https://ir.vidyasagar.ac.in/jspui/handle/123456789/66 2026-04-26T06:36:20Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/6060 Title: Impact of risk on corporate valuation: A study of BSE500 companies Authors: Roy, Koustav Abstract: Research works on risk in general focus on portfolio risk considering market risk and credit risk of a firm, and with a little less attention are provided to the operational risk or financial risk of a business organization. These risks are very important for the business organization but the real understanding of risk will be much more complex and far from being well explored and understood if we do not consider the internal risk of a firm. There is a variety of “internal” risks besides systematic risk present in the complex business environment, which seriously threatens the profitability of an organization or which can disrupt or even destroy the business value of the company significantly. A number of research works have already been done for finding out the relationship between return and risk. Such works are mainly done for the evaluation of firm performance on the basis of the return of a business organization. So the researchers mainly wish to find out the determinants of return by which return can easily be estimated beforehand. But in today's dynamic and complex business environment of India, only return is not the ultimate issue for an investor, rather preservation and creation of the investment value of an investor is far more important over return. According to the past empirical work, risk has an impact on the return of a firm. There is a well-known proverb that high-risk, high return and low-risk low return. But whether the same concept is valid in case of the value of a firm? There have a number of different literature on capital structure theory among them in 1958 the renowned MM theory said that capital structure risk or financial leverage has no effect on the value of a firm where the capital market is perfect. Their assumption of an ideal financial environment excludes the impact of tax, inflation and transaction costs. This theory received criticism that no firm actually operates in an environment without the impact of inflation, tax, and transactional costs. But later Modigliani and Miller (1963) demonstrate that when corporate tax laws allow the deductibility of interest payments, the value of a firm is an increasing function of financial leverage. Besides this important literature, there is much more literature all over the world where the positive and negative impact of financial leverage on the value of a firm was found empirically. As Indian economy is a growing economy (Bhattacharya and Shikthivel, 2004; Kurian, 2000; Bhattacharya and Mitra, 1990; Adabar, 2005) and its capital markets are efficient in weak form (Pandey, 2003; Bhatnagar, 2003; Sharma and Mahendru, 2009) (not perfect capital markets), there is no question of capital market being perfect. So according to capital structure theory leverage, cum risks may have some impact on the value of a firm. Further according to different literature (Khedkar EB, 2015), etc. operational leverage also has some effect on the ROE of the firm which may indirectly affect the value of the firm especially if it is a growth firm. Moreover, the studies conducted previously in India were only on the financial risk factor and value of the firm. Hardly any importance was given on the operational risk or total risk of a firm. Most financial management shows systematic risk (ß) from the perspective of a portfolio or the operating and financial characteristics of the firm. Previously the company-specific risk is totally ignored during any decision making process on the assumption that it is diversifiable. But recently company- specific risk has been playing an important role in the failure of some reputed company. But according to MM theory 1963 if a firm avails tax-shield then debt financing or financial risk may help to increase firm value. As in India interest is tax-deductible expenses it is expected that the firm value would be positively affected by increasing debt financing or in other words increasing financial risk help to enhance firm value. On the other hand, when the firm increases operating risk, the firms indirectly help to increase the company value. Therefore two factors may be able to affect firm value favourably. So the present study was felt necessary. In this context, this work is an attempt to enlighten how different internal risk factors (operational risk, financial risk) are related to the firm value. This work offers an empirical approach to the relationship of value with internal risks of corporate. To examine the relationship an empirical study was conducted on BSE500 companies from 2001 to 2017 database. The number of statistical techniques such as descriptive analysis, regression analysis, etc. was conducted using the different econometric model and the outcomes of the result were tested to find out the significance of that model. Before implementing different econometrical model such as Pool OLS, Panel OLS, Robust least squared method, linear model, nonlinear model, fixed effect model and random effect model, numbers of statistical test such as unit root test for stationarity of the series, normality test for heterogeneity detection, autocorrelation test, serial correlation test for autocorrelation or serial correlation problem, Pedroni cointegration test, Johansen cointegration test for long run or short-run equilibrium detection, Wald test for finding out equality of two coefficient, Hausman test for applicability of fixed effect model over random effect model, were carried out. All the tests help to develop a better model with efficient estimation of the coefficient. Initially, the value of R2 in the different models was significant with ambiguous results in coefficient value but after implementing polynomial regression finally, it was found that debt-equity and financial risk have a significant negative effect on the firm value and operating risk has a positive impact on the corporate value. 