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The purpose of this paper is to examine the dividend payout behavior of Indian firms and test whether the three prominent dividend policy theories (signaling, life-cycle and catering) explain the dividend policy of Indian firms.

The authors test the three theories using the methodology based on the studies of Nissim and Ziv (2001), DeAngelo et al. (2006) and Baker and Wurgler (2004). For testing the signaling theory, the authors regress the change in earnings on the rate of change in dividends using the pooled and Fama–Macbeth regressions. The life cycle theory is tested by running a logistic regression of the dividend payment decision on two proxies of life-cycle measured by the ratio of earned to total equity. Finally, the catering theory tests the relationship between the decision to pay a dividend and the dividend premium.

The results based on a sample of Indian firms from 1992 to 2017 show that the dividend policy of Indian firms can be explained using the life-cycle theory. However, there is no evidence in support of the signaling and catering theories.

It provides insights into the dividend policy of Indian firms. Though there have been a few studies examining the dividend payout in India, none of the existing studies tests these theories of dividend payout. The existing research using the Indian data provides indirect evidence about the life-cycle theory. This study is the first one to test the application of these theories for Indian firms.

On a fine afternoon in January 2015, Divakar Kaza, President, Human Resources, at Lupin Ltd., took a sip of coffee from his cup, and shared the good news he had just received, with Rituraj Sar, head of Learning & Development. Lupin had just won the ‘Outstanding Company of the Year’ Award at the CNBC-TV18 India Business Leadership Awards, 2014-15¹. The accomplishment was heartening, given that it reinforced similar recognitions in the recent past. Lupin had won the NDTV Business Leadership Award for the Indian Pharmaceutical Company of the year in 2012, backed up by the same acclaim in 2010 by Frost & Sullivan².

In today’s digital world, real-time health monitoring is becoming a most important challenge in the field of medical research. Body signals such as electrocardiogram (ECG), electromyogram and electroencephalogram (EEG) are produced in human body. This continuous monitoring generates huge count of data and thus an efficient method is required to shrink the size of the obtained large data. Compressed sensing (CS) is one of the techniques used to compress the data size. This technique is most used in certain applications, where the size of data is huge or the data acquisition process is too expensive to gather data from vast count of samples at Nyquist rate. This paper aims to propose Lion Mutated Crow search Algorithm (LM-CSA), to improve the performance of the LMCSA model.

A new CS algorithm is exploited in this paper, where the compression process undergoes three stages: designing of stable measurement matrix, signal compression and signal reconstruction. Here, the compression process falls under certain working principle, and is as follows: signal transformation, computation of Θ and normalization. As the main contribution, the theta value evaluation is proceeded by a new “Enhanced bi-orthogonal wavelet filter.” The enhancement is given under the scaling coefficients, where they are optimally tuned for processing the compression. However, the way of tuning seems to be the great crisis, and hence this work seeks the strategy of meta-heuristic algorithms. Moreover, a new hybrid algorithm is introduced that solves the above mentioned optimization inconsistency. The proposed algorithm is named as “Lion Mutated Crow search Algorithm (LM-CSA),” which is the hybridization of crow search algorithm (CSA) and lion algorithm (LA) to enhance the performance of the LM-CSA model.

Finally, the proposed LM-CSA model is compared over the traditional models in terms of certain error measures such as mean error percentage (MEP), symmetric mean absolute percentage error (SMAPE), mean absolute scaled error, mean absolute error (MAE), root mean square error, L1-norm and L2-normand infinity-norm. For ECG analysis, under bior 3.1, LM-CSA is 56.6, 62.5 and 81.5% better than bi-orthogonal wavelet in terms of MEP, SMAPE and MAE, respectively. Under bior 3.7 for ECG analysis, LM-CSA is 0.15% better than genetic algorithm (GA), 0.10% superior to particle search optimization (PSO), 0.22% superior to firefly (FF), 0.22% superior to CSA and 0.14% superior to LA, respectively, in terms of L1-norm. Further, for EEG analysis, LM-CSA is 86.9 and 91.2% better than the traditional bi-orthogonal wavelet under bior 3.1. Under bior 3.3, LM-CSA is 91.7 and 73.12% better than the bi-orthogonal wavelet in terms of MAE and MEP, respectively. Under bior 3.5 for EEG, L1-norm of LM-CSA is 0.64% superior to GA, 0.43% superior to PSO, 0.62% superior to FF, 0.84% superior to CSA and 0.60% better than LA, respectively.

This paper presents a novel CS framework using LM-CSA algorithm for EEG and ECG signal compression. To the best of the authors’ knowledge, this is the first work to use LM-CSA with enhanced bi-orthogonal wavelet filter for enhancing the CS capability as well reducing the errors.

