ICTMS-2013-eAbstractBook

Symbiosis Institute of International Business (SIIB) Symbiosis International University (SIU), Pune, India

International Conference on Trade, Markets and Sustainability 22-23 February 2013

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e-Abstract Book of

International Conference on Trade, Markets and Sustainability (ICTMS-2013)

Organised by

Symbiosis Institute of International Business (SIIB)

A Constituent of Symbiosis International University (SIU), Rajiv Gandhi Infotech Park, G.No. 174/1, Phase-1, Hinjewadi,

Pune 411 057, Maharashtra State, India



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Organizing Committee

Convener Ms. Manisha Ketkar Officiating Director, SIIB, Pune, India Email: [email protected] Organizing Committee Dr. Prakash Rao ([email protected]) Dr. Yogesh Patil ([email protected]) Dr. Medha Joshi ([email protected]) Dr. Sridhar Kundu ([email protected]) Dr. Shubhasheesh Bhattacharya ([email protected]) Dr. Anitha Pathak ([email protected]) Dr. Uma Devi Chollangi ([email protected]) Organizing Secretary Dr. Jayati Chourey ([email protected]) Ms. Shilpa Kulkarni ([email protected])



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Advisory Committee of ICTMS-2013 Dr. Amitabh Kodwani, Professor of OB & HR, Indian Institute of Management (IIM), Rohtak, India Dr Arvind Sahay, Professor, Indian Institute of Management (IIM), Ahmedabad, India Dr Gert Spaargaren, Professor, Environmental Policy Group, Wageningen University, The Netherlands Dr K M Reddy, Principal Scientist, National Academy of AARM, Hyderabad, India Dr. KPC Rao, Former Principal Scientist, ICRISAT and NAARM and Chief Consultant,Hyderabad Dr Lalith Achoth, Professor & Head, Dairy Economics & Business Management, Karnataka Vet Science & Fisheries University, Bangaluru, India Ms. Lilliana Arrieta, Coordinator, REDICA- (Red Centroamericana de Instituciones de Ingenieria - Central American Network of Educational Institutions), University of Costa Rica, San Jose, Costa Rica Dr. M.J. Xavier, Director, Indian Institute of Management (IIM), Ranchi, India Dr. Madhvi Sethi, Associate Professor in Finance, Symbiosis Institute of Business Management (SIBM), Bangaluru, India Dr. Marcel Bursztyn, Professor, Centre for Sustainable Development, University of Brasilia, Brazil & Centre for International Development, Kennedy School of Government, Harvard University, USA Dr. Marina Dabic, Professor, Department of International Economics, Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia Dr. Mathias Schuz, Professor, School of Management & Law, University of Zurich, Stadthausstrasse, Winterthur, Switzerland Dr. N.K. Chidambaran, Assistant Professor in Finance, Graduate School of Business, Fordham University, New York, USA Dr. Narendra M. Agrawal, Professor, Indian Institute of Management (IIM), Bangalore, India Dr. Nimal Gunawardena, Professor, Department of Agricultural Engineering, University of Peradeniya,Peradeniya, Sri Lanka. Dr. Omkarprasad Vaidya, Professor, Indian Institute of Management (IIM), Raipur, India Dr Paul Taylor, Consultant & Ex-Director Cap-Net, United Nations Development Programme (UNDP), Lydbrook, Glos., UK. Dr. Padma Srinivasan, Director - Academics, Manipal University, Manipal, India Dr. P. Saravanan, Professor of Finance, Indian Institute of Management (IIM), Shilllong, India Dr. Raj Singh, Vice Chancellor, Ansal University, Gurgaon, India Dr. Rajen Gupta, Professor, Management Development Institute (MDI), Gurgaon, India Dr. Satendra Kumar, Professor & Head, Research Centre, CKSV Institute of Management, Vadodara, India Dr. Seema Sanghi, MD, Styrax Consultants (P) Ltd., Gurgaon & Former Director, FORE School of Management, New Delhi, India Dr. Shanker Murthy, Professor, National Institute of Industrial Engineering (NITIE), Mumbai, India Dr. Shirish Sangle, Professor, National Institute of Industrial Engineering (NITIE), Mumbai, India Dr Sushil Kumar, Professor, Indian Institute of Management (IIM), Lucknow, India Dr. Upinder Dhar, Vice Chancellor, JK Lakshmipat University, Jaipur, India Dr. Vidyanand Jha, Professor in Behavioural Sciences, Indian Institute of Management (IIM), Calcutta, India Prof. Walter Leal, Head of the Research and Transfer Centre -Applications of Life Sciences, Hamburg University of Applied Sciences, Hamburg, Germany



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About the Conference In an increasingly globalized market place, the future of mankind is perhaps dependent on how market forces drive economic development around the world. The present global economic situation perhaps calls for fiscal prudence in terms of optimizing resource use given the deepening crisis across various continents. Most global and Indian economic analysts see changes around the world as being linked to factors like the Euro Zone crisis, the instability of West Asian geopolitics, the depreciation of the rupee, global energy needs, issues in environmental and land acquisition etc. Significantly several economies have had to contend with one or more of these issues as a stumbling block in their path towards growth in recent times. It is also important to note that the twin forces of trade liberalization and globalization have transformed global markets in the last two decades. With world leaders in conflict on finding ways and means to tackle the present global economic situation might suggest that investor confidence and sentiments are low. Although slowdown in manufacturing, a sluggish investment scenario and inadequate global consumption demand may be cited as key reasons for this, there is nevertheless a lot of positive examples of new and emerging growth stories from different geographies. In the last ten years, emerging markets have played a significant role as players in re-shaping the global competitive landscape. The ever increasing world population, the rising demand for food, energy, water, access to goods and efficient services, greenhouse gas emissions, etc. are key indicators of economic growth paradigms. In the coming decade, economies are likely to focus on efficient trade mechanisms consumption of goods and services, new and emerging markets, innovation and sustainability and ability of industry to develop new managerial ideas and strategies. The International Conference on Trade, Markets and Sustainability will be an interdisciplinary conference and seek to understand some of the major opportunities and challenges in global economies particularly in key priority sectors. The Conference will aim to deliberate on issues around global trade mechanisms and networks and its linkages to development, emerging market mechanisms that provide transformative solutions including potential game changers in business and industry, innovative product development for new markets including strategies around innovation and analyze current social, technological, environmental and management issues that govern societal change. Research papers will be presented at the Conference across four tracks: Track 1: Management Issues Track 2: Markets Track 3: Trade Track 4: Sustainability The main objectives of the conference are:

To make a comparative analysis of various issues in global trade, markets and reforms and sustainability

To explore changes in global trade practices as a driver of economic progress in developed and developing economies

To examine the prospects and challenges of new and transformative markets and its implications for economic development in emerging markets

To evaluate recent trends and progress in sustainability and development from a societal and institutional perspective

To analyse recent management issues and practices in new and emerging disciplines



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Track 1: Management Issues At a time when the global economic situation is floundering on the back of a series of events which could threaten the very fabric of our society , it is perhaps fundamental to evaluate some of the underlying factors that drive the world of business which has led us to the present state. Some theorists often believe that globalization and trade have perhaps brought the world closer than ever before and yet faced with a host of issues that requires a deeper understanding and analysis in a new world economic order. A paradigm shift in the way we are transforming our society based on emerging market realities has led to a new level of thinking of how businesses need to operate in a shrinking world. Emerging market blocs are also likely to face uncertainties in the future in terms of economic growth and development and redefine global geopolitics. The world of business and industry will need to rethink their operating strategies with a view to remaining sustainable in the long run despite the economic upheavals of the present decade. Issues related to redefining global marketing practices, innovating business logistics and operations and understanding human behavior in an era of changing societal values is perhaps the need of the hour.



