Department of CommerceDelhi School of Economics

University of DelhiDelhi-110007

rd3 Annual Commerce Convention

on

LEVERAGING BUSINESS:DISCOVERING NEW HORIZONS

(April 12-13, 2014)

Chief GuestHon'ble Dr. APJ Abdul Kalam

(Former President of India)

Sponsors

rd3 ANNUAL COMMERCE CONVENTION 2014

Chief Guest: Dr. A. P. J .Abdul Kalam

Keynote Speaker: Shri S. Raman

LEVERAGING BUSINESS: DISCOVERING NEW HORIZONS

Venue: Sir Shankar Lal Hall, University Campus

(Former President of India)

(Whole Time Member, SEBI)

th Program for Day 1 - 12 April 2014 (Saturday)

Timings Events

09:30 - 11:00 AM Registration /Tea

11:00 - 12:30 PM Inaugural Session:

11:00-11:05 AM: Lighting of Lamp and Saraswati Vandana

11:05-11:10 AM: Address by Course Coordinator Dr. Sunaina Kanojia

11:10-11:15 AM: Address by Head & Dean, Prof. J.P. Sharma

11:15-11:20 AM: lifetime Achievement Award to Prof. R.S. Nigam

11:20-11:45 AM: Address by Keynote Speaker Shri S. Raman, Whole Time Member, SEBI

11:45-12:25 PM: Address by Hon'ble Chief Guest Dr. A.P.J. Abdul Kalam

12:25-12:30 PM: Vote of Thanks by Dr. Kavita Sharma

12:30 - 01:30 PM Lunch & Networking

01:30 - 03:00 PM Panel Discussion 1: Business Dynamics: Myths & Realities Prof Rattan Sharma Formerly in IIM Lucknow, MDI, SP Jain Centre, Mumbai Prof. J D Agarwal Chairman, Indian Institute of Finance Dr. Mohan Chutani Economic Advisor, Department of Industrial Policy and Promotion. Ministry of Commerce

and Industry Dr. Raj Agrawal Director, Centre for Management Education, All India Management Association Brig. (Dr.) Ashok Kumar Pathak Director, AIMT, Greater Noida03:00 - 03:15 PM Tea Break & Networking03:15 - 05:00 PM Panel Discussion 2 : CSR & Sustainable Development

Prof. Harivansh ChaturvediDirector, BIMTECH

Mr. Nesar AhmedImmediate Past President, ICSI, Chairman, Nesar Associates

Dr. Sunil Kumar SinhaPrincipal Economist & Director Public FinanceDr. Pawan K. Kumar (IRS) Commissioner Income Tax

Prof. Ashok Adil KathuriaDeputy Director and Professor of Synetic Business School, PTU(Formerly Financial Controller, Shervani Hotel)

th Program for Day 2 - 13 April 2014 (Sunday)

Timings Events

09:00 - 10:30 AM Technical Session 1 : Innovative Trends in IT and BusinessSession Chair: Prof. Azad Chiller

Technical Session 2 : Emerging Issues in RetailingSession Chair : Prof. Sanjiv Mittal and Prof. S P Kala

Technical Session 3 : Business Sustainability : Issues and ChallengesSession Chair :Prof. S K Singh

10:30 - 11:00 AM Tea and Networking

11:00 – 01:30 PM Technical Session 1 : Innovative Trends in IT and BusinessSession Chair : Prof. Azad Chiller

Technical Session 2 : Emerging Issues in RetailingSession Chair: Prof. P. K. Haldar

Technical Session 3 : Business Sustainability : Issues and ChallengesSession Chair: Dr. C S Sharma and Prof. P K Jain

01:30-02:30 PM Lunch & Networking

02:30-04:00 PM Technical Session 1 : Innovative Trends in IT and BusinessSession Chair: Prof. Satya Bhusan Dash

Technical Session 2 : Emerging Issues in RetailingSession Chair: Prof. S P Kala

Technical Session 3 : Business Sustainability : Issues and Challenges Session Chair: Prof. S K Singh and Dr. Satish Taneja

4:00 – 05:00 PM Valedictory Session

Venue : Department of Commerce, Delhi School of Economics

Message from Pro-Vice-Chancellor

Message from Dean

Businesses today have to move out of their comfort zone to explore boundaries hitherto untouched. It is indeed very relevant that a National Conventionon “Leveraging Business: Discovering New Horizons" is being held at the Department of Commerce, Delhi School of Economics, Delhi University on April 12-13, 2014. The purpose of the Convention is to provide a forum to committed academicians, corporate leaders, management practitioners, eminent researchers, management scholars & students from across the country to deliberate and disseminate not only the business and management concepts, theories and models but also to share their research and live management & administrative experiences in handling businesses.The Convention will also include networking sessions, keynote speeches, paper presentations and panel discussions.

The Convention has received a huge response and 150 research papers have been accepted for presentation. It is heartening to note that a large number of papers have been received from across the country. We would be selecting only quality papers for inclusion in the proceedings of the Convention.

It is also a matter of pleasure that in this Convention, Prof. R. S. Nigam, who has worked for three terms as Director of Delhi School of Economics in his capacity as Head of the Department/senior-most Professor in the Department of Commerce, will be honored by the Lifetime Achievement Award.

I hope that the deliberations in the Convention will help researchers from academia and industry and the Convention will provide a platform for initiating collaborative research projects. I extend my best wishes to all participants, invited delegates, speakers and hope that Commerce, Convention 2014 would be a grand success.

We intend to take this event ahead as an annual feature, the motive not only is to generate discussions around contemporary issues, but also to propel the culture of academic exchange, which is the only way to achieve excellence in this field. I would be happy to welcome you all the next year too with more versatility in approach and wish.

Prof J P SharmaHead and Dean CommerceDSE DU

Message from Convener

rdOn behalf of organizing committee of this 3 Annual Commerce Convention -2014, I extend warm welcome to our Chief Guest Honourable Dr. A P J Abdul Kalam, Shri S.Raman the keynote speaker, our panelists, delegates, paper presenters and the participants of this conference. It is indeed the dream coming true for many of us to have revered personality, the visionary Dr. A P J Abdul Kalam amongst us and to listen to him for his vision about the ever changing world of commerce and business. The presence of other dignitaries on the dais during the two day conference is a further testimony to our sincere pursuits to achieve nothing less than the 'best', who have long trails of success behind them.

The paradigm shift in the world of business is towards sustainability, globalization, more transparent systems, and change in business relationships vis-à-vis society at large. Business solutions are looked at not as the need satisfiers only, but to attain the level that bring happiness and prosperity to one and all. The conference theme 'Leveraging Business: Discovering New Horizons' aims to create the platform for discussions that provide insights into the abounding opportunities which the business world can leverage to effect the change that not just ensure profits, but the wellbeing of people, and planet also .

I seek your support and good wishes for this two day conference to be a grand success. I thank our sponsors and ICSSR for their financial support in the organizing of this conference.

Warm RegardsDr. Kavita Sharma

Message from Co-Convener

rdThe 3 Annual Commerce Convention has come on the forefront amongst all the activities of the Department of ndCommerce. With the grand success of the 2 Annual Commerce Convention, the expectations of participants and

the organizers multiplied many folds with the confirmation of Dr A P J Abdul Kalam as Chief Guest and Shri S. Raman as the Key note Speaker. It seems to be an ideal treat for all of us to witness the wisdom of Former President of India, world acclaimed scientist assimilated with the empowering initiatives for regulating Indian capital markets by the Chief of SEBI.

With this convention the Department of commerce is going to felicitate the legendary faculty of our Department by bestowing the Lifetime Achievement Award to the senior most Professor and Former Head of The Department, Three times the Director of Delhi School of Economics Prof R S Nigam. The overwhelming response of various participants from across the country has been phenomenal and I thank all of them for sharing their research in the

rd3 Annual Commerce Convention. I would like to thank the entire team Commerce Convention and the M Com students for their endless hard work of months to make this convention a grander success.

Looking forward to an extremely enriching experience in the august gathering of regulators, industry representatives, academicians, research scholars and students.

Thanks

Dr Sunaina KanojiaCourse Coordinator M ComConvention Co-Convener

Message from Chief Guest

Dr. A.P.J. Abdul KalamFormer President of India New Delhi-ll0011

MESSAGE

I am. happy to learn that the Department of Commerce, Delhi School of Economics, University of Delhi is organizing the 3 rd Annual Commerce Convention on the theme, "Leveraging Business: Discovering New Horizons" on April 12-13,2014. I am. sure that the theme of the Convention will ignite the minds of the research scholars and academicians; and discover new dimensions of doing business, fostering the growth, happiness and development of our nation. I extend my best wishes to the organizers and participants for success of the 3 rd Annual Commerce Convention.

25th March 2014 (A. P. J. Abdul Kalam)

10, Rajaji Marg

www.abdulkalam.com

Message from President, ICAI

CA. K. Raghu President

MESSAGE

It is indeed a matter of great pleasure that '3'd Annual Commerce Convention 2014' is being organized under the aegis of the Department of Commerce, Delhi School of Economics, University of Delhi on 12th-13th April, 2014 in New Delhi.

Convention like this is a noble endeavour to streamline and enrich the thought process of all the delegates. The theme of the Convention 'Leveraging Business: Discovering Horizons' is quite contemporary considering the changing business environment world over. The delegates will also have a rare opportunity to listen and share views of one of the greatest visionary and illustrious personality of modern India Dr. A.P.J. Abdul Kalam, Former President of India.

Over a period of time, business pattern, strategies, and systems have witnessed paradigm change. Started with Vastu-Vinimay system, today a bulk of business is taking place over the web. Information technology has revolutionized the way of doing business. Unorganized retail slowly but gradually moving towards organized retail. All these changes also bring challenges of sustainability with them. The organization of Convention provides ample opportunities to share the wisdom, generate views as to how to meet the challenges of present day business environment.

I extend my heartiest wishes to the Department of Commerce, Delhi School of Economics for a grand success of this '3rd Annual Commerce Convention 2014' .

New DelhiApril 2, 2014

THE INSTITUTE OF CHARTEREDACCOUNTANTS OF INDIA

(Set up by an Act of Parliament)'ICAI Bhawan', Indraprastha Marg,

New Delhi - 110 002. INDlA

CA. K. RaghuPresident, ICAI

T: +91 -11 -3011 0400 F: +91 - 11 -3011 0580 W : www.icai.org E: president@icai.in

Message from Prof. R.S. Nigam

rdIt gives me immense pleasure to be part of the 3 Annual Commerce Convention organized by the Department of Commerce. This scholarly exchange of ideas and trends in business is important to all of us in order to support ongoing integration of Indian economy with rest of the world. My best wishes to the organizers and participants for creating and participating in this forum covering various topics such as business dynamics, innovative trends and emerging issues. This will generate a dialog and foster an understanding of oncoming challenges facing our nation.

Best Wishes and Warm Regards,Prof. R.S. Nigam

Life Time Achievement Award(Prof. R. S. Nigam)

Prof. R.S. Nigam had worked for three terms as Director in his capacity as Head of the Department/ senior-most Professor in the Department of Commerce. Educated in India, the Netherlands (University of Amsterdam), Switzerland (Geneva), Professor R.S. Nigam has a doctorate degree in International Management and Business in addition to Diploma in Company Law (Indian Law Institute), Higher International Diploma in European Integration (Economics and Management: Europa Institute, University of Amsterdam), and Diploma and Certificate in International Marketing Management (International Trade Centre, WTO/UNCTAD, Geneva). He has long years of experience in university teaching and research in the fields of Business and Management, Applied Economics and allied areas with specialization in International Management, Marketing and Finance. He is an eminent scholar and educationist of international repute and has to his credit substantial research work. He also has a long association and involvement with educational planning, administration and training in India, United Kingdom and countries of Europe, USA, West Indies and South-East Asia.

For a long time Dr. Nigam has been a full time University appointed Professor at the Faculty of Commerce and Business, University of Delhi (India). In 1979-82, he worked as Chair Professor in Management at the Faculty of Social Sciences, University of West Indies at Trinidad and Tobago. He also worked as full time Professor at the college of Business and Management (Departments of Marketing and Finance) at the University of Nevada at Las Vegas (USA). In 1989-90 he has been a senior Indo-US Fellow (Fulbright) at the University of Wisconsin.

Professor Nigam has been associated with a number of academic and professional bodies in India and abroad. He has been the founder President of Indian Society for Research in International Business and a founder member and senior consultant of the Transcaribbean Management Center (West Indies). He has been an honorary President of the Indo-Italian Chamber of Commerce (Milano: Italy). Prof. Nigam has been participating at various national and international conferences, interactional meetings and programmes around the world and worked as a paper writer, Chair-Person, discussant, resource personnel, observer, rapporteur, and many others in such other capacities. These positions enabled him to devote one week to ten weeks at places like East-West Center, Hawaii (USA), South Korea (Also as the Chair Person of delegation of scientist to North Korea), Malaysia, U.K. (London), Belgium (European Union at Brussels), Luxembourg and Strausburg (European Parliament), France (O.E.C.D), Ireland, Switzerland, Jamaica, etc. He is the recipient of the Netherlands Government Fellowship, Times (London) Third World Fellowship UNDP Fellowship, Indo-US fellowship and many other awards and recognitions for his academic (teaching and research) and professional achievements and excellence.

Dr. Nigam has to his credit substantial published work in the form of books, monographs, papers, articles and

reviews published in reputed journals in India and abroad. He has supervised 49 doctoral scholars (Indian and foreigners) in completing their Ph.D work and a number of M.Phil dissertations, project reports and term papers in the areas of foreign trade and business, applied economics, corporate management and global commerce. He has also worked (Government Nominee) on the Central Councils of the Institute of Chartered Accountants of India, and Institute of Company Secretaries of India (statutory bodies established under Acts of Parliament) and has served in their various committees and working groups. He has been the Managing Editor of Indian Journal of Accounting, Transcaribbean Management Journal, Shareholders Journal and has been on the editorial boards of a number of other academic and professional journals (currently Indian Journal of Economics, Allahabad, Chartered Secretary, New Delhi). He has also been a member of the Foreign Trade Committee of the Federation of Indian Chambers of Commerce and Industry, and has been actively associated with the work of the Associated Chamber of Commerce, Confederation of Indian Industries, Punjab-Haryana Delhi Chamber of Commerce (PHD), institute of Cost and Works Accountants of India, Securities and Exchange Board of India (SEBI), All India Management Association, National Productivity Council, University Grants Commission of India (UGC), All India Council for Technical Education (AICTE), Indian Council for Social Sciences Research (ICSSR), and a number of universities and higher technical education and training institutions. He has been the chairman of the Governing Body of the Delhi University College of Vocational Studies (Delhi); the only college of its type in the Indian university system. Professor Nigam was selected and worked as the National Fellow of the UGC. He has also worked as a nominee member of the Central Listing Authority of the SEBI. For a longtime he has been a member of Delhi Board of Technical Education and its various committees. He is a member of the Board of Management and Finance Committee of the newly setup Delhi Technological University as nominee of its Chancellor: the Lt. Governor of Delhi.

Chief Guest: Hon'ble Dr. APJ Abdul Kalam(Former President of India)

Born on 15th October 1931 at Rameswaram in Tamil Nadu, Dr. Avul Pakir Jainulabdeen Abdul Kalam, graduated in Science from St. Joseph's College, Trichy in 1954 and specialized in Aeronautical Engineering from Madras Institute of Technology (MIT) in 1957. Dr. Kalam is a pioneer in fibre glass technology and led a young team to initiate this effort in ISRO from design, development leading to production of composites rocket motor cases. Dr. Kalam made significant contribution as Project Director to develop India's first indigenous Satellite Launch Vehicle (SLV-3) which successfully injected the Rohini satellite in the near earth orbit in July 1980 and made India an exclusive member of Space Club.

He was responsible for the evolution of ISRO's launch vehicle programme, particularly the PSLV configuration. After working for two decades in ISRO and mastering launch vehicle technologies, Dr. Kalam took up the responsibility of developing Indigenous Guided Missiles at Defence Research and Development Organisation as the Chief Executive of Integrated Guided Missile Development Programme (IGMDP). He was responsible for the development and operationalisation of AGNI and PRITHVI Missiles and for building indigenous capability in critical technologies through networking of multiple institutions. One of his significant contributions was creating Research Centre Imarat for advanced technologies. He was the Scientific Adviser to Defence Minister and Secretary, Department of Defence Research & Development from July 1992 to December 1999. During this period he led to the weaponisation of strategic missile systems and the Pokhran-II nuclear tests in collaboration with Department of Atomic Energy, which made India a nuclear weapon State.

Dr. Kalam took up academic pursuit as Professor, Technology & Societal Transformation at Anna University, Chennai from November 2001 and was involved in teaching and research tasks. Above all he took up a mission to ignite the young minds for national development by meeting school students across the country. During the last decade, Dr. Kalam has addressed over five million youth below the age of 17 and inspired them to become an active participant of India Vision 2020. He has addressed several children science congresses across the country.

Dr. Kalam is passionate about bringing rural prosperity through PURA (Providing Urban Amenities to Rural Areas), in which science and technology has to play a key role. Based on his diverse experience he has been propagating the concept of World Knowledge Platform through which the core competencies of organizations and

stnations can be synergized to innovate and create solutions and products for the challenges of 21 century. In his literary pursuit Dr. Kalam authored a number of books, such as "Wings of Fire", "India 2020 - A Vision for the New Millennium", "My journey" and "Ignited Minds - Unleashing the power within India", “Indomitable Spirit”, “Guiding Soul”, “Envisioning an Empowered Nation”, “Inspiring Thoughts”, “Children Ask Kalam”, “You are born to blossom”, “Family and the Nation”, Turning Points (2012), Squaring the Circle- Seven steps to Indian Renaissance (2013), “Life Tree” and “The Luminous Sparks” a collection of his poems. Many of them have become household names in India and among the Indian nationals abroad. These books have been translated into many Indian and foreign languages.

Dr. Kalam is one of the most distinguished scientists of India with the unique honour of receiving honorary doctorates from 46 Universities and institutions from India and abroad. The Honorary Doctorates include, Nyenrode Business University, Netherlands; Nanyang Technological University, Singapore; Carnegie Mellon University, Pittsburg USA; University of Wolverhampton, UK; University of Kentucky, USA; Oakland University, Michigan USA; University of Waterloo, Canada; University Sans Malaysia, Malaysia University of Sydney, Australia and the Simon Fraser University, Vancouver.

He has been awarded with the coveted civilian awards - Padma Bhushan (1981) and Padma Vibhushan (1990) and the highest civilian award Bharat Ratna (1997). He is a recipient of several other awards and Fellow of many professional institutions. The Royal Society, UK has awarded Dr. Kalam with the “King Charles-II Medal” for Science and Technology in October 2007. He received the Woodrow Wilson Award in 2008. The Royal Academy of Engineering, London conferred on him the International Medal 2008 in June 2009 at London. The Hoover Board of Awards presented him the Hoover Medal 2008 at New York in April 2009. The Aerospace Historical Society in Collaboration with the Graduate Aerospace Laboratories (GALCIT) at the California Institute of Technology awarded him the “2009 International Von Karman Wings Award” in September 2009. On

th24 May 2013 the National Space Society, USA has awarded him with its most prestigious award THE WERNHER VON BRAUN MEMORIAL AWARD at San Diego, California.

th thDr. Kalam became the 11 President of India on 25 July 2002. After five eventful years he demitted office on 25th July 2007. His focus is on transforming India into a developed nation by 2020. His accent is on constructive networking and excellent human resources for an economically developed, prosperous and peaceful society.

Keynote Speaker: Shri S. Raman

Shri S Raman joined Securities and Exchange Board of India (SEBI) as Whole Time Member on December 28, 2012. He oversees the portfolios of Investment Management which includes Mutual Funds, Alternate Investment Funds, Collective Investment Schemes and Foreign Institutional Investors. He also oversees the portfolios of Enforcement, Enquiries and Adjudication etc. Before joining SEBI, Mr. Raman served as Chairman and Managing Director of Canara Bank during the period September 2010 to September 2012. During his tenure, the Bank raised almost Rs.2000 Crores of Equity Capital through a QIP issue in March 2011, resulting in the Bank becoming one of the best capitalized Banks in India. Mr. Raman spent a major part of his career in Bank of India where he had two stints overseas at Jersey (UK) from 1983 to 1987 and as Chief Executive of the US Operations from June 2005 to October 2008. Mr. Raman is a Graduate in Commerce from Osmania University and a Post Graduate and Gold Medallist in Economics from Nagpur University. He also holds a Diploma in Business Management, besides being a Certified Associate of the Chartered Institute of Bankers, London and the Indian Institute of Banking & Finance, Mumbai.

Panel Discussion I: Business Dynamics: Myths & Realities

Prof. Rattan Sharma

Prof. J.D. Agarwal

Dr. Raj Agarwal

Prof. Rattan Sharma is currently Principal Director, in one of the prominent business schools of Delhi. Earlier to this, he was with Usha and Lakshmi Mittal Institute of Management, New Delhi. He was founder Director of this new Business School set up by Bharatiya Vidya Bhavan, Delhi. He was also Director, Center of Family Managed Businesses, S.P. Jain Institute of Management and Research, Mumbai. During this period, he has contributed a lot in understanding of Family Businesses in India, their functioning and various issues facing all such businesses world over.

He is a member of a number of professional bodies of management and helping various educational Institutes in their efforts to provide quality and relevant management education.

He is professional trainer and conducts short duration programs for company executives. His interest is in the area of finance particularly in the stock market. He was awarded the best article award of the Year by the Institute of Chartered Accountants of India in 1987. He is deeply interested in understanding the equity market in India. He was also EFMD fellow in Manchester Business School, U.K. and worked on factors influencing abnormal returns on corporate equities in U.K. He interacts with the industry and government in various capacities and develops understanding about the practical aspects in these fields and help develop applications.

Dr. J.D.Agarwal, presently, Professor of Finance, is the founder Chairman & Director of Indian Institute of Finance & Chief Editor of Finance India. He is a leading economist and financial expert.

In the past he has taught at Shri Ram College of Commerce, (University of Delhi), Indian Institute of Technology Delhi, Ahmadu Bello Unversity, Nigeria and Cleveland State University, U.S.A.

He has written over 15 books, edited over 80 volumes of Finance India, published more than 125 research papers, authored more than 32 book reviews, 500 case studies and working papers. He has been supervisor of several Ph.Ds, M.Tech (systems & management) dissertations, MBA & M.Sc. (Finance) dissertations and research projects by senior government officials sponsored by GOI on study leave at IIF.

He has lectured in more than 500 MDPs and trained more than 10,000 senior executives from government and industry; delivered more than 250 Radio /TV talks/interviews on economic issues. He has participated in more than 800 seminars and conferences world over.

Dr. Agarwal is an original thinker and has practical bias. Some of his works include Goal Programming Model for Capital Budgeting Decisions with priority structuring, Stochastic Goal Programming Model for Capital Budgeting Decisions under risk and uncertainty.

He has won several citations and awards and quoted widely in national dailies. He is on the editorial board of several international journals. His current research interests are in the area of corporate finance, investment, public finance & international finance.

Dr. Raj Agrawal is currently Director of AIMA-CME. Prior to that, he was Senior Director of IILM Academy of Higher Learning, Greater Noida. He is also a “Visiting Research Professor” in Montana State University, Billings, US. He has more than twenty five years of academic and managerial experience of working in prestigious national institutions like; All India Management Association, Association of Indian Universities, Motilal Regional Engineering College, and other national institutes.

Dr. Agrawal has done Ph.D in Economics from Allahabad University. A prolific writer and keen researcher, he has written more than seventy articles in leading national and

international journals. Sir, has considerable expertise in WTO and related matters. He is also a consultant in World Bank and UNCTAD and resource person in Globalization of Service Project of William Davidson Institute at the University of Michigan, U.S.

Presently working as an Economic Adviser under Department of Industrial Policy & Promotion in Ministry of Commerce & Industry, Dr. Mohan Chutani is Indian Economic Service (IES) Officer of 1986 batch. He is a Doctorate in Business Economics from University of Delhi and also holds an MBA from Hull University, UK. Dr. Chutani worked as a Lecturer in Economics in SGTB Khalsa (Eve) College & Dr. Zakir Hussain College, University of Delhi from 1981-1986. He has served in different capacities in Planning Commission, Deptt. of Economic Affairs, (Min. of Finance), Deptt. Of Expenditure (Ministry of Finance), Cabinet Secretariat, and Deptt. of Industrial Policy & Promotion (Min. of Commerce & Industry). Dr. Chutani has wide ranging experience in Planning, handling and Implementing Economic Policy in govt. Departments/ Ministries and has expertise in handling Economic & Financial Modelling Exercises & Analysing Data for both policy & research. Presently he is supervising estimation of WPI and furnishing policy advice relating to DIPP. Dr. Chutani is a member of Working Group on Terms of Trade for Agriculture Sector; & Member Secretary of the Working Group on revision of base of current WPI series (Base 2004-05) under Dr. Saumitra Chaudhuri, Member Planning Commission. He also delivered lectures/presentations on different topical economic issues for a variety of audiences including university students, government officers, etc. and contributed widely to government documents such as the Economic Survey, the Annual Plan & Five Year Plan documents, the Approach Paper to Plan and Technical Note to Five Year Plans during postings in Ministry of Finance and Planning Commission.

Presently working as Director, AIMT, Greater Noida, Brig (Dr.) Ashok Kumar Pathak has about five years' experience as Director, Management and Engineering Colleges. Before joining at AIMT, Brig (Dr.) Pathak worked as a Director at Aravali College of Engineering and Management and Marishi Institute of Management, Noida. Before starting his career in the education industry, Brig (Dr.) Pathak served Indian Army for 31 years where he functioned as an Operations Officer in UN in Angola- as part of Indian Contingent of five Officers amongst a ten-nation Mission tasked to monitor withdrawal of Cuban troops from Angola. Functioned as an Operational Logistics Officer and later Advisor on Telecom, Info-

security and IT issues, established and maintained telecom networks in UP, Rajasthan and also entrusted with the additional responsibility of functioning as a head of the section for planning and conducting tactical communication in the Indian Army. Being a Commanding Officer, he established tactical communication infrastructure to support counter urban insurgency operations in Punjab. Brig (Dr.) Pathak received the Chief of Army Staff Communication Award for excellent and outstanding performance. He also served as Director Army HQ Section from 2001-2004 and Chief Signal Officer in North East from 2004-2006. Brig (Dr.) Pathak is a Doctorate in Information System from Devi Ahilya Vishwa Vidalaya, Indore and also holds an MBA and M.Sc. He is a seasoned electronics and telecom engineer with over 3 decades of extensive experience in conceptualizing and executing telecom, IT projects in the Indian Army Corps of Signals and also a fellow of Institute of Telecom and Electronics Engineers. Significant expertise in managing a wide spectrum of human resource management functions entailing Training & Development, performance appraisals, employee relations with a view to secure a sound work culture. Brig (Dr.) Pathak has also to his credit publications in various National and International Journals.

Dr. Mohan Chutani

Brig (Dr) Ashok Kumar Pathak( Retd)

Panel Discussion II: CSR & Sustainable Development

Dr. Sunil Kumar Sinha

Dr. H. Chaturvedi

Shri Pawan Kumar

Mr. Nesar Ahmad

Sunil K. Sinha began his career as an Assistant Professor at Jamia Millia University. Thereafter he moved to CII as Deputy Director-Economic Affairs and then to NCAER as Fellow before joining CRISIL in 2005. He joined India Ratings and Research in August 2013.

In a career spanning over 20 years he has worked on various economic/ policy issues relating to agriculture, industry, public finance and macro economy. He was a lead member of the team that developed S&P ESG (environment, social and corporate governance) India

Index for Indian Companies and has also advised Dubai and Cairo stock exchanges in developing similar index. He is a lead Assessor for the CII Sustainability Award since 2008 and is also a faculty for training new sustainability assessors. Some of the key assignments held by him in the past include being member of an expert group constituted by Ministry of Defence, GOI to study 'Some Specific Issues in Defence Contract' and member of the committee constituted by Punjab Government to formulate 'State level Export Policy'.

A Masters Degree in Commerce and Doctorate in Business Management from Agra University, Dr. H Chaturvedi has more than 35 years of experience in teaching, research and administration. As a former Director with the AICTE, New Delhi, he has been associated with the formulation of policies, planning, regulation and control of Management Education as well as other disciplines under technical education.

Dr. Chaturvedi joined Birla Institute of Management Technology (BIMTECH), New Delhi as Director in 1999 and launched full-time post-graduate programmes in insurance,

retailing, international business and sustainable development.

