1. Impact of domestic gold prices on Indian stock market indices with special reference to Global Financial Crisis – An Empirical study

P. Hemavathy, UGC JRF Doctoral Research Scholar;
S. Gurusamy, Professor and Head;
Department of Commerce, University of Madras, Chennai (Tamil Nadu)

Abstract:

The study investigates the impact of domestic gold price on Indian stock market indices during the Pre and Post Global financial crisis era for the period from April 1999 to March 2013 using appropriate descriptive statistics and econometric analysis such as Augmented Dickey Fuller Unit Root Test and Linear Regression model. The domestic gold price in India is perpetually escalating in corollary of its passionate domestic demand on account of liquidity, protection and spreader portfolio. Indian households vacillate to consider the capital market as a viable asset class for parking their savings. When the stock market dishevels or when the dollar aggravates, gold protracts to act as a safe haven investment. Households persistently and predominantly invest in their quintessential favorite “Gold”, which has the character of splendid at trouncing inflation. Rupee depreciation has caused gold prices in India to ascend appreciably and to hit high record. The study is based on secondary data obtained from World Gold Council database and NSE database. ADF Unit root test indicates that the selected time series are stationary at 1st difference. Linear Regression Methodology was employed to examine the impact of Domestic gold price on Indian Stock market indices during pre and post Global financial crisis era. More explicitly, the study concludes that the Global financial crisis has refocused investors’ attention to safe haven assets such as gold and the equity markets have experienced hectic inconsistency. Domestic gold price continues to rule high. Gold effortlessly crushes most other investment options especially in equities in the aftermath Global Financial crisis.Key Words: Gold Price, Stock market indices, Global Financial crisis, Augmented Dickey Fuller Unit Root Test, Linear Regression Model

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2. Integrated Marketing Communications Effect on Market Performance of Selected FMCG Companies in India

Sandeep Singh, Associate Professor, School of Management Sciences, Varanasi (UP) & Doctoral Scholar, University Institute of Management, Rani Durgawati Vishwa Vidyalaya, Jabalpur (MP)

Abstract:

FMCG companies spend substantial proportion of their expenditures on marketing communications to get the desired performance in the marketplace. In present times, organizations are fast realizing the importance of integrated marketing communications (IMC) where all the elements of marketing communications has to be used by them in an integrated way to create consistency and synergy in the messages send to the target audience. This paper analyses the level of IMC implementation in selected FMCG companies and its effect on the market performance. Companies selected for the study are HUL, Dabur, and Emami.

Keywords: Integrated Marketing Communications, FMCG, HUL, Dabur, Emami
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3. A Study on the Impact of Announcement of New Banking License Policy 2013 on the Share Prices of selected NBFCs

Sakshi Saxena, Assistant Professor, Banarsidas Chandiwala Institute of Professional Studies, Delhi
Nirmit Rana, MBA student, Delhi Institute of Advanced Studies, Delhi

Abstract:

Stock markets in the world individually and collectively play a critical role in the economies. The performance of the stock market is influenced by a number of factors the main ones among them being the activities of governments and the general performance of the economy. The Reserve Bank of India (RBI) on 22nd February 2013 released the final guidelines for licensing of banks in the private sector. This study analyses the performance of Non-Banking Financial Corporations before and after the announcement of final guidelines of New Banking License with the help of event study methodology. The results of this study shows that announcement of New Banking License does not have a significant impact on value of NBFCs.
Keywords: NBFC, New banking License, Stock Market, Efficient market hypothesis, Expected Return, Abnormal return, Event study, T-test
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4. An Empirical Evaluation of Agricultural Supply Chain in India: Special Reference to Public Distribution System (PDS) and Contract Farming

Sazzad Parwez, Research Scholar, Centre for Studies in Economics and Planning, School of Social Sciences, Central University of Gujarat, Gandhinagar (Gujarat)

Abstract:

