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Editorial Board A Refereed Monthly International Journal of Management
Prof. B. P. Sharma
(Editor in Chief)
Prof. Mahima Birla
(Group Editor)
Dr. Khushbu Agarwal
(Editor)
Ms. Asha Galundia
(Circulation Manager)

 Editorial Team

Dr. Devendra Shrimali
Dr. Dharmesh Motwani
Mr. Jinendra Vyas
 
                                              
June 2017

 Name : Index
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 Name : Influence of Overconfidence, Optimism and Pessimism on the Rationality of the Individual Investors: An Empirical Analysis
 Author : Bashir Ahmad Joo, KokabDurri
 Abstract :
Psychological traits of an individual have substantial impact on their investment decisions had it being stock market investment decision or other investment decisions. The researchers on the subject of behavioral finance have shown that number of such inherent psychological traits do have power to influence the investment decisions of individual investors. From the perusal of review of previous literature, few biases seems to have good influence on the rationality of investors, however, very less number of studies have focused on pessimism and mixture of overconfidence and optimize biases. It is against this backdrop that in present study a modest attempt has been made to analyze how these psychological traits deviates the individual investors from their rational behavior. In order to study the same primary data was collected through a well-structured questionnaire and in order to test the formulated hypotheses T-test and F-test were applied. Further, to evaluate the impact of these biases on individual investors' rationality regression analysis was used. Keywords: Psychological Traits, Rationality, Overconfidence, Optimism, Pessimism.
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 Name : Factors Influencing Consumer's Perception towards the Acceptance of Credit Cards
 Author : Arti Kundan, Dr. Amisha Gupta, Minakshi Kapoor, Brinder Kumar
 Abstract :
Purpose – Design/Methodology/Approach – Findings – Practical Implications – Originality/Value – Keywords: Credit cards are a popular medium of payment for consumers today.Alarge number of past studies have been conducted in the area of credit cards in India and abroad that emphasis on various dimensions likes attitude, awareness and acceptance. However, very few studies have been conducted on the demographic and the socio- economic factors affecting the consumer's perception towards the acceptance of credit cards, particularly in the state of Jammu and Kashmir. Therefore, the present study aims to explore a set of factors affecting the acceptance of Credit cards among customers in Jammu region. The study on the empirical findings of a customer survey through the use of a structured questionnaire was administered on a sample of 250 respondents based on convenience sampling technique. This study explored different dimensions such as bank policies, payment policies, flexibility, perceived risk, and so on that affects the acceptance of credit cards usage particularly for the banking sector in Jammu region. This research paper provides an in-depth understanding on the factors affecting the usage of Credit cards which could be used by banking sectors of Jammu region where the credit card usage is widespread phenomenon.The study could also help the banking industry to understand their target customers, their preferences and the effect of their policies on credit card application and use. This study throws light on the credit card usage, particularly in Jammu region in context of banking industry. Therefore, it would work as a roadmap for banking executives, marketing managers and policy makers to craft appealing marketing strategies to better promote the utilization of Credit cards. Credit cards; Acceptance; Usage; Banking; Demographics; Socio-Economic.
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 Name : An Analysis of Volatility of Macro Economic Variables on Gold Price
 Author : Dr. Manish Dadhich
 Abstract :
Abstract Keywords: Volatility in gold price occurs due to several factors that include Sensex which is a free float market-weighted stock market index of financially sound companies listed on Bombay Stock Exchange (BSE). Gold prices are the result of a complex interplay of a host of factors. Therefore, it is not an easy to make a correct appraisal of its movement, and the task becomes all the more difficult when other macro economics variables depict a lot of volatility. Sensex and dollar price also influence the gold price in India in one or another way. The researcher tried to study the relationship among these three variables in given period of time with help of some significant statistical test i.e. Correlation, Augmented Dickey Fuller (ADF), Unit root tests, Co- integration test&Granger Causality test. Gold, Volatility, USD, Sensex, Variables, Unit root, Granger Causality test.
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 Name : Shareholders' Wealth: MVA Approach on IT Sector in India
 Author : S. Sakthivelu, Dr. R. Azhagaiah
 Abstract :
Market value added(MVA) is the goodwill attributed by the market to a firm as a personal measure. The study has chosen a sample of top 10 firmsviz.TCS, Infosys,Wipro, HCL, Tech Mahindra, Oracle Financial Service, Mindtree, Mphasis Hexaware and TaxElxsi of IT sector in India, which have listing flag in Bombay Stock Exchange, for the period from 2011 to 2015. The study used variables viz. return on sales (ROS), return on total assets (ROTA) and return on equity(ROE) and shareholders' wealth(market value added (MVA)) and used descriptive statistics, correlation and multiple regression for analysis. The study proves that there is a significant impact of return on sales (ROS), return on total assets (ROTA) and return on equity (ROE)on shareholders' wealth(market value added (MVA)), hence it is found that the return on sales, return on total assets and return on equity have impact on shareholders' wealth(market value added (MVA))of firms of IT sector in India for the study period. Keywords: Shareholders' wealth; firm performance; value of firms; financial markets;IT sector in India. JEL: L25, G32, O16.
