Pacific B usiness R eview I nternational

A Refereed Monthly International Journal of Management Indexed With THOMSON REUTERS(ESCI)
ISSN: 0974-438X
Imapct factor (SJIF): 6.56
Editorial Board

Prof. B. P. Sharma
(Editor in Chief)

Prof. Mahima Birla
(Additional Editor in Chief)

Dr. Khushbu Agarwal
(Editor)

Ms. Asha Galundia
(Circulation Manager)

Editorial Team

Dr. Devendra Shrimali

Dr. Dharmesh Motwani

Mr. Ramesh Modi

A Refereed Monthly International Journal of Management
August 2017

Name : Index
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Name : The Relationship between Spot and Future Markets in India: Evidence from BSE Sensex and S&P CNX Nifty
Author : Dr. N. S. Pandey, D. Ezhil Vembu, Dr. Meenu Pandey
Abstract :
This paper makes an attempt to find out the causal relationship between spot and future market of Indian Stock Exchanges. Indian Derivatives market gives significant development of Indian Capital markets. The study is based on secondary data. The period of study covers for six years i.e. from January 2010 to December 2015. Unit root test, Johansen Co-integration test, Granger Causality test and graphical analysis have been used for this study. And the study found that there is an existence of co integration between spot and future market and the price movement of spot and future are similar. Further the study has identified that there is causality between of BSE sensex and S&P CNX nifty spot and future market. Keywords: Spot, Future, Unit Root Test, Johansen Co-integration, Granger Causality.
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Name : Stochastic Dominance Efficiency due to Options in the Portfolio
Authorhor : Dr. Peeyush Bangur, Dr. Manish Kant Arya, Ruchi Maheshwari
Abstract :
In this paper we investigated the performance of different option strategies with help of mean variance criterion, capital asset pricing model and stochastic dominance models. The strategies we have used were necked strategy (pure stock strategy), writing out of the money covered call and buying in the money protective put. For this purpose we have chosen the 10 companies which were listed on the nifty (index of national stock exchange) during the data period. The data period starts from 1st April 2010 to 31st March 2014. Our results from MV criterion shows that due to presence of leverage effect and excessive gain the mean return was increased after the introduction of ITM protective put and OTM covered call and concluded that these strategies dominate one another by MV criterion. Further we have applied the systematic risk coefficient, Sharpe ratio, and Treynor and Jensen indices for the measurement of results through the CAPM and concluded that, ITM protective put was superior to OTM covered call and necked strategy. While both hedge strategy were superior to pure stock strategy. In the end we analysed the dominancy performance of the strategies over the other and found that ITM protective put and covered call dominates the pure stock strategy in the first stochastic dominance at 1% level of significance. Also our results confirms that by adding options especially in the money protective put improve the wealth of investor, as efficiency can be improved by the adding put to portfolio. Keywords: Covered call option, protective put option, , meanvariance approach, Capital asset pricing model, stochastic dominance test. JEL Code: G11
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Name : Public - Private Project Finance in Kazakhstan's Business
Author : Dana A. Eshimova, Azamat R. Oinarov
Abstract :
The paper examines the key mechanisms of the public-private project financing. On the example of Kazakhstan, a Central Asian country, the paper reflected the empirical evidences of how project finance could adapt to the conditions of a developing country. The study developed the model of public-private project financing. The paper recommended that each such public-private project financing model should adapt to specific multiple stakeholder interests. The outcomes of the study may be useful for potential investors in developing countries as well as broad end users. Keywords: Public-private Sector Project Finance, Corporate Finance, Investor Confidence, Risk Allocation, Management.
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Name : Expatriates' Cultural Intelligence and Work Outcomes in China
Author : Barbara Diemer
Abstract :
Purpose – International assignment failures cost an organization roughly 3 to 4 times an expatriate's annual salary with the most expatriate failures cited for work assignments in China. Previous scholarly research identified cultural intelligence (CQ) as being influential to expatriate work outcomes. The purpose of this study was to examine the relationships among a subset of Cultural Intelligence (CQ) predictor variables and work outcome related dependent variables. Design/methodology/approach – Correlation and regression analysis were performed to determine whether a relationship exists between sub-dimensions of CQ including (a) cognitive CQ, (b) metacognitive CQ, (c) motivational CQ, and (d) behavioral CQ and the expatriate work outcomes of (a) work adjustment, (b) work performance, (c) work effectiveness, and (d) job satisfaction. The study included selfreported measurements