Refine your search
Collections
Co-Authors
Journals
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Peswani, Shilpa
- A Perspective of Indian Corporates towards CSR for Building Sustainable Businesses
Abstract Views :248 |
PDF Views:0
Authors
Shilpa Peswani
1,
G. Ramesh
1
Affiliations
1 SFIMAR, Mumbai, IN
1 SFIMAR, Mumbai, IN
Source
SFIMAR Research Review, Vol 9, No 2 (2014), Pagination: 45-51Abstract
With the Schedule VII of the Companies Act 2013 as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 which came into effect from April 1, 2014, CSR has no more remained a philanthropic activity to be carried out by the corporate voluntarily. Our study would help understand the current perspective of corporate towards CSR. This would create a guideline for the companies to frame policies for CSR and also a list of activities for companies to implement under their CSR initiatives. This paper would help us understand the motivation behind adopting CSR initiatives and Company's expectation of benefits that they would receive by implementing CSR activities in their organization.
The findings of the pilot study were that companies with financial stability only would like to conduct CSR activities. It is considered as a philanthropic activity to create a good corporate citizen image in the mind of the stakeholders to increase sustainability of their businesses. Majority of the companies conduct CSR activities due to influence of their Business Associates (National as well as International). Media also plays an influential role motivating companies to conduct CSR activities. Most of the companies conduct or want to conduct CSR activities for general environmental and social good but most of them do not choose to employ CSR activities with direct benefits for the employees other than health and safety measures for their employees.
The key motivators for the companies to conduct CSR activities would be government giving financial incentives for CSR and award schemes for recognition creating good brand image for long term business profits.
- Anomalies in the Indian Stock Market
Abstract Views :197 |
PDF Views:1
Authors
Affiliations
1 St Francis Institute of Management and Research, IN
1 St Francis Institute of Management and Research, IN
Source
SFIMAR Research Review, Vol 14, No 1 (2019), Pagination: 10-20Abstract
The paper studies three anomalies in the Indian equity market - size, value and price movement after dividend announcement. The size anomaly delivered positive returns, value anomaly has not delivered positive returns in the period of study. While the entire period average return to value anomaly is negative, maximum returns delivered by the anomaly is approximately 18%. Also, dividend announcements affect the returns reflected in the stock price changes in some days. Having said that returns to these anomalies are transitory.References
- Acharya V. V., Pedersen L. H., Asset pricing with liquidity risk, Journal of Financial Economics, 77, 2005, pp. 375-410.
- Banz, R.W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9 ,3 -18.
- Beck, T. and Levine, R. (2004). Stock Markets, Banks, and Growth: Panel Evidence. Journal of Banking and Finance, 24 (3), 423-442 .
- Black, Fisher, Michael C. Jensen & Myron Scholes. 1972. "The Capital Asset Pricing Model: Some Empirical Tests," in Studies in the Theory of Capital Markets. Michael C. Jensen, ed. New York: Praeger, pp. 79-121 .
- Brown, P, A. Kleidon and T. Marsh. (1983). New evidence on the nature of size-related anomalies in stock prices. Journal of Financial Economics, 12, 13-32.
- Capitaline Databases. (2016). Corporate database. Retrieved from Capitaline, Databases : http://www.capitaline.com.
- Chander, R., Sharma, R., & Mehta, K. (2007). Dividend announcement & Informational efficiency: An empirical study of Indian stock market. The ICFAI Journal of Applied Finance, 13,29-42.
- Chatfield, C. The Analysis of Time Series: An Introduction. London: Chapman and Hall, 1980.
- Cootner, P, 1964, Stock prices: Random vs. systematic changes, in: Paul H. Cootner, ed., The random character of stock market prices (MIT Press, Cambridge, MA) 231 -252.
- Dasilas, A., Lyroudi, K., & Ginoglou, D. (2008). Joint Effects of Interim Dividends and Earnings Announcement in Greece. Studies in Economics and Finance, 25 (4), 212-232.
- Eugene F. Fama and Kenneth R. French, A Five-factor Asset Pricing Model, Journal of Financial Economics, Vol 116,2015, pp. 1-22.
- Fama, E. (1965). The behaviour of stock market prices. The Journal of Business, 38 (1), 34 -105.
- -------- (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25 (2), 383-417 .
- -------- (1991). Efficient capital markets. The Journal of Finance, 46 (5), 1575-1617.
- Goldsmith, R.W. (1969). Financial Structure and Development. New Haven: Yale University Press.
- Gunasekarage, A., & Power, D. M. (2006). Anomalous Evidence in Dividend Announcement Effect. Managerial Finance, 32 (3), 209-226.
