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A Refereed Monthly International Journal of Management

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Editorial Board A Refereed Monthly International Journal of Management
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
 
                                              
November 2017

 Name : Index
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 Name : Testing Weak- Form Efficiency of Indian Stock Market using High Frequency Data
 Author : Haritika Arora, Dr. Balwinder Singh
 Abstract :
This paper attempts to re-verify weak form of efficient market hypothesis using 5-minute interval return data for the Nifty 50 and top 10 frequently traded stocks for the period of 1st January 2009 to 31st March 2011. Earlier studies investigating the weak form efficiency have used daily data, however, re-testing the weak form of efficiency using high frequency data is required to capture the intraday predictability characteristics of the stock market. Statistical analysis has been done with help of Augmented Dickey and Fuller (ADF) test, ARMA model and GARCH(1,1) model. The outcome of these statistical models present evidence for the nonexistence of the weakform of efficiency, thereby providing an opportunity to traders or investors towards exploiting the predictable characteristics of market through trading. Keywords: Autocorrelation, Weak form of market efficiency, Intraday predictability.
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 Name : Stakeholders' Assessment of Tourism Competitiveness of Destination Bundelkhand
 Author : Saurabh Gupta, Dr. Anurag Singh
 Abstract :
Tourism has emerged as new engine of economic development across the world. It has the power to create prosperity at both national and regional level. This has led to renewed interest in the concept of destination competitiveness. Creating competitive advantage has emerged as the biggest challenge before tourism destinations. Bundelkhand, India has huge tourism potential which can be leveraged for accelerating growth. However, the extent to which it possesses competitive strength has not been well documented. Hence, this study makes an attempt to explore the competitiveness of destination Bundelkhand from stakeholders’ perspective. The results indicated strong evidence that there is convergence in the perceptions of stakeholders regarding the competitiveness of Bundelkhand on all the indicators except culture and heritage. Thus, all stakeholders perceive that Bundelkhand has low competitiveness on created and supporting resources of tourism development. Unless the concerns of all stakeholders are addressed and they are actively engaged in the tourism development process, it is not possible to create competitive advantage for the brand Bundelkhand. Keywords: Tourism Competitiveness, Destination Bundelkhand, Stakeholders, Tourism Development.
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 Name : Lifestyle Segments of Online Shoppers based on Online Activities, Interests and Opinions
 Author : Vivek Singh Tomar, Dr. Kalyan Kumar De
 Abstract :
Understanding consumer lifestyle differences through activities, interests and opinions or AIO is one of the approaches to carry out psychographic segmentation.The study was conducted to identify online activities, online interests and online opinions of online shoppers, which was followed by psychographic profiling and segmentation of customers. The identification of online AIO was done through exploratory research design, where a series of four focus groups with small groups of four online shoppers per focus group was recorded and investigated to understand and prepare an exhaustive list of online AIO. The final list of online AIO’s was finalized with 11 online activities, 11 online interests and 13 online opinions, based on the insight gathered from the focus group studies. A questionnaire based on the final list of online AIO was prepared where data was collected from 165 online shoppers on an itemized five point scale. Hierarchical Cluster analysis was used to identify five clusters based on AIO statements. Further K-mean Cluster Analysis was applied on the data with a priori knowledge of five clusters to be extracted. The final five clusters determined were analyzed further after assigning cluster membership to each and every case included in the sample. The clusters were named as separate segments based on analysis of their unique characteristics as:reprobates, optimizers, pragmatics, enthusiasts and scholars. Keywords: Online Shopping, Online Lifestyle, Psychographic Segmentation, Cluster Analysis
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 Name : Investigating Influential Role of Service Quality in Formation of Behavioral Intentions: A Study in The Hotel Industry
 Author : Dr. Jasveen Kaur, Jaspreet Kaur
 Abstract :
The research purpose has been to focus on the relationship between service quality and behavioral intentions in the hotel industry that may provide assistance to hoteliers in winning customers' confidence. The objectives of the study have been to study the relative importance of different behavioral intentions dimensions in respect to hotel guests, and to evaluate the consequent impact of service quality operational analytic on behavioral intentions dimensions of the hotel guests in the Amritsar city leading to their behavioral intentions formation towards these hotels. To meet the research objectives, service quality and behavioral intentions have been measured using Modified SERVPERF scale and Behavioral-Intentions Battery respectively. This empirical study presents noteworthy dimensions of service quality that have significant impact on the behavioral intentions of the hotel guests. The results of study may assist the practitioners in the hotel industry to understand the complex relationship between service quality and behavioral intentions. Keywords: Service Quality Delivery, Modified SERVPERF Scale, Behavioral Intentions Battery, Hotel Industry.
