Search results

The purpose of this paper is to examine the relationship between financial performance and internal governance structure of Information Technology (IT) sector in India. Various aspects of the board such as board independence, board size, board meeting, board attendance, aspects of leadership with role duality and family ownership are addressed in this study.

The sample consists of 114 listed IT sector firms in India from 2006 to 2011. To account for endogeneity of the relationship between firm performance, corporate governance and capital structure of the firm, simultaneous system of equations was employed.

The study, after controlling for firm-specific factors, shows that larger board size had a positive impact on firm performance. Independent directors on the board did not show any association with firm performance. The study failed to find any relationship between the number of board meetings and firm performance. However, attendance of the board members was found to be positively associated with firm performance. Family firms showed better performance compared to non-family firms.

The study demonstrates that governance measures related to the board in Indian firms have some similarities to the firms in western countries. However, the study shows that some of the widely used board characteristic measures differ with other studies documented in the western contexts which limits the generalisability of the western studies in the emerging countries.

This paper examines Aman Ullah’s contributions to robust inference, finite sample econometrics, nonparametrics and semiparametrics, and panel and spatial models. His early works on robust inference and finite sample theory were mostly motivated by his thesis advisor, Professor Anirudh Lal Nagar. They eventually led to his most original rethinking of many statistics and econometrics models that developed into the monograph Finite Sample Econometrics published in 2004. His desire to relax distributional and functional-form assumptions lead him in the direction of nonparametric estimation and he summarized his views in his most influential textbook Nonparametric Econometrics (with Adrian Pagan) published in 1999 that has influenced a whole generation of econometricians. His innovative contributions in the areas of seemingly unrelated regressions, parametric, semiparametric and nonparametric panel data models, and spatial models have also inspired a larger literature on nonparametric and semiparametric estimation and inference and spurred on research in robust estimation and inference in these and related areas.

An experimental study has been conducted to model and optimize wire electric discharge machining (WEDM) process parameters such as pulse-on time, pulse-off time, servo voltage and peak current for response characteristics during machining of Nimonic 75 alloy.

The response surface methodology (RSM)-based Box–Behnken's design has been employed for experimental investigation. RSM is used for developing quadratic regression models for selected response variables i.e. material removal efficiency and kerf width. To validate the model, confirmation experiments have been performed. The multi-response optimization has been done using desirability function approach.

Through analysis of variation, the percent contribution of process parameters on the response characteristics has been found. Pulse-off time is the most significant parameter affecting the kerf width and material removal efficiency followed by pulse-on time. The quadratic regression models have been developed for prediction of selected response variables. An attempt has been made to optimize the WEDM parameters for material removal efficiency and kerf width. The recommended process parameter setting for maximum material removal efficiency and minimum kerf width have been found to be pulse-on time = 0.6 µs, pulse-off time = 14 µs, servo voltage = 25 V and peak current = 200 A.

The “kerf width” is an important response variable for maintaining dimensional accuracy of the machined component, but has not been given due attention by the researchers. In the present work, the developed regression model for “kerf width” can be used in estimating wire offset setting and thereby getting a dimensionally accurate product. The optimum process parameters obtained in WEDM of Nimonic 75 alloy will contribute in database of machining. The outcome of this study would be added to scare database of the machining of Nimonic 75 alloy and also would be extremely useful for making the technology charts for WEDM.

This study aims to investigate the influence of process parameters of wire electrical discharge machining (WEDM) of Nimonic75. Nimonic75 is a Nickel-based alloy mostly used in the aerospace industry for its strength at high temperature.

One factor at a time (OFAT) approach has been used to perform the experiments. Pulse on time, pulse off time, peak current and servo voltage were chosen as input process parameters. Cutting speed, material removal rate and surface roughness (Ra) were selected as output performance characteristics.

Through experimental work, the effect of process parameters on the response characteristics has been found. Results identified the most important parameters to maximize the cutting speed and material removal rate and minimize Ra.

Very limited research work has been done on WEDM of Nickel-based alloy Nimonic75. Therefore, the aim of this paper to conduct preliminary experimentation for identifying the parameters, which influence the response characteristics such as material removal rate, cutting speed, Ra, etc. during WEDM of Nickel-based alloy (Nimonic75) using OFAT approach and found the machinability of Nimonic75 for further exhaustive experimentation work.