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Track: Management Issues

Brand rejuvenation: The effects of hypothetical brand extensions on existing brands

Sheena* and G. Naresh School of Management, Pondicherry University, Karaikal Campus, Karaikal, India. Email: [email protected], [email protected] Branding is an imperative gauge to succeed in the world of business. It is about bringing together an organization around an exceptional principle. The consumers of today are no more concerned in what the company is, but rather what the company thinks and contemplates. When creating a brand, the brand must have frontage on the consumer. The solution to successful brand development is to be aware of a need or desire which has not been enjoyed by the consumers. The companies should thus be in regular research to discover their needs and to satisfy them with the help of brand extension strategies. A brand extension is using the power of a well established brand in one category to launch a new product in another category. They increase not only the profits but also help to break through and take over a new market. The FMCG sector has largely seen this kind of growth. Factors such as high advertising costs and the dwindling competition for shelf space in retail stores have encouraged companies to introduce brand extensions (Aaker 1991; 1996). However, these strategies are not without risks. Many researchers state that 30%-35% of all new products fail (Montoya Weiss and Calantone 1994; Booz, Allen and Hamilton 1982). Such unproductive extensions shall endanger the parent brand which can result in colossal losses to the company. Even though brands may be very important to consumers, their management may be more complicated than ever. Therefore, it was considered necessary to investigate the various contributing factors for new extension success and the attitude of retailers and consumers towards new products or extensions based on various variables. The data were collected from 360 retailers and 360 consumers from the four major cities of South India viz; Bangalore, Chennai, Cochin and Hyderabad. On an in depth review of the literature on management of brands, the following variables were arrived at such as Expected quality, Purchase intention or intention to stock new extensions, nature of appeal, appropriateness of price, Similarity to parent products, Trustworthiness, Popularity ,Suitability to lifestyle, Utility , uniqueness of the new extension from others. In this context, discriminant analysis was applied to assess the responsiveness of retailers and consumers towards the various factors affecting the success of brand extensions. Nevertheless, the present study may also help to answer the questions regarding the management of FMCG brands in India with respect to the effect of hypothetical brand extensions on their core brands. Keywords: Hypothetical Brand Extensions, Retailers, Consumers, Parent Brands



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Critical analysis of management information system of selected Indian microfinance institutions Abhishek Behl Symbiosis Institute of Business Management (SIBM), Symbiosis International University (SIU), #95/1, 95/2, Electronics City Phase 1, Hosur Road, Bangalore 560100, India Email: [email protected] With the advent of technology, banking sector has grown in terms of profit. Peeping into the reasons of the same we would find various factors but core banking solutions has given an entire new face to banking and financial sector. Management information system (MIS) laid a strong foundation on which any institution dealing with finance as a department relies on. Expansion of business, serving their existing client base, adding new customers to their family and to generate an aura of competition amongst the market are some of the key reasons firms across globe are using MIS systems. Microfinance sector needs MIS for gearing up economic stability, increasing performances and manage flow of funds because a high outflow of funds might fluctuate the economics of loan disbursement. This gives an idea and an area of research on MIS systems in Microfinance institutions (MFI). This research paper focuses on various MIS systems available in the market. It focuses on the current structure of MIS systems in MF sector and research on the existing scenario of competition with respect to various vendors offering similar services. The findings of the research indicate that currently there is diversity in the services and packages offered by vendors and there is a need to build up common software for all the microfinance institutions to bring in uniformity. Core banking solution has evolved in the area of banking and the support has been offered by software giants like Infosys and TCS to bring in a uniform standard. Keywords: Microfinance Institutions; Management Information System; Technology



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Role of rural marketing in the economic development of emerging markets like India

Anita Sengar*, Kumkum Bharti, Vinay Sharma and Rajat Agrawal Department of Management Studies, Indian Institute of Technology, Roorkee, Uttarakhand 247667E-mail: [email protected], Contact: 91-9411160553 E-mail: [email protected], [email protected], [email protected]

Introduction Rural Marketing has been exercised with disparate understanding regardless of the geographies associated, but the explicit role it may play in terms of economic development of especially the emerging economies is well understood by now. Organizations have anticipation and high expectation from these markets, reasons being not only the promise they have but also the competitive pressures companies are facing in urban markets. This paper presents an understanding of prospects and challenges associated with rural markets and rural marketing in a systematic manner emphasizing upon the areas specifically to be addressed for capitalizing upon these markets. Methodology The paper is conceptual based on the review of academic literature and practices of rural marketing. The paper reflects our experience and views on prospects and challenges being faced by rural marketers and role rural marketing plays in economic development. Results and Discussion The paper intends to be suggestive of role rural marketing may play in the economic development of emerging economies. Prospects include education, health, energy, rural technology and agricultural advancements through rural marketing leading to economic development of these emerging markets whereas challenges varies from government policies, managerial challenges, acceptability of services to cultural disparity. Keywords: Challenges; Economic development; Emerging economies; Prospects; Rural marketing.



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Performance assessment of Tennis Players: Application of DEA

Asmita Chitnis 1* and Omkarprasad Vaidya 2 1*Symbiosis Institute of International Business, Symbiosis International University (SIU), Rajiv Gandhi Infotech Park, Phase I, G. No. 174/1, Hinjewadi, Pune 411057, India Email: [email protected] 2Indian Institute of Management (IIM) Raipur, GEC Campus, Sejbahar, Old Dhamteri Road, Raipur - 492015 Email: [email protected] Competition today, has become intense not only in business but also in sports. At times the performance of a sportsman is linked to her/his ability to earn endorsements and sponsorship from the corporate world. In the present work, we consider the performance assessment of professional lawn tennis players using a non-parametric approach called Data Envelopment Analysis (DEA). DEA is known to measure relative performance of a business unit or an individual called Decision Making Unit (DMU). In this study, data of forty professional men tennis players are evaluated and their individual performance is assessed using the CRS-DEA model with output orientation. The input and output parameters considered are overall matches played, the number of grand slam matches played, ATP world tour masters 1000 played, overall matches won, number of grand slam matches won, number of ATP World Tour Masters 1000 won, number of tie breaks won, number of finals won, number of matches won in the deciding set, number of matches won after winning the first set and number of matches won after losing the first set. Finally, an attempt is made to compare the results obtained using DEA with those obtained by the Association of Tennis Professionals (ATP). Keywords: Data Envelopment Analysis; Lawn Tennis; Performance assessment



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Analysis of micro car, Tata Nano in PCMC, Pune

Beena John PhD Research Scholar, M.S. University, Tirunelveli & E-9, Premsagar, Near PCMC auditorium, Chinchwad, Pune 411033, India Email: [email protected]

Indias passenger car market ranks worlds seventh largest by volume, larger than market like United Kingdom, France and Spain. According to a recent survey by KPMG International, emerging markets will drive global demand for products in the coming years and India is one among them. Many automotive manufacturing organizations poised for growth have focused recently with more efficient small cars. In a country with a developing road network and relatively low incomes, cars are still a luxury. The introduction of the affordable revolutionary mini car, the TATA Nano and the designing of many more affordable small cars by car manufacturers opened up the possibility of a change in the present trend. Motivated by the fast paced changes in the country; this study aims to assess the aspiration of TATA NANO consumers in a rapidly growing city like Pune, a representative city in Maharashtra. This paper is an exploratory study to analyze TATA NANO consumer preference and analysis has been done on various variables like product performance, mileage and factors influencing the Customers. Keywords: Consumer preference, Emerging markets, Micro car NANO, Vehicle ownership



