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We examine the market valuation of targets with multiple large shareholders (MLS) and single large shareholder (SLS) structures, in an international sample of M&A announcement in 19 countries outside North America. We find that the presence and power of MLS in these firms are negatively associated with abnormal returns and first-bid-to-merger-completion returns, suggesting that MLS mitigate agency problems in the target, and hence their acquisition is perceived as “a loss of good governance.” The negative association between MLS targets and returns is stronger in widely held firms suggesting that MLS indeed curb expropriation of minority shareholders. By contrast, when the second largest shareholder in the MLS structure of the target is a family, we find positive cumulative abnormal returns at the merger announcement, suggesting exacerbated agency problems in these firms that should benefit from the “acquisition of good governance.” Our evidence is robust to a battery of tests and to addressing potential endogeneity.

The purpose of this paper is to examine the impact of US dollar exchange rate risk on the value of Canadian non‐financial firms.

The sample, from the Compustat database, includes all non‐financial Canadian firms with sales over $100 million. The study segregates firms into hedging and non‐hedging groups and applies statistical techniques to test if hedging enhances value.

The results demonstrate that Canadian firms that have higher levels of US$ sales tend to use derivatives more frequently through higher levels of US$ exposure. Firms that have both US sales and assets appear less likely to use hedging. Firms with an American subsidiary and use financial instruments to hedge have higher values. When operational hedging is used with financial hedging, it is a value enhancing activity increasing their market‐to‐book by 14 per cent and market value‐to‐sales by 40 per cent. Incremental impact of these two hedging strategies is to enhance value by 7 per cent.

The sample from Compustat captures large capitalization Canadian firms but ignores about 75 per cent of Canadian firms. There is a bias towards larger firms. Some hedging items are not disclosed on financial statements. A survey would enhance and complement these results.

The paper finds that it is important for Canadian firms that have exports denominated in US dollars to hedge their exposure. The full value of hedging is reaped by using both operational and financial hedges.

This study is the first that examines US dollar risk management by Canadian firms.

The purpose of this paper is to assess how much difference it makes for US firms to use the two‐factor ICAPM to estimate their cost of equity instead of a single‐factor CAPM.

For a large sample of US companies, the authors compare the empirical cost of equity estimates of a two‐factor international CAPM with those of the single‐factor domestic CAPM and the single‐factor global CAPM.

The authors find that the cost of equity estimates of the two‐factor ICAPM are reasonably close to those of either single‐factor model for US firms with low‐to‐moderate foreign exchange exposure; and second, perhaps surprisingly, for US firms with extreme foreign exchange exposure, that the cost of equity estimates of the two‐factor ICAPM tend to be very close to those of the domestic CAPM, and even closer than to those of the single‐factor global CAPM.

The paper's findings might prove useful to academic researchers wanting to resolve the seemingly contradictory empirical results on the pricing of FX risk.

The findings will hopefully help managers decide whether they should go to the trouble of estimating a US firm's cost of equity with the two‐factor international CAPM instead of a traditional single‐factor CAPM.

The paper extends the existing literature by focusing on the two‐factor ICAPM, and finds some new and surprising empirical results.

The purpose of this paper was to analyse the research trends on the Indian Open and Distance Education (ODE) system as reflected in the articles published in the prominent journals of distance education across the world.

A study was undertaken to review the research articles on ODE in India published in 11 prominent peer-reviewed journals of distance education during the period 2010–2019. Content analysis was done to find out areas of research undertaken in the ODE of India based on a validated classification of research areas; types of research studies conducted; and authorship and publication patterns.

Out of a total of 2,571 articles published in 11 selected journals, only 191 (7.42%) pertained to ODE in India. The majority of these 191 articles (68.42%) were published in Indian journals. The Indian and Asian journals together accounted for 93.55% of total articles. Globally, the share of articles on the Indian ODE system was significantly low ranging between 4.27 and a maximum of 10.77%, which was much below expectations from a country having the maximum number of ODE learners in the world. Results further revealed that 63% of the contributors to research on ODE in India were affiliated to Indira Gandhi National Open University.

The limitation of this study was only analysing the research articles published in journals of distance education and other types of articles, namely, book reviews, editorials, field notes and workshop reports were excluded from the analysis.

