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Recent papers on target capital structure show that debt ratio seems to vary widely in space and time, implying that the functional specifications of target debt ratios are of little empirical use. Further, target behavior cannot be adjudged correctly using debt ratios, as they could revert due to mechanical reasons. The purpose of this paper is to develop an alternative testing strategy to test the target capital structure.

The authors make use of a major “shock” to the debt ratios as an event and think of a subsequent reversion as a movement toward a mean or target debt ratio. By doing this, the authors no longer need to identify target debt ratios as a function of firm-specific variables or any other rigid functional form.

Similar to the broad empirical evidence in developed economies, there is no perceptible and systematic mean reversion by Indian firms. However, unlike developed countries, proportionate usage of debt to finance firms’ marginal financing deficits is extensive; equity is used rather sparingly.

The trade-off theory could be convincingly refuted at least for the emerging market of India. The paper here stimulated further research on finding reasons for specific financing behavior of emerging market firms.

The results show that the firms’ financing choices are not only depending on their own firm’s specific variables but also on the financial markets in which they operate.

This study attempts to assess mean reversion in debt ratios in a unique but reassuring manner. The results are confirmed by extensive calibration of the testing strategy using simulated data sets.

The purpose of this study is to measure mutual funds' manager performance by attributing it to their abilities to choose better securities (selectivity effect) and to allocate these securities better than their benchmarks (allocation effect). The study enables the authors to examine the relative contributions of the commonly known asset-pricing factors in mutual funds' performance.

To examine managers' ability to steer funds' returns, the authors conduct a two-dimensional holdings-based analysis using factor-specific decomposition of funds' excess returns into their ability to select and allocate securities better than their benchmarks. Subsequently, the authors conduct an analysis of the covariance (ANCOVA) due to these factors in explaining funds' excess returns over time.

While managers' ability to choose better securities than the benchmarks (the selectivity effect) appears modest, some funds (especially the winners) allocate securities in their portfolios better than their benchmarks (the allocation effect) based on their exposures to certain factors (e.g. the momentum factor for the winner funds). However, although funds consistently gain through their ability to predict the size and value factors well, they do not consistently possess the skills to predict the momentum factor.

Although the paper analyzes all the available diversified funds, the sample excludes several other categories, such as thematic and international funds. Further, the analysis is based on equity-oriented Indian funds. Broader studies of changes in factor exposures and the inclusion of more factors apart from those conventionally used may shed more light on the managers' ability to maneuver these factors.

The results show that mutual fund managers lack persistence in their performance, even though some of them could predict specific factors well. Since the activity in active mutual funds could not lead to superior performance over time, investors could be better off by selecting cheaper passive funds for their long-term investments.

The paper presents a novel approach to studying funds' performance by conducting a two-dimensional holdings-based analysis to capture the relative contributions of common asset-pricing factors in the cross-section as well as over time.

The purpose of this paper is to investigate the existence of an optimal or target level of working capital for the Indian manufacturing firms, and whether firms intensely follow the target or not.

The paper uses cash conversion cycle as a measure of net working capital and employs partial-adjustment dynamic panel models to test its target-following behavior.

The empirical results show that there is no evidence of systematic target-following behavior of working capital for the Indian manufacturing firms. The results hold true even after dividing the sample into four groups depending on the sign and magnitude of deviation. The results further show that lack of target-following tendency is not quite influenced by varying firm-specific characteristics and, therefore, seems to be a systematic feature across firms in India.

Scarcity of such working capital management studies across emerging economies, facing several financial constraints, limits the comparison of findings. Future studies should be conducted to confirm the results.

The findings imply that even though an optimal working capital might exist, emerging market firms may not be able to actively pursue it on account of several financial constraints and managerial considerations.

The study contributes to the scant existing literature on the target-following behavior of working capital management in the Indian manufacturing firms, representing a typical emerging market facing several financial constraints.

The article highlights potential mismeasurement in working capital allocations among academicians and practitioners and revisits the relationship between firms' working capital and productivity, as evident from their values.

The research design acknowledges the relative role of firms' working capital vis-a-vis other assets in generating revenue, thereby effectively accounting for the overall asset efficiency in influencing firm value. The authors use a multivariate framework to draw inferences from the marginal impact of working capital and its components on firm value while controlling for asset utilization.

The authors find that, after accounting for asset utilization, the marginal impact of working capital and its components on firm value is quite weak. The results are consistent with the hypothesis that firms' trade-off between short-term and long-term assets per se should not have any value implications. After controlling for their asset turnovers, the authors find that higher allocations to working capital relative to other assets are not necessarily value-destructive. The findings contrast with the past literature.

The article, through its analytical and empirical insights, suggests that working capital allocations should be measured by managers and academicians relative to firms' other asset rather than their sales. Firm values should, therefore, be compared based on firms' overall asset utilization rather than inter-temporal allocations to short-term versus long-term assets.