Brand managers frequently use well-known celebrities to position their brands and capture consumers’ attention to improve the brand’s market share. The attachment of a celebrity with a brand creates a human image for a brand and helps in personifying its image. The consumer perceives the brand as an individual and relates his personality, as well as the personality of the celebrity with that of the brand. It becomes pertinent for marketers to understand how brand-celebrity personality congruence and brand-consumer personality congruence affect the brand reputation, uniqueness and purchase intentions. Thus, the purpose of this study is to understand the relationship between the two personality congruence aspects – brand & celebrity personalities and brand & consumer personalities, and their impact on the reputation of the brand and its uniqueness. Further, the paper aims to examine the impact of the brand reputation and brand uniqueness on purchase intentions.

The present study uses Aaker’s five-factor personality scale to study the personality congruence effects on brand reputation, brand uniqueness and purchase intentions. The literature review was carried out to categorize factors related to celebrity personality, brand personality and consumer personality. The data for this study was collected through questionnaires from 1,235 respondents. In the first step, congruencies between celebrity, brand and consumer personality were determined. This was followed by a two-stage structural equation modelling for assessing the model fit and testing the hypotheses.

From the study results, it is observed that brand-celebrity congruency influences brand reputation and brand uniqueness. However, brand-consumer congruency had an effect only on brand reputation and not on brand uniqueness. Both brand reputation and uniqueness have favourable impact on consumers purchase intentions.

This study contributes to the existing literature on celebrity endorsement by extending the discussion with personality-based congruence. The research deciphered two aspects of identification, i.e. consumer-brand personality congruence and brand-celebrity congruence. The paper hypothesized the favourable association between brand personality and consumer personality congruence and brand uniqueness. However, it was observed that brand personality-consumer personality identification had an insignificant influence on brand uniqueness. This is contrary to the findings of some studies in the literature. Further investigation of this relationship in the future may add a new dimension to the identification context.

The study aims to explore and classify the key enablers of the Association to Advance Collegiate Schools of Business (AACSB) implementation in business schools.

By applying the Interpretive Structural Model (ISM) approach, it builds a hierarchical model of the identified enablers of AACSB implementation. Additionally, the Fuzzy Matriced Impacts Croises-Multiplication Applique and Classement (FMICMAC) technique is used to classify and determine the influence of these enablers on the implementation of AACSB accreditation.

The paper presents an ISM model of the identified enablers and draws managerial insight from it. Categorization of the key enablers into four groups helps in understanding the relative influence of each group of enablers on the AACSB implementation in business schools.

The proposed model of the key enablers will help business schools that are pursuing AACSB accreditation prioritize the enablers. As the study has considered experts' opinions to establish the model, some amount of bias cannot be discounted.

The development of the ISM model of the key enablers of AACSB implementation in business schools is a unique attempt. The findings will help business schools focus on the key enablers that influence implementation of AACSB standards.

Infrastructure development through public-private partnership (PPP) route in India has exhibited concerns about not promoting progress toward sustainable development goals, particularly social and environmental perspectives. The purpose of this paper is, therefore, to identify the shortcomings in the Indian PPP procurement process using the key principles of sustainability.

Qualitative research inquiry through grounded theory approach by using the literature and interview source was used to identify the challenges encountered in sustainable infrastructure development of PPP projects. These challenges were, first, reviewed from the perspectives of key sustainability principles and then discussed with the key stakeholders through focused interviews. Furthermore, micro-interlocutor analysis was carried to get an insight on the extent of consensus amongst the experts regarding these identified shortfalls.

The key shortfalls identified from the study that adversely affect progress toward sustainable development include incomprehensive environmental impact assessment and social impact assessment studies; lack of stakeholder and local participation; high bidding and transaction cost; high user charges; improper risk allocation; lack of transparency and accountability; goal conflicts between public and private sector; and lack of skill and knowledge about sustainability.

The study findings will help in devising appropriate strategies for enhancing the mechanisms, policies, and governance structure of PPP process in order to overcome these shortfalls and help in accomplishing the goals of sustainability while developing infrastructure even through PPP route.

The paper presents different insights into PPP from sustainability perspective which has not been the focus of the current studies on PPPs. Sustainability assessment of PPP procurement is an area of research which is in a nascent stage.

In this research work, brief quantum-dot cellular automata (QCA) concepts are discussed through arithmetic and logic units. This work is most useful for nanoelectronic applications, VLSI industry mainly depends on this type of fault-tolerant QCA based arithmetic logic unit (ALU) design. The ALU design is mainly depending on set instructions and rules; these are maintained through low-power ultra-functional tricks only possible with QCA-based reversible arithmetic and logic unit for nanoelectronics. The main objective of this investigation is to design an ultra-low power and ultra-high-speed ALU design with QCA technology. The following QCA method has been implemented through reversible logic.