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Human resource planning model and process: A select review of literature

B. N. Kamble Indian Institute of Education, J. P. Naik Path, Kothrud, Pune - 411038, Maharashtra, India Email: [email protected] Human Resource Planning (HRP) includes planning of workforce, succession, skills, employment equity, economic empowerment initiatives, motivation, pay levels to recruit retain, a grading and remuneration, a consistent performance, career development, policies and frameworks to ensure people development etc. The paper is based on the selected review of the concern object with aim to discuss the concept of human resource planning, workforce planning, human resource planning model, planning process and execution. The paper is organized in five sections. The strategic human resource planning model(SHRP)approach involves six steps. The overall human resource management process comprises four steps. The first step is concerned with the projection methods, quantitative and qualitative of labour supply and demand and the second step is related to the objectives of HRP. The third step is the design and implementation of HRP, The fourth step is the evaluation which feeds back into the first step. The paper concludes that the four steps in the HRP process support each other. The HRP strategies developed to support the achievement of the organisation's objectives. Keywords: Human Resources, Planning Concepts and Execution, Work Force



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Social media, a persuasive tool for pull marketing - Case studies of cosmetic and beauty brands Neetu Singh Department of Business Administration, Technical Education and Research Institute, P.G College, Ghazipur, Gautam Buddh Technical University, Lucknow Uttar Pradesh, India Email: [email protected] Marketing that focuses on helping brands and organisation to be more easily discovered, is the next wave of marketing. Now a days customers are more towards trusting the result of their own pull searches. Pull marketing means that customer get exactly the information they are seeking to find, at the exact time they are looking for it, and they no longer feel, pushed towards a sale. Internet offers new ways to connect with customer. Traditionally, consumer used the internet to simply expend content: they read it, they watched it and, they used it to buy products and services. In present time consumers are utilising platform-such as content sharing sites, blogs, social networking. Social network have always existed, but now has taken new form through Internet and advent of social media. Today it is designed to persuade and motivate people to change their behaviour and attitude. In todays age consumers are researchers. They are much more discerning than they were 10 years ago. They read rating and reviews, and pay attention to the details. In such scenario it becomes essential for the marketer to utilize Pull marketing strategies to persuade brands. It requires building relationship with their consumers and brand credibility. Social media of any type would be considered pull marketing if it utilises persuasive strategies essential to increase the visibility of the brand and offer deal to people who want to see them. Keywords: Persuasive; Pull Marketing; Social Media; Social Networking



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An exploration of androgyny in Indian women entrepreneurs

Rupavataram Sunita Ramam Organizational Behavior and Human Resources, Symbiosis Institute of International Business (SIIB), Symbiosis International University 9SIU), G. No. 174 / 1, Rajiv Gandhi Infotech Park, Phase-1, Hinjewadi, Pune 411057, Maharashtra, India Email: [email protected]

The sign of a thriving economy of any country is the entrepreneurial performance of that country. Hence, it is important to study variables, which can impact the behaviour of entrepreneurs. Biological gender and need for inclusive development has been extensively focused on. However, more than the biological gender, it is the gender role behaviour which has been known to impact behaviour and hence performance. Androgyny refers to presence of masculine and feminine behaviours within all individuals irrespective of biological gender. Androgynous behaviour increases the flexibility and adaptability of individuals, which is imperative for entrepreneurs. This study attempts to understand the gender - role orientation of 51 Indian women entrepreneurs who have fulfilled stringent performance criteria to qualify for participation in an entrepreneurial development program. The instrument used for measuring the gender role orientation of these participants is Bems sex role inventory (BSRI). 39% of the participants had an androgynous gender- role orientation in this study. It was found that number of years of entrepreneurial experience, type of business, external cultural influences and stage of entrepreneurial venture, all have a role in the evolution of androgyny. The implications of these findings on entrepreneurship behaviour are discussed from an Indian context. Keywords: androgyny; entrepreneurship; feminine; masculine



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Healing HRM through positive psychology: An outlook

Happy Paul* and Pooja Garg

Department of Humanities and Social Sciences, Indian Institute of Technology (IIT) Roorkee, Roorkee - 247667, Uttarakhand, India Email: [email protected]

The aim of this paper is first, to review and understand major modern HRM challenges in India, secondly, to argue that the underlying ailment is the way organizations and employees respond to these challenges, and lastly to discuss how positive psychology can play a healing role. The paper describes how major issues faced by HRM can be addressed by adopting the tenets of positive psychology to align HR with the changes that are happening in the workplace and the economy. Further, it is explained that resilience, subjective well-being, hope and optimism would be able to demonstrate as a utilitarian capacity to accommodate emerging trends. The paper suggests a fundamental rethink to HRM issues and offers application of positive psychology as a feasible solution. This paper could be useful to design HR policies and interventions in a more thoughtful manner. It is revealed that positive psychology has the potential to make a difference and thus, more empirical research is suggested. Keywords: Hope; HRM; India; Optimism; Positive Psychology; Resilience; Subjective Well-being.



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The work life balance among working couples in Pune Suburb

Jyoti Gaikwad* and Manasi Javadekar Smt Hiraben Nanavati Institute of Management and Research for Women, Cummins College Campus, Pune 411052, India Email: jyoti4mit@rediffmail, [email protected]

Work demands are increasingly encroaching on family and personal time. With increasing participation of women in workplace the participation of working mothers and dual earners couples have increased .Conflict between work life and personal life aggravated due to work culture becoming popular due to rise of service sector industry, technological complexities at workplace, aging population and loss of social support network .Most traditional metropolis in India is seeing a sea change in its values and beliefs. The work life balance is most discussed but yet difficult to be executed as the roles and challenges keep changing with the changing times. The Pune city is currently booming with employment opportunities mostly in the service sectors, more particularly in the IT and BPO sector, offering jobs equally to men and women. The paper focuses on social and personal aspects of work life balance among the working couples in Pune suburb. The lifestyle that working couple follow the reasons behind the imbalance and the steps taken to maintain the work life balance. The detailed analysis of variable in individual and collectively with both male and female counterparts is done. Keywords: Work life balance, Time balance, Policies, Issues



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Marketers mindsets: Key to develop bottom of the pyramid markets

KumkumBharti*, Anita Sengar, Vinay Sharma and Rajat Agrawal Department of Management Studies, Indian Institute of Technology, Roorkee, Uttarakhand 247667, India Email: [email protected], [email protected], [email protected], [email protected]

Introduction Marketers have a big role to play in the development and bringing advancement at the Bottom of the Pyramid markets by spreading awareness about meaningful consumption or need based consumption, preferential and purposeful spending on the utility products & services and promoting the village based communities in production and production related activities. Market development for rural and bottom of the pyramid markets is also required for sustenance and growth. In this humongous task, the change in mindset of the marketers, policy and decision makers are collectively foreseen to bring changes in the ideology and perception of the change makers. This paper proposes for the importance of change in mindset of the marketers ready to enter into the emerging markets with the pursuit of developing and serving the market. Methodology Research methodology used in the paper is exploratory research design that includes an exhaustive study of the literature available. To identify how the mindset of the markets has been traced from the sociology, psychology and other interdisciplinary literature. Results The paper foresees the emergence of understanding through confluence of thoughts of the authors and the other participants of the conference a structured frame of research to emerge on the issue proposed, which may give direction to strong empirical researches. Discussion and Conclusion Influential marketers can be the change agents to develop Bottom of the Pyramid markets primarily in emerging economies. The benefits of change in the mindset of the marketers will be percolated to the entire Bottom of the Pyramid community and will result into long term sustenance of business and community that will eventually leads to sustainability and overall development of the Bottom of the Pyramid, the largest market of the world. Keywords: Bottom of the Pyramid, Emerging Economies, Market Development, Mindset of Marketers.