Electric discharge drilling (EDD) is used to drill quality microholes on any conductive materials. EDD process parameters play a crucial role in the drilling. Depending upon the material characteristics, the cost of drilling also changes. Therefore, a suitable method is required to control the process parameters and drill quality microholes.

The input process parameters in the present work are peak current (Ip), pulse on-time (Ton) and pulse off-time (Toff). The trials were intended in accordance to central composite face-centered design of response surface methodology (RSM). The output responses, namely drilling rate (DR) and electrode wear ratio (EWR), were converted into a single response, that is, grade using Grey relational analysis (GRA). The grade value is further modeled by regression analysis. The empirical model was figured out using teaching–learning-based optimization (TLBO). The RSM-Grey-TLBO-based multicriteria decision-making (MCDM) is used to investigate the optimized process parameter setting.

The RSM-Grey-TLBO-based MCDM approach suggests that the optimized setting for DR and EWR is Ip: 3A; Ton: 40 µs; Toff: 42 µs. The percentage errors for the predicted and experimental results are 8.1 and 7.5% in DR and EWR, respectively.

The parametric optimization of EDD using RSM-Grey-TLBO-based MCDM approach while machining commercially pure titanium is still underway. Thus, this MCDM approach will give a path to the researchers working in this direction.

The purpose of this study is to identify, analyse and model the post-processing barriers of 3D-printed medical models (3DPMM) printed by fused deposition modelling to overcome these barriers for improved operational efficiency in the Indian context.

The methodology used interpretive structural modelling (ISM), cross-impact matrix multiplication applied to classification (MICMAC) analysis and decision-making trial and evaluation laboratory (DEMATEL) to understand the hierarchical and contextual relations among the barriers of the post-processing.

A total of 11 post-processing barriers were identified in this study using ISM, literature review and experts’ input. The MICMAC analysis identified support material removal, surface finishing, cleaning, inspection and issues with quality consistency as significant driving barriers for post-processing. MICMAC also identified linkage barriers as well as dependent barriers. The ISM digraph model was developed using a final reachability matrix, which would help practitioners specifically tackle post-processing barriers. Further, the DEMATEL method allows practitioners to emphasize the causal effects of post-processing barriers and guides them in overcoming these barriers.

There may have been a few post-processing barriers that were overlooked by the Indian experts, which might have been important for other country’s perspective.

The presented ISM model and DEMATEL provide directions for operation managers in planning operational strategies for overcoming post-processing issues in the medical 3D-printing industry. Also, managers may formulate operational strategies based on the driving and dependence power of post-processing barriers as well as the causal effects relationships of the barriers.

This study contributes to identifying, analyzing and modelling the post-processing barriers of 3DPMM through a combined ISM and DEMATEL methodology, which has not yet been reviewed. This study also contributes to decision makers developing suitable strategies to overcome the post-processing barriers for improved operational efficiency.

Developing economies that are subject to global influences, such as through exposure to global product, labor and capital markets, may be expected to practice higher standards of corporate governance (CG) than less globalized developing economies. This paper seeks to understand the relationship between CG and firm ownership by private equity investors in India, and to understand whether CG practices in particular national institutional contexts change when the firm is exposed to investors with a background in other countries' institutional contexts. Taking India as a test case, the paper aims to explore how CG standards are affected by private equity investment that originates from developed countries.

A primary survey on Indian firms' CG practices for firms that receive private equity and for comparable firms that do not was used to determine differences in CG. Private equity investors were surveyed to determine their national institutional contexts. The CG practices were then related to the national institutional context that the private equity investors came from.

Private‐equity funded firms display higher standards of corporate governance than firms that do not receive such funding. The difference arises from the application of developed country standards of CG arising from the investors that own the private equity funds. These funds are primarily owned by developed country investors. The strategies through which these occur are: reconstituting the board of directors, influencing senior executive recruitment, and changing the firm's operating and strategic rules.

Developing countries like India usually display low standards of CG. Such standards tend to evolve slowly in line with the country's stage of development. The literature has not hitherto identified ways in which this process can be hastened. This study finds that standards can be raised above the prevailing standards through the governance practices imported into developing countries by private equity funds that are primarily owned by developed country investors. Hence, the findings of this paper contribute to the understanding of how globalization influences CG.

In the current exploration, the machining of a Nimonic 90 superalloy material was carried out in a die-sinking electric discharge machine. Experimentation was performed to investigate the impact of three input machining factors – current (I), pulse on time (T_on) and pulse off time (T_off) – on various response characteristics such as material removal rate (MRR), surface roughness (R_a) and electrode wear rate (EWR).