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 Name : Customer Relationship Management Practices in Insurance Sector
 Author : Dr. S. Karthick
 Abstract :
Customer Relationship Management is becoming an important factor in Indian insurance sector. Now each and every insurance company is realizing the significance of relationship with customer to survive in the competitive world. This research is aimed to examine the customer relationship management based on demographic profile of the policy holders of Life Insurance Corporation of India in Chidambaram. Hence, descriptive research is applied. Primary data were collected from 120 policy holders by using convenience sampling method. t-test, Analysis of variance and Chi square test are the tools used by the SPSS for data analysis. From this study, it is found that the demographic profile of the policy holders have significant influence on customer relationship management in LIC of India. The results of this study will help to the Life Insurance Corporation of India to take measures in improving their relationship with policy holders. Keywords: Customer Relationship Management, Life insurance, LIC of India, Policy holders
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 Name : Testing Weak Form Efficiency of Asian Markets: An Empirical Evaluation
 Author : Dr. Sunaina Kanojia, Shikha Mahajan
 Abstract :
Why do we care whether stock market is efficient or not? Stock market acts as an intermediary to channelize funds from potential investors to firms who invest funds in projects to earn profit. Efficient market is a necessary prerequisite when it is desired that funds should be allocated to the highest-valued projects. Extant literature is dominated by the idea that Asian markets are efficient in weak form. The present paper attempts to examine the relevancy of efficient market hypothesis in five Asian markets for a period of fourteen years including the financial crisis. To test the weak form of market efficiency, the study analyses the pattern of short-term movements in the stock market returns and attempts to identify the underlying process generating those returns. Thus if any pattern is observed then the market is said to be inefficient and it can be inferred that the returns do not follow a random walk process. The study provide empirical evidence that Asian markets are not weak form efficient during the fourteen year period including financial crisis. Keywords: Asian Markets, Market returns, Regression model, Weak Form Efficiency. JEL Classification: G10, G14, G15
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 Name : Impact of Negative Portrayal of a Destination in Bollywood Movies on Viewers’ Attitude towards The Destination, Intention to Visit and Destination Image
 Author : Murtaza Hassan Itoo, Dr Komal Nagar
 Abstract :
The present study aimed to examine the effects of negative portrayal of a destination in Bollywood movies on viewers’ attitude towards destination, intention to visit and destinations image. Experiments were conducted in which, one group of the participants were exposed to movie clip and second group of the participants were not exposed to movie clip and responses were collected by filling the questionnaire. An independent t -test was used to test the hypotheses. Results suggest that negative portrayal of a destination in films significantly influence viewers’ attitude towards the destination, intention to visit and destination image. However, results stated that the viewers’ responses were positive and favourable towards the destination depicted in the film. The results also call for more empirical studies within the effects of negative portrayal of a destination in films, such as their long-term effects on the intention to visit and destination image. Keywords: Negative Portrayal, Bollywood Movies, Attitude towards the Destination, Intention to Visit, Destination Image
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 Name : Tourism Marketing in India: A Case Study
 Author : Mani kant Sharma, Deepti Dabas Hazarika
 Abstract :
India is well known for its rich cultural heritage and diversity. With the changed scenario and advancement of technology, where the time and distance compression lead to the opportunity to individual to travel around the world just with very less time period. India may not able to attract the enough overseas tourists only with its scenic, rich architectural and monumental beauty but also its traditional values and hospitality attracted thousands of tourists. The Indian values and motto of “Atithi Devo Bhav” is not merely a marketing strategy to enhance the tourism industry but something inherited from the culture and ethos. Despite all, Indian Tourism Industry has yet not been able develop to its full potential. The present study deals with promotional and marketing strategies adopted for the improving the performance of our Indian tourism industry. This paper also focused on how the tourism sector contributed to the India Economy. Keywords: Tourism, Marketing Mix, India
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 Name : Does Job Security Matter for Generation Y? A Behavioural Analysis
 Author : Dr. Amiya Kumar Mohapatra, Dr. Ankur Saxena, Dr. Deepak Joshi, Nishant Chaturvedi
 Abstract :
Understanding the need and expectation of an employee in an organisation itself is quite dynamic and abstract, which is difficult to define and non-measurable. But over the years, the young and energetic new generation is looking forward for job satisfaction than the job security. Amid the existing body of knowledge regarding job satisfaction and job security, this paper specifically tries to understand the relationship and impact of both of them qualitatively on Generation Y based on conceptual review and focus group discussion. The study explores that for Gen Y, their professional life is more about achievement and interest. The study concludes that although job security is important, however the job satisfaction has taken a front seat. Gen Y is experimental and more inclined towards interesting job which provides them the required thrill and adventure. Keywords: Job Security, Job Satisfaction, Generation Y, Job Interest, Workplace, Employee, Organisation
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 Name : The Effects of Familiarity and Positive Recommendation on Repurchase Intention: The Mediating Role of Trust
 Author : Chang Chia-Hua, Nguyen Xuan Tho
 Abstract :
This study aims to analyze the effects of familiarity and positive wordof- mouth (PWOM) recommendation on repurchase intention in the mobile telecommunication sector. The role of trust was examined as a mediating variable in these relationships. A total of 268 valid questionnaires were completed by existing consumers in the Vietnam's mobile telecommunication market. Two mediation models were established to examine the mediating effect of trust and Structure Equation Model (SEM) was employed to test proposed hypotheses. The results show that trust plays a fully mediating role in the relationship between familiarity and repurchase intention, and trust partially mediates the effect of PWOM recommendation on repurchase intention. It suggests that the mobile phone network operators in Vietnam should find out any way to enhance consumer's trust by improving benefits for subscribers who perceive familiarly with current service, and fostering a long-lasting relationship with customers who volunteer to spread positive information about provider's services to others. Keywords: Familiarity, Trust, PWOM recommendation, Repurchase intention, Mobile telecommunication, Vietnam.