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Developing ordering policy based on multiple inventory classification schemes

Manisha Ketkar 1* and Omkarprasad Vaidya 2 1*Symbiosis Institute of International Business (SIIB), Hinjewadi, Pune 411057, India Email: [email protected]; [email protected], 2 Indian Institute of Management (IIM) Raipur, GEC campus, Sejbahar, Old Dhamteri Road, Raipur 492105, India Email: [email protected] Various inventory related decisions, are made in industry, specifically, in the manufacturing sector. One of the most critical and crucial decisions is development of ordering policies. Usually the ordering policy decisions are made based on a classification scheme (like ABC). The paper attempts to look at the problems of inventory control, specifically the ordering policy from a broader perspective for input materials like raw / packing materials and/or components. Here we consider multiple classification schemes in order to enable the decision maker make a conscious and holistic decision. These schemes are assigned proper weights, considering the organizational vision and mission. The proposed approach is formulated in its simplest form by using a multi criteria decision making technique called SAW (Simple Additive Weighting) method. In this paper we explain the developed methodology along with an illustration. We propose the approach or methodology with no specific industry in mind, and hope this will help practicing manager, working in any business vertical. Keywords: Inventory classification; Inventory control and ordering policies; Multi criteria decision making technique (MCDM); SAW



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Selecting alternatives for improvement in supply chain performance

MohitTyagi*, Pradeep Kumar and Dinesh Kumar Mechanical and Industrial Engineering Department, Indian Institute of Technology (IIT), Roorkee, Uttrakhand, India- 247667 Email: [email protected], [email protected], [email protected] The paper presents an approach to evaluate the performance of various alternatives used for the supply chain systems. A model based on AHP has been formulated and three mutually exclusive alternatives namely (Suppliers, Investment in advanced technologies, and Investment in information communication technologies) are considered in the performance evaluation. Critical analysis of the entire three alternatives with role and effect has been discussed. The finding suggests that of the above three alternatives suppliers can play a very important role in improving performance of the supply chain. Keywords: Analytical Hierarchy Process (AHP), Performance Measurement, Role of Suppliers, Supply Chain Management (SCM).



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An evaluation of human resource accounting disclosure practices in Indian companies

Nidhi Sharma and Hitendra Shukla Department of Accountancy and Law, Faculty of Commerce, Dayalbagh Educational Institute (Deemed University), Dayalbagh, Agra 282110, India Email: [email protected], [email protected] Human Resource Accounting is the process of measuring reporting the human resource of an organization. HRA is a management tool which is designed to assist of human resource senior management in understanding the term cost and benefit implication of their HR decision. So that better business decision can be taken by them. The basic objective underlying human resource accounting is to facilitate the effective and efficient management. The study has been conducted with the objective to find out the disclosure practices of HRA in selected private and public limited companies. For this, the researcher has been taken four Indian companies, viz.; two public sector companies and two private sector companies. For analysis purpose, the study has used content analysis for disclosure practices of HRA by using different methods. The result of the study shows that public sector is following better HRA disclosure practices than private sector. Keywords: Human Resource Accounting (HRA), Human Resource Accounting Disclosure



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A study on Gen Y and its effect on markets and brands

Payal Chhabra* and Deep Vakharia Mumbai Educational Trust Bhujbal Knowledge City, Affiliated to Pune University, Mumbai, India Email: [email protected], [email protected] The opening of Indian markets to foreign investments will result into mount of new trends in the markets resulting into turning round of money, Indian youth is target market for the companies to market their products as the youth today is a part of decision making as well as the trend of earn while learn is emergent in India, the average age when the youth enters workforce as full time employee is 22-24 taking all this in to consideration its apparent that companies will have to get in this youth wallets so they need to customize, advertise & target them. The research paper will highlight the trends in youth & their spending habits, their likes & dislikes suggesting a way forward to target this potential market. Keywords: Emerging Youth; Gen Y; Marketing Trends; Workforce 2012; Youth Economy



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Study of consumer buying behavior of cars with special reference to small segment cars Prachi Jain and Rajni Sinha Amity College of Commerce and Finance, Amity University, Sector 125, Noida Email: [email protected], [email protected] Introduction In todays world, customer is considered to be the king of the market. To sell any product, there is a need to build a relationship with customer. For building a relationship, there is a need to know the consumer behavior and how will they be satisfied. Consumer behavior is the study of how individuals, groups, and organizations select, buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. Marketers must fully understand both the theory and reality of consumer behavior. This research is undertaken to know the consumer behavior and the factors affecting the consumer behavior while making a purchase decision with regard to a car. There are many factors that stimulate and motivate a consumers decision like cultural (culture and subculture), social (reference groups, family, roles and status) and personal (age and stage in the life cycle, occupation and economic circumstances, personality and self-concept, lifestyle and values,) factors. It may not be possible to analyze each individual customer in depth with a view of identifying what makes them choose a particular brand and a particular segment of cars. Thus a marketer needs to know which one is the foremost factor so as to identify the most appropriate marketing strategy in an effort to target buying characteristics of consumers and thus ultimately retain the existing customers and attract the new ones. Methodology The study seeks to find out the consumers attitude towards buying of cars. Type of Research -The study undertaken is a Descriptive Research. Nature of Research -The study is quantitative in nature. It has been conducted through structured, standardized questionnaire. Results In current market scenario, respondents give maximum weightage to personal factors, then after that they consider cultural and social factors respectively. Successful marketing requires that companies fully connect with their customers. Adopting a holistic marketing orientation means understanding customers gaining a 360 degree view of both their daily lives and the changes that occur during their lifetime so that the right products are marketed to the right customers in the right way. Conclusion Marketers in the car segment must take steps to redesign, reposition and reprice their products and should continue to offer value to target customers. Keywords: 360 degree view, consumer behavior , questionnaire



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A two period sequential unreliable newsboy problem

Divya Tiwari 1, Rahul Patil 2* and Janat Shah 3 1FPM, IIM Bangalore, Bangalore 560076, India 2SJMSOM, IIT Bombay, Mumbai 400076, India 3IIM Udaipur, Udaipur, India In the unreliable newsboy problem, firms sometimes split their orders among multiple suppliers to manage supply risks. In this paper, we discuss how ordering time can be used to build supply chain flexibility to mitigate the supply risks of an unreliable newsboy. We consider a situation where a firm has an option of placing two sequential orders such that a new order is placed only after the yield from the previous order is known. An optimal order quantity for each ordering stage is derived by assuming a Bernoulli supply yield distribution. Managers can easily implement these closed form solutions in a computer to decide the order quantities. Our computational results suggest that the sequential ordering policy performs better than a simultaneous ordering strategy as it offers additional flexibility while placing the order.