2021-06-24T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/5913 Title: Role of loans from public sector banks in financial performance of micro, small & medium enterprises (MSME): an analytical study in districts of Medinipur (East & West) Authors: Islam, Sajijul Abstract: An elaborate analytical study has been undertaken over the prospects of utilization of funds obtained from public sector banks as the loan for investment in the Micro, Small and Medium Enterprises (MSMEs). The entrepreneurs of such sectors require finance for investment for different purposes like the fund for investment in start-up, money for working capital or fixed capital etc. Based on the in-depth discussion and exhaustive literature review, four objectives are chalked out for the current study. In this study, we have developed a structural equation model to explore the significant impact of the utility of Public Sector Banks' loan fund to the growth and development of Micro, Small, and Medium Enterprises. The existing research work undertakes a field-based research work with aid of primary data using the responses collected from entrepreneurs as respondents. The collected data has been analyzed using different statistical techniques like Chi- square, Cramer’s V test, Correlation Coefficient, Factor Analysis, Regression Analysis, Structural Equation Model, and Path Analysis. An effort has been made for making an in- depth observation of the situation consisting, the outcome of data and the corresponding effect upon different elements or dimensions of the research work. The result obtained from the statistical analysis as done in data analysis chapter, we saw that there is a strong influence of PSBs' loan fund to the Utilization of fund in their respective business, which is ultimately influencing the Financial Performance as well as Capital Formation. The SEM model captures the intra-relationship among the Utility of PSBs’ loan fund, Utilization of loan, Financial Performance, and Capital Formation. From the developed model, we have found nine paths out of total thirteen paths are strongly and positively significant. We observed that all the factors of Utility of PSBs' loan fund are directly influencing the Utilization of loan fund. While only two factors namely Availability and Expected reliance are directly influencing the Financial performance but no one is directly influencing the capital formation. In the study, it is observed that all the factors have indirect influences on the Capital Formation. Further, with the help of the path analysis, it is found that the Utilization of loan is playing a mediating responsibility in financial performance as well as in capital formation. Therefore, it can be concluded that Entrepreneurs have sufficient reason for the emphasis on Utilization of fund for the growth and performance of their enterprises. Access of loan fund is playing a significant role in fund Utilization, Financial Performance, and Capital Formation in the MSMEs Sector. So, this is utmost important for the Government and Public Sector Banks to ensure strong access of loan fund to enhance the growth of MSMEs Sector. 2019-08-08T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/5591 Title: Charismatic Qualities of Women Leaders in People Management : A Case Study of Mass-Leader Mamata Banerjee Authors: Mollah, Rejaul Islam Abstract: Leaders are the driving force of any system. Leaders lead the system from the front. Leaders formally and informally motivate their followers to do any work. Leaders are the pillars of any system. There are many types of leaders we come across in our day to day life. Among them charismatic leader is one of them. Charismatic Leaders are the leaders who lead the system with the help of their charisma. Charisma is the inner ability which helps the leaders to motivate, stimulate and instigate the followers to take any action fit and suitable for the system. There are many charismatic leaders we come across in different fields of our life. We find them in the field of science, technology, business as well as politics. Many leaders are male and few of them are female. Mamata Banerjee is such a Charismatic Leader. Her charismatic ability has motivated crores of people of India in general and West Bengal in particular for years. She is leading the Government of West Bengal for the last ten years with ease. Mamata Banerjee is leading the administration from the front. The study has explored different dimensions of Mamata Banerjee as a charismatic leader. The study has also explored her people management ability becoming a leader of the mass. This journey from general leader to the leader of the mass is highlighted in this study. This research work is entirely focussed on Mass Leader Mamata Banerjee. The study has explored and has also re-established that Mamata Banerjee is not only the present chief minister of West Bengal but also a very important and respected National Leader of India. She is a very important opposition leader of the country right now perhaps the main opposition leader of India in present time. Her visionary leadership has explored many possibilities of Bengal in present time. Her own personal and sensitive touch in administration has made the public administration more human in nature. Her government is having an ever helping attitude. There are limited charismatic women leaders of the mass in India at present. Among them Mamata Banerjee is a leading and prominent name. In this study many dimensions of leadership particularly charismatic leadership are observed. This research work is undertaken to see and observe to what extent the observation is correct and accepted to explore the role of charismatic ability to Mamata Banerjee. The study also tries to explore how far and to what extent Mamata Banerjee possesses charismatic qualities which a leader in such situation should possess. The study has also tried to explore to what extent her possession of this leadership trait has helped to win the trust and faith of the common public. The research tries to highlight how far she is successful in nourishing and nurturing the dreams of the common public of India in general and West Bengal in particular. The present research study is divided into ten chapters. They are from Chapter 1 to Chapter 10. In Chapter 1 Introduction is given. In Chapter 2 Literature Review on the area of the research work is done. In this chapter only the Research Gap is identified. Chapter 3 explores the characteristics of charismatic leader. This chapter also explores the features and traits of the charismatic woman leader in different fields of our life including politics and public administration. In Chapter 4 objectives of the