Ramanujan International Journal of Business and Research 2021-12-06T11:51:44+00:00 Dr. Arnav Kumar Open Journal Systems <p>Ramanujan College, University of Delhi in its pursuit of excellence is the proud owner and publisher of the Ramanujan International Journal of Business and Research (RIJBR). RIJBR is an international peer-reviewed journal. RIJBR aims to solicit original high-quality research work that can contribute to theory building. The authors can see the 'About the journal' section to know more about the aims and scope of RIJBR. The medium for publication is English.</p> <p><strong>ISSN Print:</strong> 2455-5959</p> <p><strong>ISSN Online:</strong> 2583-0171 </p> Corporate Nationality and Capital Structure Decisions - Evidence from India 2021-09-02T10:52:32+00:00 Aparna Bhatia Pooja Kumari <p>This paper examines the Capital Structure of companies classified based on nationality over two-time phases as 2008-09 to 2012-13 and 2013-14 to 2017-18 covering ten years. For each category of companies, the mean of three gearing ratios i.e., Total debt to Net worth ratio, Long term debt to Net worth ratio and Short term debt to Net worth ratio is assessed. The analysis is based on a randomized sample of 206 companies obtained from BT-500 (December, 2017) which are subcategorized on the basis of nationality as Indian Domestic Companies, Indian MNCs operating abroad and Foreign MNCs operating in India. The findings reveal that Domestic Indian companies are more inclined towards debt relative to Indian MNCs and Foreign MNCs over both the time phases. This signifies the importance of the nationality factor which must be contemplated while planning Capital Structure. Statistically significant differences in total and long-term debt ratios of Domestic Indian Companies and Indian MNCs between Phase I and Phase II highlight the significance of the time factor which should also be kept in mind before taking leverage decisions. Overall, the paper suggests the corporations to have beady eyes on the institutional environment of geographical territories in which they operate as well as the time variations before planning their debt structure. The disparities in the debt ratios across nationality and time warrant an empirical investigation of the causes behind them, so examining the determinants of Capital Structure of DCs and MNCs would be an interesting area of research in the future.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research How Human Capital affects the Competitive Work Environment of Employer of choice Organizations: The role of Person-Organization Fit 2021-06-01T12:51:41+00:00 Aarif Mohd Sheikh <p>This study examines the competitive work environment- human capital interplay, and the role of person-organization fit in this relationship. The questionnaires were distributed among employees of the ten employers of the choice brands. The analysis of the proposed model is done based on responses collected from 735 respondents. The data analysis was done by employing structural equation modeling and the Hayes process method. The results exhibit that human capital and person-organization fit positively impact the competitive work environment. The results also demonstrate that person-organization fit plays a significant moderating role in strengthening the relationship between human capital and a competitive work environment. This study proposed new dimensions and a re-arrangement of indicators of the competitive work environment. The study's uniqueness lies in the combination of human capital and person-organization fit for predicting the competitive work environment. Implications of the study are discussed, and some avenues for future research are presented.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research An Event Study Approach to Analyse the Impact of Novel Coronavirus Disease (Covid-19) on Indian Hotel & Tourism Stocks Performance 2021-03-31T13:40:54+00:00 Saurabh Agarwal Megha Agarwal Renu Ghosh <p>Covid 19 or the Novel Corona Virus outbreak in 2020 has disrupted the world and Indian economy. Tourism industry has suffered the most due to this outbreak. The hotel industry stocks have experience an average fall of twenty three percent within a month of the Covid 19 outbreak. With the help of event-study approach, an attempt has been made to analyse the effect of Covid 19 on Indian hotel stock price movements. Six publicly traded hotel and tourism companies experience a steep fall in their stock prices during the Covid 19 outbreak period. On and after the day the World Health Organisation declared Covid 19 a pandemic, Indian hotel stocks exhibited significant negative cumulative mean abnormal returns, indicating a significant impact of the Covid 19 outbreak on hotel stock performance. Empirical finding can enable Businesses to prepare themselves for alternate uses like isolation wards and save themselves from economic plight.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Impact of Behavioral Biases on Investment Decisions: Moderating Effect of Preferred Sector of Investment 2021-06-02T10:57:43+00:00 Shilpi Gupta Monica Shrivastava <p>The study aims to recognize the behavioral biases that influence the decisions making process and investment decisions of retail investors while investing in stocks of insurance and pharmaceutical sector stocks. The paper also aims at checking the moderating effect of the preferred sector of investment on these relationships. The conceptual model derived from past literature was checked for its reliability and validity, using measurement model assessment and structural model assessment. Hypothesis or the study were tested using bootstrapping in PLS-SEM. The result of the study revealed that heuristics and prospects have significant influence, while herd behavior has no significant influence on investor’s investment decisions while investing in insurance or pharmaceutical sector securities. The results of the moderation test infer that the relation of heuristic and prospect with investment decision is moderated by the preferred sector of investment. A clear picture of these biases and their influence, established by the findings of the study, would lead to a better understanding of the same and help prevent investors from making erroneous decisions while investing. Investment decisions that are sound and free from behavioral bias, would lead to better financial return, and achievement of investor’s investment goals. The sector-wise effect of investment bias will also help the investors in taking corrective measures.