- Harvey C. R., Lundblad C. and Bekaert G ., Liquidity and Expected Returns: Lessons from Emerging Markets, The Review of Financial Studies, Vol. 20 No. 5, 2007, pp 1784-1831.
- Iqbal & Mallikarjunappa, T. (2008). An Empirical Testing Of Semi-Strong Form Efficiency O f Indian Stock Market. The Journal of Amity Business School, 9 (1), 24-33.
- J. Tobin, Liquidity Preference as Behavior Towards Risk, The Review of Economic Studies, Vol. 25, No. 2 (Feb., 1958), pp. 65-86.
- Jensen, Michael C ., 1986, "Agency costs of free cash flow, corporate finance, and takeovers," The American Economic Review 76(2), 323-329.
- Khan, A. Q ., Ikram, S., and Mehtab, M. (2011). Testing weak form market efficiency of Indian capital market: A case of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). African Journal of Marketing Management, 3 (6), 115-1 2 7 .
- Kumar, S. & Raju, G. (2013). Does the Dividend Announcement matter in the Indian Stock Market? Asia Pacific Journal of Management Research and Innovation, 9 (1), 1 -7.
- Lane. (2012). Financing Commodities Markets presented to the CFA Society of Calgary. Calgary, Alberta.
- Maitra, D. & Dey, K. (2012). Dividend Announcement and Market Response in Indian Stock Market: An EventStudy Analysis. Global Business Review, 13 (2), 269-283.
- Mallikarjunappa, T. and D'Souza, J. J. (2015). Does the Indian Stock Market Exhibit Random Walk? Paradigm, 19(1),1 -2 0 .
- Mallikarjunappa, T. & Manjunatha, T. (2009). The stock price reaction to dividend announcements. Journal of Management&Public Policy, 1 (1), 43-56.
- Markowitz, H., 1959, Portfolio selection: Efficient diversification of investments (Wiley, New York) and Markowitz, H., 1991, "Foundations of Portfolio Theory", Journal of Finance 46,469-477.
- McKinnon, R. (1973). Money and Capital in Economic Development. Washington, D .C .: Brookings Institution.
- Mehta, C ., Jain, PK. & Yadav, S.S. (2014). Market Reaction to Stock Dividends: Evidence from India. Vikalpa 39 (4), 55-74.
- Nisar, S., and Hanif, M. (2012). Testing weak form of efficient market hypothesis: Empirical evidence from South-Asia. World Applied Sciences Journal, 1 7 (4), 414-427 .
- NSE. (2018). NIFTY 100 Index Fact Sheet. Retrieved from https://www.nseindia.com/products/content/ equities/indices, htm.
- Osborne, M., 1959, Brownian motion in the stock market, Operations Research, March-April, 145-1 73.
- Palamalai, S. and Kalaivani, M. (2015). Are Indian Stock Markets Weak-Form Efficient? Evidence from NSE and BSE Sectoral Indices. IUP Journal of Financial Risk Management, 12 (4), 7 -3 4 .
- Pinto, P, Ajaya and Menezes, P (2012). A Study on Random Walk of Equity Futures Market with Reference to National Stock Exchange, India. Retrieved from www.mirlabs.net/ictl 2/download/Paper21 .pdf.
- Reinganum, M.R. (1981). Misspecification of capital asset pricing: Empirical anomalies based on earnings yields and market values. Journal of Financial Economics, 9,1946.
- RBI. (2016). Annual Report of the RBI. Retrieved from https://www.rbi.org.in/Scripts/AnnualReportMainDispl ay.aspx.
- R. Hicks, Value and Capital (New York: Oxford University Press, 1939), p. 126. Applies to firm specific risk ratherthan a portfolio.
- Robert C. Merton, An Intertemporal Capital Asset Pricing Model, Econometrica,41,1 9 7 3 , pp. 867-887.
- Rousseau, RL. and Wachtel, P (2000). Equity Markets and Growth: Cross-country Evidence on Timing and Outcomes, 1980-1995. Journal of Banking and Finance, 2 4 ,1 9 33 -1 9 5 7.
- Samuelson, R (1965). Proof that Properly Anticipated Prices Fluctuate Randomly. Industrial Management Review, Spring 6,41 -49.
- Seghal, S. & Bijoy, K. (2015). Stock Price Reactions to Earnings Announcements: Evidence from India. Vision: The Journal of Business Perspective, 19 (1), 25-36.
- Sharma, J. & Singh, S. (2009). Market Reaction to Bonus Issues in the Indian Stock Market. Asia Pacific Journal of Management Research and Innovation, 5 (3), 56-62.
- Sharma, R. & Chander, R. (2009). Earnings Behaviour and Stock Price Behaviour on Indian Stock Markets. Asia Pacific Journal of Management Research and Innovation, 5 (3), 11 7-126.