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 Name : Risk Premium on Indian Stock Returns
 Author : Dr. Shazia Parwez
 Abstract :
The current study seeks to examine the effect of a stock's liquidity risk, as proxied by the trading volume of the stock, on its returns. It is found that in the 13 year period between 1999 and 2012, stocks with low trading volume earn a premium of 3.95 per cent a month over high trading volume stocks. This translates to a premium of 47 per cent a year. A liquidity factor formed from the returns of a hedge portfolio of high and low trading volume based stocks is found to significantly affect the returns of the stocks. This significance persists upon adjustment for the factors of market risk, size and the book-to-market value of the company. The results are also robust to testing on subsamples as well as during different conditions of the market. The tests reveal that liquidity is indeed an important factor that should be taken into account when pricing the returns of Indian stocks. JEL Classification: G12 Keywords: Liquidity, Asset Pricing, Trading Volume, Stock Returns, Indian Stock Market
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 Name : A Study on Brand Loyalty in Retail Segment with special focus on Pantaloons
 Author : Deepa Vyas, Siddharajsinh D Parmar
 Abstract :
The very popular word loyalty and the advantages that a loyal customer group gives to an organisation and more specifically to retail customers. With number of loyalty programme memberships including hotel, supermarket, airline and financial services, in the India alone it is clear that loyalty programmes are an essential part of the marketing plan and strategy of retail organisations – a road to survival, growth and profits. The research throws the light on the effectiveness of the loyalty programmes and the preferences of customers on different aspects. One variable test, Hypothesis testing, KMO & Bartlett's test, Reliability test and factorial analysis was mainly performed to see the different angles of the research study. Questionnaire were the medium of data collection through the research period of one and half months. This study investigated the factors that influence customer loyalty in the apparel retail industry and found that the two most important drivers of customer loyalty were discount & offers and quality related variables. Price did not feature as an important driver of loyalty disclosing the opportunities for small and big retailers to focus on loyalty and the strategies that do not revolve solely around price but rather focus on long-term relationship building. The responses received from this research were showcasing the facts and will be of value to many retailers who have an existing loyalty programme or are contemplating the starting of a programme. Keywords: Customer Loyalty; Customer Loyalty Programmes; Factors of loyalty; Feelings towards a brand
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 Name : Analyzing Fiscal and Monetary Interaction in India – An Alternative Model
 Author : Muthu kumar K.
 Abstract :
Monetary policies among EMDE (Emerging Market and Developing Economies) in general have been subservient to fiscal policy - with latter seen as having important redistribution functions. A popular belief is that RBI has been at the receiving end of the fiscal profligacy of the Government. Regression analysis using the popular Federal Bank of St. Louis nested model found that the Government expenditure (supporting Keynesian) have had a larger influence than that of money supply (supporting monetarism) in influencing Nominal GDP growth. A 1 percent increase in M3 growth decreased nominal GDP growth by 0.38 percent – over a period of 4 years. And a 1 percent increase in Government expenditure increased nominal GDP growth by 1.05 percent – over the same time span. Fiscal policy is leading the overall macroeconomic policy stance. While in paper, it has set rules for containing deficit, it has found ways to circumvent them. Post-crisis it has got away with breach of targets – with the FRBM act giving it the leeway to breach targets, for reasons of national security, calamities and other exceptional circumstances. This perhaps lends credence towards devising a credible signaling mechanism for better coordination between the monetary and fiscal authorities. And with the monetary authority now increasingly targeting inflation, while that of the Government remaining concerned over real GDP growth, it is important the two components of Nominal GDP –inflation and real GDP growth - move in tandem to a jointly agreed policy stance (by both the monetary and fiscal authorities). Perhaps, RBI should relook its nominal anchor. Keywords: St. Louis, fiscal policy, monetary policy, GDP growth, Keynesian, Monetarism
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 Name : Whether FSB emerged as an effective International Macro-Prudential Regulator in the Global Financial Architecture?