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Organizational climate, climate strength and work engagement

Richa Chaudhary*, Santosh Rangnekar and Mukesh Kumar Barua Department of Management Studies, Indian Institute of Technology Roorkee, Uttarakhand, India Email: [email protected], [email protected] The objective of this study was to explore the role of human resource development climate quality and climate strength in determining work engagement at organizational level of analysis. Climate strength was examined for its linear, curvilinear and interactive effects on aggregate level work engagement.Data were collected from a total of 375 employees from 28 business organizations in India. Hierarchical regression analysis was used to examine the dynamics of relationship among study variables.Climate quality was found to relate significantly with work engagement. However, climate strength did not show any significant linear effects on work engagement after controlling for climate quality. Further, climate strength failed to show any curvilinear effects on climate quality-work engagement relationship. Interestingly, climate strength for one climate dimensions displayed significant moderation effects on climate quality-work engagement relationship. In addition to designing the customized interventions aimed at improving the development climate perceptions of each employee, providing opportunities for collaboration with people having more positive perceptions of development climate in the organization is likely to shower significant benefits for organizations in terms of engaged workforce. Keywords: Climate quality; Climate strength; Curvilinear effects; Moderation; Work engagement



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Emerging issues and challenges for HRM in public sectors banks of India

Shalini Shukla* Research Scholar (JRF), Department of Business Administration (LUMBA), University of Lucknow, Lucknow, India Email- [email protected] The Indian economy is one of the fastest growing economies in the world irrespective of non-conducive economics headwinds blowing globally. Indian Financial sector has undergone a rapid transformation since its inception. The competitive and deregulatory forces have brought about a perceptible shift in the customers expectation. HR poses the biggest challenge to the public sector banks in country India. Changes in technology, customer preferences, regulatory framework etc causes the need of radical shift in the HRM. This study is focused on the issue of major challenges faced by HR manager in Public Sectors Banks in India to cope with the environmental changes for competitiveness. Keywords: HRM; HR Challenges; Public Sector Banks



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Game on: A study of the phenomena of gamification and an empirical study of its impact on the youth in Manipal: Gamification and its impact on marketing and HR

Unnikrishnan Nair*, Vipin Vinod and Venkata Someswara Rao D. T A Pai Management Institute, Manipal, Karnataka-576104, India Email: [email protected], [email protected], [email protected] The study reviews the literature for the phenomenon gamification, unravelling what constitutes gamification and how different it is from games. Moving ahead, we try to find the researched impact of gamification, which has been the major reason for gamification being touted as the next wave of engagement platform for consumers and employees alike. Reasons include accelerated feedback cycles, clear goals and rules of play, a compelling narrative, and challenging yet achievable goals. Further on, it demystifies the game mechanics Points, Levels, Challenges, Virtual Groups, Leadership Boards, Gifting and Charity which forms the basis for a gamified environment. Elements of its impact include on Key Performance Indicators, User Retention, Branding, Loyalty and Motivation is measured both through secondary research and re-emphasized through an empirical study on a youth sample (age 15-35 years) in Manipal, a cosmopolitan town in coastal Karnataka. Though boredom and relaxation still takes the cake for people using games, the aspects of challenge and experience is also having a good share in making people turn to games. Smart devices are also a small but significant reason. The entertainment sector demands gamification, followed by health and sports, information and news and education indicating the misnomer that play and work doesnt go together is still a widely held belief in the age group. However, there is a significant percentage of the youth which believe that games have helped them in better concentration and performance a very good basis for organizations to pursue gamification further in work and other environments. Keywords: Branding; Engagement; Gamification; Loyalty; Motivation



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Theoretical remodeling of influence of children on family purchase decision making

Adya Sharma and Vandana Sonwaney Symbiosis Institute of international Business (SIIB), Symbiosis Internation University (SIU), Pune, India Symbiosis Institute of Operations Management (SIOM), Nashik, India Email: [email protected], [email protected] It was not long ago that children were not considered an important segment. Understanding the child as a consumer was limited to understanding the consumer socialization of children. However changing social and economic conditions have also changed the role of children as consumers. They have been viewed as three markets in one: current market, future market and a market of influential that cause many millions of dollars of purchase among their parents. ( Mc Neal , 1987). Childrens influence in family consumption decisions is an important topic for research, for the researcher, marketer and policy makers. Avenues for this research have been defined in the West though in a limited manner. However research on the topic in India is very limited. McKinsey (2007) has forecasted that India will be the 5th largest consumer market by 2025. Spencer Stuart (2008) has identified kids, youth and urban Indian women as three emerging segments. Unlike the west, India has a young population with children under 15 years of age constituting 30% of our population (Census 2010) With the number of females increasing in employment (Chandrashekhar and Ghosh, 2007) the mothers are spending less time at home and with children. This has increased the role of children in decision making. Cultural and technological changes have changed the equation between parents and children. Children have so much power in the family that their families are becoming child led (Cowell, 2001) the influence of children on family purchase decisions is an unexplored topic in Indian context and demands research and attention. This study intends to investigate how the urban child influences the purchase decision making of the family and its relation to family demographics and family communication. A conceptual model is outlined. The model integrates these two different areas of research to develop a conceptual model to explore the relation of influence of children with respect to different factors. Ward (1974) asserts that socialization is a lifelong process and hence this model also proposes parents re-socialization with children as one of their socialization agents. The paper identifies propositions for future research with the limitations and future scope of research Keywords: Influence of children, India, Consumer socialization, Family re-socialization



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Issues, challenges and strategies for management education: A comparison of BRICS nations

V.K. Nangia, Vinay Sharma and Ritika Mahajan* Department of Management Studies, Indian Institute of Technology (IIT) Roorkee, Uttarakhand 247667, India Email: [email protected], [email protected], [email protected] Introduction One of the biggest challenges for businesses operating in the dynamic environment of today is the need of competent managers. Management education has played a pivotal role in developing these managers, who have shaped up organizations and businesses around the world. An important and a responsible thought associated with management education is its own management. The purpose and value of MBA (Master of Business Administration) degree has always been under the critics scanner (Pfeffer and Fong, 2002, 2004; Ghoshal, 2006, Khurana, 2007) but proliferation of institutes, driven by forces of globalization and liberalization, has risen serious questions on quality in education (Jagadeesh, 2000; Mintzberg, 2004). Therefore, it would be fruitful to investigate the quality of contemporary business education and its implications, especially for emerging economies like Brazil, Russia, India, China and South Africa (BRICS) which drive the growth engine of the world economy. Framework The paper will describe the changing Global and emerging market scenario, relevance and significance of management development for emerging economies, a comparative analysis of issues and challenges related to structure, policy, growth, design and delivery of management education in the BRICS nations and strategies to improve with emphasis on faculty retention, faculty development, functional literacy and academic excellence. Methodology The paper will be based on review of literature of BRICS nations and observations of the contemporary scenario substantiated by semi-structured, open ended interviews of a judgmental sample of experts from industry and academia. Conclusion The paper, on the whole, will document and analyze management education system in select emerging economies in the backdrop of its role and significance in these countries. Keywords: BRICS, Emerging economies, Management Education References: Jagadeesh, R. (2000), Assuring quality in management education: the Indian context, Quality Assurance in Education, Vol. 8 No. 3, 110 119. Khurana, R. (2007), From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession, Princeton University Press, Princeton. Mintzberg, H. (2004), Managers not MBAs, Barrett-Koehler, San Francisco. Pfeffer, J. and Fong, C. T. (2004), The business school business: Some lessons from the US experience, Journal of Management Studies, Vol. No.8, pp. 1501-1520. Pfeffer, J. And Fong, C.T. (2002), The End of Business Schools? Less Success Than Meets the Eye, Academy of Management Learning & Education, Vol. 1 No.1, pp.78-95. Ghoshal, S. (2005), Bad Management Theories are Destroying Good Management Practices, Academy of Management Learning and Education, Vol. 4 No. 1, pp. 7591.