QCA logic is the main and critical condition for realizing NANO-scale design that delivers considerably fast integrate module, effective performable computation and is less energy efficiency at the nano-scale (QCA). Processors need an ALU in order to process and calculate data. Fault-resistant ALU in QCA technology utilizing reverse logic is the primary objective of this study. There are now two sections, i.e. reversible ALU (RAU), logical (LAU) and arithmetical (RAU).

A reversible 2 × 1 multiplexer based on the Fredkin gate (FRG) was developed to allow users to choose between arithmetic and logical operations. QCA full adders are also implemented to improve arithmetic operations' performance. The ALU is built using reversible logic gates that are fault-tolerant.

In contrast to earlier research, the suggested reversible multilayered ALU with reversible QCA operation is imported. The 8- and 16-bit ALU, as well as logical unit functioning, is designed through fewer gates, constant inputs and outputs. This implementation is designed on the Mentor Graphics QCA tool and verifies all functionalities.

Though public-private partnership (PPP) programme in India has stabilized significantly with implementation of successful infrastructure projects, still it suffers from shortfalls related to some aspects of sustainable development. One of the ways to overcome these shortfalls is to modify the existing PPP procurement process in order to attain the sustainable development goals. The purpose of this paper is to develop a conceptual framework highlighting the strategies for integrating sustainable development principles in PPP procurement process.

Content analysis through literature review has been adopted to identify the shortfalls in PPP process and examine the possible strategies to overcome the shortfalls from best practices in implementation of PPP projects. The preliminary framework of strategies has been conceptualized to integrate sustainable development principles in PPP procurement process. Finally, the feasibility of preliminary framework has been undertaken through focussed interviews with local stakeholders of PPPs.

The study indicates opportunities to promote sustainable development in the current PPP procurement process exists through enhancement in critical aspects like stakeholder’s participation, environment impact assessment, value for money analysis, user’s charges, risk allocation policies, transaction and bidding cost, and bid evaluation criteria.

The paper presents a critical insight on integrating sustainable development principles in PPP procurement process which has not been the focus in the majority of previous research studies.

The purpose of this work was to develop a new trispiperazido phosphate-based reactive diluent (diphosphate-piperazine hydroxyl acrylate [DPHA]) and used as a flame retardant with an epoxy acrylate (EA) in ultraviolet (UV)-curable wood coating.

The concentration of reactive diluent was varied from 0% to 20% in the UV-curable formulation with constant photoinitiator concentration. The effect of DPHA concentration on film properties was studied by differential scanning calorimetry and thermogravimetric analysis, gel content, water absorption and limiting oxygen index.

The results showed that the viscosity of the prepared formulation decreased by increasing reactive diluent (DPHA) concentration which leads to improving the coating efficiency. A high concentration of reactive diluent (DPHA) of the cured films shows good resistance against stain, mechanical and thermal properties, which results in an increased glass transition temperature (T_g) and cross-linking density of the films.

The new trispiperazido phosphate-based reactive diluent was used in wood coating formulation, which resulted in excellent flame-retardant properties with higher cross-linked density with good stain resistance. This material can provide a wide range of application for coating industries to produce a glossy finish.

Understand the external environment and trends impacting customer preferences. Understanding the elements of customer segmentation and positioning for products such as backpacks and travel luggage. Understand the levers for turnaround management. Qualitative evaluation of an opportunity for investment – greenfield versus brownfield. Developing a marketing plan for growth.

Indian Luggage market has an oligopoly structure with three major brands – very important person (VIP) Industries, Samsonite and Safari Industries Ltd. (SIL), holding around 90% share of the organized market. The market had evolved slowly, with the players offering limited assortment and having limited manufacturing capacities in India. SIL, having been in business for nearly 25 years, had been registering a flat top line. In 2011, the top management shuffle at VIP Industries witnessed the exit of the then MD, Mr Sudhir Jatia. Mr Jatia decided to acquire the majority stake of 56.55% for Rs 29 crores for the struggling SIL. What followed in the subsequent years was the resurgence of SIL to a noteworthy position in the industry. From a merely 2% market share in 2011, SIL went on to hold nearly 16% market share in 2019. This growth in market share, along with CAGR of almost 15% for the luggage market overall, has boosted the revenue of SIL by nearly 10-folds from INR 620m in 2011 to INR 5.73bn in the year 2018. Several reasons had been identified behind the growth of this company, such as – Mr Jatia’s leadership style, focus on profitable stock keeping units, acquisition of other brands, operational efficiency and financial infusion. However, the larger question was that – Will SIL, which had been following a challenger strategy to date, be able to overcome the leaders in the industry? What strategies should it pursue now? And what obstacles can it expect on this anticipated journey of growth?

Undergraduate and post-graduate.

Teaching Notes are available for educators only.

CSS 11: Strategy.