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Does Corporate Social Responsibility affect Corporate Financial Performance? A Myth or a Reality

Lovleen Gupta, Varda Sardana, Garima Narula & Shubham Singhania

Volume 42, Issue 1 (January 2021 to June 2021)

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Corporations are being encouraged to commence social responsibility reporting in their financial statements and indulge in various activities due to the ascending shareholders’ interest in social performance. Many companies are, therefore, implementing social responsibility as a part of their daily operations. The aim of this study is to examine the impact of Corporate Social Responsibility (CSR) on the Corporate Financial Performance (CFP) of companies in the Indian context. Moreover, stakeholder theory and reputation theory have been analysed to understand the causal connection between CSR and CFP. NIFTY 50, a measure of the Indian market index that represents India's 50 largest companies listed on the National Stock Exchange, has been used as the study's base. Panel data regression with fixed effect assumptions has been employed for 210 firm-year observations from 2014-15 to 2018-19. The findings indicate that Corporate Social Responsibility and Corporate Financial Performance in terms of accounting and market-based measurements (Tobin’s Q and ROA) have a significant and positive relationship. Although multiple studies have been undertaken to understand the relationship between CSR and CFP, this study goes one step further by focussing on the mandatory provisions of CSR as per the Companies Act 2013, and its impact on financial performance post these mandatory provisions.

Book Review on "Animal, Vegetable, Junk: A History of Food, from Sustainable to Suicidal"

Annavajhula J. C. Bose

Volume 42, Issue 1 (January 2021 to June 2021)

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CONFIDENCE: THE SURPRISING TRUTH ABOUT HOW MUCH YOU NEED AND HOW TO GET IT

Tomas Chamorro

Volume 38, Issue 2 (October 2017 to March 2018)

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From bygone times, people have been postulating that optimism plays an imperative role in the success of a human being. Martin Seligman, the renowned Psychologist and Educator also emphasised on the theory of learned optimism. The fruits of optimistic thinking cannot be certainly denied, when one reads his decades of work on positive psychology. However, there is an existing intriguing yet contradictory theory on Optimism which makes it even more interesting and significant to read Tomas Chamorro work on Confidence and Competence.

Emerging Trends in Outward FDI and Preliminary Evidence on the Effects of Covid-19 on Outward FDI from India

Pooja Khanna

Volume 42, Issue 1 (January 2021 to June 2021)

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Investing overseas is a potential channel to access new distribution networks, enhance knowledge base and technology and improve competitiveness which can be crucial for a country's growth and development. (Dunning and Lundan, 2008). Last few decades have witnessed a growing trend of overseas investments by the developing countries, including India. This paper presents a trends analysis for outward FDI flows from India, using RBI database for the period 2007-2019. Since RBI provides a disaggregated monthly data, it is aggregated to yearly observations for the purpose of trends analysis. A sectoral and destination specific trends analysis brings out some important facts about Indian OFDI. Service sector dominates the Ooutward FDI flows from India and the increasing presence of primary sector is noteworthy. Emergence of destinations such as Singapore, UAE, Russia, Mozambique as compared to the earlier popular destinations such as U.S and U.K, is another significant finding of the paper. However, because of COVID-19, FDI outflows have been adversely affected. This paper highlights some emerging trends in FDI outflows, for Asian economies, followed by a detailed case study on changes in Indian overseas investment due to the global pandemic. The study includes a monthly, like for like, comparison of the overall Indian overseas investment. It also presents a disaggregated sector-wise and destination-specific analysis of the trends in Indian OFDI flows for 2019 and 2020, for the months of March-August. Trend analysis and calculations based on the data, show a fall in OFDI flows with services and its sub-sectors hit hardest by the pandemic, followed by the manufacturing sector. Primary sector reported a growth driven mainly by investments from ONGC Videsh Ltd. and Oil India Ltd. Pattern of OFDI flows patterns changed in favor of destinations like Mozambique, British Virgin Islands and South Korea in 2020.