study are there and hypothesis is also set in this chapter. Chapter 5 is about Research Methodology. It contains details of different qualitative and quantitative methods applied to do this research work on Mamata Banerjee. Next chapter is Chapter 6. It contains the analysis of the research work. In this chapter both primary and secondary data is analysed with the help of some statistical tools and methods. Chapter 7 gives details about the challenges and charisma of Mass Leader Mamata Banerjee. Chapter 8 talks about achievement oriented leader Mamata Banerjee. This chapter gives details about the achievement orientation of Mamata Banerjee as a leader of the mass. Chapter 9 gives an insight into the people management quality of leader Mamata Banerjee. This chapter gives a vivid description of Mmata Banerjee’s charismatic people management abilities. It gives details about her unique quality to understand the feelings of the mass. It gives a detailed insight into her unique style of managing and handling the mass for more than 40 years in India. Chapter 10 gives us the observation and conclusion of the entire research work. It also contains the limitation of this research study. Next chapter gives the summary of the study. The summary is the gist of the entire research work. It highlights the main areas and findings of the research study. Next bibliography and appendix are given. The research work specifies the list of tables, figures etc. The list of table needs to be mentioned here. It is an important part of the research work. It contains Reliability Statistics, Test of Normality as well as Descriptive Statistics for all 12 Dimensions of the research work. The table also contains the Performances in Financial Sector, Performances in Agriculture and Agricultural Marketing Sector, Health and Family Welfare Development, Food and Supplies & Forestry & Irrigation, Higher Education, Micro, Small and Medium Industries, Industry Commerce and Enterprises, Backward Class Welfare and Tribal Development, Power and Non-Conventional Energy Resources, School Education, Technical Education and Training, Fisheries Production, Performances in Fire and Emergency Services, Technical Education and Training department of Government of West Bengal. The research study also explores the achievements of Mamata Banerjee as the Minister of Railways of Government of India. It has also thrown light upon her tenure as the minister of HRD, Youth and Sports and also as the minister of Coal of Government of India. Mamata Banerjee has always played an instrumental role in the SAARC region. Her leadership has helped India and the neighbouring countries to establish and maintain good peaceful relationship for a sustainable period of time. It is unique in nature. She is the 1st Chief Minister of West Bengal. Under her leadership the people of West Bengal is experiencing growth and development they have not seen before. To do the research work data is collected from 350 respondents. A questionnaire having 12 dimensions are set and administered to collect primary data on a five point scale. Then the collected data is analysed with the help of different statistical tools. Data collected from the secondary sources are also collected and analysed to come to the findings. The research work says that Mamata Banerjee is a charismatic woman leader in the field of politics, public administration. She is a leader of the mass and leading the government and the administration from the front. She has a sensitive mind to understand the pulse of the mass. It has helped her to become a successful Mass Leader over the period of time. 2020-09-25T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/5584 Title: Performance Assessment of Non-Banking Financial Companies in India: An Empirical Study Authors: Basu, Tamal Abstract: Financial Institutions can be classified as banking and non-banking financial institutions. Banking institutions are formulators as well as suppliers of credit, while non-banking financial institutions are only suppliers of credit. A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 / Companies Act, 2013, and getting involved in dealing with loans and advances, acquisition of securities issued by the Government or local authority, hire-purchase, leasing, insurance services, and chit fund business. Basically, NBFCs act as intermediaries between the final depositors and the final borrowers. The functions of NBFCs are categorically restricted as per the guidelines of the Reserve Bank of India. The rationale of the existence of NBFCs is derived from the concept of saving of surplus and earnings from the same. The deficit, if any, can be financed by the sacrifice of some additional payments with respect to the unorganised sector. As compared to the commercial banks, the activities of NBFCs are not extensively managed by monetary authorities. So, the credit extended by these institutions may not necessarily be in accordance with the needs and priorities of the unorganised sectors. The major function of these financial intermediaries is to shift the savings of surplus units to deficit units at micro perspective and to unreached areas of commercial banks. Hence, these institutions can play a vital role in the economy of the country for financing small scale units. The country therefore, needs some institutions over and above the banks to provide finance through reaching out to the areas where banks’ presence is very much needed. So, it can be said that the NBFCs have enjoyed an advantage over the conventional banking system in the semi-urban and rural financial markets in India. The present study may be considered as the first time attempt to assess the financial performance of the selected NBFCs at aggregative level as well as at the individual company level under the new categories of classification by the RBI in India. In this backdrop, the present study is of extreme importance to assess the overall performance of NBFCs because such an assessment will bring out the current position of the NBFCs taken collectively and individually, and, inter alia, the overall performance of this sector as a whole. The policy implications of the findings of this study are expected to help the regulators/policy makers to frame appropriate policies for NBFCs so as to ensure economic and social development of the urban, semi-urban and rural areas in India. 2020-10-15T00:00:00Z