This paper tries to explore concept of agriculture in its broadest sense form farm to fork is a sector that will benefit from enhanced modern research and development (R&D) input, information transfer & sharing, and improved marketing channels at local, national and international levels. Public distribution system which is an outdated system and its inefficiency in achieving the objective is not hidden. As there other forms of agricultural distribution system are visible such as contract farming but this model is also not devoid of exploitation of farmers. Development of horticultural sector should be accompanied by the growth of agro-processing industry. There is a need to improve post-harvest operations related to handling, storage and marketing of fresh and processed agri produce. This sector needs to be developed as an organized industry and has to be managed collectively by all the stakeholders with farmers as the entrepreneurs. This study is based on secondary data. There is wide research gap in this sector, having such potential and prospectus for overall growth there is not much research in this field. The paper concludes that efficient supply chain plays very important role for development and contemporary issue for agriculture therefore; government action must address the issue of infrastructure development to achieve the objective of food security for all.
Keywords: Contract farming, Public distribution system, Agri-supply chain, Agriculture, Infrastructure, Processing industry, Information and Communication Technology

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5. Employees Personality, Political skills & Impact on Job Satisfaction: A Literature Review & Synthesis

Akanksha Dubey, Doctoral Research Scholar;
Mrinalini Pandey, Assistant Professor;
Department of Management Studies, Indian School of Mines, Dhanbad (Jharkhand)

Abstract:

A satisfied workforce is an asset to any organization which can be used as a competitive advantage. In this research paper an attempt has been made to understand micro-political aspects of organizational politics focusing on interactional effects of individual’s personality and political skills which affects job satisfaction. While Personality of an individual consists of combination of characteristics and qualities that forms individuals characters, on the other hand Political skill is ability of the person to adjust his behavior in accordance with the situation in the way that he is able to influence others. Drawing the variables after extensive review of literature a conceptual model is made which tries to establish the relationship between different personalities, political skill and job satisfaction. In this research work it is evident that combined effects of personality and political skills leads to job satisfaction.

Keywords: Personality, Political skill, Job performance, Job satisfaction
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6. UNEARTHING THE EPIDEMIC OF NON-PERFORMING ASSETS: A STUDY OF PUBLIC AND PRIVATE SECTOR BANKS

Nancy Arora, Research Scholar, Department of Business Administration;
Nikita Ostwal, Research Scholar, Department of Economics;
Chowdhary Devi Lal University, Sirsa (Haryana)

Abstract:

Banking institution is an important segment of the tertiary sector and act as backbone of the economic development. The banking sector makes it possible to finance the agriculture, industries and commercial activities of the country. Currently Indian banking system is not in a good health. The symptoms of the diseases are raising Non-Performing assets (NPAs). At the macro level NPAs choked off the supply line of credit to the potential borrowers, thereby having a deleterious effect on the capital formation and also affect the efficiency, solvency and stability of Indian banking system. This paper deals with the concept of Non-performing assets and the present paper analyze the classification of loan assets of public and private sector banks and also analyze the comparison of loan assets of Public sector and private sector banks. The study concluded that NPAs still threat for the banks and public sector banks have higher level of NPAs as compare to Private sector banks.

Keywords: Non-Performing Assets, Assets classifications, Public sector banks, Private sector banks

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7. PRICING STRATEGIES IN SERVICES: ISSUES AND INSIGHTS

Sardar Gugloth, Associate Professor;
Murali L., Research Scholar;
Department of Management Studies, Sri Venkateswara University College of Commerce, Management and Computer Sciences, Tirupati (Andhra Pradesh)

Abstract:

