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Purpose: This paper aims to review, discuss and synthesize the literature focusing on the Indian initial public offering (IPO) market. Understanding the Indian IPO market can help answer broader corporate finance questions. The growing number of IPOs in the Indian context, coupled with the increasing importance of the Indian economy in the global market, makes this review an essential topic. Design/methodology/approach: The systematic literature review methodology was adopted to review 111 papers published between 2002 and 2021. The authors used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses approach during the review process. Additionally, the authors use a bibliometric review methodology to examine the pattern and trend of research in this area of interest. Furthermore, the authors conduct a critical review and synthesis of the top 20 papers based on citations. The authors also use a co-citation network and manual content analysis method to identify key research themes. Findings: This review helps in identifying major themes of research in this area of interest. The authors find that majority of the research has focused on IPO performance whereas post-IPO performance needs critical attention as well. The authors develop a comprehensive framework and future research agenda based on their discussion. Research limitations/implications: Meta-analysis of the literature can be conducted to gain better insights into the findings of prior studies. Practical implications: This review paper develops a comprehensive overview on Indian IPO market which can be of interest not only to Indian scholarship. India as an economy is increasingly gaining attention at the global level. Hence, the future research objectives as illustrated in the study can be of interest for the global scholarship also. Originality/value: To the best of the authors' knowledge, this is the first comprehensive review paper that examines, synthesizes and outlines the future research agenda on Indian IPO studies. This review can be useful for researchers, business policymakers, finance professionals and anyone else interested in the Indian IPO market. [ABSTRACT FROM AUTHOR]

Introduction Life cycle costing is an important management tool that takes into account the implications of planning, acquiring, operating, maintaining, and disposing of an asset during its complete life cycle. A major hindrance to the procurement of expensive equipment in developing countries is the lack of a reliable framework combining and integrating all the equipment life cycle aspects into procurement process. Methods The study was conducted from the data collected from the bids that were received for procurement of two robotic track-based central laboratories which were installed at All India Institute of Medical Sciences (AIIMS), New Delhi. The procurement was done as per the guidelines laid down under General Finance Rules (GFR) 2017 following the two bid systems: technical bid and price/commercial bid. Results A complete financial analysis of the robotic laboratory was done that involved gathering of all the pertinent financial information into one place and then using that data to analyze the feasibility of the bid. The life cycle costs of both the labs were calculated by assuming the life of equipment as 10 years and by factoring in cost of equipment including 5-year warranty, comprehensive maintenance from years 6 to 10, indicative cost of all reagents for 10 years, and indicative cost of all other consumables for 10 years. Conclusion Results showed that the cost of equipment alone should not be the sole predictor of making purchase decisions of equipment. Further research may additionally explore differences between processes being followed in government versus private organizations, as well as national guidelines and subnational practices. [ABSTRACT FROM AUTHOR]

Researchers widely agree on finance's vital role for tech startups, considering their diverse financial needs for growth and success. However, limited research investigates how financing impacts a tech startup's financial performance throughout its lifecycle. The existing literature lacks clarity on how various financial sources influence a tech startup's financial performance. This empirical study examines financing's impact on a tech startup's performance at a specific lifecycle stage, using primary and secondary data. Primary data, gathered through questionnaires and founder/CEO interviews with 93 tech startups in Bangalore, were analysed using Multiple Linear Regression and Boosting algorithms. The findings confirm the significance of financing at a given stage, but also reveal that the sources of financial infusion have varying effects. Given the importance of financing, the primary policy implication is to enhance the accessibility of financial sources for tech startups, particularly during their initial stages, fostering a robust startup ecosystem in India. [ABSTRACT FROM AUTHOR]

Financial inclusion (FI) means the assurance that all individuals, especially those who are marginalised, and businesses have easy and economical access to financial products and services. This includes financial services like accounts in financial institutions, facility for institutionalised credit, insurance, and other financial products that empower an individual to participate in the economy. The concept of FI has acquired greater relevance in the recent years, as access to financial services is considered as a major stimulant of economic growth and poverty reduction. Individuals who are unable to access financial services, may be excluded from the formal financial system, leaving them vulnerable to financial shocks. This article argues that since 2014, the Reserve Bank of India (RBI) and the Government of India (GoI) have formulated strategies to boost FI and explains how it helped India in surviving financial shock during the pandemic, one of the greatest crises the world has seen. It also concludes that more work is needed in this area, which is where policy makers should focus on. [ABSTRACT FROM AUTHOR]

This article examines the influence of political proximity and cash-holding behavior of Indian firms on firm value and operating performance. Using a robust data set of political donations and connections for listed Indian firms around three general elections in India from 2009 to 2019, we find that firms with political connections show higher performance than their nonconnected peers. We also observe that politically connected Indian firms with higher cash holdings achieve substantially better valuations over time. Our results are robust and consistent after controlling for various factors. The article coincides with the introduction of electoral bonds through an amendment in Finance Bill 2017, which formalized the corporate financing of political parties and will likely strengthen the corporate-political linkages via more substantial donations. Overall, the article introduces political proximity/connection as a new indirect factor influencing firm performance. [ABSTRACT FROM AUTHOR]