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 Name : A Study of the Impact of Production Variables on Indian Food Grains Productivity
 Author : Mrs. Shiksha, Dr. Parul Mittal
 Abstract :
Agriculture plays an essential role in the process of economic development of less developed countries like India. Besides providing food to nation, agriculture releases labour, provides saving, contributes to market of industrial goods and earns foreign exchange. In India, agriculture was the main source of national income and occupation at the time of Independence. Agricultural sector occupies a key position in the Indian economy, mainly because of three reasons. First, agriculture constitutes largest share of country's national income though the share has declined from 55 percent in early 1950s to about 14.6 percent by the turn of the century. Second, more than half of India's work force is employed in agriculture sector. Third, growth of other sectors and overall economy depends on performance of agriculture to a considerable extent. Because of these reasons agriculture continues to be the dominant sector in Indian Economy. Through this paper, we tried to study the determinants of various food grain productions in India. In order to find out the determinants of Indian food grains production in pre and post economic reforms, the study adopted the Ordinary Least Square (OLS) regression model. Keywords: Agriculture; Productivity; Food Grains; Pre & Post Economic Reforms Period;OLSModel.
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 Name : An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability: Evidence from Indian Commercial Banks.
 Author : Shafat Maqbool, Prof. M.Nasir Zameer
 Abstract :
The escalating demand to establish corporate social responsibility is getting instigated in India. Corporate social responsibility as a strategic intent has recently established its foothold in the developing economic. The present paper is an attempt to examine the relationship between corporate social responsibility and financial performance, using return onAsset (ROA) as a performance indicator. Secondary data on CSR of 10 commercial banks operating in India have been analyzed by applying the content analysis of annual reports for the period of five years from 2011-2015.The results of this study concluding that there is a direct relationship between CSR and CPF while controlling for employees skill, bank efficiency, and bank size. Ordinary least square was used in the particular panel data to establish results. In the operational level, these results will further motivate the corporate world to strength their contribution to the community in order to enhance economic growth of the company. Keywords:Corporate social responsibility, Corporate financial performance, Regression, Content analysis.
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 Name : Trade and Human Development: Case of ASEAN
 Author : Santhosh Kumar
 Abstract :
Association of Southeast Asian nations (ASEAN) is a dynamically progressing group of nations which aims at developing their economies through greater regional cooperation and policy coordination. the collective aim of ASEAN's current policies is to boost intra- regional trade as well as trade with partners outside the region via reduction in both tariff and non-tariff barriers. This study is an explanatory research aiming at establishing the link between trade openness and human development in a panel consisting of theASEAN member states. the application of a panel cointegration test along with a fully modified OLS technique revealed a significant relationship between trade per capita (measurement of trade openness) and human development index values (measurement of human development) for the 7 ASEAN members taken into account. The result of this study, with its given limitations, has implications for the policy-makers laying the framework for trade liberalisation in ASEAN and thus aiming at the ultimate goal of setting up of the ASEAN economic community. Keywords: Trade openness, Human Development Index, ASEAN, Panel Cointegration,FMOLS
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 Name : Study of India's Trade Deficit with the Objective of Proposing an Agenda for Policy Formulation
 Author : Jitendra Shreemali,Dr. Harshita Shrimali,Dr. Sapna Shrimali,
 Abstract :
This study examines the trade balance for India in the recent past to identify commodities and factors that have consistently maintained it at a negative values exceeding 119 Billion USD in the period under consideration. The negative balance is on account of high import bill of: (a) Mineral fuels/oils and associated products; (b) Electrical machinery/equipment, TV and sound recorders; (c) Natural/cultured pearls, precious or semi-precious stones/metals and related articles besides imitation Jewelry and coins; (d) Nuclear reactors, boilers, machinery and mechanical appliances; and (e) Animal or vegetable fats/oils and related products. These commodities were examined to explore the possibility of restoring trade balance. Categories (a), (b) and (d) above do not present much hope for restoring trade balance in the short and medium term. However, investing in alternate sources of energy, pearl farming, developing indigenous technology and encouraging indigenous production do appear to be possible ways of reducing the deficit. The biggest challenge among partner countries remains China with a rapidly growing deficit highlighting the need for urgent measures to restore India's trade balance. Keywords: Trade balance, Current account balance, deficit, imports, exports
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 Name : Hybrid Mutual Fund Schemes: A Study of the Performance of Selected Equity Linked Savings Scheme
 Author : Dr. Sanjay Kumar Patel, Pramod Kumar Verma
 Abstract :
An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund that not only helps to investors for saving the tax, but also gives an opportunity to grow the money and tax exemptions. The study measures the performance and growth pattern of ELSS of selected banks with the help of selected parameters such as Return, Beta ( ) value, R-Square, Standard Deviation, Sharpe's Ratio, Risk Adjusted CAGR, Expense Ratio, etc. The study concluded that the ELSS mutual funds are becoming the preferred choice of investment as it capable to provide better returns than the other tax saving options. Keywords: ELSS, NAV, AUM, Sharpe Ratio, Risk Adjusted CAGR, BetaValue, Expense Ratio
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 Name : Does Employees' Designation Influence the Perception towards HR Strategy ?