Contrary to the existing literature so far, the article explicitly acknowledges the relative role of firms' other assets, and hence the overall asset utilization, to infer the marginal impact of working capital on firm value.

This paper aims to highlight firms' profitability as an alternative channel by which changes in leverage could affect stock returns in an imperfect market setting. The author also analytically argues that the benefits of debt, if any, may accrue beyond the usual tax benefit channel.

The author used multivariate regression models based on firms' characteristics and the models' changes along with a two-stage least-square (2SLS) type procedure to estimate the impact of leverage changes on stock returns. The author controls for the varying arbitrage risk that is measured by forecasted idiosyncratic volatility of stock prices and overcome simultaneous or endogenous determination by using inter-temporal non-synchronous variation in leverage and control variables.

The author finds that increase in leverage increase (decrease) stock returns for firms with the gross operating profitability higher (lower) than the cost of debt. The author also finds that the variation in arbitrage risk does not substitute for the primary effect of leverage changes on stock returns.

The author's findings provide tacit support to the recent literature attempting to resolve the empirically puzzling pattern of the negative relationship between profitability and leverage. The findings suggest inclusion of profitability as a crucial asset-pricing factor in the contemporary empirical models.

The non-trivial role of profitability in determining the effect of leverage on firms' stock returns that may be useful to managers, credit analysts and policy makers to assess the impact of net profitability on any change in leverage and its ensuing consequences on firms' value.

The paper develops analytical insights into the marginal role of profitability in influencing the relationship between firms' financing decisions and firms' stock returns beyond the conventional mechanisms of tax benefits, bankruptcy costs and information asymmetry.

Because of the increased global competition and the need for environment consciousness, organisations have started focusing on incorporating sustainability dimensions into suppler selection criteria. In the past decade, sustainable supplier selection has received much attention from researchers as well as industry practitioners. The purpose of this paper is to identify various sustainable supplier selection criteria (SSSC) and underlying interdependencies among prominent selection criteria to develop a framework for sustainability dimensions.

The sustainable criteria for supplier selection were established through comprehensive literature review. An interpretive structural modelling (ISM) approach is used to investigate the interrelationships among these criteria.

A total of 21 SSSC under 3 dimensions (social, environmental and economic) are established. Ten criteria related to quality, capability, flexibility, waste management, pollution prevention, local community, employment practice, labour, etc. are exhibiting strong driving as well as dependence power, as demonstrated through ISM and matriced’ impacts croises-multiplication applique’ and classement (MICMAC) analysis. The findings show that delivery/service, eco design and rights of stakeholders are the “key” criteria having a high-driving and low-dependence power. These criteria require high attention from managers, while other criteria having low-driving and high-dependence power require secondary actions.

The inter-relations for the development of ISM model and MICMAC analysis were obtained through the opinion of industry experts and academicians, which may tend to be subjectively biased. Further exploration is proposed to statistically validate the developed interdependency model.

This paper might act as a reference for the supplier development managers of organisations by providing an appraisal of various SSSC based on their interdependencies.

This study contributes to the knowledge base by proposing a framework of the interrelationships of the SSSC and also provides an additional perspective for managing these criteria based on ISM.

The paper explores the importance of mobile technology to enable diffusion of agriculture-related knowledge among farmers in India. The purpose of the paper is to evaluate the current socio-economic factors and challenges that impact the feasibility of m-governance project. The authors intend to explore different behavioral aspects of farmers, specifically their information seeking behavior to understand their communication ecosystem.

The authors have used multiple methods to analyze the significance of m-governance in current social dynamics. To achieve in depth understanding of farmer’s attitudes and opinion, the authors have conducted semi-structured interviews with farmers. The authors have also applied experimental observations to evaluate the actual effectiveness of information dissemination and the social dynamics behind the process. The secondary/archival data was also collected from the government offices and non-governmental organizations.

Findings explore the pattern of mobile usage among the farmers which could lead to interesting implications for the design and implementation of future m-governance projects. The research has also drawn some interesting implication on the feasibility of m-governance project.

Because the findings are co-related with the prevalent socio-cultural dynamics, testing the findings in different context might add value to the proposed theory and its implications.

Considering the need and significance of agriculture-based reforms in rural India, present study offers guidance in devising an efficient communication medium among farmers and government. The authors infer from our field observations that the communication platform is vital for successfully reaching farmers for their overall welfare. The present work is based on findings which are drawn from the ground reality which helps in explicating inferences which are useful for implementation purpose.

This paper studies the role of heritage walks and tours in promoting inclusive education. It assesses if these walks are an effective method of exhibiting culture and facilitating inclusive heritage learning. The purpose of this paper is to attempt to establish that walks can play an imperative role in creating greater sensitivity towards heritage and conservation.