A distinct feature of the India's path of financial liberalization is that it led to the emergence of the corporate, non-financial sector, rather than the financial sector as the key wedge for the penetration of global finance. Neoliberal reforms eroded the traditional role of development banks and state-directed credit and empowered a section of large corporations and non-financial companies in India. The partial, calibrated path to capital account liberalization has meant that this section of the Indian non-financial corporate sector, rather than the commercial banking system came to be the conduit integrating the Indian economy with international financial markets. Where the Indian state had earlier harnessed finance towards developmental priorities, it shifted to channeling finance in service of the internationally embedded segment of the corporate sector that enjoys disproportionate access to both the domestic financial system and international financial markets. JEL Codes E44 G32, F65 [ABSTRACT FROM AUTHOR]

Stock split means division of the face value of the stock. Stocks are basically split to increase the supply of stocks in the market. Stock splits do not change the capital structure and capitalization but they only readjust them and thereby increase or decrease number of outstanding shares of the company. Stock splits are different from other corporate actions like buyback of shares, bonus issues and right issues. This research article concentrates on the concept of stock splits - a theoretical framework including guidelines for stock splits in India. The present research article does not employ any specific tool for organizing the existing literature on the stock splits. The research article concludes that the companies in India like the companies in advanced countries should split their stocks only when they are sure that their stock splits will ensure abnormal returns, increase in the volume of trading and signal the better prospectus for the company in the future. The companies in India should not frequently split their stocks to manipulate the share price and confuse the market. [ABSTRACT FROM AUTHOR]

Purpose: The COVID-19 pandemic has exposed the financial-economic vulnerability of the public and threatened the household financial stability, especially of the low-income group population, in developing economies such as India. The assessment of household financial vulnerability has gained considerable attention these days, especially in poor and developing countries. This article seeks to assess the level of household financial vulnerability in India, based on a household survey conducted across India. Design/methodology/approach: This paper has proposed a financial vulnerability index (FVI) based on three self-reported parameters: (1) making end meet, (2) perception of income shock and (3) perception of expenditure shock. Subsequently, the impact of various behavioural and socioeconomic factors on the proposed financial vulnerability index has been assessed using fractional probit regression. Findings: The research findings indicate that higher financial knowledge, better money management skills and lower impulsivity in financial behaviour can reduce financial vulnerability. It is suggested that suitable financial literacy programmes be implemented for vulnerable sections of society to enhance their financial knowledge, improve money management skills and manage impulsivity, thereby helping them make informed financial decisions leading to their financial well-being. Originality/value: To the best of the authors' knowledge, none of the past studies have developed and assessed the financial vulnerability index in India. This study provides relevant recommendations for various financial sector regulators and government institutions in India. [ABSTRACT FROM AUTHOR]

Indian software enterprises today have major positions in the global IT market as a result of India's transformation over the past 10 years into an IT powerhouse for foreign tech firms. India is currently the leading supplier of goods and services to the IT industry worldwide. E-commerce, cloud computing, and online purchasing are all fostering the IT sector's expansion. IT sector grown at a rate of 10 per cent in the year 2019-2020. According to a study by the trade group NASSCOM and the multinational consult- ing firm McKinsey, India's technology services sector has the potential to generate a revenue $300--350 billion annually by 2025 if it is able to take benefit from the quickly growing business prospects offered by emerging technologies such as cyber security, artificial intelligence (AI), and the cloud. Financial performance analysis is needed to find the answers to a variety of shareholder questions, including the firm's ability to service debt, its earning potential, the effectiveness of its management strategies, its financial strengths and weaknesses, its liquidity position, the level of operating and financial risk, and many more. In light of this scenario, the identified research attempts to analyze the financial perfor- mance of Tata Consultancy Services (TCS) from 2006 to 2021. [ABSTRACT FROM AUTHOR]

The current article studies the impact of overconfidence among finance managers on forecasted market returns in India. Overconfidence among finance managers is measured using a standardised questionnaire and data is collected from February, 2017 to October, 2018. Snowball sampling is used as the sampling technique to collect data from 200 finance managers. The secondary data for the study is collected from the Centre for Monitoring Indian Economy (CMIE) Prowess. Overconfidence among finance managers is modelled as per the methodology of Ben‐David, et al. (2013). After running a regression model to test whether overconfidence among finance managers results in more accurate forecasts of market returns, it is found that overconfident finance managers predict forecasted error with more accuracy and also predict narrow confidence intervals. Fama and MacBeth regression results present that finance managers are overconfident after their decisions of forecasted market returns are accurate. Overconfidence among managers is not due to the skill of managers but is present because overconfident managers are often miscalibrated. Key words: Behavioural corporate finance, bias of overconfidence, decision‐making, forecasted market returns. [ABSTRACT FROM AUTHOR]

In this paper, we examine the relationship between fertility and financial development using the National Family Health Survey (NFHS-4) data for the year 2015–2016. We examine the old-age security hypothesis to explain fertility rates amongst Indian women using bank access as a proxy for financial development. As far as we know this paper is the first to look at this relationship the case of India using a quantile count regression. We find that there is a differential effect of access to a bank account on fertility rates amongst Indian women. We find that access to bank accounts increase fertility for the lower conditional quantiles but decreases fertility at the higher conditional quantiles. This study also reiterates that fertility decreases with an increase in education, wealthindex, urbanization and labour participation of women. Financial access has a We also find that infant mortality and age increase fertility rates. The results have some important policy implications. [ABSTRACT FROM AUTHOR]