He is a founder member and the Alternate President of Education Promotion Society for India (EPSI), a national platform for eminent educationists, education service providers and edu-entrepreneurs. He is also the president of the Alumni Association of Agra University (AAAU) and Ranganathan Society for Social Welfare and Library Development (RSSWLD), Uttar Pradesh.

Shri Pawan Kumar is an IRS Officer of 1990 Batch and holds an M.Phil. in the area of Accounting and Finance from Department of Commerce, Delhi School of Economics. He is a Fellow Member of Institute of Cost & Works Accountants of India. He joined the Income-tax Department as Assistant Commissioner of Income-tax in Delhi. Shri Pawan Kumar worked as Director, in the years 2002-08, in the Ministry of Corporate Affairs on deputation. During this period, he worked as a Core Member of the team set up under National Foundation for Corporate Governance for propagating good corporate governance practices. He also participated as member of Indian delegation in the UN convention against corruption held at Vienna in October 2006 and January 2007. Shri Pawan Kumar had been deeply involved in the implementation of MCA21 project – an e-governance programme of the Ministry. In the period 2009-12, Shri Pawan Kumar joined as Director (Tax Policy) in the Department of Revenue, Ministry of Finance. He was a member of the NACAS as nominee of the Ministry of Finance and a member of an international expert group constituted by UNCITRAL for working on Indicators of International Commercial Frauds. Presently Shri Pawan Kumar working as Commissioner of Income tax.

Immediate Past President- The Institute of Company Secretaries of India (ICSI) & Corporate Secretaries International Association (CSIA), Geneva, Switzerland, Nesar Ahmad is an ICGN Member and Country Correspondent based in India.

He is a graduate in Commerce and a fellow member of the ICSI and is a member of Council of CSIA till 2014. He is the Chairman of WTO Committee constituted by CSIA. He has

been the member of Expert Committee on Company Law and Competition Policy constituted by ASSOCHAM (2002-2008). He has been nominated by Indian Institute of Corporate Affairs (IICA) established by the Ministry of Corporate Affairs as an Expert on the panel of IICA for the subject related to Corporate Laws and General Issues. Mr. Ahmad has been appointed as member secretary/convener of the Committee constituted by the Ministry of Corporate Affairs (MCA) under the Chairmanship of Mr. Adi Godrej to formulate a Policy Document on 'National Corporate Governance Policy'.

In the year 2012, Nesar Ahmad was honoured with the Distinguished Fellowship of the Institute of Directors (IOD). He has been associated with NGOs and at present is the member of Advisory Board of SMILE Foundation, Hexa Green and is the founder President of Uniserve Knowledge Foundation (UKF).

He is also a member of School Board of the School of Management Studies, IGNOU, Ministry of Human Resource Development, Government of India. He has been elected as Chairman of capacity development by the working group constituted by IICA-GIZ Business Responsibility Initiative.

He represented ICSI and CSIA before 'Committee for Specific Commitment of WTO' at Geneva in June 2012 on the issue of inclusion of 'Corporate Governance, Compliances and Secretarial Advisory Services' in the business classification as separate head.

A fellow member of the institute of Company Secretaries of India, New Delhi and a fellow member of The Cost Accountants of India, Kolkata, presently, engaged as Deputy Director and Professor of Synetic Business School,

thLudhiana affiliated to PTU was born on 4 Novemeber'1949 in Delhi. Did graduation in B.Com (hons.) from Hindu College, Delhi University and thereafter M.Com and LLB both from Delhi University. In earlier part of life was lecturer in commerce for 3 years in Hindu College, Rohtak and thereafter was associated with Shervani group of firms Allahabad and New Delhi occupying senior post in various group companies as company secretary and financial controller for about 35 years.

He is on the board of Shervani Enterprises (pvt.) Ltd. New Delhi and is also associated with Shervani hospitality Limited, New Delhi. Ex- member of University Court of Delhi University and also acted as member of managing committee of Aurbindo College, Delhi University. He has been a visiting faculty to Delhi School of Economics, Business Management Studies, New Delhi and till date associated with it in various educational and faculty development programmes.

Mr. A.A. Kathuria

Profiles of Session Chairs for Technical Sessions on Day 2:

Dr. Satish Taneja

Dr. C S Sharma

Prof.Azad S.Chhillar

Prof. S.K. Singh

Dr. Satish Taneja holds an MBA from Faculty of Management Studies (Delhi University, B.Sc. (Mech.) Engg. From Delhi College of Engineering (Delhi University), Ph.D from Rajasthan University and has been winner of Duch Govt. Fellowship for an advanced Diploma in General Management from RVB, Delft Technical University, The Netherlands.

Prof. Taneja started his career as an Industrial and Production Control Engineer with Bharat Electronics Ltd. in 1971. He has been Director, Ministry of Industries, Government of India, Director NIESBUD, Managing Director HARDICON and board member of several companies. For the last twenty years he has been involved in academics as professor of management with several business schools and is presently Director Banarsidas Chandiwala Institute of Professional Studies, Dwarka. He carries 42 years experience in Management and Entrepreneurship and has over 38 research papers and eight books to his credit.

Dr. C. S. Sharma is a senior professor of finance and research methodology and currently a Director at Maharaja Agrasen Institute of Management Studies, GGSIU, Delhi. Formerly, he was an Associate Professor at Shri Ram College of Commerce, University of Delhi. He has to his credit more than 30 research papers published in the national and international journal of repute. He has authored six research books including the books on mergers and acquisitions diversity, inter-personal trust, and financial analysis. Dr. C S Sharma has conducted a large number of training workshops for industry over the last two decades. He is also a member of various academic institutions and associations.

Prof. Azad S. Chhillar, holder of M.Com degree from Delhi School of Economics, Delhi University, Ph.D. from Kurukshetra University and M.Sc. (Comp. Sc.) from M.D. University, is associated with teaching and research at M.D. University, Rohtak, IGNOU. He is presently Dean at IMS, Noida.

stHis administrative assignments include being Director(MDUSC),Coy. Commander(1 Hr.Bn.,NCC, Rohtak), Prof. In charge, M.D. University, Library, Co-ordinator (DDE),M.D. University, Rohtak, Dean, R&D, IMS, Noida, Director, New Era College of

Sc.& Tech. Ghaziabad, Director, JIM, Ghaziabad and Director- MSI, Delhi. He is a member of various academic and educational bodies.

He has authored two books titled 'Working Capital Management-A General View' and 'Financial Reporting in India' and about thirteen Research Articles and Book Reviews. Prof. Chhillar has 42 years of experience including four years abroad in Ministry of National Education and at Dar-Es-Salaam School of Accountancy, Ministry of Finance, TANZANIA. He has completed four academic projects, including the two funded by U.G.C., New Delhi.

Prof. Shrawan Kumar Singh, holder of M.A. and Ph.D. in economics has held various academic positions in IGNOU, University of Delhi, Department of Economics, Faculty of Social Sciences, BHU, and Ranchi University. His areas of interest include Current Problems of Indian Economy, India's Foreign Trade & Policy Framework and WTO, International Business, and Business Environment & Policies.

He has been a member of UGC Committee on Curriculum Development in Economics (2001) which recommended UGC Model Curriculum in Economics for under and post-graduate courses. He is a member of various academic bodies and is also on selection committees of various Universities, UPSC and State PSCs.

Prof. Singh has number of publications in the form of books, contibution to various edited books and articles, papers publication in various journals and lessons of various distance learning institutions.

Prof. S. P. Kala, popularly known as Ex Civil Service Officer turned into Management Guru, is a Post Graduate in Commerce, a Law Graduate of Delhi University and a MBA holder from the University of Hull in United Kingdom.

Prof. Kala initially served Government of India as an Officer of Indian Company Law Service in various positions such as Assistant Registrar of Companies-Maharashtra State; Bench Officer, Company Law Board-Western Region Bench Bombay; Registrar of Companies of State of Goa and Union Territory of Daman & Diu. Concurrently he also

discharged the duties of Official Liquidator attached to High Court of Bombay-Panaji Bench. He also served as Under Secretary to the Government of India in the Ministry of Personnel, Deputy Director of Inspection in the Department of Company Affairs of Government of India and finally he joined Institute of Company Secretaries of India as its Director Professional Development.

After taking Voluntary retirement from Government of India service he shifted to the academic world by joining as Professor of Management and Head of the Department of Business Management of H.N.B. Garhwal University in 1998. For three years he served in the University as Dean of the Faculty of Business Management, Tourism and Hoteliering of the University.

Besides above position Prof. Kala is a resource person associated with a good number of Universities, Educational Institutions, Training Centres, Governmental and Non-governmental organizations in India and abroad. Currently he is associated with Delhi School of Economics as a visiting Professor in Strategic Management for MHROD Course.

Dr. Satyabhusan Dash is currently working as an Associate Professor, Marketing area and Chairperson, Centre for Marketing in Emerging Economies at Indian Institute of Management; Lucknow. He is a Ph.D. from Vinod Gupta School of Management, IIT, Kharagpur and a graduate engineer from the College of Agilcultural Engineering and Technology, Orissa. He has been awarded Canadian Studies Doctoral Research Fellowship for Doctoral Research in Management in 2001. During his Ph.D. study, he had worked as a Visiting Doctoral Research Fellow at I.H. Asper School of Business, University of Manitoba, Canada.

Dr. Dash has published in several major national and International journals including International Journal of Market Research, Academy of Marketing Science Review, Journal of International Consumer Marketing, Marketing Intelligence and Planning and International journal of Bank Marketing. He has coauthored Indian subcontinent adaptation of Marketing Research text book titled “Marketing Research: An applied Orientation” with Prof. Naresh. K. Malhotra. He has taught various courses at IIM Lucknow, for the nine years, and has executed several research projects in India, USA and Canada. He has also been involved in designing and delivering several customized training and Management Development Programmes for various reputed organizations including LIC, SBI and Indian railways. His current areas of teaching and research interest includes Online marketing, Product and Brand Management, Relationship Marketing, Buyer Behavior in Insurance and Pharmaceutical industries, Rural Marketing, Lifestyle influences in food retailing and e-business. Dr. Dash has been actively involved in teaching, training, consulting and research for over 13 years.

Prof. S.P. Kala

Prof. S. B. Dash

Professor P. K. Jain

Prof. Sanjiv Mittal

Prof. PK Haldar

Prof. P. K. Jain holds the position of Professor in the Faculty of management studies at M. L. Sukhadia University, Udaipur. He started his career in academics in the year 1978 from University of Rajasthan, then moved to Vikram University and in 1990 joined M. L. Sukhadia University as Associate Professor. Later on in 2001 he was selected as Professor in the same Faculty. He has been recipient of Young Social Scientist Award from UGC for his Post-Doctoral work. He has trained hundreds of senior and middle level executives of the reputed organisations across the country and abroad in the field of behaviour, motivation, goal setting and personality. He is widely acclaimed as an excellent orator. He has been trainer for the executives of many reputed Business houses including Bajaj, Doordarshan, BSF, CRPF, ITBP, KRIBHCO, IFFCO, ONGC, Adarsh credit society, Coal India, LIC etc. He has been a member of advisory board to the LIC of India for four years. He has trained the civil servants of Sri Lanka during 2000-2001. Prof. Jain has been visiting professor to Texas University, USA, Institute of Technological Studies Colombo, Sri Lanka, King Faisal University Saudi Arabia and Duke University.

Prof. Sanjiv Mittal presently working as Professor of Management in University School of Management Studies, GGS IP University is a doctorate in the area of Service Marketing. He has a teaching experience of 31 years in business management and has held various academic positions in M.D. University, Rohtak; Rukmini Devi Institute of Advanced Studies, and University School of Management Studies, IP University.

Prof. Mittal is also Co-ordinator, Entrepreneurship Development Cell of USMS created with the assistance of AICTE since 2006 and is a member, Board of Studies in number of universities. He has contributed many articles in Journals of National and International repute and has also received best Researcher Award of the University for 2012-13. His areas of interest are Marketing and International Business, Export-Import Procedure and Documentation.

PK Haldar is a professor of commerce in the Department of commerce and Head, Department of Commerce and former Head of the Department of Journalism and Mass Communication, Tripura University. Prof. Haldar had also been the Dean of the Faculty of Arts and commerce, Tripura University( a Central University). He was also the founder convenor of its Business Management Programme as well as its first evening programme. During his academic career he has held several academic and administrative positions. He has supervised a half-a -dozen of Ph.D. Scholars and another same number of scholars are nearing completion. He is and has been acting as outstation supervisor also of other institutes and Universities. He has authored books used as text and references and published more than 70 research papers/articles in research journal of repute. He is also the member of editorial and Advisory Board of many Research Journal in Business brought out by Research Associations and University Departments. He has participated as resource person, Key note and invited speakers in more than 50 national and international level Seminars, Conference, workshop,panel discussions and faculty development programmes. He has been taking part in Syllabus framing as well as curriculum Development in regular and ODL mode in University level. His present level of research interest covers Corporate Reporting practices, Financial control and Entrepreneurial Management with a focus on Cross Boarder Entrepreneurial Leverage Between Bangladesh and India's North East. He is presently edition a Book on Entrepreneurial Footprints in North East.

CONTENTS

Effect of Psychological Dispositions on Short-term Intuitive Forecasting: An Experimental Study

Testing the Volatility and Weak Form of Efficient Market Hypothesis: Empirical Evidence from the Four Largest Economies of the World

FDI in Indian Insurance Sector: A Critical Analysis

Testing Weak Form of Efficient Market Hypothesis: Evidence from Bombay Stock Exchange (BSE)

The Information Ratio on Indian Mutual Funds

A Retrospection of Contemporary Debate over FDI in Retail Trade in India

Small Pockets – Big Target Capturing Children Segment: A new mantra for widened market share

Sustainable Reporting: A Preliminary Analysis of Adoption of GRI Framework by Indian Corporate Sector

Taxation of E-Transactions

Role of Stress and Job Performance in Banks Worker - An Analysis

Study and Analysis of the Status of Misleading Advertisements in India and Limitations of the Law Enforcement

CSR - A Strategy For Sustainable Business Success: Evidence From Indian Companies

Impact of Corporate Social Responsibility on Financial Performance of Sensex Companies

Business Sustainability in 21st Century

Corporate Governance and its Impact on Financial Crisis in India

Wealth Maximization Analysis of Organizations & their Scope of Sustenance in the Long Run – An Empirical Analysis on Selected Companies in S&P BSE 100.

Triple Bottom Line Reporting: Re-inventing New Corporate Disclosure Practices

Bharatiya Mahila Bank: A New Way of Indian Banking for Women

Impact of Marketing Strategies on the Food Behaviour of Affluent Urban Indians

A Study of Time and Cost Overruns in Power Projects

Corporate Social Responsibility: Tag of Good Corporate Citizen

The Role and Relevance of Option Implied Volatility in Financial Markets

What drives Private Equity Investments in Indian companies?

Rupali Misra Nigam, Dr. Sumita Srivastava and Prof. (Dr.) D. K. Banwet 1

Dr. Saif Siddiqui and Ishaq Ahmad Bhat 1

Ruby Singh and Dr. Amit Gautam 2

Nidhi Malhotra, Dr. Satish Taneja and Aakriti Sohal 2

Dr. Kavita Arora 3

Dr. P K Haldar 3

Dr. Ashish Chandra and Anu Vasudeva 4

Sanjay K. Jain and Geetanjali Batra 4

Dr. Lata Sharma 5

Raghavendra S, B.G Srinivas, Shashiraj Nayaka and Sudharani M 5

Dr. Sheetal Kapoor 6

Monica Aggarwal and Divya Mehta 6

Ankita Singh and Prof. Pramod Kumar 7

Prerna Sharma 7

Monika Jain 8

Aniruddha Ghosh 8

Sumanta Dutta 9

Dr. Krishna Murari Mishra and Dr. Keshav Shyam 9

Dr. Anu Taneja Gupta 10

Dr Priti Rai 10

Neha Gupta, Neha Jaiswal and Nidhi Taneja 11

Dr. MeghaAgarwal 11

Dr. Vanita Tripathi and Ms. Neerza 12

Impact of Terrorism on Indian Financial Markets

Corporate Social Responsibility in Petroleum Sector: a study of Beneficiaries' Perception in Oil Refineries in Assam

Retail Scenario in Delhi Metro: A Study on Hudson News and Café

Horticulture Development: A tool for Uplifting Uttarakhand Economy

Reflections on Corporate Social Responsibility and the Road Ahead

Leveraging Business: A Cloud Computing Initiative in Banking Sector

Embedding Sustainability in Business: A Case of HUL

Impact of Globalisation on India exports with Special Reference to Regional trade Agreements

Re-Birth of Indian Online Retailing

Independent Directors-the Indian Story

Shareholder Protection Laws, Corporate Governance and Shareholder Activism- An Analysis in Indian Context

Growth story of 'Acquisition based Class Actions'

Emerging Retail Marketing Strategies - “Small Scale Industries”

What determines Consumer Behavior in Organized Retailing in an Emerging Market? New Insights

Corporate Social Responsibility: All at Sea

Corporate Social Responsibility, Corporate Governance and Sustainability: Synergies and Inter-relationships

Strategic Financial Management Practices in BPO Industry: Development of an Index of Professionalism

The Changing Sphere of Indian Companies Act

Limited Liability Partnership in India: Issues and Concerns Curbing its Popularity

Indian Luxury Market: From Bond Street to DLF Emporio

Green Banking and Sustainable Development: An Anecdote from India

Emerging Trends in Companies Act 2013

Policies, Output, and Effectiveness in Banking: A study based on Indian Experience

Structural capital in the service sector of India

Evaluating the Efficiency of Private Sector General Insurance Companies in India Using Data Envelope Analysis

GunjanTripathi 12

Kasturi Saikia and V K Shrotryia 13

Shanu Jain and Nandini Sethia 13

Shivendra Singh 14

Purnima Bhatnagar and Anoop Srivastava 14

Dr. Nidhi Dhawan 15

Jyoti Paul 15

Dr. Niti Bhasin and Rinku Manocha 16

Reena Malik and Sarika Yadav 16

Amrita Singh 17

Pooja Sharma 17

Sakshi Verma 18

Gaurav Rana and Neeti Nagar 18

Dr. Sunil Kumar Yadav and Nancy Rao 19

Vaibhav P. Birwatkar 19

Professor J. P. Sharma and Swati Khanna 20

Shruti Gupta 20

CA Amit Kumar Sahu 21

Neha Matlani 21

Neha Bothra 22

Dr Namita Rajput 22

Rashmi Taneja 23

Garima and Rajeev Gupta 23

Arpita Kaul 24

Kamini Tandon, Dr. Satish Taneja and Gurpreet Kaur Arora 24

Corporate Social Responsibility

Outlook on the Private Equity Potential in India's Health Care Sector Based on Lessons from US

A Comparative Equity Valuation through Fundamental and Technical Analysis in Indian Telecom Sector

An Empirical Study on Purchase Intention of Green Mobile Phone

Corporate Governance and the Companies Act, 2013: A Synthesis

A Comparison of Service Quality of Indian and International Fast Food Chains – An Empirical Investigation

A Study to Understand Consumer Behaviour Factors towards Luxury Retailing in NCR

Sustainability a Challenge for Social Entrepreneurs

A Literature Review on Entrepreneurial Development at its' antecedents

Business Responsibility Reporting: A Study of Indian Companies

Business Sustainibility: Issues and Challenges

Impact of Globalisation on Indian Retail Industry

Public Sector Enterprises in the Indian Economy

Corporate Social Responsibility in Business –Ornamental or Authentic Bloom

Environment and Perception of Sustainable Agriculture Development in India: The Edge of Bio-Fertilizer

Impact of the Provision of Work Life Practices on Work Life Balance and Life Satisfaction: An Empirical Study among Professionals in Healthcare

Impact of Foreign Direct Investment on Indian Retail Sector: An Analysis

Understanding Cloud Computing – an innovative trend in IT and business

Corporate Governance in Indian Banks –The Role of Board of Directors

Gift Cards: Innovative Trend in Retailing in India

Identification of factors influencing choice of source of agriculture credit by farmers: An Application of Binary Logistic Regression Analysis

Social Venture Capital: Financing Social Entrepreneurs

What Went Wrong With Kingfisher Airlines?

Rethinking Consumer Behaviour: Shifting to Greener Paradigm

Vaibhav Kumar 25

Kunjana Malik 25

Dr. Aparna Mishra, Dr. Satish Taneja and Ms. Sonam Gupta 26

Asha Chauhan Jakhar and Neha Saini 26

Neha Sharma 27

Ruchika Bhateja and Manika Batra 27

Komal Kapoor 28

Dr. Anu Pandey 28

Mr. Vishnu A. Patankar and Dr. Nikhil Mehta 29

Dr. Deepti Singh 29

Dr. Reena Grover 30

Rajeev Kumar Upadhyay 30

Dr. U. Raghavendra Prasad and Dr. S.M.D. Ghouse 31

Mridula Sahay 31

Shahnawaz Ahmad Rather 32

Dr. Ajay Kr. Singh and Ms. Amanjot Sachdeva 32

Hemlata 33

Burkhanuddin Shaikh 33

Manmeet Kaur Bawa 34

Dimpy Handa 34

Priyanka Yadav and Dr. Anil Kumar Sharma 35

Antriksha Negi 35

Ruchi Goyal and Abhinav Pragya 36

Dr. Bhavna Sharma, Vanadana Rathee and Dr. Ashwani Sharma 36

Determinants of Success in Organised Retail: An Empirical Study using Factor Analysis

Experts' Attitude towards Harmonization of Indian Accounting Standards with IFRS

Banking Sector Reforms in India - An Overview

Foreign Institutional Investment and Development of Indian Stock Market

E-Life Insurance: Insurers' Perception

XBRL: The Global Financial Reporting Language – A Study of perceptions of Chartered Accountants, Academicians, Students and Account Preparers of Companies in Mysore city-Karnataka

Customer Characteristics and Service Quality Perceptions in Public and Private Sector Banks: An Assessment

Study of the Ramification of Mandated Changes in Corporate Social Responsibilities in India

Inclusive Growth and CSR - Challenges and Lessons Learnt From Implementation of CSR Programmes In the Field of Education In India

Do firm specific characteristics really influence underpricing ? (A cross sectional study on private sector IPOs in India)

Relationship Between Corporate Social Responsibility and Competitive Advantage

Board Meeting through Electronic Mode: A Move towards Corporate Excellence

Emerging Issues in Retailing

“Risk and Return” in Banking Industry in India: Concept and Measurement

Business Sustainability: Issues and Challenges

Footprints of XBRL: A New Dimension in Financial Reporting

Financial Performance of Indian Commercial Banks: An Analysis

A Comparison of Indian and Chinese Labour Laws

Role of ICT in Business Development with Special Reference to Food Product Industries

A Study on Factors Influencing Consumer Buying Motive at Organized Retail Stores in Jaipur City

Technological Innovations and Banking Services in India

Emerging Trends in Mutual Fund Industry in India

Globalization and its Impact on Indian Business

Management of Non Performing Assets (NPAs) in Indian Commercial Banks

Astha Dewan 37

Saumya Singh and

Samir and Deepa Kamra 38

B.G.Srinivasa and Nayakara Honnurswamy 38

Dr. Alka Harneja 39

Abhilasha. N and Prof. B.H. Suresh 39

Sonali Jain and Prof. Sanjay K. Jain 40

Prof. P.K Haldar and Lokanath Mishra 40

Purnima Bhatnagar, Shalini Nigam and Y Suresh Reddy 41

Poonam Rani and Prof. K.P Kaushik 41

Dr. Urvashi Sharma 42

Gunjan Khanna 42

Neha Singhal 43

Prof. K.V. Bhanumurthy and Dr. Lovleen Gupta 43

Parul Tomar 44

Neha Jaiswal, Neha Gupta and Nidhi Taneja 44

Kumar Shivam and Dr. Rajeev Prabhakar 45

Vrinda Kapur 45

Shashiraj Nayaka,B.G Srinivas, Raghavendra S and Sudharani M 46

Dr. Punam Mishra 46

Dr. Devinder Sharma and Bhushan Azad 47

S L Pandian and Dr. Smita Shukla 47

Anurag Bhadur Singh and Priyanka Tandon 48

Ms Sonia Verma 48

Rajeev Kumar Malik 37

Electronic Banking: An Innovative Approach from Bricks-and-Mortar to Virtual Banking in India

Market Anomaly in National Stock Exchange of India

A Review of Cloud Computing based B2B Integration

Green Banking in India

Cyber Crimes: A Study of Select Cases

FDI in Retail in India – Challenges, Effectiveness and Future: Issues and Intricacies

Globalisation and Indian economy: An Experimental Study

Customer Perspective on Clearance Sale of Woollens: A Comparative Analysis of Branded and Non Branded Woollens

Globalization and its Impact on Rural Women Consumers Changing tastes and preferences

Leveraging Innovative Entrepreneurship (With Special Reference to its Role in Economic Development of India)

Integrating Educational Technologies in the Classroom – A Study of Department of Commerce, Delhi University

Six Sigma and Benchmarking in India: A Case Study of I.T. Industry in India

CSR- A Move towards Sustainable Development

Corporate Governance Failure- A Case Study of Sahara Group

Pester Power: A Key to Marketers Success

Globalization Trends and its Impact on Retail

The Rising Trend of Online Shopping in India: Consumer's Feedback

Employability Skills: A Study of Self-perceived Competence of MIB and MHROD Students of University of Delhi

Study of the Role of CSR in Leveraging Commercial Banks' Business in Bangladesh

Corporate Governance in Real Estate Sector – Case of DLF

What's the Business for?

Impact of Globalization on Indian Economy

Spirituality, Ethical Behaviour and Corporate Social Responsibility –The Influence of Affinity

Ms. Ravinder Kaur, Mr. Suyash Mishra and Mr. Rishi Kant 49

Dr. Saif Siddiqui and Dr. Neha Seth 49

Abdul Manazir 50

Dr. Ruchi Trehan 50

Minny Narang and Sunita 51

Dr. Alluri V.N.Varma, Dr. A.Naga Raju and Dr. J.S.P.Rao 51

Prabina Kumar Padhi 52

Dr. R. C. Gupta, Manjari Agarwal and Priyanka Goel 52

Swati Srivastava 53

Ms. Ruchi Vohra 53

Deepali Malhotra and Swati Seth 54

Dr. Sangeeta Dodrajka 54

Shikha Sachdeva 55

Jigmet Wangmo 55

Ms. Shefali 56

Ms. Rachna Bamba and Mani Sawhney 56

Dr. Priyanka Tripathi 57

Ms. Nidhi Kapoor and Ms. Rinku Mahindru 57

Prof. P.K. Haldar and S.M. Mahabubur Rahman 58

Sonal Nagpal 58

Sanjeev Kr. Sharma, HOD, Management, Mewar Institute, Ghaziabad 59

Rachna Yadav 59

Shikha Makkar and Monika Saini 60

Corporate Disclosure Practices: A Comparative Study of India & UK

CBMAs in India: From Evolution to Recent Trends and Implications

CSR: Brand New Spirit to Leverage Business

Evaluation of Foreign Direct Investment (FDI) in India: A Study of Multi Brand Retail

Impact of Foreign Direct Investment in Multi-Brand Retail – A Grounded Theory Approach

Top Most Motivational Factor For Teachers' Job Satisfaction: A Study On Private Sector Degree Colleges

Developing Relationships in Retail: An Investigation of Critical Quality Attributes

Restraining the Insider: Easier Said Than Done

Do Eco-Labels drive Customers?