- CSR Activities Conducted by Corporate India
Abstract Views :187 |
PDF Views:0
Authors
Shilpa Peswani
1,
G. Ramesh
2
Affiliations
1 Assistant Professor, St. Francis Institute of Management & Research, Mumbai, IN
2 Professor & Deputy Director, St. Francis Institute of Management & Research, Mumbai, IN
1 Assistant Professor, St. Francis Institute of Management & Research, Mumbai, IN
2 Professor & Deputy Director, St. Francis Institute of Management & Research, Mumbai, IN
Source
SFIMAR Research Review, Vol 14, No 2 (2019), Pagination: 15-23Abstract
'Over the years, Corporate Social Responsibility (CSR) has gained wider implications than mere philanthropy. This paper attempts to identify contribution of listed Indian companies towards CSR activities based on the norms and regulations prescribed by the Company’s Act 2013. It also attempts to identify the most preferred CSR activity among the activities listed by the Government based on the CSR expense incurred by the companies. The authors have provided the findings and recommendations on the basis of descriptive and inferential analysis of their study of listed companies.Keywords
Corporate Social Responsibility, Philanthropy, Social Responsibility.References
- Aupperle, K. E., Carroll A. B. and Hatfield J. D.: 1985, ‘An Empirical Examination of the Relationship Be -tween Corporate Social Responsibility and Profit-ability’, Academy of Management Review 28(2), 446–463.
- Bromiley, P. and Marcus A.: 1989, ‘The Deterrent to Dubious Corporate Behavior: Profitability, Probability, and Safety Recalls’, Strategic Management Journal, 10(3), 233–250.
- Chandra R., Kaur P. (2015),Corporate Social Responsibility Spends in Corporate India and Its Composition, The IUP Journal of Corporate Governance, Vol. XIV, No.1, 68-79
- Griffin & Mahon,1997, McGuire, Sundgren & Schneeweis,1988, Waddock & Graves, 1997, ‘The Corporate Social Performance and Corporate Financial Performance Debate’, Business & Society 36(1), 5–31.¬¬¬¬¬
- Gupta A.D, (2007) "Social responsibility in India towards global compact approach", International Journal of Social Economics, Vol. 34 Iss: 9, pp.637 - 663.
- Handique M.: 2008, ‘Companies Focus More on Social Responsibility Projects in Villages’, livemint.com: The Wall Street Journal. First P u b l i s h e d : T u e , M a r 1 1 2 0 0 8 . http://www.livemint.com/Companies/tbPKZtCo mnXRmjGj9WXObK/Companies-focus-moreonsocial-responsibility-projects-in-vi.html
- McGuire J. B., Sundgren A. and Schneeweis T.: 1988, ‘Corporate Social Responsibility and Firm Financial Performance’, Academy of Management Journal 31(4), 854–872.
- Mohan, A. (2001). “Corporate citizenship: perspectives from India”, Journal of Corporate Global Business and Management Research: An International Journal Citizenship, Vol. 12 No. 2, pp.107-17.
- www.moneycontrol.com
- Pachar S., Singh R., 2013, Study on Stakeholder Perspective Regarding the CSR Model for Indian Organizations: Some Key Issues, Prabandhan: Indian Journal of Management, 6 (11)
- Rai S., Bansal S., 2014, An Analysis of Corporate Social Responsibility Expenditure in India, Economic and Political weekly Vol. 49, Issue No. 50, http://www.epw.in/author/shachi-rai
- Richa G. and Singh A. Corporate Social Responsibility Practices in India: A Study of Top 500 Companies, Vol 2, No. 1, 2010, pp-41-56.
- Ruf, B. M., Muralidhar K., Brown R.M., Janney J.J. and Paul K.: 2001, ‘An Empirical Investigation of the Relationship between Change in Corporate Social Performance and Financial Performance: AStake-holder Theory Perspective’, Journal of Business Ethics 32(2), 143–156.
- SEBI Listing - http://www.sebi.gov.in/commreport/clause49.html accessed on 19 Oct 2016.
- Section 135 of Companies Act, 2013 http://www.mca.gov.in/Ministry/pdf/Companies Act 2013.pdf
- Shinde, S (2005), “Social responsibility corporate style” available at: http://www.expresscomputeronline.com/20050502/technologylike01.shtml, accessed on 19 Oct 2016
- Waddock, S. A. and Graves S.B.: 1997, ‘The Corporate Social Performance – Financial Performance Link’, Strategic Management Journal 18(4), 303–320.
- Websites of individual companies.
- Wright, P. and Ferris S.: 1997, ‘Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value’, Strategic Management Journal 18(1), 77–83.