From the last few months, Bharat Petroleum Corporation Limited (BPCL), India's second largest oil company is in discussion. This central public sector enterprise is in the top of the disinvestment target list of the government. The Government of India hopes that the sale of BPCL will ease the disinvestment target a bit. Not only this, there is a possibility of less bottlenecks in the sale of this company. The government has set a target of Rs.1.75 lakh crore from disinvestment in the financial year 2021-22. disinvestment of a profit-making PSU like BPCL may result in loss of regular income of the government and there may be a possibility of 'asset striping' by the strategic partners as most of the PSUs have valuable assets in the form of plant and machinery, land and buildings. An efficient management of firm's operation is one of the criteria for its disinvestment. So, for taking disinvestment decision of a firm, analysis of its financial performance can possibly be a crucial aspect. So, in the present study an attempt has been made to analyse the financial performance of the BPCL during the post reform era during the period 2001-02 to 2020-21. [ABSTRACT FROM AUTHOR]

The market for corporate control offers a rich framework to study the interaction between investment and financing decisions. Do corporations have specific preferences for the means of financing acquisitions, such using cash or equity to pay the claims of the target firm's shareholders? This study builds a unique sample of 1041 corporate acquisitions over the period 2000–2018 in India, a major emerging economy with fast-growing capital markets. The study investigates separately corporate preferences for the means of payment and the financing sources for acquisitions, using multinomial logit and nested logit models. First, we find that different factors explain the payment and financing decisions. Second, the cash payment decision is best explained by the target's relative size, greater tender offers, cross-border deals, and cash reserves. Third, the findings are most aligned with pecking order theory and cost of capital considerations. [ABSTRACT FROM AUTHOR]

Today's sustainability definition for any organization worldwide incorporates an innovation parameter supported by human endeavors. The onus of mutual growth of individuals (the entrepreneur or the worker) and the organization lies in the perception about the human factor and its optimal utilization with a sense of social responsibility. Businesses get affected by the macro-environment, but it gets acclimatized quickly only due to human endeavors towards sustainability. The present case highlights a business group from the media industry in India -- the Dainik Bhaskar Group -- under the corporate banner of DB Corp Ltd., which is not only one of the largest players in the media segment but also is popular for a plethora of innovative practices to excel and survive in the market place. The Group is known for its aggressiveness -- be it the journalistic commandments or marketing practices or even the societal connect, perhaps that has made it sustain year-on-year with a much-needed consolidation of the financial base without losing the 'customer focus'. The group has expanded towards cross-media ownership and is also present in other industrial segments. Overall, the different verticals synergize to give a tall figure to the group in their segment, which can proactively sense the opportunities through its business radar. The case presents a basket comprising of its different products, the industry scenario, the media and marketing innovations it has undertaken over the years, the strategic financial decisions it has taken towards further consolidation and a four-year Annual Report Analysis to test its financial viability/sustainability in the competitive market space. It is now for the group to decide how to reinvent itself in managing the unrepresented areas. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the work strategies adopted by leading Indian IT companies post COVID-19 and their institutional and individual level implications. Following the exploratory sequential mixed-method approach, in the first phase, the data were collected from 8 leading IT companies in India to understand the work strategies implemented post COVID -19 to ensure employees’ safety without disrupting client deliverables. In the second phase, the primary qualitative interviews were conducted and selected IT companies' financial statements with a systematic analysis of financial indicators were used to gauge the impact of new work strategies. The study reveals the selected IT companies were embracing Work-From-Home or Work-From-Anywhere as their work strategies by ensuring little to no disruption, were armed with a host of technology tools that allowed employees' swathes to new work-norm within hours. The study findings manifold implications of the new work-norm are that it has no negative impact on the companies' client deliverables and profitability. The paper confirms that the remote-working approach has resulted in reduced carbon footprint, work-life balance, and de-urbanization while identifying the flip side of this approach as the negative impact on team cohesiveness and employee emotional wellbeing. This research confirms the critical lesson learned from COVID-19 is agile companies must plan for a range of incomprehensible contingencies to ensure business continuity and growth. The research findings contribute towards understanding the Indian IT sector experiences in adopting the remote-work strategies and taken as lessons that can be useful for other global IT sectors. [ABSTRACT FROM AUTHOR]

India's capital markets were liberalised 30 years ago, along with economic liberalisation. Did the opening up of the primary capital markets improve firms? access to capital? If it did, then is the access uniform across firms? If not, what have been the characteristics of firms that have benefitted disproportionately in terms of access to capital consequent upon liberalization of primary markets. As the primary capital markets mature in India, in terms of market characteristics and regulation, over the last three decades, how has it changed the access to capital for Indian businesses overtime. In particular, which are the sectors that have witnessed maximum primary issuances? We answer these questions using emperical evidence from companies that chose to go public in India in the last three decades. There is evidence of predominance of non-financial companies that go for an Initial Public Offering (IPO). Further, of the 152 industry groups analysed, there is a high degree of concentration of companies that went public. The top 3% of the industry groups (5 in number) accounted for 36% of all IPO firms. The top 6% and 9% (numbering 10 and 15 groups) accounted for 45% and 52% of all firms going public. In terms of type of issuances, Indian firms prefer to raise capital from the primary markets via private placements rather than public offerings. [ABSTRACT FROM AUTHOR]