A Resource Based View for Sustainable Competitive Advantage

An Empirical Analysis of the Behavioural Factors Affecting Individual Investment Decisions

A Study of Corporate Social Responsibility as a Tool for Attaining Sustainability and Green Growth

Dr. Simmarpreet 60

Rabi Narayan Kar and Amrita Kaur 61

Nidhi Bhatia 61

Dr. Manoj Sharma and Nand Lal 62

Dr. C S Sharma and Mr. Sameer Lama 62

Annu Tomar 63

Ekta Duggal and Prof. Harsh V. Verma 63

Dr. Vandana Gautam 64

Sapna Mathur 64

Ms. Prachi Jain 65

Shilpi Sahi, Sonia Kamboj and Sakshi Mittal 65

Dr. Rajeshwari Malik 66

Effect of Psychological Dispositions on Short-term Intuitive Forecasting: An Experimental Study

Rupali Misra Nigam, Research Scholar, Dayalbagh Edu. Institute, IIT (Delhi)Dr. Sumita Srivastava, Assistant Professor, Dayalbagh Edu. Institute

Prof. (Dr.) D. K. Banwet, Professor Emeritus, IIT Delhi

Recent theories of finance underscore the role of behavioral factors affecting the efficacy of stock market investors. They argue that heuristic-driven biases, framing, emotional responses and demographic variables play a key role in investor decision making. Literature also provides that personal characteristics influence investors' perception of risk and their willingness to assume risk. The extant research done in the past indicates a possible connection between psychological dispositions and investment decision-making. However, it does not provide conclusive evidence on any directional relationship. The objectives of this paper are to study possible relationship between Extraversion and Openness to Experience and intuitive forecasting accuracy in stock market. For our study, we have used laboratory experiment on 34 subjects who are exposed to stock market fluctuations to explore the relationship. All subjects had to respond to a reaction test, which consisted of listening to the information announced by the mentor and predicting the price of scrips for a short term investment horizon. The personality measure used for the purpose was 50-item NEO Personality Inventory-Revised (NEO PI-R) inventory by Costa and McCrae (1992).Since, the sample design was non-random, non-parametric; MannWhitney U-test was used for analysis. Accuracy of forecasts was measured as mean difference from effective stock price. The findings of the experiment reveal that there is a statistically significant relationship between Extraversion and Openness to Experience and intuitive forecasting accuracy. Low-Extraversion subjects demonstrated lower forecasting error at p<= 0.05 (non-parametric MannWhitney U: Z = -2.0162, p=0.04338). However, Mann Whitney test revealed cons

that the Openness to Experience dimension of an investor and his forecasting error are not statistically related (non- parametric MannWhitney U: Z = 0.5185, p=0.60306). The results are significant at p<= 0.05. Thus, the relevance cons

of personality trait for management theories and intuitive decision-making in the domain of the stock market is proposed here. This experiment extends the existing research on emerging dimensions of behavioral finance. Keywords: Behavioral Finance, Psychological Disposition, Forecasting Accuracy, Extraversion, Openness to Experience

Testing the Volatility and Weak Form of Efficient Market Hypothesis:Empirical Evidence from the Four Largest Economies of the World

Dr. Saif Siddiqui, Assistant Professor, CMS, Jamia Millia IslamiaIshaq Ahmad Bhat, Student, CMS, Jamia Millia Islamia

The concept of efficient market hypothesis has been the subject of discussion among the financial lobby since its th inception during the second half of the 20 century by Eugene Fama (1965). This work is an attempt in this regard

to test the weak form of efficient market hypothesis as well as volatility of the four largest economies of the world (GDP) i.e. USA, China, India and Japan. For the purpose of the study, Daily Adjusted Closing Prices of S&P

st500(USA), SSE composite index (China), Nikkei 225 (Japan), CNX Nifty (India) for the period I January 2003 up to 31st December 2013 are taken into consideration. Such a data is chosen deliberately to include the three main phases of the business cycle-Boom (2003-2007), Recession (2008-2011), Recovery (2012-13). The authors have relied on Descriptive statistics, Augmented Dickey Fuller test, Wald-Wolfowitz test and Auto-correlation test to test the weak-form of EMH while as GARCH (1,1) model is adopted to determine the volatility and the predict the results thereof. All the parametric and non-parametric tests reveal that the stock markets of India, USA and Japan are weak form inefficient while in case of Chinese stock markets, the tests produce conflicting results.The study is indeed crucial considering the rapid growth in Indian and Chinese capital markets in the first decade of 21st century after the emergence of capital markets of USA and Japan in the 20th century. Further, the study provides vital clues to individual/institutional investors, hedgers, arbitragers and speculators as well as the relevance of fundamental and technical analysis in the contemporary world as far as the trading in these capital markets is concerned.Keywords: EMH, CNX Nifty, SSE,Nikkei 225,S&P 500,ADF Test,Runs Test, GARCH (1,1) Model.

Department of Commerce, Delhi School of Economics, University of Delhi 1

FDI in Indian Insurance Sector: A Critical AnalysisRuby Singh, Research Scholar , Faculty of management Studies, BHU

Dr. Amit Gautam, Assistant Professor, Faculty of management Studies, BHU

Ever since the Indian government liberalized the insurance sector in 2000 and opened the doors for private participation, the sector has gone from strength to strength. The resultant competition has provided the consumer with a never-before-seen range of products and providers, and also enhanced service levels markedly. Now Indian insurance sector is one of the most sought after sectors that carry great potential for attracting FDI. The Insurance Sector has grown faster than the Indian economy resulting in an increasing insurance penetration. The sector which stood at a strong US$ 72 billion in 2012 has the potential to grow to US$ 280 billion by 2020. The tries to get answers of the following questions - What methods of FDI in insurance are currently permitted and what is the policy; What are the key issues concerning FDI policy change in India's insurance sector; and How can policy help to reduce the risk of FDI in insurance for India and its domestic markets? Thus, the keys objectives of the study are to investigate the Indian insurance market place and current policy & regulations with regards to foreign investors; to examine the arguments for and against changing current policy and improving the regulatory environment; to compare the opinions of the Indian domestic insurance sector so as to interpret market sentiment towards foreign investment, and to explore thoughts on the issues faced by the sector; and finally to consider what solutions could potentially resolve the issues and are supported by the majority of the domestic insurance players. The researchers have adopted analytical, descriptive and comparative methodology for this study. The study is based on primary and secondary data. The primary data sources in this research were collected via an emailed survey questionnaire and secondary data, which has been taken from case studies, books, journals, newspapers and online databases and websites of DIPP, RBI UNCTAD etc. The findings shows that the service sector has the largest share in the GDP, accounting for 57% in 2012, up from 15% in 1950; cheaper premium for policy holders; strong capital base. With the increase in stake, foreign players will be able to contribute in the technical aspects of Insurance business. This includes encouraging product innovation, claims settlement process, effective distribution models and other technological best practices. Give freedom 80% only and no automatic FDI inflow. FDI must be considered in poverty reduction, unemployment reduction and primary education and priority sectors of Insurance. FDI inflows in emerging markets typically ride on the back of privatization. Foreign insurer should not be allowed until they make satisfactory guarantees to protect communities, support small businesses and traders, guarantee fair wages and working conditions, and ensure minimum sourcing from India.

Keywords: FDI, Liberalization, Insurance Sector, Government Policy.

Testing Weak Form of Efficient Market Hypothesis: Evidence from Bombay Stock Exchange (BSE)

Nidhi Malhotra, Assistant Professor, BCIPS, DwarkaDr. Satish Taneja, Director, BCIPS, DwarkaAakriti Sohal, MBA Student, BCIPS, Dwarka

The study examines the validity of Weak form of Efficient Market Hypothesis in Indian stock market with special reference to Bombay Stock Exchange (BSE). For testing the presence of random walk, log returns of daily, weekly and monthly closing prices from July1997 to Dec 2012 are employed. The market efficiency is tested by using both parametric and non-parametric test including run test, serial correlation test, unit root test, variance ratio test and GARCH(1,1). In order to verify the normality of return series, JarqueBera test was used and descriptive statistics were examined. The results of the same revealed non-normality of return series and further exhibits negatively skewed and leptokurtic returns. The run test results reveal that successive market returns are not independent for daily and weekly returns but presence of random walk is found in monthly returns. Daily returns are serially correlated but for weekly and monthly returns insignificant serial correlation is found. The unit root test is used for testing the stationarity of the return series and the results show that daily, weekly and monthly returns are non-stationary when tested at level but become stationary at first difference. The variance ratio test reveals traces of weak form of market inefficiency under assumption of homoscedasticity and heteroscedasticity. The GARCH(1, 1) test reveals high persistence and slow reversion to the mean. The implications of rejection of random walk hypothesis supports the predictability of future stock prices by studying the pattern of historical prices and providing an opportunity to earn supernormal profits by holding a well-diversified portfolio.

Keywords: Efficient Market Hypothesis, Random walk, Run Test, Serial Correlation, Unit Root test and Variance ratio test

rd3 Annual Commerce Convention 2014 : Leveraging Business: Discovering New Horizons2

Department of Commerce, Delhi School of Economics, University of Delhi 3

The Information Ratio on Indian Mutual FundsDr. Kavita Arora, Asstistant Professor, Shyam Lal College, DU

The mutual fund industry is a fast growing sector of the Indian capital and financial markets. Total assets under management of mutual funds in India as on January 31, 2014 were Rs. 9,03,255 crore under 1,469 schemes. The enormous growth in the number of mutual funds and the volume of investment in them worldwide has led to an increasing demand for techniques to evaluate their performance. In the present study an attempt has been made to assess the performance of mutual fund managers on the basis of Information Ratio (IR). IR is a measure of fund manager's performance against risk and return relative to a benchmark. The sample contains 100 mutual fund

st stschemes selected on the basis of availability of consecutive data during the period 1 April, 2000 to 31 March, 2008.The study period 2000-2008 has been segregated into two sub-periods, sub-period I (2000-2004) and sub-period II (2004-2008) to ascertain whether the performance of mutual fund schemes varied during the two sub-periods as these were bear and bull phases. The findings suggest that although, majority of the schemes had positive Information ratio which indicates above average performance of the fund managers, yet none of the schemes had an information ratio higher than or equal to 0.5. The results indicate signs of an efficient market since a manager's ability per se, can neither add nor subtract value in such a percent so as to be worth noticing.

Keywords: Performance, Mutual fund, Fund managers, Information Ratio, Benchmark indices, Sub-periods.

A Retrospection of Contemporary Debate over FDI in Retail Trade in IndiaDr. P K Haldar, Professor and Head, Department of Commerce, Former Dean of Faculty of Arts and

Commerce, Tripura University

Foreign Direct Investment (FDI) in general and Multi-brand Retailing in particular has attracted most intense debate and high controversy in media and public in recent times. The way the country's retail sector was opened for FDI and in the manner it was allowed by the Government perhaps may be attributed as the most contributory factors to such debate. There is no denying the fact that Indian retail sector, being the fourth most attractive destination among many for FDI seems to be the last biggest unexplored sector if to be captured hurriedly by the foreign multinational investor. Moreover, Government some how became desperate in its bid to attract more inflow of FDI as a means of its rescue and face lifting from the pressure of a number of contrary factors, such as, rising current account deficit, falling trend of the value of rupee, declining inflow FDI and rising and high inflation. Employing almost 7% of country's work force and contributing around 15% to GDP, the retail sector was mostly serving as the front end activity of agricultural and manufacturing sectors in trading the goods and services from the point of production to consumption. Of these activities, almost 96% are being conducted in an unorganised sector. The situation was ultimately flared up virtually upon the government's decision to allow 51% FDI in Multi-Brand Retailing. Both sides in the debate have their own argument, which they think strong and genuine enough to ignore others. They are raising question not only upon its economic and business implications, but also to its legal sources and substance of the order of the Government. But in many instances their arguments happened to be based upon hunch and hypothetical premises and in some instances apprehension are made in cook-book style. Many of the arguments are merely apprehensions and not founded upon verifiable premises and references which are cited either in favor or against are invariably from the developed and different economies. But because of huge population, growing number of middle class, diversities and geo-political and cultural differences, others' recipe may not fit our tastes and preferences. Against this backdrop, the present paper shall attempt to look back upon the past happenings with reference to some empirical evidences from our situation and context and with special reference to India's North Eastern Region, to focus upon the rightness of the context and thus the title of the paper: A Retrospection of Contemporary Debate over FDI in Retail Trade in India” is self-explanatory.

Keywords: FDI in Retail; Multi-brand Retail, Single Brand retail

rd3 Annual Commerce Convention 2014 : Leveraging Business: Discovering New Horizons4

Small Pockets – Big TargetCapturing Children Segment: A new mantra for widened market share

Dr. Ashish Chandra, Associate Professor, School of Business Studies, Vivekananda Institute of Professional Studies, New Delhi

Anu Vasudeva, Knowledge Facilitator

“Children are the building blocks of a nation” and marketers have taken this statement with its literal meaning and to them they are the building blocks of the economy. Progressively increasing proportion of children in the demography has forced marketers' to treat them not only as consumers or influencers, but as perspective buyers also. Today, to combat with the competition companies are widening their market share following their respective strategies. Focusing on a prime segment as Children's segment has emerged as a 'success strategy'. A new class of products for children has emerged in health & hygiene, nutrition, infant products, child care, F&B, toys, games, entertainment, to name a few. The range of these products starts not only with a pre-schooler or a toddler but much before, in the neo-natal period. From consumables to durables, marketers are very smartly using kids as powerful influencing & influential weapons. Even the products farthest from children utility like banking & insurance treats them as a potential segment. But targeting children and handling their products comes with challenges and nuances. Smart parents of these little champs are being very selective; choosy and their buying-decision undergoes a lot of information search, reading, checking, cross-checking, referrals, and evaluating different alternatives before the final purchase. Apart from this, care is to be taken for not indulging into anything that could hurt social, moral, ethical or legal sentiments of the masses. This is an attempt to study the changing market demographics, marketers' attempt to create a new consumer market (children's segment) and identify the influence of this segment on buying decisions and consumption patterns as a whole. To validate the study, parents of children from the new born to 5 years have been interviewed, interacted and observed to find out that how far the practices of marketer's are being successful and up to what extent?

Keywords: Children segment, pricing for profit, market demographics, innovative promotion, purchase behavior and consumption pattern.

Sustainable Reporting: A Preliminary Analysis of Adoption of GRI Framework by Indian Corporate Sector

Sanjay K. Jain, Professor, Department of Commerce, DSE, DUGeetanjali Batra, Research Scholar, Department of Commerce, DSE, DU

Couple with increasing concern for environment and growing recognition of CSR, sustainable reporting has gained importance over the years. Global Reporting Initiative (GRI) has emerged as a widely accepted framework for reporting corporate involvement with sustainability initiates. In recent years, a few Indian companies too have adopted this framework. No empirical studies exist examining the incidence and nature of reporting under the GRI framework adopted by the Indian corporate sector. The present study aims at analysing as to what extent and which types of the Indian companies have adopted the GRI framework and what kind of reporting they are practising. The study is based on the information compiled from the GRI website and cross-examined in terms of firm characteristics and nature of reporting. The results show incidence as well as type of reporting to be varying across different types of firms. The study findings are expected to be useful to the management of GRI and policy makers in the country in devising strategies for larger and more rigorous adoption of the GRI framework.

Keywords: Sustainability reporting, GRI framework, Firm characteristics, Indian companies

Taxation of E-TransactionsDr. Lata Sharma, Associate Professor, Lakshmibai College, DU

The growth of economic activity through electronic commerce has created concern among fiscal authorities globally. All business transactions are subject to tax. However, it is difficult to bring the e-transactions under the tax net. The cause of concern basically lies in anonymous, non-traceable transactions from unidentifiable locations. Most of the existing studies on e-commerce have examined the extent of its activities in the advanced countries. However, no attempt seems to have been made to examine the tax aspects of e-commerce. The present work, therefore, bridges a research gap: it identifies some of the issues related to taxation in the e-environment. For the same, a pre-structured questionnaire has been used to find out the practices and opinions of 75 tax professionals from all over India on various aspects related to e-taxation. The collected information has been analyzed with the help of frequency distributions and percentages using SPSS package. The study indicates that the present models for taxation, though reasonable and technologically feasible, are not exhaustive enough to handle e-transactions. The challenge lies in adapting the existing tax laws to extend to e-commerce and modify them to suit the new e-environment.

Keywords: Taxation, Electronic commerce, E-transactions, India

Role of Stress and Job Performance in Banks Worker - An AnalysisRaghavendra S, Research Scholar, Gulbarga University

B.G Srinivas, Research Scholar, Gulbarga University Shashiraj Nayaka, Research Scholar, Gulbarga University

Sudharani M, Student, Gulbarga University

At the present scenario banking sector has undergone tremendous changes in the recent past. liberalisation, privatisation and globalisation (LPG); entry of foreign banks; technological developments and increased competition has made banks to strive hard for success. Banks are not thinking in terms of traditional services but value added benefits to the customers for competitive advantage. This has put pressure on the employees of banks to render better job performance in terms of results. Due to this, the employees face role overload, role ambiguity, which are the symptoms of role stress. The study tests role stress and its impact on job performance by using (n=95) data of employees including managers, officers and clerks of banks in Gulbarga. The data obtained through questionnaires were analyzed using statistical tools like mean, standard deviation and regression. The analysis of variance revealed significant difference between role stress with gender, education levels, designation, income levels and age groups of respondents.

Keywords: Stress, Job performance, Banking sector, Technology, LPG

Department of Commerce, Delhi School of Economics, University of Delhi 5

rd3 Annual Commerce Convention 2014 : Leveraging Business: Discovering New Horizons6

Study and Analysis of the Status of Misleading Advertisements in India and Limitations of the Law Enforcement

Dr. Sheetal Kapoor, Associate Professor, Kamala Nehru College, DU

Advertising is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. In today's fast-paced, high-tech age businesses use advertising to make prospects aware of their products and services and to earn profits through increasing their sales and sales turnover. Advertising reflects contemporary society. The making of an ad copy, its message, its illustrations, the product advertised, the appeal-used all these have a social flavour. Advertising affects society and gets affected by it. It is therefore, necessary to use this weapon with caution to avoid a corrosive effect on social values.

Can we escape ourselves from advertisements? Consumers are bombarded with more than 1500 commercial messages a day. For most companies, the question is not whether to communicate but rather what to say, how to say it, to whom and how often. To reach target markets and build brand equity in this cluttered market advertisers sometimes overstep social and legal norms.

This paper attempts to explore the ethical concerns in advertising. Ethical norms deal with character, norms, morals and ideals. They give an idea of what is fair or unfair or what is right and wrong. The ethical principles underlie social policies and are dictated by the society we live in. Like any other profession, the advertising field is governed by the laws and enactment governing the mass media. By citing live cases the paper discusses the nature of problems faced by the consumers through misleading advertisements and evaluates the relative efficacies of institutional mechanisms, laws and regulations available for easy redressal of consumers. Outdated laws, poor enforcement of them are some of the lacunas in order to control advertising.

Keywords: Misleading advertising, Law enforcement, Ethics, Consumer

CSR - A Strategy For Sustainable Business Success: Evidence From Indian Companies

Monica Aggarwal, Research Scholar, Department of Financial Studies, DUDivya Mehta, Research Scholar, Department of Financial Studies, DU

The challenge in today's world is of building a sustainable society that requires the adoption of a long-term view and active participation of all members of society, particularly the corporate sector. Corporate social responsibility holds a very important place in the development scenario of the world today and pose as a tool for sustainable development.. To understand the link between sustainable development initiatives and the wealth maximization objective of a company, it becomes imperative to study the link between CSR and business performance of the company. In the light of the above statement, this paper attempts to study the impact of CSR on business performance. To measure CSR, Environmental Social Governance (ESG) scores developed by CRISIL India Ltd. are used as a proxy to measure CSR. Business performance is measured by three indicators viz. ROA, ROE and sales. Sampling period is a period of 5 years starting from 2008 to 2012.

Data is analysed using multiple regression analysis. On the basis of results, the study concludes that CSR has a positive impact on the sales for all the sample years and CSR is not significantly related with the profitability measures.

Keywords: CSR, Business performance, ESG Scores, Sustainable Development.

Impact of Corporate Social Responsibility on Financial Performance of Sensex Companies

Ankita Singh, Research Scholar, Dayalbagh Educational InstituteProf. Pramod Kumar, Head & Dean, Dayalbagh Educational Institute

Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. It's based on Triple-Bottom-Line- Approach, which includes people, planet and profit. Today, there is very cut throat competition in the market, the companies are not only responsible for their products or services, but also for society or environment as well in this regard this study is conducted. The ultimate aim of the study is to analyse the impact of CSR onthe financial performance of the selected companies.The study is descriptive in nature because the study reconnoiters the relation between CSR and financial performance.The analysis reveals that there is positive impact ofCSR onthe financial performance of the selected companies and also conclude that CSR expenditure depends upon the financial performance of the company.This study suggests that CSR is the most important activity for improving financial performance so if the company wants wealth maximization then follow the Triple Bottom Line Approach.

Keywords: CSR, Financial Performance, Business Responsibility Report, SEBI

Business Sustainability in 21st CenturyPrerna Sharma, Faculty, MAII Stratford University

It is time we usher in an era of business practices inclined towards taking care of the environment. Over a period of time environmental sustainability has become the lynchpin of business sustainability. We are living in a world of finite resources and it is critical for our existence that we have economic activities and business models that give due consideration to profit, people and planet at the same time. The objective is to study the success stories of the companies and organizations working towards achieving the triple bottom line and how these organizations have set an example by making exemplary financial benefit along with making equally positive societal implications and giving back to the environment. Research methodology includes basically web based research to study and explore the various ways companies and organizations have been able to incorporate the environmental value driver to their businesses. The key findings of the study include how various companies have been able to enhance their bottom line by restructuring their operations in environment friendly manner. Traditional businesses have been replaced by green businesses with sustainable models. The study would bring in openness amongst the business community to embrace the ideas of environmentalism accompanying better profitability for them.

Keywords: Environmental sustainability, Triple bottom line, Green Businesses, Environmentalism

Department of Commerce, Delhi School of Economics, University of Delhi 7

rd3 Annual Commerce Convention 2014 : Leveraging Business: Discovering New Horizons8

Corporate Governance and its Impact on Financial Crisis in IndiaMonika Jain, Research Scholar, National law University, Jodhpur, Rajasthan

This paper investigates the impact of corporate governance on financial crisis in India. The systematic analysis begins higher research institutional, governmental policy makers, financial analyst, and other organization during the crisis period. The recent last twenty decades financial crisis was truly a global crisis. There were several aspects of failure in this crisis and corporate governance was major one, another stockholder, risk management, banking institutions, Human resource problem, financial analysis, risk management, board practices, remuneration system, transparency and disclosure norms were found lacking in different aspects.etc. This paper presents corporate governance failure in financial institutions in global financial crisis. The article shows significant and impact of corporate governance. The study is based upon the critical new perspectives of corporate governance reforms in different situation in different countries depend on government policy, rules regulations, company's structures, environment, principles, ethics, business communication, liberalization, privatization in global village.

Keywords: Financial Crisis, Corporate Governance, global village, rules-regulations, environment.

Wealth Maximization Analysis of Organizations & their Scope of Sustenance in the Long Run – An Empirical Analysis on Selected

Companies in S&P BSE 100.Aniruddha Ghosh, Assistant Professor, Asian Business School, Noida

Wealth maximization has been a core objective of the organizations and is always under scanner by the shareholders. In this paper, I have tried to focus on the various aspects of wealth accumulation of the companies and also tried to show how the companies have achieved them in the long run. The sample universe comprises of 100 companies of S&P BSE 100. I have taken Economic Value Added (EVA) as benchmark for measuring the wealth of the companies. The statistical tools used in this analysis were Multiple Regression analysis using time series model. This paper will also try to show that how other Key performance indicators (KPIs) affect the overall wealth of the organization. The analysis thus reflects the overall performance of the firms over the long run; how they have increased in size i.e., in terms of market capitalization, number of products and services and number of vertical and horizontal integrations they have come across. It will also leave a scope for researchers to analyze the future trends and challenges in the sustainability of the business houses.

Keywords: EVA, Multiple Regression, KPIs.

Triple Bottom Line Reporting: Re-inventing New Corporate Disclosure Practices

Sumanta Dutta, Assistant Professor, Dinabandhu Andrews Institute of Technology and Management, Kolkata

The term Triple Bottom Line Reporting (TBLR) has attracted Considerable attention among corporates & academicians all over the world. Triple Bottom Line Reporting (TBLR) is considered to be a sine qua non for corporate growth on a sustained basis. The most vital challenge confronting by the Indian corporate houses while adopting Triple Bottom Line Reporting (TBLR) approach as their corporate philosophy. However, it is possible for the corporate by taking affirmative action towards people (society), environment, and profit respectively. Hence TBL emerged as a new tool for measuring organizational performance. Triple Bottom Line Reporting (TBLR) goes beyond the traditional way of reporting mechanism and encourages businesses to give closer attention to the whole impact of their commercial activities, over & above their financial performance .TBL implies business should provide equal importance to all the three dimensions of business impact without giving unique weight to their financial results. Research study in the area of Triple bottom Line Reporting disclosure practices in India scenario is still in a nascent stage. Present study is an attempt to highlight how Triple Bottom Line Reporting (TBLR) initiative is taking place in India with special reference to companies under GRI category. This study seeks to determine the extent of Corporate Triple Bottom Line Reporting disclosure practices in India under GRI category. For the same, GRI listed Indian companies are used. Their disclosure information was examined from annual reports, stand alone reports and special website reports. Finally, a content analysis was adopted for further investigation. The study revealed that Companies in India is following GRI based sustainable reporting practices. It also shows that the evaluation and auditing are carried out either by a third party following GRI standards; are self-declared or are GRI Checked.

Keywords: Triple Bottom Line Reporting, Financial Reporting, Sustainable Reporting, Transparency, and Corporate Social Responsibility.

Bharatiya Mahila Bank: A New Way of Indian Banking for WomenDr. Krishna Murari Mishra, Assistant Professor, LDC Institute of Technical Studies, Allahabad

Dr. Keshav Shyam, Assistant Professor, University of Allahabad

In India, only 26% of women have an account with a formal financial institution, compared with 46% of men. That means an account in either a bank, a credit union, a co-operative, post office or a microfinance institution. According to a study by the World Bank, for women, per capita credit is 80 per cent lower than males. In this paper, it is attempted to establish a rationale for setting up the Women's Bank, global perspectives in banking through Women's Bank, suggested business models, constraints, business opportunities and strategies to make the proposed bank viable and friendly to women. To make the Women's Bank in India fruitful in its original spirit of women empowerment and upliftment through financial access, it is essential that the business model be developed from the grass-root levels; products and distribution be customized as per the unique needs; and be capable to address social, economic and infrastructural limitations, that are depriving the target segments from mainstream financial services. This paper is based on the available literature and developments that have taken place till this date and has reckoned with views and suggestions that have appeared in the newspapers.

Keywords: Women's Bank, Banking, Women Empowerment, Reserve Bank of India.

Department of Commerce, Delhi School of Economics, University of Delhi 9

rd3 Annual Commerce Convention 2014 : Leveraging Business: Discovering New Horizons10

Impact of Marketing Strategies on the Food Behaviour of Affluent Urban Indians

Dr. Anu Taneja Gupta, Assistant Professor, Lakshmibai College, DU

In India food habits are largely culture specific, but lately dynamic changes have occurred due to globalization and aggressive marketing. There has been a shift in the traditional Indian diet, which is largely responsible for the occurrence of diet related diseases like obesity, diabetes mellitus, cardiovascular disease, etc. Therefore, it becomes imperative to study the impact of marketing. The study aims to understand the impact of marketing strategies on the food behaviour of affluent urban Indians. For the same, men and women (20-55years) belonging to high socio-economic status living in Delhi participated in the focus group discussion (FGD). Discussions were audio recorded, transcribed and analyzed using qualitative content analysis. The responses of the participants varied with age and gender. Younger participants felt that marketing has increased variety and availability. Older people felt that health is being compromised and food expenditure has increased. Females were more critical about the food they chose for themselves and their family and did not get carried away by smart marketing stunts as compared to men. However, both men and women tried using a product if they liked the advertisement. The findings indicate that marketing does influence food choices of the consumers. Therefore, it should be used not only for improving business interests but also for imparting correct nutritional information.

Keywords: Marketing, Urban, Family, Fast food.

A Study of Time and Cost Overruns in Power ProjectsDr Priti Rai, Sr. Lecturer, SPM College, DU

Infrastructure provides the foundation on which the structure of economic activities is built. The adequacy or otherwise of infrastructure largely determines an economy's success or failure in diversifying production, expanding trade, coping with growth, reducing poverty or improving environmental conditions. Infrastructure services also contribute to environmental sustainability. The World Economic Forum's 'Global Competitiveness Report, 2008–09' has identified inadequate infrastructure as the biggest impediment to doing business in India. Inadequate infrastructure was recognized in the Eleventh Plan as a major constraint on rapid growth. The power sector remains a key infrastructure concern and India's continued economic growth will depend critically on its ability to meet the growing electricity demand. The study attempts to specify the problems related to time and cost overruns in power projects and makes recommendations for future. Within Infrastructure the study is limited to

th ththermal Power sector generation in India. The time period of the study is from 9 plan (January 1997) to 11 plan th(August 2011). For detailed analysis of time and cost overruns we collected data of completed projects in 9 Plan

thto 11 Plan i.e., over a period of 15 years and studied the extent and variation in time and cost overruns. Data analysis of the completed thermal power projects since the ninth plan show that time and cost overruns in percentage have improved but still the time overruns are as high as 150% and the cost overruns are still as high as 100% for some projects. This implies that better project management techniques should be adopted to eliminate time and cost overruns.