Service sector has become a dominant sector in every economy around the world. The contribution of services to the overall development of the economy has become more in recent years not only in developed countries but also in developing countries. The contribution of services to Indian GDP has been more than fifty percent during previous decade. The expanding economy and markets opened the doors for many business houses to start their venture in service sector. Because of having unique characteristics, services are posing challenges to the marketers in formulating strategies. Apart from other marketing strategies, pricing strategies of services has very critical for the service organizations. Selecting the pricing strategy and assigning the price for the services become complex task to the firm. In today’s cut-throat competitive market, the pricing strategy of services will decide the firm’s future. The past research works revealed that the setting of price for service is influenced by firm’s internal and external information. Even though the some organizations depend on strategies like target price method, mark up pricing etc., but, most of the service firms did not purely rely on these methods. The service firms collect more external information, related to the market structure, competitors and customers, for pricing of the services. The purpose of the present paper is to review the previous research works, which were intended to explore the pricing objectives that service companies pursue along with the pricing information that they collect in order to price their services. The research studies revealed that the objectives and pricing information vary across the different service sector.

Key Words: Service, Pricing, Service Pricing.

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8. An Analytical study on ICICI and Bank of Rajasthan Merger

Deepa Chavan, Associate Professor, KG Mittal Institute of Management, Mumbai (Maharashtra)
Makarand Upadhyaya, Associate Professor in Marketing, College of Business Administration, Jazan University, Jazan (Saudi Arabia)

Abstract:

Mergers and acquisitions is a team of skilled, talented, and experienced industry professionals which revolutionizes corporate strategies and set new benchmarks in the business world. The primary objective of an organization towards M &A’s is to create a niche of core competencies and improve transform the organizational culture to a better and improved form. It helps in design and develops systems in accordance to the changing face of business across all industrial sectors. An organization aims in Mergers and acquisitions are committed to extend the relationship with clients beyond the professional horizons to provide them high level of satisfaction and assurance. Merger deals are grouped into 3 categories viz, Voluntary Merger, Compulsory Merger and Universal Banking Model which is based on the motives. The ICICI Bank Merger with Bank of Rajasthan is the seventh voluntary merger and the latest in India after the merger of HDFC Bank – Centurion Bank of Punjab in the year 2008, compared with other voluntary mergers. This deal also has background of the merger including various regulatory interventions of authorities like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Foreign Investment Promotion Board (FIPB). Because of poor corporate governance of the target bank and cancellation of Extra Ordinary General Meeting (EGM) by the Calcutta District Civil Court this deal also got lots of attention. In this case, an attempt has been made to analyze the probable impact of strategic tools and features of the banks on pre and post merger performance.Key Words: Bank, Merger, ICICI, Bank of Rajasthan, Growth.

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9. DAY OF THE WEEK RETURNS EFFICIENCY OF THE BSE SENSEX

A. Shanker Prakash, Assistant Professor;
Sonali Madan, PGDM student;
School of Management Sciences, Varanasi (Uttar Pradesh)

Abstract:

According to economic laws, fluctuation in the stock market is inevitable, but it should basically be in synch with the situation of the economy. An “Efficient Market” is defined as a market where there are large number of rational profit makers actively competing with each trying to predict future market values of individual securities, and where important current information is almost freely available to all the participants. The present study tries to explore the way of investors approaching in the market based on the objective of day of the week effect. This study shows that the results are found to be consistent, that the weekend effect is driven by Institutional investors trading pattern. The paper further instigates the study of day of the week effect in the trading pattern for the period of three years (2011-14). To arrive at conclusion we used autocorrelation test and variance ratio test. The results showed that there exists inefficiency in the day of the week return.Key Words: Efficient Market, day of the week effect, autocorrelation test and variance ratio test.