This case study demonstrates how agency cost type 2 may lead to a conflict of interest between the promoters and the financial institutions. Proxy advisory firms further the cause of shareholder activism by addressing the dissonance so caused. They advise shareholders on the stance to be taken at the time of voting on important resolutions to be discussed in the General Body Meeting. This research case study explores how proxy advisory firms are playing an important role in promoting the cause of shareholder activism in the Indian context. It examines the role of a few Indian proxy advisory firms in foiling the attempt of Shriram Transport Finance Company (STFC) to re-appoint an independent director. Shareholder activism is relatively a less explored topic in academic research, especially in India. The authors, through this case study, wish to address this gap. The phenomenon studied in the case pertains to increased attention now being paid to reports of proxy advisory firms. Citing low attendance track record of a director in previous meeting, two Indian proxy advisory firms appealed to financial institutions to oppose the resolution to re-appoint him. Questioning his commitment and ability to devote time to the company affairs, they succeeded in thwarting the attempt of STFC to re-nominate Puneet Bhatia as director. The dilemma addressed in the case pertains to whether attendance in meeting can be a sole criterion for removing an independent director from the board. Secondary research among leading business publications unearthed major developments that have been captured in the case study. The case contributes to increasing the awareness of growing role of proxy advisory firms in India through a real example. [ABSTRACT FROM AUTHOR]

In the context of promotion of financial inclusion in India, Payments Banks (PBs) have a key role to play as they accept small deposits from the poor and offer them low value remittance services. The unique feature of PBs is the size of remittances performed through technology platform being too large and value of each transaction being too small. Consequently, risk in remittance services is high and increasing. Therefore, Reserve Bank of India (RBI) imposed regulatory compliance norms on the part of PBs, which include minimum capital, Capital Adequacy Ratio (CAR), deployment of deposits in government securities, Cash Reserve Ratio (CRR) and best management practices. These are expected to ensure the financial soundness of PBs, strengthen safety in remittance services and protect the interests of small customers at large. Though the number of PBs is just six at present, considering the emerging business potential, a few more PBs are expected to come up. But from the study of financial analysis of PBs, it is observed that they face numerous issues which need to be addressed. Towards this end, the paper offers suggestions, besides discussing the origin, regulatory aspects, activity profile and performance review of PBs. [ABSTRACT FROM AUTHOR]

The Indian pharmaceutical industry currently tops India’s science-based industries with wide-ranging capabilities in the complex field of drug manufacture and technology. The pharmaceutical industry in India is the world’s third-largest in terms of volume and stands 14th in terms of value. India’s pharmaceutical market grew at 11.7 percent during December 2018. The Indian pharmaceutical industry is expected to grow at a rate of 9.9 percent till 2010 and after that 13.5 percent till 2019. The presentation of the organization can be estimated by its monetary adequacy, i.e., by its size of income Riskiness and productivity are two fundamental variables that mutually direct the estimation of the worry. The drug business in India meets around 70% of the nation's interest in mass medications, drug intermediates, drug definitions, synthetics, tablets, cases, orals, and injectables. There has been a huge conversation about a definitive target of the organization's exhibition, regardless of whether it should be a benefit boost or it should be abundance amplification. It is seen that while seeing the organization's exhibition, the benefit and abundance boost are connected and are influenced by each other. This examination pointed toward inspecting the monetary exhibition of chose value supplies of the Indian drug industry for the investigation time of a long time from 2009 to 2019. The Indian drug market is required to contact US$ 74 billion deals by 2020 from US$ 11 billion. [ABSTRACT FROM AUTHOR]

Small and Medium-sized Enterprises (SMEs) play a very significant role in boosting sustainable economic growth and development of any country. The present study examines various firm-specific determinants that have an impact on the financing choice of the listed Indian SMEs. It also studied the financing practices of the listed SMEs in India and tried to find out if their financing pattern follows the established theories of Corporate Finance. The study selected 113 SMEs listed on the NSE Emerge Exchange for the period between 2014 and 2018. To examine the problem, empirical analysis is done with the help of panel data regression. The study finds that for meeting financial requirements of listed SMEs, they prefer current liabilities first, then total reserves, thereafter short-term borrowings and lastly the long-term borrowings. Among the independent variables chosen based on an extensive literature survey, most of them are statistically significant but are depicting lower explanatory power. Hence, it leads to the possibility of some other firm-specific factors or macroeconomic factors being more relevant in deciding the listed firm's financing choices. The study concludes that no single theory like Pecking Order Theory (POT) or Trade-Off Theory (TOT) can explain the financing behaviour of listed SMEs completely. It contributes to the extant literature on listed SMEs by attempting to examine the impact of listing on the financing patterns of the SMEs. [ABSTRACT FROM AUTHOR]

