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The impact of Covid-19 on the capital structure in emerging economies: evidence from India
Purpose: Capital structure is an important corporate financing decision, particularly for companies in emerging economies. This paper attempts to understand whether the pandemic had any significant impact on the capital structure of companies in emerging economies. India being a prominent emerging economy is an ideal candidate for the analysis. Design/methodology/approach: The study utilizes three leverage ratios in an extended market index, BSE500, for the period 20152021. The ratios considered are short-term leverage ratio (STLR), long-term leverage ratio (LTLR) and total leverage ratio (TLR). A dummy variable differentiates the pre-epidemic (20152019) and pandemic (20202021) period. Control variables are used to represent firm characteristics such as growth, tangibility, profit, size and liquidity. Dynamic panel data regression is employed to address endogeneity. Findings: The findings point out that Covid-19 has had a significant, negative effect on LTLR, while the impact on STLR and TLR was insignificant. The findings indicate that companies based in a culturally risk-averse environment, such as India, would reduce the long-term debt to avoid bankruptcy in times of uncertainty. Research limitations/implications: The study covers the impact of the pandemic on Indian companies. Hence, generalization of the findings to global context might not be valid. Practical implications: To maintain economic growth in the post-crisis period, Indian policymakers should ensure accessibility to low-cost capital. The findings provide impetus to deepen the insignificant corporate bond market in India for future economic revival. Originality/value: Developing countries are struggling to revive the economies postpandemic. This is particularly true for Asian economies which are heavily reliant on banks for survival. This research finds evidence to utilize bond market as a source of raising capital for economic revival. 2022, Nisha Prakash, Aditya Maheshwari and Aparna Hawaldar. -
Role of management education in adapting the Indian public sector to market-based economic reforms
Purpose: In 1991, India embarked on market-based economic reforms initiatives pillared on liberalization, privatization and globalization (LPG). The reforms exposed the public sector enterprises to competitive market forces, raising the need to identify and develop the competencies necessary for survival. Executive training programs were initiated to prepare public enterprises for the market-based reforms. Three decades later, the reforms especially privatization is witnessing renewed interest under the current administration. In this context, the article takes a closer look at the structure of management education provided to public sector officers in India. The article also identifies barriers for implementing the learnings from the management courses in the workplaces and suggests approaches for closing the gap. Design/methodology/approach: The study follows a thematic approach based on unstructured interviews of senior executives of Indian public sector enterprises covering oil and gas, aeronautical, power and transportation sectors. New public management (NPM) is used as a yardstick of business-like characteristics of public sector enterprises. Findings: Despite heavy investment, trainings have had only partial success in implementing the core objective of NPM, i.e. to provide quality services in a professional manner to meet citizen requirements. The study found that though concepts of NPM are introduced at multiple management training programs, thepublic enterprises lag in the implementation of NPM. The ingrained hierarchical and procedural culture of the enterprises was often highlighted as the challenge to its implementation. Practical implications: The study will be of significance to Indian policymakers in designing management education programs to public sector employees. It brings out (1) various models of management education provided to public servants across industries, (2) provide evidence on the extent of NPM implementation, (3) identify barriers for transitioning the learnings from the management courses to workplace and (4) suggest changes for improving effectiveness. Originality/value: The existing research on LPG in India covers the economic transformation post-implementation and the factors contributing to the success of its implementation. This study adds to the limited literature available on the management education of public servants in the country. 2023, Emerald Publishing Limited. -
Investigating the Determinants of Financial Well-Being: A SEM Approach
