Finance

Travel and Tourism industry is helping India’s economy in generating employment opportunities directly and indirectly. The present investigation is an analysis of financial and operating performance of a specialised financial institution came into existence to promote tourism in India i.e. Tourism Finance Corporation of India Ltd. It contributes in the development of tourism facilities in the country. The main concern of the study is to analyse financial and operational performance of the corporation through Financial Statement Analysis. The study is based exclusively on secondary data, which has been collected from various annual reports of Tourism Finance Corporation of India Ltd. The data has been analysed and interpreted by FSA, tables and graphs to make the data presentable and easy to understand. The research will provide assistance to the TFCI and other financial institutions to judge their financial and operational efficiency in respect to its beneficiaries in the society.

This paper interacts to explain ownership structure, post promoters holdings and Ex-ante information at the level of underpricing in the Indian primary market. The study is based on IPO that listed at Bombay stock exchange given that (April-1999 to Dec-2012). Multiple linear regressions are used to distinguish the relationship between various independent variables with the dependent variable, i.e. level of underpricing. Therefore, we used ordered probit regression to find the exact relationship of pricing mechanism (book build pricing mechanism) with the other variables. The outcomes reveal that, Firm’s age, book build pricing mechanism, ownership structure, retail subscriptions & market capitalization explained the degree of underpricing, These findings were more important to the retail and institutional investors, who likely to buy IPOs in the Indian primary market.

Natural gas is fast becoming the main component in India’s vast energy sector. Due to its ease of handling and greater efficiency, natural gas is proving its utility both as fuel and feedstock. It has helped to attract investments and catalyse new demand and supply. This sector has witnessed significant developments over the years. The objective of this paper is an analysis done to see the extent to which a company has implemented using rules financial performance is good and right. Data has been taken from 2009 to 2013 in this study. Financial statements of GAIL, EGL, IGL and GGC for the indicated periods were obtained from websites such as prowess, CMIE, money control and yahoo finance. Necessary information derived from these financial statements were summarized and used to compute the financial ratios for the five-year period. Financial ratios are tools used to measure the profitability, liquidity and solvency performance of four major Indian gas distribution companies. This research is to analyze the financial statements of these companies using liquidity ratios, activity ratios, leverage ratios, profitability ratios, and market value ratios. For liquidity, the following ratios were used: current ratio, quick or acid-test ratio. For activity, Inventory turnover ratio, debtor turnover ratio and working capital turnover ratios were used. For leverage, the following ratios were used i.e. debt ratio, equity ratio, and interest coverage ratio. For profitability, net profit margin, return on assets, return on shareholder’s equity, and earnings per share were used. For market value, price-earnings ratio and earning par share ratios were used.

In the dynamic business environment, organizations have implemented Enterprise Resource Planning system solutions to gain competitive advantage and fasten service delivery for value realization. Despite their benefits, ERP solutions have not been fully embraced by SACCOs, and those that have implemented the ERPs are not able to justify the benefits of the investment. Therefore the purpose of the study was to establish the value realizations for SACCO’s after the implementation of Enterprise Resource Planning solutions, Nairobi region. Specific objective included: to establish the levels of ERP implementation and the value realized by SACCOs through ERP implementation. The researcher administered the questionnaires to the respondents randomly on a drop and pick basis. The data collected was expected to give both quantitative and qualitative results and it was analyzed using descriptive and regression model. It was found out that there was a strong relationship between the implementation level and the benefits of the ERP systems to SACCOs. The findings recommended that ERP systems should be implemented for customer relationship management; education, training and mentorship; monitoring and evaluation; and for research and development and for these reason, SACCOs should invest in the ERP systems.