This paper aims at ascertaining the determinants of financial performance for construction industry. We use the financial data of one hundred thirty-two construction industry companies which are listed in the Indian stock exchanges. The result of the data shows that logarithm of PBIT by total assets, working capital to total assets, total assets turnover ratio, current assets turnover ratio and current ratio as independent variables emerge as determinants of the financial performance of construction industry of the study. Further studies can be undertaken for company wise analysis in construction industry and infrastructure companies in India. [ABSTRACT FROM AUTHOR]

Financial literacy and economic growth are the two sides of the same coin and this is very important for the people of a country to be financially literate to participate in the growth of the country. It is not so that only tax payers of the country are the sole basis of the development of the country, in order to observe an overall growth people from all the dimensions and fields participate equally in the same. In the lieu of the same present research is based on the financial literacy of the women in various districts of Himachal Pradesh. It has been observed from various reports and researches that the women in the rural areas are the earning members of the family but their efforts are being not really recognized, this is because of the male dominated society. But against all odds the rural women are notifying their active participation in the development of the society and financial literacy is the important aspect of the same. This study is based on the analysis of financial literacy of the women in rural areas of Himachal Pradesh. This present study is based on primary data and 100 women are taken as the sample of the study and all the relevant dimensions are being evaluated. Statistical analysis is done by SPSS and presented in the graphical and tabular form. [ABSTRACT FROM AUTHOR]

This paper aims to study various fraud occurrences in India and China and their outcomes on the general public. Financial transactions have become easy since the invention of internet, but some miscreants called fraudsters are using it for unlawful activities which causes huge financial losses worldwide every year. The results of this research can be used by financial organizations around the world for customer's awareness and education and also in making better policies for protecting the citizens and bank from financial frauds in respect of financial activities, geographical location and its usage. In both the countries used to conduct research the quotative data is being used to test the fraud occurrence model. The results from this research helps us in understanding different behaviors of customers regarding online transactions and frauds associated with them. It was noted that in China, the satisfaction level of customers was relatively less and service quality was not up to the expected mark in the majority of situations. After conducting this research, the study suggests that a number of areas for improvement in the near future, especially related to fraud detection. If we can research the problems from the financial institution side rather than the consumer's side we can come up with better solutions to frauds as these institutions deal with fraud on a regular basis. The aim of the paper is to create a precise and statistical occurring globally and understanding of various frauds by using three approaches (geographical factors, IT usage and financial activities). [ABSTRACT FROM AUTHOR]

The capital structure of any firm is at the center of the corporate finance decisions. The corporate firms are attempting to achieve trade-off between the risk and return with various sources of finances raised in different proportions. The capital structure of the firm is influenced by firm level determinants as well as country level macroeconomic variables. The present study is to explore the determinants of capital structure of the listed construction and infrastructure companies in Indian stock exchange. Hierarchical regression modelling is used to decompose the leverage ratio of the sample firms with three levels of independent variables. In the first level, macroeconomic variables such as GDP growth rate, stock market development, inflation and prime lending rate are considered. Next, the firm level determinants of capital structure which are bifurcated into two categories as income statement based variables and balance sheet based variables. The regression model is able to predict ~37 per cent change in the leverage with seven statistically significant variables. The findings of the paper are an extension of knowledge to understand the determinants of capital structure of construction and infrastructure sector operating in India. [ABSTRACT FROM AUTHOR]

The macroeconomic policies of a nation have a major bearing on the financial performance of the companies and their potential sustainability and growth. This study investigates the impact of monetary policy on the corporate leverage adjustment through microscopic monetary policy transmission channels, mainly the interest rate and credit channels, using a sample of 422 manufacturing firms in India from 2011 to 2017 by employing partial adjustment model. The findings suggest that contractionary monetary policy cuts down overall corporate debt. The study further asserts that corporate debt in Indian firms demonstrates target behaviour and the speed at which firms adjust their actual debt ratios towards target debt ratios is a function of not only firm-specific characteristics but also macroeconomic conditions prevailing in the country, proxied by monetary policy indicators in our study. The study has critical policy implications as the balance sheet situation of corporates is a crucial factor in the financial stability of the economy. [ABSTRACT FROM AUTHOR]

India is a country where millions of people still retain traditional skills and expertise for handicraft production. Indian handicrafts are a highly labour-intensive, cottage-based, and decentralised business. This industry provides the second-highest level of employment after agriculture, employing approximately six million craftspeople, including the whole population of the poorer portion of society, including women. This industry is equally critical to the economy, and it spans the country, from rural to metropolitan locations. The sector faces financial difficulties, including difficulty obtaining an adequate loan from financial agencies, accessing loans only at a high-interest rate, reliance on informal money lenders due to the inadequacy of formal financial institutions' loans, inability of businesses to expand due to high-interest rates, and a lack of knowledge regarding accounting procedures and maintaining a set of records. This study paper identifies many financial difficulties faced by artisans engaged in producing handicrafts in Tamil Nadu. [ABSTRACT FROM AUTHOR]