Keywords: Infrastructure, time and cost overruns, Power sector.

Corporate Social Responsibility: Tag of Good Corporate CitizenNeha Gupta, Research Scholar, Faculty of Commerce, Banaras Hindu UniversityNeha Jaiswal, Research Scholar, Faculty of Commerce, Banaras Hindu UniversityNidhi Taneja, Research Scholar, Faculty of Commerce, Banaras Hindu University

Corporate Social Responsibility can be defined as some social good, beyond the interest of the firm and which the law requires. A business firm's CSR is an important factor to study as it contributes to manage competition, goodwill, employees motivation, interest of stakeholders, etc. The objectives of the study are to evaluate the theoretical perspective of CSR on global and Indian context and to find out the relationship and impact between CSR investment and sales of selected companies. ONGC, SAIL, RELIANCE and TATA are the 4 companies selected for the purpose. Secondary data would be used. Content Analysis and Pearson's correlation test is used for analysis. The major findings show that there exists a significant positive relationship between the CSR investment and amount of actual sales made. Thus, increase in CSR activities may lead to increase the net amount of sales and vice versa. Positive role & impact of CSR will build an economically, socially, and ethically sound business establishments of the country to face global challenges.

Keywords: Corporate Social Responsibility, Ethics, Annual Sales, Globalization

The Role and Relevance of Option Implied Volatility in Financial MarketsDr. MeghaAgarwal, Assistant Professor, Rajdhani College, DU

The research paper is an effort to review the relevance ofoption-implied volatility in the modern day financial markets. Volatility indices such as VIX, VFTSE and India VIX act as efficient predictors of market volatility over the near term. The role impliedvolatility plays in providing a measure of investors fears, explaining stock returns, credit default swap valuation, measuring bank risk, and understanding interest rate models for pricing contingent claims hasbeen emphasized. The cases of Euro dollar option markets, S&P 100 index options, agricultural commodities on New York Board of Trade, sweet crude oil futures on NYMEX have been discussed in particular. This measure of investors fear gauge is found to be superior to logit regression and Altman's Z. It would have been helpful in predicting the UK Banking Crisis 2008. This important determinant of volatility must be incorporated in risk management strategies to lead to a robust and integrated risk management framework.

Keywords: Option, Implied Volatility, Financial Market

Department of Commerce, Delhi School of Economics, University of Delhi 11

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What drives Private Equity Investments in Indian companies?Dr. Vanita Tripathi, Assistant Professor, Department of Commerce, DSE, DU

Ms. Neerza, Research Scholar, Department of Commerce, DSE, DU

Private equity (PE) as a source of funds in companies has gained importance during the last one decade especially after the onset of contagious global financial crisis.Despite economic slowdown, India is one of the top three emerging economy destinations for global Private Equity investors. For its economy to grow competitively, India needs to attract trillions of dollars of investments from Private Equity investors who contribute significantly towards the foreign investments into India.This paper examines various firm level factors attracting Private Equity Investments into companies operating in India. The study is based upon 14 Firm-level factors categorized as Company Valuation & Growth, Solvency & Debt Serviceability, Profitability, Operating Efficiency, Ownership Structure and Industry Classification. The sample comprises of 74 Private Equity backed companies and 51 Non Private Equity backed companies in India for the financial year ending March 31, 2013. The Estimation Methodology involves Descriptive Analysis, T- Test, Correlation Analysis, and Binary Logistic Regression Analysis. The results reveal that Company Valuation & Growth depicted by Enterprise Value to Sales, Price to Book Value and Sales Growth; Solvency & Debt Serviceability indicated by Debt to Equity Ratio; and Profitability measured by Return on Assets are the significant firm level factors attracting Private Equity Investments into Indian companies.The research findings are expected to benefit prospective and current target/portfolio companies to develop and improve upon their financial and operational efficiencies to attract investment capital from Private Equity investors into their businesses.

Keywords: Private Equity, Company valuation, Profitability, Firm-level factors, Binary Logistic regression

Impact of Terrorism on Indian Financial MarketsGunjanTripathi, Assistant Professor, Gitarattan International Business School

Terrorism affects economies, especially investments and hence the financial system. Stock markets become, directly or indirectly, the victim of terrorism acts and affect the global economy.In today's information world, news (terrorist attack) spreads rapidly and has the potential to have serious negative consequences in a very short time. The major domestic and international investor's draw their money out of the financial markets. There is a flight of capital out of the economy which is a major setback to the domestic currency. The economic consequences can be largely broken down into: short-term, medium-term and long term effects. This study has been conducted for 3 terrorist attacks in India namely, December 13, 2001, November 26, 2008 and July 13, 2011 and their impact on CNX Nifty and CNX Bank Index is examined using Event study methodology. The data analysis revealed that the terrorist attacks did not have a significant impact on Bank index. Therefore it can be concluded that the capital markets have shown more economic resilient against terrorism. The investors showed trust in India's high ratios of development and the rebound of the Stock Exchange was very quick despite the severity of the events .The Indian stock markets (BSE and NSE) are closely and tightly inter-related and therefore policy makers and regulators in India mustcooperate and communicate more with each other on a regular basis to keep track of any undue trading that might have consequences elsewhere and take appropriate strategic actions to make better the negative impact.

Keywords: Terrorism, Event Study Methodology, CNX-Bank

Corporate Social Responsibility in Petroleum Sector: a study of Beneficiaries' Perception in Oil Refineries in Assam

Kasturi Saikia, Research Scholar, Dept. of Commerce, North-Eastern Hill University, ShillongV K Shrotryia, Professor, Dept. of Commerce, North-Eastern Hill University, Shillong

Corporate social responsibility (CSR) initiatives are focused towards responding to society's expectation, through community development activities, for wellbeing of the people. It also benefits the company, as it increases brand reputation and helps in gaining competitive advantage. Among organized corporate sector players in Assam, petroleum sector is a major player and Assam has second largest reserve of crude oil in India. The refineries have been sharing responsibility of the state towards community development through CSR initiatives. Though they spend huge sums of money on different activities, a study of the perception of beneficiaries has not yet been carried out in this region, which has necessitated the present study. The study is carried out to study general perception of beneficiaries on CSR initiatives taken up by two refineries, viz., Numaligarh Refinery Limited and Bongaigaon Refinery (under IOCL). It is a survey based study. Questionnaires were used for 49 employees (internal beneficiaries) and interviews were conducted of 15 heads of schools, villages and NGOs (external beneficiaries). Their views are analyzed in narrative form. The findings show that the awareness level of internal beneficiaries in BGR was poor, however at NRL it was very good. External beneficiaries at NRL were found satisfied with the activities, however at BGR they had lot of complaints. Thus, the study provides a cursory look at CSR activities and their acceptability by beneficiaries. However, it requires an in depth study to establish relationship between CSR expenditure and beneficiaries satisfaction.

Keywords: Corporate Social Responsibility, Refineries, Beneficiaries, Assam, Petroleum Sector, Perception

Retail Scenario in Delhi Metro: A Study on Hudson News and CaféShanu Jain, Student, Department of Commerce, DSE, DU

Nandini Sethia, Student, Department of Commerce, DSE, DU

India is viewed as a high potential market and many of its industries are growing by leaps and bounds in the past few decades including the retail sector which is experiencing an exponential growth and accounts for over 20% of the country's Gross Domestic Product(GDP). With the escalating growth patterns, the retailing environment and its format is also changing. The evolving consumer behavior, technological advancements and other macroeconomic conditions offer a variety of opportunities to the industry players, both national as well as international to deliver advanced products and services. The retail industry has shown visible signs of transition from traditional retail to organized retailing to online retailing in response to the e-commerce ecosystem development and many other innovative ambient branding solutions in the rail and air transport environment. Against this backdrop, we attempt to examine the success of travel retail format in India by analyzing the retail operations of Delhi Metro Rail Corporation (DMRC). With a view to have an alternative revenue stream other than passenger fare; DMRC started its retail operations in 2006 by targeting stations with maximum footfall. Mc Donald's, Big Bazaar, Come sum restaurant etc. are few renowned outlets which have seen a presence at various metro stations. Aviation group InterGlobe has tied up with Switzerland-based Dufry International to establish and operate retail outlets under the brand Hudson News and Café across 48 stations at DMRC network. But the stores have experienced a mixed response. By surveying some of the Hudson News and Café outlets and other similar ones, an analysis is being made using SWOT analysis and Porter's five forces model as to what are the potential opportunities and threats for such a retail format. A study of their experiences at the time of entry, the current operations mechanisms and the business strategy development in response to the evolving Indian political, socio-economic and technological dynamics is carried out in the following parts of the paper.

Keywords: Retail in India, organized retailing, travel retail, Delhi metro, Hudson News and Café

Department of Commerce, Delhi School of Economics, University of Delhi 13

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Horticulture Development: A tool for Uplifting Uttarakhand EconomyShivendra Singh, Research Scholar, School of Commerce, HNB Garhwal University

Horticultural crops play an important role in human nutrition, preventing diseases as well as the nation's development and prosperity. Fruits, vegetable, flowers, spices are not only grown in large quantities on a commercial scale but also within home ground. This study focus on the potential of horticulture, throws light on problems faced by grower and brings forth some suggestions for the development of horticulture in Uttarakhand. The present study is based on the analysis and evaluation of secondary data. The information is obtained from the reports of Department of Horticulture & Food Processing and Directorate of Horticulture, Uttarakhand. Although grassroots problems are still present such as road connectivity, lack of information, storage facilities but by establishing cooperative societies, easy loans, encouraging citizen for home gardening will not only help in sustainable economic development but also in environment stability.

Keywords: Horticulture, Economic Development, Environment, Sustainable.

Reflections on Corporate Social Responsibility and the Road AheadPurnima Bhatnagar, Research Scholar, Dayalbagh Educational Institute

Anoop Srivastava, IG-cum-Chief Security Commissioner, Ministry of Railways, GOI

Corporate Philanthropy transcends boundaries of caste, creed, age, gender and nationality. The amalgamation of micro and macro elements into one unit, involved in impacting itself, the community in which it lives and backward linkages into supplier sectors clearly reflects not only the compassionate nature of beings but also good business sense. There is no one unique model of how the collective intelligence of a mass of people motivates, to improve areas of influence. Trends indicate an increasing movement from social responsibility to “social innovation” at the grass root level.

This paper is an inquiry into responsible and responsive action undertaken by the corporate sector to impact the community in which it operates. The authors have drawn on experience and involvement with the area to provide a practitioner's view into the subject. It proposes a Four Action Framework from Blue Ocean Strategy for servicing the bottom of the pyramid.

Keywords: Corporate Social Responsibility, Blue Ocean Strategy, Social Innovation.

Leveraging Business: A Cloud Computing Initiative in Banking SectorDr. Nidhi Dhawan, Assistant Professor, Zakir Husain Delhi College, DU

A well-known fact that to accept a change is to accept the new ways of doing things and to move on; such acceptance is not only required in ones life, but at workplace too. Technology has broken all the boundaries and barriers at our workplace and made working much easier, less costly, and convenient to use. One such technology is cloud-computing technology, which almost all of us may be using in the form of online banking and our social networking sites but we may not be actually aware of it by this name. The research paper highlights the various aspects related to cloud computing, its benefits, and related challenges in the banking sector. A survey instrument questionnaire comprising of cloud-computing related facts, has been used to know the perception of managerial personnel of banking sector; for identifying the affects of using a cloud computing technology in today's globalized world. A Stratified sampling method was used for the selection of public and private sector banks and also for selecting banks in each of these two sectors for the study. The sample included 200 middle level employees from both the public sector and private sector banks in Delhi. Descriptive and other statistical tests have been used in the study and the results indicate that cloud computing is the need of today's environment affecting the banking sector with a flexibility, reduced costs, and major changes that are fully in align with the changing banking habits. The probable results of the data fully reveal that there is an impact of cloud computing technology in the banking sector.

Keywords: Cloud computing, banks, technology, business

Embedding Sustainability in Business: A Case of HULJyoti Paul, Assistant Professor, Dyal Singh College, DU

Sustainability in business is defined as managing triple bottom line i.e. a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are commonly referred to profits, people and planet. In today's world, where resources are depleting at fast speed, sustainability should be at the heart of every business. The Indian FMCG sector is the fourth largest sector in the economy with a total market size more than US $13.1 billion. The fast changing demographics viz. average real household disposable income to grow at more than 5% till 2025, India's aggregate consumption to quadruple between 2005 and 2025, further with youngest population in the world vs. US, China, Japan and UK and lastly with around 28% of the world's working population by 2020 India's FMCG sector is on the move. This paper makes an attempt to look into sustainability activities at India's largest FMCG Company, Hindustan Unilever Limited (HUL). To meet the challenges of continuing growth without destroying the environment, HUL has host of plans to accomplish. Unilever Sustainable Living Plan has threefold output: sustained growth, lower environmental impact and positive social impact. These align directly with their vision, to double the size of the business while reducing environmental footprint and increasing positive social impact. The paper will review these activities in detail.

Keywords: Sustainability, FMCG,HUL

Department of Commerce, Delhi School of Economics, University of Delhi 15

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Impact of Globalisation on India exports with Special Reference to Regional trade Agreements

Dr. Niti Bhasin, Assistant Professor, Department of Commerce, DSE, DURinku Manocha, Assistant Professor, Hindu College, DU

In early 1990s, Indian economy experienced the era of liberalisation, privatisation and globalisation (LPG). Since then, several measures have been undertaken to boost India's global competitive strength. Coinciding with the era of globalisation, there has been an upsurge in the number and depth of regional economic agreements in the Asian region. As India has also been a part of this growing trend, the present study is an attempt to understand the determinants of India's exports with special focus on the role of trade openness and regional trade agreements (RTA) of India. We employ panel data regression on an augmented gravity model to understand the effects of the said variables. To capture the globalisation effect, we have included trade openness of the host country. For regional trade agreements, we have taken two variables; one which indicates the presence or absence of an RTA in a given year; and two, the number of RTAs between the two countries in a given year. Using data for nine countries, which are India's trading partners over the period 1991-2012, we find that GDP and GDP per capita of the host country are significant determinants of India's exports. Trade openness which is an indicator of globalisation is positive and highly significant indicating that trade openness of the partner country has resulted in increased Indian exports to that country. The other two variables of interest, that is, the presence of RTAs and the number of RTAs, both turn out to be positive but insignificant. This implies that while RTAs may have a positive impact on Indian exports, they are still not a prime consideration.

Keywords: Globalisation, Regional Trade agreements, Indian export, Trade Openness.

Re-Birth of Indian Online RetailingReena Malik, Research scholar, CDLUSarika Yadav, Research scholar, CDLU

In the last few decades internet has revolutionized the lives of millions of users with its enormous applications. With the growing inclination and economic growth, online retailing has increased drastically. People today can shop literally everywhere within minutes, be it their workstations or homes, and most importantly, at any time of the day at their leisure. The online market space in the country is burgeoning in terms of offerings ranging from travel, movies, hotel reservations and books to the likes of matrimonial services, electronic gadgets, fashion accessories and even groceries. With the fast growing technology, online shopping is emerging in India at a very fast rate. 90% of online shoppers are planning to buy more products online which is a reflection of the positive experience of users.

Keywords: Online Shopping, e-Tailing, E-commerce, Internet, Virtual stores

Independent Directors-the Indian StoryAmrita Singh, Assistant Professor, SRCC, DU

The role and responsibilities of Independent Directors has come into sharp focus after the failure of many high profile corporations in India and abroad. In the wake of the Satyam and NimeshKampani episodes, various initiatives have been taken to redefine the role and responsibilities of independent directors towards the functioning of a company. The study stands to evaluate the effectiveness of independent directors in India by analyzing their Independence pre-selection and post-selection. The law prescribes that an Independent director should not have a pecuniary relationship with the company, but this relationship gets established post-appointment when directors earn huge monies from a company as an Independent director. As Indian companies are majorly promoter dominated, independent directors are appointed on the reference of the promoter itself and thus prefer to be their friend rather then the watchdog of the board. The independence of these outside directors is further weakened by the remuneration paid to these directors. Thus, the independence of director in dealing with such companies stands to be compromised, as he would never dissent the management with the fear of being shown the exit door. Due to the several loopholes in the guidelines and the ingenuity of India corporation our country has a huge body of Independent directors, who are independent only in letter, but not in spirit. The Companies Act 2013 has clearly defined the concept of independent directors and laid down its roles and responsibilities. It also lays down the parameters to be followed for appointment of the Independent Directors and their remuneration, etc. The study analyzes the effectiveness of independent directors and also suggests ways to improve and empower their position to contribute effectively in achieving high standards of corporate governance.

Keywords: Independent Directors, Corporate Governance, Independence pre-selection and post-selection

Shareholder Protection Laws, Corporate Governance and Shareholder Activism- An Analysis in Indian Context

Pooja Sharma, Research Scholar, Department of Commerce, DSE, DU

Shareholder Activism has emerged as an integral part of corporate governance framework. The concept of activism finds its manifestation in the legal systems governing the corporate sector. India being is lagging behind in shareholder democracy issues. The governance mechanisms of business organisations are converging for international acceptability and attracting investor's attention. The objective of the paper is to compare of the investor protection policy framework in US, UK and India. It also tracks recent trends in activism instances worldwide along with its traces in India following the major overhaul of the Companies Act, 1956.Besides, the study also attempts to highlight the ill effects of shareholder activism by citing its dark side.

The analysis presented herein is a result of the published literature both in India and abroad.

The paper reveals the lacunae in Corporate Legal framework of India in comparison to US and UK. Though, the concept of activism is slowly gaining recognition in India. To be effective and meaningful stronger legislation, adequate legal instruments, organised shareholder associations and public sensitisation all needs to work in conjunction Besides, it emerges that caution must be exercised so that activism does not adversely affect the company's future prospects or used for vested personal interest by institutional investor.

Keywords: Corporate Governance, Shareholder Activism, Legal Framework, Shareholder Protection

Department of Commerce, Delhi School of Economics, University of Delhi 17

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Growth story of 'Acquisition based Class Actions'Sakshi Verma, Research Scholar, Department of Commerce, DSE, DU

Shareholder litigation challenging merger and acquisition (M&A) deals has increased substantially in recent years. M&A activity has transformed the global business landscape in its pursuit of economic gain. It is observed that the announcements of M&A proposals in the U.S. are often followed by news of target shareholder class action lawsuits against their boards of directors. In this paper I aim to briefly study the concept of class actions, shareholders class actions and acquisition based class actions. The study is focused primarily on analyzing the trend in acquisition based class actions in United States. I have briefly analyzed various aspects of such lawsuits covering reasons of such lawsuits, the settlement terms, venue of such lawsuits, lawyer's interests and outcomes. Also, I have analyze as to who is the 'real' winner in such class actions. We briefly look upon the Xerox and ACS settlement for better understanding of the concept. According to researches, it is found that almost every acquisition of that size elicited multiple lawsuits, which were filed shortly after the deal's announcement and often settled before the deal's closing. Only a small fraction of these lawsuits resulted in payments to shareholders; the majority settled for additional disclosures or, less frequently, changes in merger terms, such as deal protection provisions.

Keywords: Mergers and Acquisitions, Class Actions, Shareholders litigation

Emerging Retail Marketing Strategies - “Small Scale Industries”GauravRana, Assistant Professor, World Collage of Technology and Management, Maharishi Dayanand University

Neeti Nagar, Department of Commerce, Delhi School of Economics, DU

Today retail marketers focus on engaging the customers by offering them value, satisfaction and a consumer experience which is customized and innovative. Consumers are becoming digitally conscious not only in urban markets but also in rural markets and marketers want to leveraging this opportunity to position their brands and product in such a manner so that they can gain some competitive edge over modern and international brands and products. Retail Marketing is the systematic approach of attracting customer for selling goods and services that satisfy specific needs of customers, adopted by every business and not for-profit agency with a message. A highly competitive environment, knowledgeable consumers and fast pace of technology are some of the feature of today's market which is now keeping business enterprises on their toes. This paper focuses on the emerging strategy, trends and issues related to the retail marketing which are adopted by Small Scale Industries for retailing there product in rural, urban and foreign market.

Keywords: Small Scale Industries, Retail marketing, Marketing strategies, Customers, Issues, and Market.

What determines Consumer Behavior in Organized Retailing in an Emerging Market? New Insights

Dr. Sunil Kumar Yadav, Assistant Professor, Dyal Singh Evening College, DUNancy Rao, Assistant Professor, Dyal Singh Evening College, DU

The entry of multinational retail firms is likely to increase competition and provide better deals to consumers in emerging markets such as India, China, Brazil etc. In this context, we examine the rationale for why the modern consumers prefer shopping at large organized retail malls, compared to small outlets. The main purpose is this study is to list out the determinants of consumer buying behavior in organized retailing and analyze their managerial implications. The study is based on a survey of 200 customers at big retail malls in Delhi & National Capital Region (NCR) in India, the second fastest growing emerging market in the world. In our research survey, there were 16 attributes, which influence the overall growth of organized retail sector. We found 6 factors i.e. escalation dimension, attraction, strategies, eye catching, promotional dimension, competition as factors influencing the consumer behavior and resultant growth of organized retail outlets. The research findings also suggest that mostly customers prefer to shop in malls because of availability of well-known and latest brands and varieties of products at discounted price. We posit theoretical propositions to stimulate further research in this area.

Keywords: Organized Retailing, Malls, Emerging Market, Consumer Behavior

Corporate Social Responsibility: All at SeaVaibhav P. Birwatkar, Research Scholar, Yashwantrao Chavan Maharashtra Open University

Globalization is altering business processes as well as producing challenging questions. The challenges resulting from the globalization are becoming increasingly serious. It has dramatically increased the demand for transport, thus increased the demand for shipping worldwide. Although positive for the economy, this is negative for the natural environment. Shipping companies have started a search for solutions for sustainable development, in terms of both the environment and the economy. What is crucial for the survival of such companies, in the highly volatile and competitive environment of shipping markets, is their ability to produce low-cost services. Quality of services or any other characteristic that might improve the image and reputation of a company added advantage only to the extent that the company is able to offer lower cost services. The biggest problem concerning the industry's bad image is related to the fact that shipping is a responsive industry, not a proactive one. It is evident then that any attempt to create a good public image for the shipping industry should focus on the need to minimize the negative externalities and further to improve the safety and quality standards of the shipping operation. CSR themes such as safety, health and environment have become high on the quality shipping companies' list of priorities. It is also increasing in the shipping sector due to the fact that shipping companies are trying to be more transparent and accountable, trying to comply with or even go beyond the rules and regulations and try to avoid fines and detention, which could result from non-compliances. They are also starting to realize that being socially responsible does not always inflict higher operating costs, but more likely to reduce the costs and even limit them.

Keywords: Corporate social responsibility, International Safety Management, Maritime

Department of Commerce, Delhi School of Economics, University of Delhi 19

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Corporate Social Responsibility, Corporate Governance and Sustainability: Synergies and Inter-relationships

Professor J. P. Sharma, Head and Dean, Department of Commerce, Faculty of Commerce & Business, DSE, DUSwati Khanna, Research Scholar, Department of Commerce, DSE, DU

Studies concerning CSR, CG and sustainability highlight the complexity and significance of relationship among these concepts. Issues like globalization, corporate scandals around the world and climate change have emphasized the need to implant CSR and sustainability in corporate values, strategies, governance mechanisms and disclosure practices of a firm. To further understand the link between these concepts, this study attempts to empirically examine the relationship between these three concepts.There is a need to balance economic growth with environmental sustainability and social cohesion for achieving overall development by adopting Triple Bottom Line Approach. In doing so, it becomes imperative for companies to deal with the concerns of CSR, CG and sustainability simultaneously.The objective ofthis paper is to explore the association between CSR, CG and sustainability by empirically studying the inter-relationship between these through correlation analysis.For this study, variables including the existing CSR practices pursued by Indian corporate sector; varied guidelines, codes and standards on CSR and sustainability at both national and global levels; and regulations relating to CG in India were selected for describing these variables. A sample of 46 firms was taken that formed part of S&P CNX Nifty for the period of two years, i.e., 2009-2010 and 2010-2011. Findings for the study revealed that (a) a very low negative insignificant correlation exists between CSR and CG; (b) a positive low and insignificant correlation is observed between CG and sustainability; and (c) significant correlation is found between CSR and sustainability.

The study recommends theme of CSR and sustainability should be embedded within the governance practices of the firms. Mandatory reporting on CSR and sustainability along with reporting on Clause 49 of the Listing Agreement norms to augment the quality of information available to stakeholders in terms of economic, environmental and social performance of firms.

Keywords: Corporate Social Responsibility, Corporate Sustainability, Corporate Governance

Strategic Financial Management Practices in BPO Industry: Development of an Index of Professionalism

Shruti Gupta, Assistant Professor, Zakir Husain Delhi College, DU

Strategic Financial Management (SFM) aims at creating value through finance by supporting the overall strategy of the organisation. It is of vital significance to any kind of enterprise, from a sole proprietor to a biggest multinational. Given that SFM is one of the key aspects of the wellbeing and survival of any business, it is important that this area should be explored in depth with special reference to Business Process Outsourcing (BPO) industry which is an important sector in India. Thus, the present study attempts to measure the extent of professionalism behind the financial decisions in the BPO organisations by developing an index of professionalism in SFM as practised by these organisations based on theoretically sound and normative framework. The index has been prepared based on the responses obtained from the questionnaire received from 112 BPO organisations across India who are registered members of NASSCOM. For the purpose of this index, SFM practices have been divided into four categories: capital expenditure strategy, long-term financing strategy, working capital strategy and earnings distribution strategy. The results suggest that a good majority of BPO organisations are following professional practices in tune with sound theory of finance. However, there is a scope for improving professionalism with regard to long-term financing strategy of BPO organisations in India.

Keywords: Strategic Financial Management, Business Process Outsourcing, Capital Expenditure Strategy, Long-term Financing Strategy, Working Capital Strategy, Earnings Distribution Strategy.

The Changing Sphere of Indian Companies ActCA Amit Kumar Sahu, Assistant Professor, Kamala Nehru College, DU

The Companies Act defines the broad contours within which the companies are expected to carry out its operations. It defines the rules and regulations for them and also gives them the required autonomy to flourish in

ththe long run. The first glimpse of the modern day company dates back to 17 century which had a completely stdifferent environment as compared to current times in 21 century. Today the environment is more turbulent and

the policymakers need a thorough understanding to make laws that stands at par to such changes. The objective of this paper is to make the readers aware of the past and the present changes in the Indian Companies law, which gives them a valuable insight of the current market scenario and the thrust on which such enactments are based. The facts enlisted here have been collected through various secondary sources like articles, websites and various academic books and magazines. The paper gives a special focus to “The Companies Act, 2013” highlighting its key features and concepts that make it a statue that matches to the expectations of the corporate, specially the shareholders and investors. The paper concludes with a comparison of the New Companies Act with its predecessors which will enable the readers to judge whether “The Companies Act, 2013” is actually a law of the

st21 century.

Keywords: Companies Act, corporate governance, Independent Director, shareholders, CSR.

Limited Liability Partnership in India: Issues and Concerns Curbing its Popularity

Neha Matlani, Assistant Professor, Shri Ram College of Commerce, DU

Limited Liability Partnership is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. It is a separate legal entity liable to the full extent of its assets with liabilities of partners being limited to their agreed contribution in LLP. Interestingly no partner is liable on account of independent or unauthorized actions of other partners. Such form of business structure is prevalent in USA, UK, Singapore, Australia and Japan

thand has been introduced in India by the Limited Liability Partnership Act 2008 on 12 December 2008. There are considerable variations in LLPs as constituted in the USA, UK, Australia, Singapore, Japan and India. However, the general theme of LLP legislation is uniform i.e. to provide partners with statutory protection from some or all partnership debts, obligations and liabilities.