collected via online surveys from 253 expatriates with work experience in China. Findings – Pearson correlation test results and multiple linear regression analysis indicated significant predictive relationships between CQ and work adjustment, CQ and work effectiveness, CQ and work performance, and CQ and job satisfaction. Specifically, the motivational CQ variable had a statistically significant predictive power for work adjustment, work effectiveness, work performance, and job satisfaction. These findings suggest that the CQ construct may help to assess one aspect of expatriate assignment readiness. Research limitations/implications - A significant limitation of the study was the self-report nature of the survey. Common method variance could occur because of self-reporting of the study variables. The participants might provide more positive and proactive types of responses than what occurred in their lived experience. Another limitation of the study is that survey participants received notification of availability of the survey through expatriate related LinkedIn groups. Using snowball-sampling techniques, survey participants forwarded the survey link to other expatriates. This sampling method is not random and therefore could introduce some bias to the study results. Practical Implications – The implications of this study include the utilization of CQ in better identification, selection, and training of employees for international assignments; improvement of expatriate work outcomes; reduction of expatriate turnover; and reduction of expatriate assignment costs. Barbara Diemer 421 Wyndon Road Ambler, PA 19002 www.pbr.co.in 37 Pacific Business Review International Social implications - The social change benefits encompass the improvement of intercultural communications and relationship building competencies of business professionals. Positive communication and newly established relationships with international partners and expatriates may lead to increased levels of foreign direct investment (FDI) in emerging economies and domestically in the United States. The inflows of FDI can potentially fuel increased economic prosperity and employment opportunities in emerging economies. The increase in business opportunities in Brazil, Russia, China, and India (the BRICs) led to emerging middle classes in previously poor communities. The increase of middle classes in emerging countries can lead to greater economic prosperity globally. Originality/value – Quantitative analysis regarding the relationship between CQ and work outcomes for expatriates working in China does not currently exist in the scholarly research. Keywords – Expatriate, Cultural Intelligence (CQ), Work adjustment, Work performance, Work effectiveness, Job satisfaction Paper type – Research paper
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Name : Attractiveness of Celebrity Endorsed Advertisements, Brand Acceptance, Brand Recall and Buying Behavior: An Empirical Study
Author : Dr. Manish Mittal
Abstract :
Celebrity endorsements are the advertisements in which any individual who enjoys public recognition uses this recognition on behalf of a consumer good by appearing in it. Celebrities like movie actors, sports persons, television stars are widely used by marketers in advertisements to influence brand choice behavior of consumers. They have demographic and psychological connect with the target audience and hence are often employed by advertisers to lend their personality to a product or brand The study investigates whether celebrity endorsements make such advertisements more appealing to the consumers and whether they have positive influence on brand choice & buying behavior. It is based on primary data collected with the help of a self administered, structured closed ended questionnaire from residents of Indore city in central India during November –December, 2016. The data analysis tools included frequency analysis, Descriptive analysis and one sample test of means (t test) and correlation (Pearson's) analysis. Linear Regression analysis was employed to measure the relationship between advertisement attractiveness, brand acceptance & recall and consumer's buying behavior. The analysis of data was carried out using Statistical Package for the Social Sciences (SPSS) 20.0 for Windows. The results of the study provides evidences that the consumers find celebrity endorsed advertisements as attractive, attention grabbing, effective and have positive influence on brand acceptance & recall. Celebrity endorsements were not found to have a positive influence on buying behavior of the consumers. The present study also indicates that consumers do not find celebrity endorsed advertisements to be believable and trustworthy and they are skeptical about the information provided in them. These findings suggest that there is a need of rethinking on the part of advertisers in the way the celebrities are used and projected in the advertisements to elicit favorable purchase intention responses. Keywords: Celebrity Endorsement, Advertisement, Brand Acceptance, Brand Recall, Buying Behavior.
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Name : The Impact of Demonetization on frequency of using Internet Banking Services with reference to selected cities of Gujarat
