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Working Papers | 2016

Impact of Ownership Structure on Agency Cost of Debt in India

Sakina Tohid Kachwala and Chitra Singla

Using data from Indian listed companies from 2000 to 2014, the relationship between the ownership structure of the firm and the agency cost of debt in the context of an emerging economy is being explored in this paper. We mainly look at family ownership. Family owners and debt holders share similar risk profile and long term orientation towards firms and therefore, expected to have goal alignment between them. However, we hypothesize that debt-holders, in the Indian context, are more concerned with the risk of wealth expropriation by the concentrated family owners rather than the benefits entailed by such an ownership structure. Accordingly, the paper attempts to answer the question: which agency problem namely the management-principal or the principal-principal is given more significance by the debt holders in the Indian context

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Working Papers | 2016

Executive Stock Options: Will It Work as a Good Governance Mechanism in all Scenarios?

Preet Deep Singh and Chitra Singla

Agency theory proposes different mechanisms to mitigate agency costs in the firms. An executive stock options (ESoPs) is one of such mechanism, which is given to the CEO of the firm to align CEO's goals with that of the owners. In this paper, we contend that ESoPs will not work as a good governance or mitigation mechanism in all types of firms. ESoPs can be an effective mitigation mechanism for a firm with dispersed ownership but it might not be the case for a firm with majority or block shareholding. We extend this argument for ESoPs given to board members as well. We present a framework to understand when it makes sense for a firm to incentivise top management with ESoPs.

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Working Papers | 2016

Open Innovation at different levels for Higher Climate Risk Resilience

Anamika Dey, Anil K. Gupta, and Gurdeep Singh

As climate variability is increasing, creating knowledge networks is becoming more and more important for bringing in, or leveraging the embedded resilience in the communities through cross-pollination of ideas, resources and insitutional linkages. Communities have developed knowledge systems around climate mediated environmental changes since time immemorial. Some social groups have capacity to cope with stress better. They have homeostatic advantage due to either accumulated surplus (Burton, 2001) or access to institutions, technology and social networks (Adger, 2003) . However, these knowledge systems often remain limited as isolated islands or small local networks resulting into asymmetries of knowledge at inter or intra-community level. Intermediary organizations become important to bridge the gap that exist among communities within the informal sector and also between the formal and informal sector. There organizations and platforms like The Honey Bee Network have been able to facilitate both horizontal exchanges, people to people learning and sharing; and vertical exchanges, connecting the informal actors with the formal system. The framework in this paper helps in studying the difference in different components of Open Innovation System through their degree of openness of sharing, self-governance and self-regulation. We explore the different activities and institutions of The HB Network to study the degree of openness and how they contribute to make the system which has now existed for 26 years, more sustainable. We draw lessons for other institutions, organizations, communities who strive towards an autopoietic system i.e. self-designed, self-organized and self-governed system with a feedback system from within and outside, making the whole innovation and knowledge ecosystem sustainable towards the changing and fluctuating environment.

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Working Papers | 2016

Human Resource Issues in Maternal and Neonatal Health in India

Sunil Kumar Maheshwari and Dileep Mavalankar

One in seven women die from complications related to pregnancy or delivery in some of the African countries, compared to one in many thousands in Europe and North America. More than 95 per cent of maternal deaths occur in developing countries. In the developing countries complications of pregnancy mainly due to inadequate Emergency Obstetric Care (EmOC) is the leading cause of death among women of reproductive age. They account for 18 per cent of the burden of health disease in reproductive age group-more than any other single health problem (World Bank ,1993). At least 40 per cent of pregnant women experience some type of complication during their pregnancies. Most maternal complications and death occur either during or shortly after delivery and are difficult to predict. Nearly 15 per cent of complications are life-threatening that require immediate EmOC. However, many of them do not receive adequate EmOC. Hence, "Safe Motherhood" will remain a dream in the absence of adequate EmOC.
As in any services, health services are highly dependent of the human resources - its availability, quality, commitment and performance. EmOC services are even more dependent on highly skilled human resources as they need complex procedures as Caesarean Section (CS) and other emergency procedures. Thus ensuring access to quality maternal services including EmOC is a major challenge in Human Resources Management (HRM). In this paper we present an outline of key issues in HRM which specifically relate to MH and EmOC, based on our experience in India and review of literature.