The present study has been conducted with a view to bring out the features of LLP and analyze the provisions of LLP legislation in different countries i.e. USA, UK, Singapore, Japan and India. In addition to a comparison of LLP model with various other forms of business structures existing in countries worldwide, the paper highlights the benefits of this new form of doing business i.e. LLP which has been accepted worldwide, as an indispensable entity for the corporate growth as well as faster growth of an economy. Last but not the least, the paper highlights some flaws/loopholes in the current legal structure related to the taxation of the Limited Liability Partnerships in India; as well as, some of the problems related to the conversion of general partnership firms and limited companies into the Limited Liability Partnership. Apart from pointing out the various anomalies in the Indian LLP legislation that need to be rectified, efforts have been made to suggest measures to make the LLP law more conducive to the growth of the economy and thus enhance its popularity.

Keywords: LLP, Limited Liability Partnership, Taxation of Partnership

Department of Commerce, Delhi School of Economics, University of Delhi 21

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Neha Bothra, Research scholar, Department of Financial Studies, DU

Liberalization, industrialization and information technology revolution are demonstrating their impact on Indian Economy and tapping the latent. And the luxury market is a reward to it. The time where the LPG policies approached and changed the facets of competition, customer, demand, buying behaviour and lot more. Today, Indian Luxury market is recognized as a competent force by the developed economies. The study is to analyze the consumption trends of the Indian elites and equally important upcoming EMI paying masses. This descriptive paper analyzes the Ps in context of luxury marketing mix. The research sources include data, journals, reports from CII-AT Kearney's India Luxury Review 2011, CII-IMRB's The Changing Face of luxury in India 2013, Bain and Company's Luxury Goods Worldwide Market Study 2013. Indian luxury of princely states' era was hand-made. With new economy polices Luxury foreign brands were given a warm welcome. The market moved from handmade to brands, high streets, luxury malls. The paper analyses the multi-dimensional developments in luxury. The study will also enlighten that the luxury market is not even troubled by the recession and rather fetching a return of 20% per annum and has a vast scope in India.

Keywords: High Streets, HNIs, India, Luxury Market, Ps.

Indian Luxury Market: From Bond Street to DLF Emporio

Green Banking and Sustainable Development: An Anecdote from IndiaDr Namita Rajput, Associate Professor, Sri Aurobindo College (M), DU

Environmental fortification and sustainable ecological balance have surfaced as significant themes of the twenty first century as increasing number of green technologies are finding their way into the various functional areas including banking. Green banking involves promoting environmental and social responsibility by providing banking services in a way befitting the new age of banking. The role of banks can be of indirect polluter if it is not judicially embedding environmental norms in their lending norms. Financial institutions can play a proactive role and can assist endeavours of social responsibility and sustainability if all the environmental safety standards are adhered and there is a main streaming of environmental and social criterion into business decision making. Hence in the present context it becomes essential for banks toGo Greenand embed the climate change issues and environmental laws in their core banking policies and lending norms.A missionary zeal to protect the mother earth is adopted by all the new generation banks and financial institutions as a part of their endeavours towards ethical and responsible banking.They have started to realise that Profit Profit Profitmodel of traditional banking has no place and the model which can work well is Profit People Planet i.e a sustainable model owing to growth of green movement and emergence of new generation of environmental activists. In this endeavour banks are expected to ethically trail their operations in compliance with the principles of integrity, impartiality,reliability, transparency, social responsibility and controlling money laundering. The purpose of this paper is to highlight the green banking initiatives being taken by the Indian banking sector and to check their level of awarness,comparitive analysis vis a vis public,private and foreign banks.This paper will also highlight the major the participation of Indian banks in all international framework on environmental conservtion,major drivers,and gaps followed by some suggestions to enhanced green operations in Indian banks.

Keywords: Green banking, sustainable development, International framework, public sector banks.

Emerging Trends in Companies Act 2013Rashmi Taneja, Research Scholar, Department of Commerce, DSE, DU

The current economic and regulatory environment in India is on the threshold of a major recast. Constant efforts are being made to amend and adapt the laws to suit the demands of modern times. The pivotal focus of all major reforms is directed towards simplification of the legal system to ensure that it is easy to understand, implement and enables business. Therefore, the Government planned to overhaul the entire Companies Act, 1956 and replace it with an entirely new Act, viz., Companies Act, 2013. The present study on the new Companies Act, 2013 has been conducted with the purpose of understanding the new Act. The study is relevant in the context of the present day situation where the Indian corporate sector is no longer protected from outside competition, and Indian corporates are required to compete with large international corporates on a global platform. The study has been conducted with the primary objective of examining in detail the Companies Act, 2013. It aims to examine the various provisions of the new Act and study the various changes which have been incorporated in the new law. It is based on secondary data which has been collected from various Internet sites, as well as articles published in newspapers, journals, etc. The study examines some of the new reforms which have been introduced under the new Act, which would benefit both the corporate sector as well as the investors.

Keywords: Companies Act 2013, Class Action Suits, CSR, Fraud, NEGP, Secretarial Audit

Policies, Output, and Effectiveness in Banking: A study based on Indian Experience

Garima, Assistant Professor, Zakir Husain Post Graduate (E) College, DURajeev Gupta, Student, SGGS College of Commerce, DU

India used the approach of economic reforms to handle the situation of Economic Crisis in 1991. A bunch of central reforms were employed in the financial sector and considering banking sector being the foundation of financial intermediation. The purpose of the banking sector reforms was to encourage a diversified, well-organized and spirited financial system with the eventual purpose of improving the efficiency in the allocation of resources through operational elasticity, improved financial practicality and institutional reinforcement. So, the paper tries to critically examine the policies or reforms that have been implemented in the banking sector so far by the govt. and their output and effectiveness. Development in efficiency of the banking system are explained through a number of signs such as, a measured reduction in cost of intermediation across various bank groups and decline in the non-performing loans. Based on these indicators, it can be concluded that there has been an all-around output enhancement in the Indian banking sector. As far as the prospect of Indian banking is concerned, a number of concerns such as the credit to small and medium enterprises, customers' interests and financial inclusion, reducing procedural formalities etc are of extreme importance.

Keywords: Economic reforms, Non-performing loans, institutional reinforcement, financial system.

Department of Commerce, Delhi School of Economics, University of Delhi 23

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Structural capital in the service sector of IndiaArpita Kaul, Assistant professor, Sri Venkateswara College, DU

Intellectual capital constitutes Human Capital, Structural Capital & Relational Capital. Structural capital is the supportive infrastructure, processes and databases of the organisation that enable human capital to function (Maddocks, 2002). Because of its diverse components, structural capital can be classified further into organization, process and innovation capital. Organizational capital includes the organization philosophy and systems for leveraging the organization's capability. Process capital includes the techniques, procedures, and programs that implement and enhance the delivery of goods and services. Innovation capital includes intellectual properties and intangible assets (Edvinsson, 1997). Structural Capital includes culture, spirit of firms, copyrights, trademarks, patents, internal databases, management processes (Seetharaman et al., 2004). Many other authors like Abdel Aziz, Ahmad Sharabati, ShawqiNajiJawad, Nick Bontis,Yusuf Topal, M. Kemalettin , Conkar Mustafa SaudahSofian, Mike Tayles, Richard Pike, Mark A. Youndt and Scott A. Snell have used questionnaires to identify the factors of structural capital which were read and analysed and incorporated in this study.After an indepth analysis of literature relating to the subject a questionnaire was formulated. This questionnaire was circulated amongst the middle management level of banks, hotels, realty sector, it sector and communication sector and the analysed using PASW. This paper is based on a pilot study of the Ph.D work of the author, the data collection is still going on in order to complete the Ph.D. The author tries to find out the relevant factors of structural capital for service sector.Factor analysis could not be applied due to lack of response. Bank Managers are usually busy and hence not very open to responding, many managers refused to respond due to the non disclosure clause of the banks. Maximum responses are from banking sector as talks are still going on with other sectors.

Keywords: Culture, Process and Internal Database

Evaluating the Efficiency of Private Sector General Insurance Companies in India Using Data Envelope AnalysisKamini Tandon, Assistant Professor, BCIPS, Dwarka

Dr. Satish Taneja, Director, BCIPS, DwarkaGurpreet Kaur Arora, Student, BCIPS, Dwarka

The business of insurance is related to the protection of the economic value of assets. Insurance is a protection against financial loss arising on the happening of an unexpected event. The various reforms in insurance sector have compelled the insurance companies to increase efficiency of operations in order to survive in the expected competition. Therefore, there is a growing interest and concern about the efficiency analysis of General Insurance companies operating in India.

In this study an attempt has been made to assess efficiency of various general insurance companies operating in India. Using data envelopment analysis (DEA), the present study aims to measure the extent of technical, pure technical and scale efficiencies in 12 private sector general insurance companies operating in India in the year 2012/13. The results indicate that the level of overall technical efficiency in Indian private sector general insurance industry is around 73.8 percent. Three out of the 12 private sector general insurance companies selected lie on the efficiency frontier and form the reference set for their peers. Further, the contribution of scale inefficiency in overall technical inefficiency has been observed to be smaller than what been observed due to managerial inefficiency (i.e., pure technical inefficiency).

Keywords: Data Envelope Analysis, Overall Technical Efficiency, Pure Technical Efficiency, Scale Efficiency, General Insurance

Corporate Social ResponsibilityVaibhav Kumar, LL.M Student, G.G.S.I.P. University, Dwarka

Every business enterprise is an integral part of the society. It uses the scarce resources of the society to continue and grow. Hence, it is important that no activity of business is injurious to the long run interests of the society. The Development of the concept of Social Responsibility of business whereby the owners and managers of business are made conscious about the responsibilities of their business towards the community and its customers, workers. Social Responsibility of business refers to the obligation of business enterprises to adopt policies and plans of actions that are desirable in terms of the expectation, values and interest of the society. It ensures that the interests of different groups of the public are not adversely affected by the decisions and policies of the business. The concept of Corporate Social Responsibility (CSR) is not a new one in India. There is a conscious shift from making profits to meeting social challenges. The World Business council for sustained Development defines in the following manner:-

“Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”.

Organizations, now, are realizing the need to shift their focus on the environment. The spectrum of CSR includes a number of areas as human rights, safety at work, consumer protection, climate protection and caring for the environment, and sustainable management of natural resources. Infact, CSR is one of valuable tool to manage the Enterprise Social Risk Management.

Keywords: Corporate Social Responsibility, Social challenges, Enterprise Social Risk Management

Outlook on the Private Equity Potential in India's Health Care Sector Based on Lessons from US

Kunjana Malik, Research Scholar, Faculty of Management Studies, DU

Financial globalization and increasing risk appetite among global investors has given birth to a new genre of financial intermediaries such as the private equity (PE). Growth in savings, abundant liquidity propelled by petrodollars, sovereign wealth funds as well as hedge funds and an accommodative monetary policy that enabled a low interest rate environment accelerated this process further. Moreover, regulatory changes such as pension fund reforms and financial innovations like securitization motivated the growth of alternative asset classes like private equity and more particularly, the leveraged buyout industry since 2000.

India has a population of 1.21 billion, an economy that has grown at an average of around 8% for the past eight years, inadequate and poor state-provided healthcare, a willingness among people, even the poor, to pay for private services over the free or subsidized government variety, and the emergence of a significant number of companies in the space. That is simply a reflection of the deepening healthcare demand because of consumer affluence, changing lifestyles and greater awareness .The Indian model is such that a consumer pays for the service, unlike in some of the western markets (such) as the UK, where the government pays. Therefore, as the consumer is becoming richer, healthcare is increasingly becoming their mainstream agenda after food and housing. The paper discusses about the Growth Of the healthcare Industry in India, Role of Private Equity investors, Learnings from the US market, challenges and opportunities faced by the Private Equity investors in the Indian Market.

Keywords: Private Equity, Healthcare, deals, hospitality sector

Department of Commerce, Delhi School of Economics, University of Delhi 25

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A Comparative Equity Valuation through Fundamental and Technical Analysis in Indian Telecom Sector

Dr. Aparna Mishra, Assistant Professor, BCIPS, DwarkaDr. Satish Taneja, Director, BCIPS, DwarkaMs. Sonam Gupta, Student, BCIPS, Dwarka

The field of equity analysis is very vast and one has to look into various aspects of the functioning of the company to get to any conclusion about the possible performance of the companies in the market. Investors like Warren Buffet made a fortune out of investments in the stock market, which is quite impossible without proper research about the companies. The field of equity research is full of challenges. It is the door to fame, fortune and, above all, professional challenge. Equity valuation begins with analysis of the sector in which one wants to make investment; if sector looks positive then one analyzes various companies in the sector. A company is analyzed fundamentally to check its performance and financial strength. Technical analysis is used to decide the right price to buy a stock so that higher return on investment can be generated. One can also evaluate a company with its shareholding patterns. In this research the three top companies of Indian telecom sector were chosen on the basis of net sales i.e. BhartiAirtel, Idea Cellular and Reliance Communication. Based on the analysis, BhartiAirtel looked promising with a view to derive maximum values. Though Idea Cellular and Reliance Communication are also included in the good players, but their financial performances are less than BhartiAirtel in comparison.

Keywords: Equity, Moving Average, Return on Investment, Relative Strength Index

An Empirical Study on Purchase Intention of Green Mobile PhoneAsha Chauhan Jakhar, Assistant Professor, IITM, New Delhi

Neha Saini, Associate Professor, IITM, New Delhi

Environmental problems turn out to be a big concern due to its unremitted augmentation. Adoption of environmentally-friendly fast moving consumer goods, such as electronics can help to protect environment at certain edge. Going green is the latest vogue in the world and has been adopted by many organizations. In order to sustain our environment both marketer and consumers are becoming sensitive to the need for switch into green products and services. As per the Confederation of Indian Industry, 72 % of India's population is below the age of 40. India has more than 50% of its population below the age of 25 and more than 65% below the age of 35. So, India's resurgence potential as an economic and a socially responsible power rests on the Indian youth. If marketers attempt to generate interest among young consumers to purchase green products, the upshot of this could potentially play an imperative role to hold up sustainable development.

Extant literature (Panwar, Han & Hansen, 2012), states that every generational cohort will have a different view on green products. According to (Heaney, 2007), young consumers play imperative role to be 'the driving power' behind the increased attention to green products. Chen and Chai (2010) pointed out that those individuals, who strongly believed in moral obligation to protect the environment, are more likely to engage in green consumption activities. But sometime even after positive attitude, purchasing behavior towards green products may differ (McDougle, Greenspan & Handy, 2011). Similarly in a study conducted by Paladino& Serena (2012) examined that the purchase intention towards eco-friendly mobile phones among young consumers and concluded that the extent to which a consumer held a positive attitude towards sustainability in general did not have any influence on the purchase decision.

The study will preliminary explore the purchase intention of mobile phones of youth in India. An extensive review relevant literature will be done for a clear understanding of the concept. Descriptive research design and a non-probability sampling techniques will be used for the study. A sample of 100 mobile phone users of 18-25 years will be interviewed with closed ended questionnaire. The research will try to explore awareness and purchase intentions of young consumer towards Green mobile phone.

Keywords: Green Marketing, Green Consumerism, Green Mobile Phone, Sustainable Development, Socially Responsible Product

Corporate Governance and the Companies Act, 2013: A SynthesisNeha Sharma, Research Scholar

The present paper attempts to endorse the findings of previous researches and the New Companies Act, 2013 to further the culture of good corporate governance in India Inc. With the biggest corporate governance scandal in India after Satyam; Reebok India and its former Managing Director Subhinder Singh Prem and former Chief Operating Officer Vishnu Bhagat for a fraud of Rs. 8700 crore, the Indian Inc. required a complete overhauling of the corporate legislature. The paper highlights the key provisions of the New Companies Act 2013 to synthesize good corporate governance in Indian companies. The study presents a comparison of the legislature with that of USA and UK to facilitate corporate governance. In addition to this, the paper creates an analytical framework for successful implementation of good corporate governance with the New Companies Act, 2013.

Keywords: Companies Act 2013, Corporate Governance, Audit, Board of Directors, Independent Directors, SEBI.

A Comparison of Service Quality of Indian and International Fast Food Chains – An Empirical Investigation

Ruchika Bhateja, Research Scholar, BPS women University, SonepatManika Batra, Research Scholar, USM , Kurukshetra University

The fast food industry in India has evolved with the changing lifestyles of the young Indian population. Over a period of time, a number of national and international chains have evolved in India. Service quality, in fact, is assessment of how delivered service conforms to client expectations. The employees' perspective on various dimensions of service quality factors like service tangibility, service competencies, service reliability, service promptness, etc. are ascertained and analyzed in this paper. The study assumes a greater importance as the players chosen for the study represent highly esteemed fast food chains. The present study makes an attempt to analyze the service quality of selected Indian and international fast food chains by garnering the views of the customers pertaining to their perception about the services being rendered to them. The present study is an empirical study based on primary data. The primary data has been collected with the help of a structured questionnaire addressed to a random sample of respondents in Karnal city. The results indicate a significant difference in the perceptions of service quality of both the national and international fast food chains in India.

Keywords: Service Quality, Service Reliability, Service Promptness

Department of Commerce, Delhi School of Economics, University of Delhi 27

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A Study to Understand Consumer Behaviour Factors towards Luxury Retailing in NCR

Komal Kapoor, Research Scholar, UPTU

The luxury market is growing 25% annually. With a population surpassing 1.22 billion, and 81 million households falling into the upper middle class and high-income bracket, India is a serious market for luxury players. In fact, statistics show that India is one of the fastest-growing and largest luxury markets, with sales expected to touch $15 billion by 2015—nearly double what they are today. Key growth drivers are the 150,000-plus HNIs (high net worth individuals) with a net worth of $600 billion-3.1 million households earning more than Rs.10 lakh in the top 10 cities. Shifts in the cultural values, consumer preferences, and purchase intentions towards designer products are arguably the most critical issue faced by the marketing managers today. Many researchers argue that increasing globalization is reducing the homogeneity of consumer behaviour within countries, while increasing communalities across countries (Cleveland and Laroche, 2007). Globalization and increasing competition, and short product life cycles in luxury retailing, consumer behaviour, pose a number of marketing challenges for retail firms in India.

Thus, thee purpose of this study is to investigate the factors influencing consumer buying behavior towards luxury brands, to understand categories of products & services most sought by consumers, to analyze the overall shopping behavior and patterns in purchasing and finally to look into the future growth predictions and estimates. The study will comprise of a two step methodology. The first would be secondary data search about the consumer buying behavior in developed markets, reports, researches conducted there and analyzing commonalities. The second part would consist of conducting primary research on luxury consumers in NCR to understand their actual buying patterns and bring out the details. The tool used for this study would be Factor Analysis. The study would be conducted in Malls hosting luxury brands like DLF Emporio (Gurgaon), Select CityWalk (Saket), DLF (Promenade). As this is just an exploratory study, the sample would be 50, consumers belonging to the upper class strata. The analysis aims to bring out deeper insights on consumer behaviour aspects of the luxury consumers as not much research has been conducted to understand this segment of the Indian society. The understanding of the psychological make of such consumers would facilitate the marketers formulate efficient and attractive marketing programs for them. The research and the analysis would be of practical implications for government bodies to regulate and amend policies governing entry and exit of foreign luxury brands, foreign investment in retailing segment, it would be immense use to organizations dealing in luxury brands to plan their strategies for Indian continent, researches can use the findings to delve further into newer and unknown areas of luxury retailing

Keywords: Luxury, Retailing, Brands, Consumer behavior

Sustainability a Challenge for Social EntrepreneursDr. Anu Pandey, Assistant Professor, Moti Lal Nehru College, DU

For generations people all over the world have been practicing social entrepreneurship but its advent as a topic of research by academicians is quite recent. It has been found that one of the biggest challenges for social entrepreneurs is their business sustainability. The present paper is an attempt to consolidate the various aspects of social entrepreneurship with special focus on the challenges faced by social entrepreneurs through an extensive review of literature. The study finds that social entrepreneurs in western countries are more likely to run a sustainable social enterprise than their Indian counterparts. Most of the Indian social entrepreneurs find it hard to sustain their enterprises as they succeed in creating social value but fail in creating economic value. They work in the non-profit sector, which is driven by a strong reliance on charity, philanthropy and government subsidy. This lack of financial self-reliance and sustainability eventually leads to business failure.

Keywords: Social Entrepreneurship, Challenges, Sustainability, Philanthropy, Non-Profit Organization

A Literature Review on Entrepreneurial Development at its' antecedentsMr. Vishnu A. Patankar, Research Scholar, National Institute of Industrial Engineering (NITIE)

Dr. Nikhil Mehta, Associate Professor, NITIE

Entrepreneurship is a cohesive process of creativity, risk-taking and planning (Kuratko & Hodgetts, 2007). Entrepreneurship plays a key role in relation to economic development and that entrepreneurs are key agents of change in market economies (Marchese and Potter (2011)). The empirical study on entrepreneurship shows that the business scenarios are changing (Chermak et. al., 2001), and there are some factors affecting on it. Therefore, it is essential to study the literature of entrepreneurship, which can create platform for further research. It was observed that, many researchers have analyzed entrepreneurial orientations, entrepreneurs' behaviour, their personality traits, leadership styles, etc. The impact of entrepreneurial education on youth, and various exogenous factors affecting entrepreneurial orientations (innovativeness, risk taking capacity of entrepreneurs, proactiveness, info-seeking behaviour etc.) like, cultural/ethnic background, family businesses background, and their emotional intelligence (EI) etc. are also studied. But majority of these observations are from the studies conducted mainly in developed part of the world like USA, European Counties, Japan, & some of them from China. A few studies have been identified in developing countries. There is a dearth of studies in Indian context. This literature review can create platform for further study in Indian scenario.

Keywords: Entrepreneurship, Economic Development, Entrepreneurs' behavior

Business Responsibility Reporting: A Study of Indian CompaniesDr. Deepti Singh, Asstistant Professor, MLNC, DU

Adoption of responsible business practices is as vital as financial and operational performance of any business. To bring CSR in management and reporting framework it has been decided to mandate inclusion of Business Responsibility Reports (“BR reports”) as part of the Annual Reports for listed entities from 2012-13 onwards (mandatory for BSE 100 companies) by way of inserting Clause 55 in the Listing Agreement. The mandated companies have filed their first BRR in the specified format and it's time to study, compare and assess their reports in order to observe how top companies view and conduct their CSR. Thus, the main objective of this paper is to study the compliance on BR reporting by sample firms, to find the most favored areas of CSR by these companies. Also, an attempt has been made to make a scorecard on Business responsibility based on BRR and find the nature of its relationship with the performance of the company. It is a cross-sectional study involving secondary data collection on BR reporting by BSE 100 companies; Techniques like averages, correlation and linear regression are used to study the nature of data. The findings show that though it BPR is mandatory, many companies have yet not furnished their BRR in the annual report and BR Reporting does not have a significant relationship with performance. The study for the first time maps the business responsibility performance of 100 top Indian companies against NVG Principles. This paper will be useful to any Indian company in understanding more about its shortcomings and opportunities in the field.

Keywords: Business Responsibility Report (BRR), Sustainability, Corporate Social Responsibility (CSR), NVG Principles

Department of Commerce, Delhi School of Economics, University of Delhi 29

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Business Sustainibility: Issues and ChallengesDr. Reena Grover, Faculty of MIET

Business sustainability is often defined as managing the triple bottom line – a process by which firms manage their financial, social, and environmental risks, obligations and opportunities. Sustainable businesses are resilient, and they create economic value, healthy ecosystems and strong communities. These businesses survive external shocks because they are intimately connected to healthy economic, social and environmental systems. The proliferation of sustainability assessment principles, strategies, actions, and tools has created confusion about pathways forward for companies. Business sustainability refers to business models and managerial decisions grounded in financial, environmental and social concerns. This paper will help to understand better the forces that every organization will be affected by, as sustainability problems of all sorts make their consequences felt—and as the attempts to solve those problems bring consequences of their own. It is unclear how existing approaches are complementary or distinct. This study attempts to looks for answers of certain questions like - How does a company assess current products and materials? How could designers create more sustainable products? What criteria, principles, approaches, and tools should be applied? Why? Is there a practical “road map” to guide product designers and product development managers in integrating sustainability issues into their decision-making processes? The research has been conducted using quantitative & qualitative research, present & historical information. This study will help to navigate through the more and more overwhelming mass of information about sustainability—filtering for the information, which will matter most to managers. By offering the best insights of thought leaders, researchers, and practitioners, it will help to fend off threats and capitalize on opportunities that sustainability presents. Strategic sustainable development—selection, design and synergies of applied tools. Expanding on past work, this piece suggests a “road map” for application by product designers and product development managers. A four-phase process is offered for integrating systems and sustainability perspectives into product design, manufacturing, and delivery decisions.

Keywords: Sustainability, Issues, Design, Assessment, Tools.

Impact of Globalisation on Indian Retail IndustryRajeev Kumar Upadhyay, Research scholar, Department of Commerce, DSE, DU

This paper will analyze the impact of globalisation on Indian retail industry. For this, different aspects and impacts of globalisation on retail industry would be assessed. This paper would be divided into three parts. First part of the paper will try to find out the general trend in the Indian retail industry. The second part of the paper would deal with financial performance of the retail industry over last 5-10 years and the third part of this paper will deal with the operational performance of the Indian retail sector. The forth part of the paper will analyze and compare against the performance and trend of other countries. For this purpose publically available data will be used to analyze the general trend, financial and operational performances of the Indian retail companies.

Keywords: Retail, Globalization, Indian retail industry, Financial performance

Public Sector Enterprises in the Indian EconomyDr. U. Raghavendra Prasad, Associate Professor, Gates Institute of Technology

Dr. S.M.D. Ghouse, Prof. and Head, Gates Institute of Technology

Public sector enterprises played significant role for the economic development of the country since independence. They are the temples of modern India. At the time of independence, it was felt that political independence without economic self-reliance would be detrimental to the country's sovereignty and autonomy in policy-making. At the time of independence, India was basically an agricultural economy with weak industrial base, low levels of savings and investment and lacks infrastructure. A vast majority of population was extremely poor. There were considerable inequalities in income, employment opportunities were low, serious regional imbalances were noticeable in economic attainments. Public Sector Enterprises have been playing a dominant and unique role in industrial growth and development of Indian economy. Public sector enterprises established in order to dismantle the accumulated problems of unemployment, disparities of rural, urban, inter-regional and inter-class disparities and technological backwardness and to set up a socialistic pattern of society in the country. The paper helps in creating an understanding of the role played by public sector enterprises in the economic development of the country. Thus, the paper aims to present a picture of the public sector enterprises in India based on the secondary literature available.

Keywords: Public Sector Enterprises, Indian Economy, Five Year Plans, Economic Development.

Corporate Social Responsibility in Business –Ornamental or Authentic Bloom

Mridula Sahay, Associate Professor, Amrita School of Business, Amrita Vihswa Vidyapeetham University, Coimbatore

Corporate social responsibility (CSR) is often used to greenwash the company's image, to cover up negative impacts by deluging the media with affirmative images of the company's CSR credentials. There is a lack of clarity of the notion of CSR, the concept is personified by and refers to the triple bottom line: Profit, People and Planet. Companies should have in-depth understanding of the circumstances that lead them to practice various CSR activities and implement those activities that demonstrate a convergence between the company's economic objectives and the social objectives of society. The paper intends to highlights the enormity of ethical corporate social responsibility (CSR) in today's business.