Author : Ms. Nita Meghani, Dr. Anjali Gokhru
Abstract :
India has demonetized before: First time on 12th Jan 1946 (Saturday), second time on 16th Jan 1978 (Monday), Third time on 8th November 2016 (Tuesday). Globally, information technology has brought about far-reaching changes in banking industry. With cash transactions facing a reduction, alternative forms of payment have been seen a surge in demand. Digital transaction systems, e wallets and apps, online transactions using e-banking, usage of Plastic money (Debit and Credit Cards), etc. are definitely having substantial increases in demand during demonetization. This should eventually lead to strengthening of such systems and the infrastructures required. The objective of the present paper is to examine and analyze the progress made by Internet Banking in Gujarat during Demonetization. Keywords: Demonetization, Internet Banking, Internet Banking Services, Benefits, Semantics etc.
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Name : Ambidextrous Supply Chain: The New Model for Supply Chain Excellence
Author : Mohd. Mehdi, Salma Ahmed
Abstract :
In this world of ever growing competition, organizations are focusing on excellence in every aspect of their operation to gain competitive advantage. The success of organizations largely depends on their supply chains. This has given rise to competition among supply chains. Many supply chains focus on exploiting the available resources which brings the problem of obsolescence and scarcity of resources to them. Whereas many other supply chains focus on exploration only and hence they fall into the failure trap because of not being able to garner the benefits of even a single idea or exploration. Hence supply chains need to have a balance of both exploitation and exploration. It should exploit the existing resources while continue to explore the new opportunities and ideas. And hence become an Ambidextrous Supply Chain. The purpose of this study is to rank the enablers of exploitation and exploration according to their relative impact on a supply chain. The supply chain managers can then focus on these enablers in order to orient their supply chains as an ambidextrous supply chain. Analytic Hierarchy Process (AHP) based approach has been applied to perform the pair-wise comparisons to measure the relative significance of enablers (criteria). Pair-wise comparisons of enablers of exploitation and exploration were performed by the experts from industry as well as academia. The results were synthesized by calculating the geometric mean of the matrices and finally deriving the priority and respective rank of each enabler of exploitation and exploration. The study concluded that support of top management, internal relations, information technology and information sharing are the major enablers of exploitation while transformational leaders, tailored approaches, customer relations, structure of the organization and technology are the major enablers of exploration which affect the supply chain of the organization. Keywords: Ambidextrous Supply Chain, Exploitation Enabler, Exploration Enabler, Analytic Hierarchy Process (AHP).
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Name : Problems and Grievance Handling System in DTH TV Services
Author : Ms. Kamalpreet Kaur, Dr. Amar Inder Singh
Abstract :
This study was done to study the contentment level of consumers regarding the consumer grievance redressal system of DTH TV Services and to investigate the problems faced by DTH TV users in Punjab. Convenience sampling was used to select the sample from urban and rural area of Punjab. Three districts from urban area and three districts from rural area were selected on the basis of the highest urban population and highest rural population respectively. The study was based on the primary and secondary data. The primary data was collected with the help of structured questionnaire. The collected data was analysed by using Frequency analysis, Percentage analysis and Garrett Ranking Techniques. The study found that in urban areas, most of the respondents were satisfied with the 24*7 accessibility of DTH service provider at call centre but they were dissatisfied because of the redressal which was not made within 24 hours. In rural areas also most of the respondents were satisfied with the 24*7 accessibility of DTH service provider at call centre but they were dissatisfied with toll free number provided to make call without any charges. The most significant problem faced by the DTH users was Signal problem. DTH companies should solve these problems and make the customer experience good at grievance handling system. Keywords: DTH TV, Problems, Grievance Handling, Signal Problems, Toll Free
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Name : An Overview of the Production Practices and Trade Mechanism of Saffron in Kashmir Valley (India): Issues and Challenges
Author : Dr. Akhter Ali, Prof. (Dr.) Iqbal Ahmad Hakim
Abstract :