The study is intended to help researchers, policymakers, and open and distance education institutions to draw a roadmap for the promotion and conduct of system-based research, which would be vital for strengthening the system.

The quantum of research is not proportionate to the number of faculty members working in the ODE system of India and the large number of learners that it serves, which is a matter of concern. For any system to grow its periodic systemic review is essential. The research outcomes need to be ploughed back into the system for its betterment.

The study is original. There is no such study undertaken till date. This study will be extremely useful to researchers, as the gaps in distance education research which are yet to be addressed, have been identified by the authors.

Milk cake is a well-renowned khoa-based dairy product in India, produced either from the buffalo milk or using a specific danedar variety of khoa. Under ambient conditions, shelf-life of milk cake is generally up to 3–4 days, whereas under refrigeration conditions, it can last up to 12–14 days. Therefore, the present study aims to evaluate the effect of modified atmosphere packaging (MAP) to enhance the shelf-life and keeping intact freshness of milk cake under refrigerated conditions (4 ± 2 °C).

Different gas concentrations of N₂ and CO₂ (70:30, 50:50 and 90:10) were used as a treatment, whereas control samples were kept under atmospheric air composition. The product was examined for sensory, physicochemical and microbiological parameters at weekly intervals.

The physicochemical and microbiological attributes displayed gradual elevation with progressive storage period in all the samples. However, the overall sensory profile of the product remained acceptable for a longer duration. Most of the quality parameters in control declined more rapidly with a shelf life of 14 days, in comparison to MAP packed samples, where gas flushing with the ratio 70:30 was found to be best suited for extending the shelf life of milk cake up to 28 days at refrigeration temperature.

To extend the shelf life of milk cake, modified atmosphere was provided with different gas ratios to reach a best-suited environment for sensory, storage life and proximate parameters.

The research is geared towards studying the impact of “GDP per capita (GDP)”, “energy consumption (EC)”, “human capital (HC)” and “trade openness (TO)” on India's ecological footprint (EF) from 1997–1998 to 2019–2020.

The autoregressive distributed lag model (ARDL) bound test was used to look at the short-run and long-term coefficients and the cointegration of the variables.

The results depicted a long-run connection between the variables. The long-run results found a favourable relationship between GDP, EC and EF, indicating that economic growth through heavy reliance on fossil fuels contributes to environmental unsustainability. An inverse relationship between HC, TO and EF was also observed, indicating that education fosters pro-environmental behaviour and leads to adopting cleaner technology that contributes to environmental sustainability.

The research substantiates India's pressing requirement for sustainable development, ensuring a harmonious balance between economic performance and environmental preservation. A carefully designed policy needs to be formulated to mitigate emissions stemming from growth in India. Policymakers are urged to implement measures that promote ecologically friendly tools, utilities and transportation to curb long-term environmental degradation.

The study is novel, incorporating an exhaustive review using Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA). This study further examines how India's EF is affected by its HC; the preceding literature has yet to discuss much about the connection between HC and the environment. Finally, the study employed advanced econometric techniques, namely the cointegration technique and ARDL model, to find the relationship between EF, GDP, HC, EC and TO.

The purpose of this paper is to conduct an in-depth analysis of the literature and provide new insights on skill development research in India. Objectives in the study are twofold. First is to conduct descriptive analysis in terms of structural dimensions such as geographical context, focus on skill development, research methods, economic sector, type of training and origin of the study. The second objective is to conduct thematic analysis on importance of skill development, institutional and regulatory mechanisms, skill development as an antecedent for technology adoption, role of skill development in women empowerment, integrating skill development with secondary education and labour market reforms for skill development.

Systematic literature review method is employed to review 45 articles on skill development research in India conducted between 2004 and 2017.

The review discusses about the importance of skill development, the role of institutions such as NSDA and PMKVJ, skill development as a necessity in the advent of technological changes, an effective measure to empower women in the country and the need of integrating skill development with secondary education. Labour market reforms are required to overcome challenges such as mismatch between theory and practice, low quality of skills assimilated, the mismatch between demand and supply of skilled labour force, low level of in-house training, low cooperation from students and employees due to lack of incentives and lack of qualified teachers.

This study is the first to offer a systematic literature review on skill development. The study provides insights into the concept of skill development, specifically for academicians to carry out research in a niche area and for government authorities in policy formulation.