Keywords: Corporate Social Responsibility, Society, Business

Department of Commerce, Delhi School of Economics, University of Delhi 31

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Shahnawaz Ahmad Rather, Research Scholar, Central University of Gujarat, Gujarat

Agriculture necessitates various types of inputs for better productivity and groundwater irrigation, fertilizers, pesticides etc. are key agriculture inputs. These inputs are not appropriate & fruitful for long run agriculture production and after a certain time, use of these inputs creates adverse impact on natural resources. Agricultural activities create non-point pollution and affects environment from various angles like land degradation, water contamination, groundwater depletion and climate change. Chemical fertilizers affect natural resources in the form of water contamination and land degradation due to presence of more chemical components. No doubt fertilizers are vital input for the farming. The mechanism of the bio- fertilizer is same as chemical fertilizer and eco-friendly for the environment. Bio-fertilizers are used for the same purpose, in order to maintain the growth of the agriculture crops without thinking of the invasion from other insects, increasing the agriculture yield for sustaining the human need. Bio-fertilizer improves physical properties of soil, soil health and soil fertility with increasing productivity. Other important thing is that it plays an important role in the recycling of plant nutrients. According to Fertilizer Association of India that despite the continuous efforts the use of the input as indicated by the distribution has not grown steadily over time and has been way below projected levels but production and knowledge about bio-fertilizer has increasing rapidly. But the national scheme is required to implement the new bio-fertilizer based technology through field experience, research and development with financial support to investors. With increasing population, it is necessary to make balance between natural resources and food supply but without sustainable agriculture development, it looks a dream. But bio-fertilizer will emerge as a milestone for the farming and in future it will play a big role for sustainable agriculture development with increasing food production. This paper aims to analysis the characteristic of bio-fertilizer in farming and significance of bio-fertilizer in sustainable agriculture development

Keywords: Environment, Chemical fertilizer, Land degradation, Sustainable agriculture development, Bio-fertilize

Environment and Perception of Sustainable Agriculture Development in India: The Edge of Bio-Fertilizer

Impact of the Provision of Work Life Practices on Work Life Balance and Life Satisfaction: An Empirical Study among Professionals in Healthcare

Dr. Ajay Kr. Singh, Associate Professor, Department of Commerce, DSE, DUMs. Amanjot Sachdeva, Assistant Professor, Keshav Mahavidyalya, DU

Work-Life Balance has become one of the core issues in HRM which is central in promoting individual and organizational effectiveness. Provision of work life practices can go a long way in aiding the employees to address their work life issues. The existing provision of work life balance initiatives in India has not been widely researched and the study will explore this area of interest. The purpose of this research is to study the extent of the organizational provision of work life practices, their impact on the work life balance, life satisfaction and other variables of interest, of Professionals in Healthcare sector.A sample of 100 doctors practicing in Government and Private hospitals was taken by following the stratified random sampling. Mean scores on availability and use/non use of Work life practices were calculated. Correlation was used to see the association between availability and use of Work life practices and other constructs. ANOVA was used to see the influence of demographics on use of Work life programs.The results reveal that there is a lack of availability of work life practices offered by organizations. Availability of work life practices has a positive association with life satisfaction and demographic variables age, gender, number of children and level of income do not influence use of practices but marital status does. The study will highlight the need to introduce work life practices in organizations so that employees can manage the competing demands of work and family.

Keywords: Work life practices, Work life balance, Work family conflict, Family work conflict, Life satisfaction.

Impact of Foreign Direct Investment on Indian Retail Sector: An AnalysisHemlata, Assistant Professor, Lakshmibai College, DU

Before liberalization, India's approach towards Foreign Direct Investment as an instrument of growth and development was rigid and restrictive. Things, however, changed in the post liberalization period. Since post liberalization period, India has observed a major retail boom due to changes in the income levels, lifestyles, taste & habits of consumers. The increased demand for superior quality and branded products has given a boost to Indian retail sector in recent years. Until 2011, India denied Foreign Direct Investment (FDI) in multi-brand retail. Even single-brand retail was limited to 51% ownership and a bureaucratic process. In January 2012, Government has notified the much-awaited policy allowing 100% FDI in single brand retail from the existing 51%. In September 2012, government has permitted 51% FDI in multi-brand retail trading subject to some specified conditions. It will offer a plethora of opportunities to foreign investors, as Indian Economy is more flourishing as compared to its global peers.The present study focuses on the overview of the Indian retail sector and helps to understand the present scenario of FDI in the Indian retail. The study further analyses the positive and negative impact of FDI on Indian retail sector with help of SWOT analysis.

Keywords: FDI, Indian retail sector, single-brand retail, multi-brand retail.

Understanding Cloud Computing – an innovative trend in IT and businessBurkhanuddin Shaikh, Research Scholar, Department of Commerce, DSE, DU

Cloud computing is an emerging computing paradigm. It is a general term for anything that involves delivering hosted services over the Internet. Leaders in the industry, such as Microsoft, Google, and IBM, have provided their initiatives in promoting cloud computing. The purpose of this study is to understand Cloud Computing. The study is undertaken to draw out lessons for understanding cloud computing. The objective is to trace the evolution of cloud computing and to explain the effect of cloud computing on business. The research is based on the information gathered from various secondary sources. The secondary data was taken out from articles published in leading journals, books, empirical studies published in academic journals and websites. A survey based study has been undertaken on “cloud” computing and it tries to address related research topics, challenges ahead and possible applications. This research paper shows that cloud computing has a huge impact on business.

Keywords: IT – Information Technology, “cloud” computing, Platform as a Service (PaaS), Software as a Service (SaaS), Infrastructure as a service (IaaS), Communication.

Department of Commerce, Delhi School of Economics, University of Delhi 33

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Corporate Governance in Indian Banks –The Role of Board of DirectorsManmeet Kaur Bawa, Research Scholar, FMS, DU

Corporate governance mechanism for banks has emerged as an important issue due to the complex nature of banks and its vital role in economic development. This paper investigates the impact of corporate governance mechanisms on public banks financial performance using three years data from the year 2010 to 2012 with a sample of fifteen Indian public banks. Returns on asset, Return on equity were used as the two financial performance indicators. The research paper studies the effect of corporate governance mechanism, particularly board structure including proportion of non-executive directors, gender diversity, board size and meetings per year on the firm performance using statistical tools. The study controls the effect of size, leverage and growth of banks. The random effect model was used for the sample panel data. The regression results show that proportion of non-executive directors and bank size negatively influences financial performance; whereas board size and meetings per year are positively associated with financial performance. Finally, the percentage of female director on boards does not have a significant effect.

Keywords: Corporate Governance Mechanisms, Financial Performance Public Banks and India.

Gift Cards: Innovative Trend in Retailing in IndiaDimpy Handa, Janki Devi Memorial College, DU

The phenomenon of Gift Cards is not new in U.S. market but when it approaches the Indian retail sector, it is still a budding concept. In response to this innovative trend, retailers are gradually moving towards offering gift cards to accommodate a variety of customers' needs. Retailers can use these increasingly accepted cards not only to boost their sales, but can also communicate their marketing mix.The paper provides new insights into the meaning and perceived value of gift cards in Indian society and also the social roles played out in buying gift cards. In this pursuit, the paper assessed the various implications, both beneficial and detrimental, that gift cards can be brought into the Indian retail sector. The paper includes all the implications that were concluded in varied researches on gift cards based on U.S. market, fitted to Indian market scenario. The attempt was to build a theoretical framework for retailers who would like to leverage on gift cards strategy. The conclusion of the paper is progressive in nature as it states that gift cards are valued gifts, especially for their ease and efficiency and also because Indian retailers with a little cost can easily penetrate into gift market in India.

Keywords: Retailing, Gift Cards, Consumer Behaviour, Perceived Value, Innovative Trend.

Identification of factors influencing choice of source of agriculture credit by farmers: An Application of Binary Logistic Regression Analysis

Priyanka Yadav, Research Scholar, Dept. of Management Studies, IIT, RoorkeeDr. Anil Kumar Sharma, Associate Professor, Dept. of Management Studies, IIT, Roorkee

India is basically an agriculture-based economy with agriculture employing more than 60% of its population directly or indirectly. Agriculture being primary source of livelihood for rural India is backbone of the economy. Credit, which is an important input in agriculture production, has been a top priority of the planning authorities for many decades but still it falls short of demand. The problems of indebtedness and exploitative practices still haunt the farmers. The present paper is an attempt to measure the key factors responsible for selection of a particular source of credit by farmers and seeks to explain the preference for a particular source.

Despite of major efforts by the government, most of the farmers are still cursed with the problem of rural indebtedness and suicide is very common among farmers. Finding out the reasons for such incidents is the need of the hour. The objective of the study is to find the primary factors which the farmers consider before choosing a particular source of credit. The study is based on a survey of 300 respondents from Haryana state only. Hosmer and Lemeshow test was applied to check the suitability of the data for logistic regression. Time involved in getting loan, documentation and collateral offered for the loan were most significant predictors at individual level and hence can be attributed as the most crucial factors in taking decision for the loan.

The study is based on Haryana state only and the data excludes choice for semi-formal sources.

Keywords: Procedural Delays, illiteracy, farm inputs, Regional Rural Banks

Social Venture Capital: Financing Social EntrepreneursAntriksha Negi, Assistant Professor, Institute of Information Technology and Management

Many great ideas fail to take off due to lack of funding sources. Indian startup fraternity always complaints that the best talent in India is not attracted by startup's due to lack of funding opportunities especially for social entrepreneurs. Social entrepreneurs are the new driving force behind social transformation. They develop innovative, market-orientated approaches and execute them on their own. The long-term goal of social enterprises is to create sustainable business models and therefore become fully or at least partly independent of donations. Social venture capital is a form of venture capital investment that provides capital to businesses deemed socially and environmentally accountable. These investments are proposed to provide attractive returns to investor's as-well-as market-based solutions to social and environmental issues. Such investors help to close the gap of absent financing resources and therefore are a key part of a universal roll out of social change. The paper attempts to evaluate various factors affecting social venture capital with the help of existing literature and also intends to provide focus areas for future researchers in the field of venture capital.

Keywords: Social Entrepreneurs, Sustainable Development, Innovation, Growth

Department of Commerce, Delhi School of Economics, University of Delhi 35

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What Went Wrong With Kingfisher Airlines?Ruchi Goyal, Research Scholar, Department of Commerce, DSE, DU

Abhinav Pragya, Business Manager, OnMobile Global Limited

The airline sector has gained huge potential for growth worldwide and its favorable demographics with the increasing number of middle class people, rising disposable income levels and their willingness to spend on air travel, could be a much more significant contributor to the economic growth. The purpose of this paper is to address corporate governance structures and to analyze the causes of corporate governance failure in case of five-star accredited, Kingfisher Airlines. Corporate governance can be effectively achieved through socially responsible behavior. This paper aims to look into the problems that have been plaguing the airline since its inception and to suggest corrective actions so that such failures do not recur again in future and business can become more sustainable. The strategies adopted by Kingfisher have been critically examined through a case analysis using historical data and literature-based information and research. The case analysis provides critical evaluation of debt-ridden Kingfisher and comparison of the airline with low cost carrier, IndiGo. The authors examined the strategies for governance in Kingfisher leading up to its failure and tried to find out the reasons that how IndiGo is doing fairly well in the industry while operating under the same environment. Also, it was found that the financial position of Kingfisher was unhealthy and considered to be in bankruptcy zone.

Keywords: Corporate Governance, Socially responsible, sustainable, financial position

Rethinking Consumer Behaviour: Shifting to Greener ParadigmDr. Bhavna Sharma, Assistant Professor, BPS Mahila Vishwavidyalaya

Vanadana Rathee, Project Fellow, BPS Mahila VishwavidyalayaDr. Ashwani Sharma, Intnl.Consultant (Envt.), Ministry of Environment & Forests

In this modern era of societal marketing, business ethics and social responsibility are becoming the guiding themes for marketing strategies and practices. Within the field of ethics and social responsibility, environmental and green marketing topics are the central topics, which are closely related to biodiversity and sustainability. The purpose of the paper is to identify the factors influencing consumers' choice for green products and the prospective segment of consumers' who are willing to pay premium for green products. This study highlights that in total seven encouraging factors on consumer green purchasing behavior. Demographic variables play an intervening or mediating role in the framework.

Keywords: Sustainability, green products, consumer behaviour, environmental accountability.

Determinants of Success in Organised Retail: An Empirical Study using Factor Analysis

AsthaDewan, Assistant Professor, Shri Ram College of Commerce, DU

Organized retail began to widen its roots in the Indian bazaar comparatively late in our country. In view of the recent developments in the area of single brand retail and multi-brand retail in the last once decade, its impact on different sections of Indian society cannot be overlooked. With the increase in the number of malls and other formats of organized retail, the buyer is being exposed to a different type of shopping experience. This paper attempts to identify the various factors which would attract consumers to organized retail format than to Indian traditional retailing. A structured questionnaire has been administered on the sample of 600 consumers living in Delhi and NCR during the period of April 2013 to July 2013 to meet the objectives of the study. The data has been analyzed using Factor Analysis. Various other statistical tests such as KMO & Bartlett's test, correlation, among others have been used to enhance the robustness of the study. The results show that Indian consumers believe that the entry of organized players in the Indian market provided them the customer friendly good ambience of buying a variety of products under one roof at a competitive price.

Keywords: Organized Retail, Consumer

Experts' Attitude towards Harmonization of Indian Accounting Standards with IFRS

Saumya Singh, Research scholar, Banaras Hindu University, VaranasiRajeev Kumar Malik, Research scholar, Banaras Hindu University, Varanasi

Harmonization is a prerequisite for promoting corporate governance and attracting foreign clients by adopting unified accounting structure followed internationally. It will help the corporate to follow such accounting standards that other economies are adopting. Unified and transparent corporate reports will increase the confidence of investors', creditors as well as other stake holders. The reporting of financial activities was made on the basis of accounting standards prevailing within and outside the country to make reporting comparable. The Ministry of Affairs has made recommendations that the companies have to follow the converged accounting

ststandards from 1 April 2015. Hence, the present need of the study is to know the opinion regarding such harmonization. The study is an attempt to analyze the factors and measure the attitude of financial experts towards harmonization of Indian Accounting Standards with IFRS. The above objectives have been studied through primary survey of 150 experts of finance and accounting from Delhi/NCR region. Relevant statistical techniques that have been applied are one sample t- Test, descriptive statistics and frequency distribution. It was found in the study that there exists positive attitude of financial experts towards need and adoption of harmonized accounting standards for Indian companies. The major factors that result for such harmonization are global-legal scenario of accounting standards, transparency in reporting structure as well as international clients. With the ongoing globalization and constant changes in business and services, there is need for updated accounting structure in India. Hence, harmonization in accounting standards will help the corporate in enhancing transparency and global comparability of their financial performance.

Keywords: Harmonization, Indian Accounting Standards (IAS), IFRS, Experts Attitude, Indian Corporate.

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Banking Sector Reforms in India - An OverviewSamir, Research Scholar, Department of Commerce, DSE, DU

Deepa Kamra, Research Scholar, Department of Commerce, DSE, DU

Banking sector in India has come a long way since the initiation of reforms in 1991-92. Before liberalisation, the banking sector was plagued with vices like copious directed investments, excessive statutory preemptions, lax accounting and prudential norms, low operational and unsatisfactory customer services. The reform process unleashed a series of changes in the form of progressive reduction in CRR and SLR, deregulation of interest rates, norms for income recognition, classification and provisioning of assets, Capital adequacy norms were introduced in Indian banking in a phased manner which have led to the improvement of financial health of banks.

The numerous reform initiatives have metamorphosed the Indian banking industry and instilled features like openness, competition, prudential and supervisory discipline there by inducing greater efficiency in the banking sector. New legal developments like SARFAESI Act, DRTs provided new options to banks for containment of NPAs. The adoption of BASEL-II and BASEL-III (to be adopted) has led to improvement in Capital Adequacy ratio and the advent of foreign sector banks has made the Indian banking sector highly competitive. Indian banks have become technology–savvy as their counterparts in developed countries offering a bouquet of payment platforms like RTGS, NEFT, and CBS to their customers. The study uses secondary data extracted from RBI publications/ articles and analytical tools like Trend analysis, CAGR have been used.

In the light of above discussion, this paper analyzes the rationale of the reforms, trajectory of technological progress in banks and the implication of these reforms on the Indian banking sector.

Keywords: Capital Adequacy Ratio, Non-Performing Assets, Narasimham Committee, NEFT, RTGS

Foreign Institutional Investment and Development of Indian Stock Market

B.G.Srinivasa, Research Scholar, Dept of Studies and Research in Economics, Gulbarga University, Karnataka Nayakara Honnurswamy, Assistant Professor, Vijayanagra Sri Krishnadevaraya University, Gulbarga, Karnataka

This paper explores the impact of market opening to FIIs, on Indian stock market development. India announced thits policy regarding the opening of stock market to FIIs for investment in equity and related instruments on 14

September 1992. We study this landmark event, by examining the impact of trading of Foreign Institutional Investors on the major stock market of India. First, we find that unexpected flows have a greater impact than expected flows on stock market capitalisation. Second, we find strong evidence consistent with the base-broadening hypothesis, stationary and causality process. Fourth, our findings support the price pressure hypothesis. Fifth, the claim that foreigners destabilize the market is not substantiated. Finally, construct the empirical level, we construct the model and used the VAR-VECM model to find out long run relationship. We found that there are significant changes in the Indian stock market capitalisation.

Keywords: Foreign Institutional Investors; Market Capitalisation; Foreign Investments; Volatility; VAR; VECM; Granger Causality; India.

E-Life Insurance: Insurers' PerceptionDr. Alka Harneja, Assistant Professor, Lakshmibai College, DU

Introduction of economic reforms in the insurance sector along with the passage of Information Technology Act in 2000 have provided an immense opportunity for the insurers to sell policies on line and to improve the servicing of policies. This study helps in understanding the importance of internet and IT in the sale/servicing of policies in the post liberalized Indian life-insurance sector as no work has been done on this aspect. Thus, the present paper examines the perceptions of life insurers in the post-liberalised insurance sector in India vis-à-vis the use of internet and IT in their companies. The primary information has been collected with the help of structured questionnaires administered to 100 top executives of various life insurance companies located in and around Delhi, Mumbai, Pune, Kolkata and Chennai. The responses have been analyzed and interpreted using frequency distribution and percentages. The findings highlight that both types of insurers are making use of information technology and e-commerce to access and retain customers. In order to grow and sustain in the technology driven environment the insurers will have to help the insurance buyer make more informed and need based decisions through the internet.

Keywords: India, Life Insurance sector, Internet.

XBRL: The Global Financial Reporting Language – A Study of perceptions of Chartered Accountants, Academicians, Students and Account Preparers of

Companies in Mysore city-KarnatakaAbhilasha. N, Research Scholar, Manasagangothri, University of Mysore

Prof. B.H. Suresh, Dean, Faulty of Commerce & Management, Manasagangothri, University of Mysore

In revolutionizing business world where the information is required to the various stakeholders very rapidly, XBRL – Extensible Business Reporting Language as a tool for financial reporting, provides the solution. XBRL increases transparency, accuracy and efficiency in financial reporting and it enhances the information usefulness by increasing verifiability and reliability, reducing errors and improving control. Much is talked about the accounting aspects, but less stress is on the reporting aspects of the business the world over. With different reporting formats for each country there is a need for a common language of reporting for the business to interact. So, XBRL provides the solution. In India, which is one of the largest hubs of commercial and industrial enterprises, there has always been a problem of reporting in different formats. The objective of the study is to know the problems and challenges for implementing it and also its effect on financial statements before and after the implementation of XBRL. So, the study is made from Preparer's and User's point of view through structured questionnaire.

Keywords: XBRL, MCA, IASB

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Customer Characteristics and Service Quality Perceptions in Public and Private Sector Banks: An AssessmentSonali Jain, Assistant Professor, Bharati College, DU

Prof. Sanjay K. Jain, Professor, Department of Commerce, DSE, DUService quality has over the years emerged as a strategic tool to attract and retain customers. Services marketing literature posits that service quality perceptions differ across customer demographics groups. That being the case, management can use this knowledge in devising strategies as capable of meeting quality expectations of different groups of customers. Empirical evidence in this respect lacks in India. The present study is, therefore, an attempt to fill the literature void in the context of retail banking in India. The study aims at examining the influence of six demographic characteristics (viz., age, gender, qualification, occupation, income level and marital status) on customers' perceptions of functional as well as outcome quality in the public and private sector banks. The study is based on primary data collected through a survey of 325 bank customers. Multi-item as well as single-item scales have been used to measure customer perceptions of various aspects of service quality. The collected data have been analysed with the help of techniques like factor analyses, Cronbach alpha coefficient, z-test, ANOVA and multiple regression. The findings indicate that while in the case of public sector banks, demographics is in general not found to be playing a significant role; it is only the select demographic variables, and that too in respect of select service quality constructs, that have been found as significant antecedent of service quality. Lack of evidence in favour of demographic variables implies little justification in segmenting the bank services market on the basis of customer demographic characteristics. Future studies can explore the possibility of influence of other antecedents such as customer psychographics.

Keywords: Service quality, Functional quality, Outcome quality, Customer demographics, Public and private sector banks.

Study of the Ramification of Mandated Changes in Corporate Social Responsibilities in India

Prof. P.K Haldar, Professor & Head, Department of Commerce & Former Dean, Faculty of Arts & Commerce, Tripura University

Lokanath Mishra, Assistant Professor, Institute of Management, JK Lakshmipat University

Corporate Social Responsibility (CSR) moving far ahead from its age old domain of philanthropy and charity has now reached to a new hallmark of corporate responsiveness and action to social issues and demand for sustainability in order to advance further towards a new era of collective future action for factoring the sustainable business strategy for good governance and development of the society and its people. But at the face of massive concern for piling up and concentration of global resources at the hands of a few business houses, the metaphor of the conceptual radiance of CSR is perhaps inviting a virtual defeat in its purpose. As if, voluntary order and philanthropic mind set on a discretionary plane of whim and fancy are nurturing the corporate liberty for CSR practices. Because of that, there has an emerging need for and role of the Government to clear the direction and set an appropriate framework that may transform the CSR initiatives more participatory and contributory to sustainable development. In that pursuit, India has become first country in the world to bring about mandated change in the direction of future CSR practices under section 135 of Indian Companies Act, 2013; where every Company in India having net worth of Rs. 500 Crores, turnover of Rs. 1000 crores or net profit of more than Rs. 5 crores to spend at least 2% of average net profit in the immediate preceding years on CSR activity. Again in February this year, Ministry of Corporate Affairs came out with long waited CSR Rules (Framework) underlying the legislative provision embedded in the Companies Act passed in the parliament last year for guiding the corporate more for socially responsible behavior than otherwise. The corporate liberty of deciding anything or everything as CSR activities are being curtailed because of deletion of items due to overhauling of Schedule VII. Against these backdrop, the present paper attempts to study the ramification of such mandated changes in CSR in comparison to what we had before companies got changed. For that purpose the paper shall first of all enumerate CSR practices and then shall go for reconciliation with the ramification of the mandated changes that shall come into force. For the purpose of the study, a disclosure index was constructed on the basis of CSR activities proposed under schedule VII of the Companies Act, 2013. A scoring sheet was developed to assess the extent CSR activities pursuing by the sample of 100 BSE listed Pharmaceutical Companies of India. Descriptive statistics and ANOVA was used to analyze the variance of CSR disclosure practice under various heads. Keywords: Corporate Social Responsibility, Ramification, Change and Challenges.

Inclusive Growth and CSR - Challenges and Lessons Learnt From Implementation of CSR Programmes in the Field of Education In India

Purnima Bhatnagar, Research Scholar, Dayalbagh Edul. InstituteShalini Nigam, Associate Professor, Dayalbagh Edul. Institute

Y Suresh Reddy, Director, SRF Foundation

Inclusive growth as a strategy of economic development has gained prominence due to concerns that benefits of economic growth have not been equitably shared. The Companies Act, 2013 encourages the corporate sector to devote a fraction of their profits to enable education efforts in the country. This is based on the premise that not only is education beneficial in itself, but it facilitates access to economic opportunities, which helps lift people out of poverty. This paper aims to understand the challenges faced by the corporate sector in implementing CSR programmes, through a case study approach of two organizations in the diversified infrastructure and chemicals sectors. The authors find that stakeholder management viz. community, government, and schools, is critical to success. The corporate sector has to look towards a holistic approach to education development in the pursuit of key learning outcomes. The key implications for practitioners from this study are to develop new and innovative solutions to deal with multiple complexities during implementation. For academicians, one of the implications is to help generate among students, consciousness and appreciation of difficulties faced at the ground level by the under – privileged as well as values rooted in creating a better world for the greater common good.

Keywords: Inclusive Growth, Corporate Social Responsibility, Education

Do firm specific characteristics really influence underpricing ?(A cross sectional study on private sector IPOs in India)

Poonam Rani, Research Scholar, National Institute of Financial Management Prof. K.P Kaushik, National Institute of Financial Management

Indian capital market is the most regulated market and provides maximum protection to investors. Corporate securities market primary as well as secondary, abide by the rules laid down by SEBI. In Indian corporate securities market financial instrument called equity shares are traded intensively and became pedestal for other financial products. Returns from fresh issued equity instruments can be obtained by selling it on the very first day of listing or by holding it for a specific period. Return that a holder of equity instrument obtains by selling it on very first day of listing termed as underpricing. However, ex ante uncertainty around equity issue increases the level of underpricing. Out of various proxies of ex ante uncertainty; age of firm, turnover, pre IPO leverage, share held by promoters identified as firm specific characteristics. By using univariate and multiple regression techniques, we found age of firm as well as pre IPO leverage have statistically significant impact on level of underpricing while other variables; turnover as well as fraction of share held by promoter don't have the same. The findings of the current study is similar to the findings of Ritter (1984), however contradictory to the studies that have been conducted in Indian context earlier. As more mature firm enters in corporate securities market, the ex ante uncertainty around the IPO automatically gets reduced; in turn it produces a statistically significant relation with level of underpricing. We concluded although firm specific characteristic have correlation with initial day return but all firm specific characteristics aren't equally important to explain the level of underpricing.

Keywords: Ex ante uncertainty, Underpricing, Initial public offer.

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Relationship Between Corporate Social Responsibility and Competitive Advantage

Dr. Urvashi Sharma, Associate Professor, Maharaja Agrasen Institute of Management Studies

This paper draws the nature of relationship between Corporate Social Responsibility and Competitive Advantage. As it's a fact, that a firm competitiveness is demarcated by the market. The point is focused on, how important the financial analysts describe and evaluate a firm. We review the present state of the art on the relationship between CSR and competitiveness. Globalization has enhanced the demand for a more transparent accounting of corporate responsibilities encompassing social, economic and environmental dimensions. Proactive companies always search for competitive advantage in markets by differentiating themselves from competitors. One way to do this is to engage in corporate social responsibility. This drift raises the issues of whether there exists any connection between corporate social responsibility and competitiveness or not. On the basis of an empirical study this paper discusses the connections between corporate social responsibility and competitiveness of firms. Firms can discover that CSR is much more than a cost, a constraint or a charity- it can be a source of innovation and competitive advantage.It promotes good business by generating support system within the organization and outside. The company, for taking competitive advantage, recognizes the needs of the society and also pressure to satisfy them which will eventually help the company to change its strategy to be in the competitive market. As a conclusion, I have related with the factand cases of companies like; ITC, Levi's, Coca Cola, Walmart, etc. that CSR and competitiveness relate through a learning and innovation cycle, where corporate values, policies and practices are permanently defined. Thus, we propose that learning takes place as CSR is embedded in business processes, and that once it has been integrated, in turn, it generates innovative practices, and finally, competitiveness.

Keywords: CSR, competitive advantage, innovation, charity, globalization, market

Board Meeting through Electronic Mode: A Move towards Corporate Excellence

Gunjan Khanna, Research Scholar, Department of Commerce, DSE, DU

Keeping in tune with the e-governance initiatives world over Companies Act, 2013 introduced a concept of holding board meetings through video conferencing or other audio visual means. This provision enables active participation of the board of directors being globally located during board meetings of the company so as to increase transparency and orderly compliance. This paper tries to examine viability of holding board meetings through electronic mode. The objective of this paper is to study the significance of introducing the provision of conducting board meeting through electronic mode under Companies Act 2013. This paper is based on reports in the print and electronic media. The results indicate that board meeting through electronic mode is a gait towards e-governance, which will not only support green initiatives but also help the companies to achieve corporate excellence.Present paper includes worldwide legal acknowledgement of board meetings through electronic mode, procedural aspects related to India, technical aspects, its constructive role, issues related to it and offers points to be kept in mind.

Keywords: Board Meeting; Companies Act, 2013; Electronic Mode; Excellence.

Emerging Issues in RetailingNeha Singhal, Assistant Professor, Sri Venkateswara College, DU

Today's retail marketers' focus on engaging the customers by offering them value and a customer experience which is innovative and customized. Consumers today are becoming digitally conscious and marketers are leveraging this opportunity to position their brands in a clutter breaking manner and gain competitive edge. Retail Marketing is the systematic approach of selling goods/services that satisfy specific needs of customers, adopted by every business and not for-profit agency and group with a message. A highly competitive environment, knowledgeable consumers and fast pace of technology are keeping business enterprises on their toes.

This paper focuses on the emerging trends and issues related to the retail marketing.

Keywords: Retail Industry, Features, Retailing Format, Trends and emerging issues in Retailing, Implications, Retail scenario in India and FDI in Retail.