Saffron is an important cash crop of Kashmir valley and the state offers India a credit of being one of the major saffron producing countries of the world, but since last few years the productivity and exports of this crop has virtually shown a declining trend. This research paper looks at available literature with respect to current practices followed in production and trade of saffron in Kashmir valley and highlights the flaws in these practices and stresses on the need for using modernized ways for increased production and productivity. It also highlights ample scope for maximizing the export of this crop provided the sincere efforts are made through organized way of marketing this product. Keywords: Saffron, Cash crop, Kashmir, Productivity, Exports, Decline, Organized marketing.
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Name : Social Sector Development in Punjab
Author : Dr. Vikram Chadha,Ishu Chadda
Abstract :
The development economists and policy makers are unanimous in their view that the development of social sector is most crucial for accelerated economic development with adequate emphasis on social justice. However, only increase in social sector expenditure will not be adequate. Policy makers should also focus on efficient allocation of resources to target the actual deprived sections of population, so that gains of increased expenditure can stream down to the lower mass of population. The thrust of development programmes aim to reach the needy sects of our society which require the utmost attention. The planners are conscious of the reality that unless the fruits of economic growth percolate down to the lowest runs of the society, real development and welfare is meaningless. The main concern is to improve national and individual welfare through multiple pathways including more productivity, more earning, improving health, enriching lives through empowerment and gives the better opportunities i.e. creating greater equity through opportunity. This paper observed the impact of various social sector development programmes on Punjab economy during the period of 2007 to 2016. The results evidently clarify that there is significant reduction in poverty in Punjab due to expenditure incurred on social services accompanied by the inclusive growth. Any improvement in these may bring about little growth but it is a vital component of development. Keywords: Social Sector, Punjab, Economic Development.
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Name : Financial Forecasting: An Empirical Study on Box –Jenkins Methodology with reference to the Indian Stock Market
Author : Mulukalapally Susruth
Abstract :
The purpose of this study is to apply the Box-Jenkins methodology to the Indian stock market and forecast the stock prices it is found that the post-sample forecasting the accuracy of ARIMA model is generally better than much simpler time series methods. The ARIMA model, also known as the Box-Jenkins model or methodology, is commonly used in analysis i.e., identification, estimation & diagnostic checking and forecasting. ARIMA Modelling have been done using data of daily closing prices of S&P BSE 500 Index and NIFTY 500 Index. This study would like to compare the application of three forecasting methods for predicting stock prices, the ARIMA time series method, Moving average method and Holt & Winters exponential method. ARIMA(0,1,1) and ARIMA(2,1,2) is considered as the best model based on the fact that it satisfies all the conditions for the Goodness of Fit. The developed stock price predictive model with the ARIMA indeed, the actual and predicted values of the developed stock price predictive model are slightly close. The empirical results obtained reveal the superiority of ARIMA model over simpler time series methods by using MAPE (Mean Absolute Percentage Error). Keywords: ARIMA model, Box-Jenkins, Time series forecasting, MAPE.
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Name : Effect of Demographics on Materialism: An Empirical Study
Author : Dr. Sapna Parashar, Dr. Sanjay Jain
Abstract :
Materialism can be defined as the extent to which individuals engage in managing their identity by acquiring or using the products. It is a set of centrally held beliefs about the prominence of possessions in one's life. The present research studies and measures the materialism and its sub components amongst the college students. The overall materialism score was found to be on lower side. However among the sub traits of materialism; mean score of possessiveness was highest followed by envy and non-generosity. The materialism and its sub traits were analyzed w.r.t. demographic variables; like gender, education and income and it was found that gender significantly impacts the materialism whereas income and education have no impact on materialism. Keywords: Materialism, Possessiveness, Envy, Non-Generosity, Consumer behavior
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Name : How does Board Attributes and Shareholding Pattern effect Firm's Financial Performance: Empirical Evidence from Consumer Goods Sector in India
Author : Dr. Seema Malik
Abstract :