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The Corporate Social Responsibility conundrum: A definitional perspective

V.K. Nangia, Vinay Sharma, Ritika Mahajan* and Vaibhav Aggarwal Department of Management Studies, Indian Institute of Technology (IIT) Roorkee, Uttarakhand 247667, India The concept of corporate social responsibility is an evolving one and is here to stay. This paper attempts to understand corporate social responsibility in a conceptual perspective by tracing the evolution of the concept and examining different facets associated with it- economic, legal, ethical and philanthropic, as proposed by Carroll in the pyramid of corporate social responsibility. The conclusion drawn is that CSR is the commitment of the business to abide by the law and to operate in an ethical manner when it has the opportunity to do otherwise, with or without philanthropy. It is absurd to expect the business to compromise with profits. An ideal win- win situation would be if the business could find ways to indulge in strategic CSR and benefit both itself as well as the underprivileged sections of the society. The new wave is of integrating CSR into the core business, of viewing it as an opportunity and not as a burden. CSR cannot be imposed. It has to be embedded in the very DNA of the organization as exemplified by The Tata Group in our country. Keywords: Corporate social responsibility, CSR pyramid, Evolution, Strategic CSR



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Customer experience management: An exploratory study on the parameters affecting customer experience for cellular mobile services of a telecom company

Sujata Joshi Symbiosis Institute of Telecom Management (SITM), Symbiosis International University (SIU), Symbiosis Knowledge Village, Near Lupin Research Laboratory, Village Lavale, Pune 411042, India Email: [email protected] The cellular mobile industry in India is undergoing rapid changes as a result of globalization and liberalization. It has now become the world's most competitive market as well as one of the fastest growing telecom markets in the world. Customer retention is one of the most important challenges faced by telecom companies today. According to Gartner, Indian cellular operators face the highest churn rates compared to their counterparts in Asia pacific Region .The monthly churn rates for India range from 3.5 per cent to 6 per cent. Thus, it is essential to develop effective methods to retain the existing customers for any telecom operator which includes two major steps. One is identifying the revenue earning customer and second is managing the customer experience and customer value for the revenue earning customers. Customer experience is defined as the sum of all experiences that a customer has at every touch-point of the customer-company relationship. It is an intentional effort on the part of the company to develop and maintain good experience which is differentiated from the competition, consistent at every touch point and most importantly valued by the customer. Methodology This exploratory study aims at understanding the parameters that affect customer experience for cellular mobile services. .Exploratory interviews were conducted on 536 customers using cellular mobile services. Factor analysis was conducted to find out the factors which affect customer experience for the cellular services offered by telecom companies. Based on the studys results implications for the cellular mobile service operators are offered. Key findings The research indicated five factors which affect customer experience out of which excellent customer care service and service delivery as promise come out as the major factors that affect customer experience. Keywords: Consumer Behavior, Customer experience management, Customer retention, Marketing , Strategy.



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Indian renaissance in 21st century: Management education, thoughts and practices for betterment of business, nation and society

Shubhasheesh Bhattacharya1* and Sonali Bhattacharya 2 1Symbiosis Institute of International Business (SIIB), Symbiosis International University (SIU), Phase-I, Hinjewadi, Phase-I, Pune- 411057, India 2Symbiosis Centre for Management and Human Resource Development (SCMHRD), Symbiosis International University (SIU), Plot 15, Phase-I, Hinjewadi, Pune 411057, India Phone: 91-020-22934304/05 Extn 332 Email: [email protected], [email protected] The paper talks about the glorious past of the Indian ethos, management thoughts and practices, the current situation in India and the suggested roadmap for future to regain the past glory. Governance of the country is influenced and affected by the political, social, environmental factors and Youth Activism; which suggests that there is a strong link between the values of the people, their actions and the quality of governance. Quality of Governance of the country is the indicator of the maturity and well-being of the society. A new conceptual model has been suggested showing the linkage between youth activism and quality of governance, determining the health of the society. The model is prepared based on evidences from India. The focus of the paper is the need to impart quality management education embedded with universal values, for betterment of business, nation and society. Key Words: Indian ethos; universal values; youth activism; governance; society



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A strategic resource management model: Case study to benchmark the performance of two generalized retailers in India viz. Shoppers Stop Ltd. and Trent Ltd.

Aradhana Gandhi 1* and Ravi Shankar 2 1Symbiosis Centre for Management and Human Resource Development (SCMHRD), Pune, India 2Department of Management Studies, I.I.T. Delhi, New Delhi, India The paper aims to use strategic resource management model, a framework for evaluating the performance of two generalized retailers in India that is Shoppers Stop Ltd. and Trent Ltd. This framework is of immense help in benchmarking, planning and executing alternative inventory, space and people strategies. And therefore, the paper throws insights in terms of strategies to improve these two retailers performance. In the second part of the study, the Indian retailers Shoppers stop and Trent are benchmarked with the number one retailer in the world Wal-Mart using the Strategic Resource Management Model. This study helps to understand the areas where the two Indian retailers can work on to improve their performance.



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Competitive advantage for SMEs through green business strategies

Gurudas Nulkar Symbiosis Centre for Management & Human Resource Development (SCMHRD), Symbiosis International University (SIU), Plot no. 15, Rajiv Gandhi Infotech Park, Phase -1, Hinjewadi, Pune 411 056, India Email: [email protected] SMEs have always been the prime movers of Indian industry. Their presence has helped bring in FDI in many sectors. The SME sector itself is a large employer for India. While the term sustainability and green have of late gained priority with large firms, SMEs have not yet been motivated to take up improvements in environmental performances. Our media and society in general is quick to respond when a large firm causes any environmental violation. Unfortunately, SMEs do not have this watchdog to deal with. The sheer number of SMEs makes it difficult to enforce regulations for authorities. There is much research on environmental performance of large firms, their motivations to do so and the advantages that they can hope to gain from this. This article discusses whether green business strategies could be a source of competitive advantage for SMEs and if so, how could SMEs approach the sustainability initiatives. Keywords: Green business, Green strategy, Competitive advantage, SME, Sustainability, Ecoadvantage



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Role of media in increasing materialism among children

Vandana and Usha Lenka Department of Management Studies, Indian Institute of Technology (IIT) Roorkee 247667, India Introduction Society trends are changing and leading to certain demographic alteration. Families are modified from extended to nuclear ones and consumer socialization of children is shifted from parents to media due to the existence of dual career families. Parents compensate their time by exposing their children to media as and when they wish. Exposure to media is making children susceptible towards external environment, because of which they become the victims of the materialistic world (Achenreiner, 1997). They have linked their happiness with the material goods for happy living. This materialistic attitude of children is directing them towards excessive consumption and impulsive buying. Marketers promote their products by correlating happiness with material goods, knowing the fact that children get fascinated by attractive things easily. Objective This paper investigates the role of media in emergence of materialism among children by growing age. Focusing on the key aspects of materialism, current investigation will try to specify the consequences of materialism on children. Methodology The literature is extensively reviewed for finding the role of media in generating materialism in childrens lives and how this rising materialism is impacting children. Results Children are exposed to media to a large extent, making children vulnerable target of consumerism which is hampering their cognitive and social development (Buijzen, and Valkenburg, 2003). They feel attracted towards materialistic things due to the media exposure, as a result of which they push their parents to buy fascinated things promoted by marketers. All these are supporting the development of materialistic attitude in children. Consequences of materialism on children are shown in form of dissatisfied and less confident children, dependent on external environment (Achenreiner, 1997). Conclusion Changing work culture and busy schedule of parents has changed the process of child socialization from parents to media. Parents compensate their time with materialistic things. As a result, children became susceptible towards materialistic world, a consequence of raising consumerism. Children have already been started connecting their happiness with materialistic things. Consumerism gives boost to materialism which is harmful for the development of child cognitively. Suffieciaet attention have to given by parents to distract their attention from media to real world. Keywords: Consumer socialization, Materialism, Media exposure References Achenreiner, G. B. (1997). Materialistic values and susceptibility to influence in children. In M. Brooks, & D. J. MacInnis (Eds.), Advances in Consumer Research, 24, 8288. Provo, UT: Association for Consumer Research. Buijzen, M., & Valkenburg, P. M. (2003). The effects of television advertising on materialism, parentchild conflict and unhappiness: A review of research. Journal of Applied Developmental Psychology, 24, 437456. DSilva, Margaret U., Allan Futrell, Guadalupe Victorica Reyes, 2007, Childrens Consumer Behavior in the Age of Globalization: Examples from India and Mexico, Intercultural Communication Studies XVI: 2.