Studies reveal that the financial well-being of employees has a direct bearing on their productivity and overall well-being. The wellness initiatives organized by the information technology (IT) companies operating in India have also started focusing on the contributing aspects of financial well-being. In this context, the article explores the determinants of financial well-being of IT professionals in India. The article utilizes confirmatory factor analysis (CFA) for the analysis. The study employs a survey questionnaire covering financial literacy, financial behavior, and financial fragility. It also attempts to recognize the influence of gender and job roles (technical or managerial) in ascertaining financial well-being. The sample data used in the study include 237 professionals employed in the IT sector. The study uses partial least squared structured equation modelling (PLS-SEM) to understand the connection between the determining factors. The results indicate that financial well-being is positively influenced by financial literacy and financial behavior while financial fragility has a substantial negative impact. The financial literacy and financial fragility are significantly different between technical and managerial roles. Gender appears to have a sizeable impact on the financial behavior and financial fragility levelswomen employees performed better in both the factors. Interestingly, financial literacy levels of the two genders are not significantly different. The results show that there is a need to focus on literacy, behavior, and fragility in financial wellness programs organized by the IT industry. Further, the study recommends offering tailored financial wellness training modules created based on the job levels and gender instead of following one program, fits all standardized approach. 2023 KJ Somaiya Institute of Management. -
Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India
Purpose: The effect of corporate social responsibility (CSR) on corporate financial performance (CFP) is shown to depend on both firm-specific and external factors. This study investigates the moderating role of two firm-specific factors the firm life-cycle stage and ownership structure on the CSRCFP relationship in a developing economy setting India. Design/methodology/approach: The study covers 1,419 listed companies in India during 201521. The firm lifecycle is represented using firm age and future growth prospects. Ownership is represented through a dummy variable and promoters holding percentages. Return on assets (RoA) is used as a measure of CFP, while CSR intensity, i.e. the ratio of CSR expenditure to profit after tax (PAT), is used to represent CSR. Fixed effect panel regression and generalized method of moments (GMM) models are used for data analysis. Findings: CSR expenditure has a significant negative impact on CFP. Firm age and future growth prospects amplify this negative impact, indicating that the firm life-cycle has a significant negative moderating effect on the CSRCFP relationship. Furthermore, the impact of CSR on CFP is worse for government companies than private ownership. Promoters holdings have a positive impact on the CSRCFP relationship. Research limitations/implications: The results question the validity of mandatory CSR expenditure on companies operating in developing countries and call for a differentiated policy approach to CSR expectations based on firm characteristics. This study also enhances the existing literature on CSRCFP. Originality/value: The growing research on CSRCFP has limited coverage of firm characteristics as contributing factors. Hence, this paper helps in enhancing the existing literature on CSRCFP and makes it more relevant to firms with specific characteristics. 2024, Nisha Prakash and Aparna Hawaldar. -
Demographic characteristics influencing financial wellbeing: amultigroup analysis
Purpose: The study attempts to understand the factors impacting the financial wellbeing of IT employees in India using confirmatory factor analysis (CFA). It utilizes well-established survey instruments to assess the impact of financial literacy, financial behaviour and financial stress on financial wellbeing. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Design/methodology/approach: Structured equation modelling (SEM) is used to study the link between the determinants. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Data used for the analysis covers 237 employees working in the IT sector. Findings: While financial literacy and financial behaviour have a significant positive impact on financial wellbeing, financial stress has a significant negative impact. Financial behaviour and financial stress were found to have a mediating role in the relationship between financial literacy and financial wellbeing. The demographic variables significantly moderate the relationship between the factors leading to financial wellbeing. Originality/value: The results show the need for financial wellbeing programs to focus on enhancing financial knowledge and improving financial planning. Further, it suggests offering customized financial wellbeing programs based on the employee's demographic characteristics rather than following a one program, fits all approach. 2021, Emerald Publishing Limited. -
Does Gender and Family Income Impact Stock Trading of B-School Students? Findings from a Stock Simulation Exercise
Educators across the globe utilize online stock market simulation games to introduce students to trading in the stock market. The primary objective of the simulation exercise is to expose students to the practical application of financial theories on fundamental analysis, stock selection, building an optimal portfolio, monitoring the risk-return characteristics and continuously improving the portfolio based on changing realities. This article utilizes the trading data from a simulation exercise conducted by a leading B-school in India. The exercise was conducted as part of Security Analysis and Portfolio Management (SAPM) course offered by the B-school. The objective of the article is to understand the role of gender and family income in the trading patterns of students in the simulation exercise. The article covers 163 