 Author : Dr. Hitesh kumar Thakkar
 Abstract :
Global Financial Architecture (GFA) evolved and matured after post-G-20 London Summit where Financial Stability Board (FSB) emerged as a true International Macro-Prudential Regulator (IMaPR). In the Global Financial Architecture, the focus shifted from Micro-Prudential Regulation to Macro-Prudential Regulation. The stability and sustainability of the global financial systemis the mandate of Macro-Prudential Supervision. The FSB-IMF have jointly undertaken collaborative early warning exercises to strengthen assessments of systemic risks and provide adequate firewall and regulatory measures in response to systemic risks. The FSB does not create any legal rights or obligations towards member nations to implement the international standards. For the implementation of theinternational standard, the onus lies on peer pressurefrom the member jurisdiction. Therefore, the FSB is part of soft law mechanism where the member jurisdiction prefersto execute international standard and they demonstrate that theirdomestic rules and regulationsareupgradedin accordance withinternationalrules and regulations. Over and above, the FSB make astrongfollow-up to non-cooperative jurisdiction.As a result, the member nations are strictly implementing the recommendations or standards as laid down by Macro-Prudential Regulator. The institutionalizing of FSB will increase economic efficiency, and it will encourage member jurisdiction and non-members jurisdictionto implement the international financial standards. Whether FSB will play a vital role and mark its footprint as a World Financial Organization (WFO)or Supra Global Financial Authority in the Global Financial Architecture? This paper has focused on the mechanism of global financial architecture during post G-20 London Summit. Over and above, whether FSB emerged as an effectiveInternational Macro-Prudential Regulator in the Global Financial Architecture (GFA)? Keywords: Global Financial Architecture (GFA), International Macro-Prudential Regulator (IMaPR), World Financial Organization (WFO), and Financial Stability Board (FSB)
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 Name : Tows Analysis for Strategic Choice of Business Opportunity and Sustainable Growth of Small Businesses
 Author : Dr Shobha Kulshrestha,Parul Puri
 Abstract :
For every entrepreneur, it is very important to have the foresight and quality of sensing right opportunity. It is an important entrepreneurial function which calls for the ability and eagerness to perceive and receive the curious signals, sieve and process them for arriving at a final decision in favor of an 'enterprise'. Thus, a correct business opportunity is the feasible economic idea which can be implemented to create an enterprise, earn profit, and leads to sustainable growth. This requires careful study and investigation of the inter-relationship between entrepreneur, environment and the enterprise through which the best business opportunity is identified. Typically, SWOT analysis is being done by prospective entrepreneurs for the screening of best business idea/opportunity which is followed by Project report formulation, Appraisal and Resourcing. Despite the fact that entrepreneurs and professionals perform very mindful and prudent SWOT analysis for opportunity sensing, a major of Small businesses fail and shut down in their initial years only. in 2016, more than 1000 startups shut down their operations in India. More than half of these were founded in the Indian startup ecosystem's takeoff period between 2013 and 2014. According to reports, these sizeable numbers of startups were ventures with very promising ideas and no shortage of funds. This is the rough estimate of failed enterprises which were registered or incorporated and started by trained personnel, however no official data is available for unregistered small and micro enterprises and the last year has seen tremendous increase in the number of enterprises shutting down their operations due to some or various reasons. According to Forbes, most of them failed as they started for wrong reasons, improper planning, poor management and leadership, failure to market, lack of differentiation, etc. This grabs the attention of experts, consultants, entrepreneurs, bankers, policy makers, etc to analyze the reasons behind such failures as they lead to huge waste of resources of society. They need to reevaluate the very first of step of starting an enterprise i.e. selection of the project. While selection, instead of merely focusing on maximizing Strengths of entrepreneur and Opportunities available in environment, these days it's equally important to minimize threats posed by environment and weaknesses of entrepreneur in order to have sustainable growth of business and preventing a startup from death. Therefore, this paper will focus on TOWS analysis which is Threat, Opportunity, Weakness and Strength analysis matrix which helps to select not the best but a better business opportunity and strategy formulation for minimizing the impact of threats and weakness on enterprise and maximizing strengths and opportunities, helping in clear mentioning of the Aspirations (preferred future/what an organization desires to be known for) and Results (measurable) which is crucial to decide whether an enterprise will have sustainable growth or shut down in future. Keywords: Entrepreneurship, Project Selection, TOWS Analysis, Strategic decision making
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