 Author : ndira Sharma,Dr. Manmeet Singh, Dr. Rajesh Jangalwa
 Abstract :
With the rapid changing dynamics and IT explosion of IT application in HRM has substantial influence on HR Practices. The HR Practices are therefore becoming more strategic in nature. Consequently, the need for HR Strategy had also increased dramatically. HR Strategy means accepting the HR Practices as a strategic partner in the formulation of the company's strategies as well as in the implementation of those strategies through HR activities such as recruiting, retaining, and motivating, rotating and rewarding personnel. Strategic formulation is concerned with deciding the organization's vision and mission, establishing long-term and short- term objectives to achieve the organization's vision. Strategic implementation is concerned with aligning the organization structure, systems and processes with the chosen strategy. However, little is known about how employees perceive and interpret HR Strategy and its dimensions. Also how their perceptions are influencing on HR Strategy. This research study aims to analyses how the perceptions of employee's, functioning at different levels and designation influence on the HR Strategy. The data was collected from 233 manufacturing sector employees of Indore city. The inferential statistics used in this research study was One – way -ANOVAto differentiate the influence of HR perception of employee's working at different designations and levels. The results exhibit a significant difference in the perception of employees towards the dimensions of HR Strategy with respect to designation among manufacturing sector employees in Indore Division with respect to experience of the employee's. Keywords: HR Strategy, Manufacturing sector employees, Designation.
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 Name : Causality Between Asset Inflation and Commodity Inflation
 Author : Ritika Aggarwal
 Abstract :
The relationship between asset price inflation and commodity price inflation, and more generally the significance of asset prices for monetary policy formulation, has been the subject of intense debate amongst academics and policymakers, particularly in the context of industrialized economies. Some developments evoked some curiosity about the role of asset price inflation in the general inflation process in a country like India that is undergoing financial liberalisation and rapid structural transformation and is being increasingly integrated with the global economy, abetted by wide-ranging market-oriented reforms initiated in the previous decade. The objective of this paper is to analyse the impact of stock prices on the commodity price inflation in India for the period 1997-2016, using monthly data which would enable us to gather a much clearer picture of the relationship between asset prices and commodity prices. Keywords: Inflation, Asset inflation, Commodity inflation, Cointegration, Granger causality
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 Name : Innovation Capability Constructs and Firm Performance: A Study on Indian Software Firms
 Author : Sharda Haryani,Dr.V.B.Gupta
 Abstract :
Due to rapid change in technologies and globalization, companies are adopting innovative strategies, as it is considered to play an essential role in the growth and sustainability of organizations. Now a day's, companies seek to develop their technological capability and strategies in order to attain innovative outputs, increase their profits and achieve higher performance. Software sector is technological driven sector and it lies at the heart of the modern economy which serve as a driver, of innovation across all sectors and industries. Indian software sector is evolving rapidly and its innovations are impacting various industries across the country. The study aims to investigate the relationship between innovation capability constructs namely technological orientation, innovative strategies and firms' overall performance, with reference to Indian software firms. The study was done on primary data collected through self structured questionnaire. The data was collected using non probability purposive sampling. The target respondents were software industry practitioners i.e. software engineers, analysts, CEO, CTO, project managers, R&D managers etc. Regression analysis was performed to explore the relation between technological orientation, innovative strategies and firm performance. The findings reveal that technological orientation and innovation strategies have significant positive effect on firm performance. Results of this study can benefit the firms' managers in effective management of innovation and thereby improving firm performance. Keywords: Technological Orientation, Innovation Capability, Innovative Strategies.