Banking performance is assessed by implementing a regulatory banking supervision framework. CAMEL rating system is used to evaluate the overall performance of the banks and to determine their strengths and weaknesses. Small finance banks are a result of RBI's efforts to promote niche banking. These are the financial institutions which provide basic banking service of acceptance of deposits and lending. The aim behind these to provide financial inclusion to sections of the economy such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities which are not being served by other banks in unbanked and under-banked regions. Purpose: This paper attempts to apply the CAMEL rating on ten small finance banks in India. The overall financial performance of these banks has been assessed. Design and methodology: The study is based on secondary data based on annual reports of these small finance banks for the financial year 2019-20. Descriptive analysis was done through ranking in each of the parameters of CAMEL rating. The inferential analysis was done through ANOVA test and was further analysed through Post hoc test (Bonferroni method). Findings: The findings of the study are that there is a difference in financial performance of the small finance banks in India. The best performer and worst performer was also assessed. Practical implications: The study is relevant to understand the financial performance of the small finance banks in India. This research paper will provide a helping hand to the researchers for further studies in the small finance banks in India. [ABSTRACT FROM AUTHOR]

In the recent years, small-scale grid-connected photovoltaic (PV) plants got attention from institutions and organizations. In this series, a parking integrated grid-connected PV system has been installed in the university situated in the northern region of India. The plant consists of some partially shaded PV modules. In the literature, the shading effect has not been analyzed yet in the performance evaluation of the PV plant. In this study, performance evaluation has been carried out based on the International Electro-technical Commission 61724 standard considering shading effect. An adequate number of software are available for estimation of the plant, but among them PVsyst and PV*SOL software have the feature to observe shading effect on the plant by creating an actual three-dimensional environment of the plant in the software. Hence, the results of the actual plant have been compared with those obtained from these two software. In this study, technical and financial analysis has also been carried out. Through the performance evaluation, it has been found that the specific annual final energy production of the PV plant is 988.9 kWh/kW, the payback period of the plant is almost 17 years, and the annual loss of production due to shading effect has been evaluated as about 16%. From these results, it can be concluded that the plant is demonstrating considerably good performance even while facing shading in parking integrated grid-connected PV system and is technically/economically feasible for electricity generation in northern India without taking extra space. This study would be helpful in designing of small-scale PV plant in an institution or organization in the areas even where partial shading is also present. This study would also be helpful in the development of large-scale parking integrated grid-connected PV systems. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the paper is to examine the impact of macroeconomic variables on the capital structure of manufacturing companies in the Indian context. Design/methodology/approach: The paper employs panel regression technique (random effects model) on a sample of 1,029 listed Indian manufacturing companies divided into two categories – large-size companies and mid-size companies for the last ten years from FY 2008–09 to FY 2017–18. Two separate models pertaining to long-term leverage (TTL_TNW ratio) and total leverage (TOL_TNW) have been examined. Findings: Major findings show that macroeconomic variables play a relatively more important role in deciding the long-term debt component in the capital structure of the firms as compared to short-term loans. Similarly macroeconomic variables are found to be more significant in case of large-size companies as compared to mid-size companies. Also, there is a negative relationship between market capitalisation and leverage and bank credit and leverage, whereas money supply has a positive relationship with leverage. Research limitations/implications: The study makes an important contribution to the existing literature in understanding better how macroeconomic variables play an important role in determining the capital structure of firms. In the present dynamic economic environment, such a study lays down the macro areas on which the academicians, policymakers and financial managers can focus with respect to corporate financing decisions. The firm-specific factors have not been taken into account. Inclusion of these factors will make the results more robust. Originality/value: The study focusses on the impact of macroeconomic variables on the capital structure decision of the Indian firms. Several studies in this area have been done in the context of the developed countries. However, there are not many studies in the Indian context that examine the relationship between financing decision and macroeconomic variables. The results that have been derived in case of developed economies may not be extended in the Indian context as there are considerable differences across countries related to corporate and legal environment, taxation system, corporate governance laws, interest rate environments, banking system, sources of funds and so on. Therefore, it becomes important to focus on countries individually. [ABSTRACT FROM AUTHOR]

This study uses multiple regression models to research core determinants of the financial leverage or capital structure for Indian manufacturing firms. Specific conditional theories of capital structure such as trade-off theory, pecking order theory, stock market theory, bankruptcy theory, and agency theory are analyzed to develop testable hypotheses on determinants of manufacturing firms' capital structure. It was empirically found that the firm's size, age, asset tangibility, asset efficiency, profitability, Tobin's Q, business risk, and ownership structure are statistically significant or associated with the firm financial leverage or Core determinants of Indian capital structure of manufacturing sector. [ABSTRACT FROM AUTHOR]