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Track 2: Markets The twin forces of liberalization and globalization have transformed the global markets in the last two decades. Envisioning the rise of the global markets amidst the challenges and adversities that surrounded them, and emphasizing the importance of a good understanding of these markets, this track is a great start to an intellectual exchange of ideas on the various markets viz. financial markets, consumer market, retail markets, Industrial markets, external trade, commodity markets, foreign exchange markets, etc. In the last ten years, we witness the emerging markets as players in re-shaping the global competitive landscape. Their strong export economies and high productivity gains have led to burgeoning savings and accumulation of foreign reserves. Some emerging economies have turned into a net creditor nation relative to the mature economies.



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Track: Markets

Examining efficiency and effectiveness of Indian Banks: Two stage network data envelopment analysis approach

Dipasha Sharma, Anil K Sharma and Mukesh K Barua Department of Management Studies, Indian Institute of Technology (IIT) Roorkee, Roorkee - 247667, India. Email: [email protected], [email protected],anilfdm@ iitr.ernet.in, [email protected] Introduction Any organization is said to be well performed within its peer group when the efficient use of resources to produce output meets effective channelization of output in term of true economic wealth or income creation. With this, our objective of study is to examine the performance of Indian banks with the evaluation of their efficiency to produce maximum output using given level of resources and further to check the effectiveness of their efficient production of output to generate true market or economic wealth for stakeholders. Methodology First to examine the efficiency we have set of inputs and outputs defined as per intermediation approach of banking, secondly to check effectiveness of outputs produced in an efficient manner will serve as inputs and economic wealth and market wealth will be final output at this stage. Finally we will evaluate the true performance of Indian banks linking efficiency and effectiveness using inputs of efficiency stage as resources; outputs of efficiency stage as intermediary and market value and shareholder wealth representing effectiveness as final output. We will follow two stage networks Data Envelopment Analysis (DEA) approach in our study. Total deposits, Interest expenses and non-interest expenses will be treated as inputs, interest income, non-interest income and loans as intermediary whereas market value added (MVA), Economic Value Added(EVA) and annual market return will be our final outputs. We will have only listed Indian banks for the period 2002-03 to 2011-12 as we are considering market return to reflect performance of banking units. Results Our results will translate a new performance measure derived from linkage of efficiency and effectiveness of Indian banks. This will serve as a guideline to managers to evaluate performance of banking units and further will help policymakers for banking reforms but most importantly it will be helpful to investors and guide for value and wealth creation of invested capital. Keywords: Efficiency, Effectiveness, Indian banks, Two stage network Data Envelopment Analysis



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Track: Markets

Evaluation of currency futures market and its impact on the market volatility in India

Meenal Annachhatre Symbiosis School of Economics (SSE), Symbiosis International University (SIU), Pune - 411004, Maharashtra, India Email: [email protected] Introduction Currency Futures means a standardized foreign exchange derivative contract traded on a recognized stock exchange to buy or sell one currency against another on a specified future date, at a price specified on the date of contract, but does not include a forward contract. Currency Futures market means the market in which

currency futures are traded. Currency futures, as a financial derivative were first created at the Chicago Mercantile Exchange (CME) in 1972. In India, NSE was the first stock exchange, permitted by the SEBI, to set up its separate currency derivatives segment. Standardized currency futures trading started on 28th August, 2008 in NSE Similarly, the BSE and MCX started trading the currency futures from 1st and 7th October, 2008 respectively. The main objective of currency derivatives is to hedge the currency risk and introduction of currency futures in Indian foreign exchange market has given a wider option to the corporate to safeguard their currency exposure. There are few countries namely Mexico, Brazil, South Korea, India who have introduced currency futures without having achieved the fuller capital account convertibility. In fact IMF, IFC have recommended the exchange listed derivatives to these countries to promote macro-economic stability and to facilitate risk control for financial intermediaries and economic entities. After introducing the exchange traded currency futures, many markets claim the reduction in the volatility of the foreign exchange market significantly. Objective The main objective of this research paper is to understand and analyze the growth trajectory and evaluation of the currency futures market in India and the participation of currency futures in the volatility of the trading system. It also focuses on the change in the regulatory authority of one of the hedging tool of the foreign exchange market in India as compare to the central banks (RBI in case of India) traditional and world-wide accepted role of the regulatory body for the foreign exchange market transactions. Methodology The main theme of this paper is to study and analyze the evolution and growth path of the currency futures in India and the change in the volatile nature of the Indian foreign exchange market thereby. The plan and structure of the investigations undertaken is of exploratory in nature, to seek an answer to the research problem. With the exploration method, the researcher would be in a better position to identify the research problem more clearly through data analysis. It would also enable to study and established relationships between independent as well as dependent variables affecting currency movements. For exploration to be more scientific and meaningful the researcher has collected primary data through structured questionnaire and unstructured interviews. The secondary data is obtained mainly from various published sources like APDIR circulars of RBI and various currency and finance reports brought out by the RBI, Periodicals, Journals, the Nifty site etc. Results 1. Very positive response to the introduction of currency futures by Indian corporate. 2. Analyzed data supports to the increase in the volatility of the spot market after introducing the currency futures. 3. The exchanges are self-regulated entities almost all over the world. In India, the Securities regulator and the central bank jointly regulate and supervise the exchange barring few issues.



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Conclusion Statistical data and literature reviewed for this paper supports that the introduction of the currency futures in the Indian foreign exchange market has happened at the right time despite having the capital controls. This will help to achieve the required depth and liquidity of the foreign exchange market. Statistical data reveals that this introduction of currency futures is contributing to the higher volatility of the spot market Keywords: Currency futures, Foreign exchange market, Regulation, Volatility



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Track: Markets

Appraising energy efficiency projects

Rahul E Ravindranathan, Medha Joshi, Atik Sheikh Matin and Darshan Joshi Symbiosis Institute of International Business (SIIB), Symbiosis International University (SIU), Rajiv Gandhi Infotech Park, G. No. 174/1, Phase-1, Hinjewadi, Pune - 411057, India

Email: [email protected], [email protected], [email protected], [email protected] Currently, India is facing an energy crisis and lots of efforts are being put in order to reduce this widening gap between energy demand and supply. One of the most cost effective ways of reducing this gap is by implementing Energy Efficiency (EE) projects. These projects have a very high potential in India as it is estimated that it can generate energy savings worth $730 million per year. But, this is not being utilised properly due to various barriers. One of the major problems is financing of these EE projects. Most financial institutions are not familiar with the aspects of EE projects. Also, weak credit strength of Energy Service Company (ESCOs) and perceived lack of collateral or guarantees also hinder the implementation of such projects. Added to this, financial institutions lack the appraisal capacities required for these projects. In this paper, appraising of EE projects shall be discussed and would highlight the benefits of financing EE projects. Also, the paper shall discuss certain schemes and policies that could be implemented in order to make these projects more attractive to the Financial Institutions. Five Basic methods of appraisal i.e. promoter appraisal, technical appraisal, financial appraisal, environmental appraisal and legal appraisal are necessary when it comes to EE projects. Besides this, different perspectives of different stakeholders like Promoters, Lenders, Government, ESCOs, etc. are observed and understood in this paper. Keywords: energy efficiency, ESCO, methods of appraisal, stakeholders



