Finance

Entrepreneurship plays an important role in the growth of Indian economy and society. And the social and economical development of women is imperative for the development of a society or Nation. Development of entrepreneurship values , culture and qualitative business development are the major prerequisites for industrial growth. Women have gradually come out of the four walls to all types of economic activities including entrepreneurship or private enterprises in India. Women empowerment through entrepreneurship has become an integral part of developmental efforts for Major three significant reasons: women development, economic growth and social stability in the society.This article talks about emphasizing on women entrepreneurs as the potentially emerging human resources in the 21st century. The primary objective of this paper is to know the problems and challenges of women entrepreneurship in India. In the 21st century womens are are no more additional resources confined to homes they are rather than the educated knowledgeable innovative part of the overall population possessing the capacity to transform economy into thriving enterprises. Findings and results from the analytical and descriptive study some recommendations will be made with a view to promoting the spirit of women entrepreneurship and helping women entrepreneurs become successful in the country.

The study finds the relationship between abnormal lower discretionary expenses and future financial performance. Four measures of financial performance measures; Return on Asset (ROA), Return on Equity (ROE) and Earning per Share (EPS) and Price to Earnings ratio (PE) are taken. Manufacturing firms listed on Karachi Stock Exchange (KSE) are selected for analysis and data is collected from year 2004 to 2011. Financial data is collected from the annual reports of the firms and data of market value is collected from business recorder site. Panel data analysis technique, Generalised least square methods is used for analysis. It has been revealed that there is negative impact on firm’s subsequent performance which reduced discretionary expenses to report higher earnings but this impact is not significant.

This study dealt with the theoretical framework basics of financial inclusion, then analyzing the most important indicators of financial inclusion in Iraq, which showed the reality of financial inclusion in order to determine the basic requirements for financial coverage. The study has reached a number of conclusions, the most important ones: The weakness of the levels of financial coverage in Iraq due to weak access and utilization of financial and banking services; the percentage of those who own a financial or bank account for the adult population )11%); the ratio of the number of borrowing accounts (4.2%), while the global average of those who have a financial and bank account is (70%). Also the weakness of the bank density index, where every )35000( people have one bank branch in Iraq, while globally a thousand people have one branch bank, these proved the weak situation of financial inclusion level.

A sound fiscal position is an essential pre-requisite for achieving macroeconomic stability and is a critical ingredient of sustainable economic growth and poverty reduction. Better fiscal management helps mobilize domestic savings, increase efficiency of resource allocation and achieve other worthwhile development goals. On the other hand, lax fiscal policy limits options open to the government for economic recovery, sustainable growth and poverty alleviation. The present study evaluates the fiscal situation in Pakistan and sheds light on its implications for Economic Growth and poverty reduction. Study finds that Pakistan economy have shown great resilience over the years against disastrous events. However, situation of poverty reduction is not satisfactory; Pakistan’s health and education indicators depict a dismal picture when compared with the countries with same level of development. As revenue generation efforts was only partially successful and Pakistan was unable to generate adequate revenues to meet expenditure. Consequently, successive governments have tried to reduce the deficit by reducing the development expenditure which hampered the growth process and resulted in a decline in human development indicators and increased the incidence of poverty.

The word ethics borrowed from Greek means spirit of culture. According to Oxford dictionary, it is a moral principle that governs or influences a person’s behavior. Ethics are the fundamental principle in any organization and these are the foundations for the survival and success of business concern. Many organizations develop a code of conduct for their employees; such codes are after prescriptive and set out specific guidelines for their employee’s conduct. In India, there are many scripture’s like Vedas, The Gita and The Ramayana. The ideals contained in these scriptures are universally applicable and there are no contradictions to them. Our Vedas and post Vedic concepts have a lot to contribute in management practices. In companies such as Enron, World Com, Satyam Computers and the most of late dotcoms. Now the management has taken steps to enrich the total personality of the employees, who are treated more as associates in the organization rather than mere instruments of production. This paper is an attempt to describe some of the basic principles of ethics, which are mostly concerned in managing accounting in the business world.