Bundelkhand region of central India is characterized by erratic rainfall with high frequency of drought. The region has undulating topography, poor groundwater resources and shallow soils with low soil fertility, resulting in frequent crop failures. A study was undertaken to assess the potential of bamboo-based agroforestry system to enhance productivity and economic returns at the research farm of ICAR-Central Agroforestry Research Institute, Jhansi (Uttar Pradesh), India, which lies in the Bundelkhand region of central India. The 7-year study (2007–2015) recorded 2906 number of bamboo culms ha−1 at 10 m × 10 m spacing compared to 2409 culms under 12 m × 10 m spacing. Averaged over 3 years (5th, 6th and 7th year), bamboo culm yield from agroforestry (Dendrocalamus strictus + Sesamum indicum–Cicer arietinum)/(bamboo + sesame–chickpea) was higher by 3.20 and 4.96% over sole bamboo in 12 m × 10 m and 10 m × 10 m, respectively. The intercrop productivity started declining from 3rd year onwards, and the extent of reduction in productivity was to the tune of 26.1, 23.7, 24.2, 17.4 and 17.4% during the 3rd, 4th, 5th, 6th and 7th year, respectively. From 5th year onwards, the harvested bamboo culms contributed to the improvement in the system productivity and it was 29 and 236% higher than the sole crops and sole bamboo, respectively, during the 7th year. Financial analysis showed that bamboo-based agroforestry system (bamboo + sesame–chickpea) planted at 12 m × 10m spacing was having high land equivalent ratio (1.95–2.14) and was more profitable than arable cropping and sole bamboo. Therefore, the Dendrocalamus strictus-based agroforestry system can be a potential alternative to arable cropping in semi-arid tropics of central India to enhance productivity and economic returns. [ABSTRACT FROM AUTHOR]

Before COVID-19, there were businesses as common. During the COVID pandemic, India across the globe and strive to find a path to overcome it and minimize its impact on all over the business. The pharmaceutical market is disperse over 8 L pharmacies and Electronic set-ups. COVID-19 pandemic has reached a grime stage and has nervous the healthcare systems across the world. The global economy has suffered a great slow down resulted in falling stock markets, travel restrictions, shortage of supplies, quarantined human resources, etc. The deliveries of medicines through ecommerce were declared as essential services. This study aims to understand, does the COVID-19 pandemic brought boon or boost to the E Pharmacy or whether it has contributed to serving the nation in this pandemic crisis. The results indicate the Online Pharmacy is an attractive model in the development of the nation. E-pharmacy has palpable benefits to the consumers as well as the industry. Other than urban another part also have considered in the supply of medicine. It has proven the parallel supply chain Government supports the E-Pharmacy in the starting phase of COVID that made a favorable political environment to cater to the need of people with growth in the country. Traditional retail/chemist Pharmacy hast share a big pie of their market to e-Pharmacy. [ABSTRACT FROM AUTHOR]

The 2019–20 Union budget aims to signal that the economic gains from cleaning of the financial system are likely to be recognizable in the future. The non‐performing assets in commercial banks have dropped substantively in last year subsequent to unprecedented recoveries over the past 4 years due to Insolvency and Bankruptcy Code and other legal measures, provision coverage ratio is now at its highest in 7 years, and domestic credit growth has risen to 13.8%. The government has smoothly carried out the consolidation of public sector banks. However, the drop in banks' NPAs appears to be reflected by a liquidity squeeze and mirrored by mounting NPAs confronting the non‐banking finance company (NBFC). In addition, the problems are acute for the analyzed sub‐group of Housing Finance Corporations. While the government has announced its decision to streamline the regulatory processes within this sub‐sector, it has mandated the banks, the chief source of funds to mobilize capital for the NBFCs that appear vital to revive India's economic growth. The government has raised tax rates for the uber‐rich and import duties on a few articles such as Gold while offering tax credits on affordable housing and electric vehicles. It has attempted to improve the microstructure of the capital markets, mitigate inefficiencies in the pension space and enhance market penetration of insurance and incentivize foreign investment through budgetary proposals. This article offers a critical commentary on the proposed policy actions. [ABSTRACT FROM AUTHOR]

In the last decade, a new revolution has taken place in the field of computer sciences that has been named as Information Technology Revolution. The revolution has had a great impact on the whole world, especially on India, which is now considered as a destination hub for IT services. With the birth of information technology revolution, a need for software development was felt across world. The sudden increase in demand for software services resulted in the birth of some strong Indian companies like TCS, Infosys, Wipro etc. It is an established fact that India has become a super power in the fields of IT & ITES. The IT companies are playing a major role in providing services to the government and for providing employment as well. Foreign exchange reserves have also increased. Under such a scenario, this paper is an attempt to analyze the financial performance of India's most renowned company in the IT sector--Tata Consultancy Services (TCS). TCS is a world-class company that has marked its presence on the global platform and is recognized as the world's 3rd best IT service provider company. Since its foundation 50 years ago, TCS has received many accolades and has provided seamless opportunities for development in the sector, assisting other sectors, enhancing optimum utilization of resources--physical and human, investors etc. Trend analysis, DuPont analysis and Altman B Model have been used to enumerate the financial performance of the company during the last 5 years. The results indicate a positive trend in its revenue, net profit earnings etc of the company. The company is growing positively with great swiftness. [ABSTRACT FROM AUTHOR]