Purpose – This paper examines the effect of corporate governance attributes on the financial performance of BSE (Bombay Stock Exchange) listed consumer goods (FMCG and durables) firms in India over the period 2004-2014. Design/methodology/approach – In order to draw the empirical results, corporate governance attributes like the shareholding pattern and Board Attributes are used as the key independent variables and three financial performance measures i.e. Return on Assets (ROA), Return on Equity (ROE), and Earnings per Share (EPS) are used as dependent variables. Panel data methodology is used to find out empirical results. Findings – The promoters' shareholding and Foreign Institutional Investors' shareholding was significantly and positively related to the performance. Board size and the percentage of directors having board interlocking were negatively and significantly related with financial performance. Practical implications – The study recommends that firms in consumer goods sector should increase the promoters' shareholding and foreign institutional shareholding as both of them has positive linkages with the firm's financial performance. Large size of board can face the problems of co-ordination, communication and decisionmaking. On the other hand, firms should reduce their board size and try to include those directors in the board who does not have board interlocking as board size and board interlocking has negative impact on the financial performance of the firms under study. The board interlocking impaired the firms' performance because of busy board not performing their monitoring task effectively. Keywords: India, Consumer Goods, Corporate Governance, Financial performance, Panel data Paper type: Research paper
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Name : An Empirical Analysis of Factors affecting the Loan Repayment Performance of Microfinance Institutions
Author : Kashif beg, Hajam Abid Bashir
Abstract :
Andhra Pradesh Microfinance Crisis 2010 triggered by accounts of suicides, rising debt stress among over-indebted clients of some of India's biggest microfinance institutions (MFIs): SKS Microfinance, Spandana, Share, and others. The Non-Performing Assets (NPAs) of Andhra MFIs were at an all-time high over 96 %. Thereby, smaller emerging MFIs shut down their business operations. This is a matter of concern for Microfinance sector and the causes of declining recovery rate to be analyzed. Therefore the important issue of rising Non- Performing Assets (NPAs) has been examined. The study used panel data over the period 2006 to 2013 withdrawn from MIX (Microfinance information Exchange) market of Andhra MFIs. The findings revealed that important determinants of loan repayment performance are yield on gross loan portfolio, average loan balance per borrower adjusted by GNI per capita, labour cost to assets ratio and percentage of female clients. Moreover, the findings revealed that increasing interest rates resulted in increasing loan delinquencies and increasing share of women borrower in loan portfolio reduces loan defaults. Keywords: MFI's, Non-Performing assets, Women borrowers, Microfinance crises 2010.
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Name : Decentralization of Solid Waste Management in Delhi: An Opportunity for Revenue Generation
Author : Mritunjay Kumar
Abstract :
Solid waste management is the major problem worldwide. Waste is generated by human activities like domestic, industrial, and agricultural and so on. . Over 40 million tons municipal waste is generated in India .Here open and illegal dumping is a common practice. Less than 9% of wastes are scientifically treated in India. Municipal corporations spent their 80% (approximate) budget on transportation and collections. In the study data was collected from journals, Government reports and publications, personal observation during visiting different places and structured interview with MCD officials. The objective of study is to finding the way to reduce the waste at the source or at community level in Delhi and what are the different alternatives through which waste can be converted into resources. This study will be helpful in the further planning of waste management and how effectively waste may be converted into different useful product and make the environment clean and healthy for the people. Keywords: Waste Management, Revenue, Decentralization, Solid waste.
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Name : Regulatory Transformation and its Impact on LIC of India: A Brief Sketch
Author : Pooja, Dr. S. N. Jha
Abstract :
Life insurance business in India was nationalised in the year 1956, and LIC of India came into existence since September 1, 1956. After viewing competition in the market due to introduction of LPG policy in 1991, a need was felt to liberalise the insurance market in India. As a result, in the year 2000, Insurance Regulatory and Development Authority (IRDA) was setup as a regulatory body to regulate control and supervise the insurance business in India. After such regulatory transformation, private life and non-life insurers were allowed to enter in the Indian market. Remarkable changes has been seen in life insurance market onwards 2000, because private and foreign players entered in the market with new technologies, huge funds, and thus gave a cut throat competition to LIC of India. Consequently, through this paper an attempt has been made to analyse the impact of regulatory transformation on LIC of India, and to compare the performance of Corporation over all private life insurers in post reforms era. Keywords: Benefits Paid, Commission, Investment Income, Market Shares, Operating Ratio, Policies Issues, Premium Underwritten.
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