A Taguchi L9 design and ANOVA were used to assess machine response characteristics. The study also involved a grey relational analysis (GRA) multi-objective technique of optimization.

For single-objective performance, the most appropriate machining factors for achieving the best performance were attained as: MRR (I = 20 A, T_on = 200 µs and T_off = 45 µs), R_a (I = 14 A, T_on = 100 µs and T_off = 25 µs) and EWR (I = 17 A, T_on = 150 µs and T_off = 45 µs). The proposed grey relational approach provided the optimal settings (i.e. 14 A I, 100 µs T_on and 25 µs T_off) for the variables used to calculate the predicted and experimental results. Also, a confirmation test indicated that the final experimental grey relational grade value was enhanced when the experimentation was performed at optimal setting.

To the best of the authors’ knowledge, the present work is the first to examine the proposed machining variables (i.e. current, pulse on time and pulse off time) in relation to the optimization technique of GRA for a Nimonic 90 alloy using a die-sinking electric discharge machining method.

The purpose of this paper is to present various institutional laws that refer to mergers and acquisitions (M & As) in India and recommend a few guidelines for institutions and multinational managers participating in foreign investment and acquisition deals.

The study is intended to review, summarize and discuss the legal framework that adheres to M & As, takeovers and foreign investment.

Major observations from the comprehensive review include the fact that higher-valuation inbound deals have been delayed or have failed because of a weak financial infrastructure, erratic nature of government officials and political intervention, and the newly elected government has aimed to attract higher inflow of investments from other developed and emerging markets by easing investment rules and offering tax holidays.

This paper, indeed, reflects unseen empirical observation with regard to the characteristics of the market for acquisitions in the given country, which has been left to further research.

The comprehensive review of acquisition laws in India and recommendations would help prospective stakeholders, namely, policymakers, M & A advisors, legal consultants, investment bankers, multinational managers and private equity firms.

This study presents atypical work, which presents a review of M & A laws in India, and it recommends fruitful guidelines for institutions in general and managers in particular.

The purpose of this study is to empirically evaluate the potential of the blockchain technology in tourism. The blockchain technology (BCT) holds potential to contribute significantly to tourism policy and practice. Academic interest in the BCT is rapidly growing with studies looking at the opportunities and challenges of its application. The shortcoming of research on the BCT in tourism has however been in its conceptual nature. The lack of empirical investigations hinders an understanding of how the BCT can be more broadly adopted in tourism, especially from the viewpoint of minimizing its risks.

The initial screening of the opportunities, challenges and risks is undertaken via a systematic literature review. The Delphi study is subsequently applied to empirically confirm what opportunities, challenges and risks can be attributed to the BCT use in tourism. Twelve industry and academic experts have contributed to the Delphi study.

The risks identified have been categorized as societal, technical, financial and legal. Propositions have been made on how these risks can, at least partially, be overcome.

To the best of the authors’ knowledge, it is the first known attempt to study the BCT from the perspective of academic and industry experts. This research is also one of the first to evaluate the risks of the BCT use in tourism. Most risks are identified as not critical and can be addressed as the BCT develops.

区块链技术（BCT）具有为旅游政策和实践做出重大贡献的潜力。随着研究着眼于其应用的机遇和挑战, 对 BCT 的学术兴趣正在迅速增长。然而, 旅游业中 BCT 研究的不足之处在于其概念性。缺乏实证研究阻碍了对如何在旅游业中更广泛地采用 BCT 的理解, 特别是从最小化其风险的角度来看。这项研究代表了第一次从学术和行业专家的角度实证评估 BCT 在旅游业中的潜力的已知尝试。

机会、挑战和风险的初步筛选是通过系统的文献回顾进行的。德尔菲研究法随后被应用于实证确认哪些机会、挑战和风险可归因于 BCT 在旅游业中的使用。 12 位行业和学术专家是德尔菲研究法的主要贡献人员。

已识别的风险分为社会、技术、财务和法律。研究就如何至少部分地克服这些风险提出了建议。

从学术和行业专家的角度研究BCT是已知的第一次尝试。该研究也是最早评估 BCT 在旅游中使用风险的研究之一。大多数风险被确定为不重要的, 可以随着 BCT 的发展而得到解决。