“Risk and Return” in Banking Industry in India: Concept and Measurement

Prof. K.V. Bhanumurthy, Professor, Department of Commerce, DSE, DUDr. Lovleen Gupta, Assistant Professor, Hindu College, DU

This paper provides an empirical framework for measuring risk and return in banking. The extant literature does not distinguish between risk and return in banking as compared to other industries. In this paper three types of risk have been measured in banking industry in India- market risk, default risk and business risk. This paper demonstrates the implications of off balance sheet items for measurement of return in banking. The results show that the mean returns are highest in case of foreign banks but at the same time, foreign banks are undertaking the highest business risk as the coefficient of variation is 125.66. The risk-return correlation matrix shows that the correlation between default risk and return is - 0.011, but the correlation between market risk and return is 0.107 and business risk and return is very high and significant i.e. 0.811. Therefore, first the diktat, “higher the risk, higher the return” does not prove true in case of default risk. If banks undertake more lending, non-performing assets are bound to generate, thereby reducing profitability. Secondly, people misconception that it is the non-performing assets that are adversely affecting profitability, but the reality is that it is the off-balance sheet items that no doubt increase the profitability of banks, but they are endangering the stability and the very existence of banks, therefore they cannot be ignored.

Keywords: Market risk, Default risk, Business risk, Off-Balance Sheet items and Non-performing Assets

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Business Sustainability: Issues and ChallengesParul Tomar, Alumni, Department of Commerce, DSE, DU

A sustainability report is a measure of and communication on an organization's performance on issues that impact its profitability. In recent decades, organizations increasingly find that their profit and loss statements are influenced by parameters that do not feature on the balance sheet. Pressures from various stakeholders are impelling businesses to take proactive steps to ensure sustainability in their operation. Time and again, research has woken up the corporate to the possibility that consumers are drawn to CRM programmes. Corporates are finding the same undercurrent of customer expectations in many regions and that is making them think and act on the CSR grounds more than ever. The major objective of the study is to bring together the benefits and incentives that corporations would reap once they adopt this practice. To accomplish the task of completing the paper, secondary source of data from internet and books have been used. With the new and revised Companies Act 2013, India has become one of the first countries to prescribe expenditure for (qualifying) companies towards CSR. It further requires that companies adopt a CSR policy, constitute a board-level CSR committee for oversight and implementation, and disclose their activities. Other than the increases observed in reporting of sustainability data among Indian companies, there has been notable international recognition for the sustainability efforts that some of these Indian companies have been pursuing. Pioneering Indian businesses in various industries are using sustainable operations to optimize their processes, with a view to taking advantage of the increase in revenues, reduction in costs and avoidance of regulatory risks.

Keywords: CSR, CRM, GRI.

Footprints of XBRL: A New Dimension in Financial ReportingNeha Jaiswal, Research Scholar, Faculty of Commerce, Banaras Hindu UniversityNeha Gupta, Research Scholar, Faculty of Commerce, Banaras Hindu UniversityNidhi Taneja, Research Scholar, Faculty of Commerce, Banaras Hindu University

Extensible Business Reporting language (XBRL) is a revolution, as a technology of electronic transmission and communication of business and financial data. This study will help to find out the application of XBRL and its effectiveness in preparation and filling of financial statements.

The objectives of the study are to analyze the changes in Corporate Reporting process through the XBRL technology; to examine and analyze the impact of XBRL in the preparation and reporting the financial statements of companies and to examine and analyze the effectiveness of XBRL. This study has undertaken primary data (Structured Questionnaire), and secondary data from various journals, magazines, books etc. Collected data would be analyzed accordingly. This study reveals the fact that XBRL as an electronic communication tool of financial data is effective all around the reporting world. XBRL has exhibited capabilities to produce the digitized version of the quantitative and descriptive data displayed through the financial reports. Thus, XBRL offers several exciting opportunities for research.

Keywords: XBRL E-technology, Application, Effectiveness, Role of MCA and ICAI.

Financial Performance of Indian Commercial Banks: An AnalysisKumar Shivam, Research Scholar, DDU Gorakhpur University, UP

Dr. Rajeev Prabhakar, Associate Professor, DDU Gorakhpur University, UP

Financial performance of bank indicates strength and weaknesses of the bank by adequately establish a relationship between the items of balance sheet and profit-loss account. Analysis of financial performance of bank is a function of combined multiple factors like capital adequacy ratio, assets quality, management efficiency, earning capacity, liquidity, sensitivity to market risk. The objective of paper is to evaluate financial performance of Indian Commercial Banks and compare financial performance of public sector banks and private sector banks in India. The paper is analytical in nature and used secondary data from 1998-1999 to 2012-2013. The study comprised ten banks (Five Public Sector & Five Private Sector). T-test and ANOVA is used to find out result of objective. The study conclude that there is no significant difference in financial performance of public and private sector banks in India but still there is a need for overall performance to make stable position in competitive market. The paper analyses relative performance of sample banks based on capital adequacy, asset quality, management efficiency, earnings quality and liquidity and provides a ranking under each parameter. Quantitative analysis of financial performance of Indian Commercial banks was carried out on study and qualitative factors were ignored.

Keywords: Financial Performance, Capital Adequacy, Asset Quality, CAMEL Methodology

A Comparison of Indian and Chinese Labour LawsVrinda Kapur, Assistant Professor, Janki Devi Memorial College, DU

The rise of Asia- centered on China and followed by India is an important event that cannot be missed. The giant dragons – China and India have demonstrated unprecedently high and continuous growth rates in the last two decades. Labour legislations in India and China have certain differences in their provisions and have some common provisions too. The Indian labour laws passed by the Parliament run into over two thousand pages. In addition there are hundreds of State labour laws running into tens of thousands of pages. China on the other hand has only one labour law running into 107 Articles known as the Labour Law of the People's Republic of China

st stenforced from 1 January 1995 (revised on 1 January 2008). In spite of various labour laws to administer industries there is still industrial unrest the world over. Inadequate enforcement of labour laws leading to unfair practices like irregular payments, arbitrary deductions from wages, unsafe working conditions, long working hours, unfair recruitment practices, no adequate security against old age, denying compensation for accident, etc can be the main reasons for this industrial unrest. Demonstrations, strikes and lockouts have become common in the various industrial markets of the world. The fact is that the outdated and static labour laws are not able to cope with the changing market scenario and thus adversely affecting the process of modernization. The present study concentrates on the labour laws in India and China and attempts to make a comparison between the two countries. The study compares the labour laws in India and China with the objectives to highlight the historical background of labour laws in India and China; to study the existing labour laws in the two countries and to study the need and scope of Labour Law Reforms in India and China. The research is based on the information collected from various secondary sources. Articles published in leading journals, newspapers, and websites have been referred to in conducting the study.

Keywords: Labour Laws, India, China, Labour Law Reforms

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Role of ICT in Business Development with Special Reference to Food Product Industries

Shashiraj Nayaka, Research Scholar, Gulbarga UniversityB.G Srinivas, Research Scholar, Gulbarga University

Raghavendra S, Research Scholar, Gulbarga UniversitySudharani M, Student, Gulbarga University

In India more than sixty percent of the population is still dependent on agriculture thus making agriculture an important sector with the majority of the rural population depending on it. As the demand is growing for agricultural products, which in return offers opportunities for the entrepreneurs to sustain and improve their business in agro-food sectors. Information and communication technologies (ICT) and knowledge sharing plays an important role in encompassing these challenges and uplifting the business development of the rural areas. Information and communication technologies (ICTs) if adapted as per suitability will help in improving the business of poor units in rural areas and increase their income opportunities. This in result will help in improving their chances of escaping from persistent lack of resources and business development. The knowledge sharing practices helps to understand what the farmers know, both from research and from experience in the field. In addition, it provides recommendations on the use and role of ICT in enhancing the food business development. This article seeks the prospective contribution of ICT to the business implementation and the efficiency of the agricultural food sector.

Keywords: ICT, Business Implementation, Food Products, Business Development.

A Study on Factors Influencing Consumer Buying Motive at Organized Retail Stores in Jaipur City

Dr. Punam Mishra, Assistant Professor, JK Lakshmipat University, Jaipur

The retail industry is one of the most rapidly growing sectors in the Indian economy. Retail, moreover is the backbone of the entire distribution channel of the country, and is rightly referred to as the “touch point” between consumer and industry. However, the retail scenario is slowly changing. Given the intervention of large players from around the globe post the FDI invitation by the government, the retail sector is looking at a dynamic and competitive market ahead. Growing multiplexes, malls and hypermarkets gave birth to a new concept to retail industry i.e. organized retail stores. Though the share of these organized retail stores is increasing but the competition is also increasing among these stores. Therefore, retailers have to understand the consumer buying motives over the attributes of retail stores that are most significance and this would help to enhance profitability and sustainability. This study was thus, taken up to understand the consumer orientation to the organized retail industry, and therefore tries to identify a pattern or relationship between customer demographics and retail buying. The study would be conducted in Jaipur city. Consumer buying motive would be analysed through primary data collection from selected 5 organized retail stores of Jaipur. Retails stores would be Reliance Fresh, National Handloom, Big Bazaar, Vishal Mega Mart and Easy Day. Factor analysis would be used to identify influential factors. This study shall provide basis for further research and help in deriving the turn that the organized retail industry might take in the coming years.

Keywords: Retail Industry, Organized retail stores, Consumer buying motive

Technological Innovations and Banking Services in IndiaDr. Devinder Sharma, Associate Professor, Department of Commerce, Himachal Pradesh University

Bhushan Azad, Research Scholar, Department of Commerce, Himachal Pradesh University

In the present age of technology each industry is trying to connect with technology. Banking Industry is among one of the industries, which adopted the technological innovations very quickly. One of the major reasons behind the progress of banking industry is technological innovations, whether it is in the form of ATM Services, RTGS, NEFT, etc. It provides the speed to the banking industry and it is also making possible for the consumer to access 24X7 banking services from anywhere. In this paper, the technological innovations in banking industry in India have been studied and also an attempt was made to study the impact of technological innovations on banking industry in India. The study will be based on the secondary data, which is collected with the help of different published sources. With the adaptation of the technology in banking, it has widened the scope of banking services and is now easily accessible to each and every person in the country. Now the people can access the banking services from their computers, mobile phones, tablets, etc. Thus, the people can access the banking services from at their home, at offices, at bus stand from any other location where they want to access the banking services.

Keywords: Technology, ATM Services, RTGS, NEFT.

Emerging Trends in Mutual Fund Industry in IndiaS L Pandian, Research Scholar, Alkesh Dinesh Mody Institute for Financial and Management Studies,

University of MumbaiDr. Smita Shukla, Associate Professor, Alkesh Dinesh Mody Institute for Financial and Management

Studies, University of Mumbai

Indian Mutual Fund Industry started with the establishment of Unit Trust of India in 1964. With the establishment of SEBI in 1988 and passing of SEBI Act in 1992, the mutual funds have come under SEBI (Mutual Funds) Regulations, 1996. Mutual Fund Industry is still in the nascent stage with little over Rs.9 lac crores under Assets under Management (AuM) and around 4 crore investor folios, which is quite miniscule. Various steps have been taken by the Government, regulator, AMFI and the industry themselves. Hence, there is a need to study and analyze the emerging trends and its impact. Thus, the objectives of this are to examine the key trends emerging in the mutual fund industry; to analyze the impact of recent changes, including the Long Term Policy announced by SEBI and also to suggest the way forward. For the same, we have collated information on recent changes and examined the trends. Further we have conducted a limited e-survey of investors through convenient sampling.

Keywords: Mutual funds, Investors, Asset under Management, Recent changes, Emerging trends

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Globalization and its Impact on Indian BusinessAnurag Bhadur Singh, Research Scholar, NGBU, Allahabad

Priyanka Tandon, University of Allahabad

Globalization is the process of integration of the world into a wide market. It removes all sorts of barriers among the countries. The boost to the globalization was given by Government of India in the year 1991 by launching of new Industrial policy. Globalization also poses challenges to the Indian business in by unequal competition between the foreign players and small Indian business firm etc. The need for the study is to understand the pros and cons of globalization. The objective of this paper to study about the impact of globalization in terms of opportunities and challenges to the Indian business. The paper analyzes how globalization affects Indian business post LPG period. For analysis the data on five parameters namely, national Income, FDI, employment rate, growth rate and IIP are collected. Further these parameters are compared with Indian Stock market to see the impact on Indian business since Indian stock market is true indicator of the growth in Indian business. The data collection is divided into two phases: pre-LPG period and Post LPG period. Data is collected through secondary sources. Statistical tools used for the analysis is correlation and regression analysis. The findings show positive relationship between globalization parameters and Indian business.

Keywords: Globalization, LPG, National Income, Stock Market, IIP

Management of Non Performing Assets (NPAs) in Indian Commercial Banks

Ms Sonia Verma, Assistant Proffesor, DAV College, Jalandhar

Banks have been increasing regularly year by year. On the contrary, the non-performing assets of private sector banks have been decreasing regularly year by year except some years. Generally reduction in NPAs shows that banks have strengthened their credit appraisal processes over the years and increased in NPAs shows the necessity of provisions, which bring down the overall profitability of banks. The Indian banking sector is facing a serious problem of NPA. The magnitude of NPA is comparatively higher in public sectors banks than private sector banks. To improve the efficiency and profitability of banks the NPA need to be reduced and controlled.

Profitability and Viability of Development Financial Institutions are directly affected by quality and performance of advances. The basic element of Sound NPA Management System is quick identification of Non-performing advances, their containment at minimum levels and ensuring that their impingement on the financials is minimum. Hence the success of a bank depends upon methods of managing NPAs

Keywords: Gross NPA, Net NPA, public sector banks and private sector banks

Electronic Banking: An Innovative Approach from Bricks-and-Mortar to Virtual Banking in India

Ms. Ravinder Kaur, Assistant Professor, Dept. of Commerce, School of Law, Governance, Central University of Haryana

Mr. Suyash Mishra, Research Scholar, Dept. of Management Studies, Public Policy & Management, Central University of Haryana

Mr. Rishi Kant, Research Scholar, Dept. of Marketing & SCM, Central University of HP

E-banking relies heavily on information and communication technologies (ICT) to achieve its promise of 24 hours availability, low error rates, and quicker delivery of financial services. The current study is performed to search the ways of awareness regarding Internet banking and usage of Internet banking services. This research paper finds the satisfaction level of the respondents regarding e-banking on the basis of their demographic profile among public and private sector banks of India and the factors which influences them for using e-banking services instead of Bricks and Mortar. Bank of Baroda, Allahabad bank and Punjab National Bank from public sector banks and Industrial Credit and Investment Corporation of India (ICICI) Bank, Housing Development Finance Corporation (HDFC) Bank and Axis Bank from private sector banks of Lucknow city were selected for this study. There were total 350 respondents for collecting the data. Analysis of Variance (AVOVA) and F-test was applied for analyzing the data. ANOVA was applied to determine the significance of the differences across public and private sector banks on account of different variables. Factor Analysis is also used to get the factors, which influence the customer for using e-banking services in the Lucknow city. SPSS was used for analyzing the data. The result declares that occupation has a significant effect on the choice of a particular bank. Education level has a significant influence on the number of banks used. Convenience was the foremost important factor, which influenced the customer for using e-banking services. This study is helpful for bankers while formulating any strategy regarding e-banking services.

Keywords: E-Banking, ICT, Satisfaction, Customer

Market Anomaly in National Stock Exchange of IndiaDr. Saif Siddiqui, Assistant Professor, Centre for Management Studies, Jamia Millia Islamia

Dr. Neha Seth, Assistant Professor, Department of Commerce, India Central University of Rajasthan

Stock Market Efficiency is an important concept to understand the functioning of financial markets, especially in the Indian stock market. The concept of market efficiency is getting important as the level of investments is rising in the India. There has been researches done in the past on the similar topics, but the results found were contradictory and ambiguous. This research paper provides the evidence of the day-of-the-week effect and weak form efficiency in Indian stock markets. The NSE's Nifty is taken as the proxy for Indian stock market and the daily stock prices are taken as the data sample for the period starting from 2001 to 2010. The Run test, Autocorrelation test and day-of-the-week effect testing are used to analyze the data. The results support the validity of day-of-the-week effect and also show that the Indian stock market is not efficient in weak form.

Keywords: Day-of-the-Week Effect, Market Efficiency, Stock Market, India, NSE.

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A Review of Cloud Computing based B2B IntegrationAbdul Manazir, Lecturer-IT, Centre for Management Studies, Jamia Millia Islamia

Cloud Computing is an Internet-based technology through which information is stored in servers and provided as a service on-demand to clients. In other words, the Cloud provides hardware and software resources as services over the Internet. A major advantage of Cloud computing is that it enables people to obtain and share stored data from any location and increases a person's independence to access this information. There are several types of services provided by cloud computing: Infrastructure as a service (IaaS); Platform as a service (PaaS); Software as a service (SaaS); Network as a service (NaaS); Storage as a service (STaaS); Security as a service (SECaaS); and Data as a service (DaaS). B2B Integration means the integration, automation and optimization of key business processes that extend outside the four walls of an organization. Moreover, Cloud computing also affect how companies structure their organizations, how they manage and coordinate their daily operations, and how they engage and communicate with their business partners. The flexibility, scalability and cost-efficiency promised by Cloud computing has seen rapid acceptance within many companies. The Cloud can be an attractive option for B2B integration because B2B systems require secure and scalable connections between multiple trading partners. A decade ago organizations started on a similar ICT transformation. The changeover to cloud computing will be of similar magnitude. It will most likely be driven by middle-sized enterprises – organizations whose IT departments do not have the same high level of internal management and support, and who rely much more on third parties to assist them. The ability to transfer and translate data seamlessly and quickly in real-time is crucial to business success, but integrating, transforming and managing critical business applications and data is proving to be a complex challenge for organizations across the globe. To facilitate streamlined movement of enterprise data across diverse applications, a growing number of organizations are turning to cloud-based integration. This approach reduces complexity and IT oversight, and frees up resources to focus on delivering products and solutions to customers and partners.

Keywords: B2B (Business to Business), Cloud Computing, SaaS (Software as Service)

Green Banking in IndiaDr. Ruchi Trehan, Assistant Professor, APJ College of Fine Arts, Jalandhar

Change is the need of hour for survival in all spheres. Global warming, also called as “Green House Effect” is a global issue that calls for a global response. The world has seen much focus on economic progress and mankind has made giant steps in its journey through time. Today's business is all about being green. From Wal-Mart to Apple, everyone is talking about how green their approach, packaging, or methods are. But green business is really in its infancy, and the future of being green will no doubt distill down to some very real and definable goals and practices. Banking sector is one of the major sources of financing investment for commercial projects, which is one of the most important economic activities for economic growth. Green Banking is a concept in which banks are making an effort to restore the natural environment and to make the industries go green. Green banking means promoting environmental friendly practices and reducing carbon footprint from banking activities. It will not only ensure greening of industries but it will also facilitate in improving the asset quality of banks in future. Businesses in India are turning green due to public pressure and government regulation. Besides attracting capital investment, green companies have realized that waste management and pollution control have their own benefits. So, to substantiate quality of service, implementation of environmental conservation measures, support to deprived section of society, and concern about quality of life, nature are the basic principles that financial institutions are relying on in their business strategies in recent years. This paper covers introduction, importance of green banking, green banking initiatives, environmental management by banking institutions, and enforcement of environmental management and role of government and green banking strategies.

Keywords: Banking, Green Banking, Environmental management

Cyber Crimes: A Study of Select CasesMinny Narang, Assistant Professor, Department of Commerce, DSE, DU

Sunita, Assistant Professor, Department of Commerce, DSE, DU

Do you own a personal computer or a new-age smart phone? Do you spend at least one-third of your day sending and receiving mails-official or personal? Are you having at least two accounts on social networking sites? Or do you use internet as a convenient mode for shopping online and making payments using debit or credit cards? If the answer to at least one of the questions is affirmative, you either have been a victim, at one time or another, of what is known as a cyber crime or are soon going to suffer this malicious activity committed online. More than 66% of web-users today are the victims of cyber crimes. Cyber crime is any illegal activity that uses computer either as a means or as a target to get access to the other person's personal information and/or business data. It includes all kinds of activities ranging from phishing, pharming, identity theft to some serious crimes like cyberstalking, cyberwarfare, cyberbullying and cyberattacks. Despite having cyberlaws in place and statutory acts such as Information Technology Act 2000, there has been an increase in the number of cybercrimes in India. This paper seeks to describe the concept of cyber crimes and the measures to overcome the problems of its investigation and prevention along with describing and analyzing some recent and prominent cybercrime cases.

Keywords: Cybercrimes, Computer crimes, IT Act 2000, Case laws.

FDI in Retail in India – Challenges, Effectiveness and Future: Issues and Intricacies

Dr. Alluri V.N.Varma, Associate Professor, P.G. Courses & Research centre, D.N.R. (Autonomous) CollegeDr. A.Naga Raju, Associate Professor, P.G. Courses & Research centre, D.N.R. (Autonomous) College

Dr. J.S.P.Rao, Head, Dept. of Economics, K.G.R.L. (Autonomous) College

The spectacular and unprecedented growth of FDI in the global economic landscape over the last two decades has made it an integral part of the development strategy of both the developed and developing nations. It acts as a major catalyst in the development of a country through up-gradation of technology, managerial skills and capabilities in various sectors. Rise in purchasing power, growing consumerism and brand proliferation has led to retail modernization in India. The growing Indian market has attracted a number of foreign retailers and domestic corporate to invest in this sector. FDI in the retail can expand markets by reducing transaction and transformation costs of business through adoption of advanced supply chain and benefit consumers and suppliers (farmers). Oppositions have raised concerns about employment losses, promotion of unhealthy competition among organized domestic retailers resulting in exit of small domestic retailers from the market and distortion of urban cultural development. The present paper focuses on the overview of the Indian retail sector along with the opportunities of expansion of FDI in retail in India and the major challenges that it faces.

Keywords: FDI, Indian retail sector, Opportunities and Challenges, Impact on Stakeholders.

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Globalisation and Indian economy: An Experimental StudyPrabina Kumar Padhi, Lecturer, HSSM, Gandhi Group of Institution, GIIT, Berhampur

Globalization is conceived as a powerful transformative force responsible for a massive shakeout of nations, economies, international institutions & the whole world order. It is one of the most frequent used words in discussion of development, trade, and international political economy. It is a practice that breaks down limitations between countries and gradually transforms the world into a unit. It is carried out through the policies of liberalization, deregulation and privatization. It accepts and advocates the value of free world trade, freedom of access to world markets and a free flow of investments across borders. It stands for integration and democratization of the world's culture, economy and infrastructure through global investments. The implications of globalisation for a developed economy like India are many. The effects of globalization on the Indian economy in the post-globalization years are clearly visible in the foreign sector, international trade, inflow of foreign capital, etc. This paper explores the contours of the on-going process of globalization. Thus, the present research paper is an attempt to illustrate the major affects of globalization on Indian economy as a whole particularly the aspects of international trade, GDP and FDI.

Keywords: Globalization, Indian Economy, international trade. Liberalisation

Customer Perspective on Clearance Sale of Woollens: A Comparative Analysis of Branded and Non Branded Woollens

Dr. R. C. Gupta, Professor of Commerce, MLB GOVT, College of Excellence, GwaliorManjari Agarwal, Research scholar, MLB GOVT, College of Excellence, Gwalior

Priyanka Goel, Alumni, Dept. of Comm., DSE, DU

Retailers usually face the problem of dead stock or outdated stock in stores after end of winter season. To get rid of this problem all the retailers used to sell their residual stock on heavy discounts in the form of clearance sale on their woolens. Clearance sale is a sale introduced to sell out the seasonal stock during off season or when season is about to be off. It is done in both kind of woolens, whether it is Branded or Non-Branded.

Here in this study we are about to examine customer preference during clearance sale of Branded and Non-Branded wollens. Our sample is drawn through probability sampling technique from customers of Delhi region to analyse the interest and preferences of customers between Branded and Non-Branded woollens. The data would be collected through a modified questionnaire. The attractive features of woollens are evaluated through customer inclinations on the basis of price, quality, brand, etc.

Differences have been observed in consumer preferences during clearance sale of Branded or Non-Branded woollens. This study is limited in nature and not universally applicable. It would help the retailers to frame suitable pricing strategies and offers for clearance sale.

Keywords: Clearance sale, Branded woollens, Non Branded woollens, Customer preferences.

Globalization and its Impact on Rural Women Consumers Changing tastes and preferences

Swati Srivastava, Research Scholar, Department Of Commerce, H.N.B. Garhwal Central University

Globalization has restructured the world. It signifies greater movement of people, goods, resources and ideas due to the increased economic integration, which in turn is propelled by increased trade and investment. It is like moving towards a borderless world.

There has always been sharing of goods, services, knowledge and cultures between peoples and countries, but in recent years improved technologies and reduction of barriers means the speed of exchange is much faster. Unthinkable progress in modes of communications, transportations and computer technology has given any individual a new dimension and a new lease of life. This process affects even people living in rural areas favorably, but sometimes they also become victims in the process of globalization due to their ignorance and lack of awareness.

Keywords: Globalization, Rural market, Rural women consumers etc.

Leveraging Innovative Entrepreneurship(With Special Reference to its Role in Economic Development of India)

Ms. Ruchi Vohra, Assistant Professor, Kalindi College, DU

In today's world the creative economy which is boosted by the creative, innovative and knowledge intensive industries with high exploitation of intellectual property takes centre stage at both the national and international levels. Such firms go beyond the traditional view by searching new ways for creating the value for customer. The formation of new entrepreneurial ventures in such industries is particularly important to developing economies such as India, where micro and, small-and medium sized enterprises (SMEs) are dominant. Whether it is social entrepreneurship, educational entrepreneurship or business entrepreneurship, to be creative and innovative brings in a lease of fresh input, which can fuel a significant change in the system. The world is constantly changing, so are the needs and requirements of people. It is the responsibility of every business, organization and individual to keep pace with the societal demands and needs and provide dynamic solutions. The importance of innovative entrepreneurship is recognized by many companies today. Not only new ventures but also existing corporate invests time and money training their employees and management in particular on effectively utilizing the power of dynamic innovation. This is in fact, one of the most important pre-requisites for sustained survival of companies in today's competitive business environment. Innovative Entrepreneurship is a rapidly expanding field of study that has been adopted by virtually every major business school and is spreading globally. We need to know more about how to harness the power of innovation and entrepreneurship to solve social and/or economic development problems. The main objective of the study is to understand the role and impact of Innovative Entrepreneurship in India. For achieving this main objective following sub-objectives have been framed: to understand the state of Innovative Entrepreneurship in India; to present an analysis of the performance and contribution of various global Innovative Entrepreneurs; to explore the possibilities of linkage between global and Indian Entrepreneurs; and also to identify the enabling factors and barriers to making these contributions. The Research design is descriptive and exploratory in nature as it shall describe the concept and role of Innovative Entrepreneurship in Indian context. The research is primarily based on secondary data and different statistical tools/techniques/models such as Pearson product moment correlation coefficient, Regression Analysis, ANOVA have been used for analysis and drawing inferences. (Secondary data is collected from Books, Reports, Magazines and Journals. The analysis highlights a close linkage between knowledge, innovation and entrepreneurship. The study observes the impact of Innovative Entrepreneurship and its role on the Indian Economy on the basis of selected parameters. As an implication of the study it is expected that the findings will assist to develop an understanding of firms that are driven to contribute to economy from all perspectives-economic and social.

Keywords: Innovative Entrepreneurship, Creative Economy, Economic Development, Descriptive Analysis, Intellectual Property, SMEs

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Integrating Educational Technologies in the Classroom – A Study of Department of Commerce, Delhi University

Deepali Malhotra, Assistant Professor, Department of Commerce, DSE, DUSwati Seth, Assistant Professor, Department of Commerce, DSE, DU

Teaching has never been an easy task. Each faculty will have has his or her unique style of facilitating concepts and practices in the classroom. But of age, though the methods employed to convey and communicate with the students might have changed, still the major challenge is to deliver the knowledge in the simplest and easiest manner. With the introduction of technology in all walks of life, it has entered into the education sector as well. In our paper, we have tried to understand the contribution of technology in the teaching arena, specifically in the Department of Commerce, Delhi School of Economics, Delhi University. To achieve our purpose, we have undertaken a survey from the teaching and the student's fraternity as to how do they perceive the role of technology in teaching in today's times. Through our survey, we have tried to understand the main tenets of teaching and have identified the factors, which determine the technological variables linked to teaching specifically. Based on the variables of the two sides, namely, teaching and technology, we have tried to analyze the relationship between the two, which will emphasize the importance of the role of technology in teaching in today's times.

Keywords: Education, Teaching, Technology, Department of Commerce.