The Indian IT companies have devised various innovative measures to face Global financial meltdown which has left its adverse impact on bottom-line of companies across the globe. Innovative strategies have helped IT majors to give improved results. IT sector has to use this downturn as an opportunity to learn, study the market carefully and design strategies accordingly. The IT players should look for servicing customers in new ways; offer them better solutions at affordable price. The paper looks into few critical areas of managerial concern such as Business Resource Planning, Towards Effective Pricing, Better customer Orientation in particular at the time of crisis, Enhancing average revenue per customer, Building long term relations with clients, Innovative initiative to engage bench employees, etc.

Today world economy is more concerned about a disease which is much dangerous than swine flu, know as Global Financial Meltdown. The impact of GFM experienced by financial and economic systems around the world. The rising defaults on sub-prime mortgages in the US had triggered a global crisis for the financial markets. Many of the world’s leading investment banks have collapsed .The crisis has become one of the most radical reshaping of the global banking sector, as governments and the private sector battle to shore up the financial system following the disappearance of Lehman and Merrill as independent entities. The impact was so severe that it brought about new challenges for corporate around the world and were forced to initiate measures which left employees jobless and morale nose diving. The measures like salary cut, retrenchment /layoff became tools to tackle GFM.

Foreign exchange rate is considered as one of the key economic indicator influencing economy health of a country. The movement in FER affects the foreign direct investment, foreign institutional investment, gold price, export and import (balance of payment), forex reserve, commodity prices, corporate performance, stock market, financial institutions trading in currency market, etc. Movements in exchange rates thus have important implications on business cycle, capital flows and are therefore crucial to understanding financial developments and changes in economic policy. The deteriorating foreign exchange rate in India was responsible for increase in fiscal deficit, gold prices, petrol & diesel prices in India. Timely forecasts of foreign exchange rates can therefore provide valuable information to decision makers, investors, policy makers, corporate and traders. Little literature is available about the possibility of accurately predicting foreign exchange rates. This has encouraged the researchers to take up the present study. Exponential Moving Average Crossover Model (EMACO) to forecast the foreign exchange rate in India. Three currencies have been selected for the purpose of study and study period was from 1970 to 2012 (43 years). The study concluded that the EMACO Model helps in forecasting the foreign exchange rate more accurately than their corresponding techniques. The comparison of outcome of forecasting and real-time foreign exchange rate signifies that it is possible to predict the foreign exchange more accurately by adopting Exponential Moving Average Crossover Model.

The health of the economy is closely related to the soundness of its banking system. The banking sector influences the economic growth and development in terms of both quality and quantity, there by changing the nature of economic growth. Assessment of the bank's performance in terms of earnings level may reveal more about government policy than about the bank's own efficiency. The indicators commonly used for assessing productivity of banks are Business per employee/Branch, advances per employee/Branch, number of accounts per employee/branch etc. the results obtained by different factors need not be the same and may often be contradictory. Employee productivity performance analysis is a popular technique for the appraisal of financial performance of a bank. It simply means the total resources invested and the profits generated on the investment per employee of the bank. For a bank, its employees are the most valuable corporate asset. Therefore, it is necessary to evaluate profitability of a bank in terms of its employee's productivity. The present paper therefore is an attempt to compares the parameters of employees’ productivity and parameters of branch productivity. This study investigated the effects of amalgamation on the financial performance of Regional Rural banks in India. The research compared the pre-merger and post merger financial performance of KVGB and PGB which were amalgamated during 2005. The results indicate that the productivity ratios that have marginally improved after the amalgamation.Both findings suggest ways in which the bank can increase the profitability of its branch network.

The paper examines firstly a theoretical framework of the relationship between financial development and economic cycles’ volatility; and secondly it analyses empirically this relationship in ten newly industrialized countries by estimating a dynamic panel over the period 1988-2013. It tries to check the specific effect of some crucial macroeconomic financial variables on the stability of economic cycles as a decisive component of economic growth. The empirical results suggest that there is not enough evidence concerning the long-run relationship between financial development and its contribution in smoothing economic cycles or even avoiding economic downturns episodes. By contrast, according to the co-integration and unit root tests results in the in-sample countries, a long-run relationship can exists for a few selected countries. Furthermore, it can be assumed that because of the cross-sectional dependence, the hypothesis of no co-integration between financial development and economic cycles’ volatility is rejected for the whole panel, although it must be accepted for some countries.