students who were part of the simulation exercise in 2019. The results indicate that male students trade more aggressively than female students, both in terms of number of trades and the number of companies traded. However, the female students reported higher stock trading performance, measured in stock returns. This is observed to be true at all the quartiles, with the largest magnitude of the difference in the mid-quartiles. The study also indicates that the students from wealthier families perform better than those from poorer backgrounds. However, family income is an insignificant differentiating factor. Further, regression analysis indicates that gender is a significant determinant of stock returns. Based on these findings, the authors argue that gender has a significant role in the stock trading performance of B-schoolers. The article contributes to the field of behavioural finance, especially on the literature of gender and performance in financial markets. 2022 Management Development Institute. -
Internet of things for building a smart and sustainable environment: A survey
In the previous decade, internet of things (IoT) has emerged as a transformative force in the quest to create smarter and more sustainable environments. By interconnecting a large array of sensors, devices, and infrastructure, IoT technology enables the real-time collection, analysis, and utilization of data to optimize resource management, improve decision-making, and reduce environmental impact. In smart cities, homes, industries, and agricultural settings, IoT plays a pivotal role in achieving resource efficiency, environmental preservation, and economic growth. However, its widespread adoption also poses several challenges related to privacy, security, and interoperability. As IoT continues to evolve, it promises to shape a future where sustainability and technological innovation go hand in hand, making a path toward more resilient, efficient, and livable environments. 2024, IGI Global. All rights reserved. -
Old and new private sector banks in india: Performance analysis
In the era of globalization and liberalization, a bank has to compete with not only local players and also internationally. It is tough time for Indian banking industry. Banks take various steps to improve the performance and provide best services to customers. Performance of banks refers to the capacity in generating sustainable profitability. Banks need to evaluate the performance and find the strength and weakness by considering important ratios. Researchers have analysed the performance of banks applying various tools and techniques. The present study seeks to assess the financial performance of old and new private sector banks operating in India. One of the models for assessing the performance of banks are CAMEL model. The study was conducted using secondary data. The study covered a period of 10 years and the data collected for study had been analysed using Simple Arithmetic Mean, Coefficient of Variation, Linear Growth Rate, Analysis of Variance (ANOVA) and Ranking for CAMEL model. Under this model, banks have been rated based on five criteria namely, C-Capital Adequacy, A-Asset Quality, M-Management Efficiency, E-Earning Quality and L-Liquidity. This study was conducted on the financial performance of twenty banks consisting of seven new private sector banks and thirteen private sector banks in India. The result has disclosed that various banks have been performing well in different parameters. As per CAMEL model overall ranking, Karur Vysya bank, Federal bank and Tamilnad Mercantile banks have occupied first three spots under the old private sector banks. In the case of the new private sector banks the first three slots have been held by HDFC bank, Kotak Mahindra bank and Yes bank respectively. The estimated ratios have disclosed that the new private sector banks have been enjoying a better financial health than the old private sector banks during the study period. The old private banks have to pay attention to improve the financial performance in the future. 2020 SERSC. -
Death Rituals and Change Among Hindu Nadars in a South Indian Village
This article examines changes in the death rituals performed among Hindu Nadars in a South Indian village. It emphasises the importance of understanding ritual changes within their specific micro-level local contextual framework, including changing social structures at household and village level. This empirical evidence showcases how changing rituals connected to death reflect various adaptations through imitation, substitution and alteration of specific ritual elements and performants. It also identifies emerging class distinctions among Nadars and their connection with changes in rituals associated with death. This analysis of the changes depicts how Nadars use ritual actions in pragmatic ways, symbolically expressing and realising their aspirations for status enhancement through such ritual performances. 2021 SAGE Publications. -
Locating Indian universities in knowledge societies: A critique