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 Name : A Comparative Study of ORS among The Age Group of Women's Working in Selective Services
 Author : Priya Makhija, Dr Gajendra Naidu, Rakesh TN
 Abstract :
Introduction: Statement of the Problem: Research Objectives: Findings: Keywords: Stress as we all know, has become an important feature of our day to day lives. For the last few decades, research around stress has produced a large number of conferences, books, and articles, however despite the popularity of “stress” as a research topic, experts still do not agree on a common definition of this simple and at the same time controversial concept (Rees and Redfern, 2000). Stress is an ordinary segment of life. The work lives of working women in service sector are not easy; in fact, they are in the eye of the storm. This study has focused on evaluating the difference between the two groups of employees. Eight stress factors were identified by Pareek (1983) among working women. These factors, namely Inter Role Distance (IRD), Role Stagnation (RS), Role Expectation Conflict (REC), Role Erosion (RE), Role Overload (RO), Personal Inadequacy (PI), Self-Role Distance (SRD) and RoleAmbiguity (RA) were used in this study to distinguish the opinion of academicians and corporate employees. • To find out the ORS among working women of academic & corporate sector. • To make a comparative analysis and its impact of ORS among corporate&academic sector. Asignificant difference between the different age group was found for Self-role distance,Inter-role distance, Role stagnation, Role expectation conflict, Role ambiguity, Role overload, Role Erosion, Role (personal) inadequacy factors of organisational stress. ORS,Working women, Stress.
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 Name : India's Move towards Cashless Economy- Options and Status
 Author : Dr. Navdeep Kumar
 Abstract :
The present paper examines the recent scenario of government move towards cashless economy in the realm of demonetisation in India. Various initiatives have been undertaken through diverse channels to promote the usage of digital modes to carry out financial transactions to reap the benefits of cashless economy in terms of cost savings, transparency and efficient governance. However, the efficacy of digital channels for electronic payments hinges on multi dimensional aspects. The present paper highlights the growth trends and patterns of digital payments through various options as well as emerging bottlenecks in the path of realising the goals of cashless economy. Demonetisation, Cashless Economy, Digital Payments.
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 Name : Labour Law Reforms in India: An Overview
 Author : Dr. Jaswinder singh, Dr. Kawaljeet Kaur
 Abstract :
Analysts and policymakers have long been pushing the cause of flexible labour markets in India. On the other hand, such proposals have been met with staunch resistance from those whose interests are vested in an inflexible labour market, including employees, trade unions, and the labour ministry. Labor market reform is one of the most politically difficult tasks in a large democracy like India. India's labor legislation is archaic, restrictive, and convoluted, thereby discouraging businesses to expand and create more jobs. Since the 1991 economic reforms, growth in India has quadrupled but the rate of good quality jobs has stagnated. India's labour legislation has become increasingly inflexible and restrictive over time. The costs imposed by such regulation forces businesses to remain in the informal or unorganized sector, where regulation is little or absent but social security is also non-existent. As a result, 93 percent of the Indian workforce is employed in low-quality, low-paid jobs, with hardly any social security cover. On the other hand, there is evidence of productivity being higher in the formal sector. The paper presents an incisive account of emerging issues and challenges that pose for labour reforms in India and imperatives for enhancing labour productivity. Indian labour laws must be improved. A comprehensive view on labour market reforms is required which addresses the needs of both employers and workers. The failure to make any significant improvements in the laws so far, in spite of demands for over twenty years from both employers and unions, suggests that the processes used so far to try to change the laws have not been able to produce the required outcome. keywords: Labour, Law, Reforms, india.
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 Name : App-based Taxi Aggregators and Entrepreneurial Opportunities
 Author : Karthick S., Dr. Lalitha Ramakrishnan
 Abstract :
The entry of app-based taxi aggregators like Meru, Uber and Ola has revolutionized the cab service market by opening up opportunities to drivers with entrepreneurial spirit and skills. Easy and simple process of enrolment, continuous business, higher earnings due to surge fares and incentives, are considered as benefits of associating with the aggregators. As the services of aggregators are accepted by consumers, there is high growth potential for the business. On the flipside, several problems are reported. The seriousness of the problems can be understood by the way an association of drivers protested Uber's actions. The problems include: unilateral decisions, poor communication, last minute cancellations, long payment cycle, and failure to keep promises made. In addition, drivers are worried that their earnings will be lower in future due to government regulations which impose restrictions on fares and enrolment. In the future even traditional taxi operators will turn into aggregators increasing the number of drivers. Unless proper measures are introduced by the cab companies and government, the services will not be beneficial to consumers and drivers. Keywords: TaxiAggregators, Driver-Entrepreneurs, Problems faced by drivers.
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