction on Socialization of New Employees
Global Journal of Arts & Management, Vol-2 (4), pp. 163-166. ISSN-2249-264X -
Stock Market Efficiency and COVID-19 with Multiple Structural Breaks: Evidence from India
The objective of the study is to investigate the influence of the coronavirus pandemic (endogenous crisis) on the stock market efficiency of India during the multiple break periods. The empirical analysis is performed using conditional heteroscedasticity and a small sample robust wild bootstrap automatic variance ratio test and automatic portmanteau test on a daily stock return data of two benchmark indices, that is, NIFTY and SENSEX. The empirical results demonstrate that the stock return of two indices deviates from market efficiency during some periods of the analysis, notably during the nationwide lockdown and peak periods of coronavirus cases in India. These findings indicate that changing stock market behaviour becomes more speculative and earns abnormal profits. To the best of the authors knowledge, this study provides the first evidence of investigating the variations in the stock market efficiency of India in response to this endogenous crisis. 2022 International Management Institute, New Delhi. -
The Impact of Financial Inclusion on Social and Political Empowerment: Mediating Role of Economic Empowerment
The primary purpose of this paper is to examine the impact of financial inclusion on womens social and political empowerment through the mediation of economic empowerment. A multidimensional index is created, using methodology by UNDP, to measure financial inclusion. Womens empowerment is measured through economic, social, and political dimensions. The datacollected from 545 women in slums through a structured schedule on a 5-point Likert scale. Exploratory and confirmatory factor analysis was performed to measure the construct. Multivariate statistical techniques such as regression were used to test the relationship between financial inclusion and women empowerment. The findings underscore a discernibly modest representation of women attaining high financial inclusion in slum settings. It is essential to recognise the pivotal role of economic empowerment as a partial mediator within the intricate interplay linking financial inclusion to social and political empowerment.This investigation is grounded in an examination of urban slums but has the potential for broader applicability, encompassing rural regions and locales proximate to financial centers within metropolitan areas to formulate a comprehensive framework for the empowerment of women. The findings underscore the impact of socio-economic and politico-economic factors on the incorporation of marginalized communities into the formal financial system. The current investigation results have implications for policymakers in developing countries that can serve as a valuable resource to enhance womens participation in the formal financial system. 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature. -
Space taxonomy: Need for a progressive tax regime
Konstantin Tsiolkovsky famously stated that while the Earth serves as the birthplace of humanity, it is not a place where mankind can indefinitely remain. Perhaps during that period, the prospect of exploring the mysteries of outer space appeared to be an unattainable aspiration. However, in the present day, there are no longer any limitations, not even the sky, since human ingenuity has facilitated access to outer space for humanity. This access is not just for the purposes of research and exploration but also for economic endeavours. Until now, the commercial utilisation of outer space has advanced at a very sluggish rate. However, firms including SpaceX, Orion Span, Virgin Galactic, and Blue Origin have achieved significant advancements in the growth of the space industry. The revenue generated by various space-related endeavours has experienced a significant 73% increase over the last ten years. The global space economy, estimated to be valued at USD one trillion in the coming years, is primarily driven by commercial activities. This presents a formidable challenge to the existing national and international taxation systems. Similar to the open seas, space is also considered res communis omnium, meaning it belongs to the entire community, and presents comparable taxing challenges with potentially uncertain solutions. The three fundamental elements of every taxation regulation, such as the Organisation for Economic Co-operation and Development or the United Nations Model Double Taxation Convention, are the taxpayer's place of residence, the origin of their income, and the methods by which they generate their money. The current tax system does not have the necessary concepts and provisions to adapt to the rapid advancements in commercial space technology. This paper examines the legal issues surrounding commercial activities conducted in space, including the nature and handling of the income generated in various legal systems. It also addresses concerns such as tax avoidance and excessive taxation, emphasising the necessity for a globally coordinated approach to effectively tax commercial activities in space. 2024 -
Chlorin e6 decorated doxorubicin encapsulated chitosan nanoparticles for photo-controlled cancer drug delivery
In the study we have reported the physico-chemical, photophysical and morphological properties of chlorin e6 (Ce6) decorated doxorubicin (DOX) encapsulated chitosan (CS)-tripolyphosphate (TPP) nanoparticles which prepared by ionotropic gelation method. The Ce6 physically loaded onto the nanoparticles by self-assembly of CS with TPP-DOX under aqueous conditions. The results from DLS studies highlights the prepared nanoparticles that possess the size in the range of 80120 nm. with negatively charged of ?6 mV. The SEM and AFM images showed 80120 nm size while the average size of the Ce6 decorated nanoparticles was found to be around 100130 nm. The absorption spectra of Ce6 decorated nanoparticles are similar when compared to free Ce6 which suggest there is no change in the Ce6 chromophore upon decoration. This nanoparticle showed high photostability and singlet oxygen generation (SOG). The Ce6 decorated and DOX encapsulated nanoparticles sizes and charges are in the range of 90130 nm and ?30 mV respectively. The nanoparticles showed high encapsulation efficiency towards DOX as well as pH controlled release. This has significant anti-proliferative activity against MCF-7 breast cancer cells after irradiation at near infra-red (NIR) ranges were evaluated. This could have potential applications in photo-controlled smart DOX delivery system for cancer treatment. 2019 Elsevier B.V. -
Health Care Still a Costly Affair: Covariates of Out-of-Pocket Expenditure on Health Care in India with Special Reference to Empowered Action Group States
This article investigates the covariates of out-of-pocket expenditure (OOPE) on health care, with a special focus on the Empowered Action Group (EAG) states of India. These states are economically weaker and vulnerable. For analysis, the study uses a nationally representative databasethe India Human Development Survey (IHDS I, 20042005 and IHDS II, 20112012)by applying the log-linear regression method. Four regression models have been specified in the article. The pooled regression method is applied to check the robustness of the models. Results identify that factors such as the location of the respondent, education, waiting time in hospitals, household expenditure per capita and the location of the hospital play a significant role in determining the OOPE on health care in India. Among other factors, waiting time in the hospital and the distant treatment location result in higher opportunity costs for better treatment facilities, hence increasing the burden on OOPE. The study concludes with suggestions based on these covariates, especially for the EAG states. 2024 Indian Institute of Health Management Research.