The study uses a case study approach using mixed methods. Participants for qualitative interviews were chosen using purposive sampling and six interview schedules were sent to walk leaders. Walk participant data were collected through participant observation and standardised survey with randomly selected participants of the case walks. Surveys were sent to participants electronically.

Heritage walks play a crucial role in not only imparting knowledge about history and heritage but also as a tool for learning other crucial skills, competencies, values, attitudes, etc. This paper attempts to highlight that walks are an effective and inclusive way to shed light on the alternative and forgotten stories. As an educational tool these walks can not only encourage the development of historical knowledge and appreciation but also assist in the development of competency to “de-construct” mainstream “grand narratives”, questioning and learning about the forgotten.

This paper has limited itself to the study of select cases in New Delhi. Since the study has followed a case study design, it does not produce a largely generalizable result, but rather examines and understands the dynamics of particular walks and produces insights that may well be applicable in other contexts. Whilst this paper makes an attempt to understand the changes in perception and attitudes, it does not study behavioural changes.

In the long run, walks allow for meaningful citizen engagement with tangible heritage such as monuments as well as intangible heritage such as practices and festivals. This allows for appreciation for the value of heritage resources and leads to a demand for better conservation and preservation from the authorities. In a few cases, local citizens themselves lead heritage management and development activities in a bid to promote their local culture. This paper has shown that heritage walks can be helpful tools in giving “forgotten” voices and stories recognition in contemporary society.

As heritage walks have recently gained popularity, there has been very limited research in the field especially linking heritage walks to heritage education. This is especially true for India. Even a city like New Delhi, which boasts of a robust heritage and is one of the tourism hubs of the country, heritage walks have been a very recent phenomenon. This research aims to address this lacuna in academic research and contribute meaningfully to the field of heritage education and conservation by studying how heritage walks support and promote inclusive heritage education.

The purpose of this paper is to investigate the impact of the macroeconomic condition on investment-cash flow sensitivity (ICFS) of Indian firms and examine whether the effect of macroeconomic condition on ICFS depends on the size and group affiliation of the firm.

An empirical investigation is conducted using a dynamic panel data model or more specifically system generalized method of moments (GMM) estimation technique.

Empirical findings postulate that the availability of cash flow influences the investment decisions which depicts that Indian manufacturing firms are internally as well as externally financially constrained. This study finds that good economic condition (period of high GDP growth rate) reduces the ICFS, although this effect is stronger for small-sized and standalone firms than the large-sized and business group affiliated firms. The authors find that macroeconomic condition has a positive and significant effect on investment decisions.

This study has considered only the non-financial sector. The future research could explore the effect of macroeconomic condition on ICFS might be affected by firm other characteristics such as firm age and firm capital structure.

The government should provide loan on the low rate to the small-sized firms and standalone firms because it is very difficult for these firms to finance their investment during the bad economic condition (period of low high GDP growth rate).

This study contributes to the existing literature by analyzing the impact of the macroeconomic condition on ICFS as well as investment decisions of the Indian manufacturing firms, which is an unexplored issue from an emerging market perspective. To the best of my knowledge, this is a first-ever study which explores the effect of macroeconomic condition on investment decisions with respect to business group affiliation and firm size.

This paper aims to analyse how financial literacy (FL) is conceptualised and operationalised in the Indian context.

A systematic literature review (SLR) was conducted using the Preferred Reporting Items for Systematic Reviews and Meta-analyses (PRISMA) protocol. Thirty-six articles published between 2010 and 2020 were considered for analysis. The FL conceptualisation was examined based on knowledge, ability, skill, attitude and confidence elements. The FL operationalisation was analysed using the modified version of the Organisation for Economic Co-operation and Development’s (OECD) Programme for International Student Assessment (PISA) 2012 model for organising the domain for an assessment framework.

The findings indicate that, despite offering operationalisation details of the FL, 13 out of 36 studies did not include a conceptual definition of FL. Of the 23 studies that mentioned a conceptual definition, 87% are primarily focused on the “knowledge” element and only 39% have combined knowledge, ability/skill and attitude elements in defining FL. As in the developed countries, the Indian studies also preferred investment/saving-related contents in their FL measures. The volume of content focusing on the financial landscape is meagre amongst the FL measures used in India and developed countries. The survey instruments of most studies have been designed in the individuals’ context but have failed to measure the extent to which individuals apply the knowledge in performing their day-to-day financial transactions. Further, it was found that 20 out of 36 studies did not convert the FL level of their target groups into a single indicator or operational value.

To the best of our knowledge, this is the first study that explores the FL’s assessment practices in India. Further, this study offers new insights by comparing the contents of FL measures used in Indian studies with those used in developed countries.