Faculty & Research

Research Productive

Show result

Search Query :
Area :
Search Query :
2773 items in total found

Working Papers | 1987

Financial Goals: A Survey of Experiences in India

Pandey I M and Bhat Ramesh

The Study aimed to test the existence of multiple financial goals and to find the relative significance of the financial goals pursued by companies in India. A questionnaire was sent to companies listed in the Investors' Guide of Economic Times. Sixty one questionnaires were received back, of which fifty seven were found useful for analysis. The results of the study are: (1) Companies follow multiple financial objectives. The cumulative percentage of companies using two or more financial objectives is 100 per cent. (2) Out of the total respondent companies, only 19.3 per cent inter-alia consider maximization of market value per share in the financial decision-making. This objective is least considered in financial decision-making. (3) The overall rank ordering of the financial objectives suggest the following four objectives to be important: (a) maximization of operating profit before interest and taxes; (b) maximizing the rate of return on investment; (c) maximizing the growth rate in sales; and (d) ensuring that funds are available. (4) An international comparison of financial objectives reveal that 'guarantee funds are available' and 'maximization of EBIT' have been ranked very high in France, Norway and India. Unlike in France, Netherlands and USA, Indian managers do not consider growth in EPS of high importance. It is also indicated that Indian managers' views on financial goals are significantly correlated with that of France, Japan and Norway.

Read More

Working Papers | 1987

An Economic Analysis of Food-Energy Sector: Implications for Subsistence Behaviour and Credit Policy

P. R. Shukla, Moulik T K, and Modak Shrikant

This paper presents economic analysis of food-energy relationship with implications for subsistence farmers; behaviour and credit policy. The analysis of the model formulated by Timmer is discussed. A model is formulated to study the food-energy relationship for subsistence farmers. Implications of availability of credit for purchasing inputs on the food-energy relationship is explored and results are presented.

Read More

Working Papers | 1987

Efficient Market Hypothesis: Understanding and Acceptance in India

Bhat Ramesh and Pandey I M

Inspite of some empirical evidence in favor of the capital market efficiency in weak form and mildly in favor of semi-strong form, the capital markets participants allege that the market is excessively speculative and inefficient. The objective of this study therefore is to assess the extent of the users and preparers of accounting information in India are aware of the efficient market hypotheses (EMH) and accept the empirical findings on EMH in the Indian context. The research methodology used is he one developed by Mayer-Sommer. A questionnaire was sent to 600 preparers and users who were divided into four groups: (1) the chief financial executives; (2) academicians; (3) chartered accountants; and (4) cross-section of investors and brokers. One hundred and sixty questionnaires were returned duly filled in by the respondents. The analysis reveals that the various-category respondents deny the existence of market to be efficient in any of its three forms. It is important to note these findings relate only to attitudes and perceptions in the understand ing acceptance of EMH.

Read More

Working Papers | 1987

Optimum Ordering Interval of Inventory with Random Price Functions: A Sample Path Analysis

Lahiri Somdeb

In this paper we extend the analysis of optimum ordering interval for inventory, carried out by Mukherjee(2), to incorporate random price schedules observed by firms. We obtain the expression for optimum cycle length by minimizing the expected total cost per unit time. In effect we carry out a sample path analysis. We also study the relationship between optimal interval and probability distributions in the polar case of constant decay rate and a Bernoulli probability measure.

Read More

Working Papers | 1987

Workers and Management: A Socio-Historical Perspective

Parikh Indira J

This paper explores the changing patterns of relationships between workers and the management in industry over the last century and half. Three concepts are presented of worker-management relations. Mono-community of works the dual community, and the unified community. Each community has unique structure and relationships. The paper further explores the genesis of the three patterns and differentiates between the Indian and European pattern. It identifies some of the sources of conflict in the context of socio-cultural variables over a period of time. It is hoped that exploration of the socio-historical and developmental perspective may provide a better understanding and appreciation of the multi-faced phenomenon of worker-management relations. The paper suggests that the task ahead of worker-management relations is to create a setting where cooperative effort is unified in a system of belonging, where the roles are differentiated, where a sense of psychological security is generated and where both the organizational and individual goals acquire convergence and fulfillment.

Read More

Working Papers | 1987

Development Orientation of Charity - The Case of Sri Kshetra Dharmasthala Rural Development Project

M. R. Dixit

This is the study of a Rural Development Project initiated by the Dharmasthala Manjunatheswara Temple. As a project of the temple it has certain unique features and advantages in implementation. The design and implementation of this project in the context of the widely shared traditions of the temple are described and analysed in this paper. Certain relevant implications for managing development projects in respect of peoples participation, creating minimum living conditions, integration in implementation, selection and training of field workers, planning and review systems and networking are discussed. Some unexplored questions are presented towards the end for further study.

Read More

Working Papers | 1987

Optimal Mix of Coupons in a Mess System

Samir K. Barua and Gupta Omprakash K

Most organisations operate staff mess or canteen facility for its employees where payments for food items are made with money coupons rather than cash. In such coupon-based transaction system, the management needs to decide the denominations in which the coupons should be printed and also the proportion in which these denominations should be combined to form a coupon book which is made available to the employees. These decisions are made with the twin objectives of minimising the total number of coupons used as well as ensuring that most transactions are feasible. This paper reports the details of the method used for studying such a problem in a specific organisation. The study arrives at an optimal mix of coupons which leads to a significant improvement over the existing practice.

Read More

Working Papers | 1987

Introducing the Young Japanese Executive: Antecedents and Outlook

Thomas P S, P. R. Shukla, and Verma Pramod

The young Japanese executive is a product of his socio-economic environment specifically the Japanese educational system. Thus the paper first highlights the key features of the Japanese school and higher education system, touching briefly upon the scope and extent of post-graduate management education in Japan. The young Japanese executive is also poised on the threshold of a management career in a dynamic industrial firm. Hence the paper goes on to discuss recruitment (in the context of the Life-time employment system), training (including in overseas MBA programs) and promotion (with reference to key attributes of Japanese top management such as the search for Wa, or harmony, and the emphasis on Seishin, or the managerial spirit). Finally, the paper focuses on an emerging problem for young Japanese managers viz. International management in developed as well as developing countries. The paper concludes that the problems facing young Japanese managers, especially those assigned abroad, are interesting and challenging ones and merit the attention of management educators world wide, including India.

Read More

Working Papers | 1987

Application of Markov Chains to Management of Leasing

Samir K. Barua and Srinivasan G

The paper presents application of Markov Chains to management of leasing. The paper demonstrates that, despite low percentage of bad debts, there could be a significant reduction in the returns earned by a lessor because of delays in payment. Since a lessor typically operates with a very small spread between returns earned and the cost of funds, a reduction in returns could jeopardise the very viability of the business. Markov Chains could be useful in assessing the impact on the rate of return because of the quality of accounts a lessor has, as reflected by the prevailing transition probability matrix. The model could in addition be used for assessing working capital needs, arriving at the age distribution of accounts and predicting the incidence of bad debts.

Read More

Working Papers | 1987

Effect of Changing Taxation and Depreciation Policies on the Leasing Industry

Samir K. Barua and Ragunathan V

In the recent years the government's policy of reducing the corporate tax rate and increasing the depreciation rate has been welcomed by the industrial sector. The changes so obviously benefit the sector that it appears incredible that there could be an industry which may not benefit from the changes. In this paper we present an analysis which shows that these changes reduce the spread available to the lessors and the leasees to strike a lease deal which is beneficial to both the parties. This would necessarily reduce the margins available to the leassors and affect the viability of the leasing industry in the long run.

Read More
IIMA