To test the model of stakeholder influence capacity mediator, with the reference to the textile sector, relating the corporate social responsibility independent variable with non- financial performance dependent variable. The sampling approach used was non-probability type convenience sampling. The data was collected from the registered textile mills in APTMA (All Pakistan Textile Mills Association) from Faisalabad region. The questionnaires were filled by the managers working in different divisions of textile mills including Sitara textile mill, AMTEX, Interloop, Masood textile mills, Itehad textile mill, Sarfraz textile mill, Five Star textile mill, Dawood Export (Pvt) Ltd, Nishat textile mill, National textile mill (Pvt) ltd. The questionnaire was based on five point Likert scale. An instrument was supported for internal consistency and reliability. The results concluded that there are significant and positive relationships between corporate social responsibility and stakeholder influence capacity directly, corporate social responsibility and non-financial performance and relationship between corporate social responsibility and non-financial performance with the mediating variable stakeholder influence capacity. Though initially, CSR dimensions are distinguished into philanthropic, economical, ethical, social and environmental. NFP can be measured with respect to customers, employees and suppliers. Stakeholder influence capacity can be evaluated with respect to social and environmental. The future research should apply the proposed model in this study and the results to other service sectors and geographic locations in order to develop its generalizability. In order to manage swift change and worldwide competition in business environments companies should center on the adopting strategies which strategy can affect the stakeholder influence capacity in array to improve the non-financial performance that marks the future indication of survival of the firm. The previous researches did not appraise the relationship of corporate social responsibility and non-financial performance with the mediating variable stakeholder influence capacity of the firms. The present study also demonstrates the different dimensions of the CSR and stakeholder influence capacity with the non-financial performance of the firms.

The aim of this research is to create the portfolio of efficient companies using Data Envelopment Analysis (DEA) technique to gain a return beyond the average return of market. For this purpose, input-oriented and output-oriented models were used under constant returns to scale (CCR) and variable returns to scale (BCC). Also, in this research the hypothesis “the portfolio composed of small companies has a better performance than the average of industry” was discussed. The results of the research indicate that in case of using CCR method, it is not possible to gain a return beyond the average return of market; however, it is possible to do so if BCC method is used. The performance of the portfolio created using this method was also appropriate. In the end, the portfolio composed of small companies had the return beyond the average return of market and had an appropriate performance.

Nepal is in continuous pressure for graduation from LDC by 2022. Despite planned development efforts, capital expenditure has been consistently below 30 percent of the GDP threshold, resulting into slow structural transformation, low private investment and growth. Lack of project readiness due to governance factor has been considered as major constraint of economic development. The main objective of the study is to analyze the possibilities of introducing the foreign employment bond as an instrument for financing the fiscal deficits and sustainable economic development. The increasing trend of remittance income and its already visible micro and macro impact has raised the possibilities to channelize remittances as an important instrument for national development.

Banking Industry plays a significant role in the growth of economy in any country. The journey of Indian Banking Industry has faced many ups and downs at the time of economic crises. In last three years India’s average economic growth rate is nine percent and targeted to increase to ten percent within next five years. From the time of 18th Century to the reform period, the banking industry play a vital role like, Nationalization to Privatization and increase in Foreign banking sectors. Banking industry in India has also achieved a new height with the changing times. The use of technology has brought a revolution in the working style of the banks. Nevertheless, the fundamental aspects of banking i.e. trust and the confidence of the people on the institution remain the same. In this paper an attempt has been made to identify the Structural Changes, challenges and opportunities for the Indian Banking Industry. The article is divided in two parts. Initial part includes the introduction, historical background, structure and present scenario of Banking Industry and the concluding phase focuses on the challenges of banking industry in 21st Century and various challenges which are likely to be faced by Indian banking industry.

Many deserving students dream of higher education, but only a few are able to arrange the necessary funds to support it. Sometimes students have to struggle for funds so that they can get the taste of higher education and build their futures. Much needed help has come in the form of student loans. The paper covers many issues relating to HE finance from students’ view point. They are the real beneficiaries of education finance schemes promoted by Government of India (GOI) in coordination with banking sector. In current study efforts have been made to analyze whether or not there exists a significant difference between average attitudes of two groups of students’ towards education loan for professional courses. The research results show that attitude towards education loan between two groups though positive but group of passed out students feel under pressure, financially as well as psychologically.

The main propose of this research is the analyses of value added rule as an intellectual index on the financial ,economical and stock market performance of corporations .at this research the effect of value added (intellectual capital and used capital)on the financial ,economical and stock market of corporation in Tehran exchange commission through the 2006 until 2012with the method of regression has survived .results show that the coefficient of intellectual capital value added is effective at corporation performance .although among the coefficient of intellectual capital and financial and economical performance is meaningful relationship .but there is not meaningful relation among used capital corporation performance .that is arising from not being relation among value added coefficient and financial ,economical and market performance of corporations .So we can conclude that intellectual capital value added in comparison with used capital value added has more and important effect on corporation performance especially at financial and economical performance.