Book Review on "Covid Reset"

Sangeeta Relan & Shalu Mahajan

Volume 42, Issue 1 (January 2021 to June 2021)

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DELHI CITIZENS’ HANDBOOK: GOVERNMENT TO CITIZEN SERVICES

Annavajhula J. C. Bose

Volume 38, Issue 2 (October 2017 to March 2018)

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The study of citizenship is not only topical but also a large, variegated, everchanging subject. The truth in this regard is that there is no consensus on the idea of citizenship in terms of rights and duties, feelings, status, identities, etc. and for large numbers of people throughout the world the idea of citizenship is still hollow and empty and meaningless, deprived as they are of virtually all of its amenities (Heater, 2002). In this milieu, it is very heartening that the Centre for Civil Society as an NGO involved in bringing about social change through public policy, has taken initiative to bring out this study that gives the reader the empirical flavour about amenities to the Delhi citizens.

Evolution of the Resolution Framework for NPAs in India: A Study of Assets Reconstruction Companies and Bad Bank Proposal

Dixit Yadav

Volume 42, Issue 1 (January 2021 to June 2021)

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The idea behind a bad bank is to clean the balance sheets of the banks and financial institutions of an economy. Currently, the Indian economy is under a lot of pressure because of increasing NPAs in the banking sector particularly from the time when RBI started conducting asset quality review of the banks to get a clearer picture of the situation and this problem is going to escalate further because of the surge in COVID 19 cases and lockdowns due to the pandemic. This pandemic hits the Indian economy very hard, leading to a fall in growth rate, increasing unemployment, and providing uncertainty to all the sectors of the economy. Amidst this pandemic, the government proposed to setup a 'Bad Bank' in Union Budget 2021-22 to handle the stress in the banking sector of our economy. This study explores the idea of a bad bank in the Indian economy and analyse the positive and negative implications of it and this paper also attempts to understand the evolution of the regulations related to ARCs and see the performance of the present ARCs in India by looking into its shareholding pattern, size of non performing assets (NPAs) acquisition, recoveries in comparison with other resolution options, etc. the study revealed that the acquisition and the rate of recoveries of ARCs are growing but it is not sufficient to handle the entire NPAs crisis.

Heterogeneous Growth Trajectories of Indian States: Growth Regressions Through the Lens of Club Convergence

Meenakshi Sharma

Volume 41, Issue 2 (July 2020 to December 2020)

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This paper examines the growth trajectories of Indian states. We find that not only is the disparity among states increasing, there is evidence that the distribution of the per-capita income of states is becoming bimodal. We use the methodology of Phillips and Sul (2007) to identify convergence clubs among Indian states and find three clubs. Furthermore, in a novel application of this methodology we use the identified clubs to run separate growth regressions for different clubs of states and find significant differences in the regression coefficients. This vindicates our approach and shows that combining data from all states at the same time to study growth dynamics can be misleading in a heterogenous country like India.

Dividend Policy Decisions- A Case Study of Reliance Industries Limited (RIL)

P.K. Jain, Shveta Singh, Sunny Kapoor

Volume 32, Issue 1 (April 2011 to September 2011)

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Measuring the Attitudes and Behavioural Dynamics of Consumers towards Online Shopping amidst Covid-19: Insights from Kolkata

Samuel S Mitra, Shivaji Banerjee, Peter Arockiam. A., Joseph K.

Volume 42, Issue 2 (July 2021 to December 2021)

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The past few years has witnessed the phenomena of “internet shopping” grow in leaps and bounds. The term “online shopping” has become a buzzword and an ever growing trend among consumers even in a developing country like India. In fact, the market potential for e-commerce has a huge reservoir as explored through a sneak-peek into the exponential expansion of key players existing in the e-commerce industry. Moreover, online shopping has prodigiously influenced the lives of the modern day consumers, who have been observed to have a penchant towards it. The present research endeavour is aimed to probe into the perceptions of consumers towards e-shopping in the context of “Technology Acceptance Model” (TAM). For this purpose, a survey among 363 respondents in the metropolitan setting of Kolkata has been conducted and their responses were recorded. “Structural Equation Modeling” (SEM) has been used to examine and analyze the model fits and hypothesis testing. The findings reveal positive perception among the surveyed consumers towards online shopping.