In prior literature it was conjectured that the Indian stock market responses on domestic macroeconomic surprises are expected to be significantly influenced by global surprises. In this paper we empirically established that hypothesis. We used both the Event Analysis and VAR model. We found that global surprises consistently dominate Indian stock market and the influence of domestic macroeconomic surprises on it is relatively less. The understanding of stock market dynamics against domestic macroeconomic surprises and global factors can provide assistance to the policy makers for augmenting policy effectiveness and the corporate finance professionals for enhancing decision making. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to measure the financial inclusion dimensions from the perspective of beneficiaries (demand-side).This research additionally attempts to assess the impact of financial inclusion on socio-economic status of primitive tribal groups (PTGs) in India. Design/methodology/approach: Using an exploratory factor analysis, the financial inclusion dimensions are identified for a sample of 520 families belonging to PTGs in India. In the next step, reliability and validity test were used to establish the financial inclusion dimensions and socio-economic status factors through confirmatory factor analysis using analysis of moment structures. Finally, structural equation modeling (SEM) had been applied for testing the hypothetical relationships. Findings: The study documented five-dimensions of measuring financial inclusion from demand side perspective. The dimensions are as follows: physical proximity, availability, ease of access, affordability and usage. It was found that these factors represent the various dimensions of financial inclusion, which has a significant impact on socio-economic status of the beneficiaries. Research limitations/implications: The research results focus on dimensions of financial inclusion, which have an impact on the socio-economic status among the most PTGs in India. The research offers ideas to policymakers to outline strategies to enhance the access to and usage of financial services. Originality/value: The present research is one of the first few studies that present the demand-side perspective to assess the financial inclusion dimensions of the "financially most excluded" groups – PTGs in India using a SEM approach. [ABSTRACT FROM AUTHOR]

For smooth functioning of key business activities, sufficient amount of cash is needed to meet an obligation when it becomes due or to meet an unanticipated expense. In India, cash flow is prepared as per the guidelines of Ind AS 7 - Statement of Cash Flows. The main objective of this standard is to provide information about the "historical changes in cash and cash equivalents" through the statement of cash flows. The financial analysis of different entities largely depends on accounting ratios, particularly in the areas of return on assets and sales to income. But, it is interesting to note that Ind AS 7 does not suggest any such set of ratios at all. Though cash flow statement can be treated as an integral part of financial statement, it is hardly found that authors of accounting have developed any set of cash flow ratios in order to evaluate the performance of a business. This paper attempts to use a set of cash flow ratios suggested by some renowned authors. The primary objective of this paper is to find out the usefulness of the ratios relating to cash flow statement in today's business scenario. The paper discusses about the use of cash flow statement for the purpose of determining liquidity and flexibility of financial activities. It also has a significant role to play in the area of adoption of investment or credit decisions by the investors or creditors and it is equally applicable in the area of taking financial decisions by the corporate managers. [ABSTRACT FROM AUTHOR]

This study analyzes the sensitivity of a series of Indian stock indices for the astonishing component of monetary and macroeconomic policy with the data set from 1 April 2004 to 31 July 2016. The immediate impact is assessed with event analysis, and the dynamic effect is analyzed with the Vector Autoregression (VAR) model. The result of the event analysis indicates that the monetary policy surprise significantly affects the stock market and is more prominent than that of other macroeconomic surprises. Unlike the event study, the VAR analysis found that the other macroeconomic surprise also affects stock return. The study also highlights the industry effect and size effect, which is coherent with the predictions of the CAPM (Capital Asset Pricing Model) model. While many studies have been conducted on the monetary policy surprise in the developed economy, there are relatively few studies on macroeconomic surprises. Some studies conducted in India have analyzed the impact of monetary policy surprises on stock price; however, to the best of our knowledge, none of the studies has examined the simultaneous effect of both macroeconomic and monetary policy surprise. The study is relevant because the responses differ across sectors and vary with firm sizes. Thus, the study can effectively be used as a hedging instrument. Furthermore, the stock market acts as a vital channel for policy transmission and a critical decision driver for corporate finance. The understanding of firm and stock market dynamics against macroeconomic surprises can help policymakers in enhancing policy effectiveness and corporate finance professionals in improving decision-making. [ABSTRACT FROM AUTHOR]

The article provides context to findings published by L.V.L.N. Sarma and K.S. Hanumana Rao (S&R) in a September, 1969 "Journal of Finance" article entitled "Leverage and the Value of the Firm." In that article S&R concluded that the Modigliani-Miller proposition concerning the impact of leverage on firm value did not hold for a sample of Indian firms they studied. The authors of the current paper discuss findings of a comparative study that included firms in both the U.S. and India. Their results support S&R's view concerning firms in India, but indicate that view cannot be generalized to U.S. firms.

In an attempt to assess financial literacy in the state of West Bengal, using the OECD questionnaire upon 600 respondents from eight selected districts, it has been found that the average financial literacy of the state is better than the all India average. Male financial literacy as well as inclusiveness is also higher than female. But, urban financial inclusion is not significantly higher than the rural areas anymore, however urban financial literacy is found to be significantly more than the rural. Higher education and income level could significantly affect financial literacy. However, work situation could affect financial inclusion only. Financial literacy along with education level, work situation and income band could have significant impact towards financial inclusiveness and choosing relatively riskier investments. [ABSTRACT FROM AUTHOR]

Firms in a business group share ownership structures, allowing them access to sources of intragroup financing not available to independent firms. Resources could be transferred within a group either through intragroup transactions, primarily operational activities (internal transfers), or through dividends permitting insiders to make investments in other group firms (external transfers). The first strategy predicts lower dividends, and the second predicts the reverse. Using a large data set of listed Indian firms, we look at the costs of internal transfers versus external transfers and find that dividend policies of group firms are better explained by the external transfer hypothesis. [ABSTRACT FROM AUTHOR]