Knowledge societies characterize a defining feature of the present era. Veering away from their initial connotation of scientific temper and reasoning, today, they assume a new meaning in which the basis of economy, polity, and social action is knowledge. In the post-capitalist, post-industrial societies, knowledge has become the foundation of industrial productivity and social wellbeing. The crux of knowledge production has been shifting from the traditional disciplinary contexts promoted by academic interests in the universities to its applications for better productivity and wellbeing. Nevertheless, productivity and usefulness are accorded an epistemological appeal in defining what counts as knowledge. In this context, the present paper discusses the changes in knowledge production and dissemination processes in knowledge societies and their implications for universities in India. 2019 Journal of Dharma: Dharmaram Journal of Religions and Philosophies (DVK, Bangalore). -
Sex Identity vs. Sexual Orientation: Understanding Transgender Category in India
Social Work Chronicle, Vol-1 (2), pp. 82-99. ISSN-2277-1395 -
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Green synthesized cobalt nanoparticles from Trianthema portulacastrum L. as a novel antimicrobials and antioxidants
Trianthema portulacastrum is a dietary and medicinal plant that has gained substantial importance due to its pharmacological properties. This plant was used for its various healing properties since the ancient period in ayurvedic system of medicine. The green synthesis technique is an eco-friendly as well as cost effective technique which can produce more biocompatible nanoparticles when compared with those fabricated by physio-chemical methods. Therefore, nanoparticles produced by green synthesis are credible alternatives to those which are produced by conventional synthesis techniques. This research mainly aims to produce nanoparticles with the methanolic leaf extract of T. portulacastrum. The optimized nanoparticles were further analyzed for anti-fungal, anti-bacterial and antioxidant properties. Disk diffusion assay was used for the determination of the antimicrobial property and on the other hand, DPPH radical scavenging assay as well as hydrogen peroxide scavenging activity proved the antioxidant property of the formulation. The study revealed that Escherichia coli (gram negative strain) shows greater zone of inhibition when compared with Bacillus subtilis (gram positive bacteria). The nanoparticles have also been reported to show significant anti-fungal activity against the strains of Aspergillus niger and Fusarium oxysporum which proves its desirability for its further use against both bacterial as well as fungal infections. The novel formulation can be explored dually as antimicrobial and antioxidant agent. 2023 Taylor & Francis Group, LLC. -
Big Data Preprocessing for Modern World: Opportunities and Challenges
Big data is an often misunderstood business term in the modern world. Multiple devices are connected to the internet and a democratization of available technologies. The data is generated almost exponential rate. This data is generated in large quantities, at a high speed and belongs to myriad categories. Coupled with advances in storage and processing hardware, it can derive insights from these bigger number of data but it works effectively. The data is to be transformed in the form of understandable and useable insights by algorithms and models. The data mining steps require data that is cleaned and structured to a larger extent. This is achieved by using various algorithms, processes and applications known as data pre-processing techniques. This article reviews the various data pre-processing techniques from a big data point of view. 2019, Springer Nature Switzerland AG. -
Message framing and COVID-19 vaccine acceptance among millennials in South India
Vaccine hesitancy and refusal remain a major concern for healthcare professionals and policymakers. Hence, it is necessary to ascertain the underlying factors that promote or hinder the uptake of vaccines. Authorities and policy makers are experimenting with vaccine promotion messages to communities using loss and gain-framed messages. However, the effectiveness of message framing in influencing the intention to be vaccinated is unclear. Based on the Theory of Planned Behaviour (TPB), this study analysed the impact of individual attitude towards COVID-19 vaccination, direct and indirect social norms, perceived behavioural control and perceived threat towards South Indian millennials intention to get vaccinated. The study also assessed the effect of framing vaccine communication messages with gain and loss framing. Data was collected from 228 Millennials from South India during the COVID-19 pandemic from September to October 2021 and analysed using PLS path modelling and Necessary Condition Analysis (NCA). The findings reveal that attitudes towards vaccination, perceived threat and indirect social norms positively impact millennials intention to take up vaccines in both message frames. Further, independent sample t-test between the framing groups indicate that negative (loss framed message) leads to higher vaccination intention compared to positive (gain framed message). A loss-framed message is thus recommended for message framing to promote vaccine uptake among millennials. These findings provide useful information in understanding the impact of message framing on behavioural intentions, especially in the context of vaccine uptake intentions of Millennials in South India. Copyright: 2022 Prakash et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. -
Self-Induced Versus Structured Corporate Social Responsibility: The Indian Context