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Track: Markets

Efficiency of Indian drug and pharmaceutical industry using data envelopment analysis

Varun Mahajan*, D.K. Nauriyal and S.P. Singh Department of Humanities and Social Sciences, Indian Institute of Technology (IIT) Roorkee, Roorkee -247667, Uttarakhand, India Email: [email protected], [email protected], [email protected] The industry today is in the front rank of Indias science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. The scenario for the pharmaceutical sector has changed significantly after Product Patent Act, 2005. In this context, it would be interesting to study efficiencies of each Indian pharmaceutical firm especially after signing of TRIPS. This paper attempts to measure technical efficiencies of Indian pharmaceutical firms for the year 2010-11 through Data Envelopment Analysis (DEA) technique, using salaries & wages, raw material cost, energy input and capital as input variables and total output as output variable. The data have been taken from CMIE Prowess database. The DEA models can generally take two forms viz., input-oriented and output-oriented. Output-oriented model was applied. It is observed that the output variable has statistically significant correlation with the inputs. Standard CCR and BCC models have been applied to measure OTE, PTE and SE for the individual pharmaceutical firms. The study suggests that, on an average, pharmaceutical firms have the scope for increasing their output by 1/4th without any change in inputs. The study also analyzed the slacks which were found to be significant in output. The sample has also been sub-divided into the firms with high and low export intensity it can be observed that highly export-intensive firms were more efficient than low export-intensive firms. Both OTE and PTE scores of such firms were higher than other firms. The most plausible reason for this could be that the firms having higher stakes in the export than the domestic market may have the compulsion and resources for adopting better processes, production technologies and good manufacturing practices due to their obligations to meet FDA and similar kinds of approvals required for exporting pharma products to overseas markets. The study also suggests that foreign firms were better performers than the Indian firms. Private foreign firms appeared to be the most efficient due to their business in branded drugs which have greater margin than generic drugs. Keywords: Efficiency, Export-intensity, Ownership, Pharmaceutical, Slack



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Track 3: Trade

The impact of international trade flows on a nations economy, polity and society are greater today than ever before. The last three decades have witnessed an enormous increase in the degree of integration in the world economy that has deeply penetrated the economic, political and social framework of countries. The implications of greater trade liberalization and increasing cross-border capital flows between countries is felt across a range of actors in the international political economy ranging from industry, farmers, consumers, small scale businesses and non-governmental organizations. Regional trade agreements (RTAs) today cover half of international trade, alongside the multilateral agreements under the WTO (World Trade Organization), encompassing a wide range of areas including investment, intellectual property rights, agriculture, and services. The deep integration of countries in the global trading system also means that trade shocks could have a disproportionately negative impact, particularly on developing economies. The impasse in the WTO Doha talks, economic and financial crisis of 2008, or events such as the interruption of oil supplies from Libya or the Japanese earthquake and tsunami can all hit the exports of developing countries particularly hard. Currently, analysts predict a slowdown in world trade due to various shocks including the European sovereign debt crisis. The trade track welcomes papers that focus on socio-economic and political issues concerning the composition and direction of trade and shifting patterns of trade on countries. We invite papers that address, from a variety of theoretical and empirical perspectives, the relationship between trade and development in terms economic growth, political stability and social change. In addition to quantitative research of trade patterns, protectionism and obstacles to trade, we also invite papers that focus on qualitative analysis of the socio-political dimensions of trade. In sum, we hope to engage in constructive dialogue to understand the effects of international trade on domestic policies in a multidisciplinary manner.



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Track: Trade

Measuringthe competitiveness of Indian agriculture sector: A case study of cotton crop Sachin Kumar Sharma Centre for WTO Studies, Indian Institute of Foreign Trade (IIFT), New Delhi 110016, India Email: [email protected]

Introduction Cotton is a major source of raw material to the textile industry and a big source of employment. Cotton production in India has increased substantially after 2001-02 onwards. Production of cotton has increased 7 million bales in 1981-82 to 36 million bales in 2011-12. It was due to increase in area as well as increase in productivity of cotton after 2001-02 onwards. India consumes about 78 percent of production for domestic purpose and only 22 percent of cotton is exported to world market. Export market of cotton is dominated by USA with the share of 37.2 percent during 2007-2010. The objective of this study is to measure the competitiveness of Indian cotton through various measures under export and import hypothesis during 1990-2009. For this purpose, state-wise cost of cultivation data is collected from CACP reports. This study also compared cost of cultivation in various countries. Methodology To measure, the competitiveness of Indian cotton, various indicators Nominal Protection Coefficient (NPC), Effective Protection Coefficient (EPC), Effective Subsidy Coefficient (ESC) and Domestic Resource Cost (DRC) are used. NPC is defined as the ratio of domestic price to international price. Although, NPC measures the divergence between domestic and international commodity prices, it does not account for discrepancies in the prices of various tradable inputs, used in the production of these commodities. The EPC adjusts the NPC for the protection of the relevant tradable inputs. EPC though a better measure of effective incentive than the NPC still leaves non-tradable inputs out of its purview. Thus the ESC adjusts EPC for subsidies or taxes on non-traded inputs and is defined as the ratio of value added at domestic prices (adjusted for subsidies and taxes on non- traded inputs) to the value added at world references prices. The DRC may be defined as the value of domestic resources (primarily, non-traded factors of production such as land, labor and non-traded capital) needed to earn or save a unit of foreign exchange through the production of the commodity under the consideration. Result & Discussion Result shows that India is competitive in terms of cost of cultivation as the cost of production per kg lint is lowest in India. The net cost of producing one kg of lint in the USA (national average) is 4.5 to 6 times higher than India. All the indicators are less than one and therefore, cotton crop in India is competitive under export and import hypothesis. Conclusion: India is competitive in cotton production despite the fact that some of countries are giving huge subsidies to cotton sector Keywords: Export competitiveness, Trade, Cotton, Subsidies, WTO



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Track: Trade

Exploring the sophistication in services export Falguni Desai ManibenNanavati Womens College, Vallabhbhai Road, Vile Parle(W), Mumbai 400056, India Email:[email protected]

The world economy has fast turned into a service economy since the 1990s. Just as the Industrial revolution marked a major turning point in history, the service revolution across the globe has changed the business and the manner in which the business is conducted. Services are now characterized by growing tradability, increasing technological sophistication and lower transport costs. Purpose of the study The purpose of the paper is to examine and compare the pattern of trade in 10 services broadly classified into traditional and modern services, and its contribution to growth over time. The paper also explores the sophistication in services export using the index of sophistication. Methodology The study covers a period from 2000 to 2010 for a sample of 38 countries comprising: Brazil, Russian Federation, India and China (BRICs), European Union (EU)-15 countries, 12-EU New Member States, 5-EU Accession countries, USA and Japan. We use the methodology developed by Hausman et al (2007) which measures the productivity level, associated with countrys export basket of goods. This methodology is applied to study sophistication in the export of services instead of export in goods. The productivity index is calculated in two steps. First, for each of services that are traded we compute the weighted average of the incomes of the countries exporting that service, where the weights are the Revealed Comparative Advantage (RCA) of each country in that service. This gives the income level of that service, called PRODY. Next the EXPY is calculated as the weighted average of the PRODY where the weights are the share of each service in that countrys total exports. The EXPY strongly correlates with the per capita income: rich countries export services which the other rich countries exports. Now, the PRODY can change over time either because the weights shift for each country (RCA) or because the income lev

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