Six Sigma and Benchmarking in India: A Case Study of I.T. Industry in India

Dr. Sangeeta Dodrajka, Associate Professor, Sri Guru Gobind Singh College of Commerce, DU

The philosophy of quality management cannot be deliberated upon, without understanding the role of Six Sigma and Benchmarking in problem solving and defect prevention in day-to-day management. With the modern marketing relying heavily on customer satisfaction and product quality, these techniques have become inevitable for every modern business organization. The significant competitive advantage, that can be obtained from implementing six sigma is by way of, the three basic resources: customer, process, and employee. The strengths, weaknesses, and the opportunities of these resources, as stimulated by the six-sigma concept in some way or another, tend to enrich organization culture and view on quality and improve its position and strength in the market in which it operates. The present study seeks to highlight the major impact of Six Sigma and Benchmarking, their components, and impact on I.T. industry. The paper also seeks to discuss two case studies on Six Sigma implementation, explaining how it leads to improvement in service along with cost saving to the company.

Keywords: Quality, Six Sigma, Defect prevention, and Benchmarking.

CSR- A Move towards Sustainable DevelopmentShikha Sachdeva, Lecturer, Amity University

CSR is generally thought as a commitment of a business enterprise to contribute towards the economic, social well-being of a nation, through improving the quality of life, the living standard and society at large. CSR has been undertaken as a mandatory clause in the companies act due to many pressures, precisely the social, economic and environmental pressures, which a corporation puts on the society. Taking from a different angle, it could be in order to balance the negative impact, which an organization's activities have on the community. Over the last few decades, CSR has taken a new shape and plays a vital role in determining the strategic plans of a corporation. It has also become separate heading in the strategic investment framework of an organization. CSR is not restricted to the compliance of social and security measures, fulfilling human rights and labor organization's set up rules and regulations but also includes fighting against social evils, climate change, consumer protection and sustainably managing the scarce natural and unnatural resources. CSR activities differ significantly when it comes to developed and under-developed nations, though developed nations do not intend to make their corporations spend a significant part of their turnover on education, medical, sanitation etc., but the developing economies need to do that. Therefore, it can be very aptly remarked that the demographics of a nation, its poverty rate, literacy level and GDP play an important role to determine the direction of CSR initiatives by the companies. This paper intends to talk about the various unprecedented CSR activities taken by the companies to marginally move towards sustainable development. Though sustainable development aims to fulfill the present needs without compromising the ability of future generations to meet their own needs (Bruntland Report), CSR takes a holistic view of the same taking into consideration other aspects of the society also, CSR can be thought of as a move towards sustainable development.

Keywords: CSR, Sustainable Development, Corporations

Corporate Governance Failure- A Case Study of Sahara GroupJigmet Wangmo, Research Scholar, Department of Commerce, DSE, DU

Corporate governance means a set of guidelines, principles, system through which a company is directed, controlled and governed. Corporate governance is gaining importance because of various corporate failures, violations of rules and regulations, unethical business practices, insufficient disclosure and lack of transparency etc. the most recent case of sahara group involves a huge collection of over Rs 24000 crore from lakhs of investors through an unauthorised issue of optionally fully convertible debentures (OFCD) through two group companies i.e, Sahara India Real Estate Corporation limited (SIRECL) and Sahara Housing Investment Corporation limited (SHICL). Sahara issued OFCD by way of private placement. If the securities are offered to less than 50 person then it is a private placement. But in case of sahara they offered to lakhs of investors. Securities and Exchange Board of India held the OFCD issued illegal and asked Sahara to return the money with interest. Sahara then appealed in the court questioning the SEBI's jurisdiction. Later Supreme Court directed Sahara to return the money with interest.

Keywords: Corporate Governance, Sahara Group, SEBI

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Pester Power: A Key to Marketers SuccessMs. Shefali, Research Scholar, Guru Gobind Singh University,Dwarka

In today's world, marketers are aware of the fact that kids are having large market potential, so it must be tapped as frequently as they can .With this background it becomes important to study future consumers. The objective of the paper is to find out the factors and the promotional strategies used by marketers that affect the children purchasing request/power has been studied in Indian context along with the most effective media and reasons for its effectiveness. The research is based on primary as well as secondary research. The parents were subjected to a questionnaire while their child was being interviewed. Random sampling method and factor analysis method has been used to analyze the data. The findings of the study are that media, price, peer pressure, siblings influence, family characteristics etc are some of the factors which affects the pester power of children whereas Marketers and retailers are using some strategies like packaging, cartoon endorsements, free trials, kidsclubs, etc to influence the buying behavior of children. These strategies are based on the premise that the tech savvy child today has a fascination for technology that can add to his or her comfort along with providing the social advantage of being connected and linked.

Keywords: Pester, Children buying behavior, nagging of children, Decision making, Parents buying behavior

Globalization Trends and its Impact on RetailMs. Rachna Bamba, Research Scholar, Uttarakhand Technical University, Dehradun

Mani Sawhney, Research Scholar, Kumaun University, Nainital

Globalization is continuing process, which could not be ignored by every country in this world where the globalization trends has big impact towards socialization and retail industry. Retailers will not only be looking for growth in emerging markets, they will also look for innovation in multi-channel strategies, mobile and data analytics to maintain or grow their market shares in developed markets. The need for the study arises as consumers become savvier, they are increasingly taking charge of their shopping experience, identifying and leveraging many different sources of information and channels to optimize the different elements of their shopping journey. As the technology is bringing radical changes to how people shop, the physical store, however, is no longer the final shopping destination; increasingly, it is becoming a piece in a larger, more connected customer experience. The study is done to understand how this transition affects retailers thinking to innovate and re-think their operating models in different ways to go along with globalization trends..

The research is based on structured inquiry of various retail giants, systematic observations and interpretation of available secondary data. Emerging of on line retailing (e-commerce) and Internalization of Retail Operation are the key findings. It is better to use the buzzword “Retail Globalization” rather than globalization and retail separately because it is already happening. The best question is when and how retailing will become truly global. There are too many good reasons to globalize, not the least of which is that the home markets for Western retailers are slowing and becoming saturated. The challenge, then, is to find the right formula. Therefore, it is not too risky to offer the prediction that retailing will eventually be a very global industry.

Keywords: Globalization, Retail, e-commerce, Trends

The Rising Trend of Online Shopping in India: Consumer's FeedbackDr. Priyanka Tripathi, Assistant Professor, Dyal Singh College, DU

According to an Associated Chambers of Commerce and Industry of India (Assocham) survey, the online retail market in India may grow to Rs.70 billion (over $1.30 billion) by 2015 from Rs.20 billion in 2011 as internet access improves. The concept of online shopping is a relatively new one and it enables us to buy all our favorite goods and accessories over the internet. India has the huge untapped market for retailing and to trap this opportunity lots of Indian as well as foreign online shopping sites are entering into picture so it becomes very important to study the scenario of online shopping trends in India. The objective is to study the growth of online retail business in India. To analyze the Customer feedback upon the increasing trends of online shopping, problems and their future expectations.

Research was based on Primary as well as secondary data; Primary data was collected through the survey method (questionnaire observation and interview) from the respondents. The questionnaire aimed at studying the customer's preference and feedback for the online shopping. Secondary Data was collected from the Internet, Magazines and Journal on the related topic. More than majority of respondents feel safe while online shopping they have amazing first time experience and are willing to shop online in future. Study will be helpful for the online retailers to expand their business as well as to understands consumer behavior about the online shopping

Keywords: Internet, Online shopping , ASSOCHAM, Retailing

Employability Skills: A Study of Self-perceived Competence of MIB and MHROD Students of University of Delhi

Ms. Nidhi Kapoor, Assistant Professor, Department of Commerce, DSE, DUMs. Rinku Mahindru, Assistant Professor, Department of Commerce, DSE, DU

Employability skills can be defined as the competencies attained and developed by an individual during his/her life through education, training, and experience. Such skills are essential for any workplace in order to have effective and successful participation. In today's competitive scenario, one of the greatest concerns for employers is finding good quality workers possessing relevant employability skills. Employers today need employees who can analyze the situations, have attitude to work with others as a team, have good social skills, can communicate well and have good leadership qualities. Employees possessing such skills are considered to be valuable human capital for an organization. The institutes imparting management courses have to keep up with the pace of industry demands in order to create a pool of employable candidates.

The present study focuses on finding the kind of skills required by management students to make themselves employable; analyzing the perception of the MIB and MHROD students of University of Delhi about the employability skills possessed by them. The primary data has been collected through questionnaire from existing students of MIB and MHROD. The study would facilitate understanding if there is any difference in the level of skills possessed by students of different courses, difference between skills of previous and final year students; and if there is any difference in the skills possessed on the basis of gender. The analysis has been done using factor analysis, descriptive statistics, and t-test.

Keywords: Employability skills, management, training

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Study of the Role of CSR in Leveraging Commercial Banks' Business in Bangladesh

Prof. P.K. Haldar, Head, Department of Commerce, Former Dean, Faculty of Arts and Commerce, Tripura University

S.M. Mahabubur Rahman, Research Scholar, Department of Commerce, Tripura University

The Corporate Social Responsibility (CSR) practices, needless to mention, have been found to operate in many instances as the financial variables to influence and accelerate the financial performance as well as the profitability of Commercial Banks' Business. In other words, studies suggest that CSR has the ability to contribute in the changes of financial result or to magnify the impact in financial performance as well as profitability of banks' business. But, at the same time, the survey of the available literature also suggest that there has been as such no study in this context in relation to Commercial Banks' business in Bangladesh which has altogether fifty six Commercial Banks comprising of banks both from its Public, Private and Foreign sector. But, in a recent study conducted on a stratified sample of seventeen Private, Public and Foreign Commercial Banks of Bangladesh, the customers' perceptions relating to CSR initiatives undertaken by the Commercial Banks of Bangladesh (CBBs) have been found positive; which perhaps suggest to assume that this positive perception might have a role and relevance to mobilization of good business leverage in the cases of the Commercial Banks who undertaken CSR initiatives. Keeping this in mind, present paper attempts to examine the pattern of such impact of CSR practices in leveraging the banks business. The study shall be of exploratory in nature and shall be conducted on the basis of a pilot survey conduct to test the magnifying ability of CSR practices in generating business of CBBs in some selected areas. A Questionnaire as well as Interview method shall be applied for this study. There shall a number of sample comprising of the beneficiary under different categories of CSR activities of the Bank.

Keywords: Corporate Social Responsibility, Leverage, Commercial Bank, Bangladesh

Corporate Governance in Real Estate Sector – Case of DLFSonal Nagpal

The DLF Group was founded in 1946. They developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi, which was completed in 1949. Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. They therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana.. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities. Objective of the study is to understand the concept of corporate governance and highlight the provisions of “Real Estate Development Bill”. Corporate governance variables of DLF LTD. and the consumer complaints against the DLF LTD highlighting upon their level of transparency were also studied.

Keywords: Corporate Governance, Real Estate, DLF

What's the Business for?Sanjeev Kr. Sharma, HOD, Management, Mewar Institute, Ghaziabad

The definition and activities of business have undergone tremendous changes since ancient times to the current era of globalization. Earlier profit was the sole motive to run a business. However today, the mantra to return something back to society is also a new phenomenon in the form of CSR. This paper emphasises on finding out the new areas and interests to leverage business. Various journals, magazines and research papers and articles have been studied and analysed to substantiate the claims. The contribution of many organizations like Tata, Infosys, SAIL, which are flag bearer in transforming the business for socio-economic development has been studied in detail. This paper throws light in new and existing areas of business. The finding of the paper is focussed and explores the new areas which were earlier considered as the sole concern of the government. The responsibility for societal development also has been shared as a partner in many new areas like education, health, environment etc. Therefore this paper enlightens the new corporate houses to understand the real meaning of business in the era of globalization and reconsider the intentions of business.

Keywords: Corporate Social Responsibility (CSR), Companies Act 2013, Stakeholders, Triple Bottom Line Approach.

Impact of Globalization on Indian EconomyRachna Yadav, Assistant Professor, MLNE College, DU

Globalization refers to the process of integration of the world into one huge market. It provides huge opportunities to several people without trade barriers among countries. Globalization happens through three channels: trade in goods & services, movement of capital and flow of finance. It is the modern renaissance that makes ideas, goods, services, trade, technology and culture spread into the entire geography of the world thus turning it into a global village. Globalization has led to an “Unequal Competition”- a competition between “giant MNC's” and dwarf Indian enterprises. The small scale sector is a vital constituent of overall industrial sector of the country and forms a dominant part of Indian industry contributing to a significant proportion of production, exports and employment. The present study focus on the impact of globalization on growth rate, production and employment in the pre and post globalised era on Indian Small Scale Industries. Objectives are to study the growth and development of SSI units in India and the impact of globalization on SSI units unit in terms of growth rate employment and Industrial sickness. To full fill the gaps so as to increase the productivity of the SSI units. The present study is based upon the secondary data analysis by referring annual report of SSI issues by Ministry of small scale industries and RBI.

Keywords: Globalization, SSI, Unequal Competition, Production, Employment, Economic growth.

Department of Commerce, Delhi School of Economics, University of Delhi 59

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Corporate Disclosure Practices: A Comparative Study of India & UKDr. Simmarpreet, Assistant Professor, Sri Guru Gobind Singh College Of Commerce, DU

The background of turmoil in corporate governance provides the motivation for this study. The aim of this study is to compare the corporate disclosure practices of the two countries considered to be culturally different- India and UK. Selection of UK corporate disclosure practices as a benchmark will provide an opportunity to know the areas in which disclosure practices of the Indian corporate sector is lagging behind and need improvement. There has been no cross-national, consolidated & comprehensive study in post-liberalization era which would examine disclosure practices of Indian and UK companies.

The objective is to study the regulatory environment affecting the disclosure practices in selected companies of India and UK respectively. Also, the item-wise disclosure level of Indian and UK companies and the relationship between the company characteristics and the extent of disclosure is studied. A random sample of 100 companies each from India and UK was taken from the BSE 200 list for India and FTSE 350 list for the UK respectively. Published annual reports of these 200 companies were collected from various sources.

In this study, an index of disclosure was formulated to study the extent of disclosure in corporate annual reports. The index consisted of an extensive list of 130 information items, which has been formulated. The disclosure levels of the Indian and UK companies were measured against the index of disclosure. To study the relationship between different corporate attributes viz., size, profitability, foreign exposure, nature of industry and auditing firm and the disclosure score, a variety of statistical techniques such as tests of significance, simple regression and step wise regression, were applied.

The results indicated significant variation in total compliance level across the 2 countries, with the U.K companies performing better on a majority of indicators. Mean disclosure score for Indian companies were 86.96 whereas that for UK companies was 94.79. Compliance levels were found to be positively related to these corporate attributes- company size, profitability & foreign exposure; and unrelated to nature of industry and audit firm. It is evident from the results of the study that the corporate disclosure practices of the developed countries like UK are higher than India. So it becomes the responsibility of the various legal & governance bodies, Institute of Chartered Accountants of India and the Indian corporate sector as a whole to improve the quality as to the usefulness of the corporate disclosure practices.

Keywords: Corporate Governance, Corporate Disclosure

Spirituality, Ethical Behaviour and Corporate Social Responsibility –The Influence of Affinity

Shikha Makkar, Assistant Professor, Shri Ram College of Commerce, DUMonika Saini, Assistant Professor, Shri Ram College of Commerce, DU

Many people today feel that there's more to life and business than just profits. Money as the single bottom line is increasingly a thing of the past. In a post-Enron world and a post Satyam (read as “not at all Satyam”) India, values and ethics are an urgent concern. The hottest buzz today is about a “triple bottom line,” a commitment to “people, planet, and profit.” Therefore, in today's times, there is a need for a deep sense of mission and passion; for strong moral, ethical, and spiritual values; for self-awareness; for courage; and for a sense of social responsibility.

Objective of the study is to develop a model for examining the relationship between spirituality, ethical behaviour and corporate social responsibility (CSR). The link between spirituality & business ethics and between spirituality and CSR is examined. Literature review is conducted to develop the relationship and construct a model for spirituality, ethical behaviour, and CSR. A questionnaire is developed and tested to study the relevance of the model and the relationship among the three aspects.

Keywords: spirituality, ethical behaviour, corporate social responsibility, workplace spirituality, business sustainability.

CSR: Brand New Spirit to Leverage BusinessNidhi Bhatia, Assistant Professor, MIET College

A robust and thriving development sector is central to India's quest for equitable, inclusive and sustainable growth. India's development sector has evolved substantially over the last few decades and is now witnessing unprecedented interest and investments across the value chain. With the passage of the Companies Act, 2013 the mandate for corporate social responsibility (CSR) has been formally introduced to the dashboard of the Boards of Indian companies. The industry has responded positively to the reform measure undertaken by the government with a wide interest across the public and private sector, Indian and multinational companies. The practice of CSR is not new to companies in India. However, what this Act does is bring more companies into the fold. Also, it is likely that the total CSR spends will increase. What is clear to many companies is that if this increased spending is to achieve results on the ground – which is the intent of the Act – then it needs to be done strategically, systematically and thoughtful. Basically this research paper aims at finding the mutual benefits that can be leveraged by businesses and exploring new ways how business can avail and provide the benefits to the society. The results shows that consumers like cause related marketing campaigns and ready to do extra effort for that brand, provided the donation amount invested by companies should be high as much high as company can provide for the cause. Moreover benefits avail is mutual and image of company is more respectable in the eye of consumers.

Keywords: corporate social responsibility, business, companies act

CBMAs in India: From Evolution to Recent Trends and ImplicationsRabi Narayan Kar, Associate Professor, Shaheed Bhagat Singh (E) College, DU

Amrita Kaur, Assistant Professor, Shaheed Bhagat Singh (E) College, DU

The reforms process initiated by the Indian Government since 1991, has resulted in adoption of different growth and expansion strategies by the corporate enterprises. In this backdrop, Indian corporate enterprises have undertaken restructuring exercises primarily through M&As to create a formidable presence and crossing borders. This paper aims at exploring and documenting the evolution of cross border mergers and acquisitions (CBMAs) and strategic issues associated with it for the past two decades. This new trend of CBMA activity occurred with the advancement of liberalisation and globalisation process. Further, it seeks to analyse the emerging patterns of cross-border engagement of Indian companies.

Keywords: Mergers, Acquisitions

Department of Commerce, Delhi School of Economics, University of Delhi 61

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Impact of Foreign Direct Investment in Multi-Brand Retail – A Grounded Theory Approach

Dr. C S Sharma, Director, Maharaja Agrasen Institute of Management StudiesMr. Sameer Lama, Research Scholar, Department of Commerce, DSE, DU

Accentuating the intriguing anomalies on the various paradigms/parameters of the Indian Economy, this paper examines the intricacies of Foreign Direct Investment in Multi-Brand Retail in Delhi and NCR region. To analyze the major impacts of the Multi-Brand Retail shopping malls around Delhi and NCR regions, a grounded theory approach was adopted. A model has been construed based on the observation of the respondent from different parts of Delhi. The model construed can be used for policy and decision making by the Government, as it incorporates all the major variables that are embedded within the domain of foreign direct investment and multi brand retail. The paper also tries to provide a panacea for a plethora of problems that the policy makers have been witnessing time now and again.

Keywords: Foreign Direct Investment, Multi Brand Retail, Grounded Theory

Evaluation of Foreign Direct Investment (FDI) in India: A Study of Multi Brand Retail

Dr. Manoj Sharma, Assistant Professor, Department of Commerce, H.P. U.Nand Lal, Research Scholar, Department of Commerce, H.P. U.

This paper is an attempt to evaluate the impact of Foreign Direct Investment (FDI) on Indian multi brand sector and also advantages of allowing the foreign direct investment in retail sector. In India, foreign investment in retail sector is currently 51 percent in single brand retail stores and 100 percent in the wholesale. The Indian retail industry has experienced growth of 10.6 percent between 2010 and 2012 and is expected to increase to USD 750-850 billion by 2015. From the study, it is estimated that FDI in multi- brand retail will create nearly 10 million job opportunities in the next three to four years. This will help in reducing the country's unemployment to a large extent. This will also enhance the standard of living of farmers as they would get better returns on their yields by selling directly to the retailers rather than selling it in the intermediaries. Whereas, the key challenges for international players looking to enter the Indian retail sector are high real estate rentals, bureaucratic/political corruption and an uncertain political environment of the country.

Keywords: Foreign Investment, Multi- brand retail, Indian retail industry

Developing Relationships in Retail: An Investigation of Critical Quality Attributes

Ekta Duggal, Assistant Professor, Motilal Nehru College, DUProf. Harsh V. Verma, Associate Professor, Faculty of Management Studies, DU

Service quality can help a firm offer a value laden mix of products and services and thereby help build healthy relationships with customers, thereby making the firm proficient among competitors. Building and sustaining relationships with customers through high service quality helps in retaining customers and assures a firm's long term success.

This paper aims to explore the contribution of various service quality dimensions towards the establishment of high quality relationships, both at the employee level and the store level in case of retail services. Utilising the survey methodology, customers perceptions regarding service quality and relationship quality are analysed and regression analysis is conducted to uncover the important service quality parameters contributing towards relationship quality. 'Salespeople' tends to be the most influential service quality aspect contributing towards the formation of relationships with retail customers. The physical aspects of the store and the billing and crowd management services also affect the level of relationship quality to a great extent. Organizations should be nurtured by a quality-centric approach practiced through efficient service provisions by comprehensively analysing the critical contributors towards the development of healthy customers' relationships.

Keywords: Service quality, Relationship quality, Retail.

Top Most Motivational Factor For Teachers' Job Satisfaction: A Study On Private Sector Degree Colleges

Annu Tomar, Faculty, Mgmt.Deptt, Mewar Institute Of Management

Among all the resources of an educational institution, teachers are unquestionably the most important valuable asset of an organization. Motivation plays a pivotal role in increasing the level of teacher's job satisfaction. Satisfied teachers in turn can help in improving the performance of an educational institution. The objective of this study is to analyze the top most motivational factor for among all the other factors for teachers' job satisfaction in private sector management colleges in NCR region. Data was collected through primary and secondary source of data collection method. Data was collected from 100 respondents from private sector colleges in the NCR and secondary in the form of various theories and views given by the researchers' in that relevant field of motivation. Results revealed that there is significant positive relationship between various motivational factors and teacher job satisfaction. Similarly, statistically significant positive relationship is also found between various motivational factors and teacher job satisfaction. However, it is found that teacher job satisfaction and motivations is largely caused by friendly working atmosphere as compare to other motivational factors.

Keywords: Teachers Job satisfaction, Top most motivational factor, Friendly Environment.

Department of Commerce, Delhi School of Economics, University of Delhi 63

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Do Eco-Labels drive Customers?Sapna Mathur

Environmental friendly purchase behaviour encompasses a broad range of potential activities such as using biodegradable materials, avoiding products with detrimental contents, favouring recycled materials, using refillable packaging etc. emphasizing on the concept of reuse, recycle and reduce. However these activities depend on possessing realistically precise information about product alternatives. Eco-labels are meant to communicate the information to the consumers about the environmental implications of purchasing the product, so that consumers who care about such effects can express their desires in the market. The main objective of this research is to identify and analyze how eco-label can influence on consumer buying behavior. This study examines the influence of eco-labels on purchase intention. It was found that the presence of an eco-label did induce higher rate of purchase. The findings indicate that the majority of consumers already have a basic understanding of eco-labelled products and environmental problems, but demand more information, delivered in a more effective and easy-to-understand way. This demand is tinted by the findings, which indicate that consumers are motivated and willing to pay more money for eco-labelled products.

Keywords: Eco-Label, consumer behavior, environmental implications, Information, purchase intention

Restraining the Insider: Easier Said Than DoneDr. Vandana Gautam, Assistant Professor, Apeejay College of Fine Arts, Jalandhar

With expansion of business to global arenas, trading of shares, bonds, derivatives and other instruments goes on to augment largely. Another form of trading that has received substantial attention in recent years is insider trading. Insider trading is the use of material non public information in trading the shares of the company by those who are in the management of the company or are close to them or any other person who owes a fiduciary duty to the company i.e. a corporate insider. When the information is material and non-public, such trading is illegal. Trading in the shares of a company is done for making a gain or for avoiding a loss by exploitation of undisclosed price sensitive information regarding the working of the company which they have acquired but which is not available to others. All countries in the world with major stock exchanges have made this practice illegal because of its potential to devastate public confidence. However the definition and sanction vary from state to state. This article aims to put light on the legal regime of India in insider trading laws, penalties in comparison to other countries of world with special reference to UK and USA.

Keywords: Corporate insider, Undisclosed price sensitive information, Illegal

A Resource Based View for Sustainable Competitive AdvantageMs. Prachi Jain, Research Scholar, GGSIPU, Dwarka

The resource-based view (RBV) of the ? rm has earned much recognition in recent years as a means to understand how a strategic business unit obtains a sustainable competitive advantage value to customers and brands are essential elements of competitive advantage and marketing managers are those managing them. In this paper we propose that marketing manager can be a source of firm's competitive advantage if they possess some distinctive core and specific competencies. This paper seeks to extend this line of research by explicitly modelling the heterogeneity of such relations across ? rms in various different industries in exploring the interrelationships between capabilities and performance. The objectives are to identify core and specific competencies that marketing managers should possess in order to manage superiorly firm's marketing assets as to transform them in a source of competitive advantage and to appreciate and support the value of human capital in attainment of sustainable competitive advantage. A validated questionnaire was administered on employers and experts. The findings show that human capital is the key resource leading to competitive advantage and superior performance. Findings from this study have significant managerial implications in resource investment and competency building to generate competitive advantage.

Keywords: sustainable, competitive advantage, competences, marketing

An Empirical Analysis of the Behavioural Factors Affecting Individual Investment Decisions

Shilpi Sahi, Assistant Professor, Department of Commerce, DSE, DUSonia Kamboj, Assistant Professor, Department of Commerce, DSE, DUSakshi Mittal, Assistant Professor, Department of Commerce, DSE, DU

Behaviour Finance is an evolving field that studies how behavioural factors affect investment decision making by the individuals. This study attempts to understand how these factors influence investment decisions and how these factors differ across their demographic profile. Socially responsible investing (SRI) is any investment strategy which seeks to consider both financial return and social good while making investment decisions. This study also highlights this special form of investing pattern.

Three major hypotheses were formulated to study the behavioural factors and the variation in these factors across different demographic variables. The present study is descriptive in nature. For the purpose of present study primary data was collected through a structured questionnaire by taking a sample size of 60 respondents. Sample selection was based on convenience sampling. Behavioural factors were identified by using principal component analysis. Pearson' Correlation, T-test, and ANOVA were used to draw further inferences. Behavioural factors such as anchoring, herd behaviour, overconfidence were identified using factor analysis. These factors differ across different demographic groups. Effect of attitudes and behaviours on daily financial decisions and towards socially responsible investing was examined. This study is useful to bring awareness amongst the individual investors to understand and adjust the psychological factors affecting their investment decisions.

Keywords: Behavioural Finance, Individual Investors, Investment Decisions, and Psychological Factors, Socially Responsible Investing.

Department of Commerce, Delhi School of Economics, University of Delhi 65

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A Study of Corporate Social Responsibility as a Tool for Attaining Sustainability and Green Growth

Dr. Rajeshwari Malik, Associate Professor,, Department of Business Administration, Maharaja Surajmal Institute (Affiliated to GGSIP University)

Internet has changed our lives and the whole world. A massive amount of information and opinions about companies, their products and practices, are available in every part of the globe 24X7. It has triggered lasting change in the structures of industry and the ways, in which industries can create value. This ubiquitous connectivity today has already caused an enduring shift in the relationship between an enterprise and its customers, employees, and partners. The balance of power between business and society has shifted toward society and away from business, and hence CSR is not an option but a compulsion. We know that Corporate Social Responsibility is the way companies manage their businesses to produce an overall positive impact on society through economic, environmental and social actions. Our businesses are at the core of the transition to an economy that makes better use of its resources, is responsible and promotes general welfare. The vision for green growth implies making the principles of Sustainable Development operational and lasting for the businesses. CSR has wide score in accelerating dynamics for innovation in green technologies. This research paper is an attempt to study the various CSR initiatives taken by various organizations around the globe and their impact on image of an organization. Also, an attempt is being made to prepare a consolidated integrated plan of CSR steps incorporating the triple bottom- line concept of sustainability and green growth.

Keywords: Corporate Social Responsibility, Waste Management, Sustainable Development, Triple bottom- line, Green Growth.

Notes

Notes

Supported by

Indian Council ofSocial Science Research Delhi University