Adoption of Corporate Social Responsibility (CSR) ranks among the top priorities of the corporates in contemporary times. It is treated as a core business practice across the corporate globe. In the year 2013, the Ministry of Corporate Affairs, Government of India enacted mandatory CSR rules under the Companies Act, 2013 and imposed statutory obligations on the companies operating in India to implement CSR activities. With this, India became one of the first countries in the world to legislate minimum regulatory spends on CSR practices. This chapter aims to evaluate the response of this legislation since the introduction of mandatory CSR rules in India. It looks into the important trends in corporate social responsibility spending of companies in India and also maps the CSR expenditure with various Sustainable Development Goals (SDGs). This chapter forms a case for deliberation for policymakers, practitioners, scholars and business organization to understand the implications of mandatory CSR as well as how Indian companies have responded to this CSR rule. The findings also provide important insights for the other countries promulgating statutory approaches to implement CSR in their own countries. 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG. -
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Online Voting System Using Blockchain
One of the major areas in technical development is blockchain and bitcoin. These technologies have enabled many simulations in in-hostile applications that have major issues with security and integrity of data. To provide more relevance to the available cyberphysical systems in the dimension of security, the blockchain technology offers a major help. If the present scenario is considered, we have multiple day-to-day applications that have been simulated and require more security enhancement. For example, the E-voting systems are a trend and their security features have to be upgraded to authenticate both systems and processes. The present research paper focuses on the same application and aims to provide security upgradation by proposing a working model of e-voting systems. 2020, Springer Nature Singapore Pte Ltd. -
Pad Vending Machine with Cashless Payment
A vending machine aims to provide required product or the service to the customer with certain ease, wherein not much effort is required. This research work aims to design a pad vending machine with an option of payment using QR code which is implemented using blockchain to make the system much more efficient and reliable than the existing systems present in the Indian market. The system is divided into two parts, first being the working of the machine and second being the mode of payment which is implemented using a blockchain. It is noticed many times that due to unpredictable menstrual flow women tend to face a lot problems. To overcome this problem, a pad vending machine is proposed with certain advancements through which women can help themselves in the stated circumstances. 2021, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. -
Effect of Phonological and Phonetic Interventions on Proficiency in English Pronunciation and Oral Reading
The current research aimed to know the effect of phonological and phonetic interventions in enhancing proficiency in English pronunciation and oral reading among teacher trainees. This study was of single-group pretest and posttest intervention designs. The sample size was selected through a stratified random sampling technique from teacher training colleges in Bengaluru. Two hundred and seven teacher trainees with L1 proficiency were chosen proportionately from Bangalore strata and orientated. Participants (N = 32) enrolled voluntarily in the intervention program for 20 hr. Intervention modules on phonology and phonetics were developed by the researcher and a segmental approach was adopted to teach modules in 20 sessions. After every session, the participants were allowed to record the modules in Audacity, a multiaudio recorder application. The recorded modules were interpreted, and scores were determined on number of intelligible words pronounced by the participants. Further, it was validated by the experts to authenticate the determined scores. The researcher applied oscillographic and observation methods to analyze the participants' progress in pronunciation and oral reading proficiency levels during the experiment. The Wilcoxon signed-rank test was used to test the impact of intervention between the pretest and posttest (before and after intervention). The hypotheses testing revealed the difference between preintervention and postintervention scores in phonological and phonetic awareness and oral reading among teacher trainees, and the sig. value is less than 0.05 across all the attributes. This study insists that English phonology and phonetics must be a crucial part of the English language teaching (ELT) curriculum and highlights that teachers must be able to spot the most appropriate pronunciation teaching and train the students of English as a foreign language (EFL) with intricates of intelligible pronunciation. This study navigates the need for language proficiency among teacher trainees, especially in English pronunciation and oral reading, and substantiates the evidence that effective intervention and teachers' knowledge of pronunciation enhance proficiency levels in pronunciation and oral reading among teacher trainees. Finally, it hopes that B.Ed colleges and teacher educators will be beckoned to use technology-integrated intervention to teach phonology and phonetics. 2024 Diwakar Prahaladaiah and Kennedy Andrew Thomas.