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This chapter examines the long-run and short-run spillover effects of US quantitative easing (QE) on the money market in India. The study adopts the autoregressive…
This chapter examines the long-run and short-run spillover effects of US quantitative easing (QE) on the money market in India. The study adopts the autoregressive distributed lag bounds testing co-integration approach for monthly data from September 2008 to May 2019 to investigate the spillover impact. The results reveal that a 10% rise in US QE led to a 25 bps softening of the weighted average call rate and a 2–5 bps hardening of the Treasury Bill. This impact was beyond the active participation by the Reserve Bank of India on the policy rate and liquidity in the system during the QE episodes. It suggests that the Indian money market is susceptible to US QE.
The paper aims to understand the different motivations / reasons for engaging in CSR initiatives by the organizations. In addition, the study also examines the…
The paper aims to understand the different motivations / reasons for engaging in CSR initiatives by the organizations. In addition, the study also examines the relationship between CSR motivations and corporate social performance (CSP).
The data were collected from two power sector organizations: one was a private sector firm and the other was a public sector firm. A comparative analysis of the variables with respect to private and public sector organizations was conducted. A questionnaire survey was administered among 370 employees working in the power sector, with 199 executives from public sector and 171 from private sector.
“Philanthropic” motivation emerged as the most dominant CSR motivation among both the public and private sector firms. The private sector firm was found to be significantly higher with respect to “philanthropic”, “enlightened self-interest” and “normative” CSR motivations when compared with the public sector firms. Findings suggest that public and private sector firms differed significantly on four CSR motivations, namely, “philanthropic”, “enlightened self-interest”, “normative” and “coercive”. The CSP score was significantly different among the two power sector firms of public and private sectors. The private sector firm had a higher CSP level than the public sector undertaking.
Further studies in the domain need to address differences in CSR motivations and CSP across other sectors to understand the role of industry characteristics in influencing social development targets of organizations. Research also needs to focus on demonstrating the relationship between CSP and financial performance of the firms. Further, the HR outcomes of CSR initiatives and measurement of CSP indicators, such as attracting and retaining talent, employee commitment and organizational climate factors, need to be assessed.
The social issues are now directly linked with the business model to ensure consistency and community development. The results reveal a need for “enlightened self-interest” which is the second dominant CSR motivation among the organizations. The study makes a novel contribution by determining that competitive and coercive motivations are not functional as part of organizational CSR strategy. CSR can never be forced as the very idea is to do social good. Eventually, the CSR approach demands a commitment from within. The organizations need to emphasize more voluntary engagement of employees and go beyond statutory requirements for realizing the true CSR benefits.