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10.Acceptability of stakeholders as a measure of CSR effectiveness: A Study of Coal Industry

Namarata Pathak, PhD, Independent consultant on CSR, Gurgaon (Haryana-NCR)
Preshita Neha Tudu, Research Scholar;
Pramod Pathak, Professor;
Department of Management Studies, Indian School of Mines, Dhanbad (Jharkhand)

Abstract:

TCSR has become an important attribute of business in the present times. With the Government and the civil society vehemently emphasizing the need for the companies to be socially responsible and the recent changes in the Companies law making CSR obligatory for certain classes of companies, companies are trying to be on the right side of the society. They are spending money also, they are proclaiming what they are spending but the kind of acceptability that they expect to get is still not coming. More so for the coal industry which is seen as a spoil sport to the environment? The present paper attempts to discuss the issue of acceptability in the eyes of the stake holders vis-a-vis the CSR efforts.Keywords: CSR effectiveness, corporate citizen, sustainable development, competitive advantage

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11.Organisational Culture – A root to prosperity

Palima Pandey, PGDM student, School of Management Sciences, Varanasi (UP)

Abstract:

“Organisational Culture” is an infinite term. It can’t be actually bounded in definitions. It lays the foundation of an organisation, builds and nurtures it, defines its purpose, sets its direction, prioritizes its tasks, guides its strategies, behaviour of its people and ultimately delivers its results. The performance of the organisations is a result of its cultural effect. This can also be seen inversely; i.e., performance can be used to measure the effectiveness of culture, moreover its features like its consistency, the average results can be used to analyse the type of the organisational culture, the problems underlying that culture and the hidden alternative solutions. Culture is being used as an ‘emotional tool’ to establish relationship with customers. Successful organisations adopts incremental cultural change as a part of their strategy, but, many times today’s dynamic environment demands sudden cultural change which organisations has to recognize and go to through the process very carefully. This process demands different variables to be analysed and their relationships with one another. The other way organisations are preferring cultural change is to utilize their own strength at a full pace by implementing any new business strategy, thus eliminating ‘Strategy Culture Congruence’. Many big organisations such as Hindustan Unilever,TVS Motors, Hewlett Packard, Infosys etc. have gone through cultural change as a part of their strategy and have fantastically used it to maintain their high performance and a positive organisational image in the society. Thus, organisational culture in this dynamic world is a magical weapon as its effect can be seen since from the vision of any organisation, to its direction, activities, strategies, behaviour, performance and ultimately its image. Every element of the organisation can be controlled by it; moreover, it is the unique weapon which can change itself also as a part of strategic requirements.Key words: Organizational culture, Performance, Strategic tool, Cultural Change

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12.Life Insurance Market: The Rural India connect

Aditya Kumar Gupta, Assistant Professor, School of Management Sciences, Varanasi (Uttar Pradesh)

Abstract:

Life insurance is bought lesser in India by rural population. General insurance is often bought because there are compulsions under the law or from the financiers asking for insurance as collateral security. In the case of life insurance, there is very little compulsion. The tendency is to defer the decision. The possibility of death is ignored by the rural people; however there is more possibility of such misfortune for people lives in rural areas. The rural people never believe that they can succumb to destiny and they think they will live a long and healthy life. The rural population in India is without life insurance cover and this part of the population is also subject to weak social security and pension systems with hardly any old age income security. It is an indicator that growth potential for the insurance sector is immense. Though the Government has taken steps to promote rural insurance, for nearly two decades this field has not made any head way. One of the priorities for forecasting expansion of rural insurance would be identifying of productive potential and specific insurance needs in areas not yet reached by insurer and enhancing cooperation between insurance and rural credit agencies or institutions. The buying behavior of rural consumer is influenced by the income levels and distributions and marketers efforts on promotional activities. The rural customers are risk avoider therefore insurance cannot apply the similar methodology that they apply to launch products in urban areas. The paper is an attempt to examine the current status of rural insurance penetration and to explore the reasons of poor performance of insurance companies in rural India. It covers the key aspects of tapping emerging insurance market in rural areas, and focuses remedies to overcome the challenges in this regard. It analyzes the current distribution models and provides future road map to increase rural share in insurance market. Based on the analysis, the paper tries to give a future forecast of the market that is intended as a rough guide to the direction in which the market is likely to move.Keywords: Rural Life Insurance, awareness and distribution channels, product customization

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