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Working Papers | 2016

An Examination of One Dimension Marginal Distributions: Selling and Non-selling Activities of a Salesperson

Dheeraj Sharma and Mir Ghulam Haider Talpur

Past researchers have endeavored to examine and ascertain the time that salespeople spend engaged in core and non-core activities. In this study, the time spent by a salesperson on non-core activities is called vacation time. This study examines the number of times a salesperson engages in vacation and the time taken by the number of vacations by controlling the number of customers. The one dimensional marginal probability generating (transform), density and cumulative distribution functions of the random variables , and are obtained by controlling the variability of two random variables simultaneously.

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Working Papers | 2016

Antecedents and consequences of Brand Equity: A meta-analysis

Arpita Pandey and Dheeraj Sharma

Brand equity provides the firms, a competitive, financial and strategic advantage over other firms in the market. Over the past few decades, brand equity has received increasing attention from various domains. However a great deal of variance exists in extant literature regarding the antecedents and consequences of brand equity and their relationships. This study attempts to bring clarity to this framework through the meta-analysis of a set of 37 studies that investigate antecedents and consequences of brand equity by empirically analyzing 139 correlations between the various antecedents and consequences. The authors attempt to develop a framework of antecedents and consequences of brand equity that explains their relationships and strength of impact of these antecedents on the consequences. The findings suggest that Brand associations and perceived quality, Brand loyalty and Relational equity have maximum impact on the brand equity and subsequently on the consumer brand preference, perceived value and purchase intention

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Working Papers | 2016

An Exploratory Investigation of Impact of Perceived Cannibalization on Salesperson's Trust, Commitment, Job Satisfaction, Job Performance and Relational Capital

Dheeraj Sharma

With the increasing ubiquity of the Internet, organizations are using the Internet channel to increase overall performance, consolidate existing markets, and expand into new markets. The literature, however, contends that the overarching benefits realized through the Internet oftentimes come at the expense of perceived job insecurity among individuals in the organization. This study explores perceptions of sales agents that develop because of the potential for the Internet to cannibalize their business and jeopardize relationships and their jobs. Results suggest that sales agents' perception of cannibalization negatively influences their trust and commitment. Furthermore, environmental munificence moderates the influence of PC on trust and commitment. Additionally, Trust and Commitment mediate the impact of PC on Relational Capital, Job Satisfaction and Job Performance of a salesperson.

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Working Papers | 2016

Is Conspicuous Consumption of Business Leaders Justified and Morally Defensible?

Shaheen Borna and Dheeraj Sharma

In this paper, we first discuss the concept of conspicuous consumption of the business leaders. Next, we argue that the conspicuous consumption of corporate leaders can be justified from economics, marketing, and philosophical perspectives. Further, we present a religious perspective in order to provide a contrasting view of morality of conspicuous consumption. Lastly, we discuss the societal implications of the conspicuous consumption of business leaders. The study uses conceptual approach to justify the Conspicuous Consumption of Business Leaders. The study draws some useful managerial implications about the ethicality of how people perceive about the actions performed by business leaders from ancient examples and theories.

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Working Papers | 2016

Consumers' Expectations of Sales Events: How satisfied are consumer with shopping during sales events?

Shaheen Borna and Dheeraj Sharma

Past researchers have examined the influence of sales events on multitude of variables. However, there is no study which specifically examines the influence of sales events on consumer participation in sales events and their expectations from the sales events. In this study, we examine the relationship between consumers' participation in a given sales event and their expectations of savings from that event in North American context. Research findings indicate that only 11 sales events have a high realization rate of expected savings. Based on research findings, we proffer several recommendations for the retail managers.

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Working Papers | 2016

Ecommerce Selling in an Emerging Economy Context

Arpita Pandey and Dheeraj Sharma

Different studies have specified different definitions of Ecommerce. However most of these definitions concur and summarize that Ecommerce is constituted by buying and selling online. This study focusses on the Selling strategies in Ecommerce. Online Selling is now touted as a global raging phenomenon. Most studies have concentrated predominantly on developed Western countries. Initially slow to uptake Electronic markets and businesses, the emerging economies of Africa, Asia, and Latin America are now investing heavily in building Ecommerce infrastructure. In this chapter, we try to understand some of the strategies for selling online in emerging countries and the impediments involved. Thus emerging markets can be fertile ground for enormous online sales growth, but emerging markets have their own unique obstacles and difficulties that are distinct from the market scenarios in developed markets. Our study summarizes the following points as the four key success factors for entering and sustaining in emerging markets with an online sales strategy: (1) Develop a customized and differentiated value proposition (2) Manage the customer experience (3) Do not underestimate local players (4) Think long term

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