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Linking Supervisor and Co-workers Support to Organizational Commitment: Mediating Effect of Work-Family Conflict 2021-06-12T18:02:56+00:00 Himani Sharma Varsha Yadav <p>The present study investigates the effect of supervisor support and co-worker support on employees' organizational commitment by incorporating the role of work-family conflict as a mediator. Primary data were collected from 353 employees working in the service sector of India. Partial least square structural equational modelling in Smart PLS software was used for analysis. Results confirm that supervisor support significantly influence the organizational commitment of the employees. Work-family conflict act as a mediator between the relationship of supervisor support and organizational commitment. There is no significant effect of co-worker support on organizational commitment. Work-family conflict does not mediate between the relationship of co-worker support and organizational commitment. This study explains the importance of supportiveness from the supervisor in an industrializing country like India. It also provides an insight to the management in realizing the need to provide sensitivity training to the supervisors and the fact that special attention should be given while hiring the supervisors. This research will be useful to the management, researchers, policymakers, and society at large.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Balancing Trade Secrets and Right to Information in Tenders: A Judicial Study 2021-06-01T12:30:51+00:00 Mannat Singh Anuj Kumar Vaksha <p>There has existed a long debate regarding the balance of right to information of every individual versus the commercial rights of businesses to protect their proprietary information. While proprietary information and trade secrets have been given protection under the RTI Act, 2005, there exists controversy regarding the protection of trade secrets due to its vague presence in the Indian legal system. Trade secrets does not have any statutory protection in India. The concept has evolved<br />through judicial precedents which has left a huge room for interpretation and confusion regarding the laws surrounding the concept. Trade secrets on the other hand have been recognised as an exception for not revealing information under Right to Information Act, 2005. This article focuses on the matter of tenders in light of right to information and trade secrets. It articulates the courts’ approach on how they view and balance adjudication of trade secret and RTI. The issue arises when in tenders, the information provided in the bids becomes public documents which if made available to competitors can cause irreparable damage to businesses. The article deals with three issues namely, what information has been considered as a trade secret while exempting revelation, how the courts have treated the two parts of a tender i.e. Technical Bid and the Financial Bid and, finally it highlights certain patterns and principles that the courts have uniformly followed while deciding how to consider and allow revelation of such confidential information namely, “Fiduciary Relationship, Public interest, Pre and Post Award of Contract and Vexatious Applications”.<br />While discussing the above issues the courts have further set up some considerations to be taken care of while dealing with each issue which has been discussed at length in this article. Therefore the research questions which the paper addresses are as follows:<br />i. How do courts deal with the issues related to trade secrets and confidential information while issuing information of tenders?<br />ii. What patterns and principles have the courts uniformly followed while deciding how to consider and allow revelation of such confidential information?<br />Finally, the author has given suggestions on how to fill the gaps and overcome practical inefficiencies.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Do Human Resources have more Value than the Cost incurred on them by the Organisation? An Empirical Analysis of Infosys Ltd. using Contribution-Based Model 2021-06-01T12:17:14+00:00 Mukesh Kumar Meena Vijay Kumar Shrotryia Ajay Kumar Singh <p>Employees always play an important role in the service sector. For this study, we have selected Infosys Ltd. as a leading company in the IT sector. The study’s objective is to analyze the expenditure incurred by Infosys Ltd. on their employees and the value of employees’ contribution to Infosys Ltd. using the Human Resources Information System (HRIS), a contribution-based model that consists of 13 variables. Out of the 13 variables, 09 variables are monetary. We have collected data from the latest financial reports of Infosys Ltd. and the Reserve Bank of India’s database for eight monetary variables. Four out of 13 variables are non-monetary for which data have been collected with the help of a standardized questionnaire using 5 points Likert scale. Based on the responses received from 119 employees of Infosys Ltd. and by analyzing data we conclude at both the individual and organization levels that there is a difference between the expenditure incurred by Infosys Ltd. on their employees in total and the Value of all employees’ contribution as an individual and as a group towards Infosys Ltd. This means that the employees’ contributions both individually and collectively are much more than the cost incurred by the organization.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Noise of Investors’ Attention Mania in the 21st Century Indian Stock Markets 2021-05-31T18:33:51+00:00 Paritosh Chandra Sinha <p>This paper characterises neoclassical investors as behavioral listeners rather than rational activists in their choices of attention searches online. It proposes that investors’ attention search is distributed at three different attention layers - focused, selective, and homogenized attention layers. It employs three sets of attention attributes on economics, politics, and political party and personality, and empirically, examines if attention search keywords at different attention layers have attention impacts on the NSE Nifty and BSE Sensex market returns. At group-wise attention attributes, the paper shows that investors’ attention impacts are scattered over attributes and related to economics, politics, and political parties and personalities. With the ARDL models, at economic attributes, it finds local vis-à-vis global attention impacts and the presence of familiarity bias on both stock markets’ returns, and the noise of “investors’ attention mania” (<em>IAM</em>) at the other sets of attention attributes. Furthermore, these effects vary across different attention layers.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Time Varying Behavior of the Value Anomaly: Evidence from Indian Stock Market 2021-06-03T11:54:04+00:00 C. P. Gupta Mehak Sharma <p>In the literature, it is noted that a portfolio of value stocks outperforms a portfolio of growth stocks and this phenomenon is called value anomaly. This study explores the behavior of value anomaly in the Indian stock markets over a period from December 2008 to December 2019. This study has taken a dataset collected over a longer time span as compared to all previous studies, it studies the effect of holding period (one to five years) and portfolio formation time (quarter-end). We find time varying behaviour of the value anomaly which were previously unexplored. Earlier researchers have found systematic risk and size to be significant factors that contribute to value anomaly. Controlling for systematic risk and size, we find them in our study size to be a significant factor in explaining the return differential between value and growth portfolios and thus, help us in understanding the behaviour of value analysis in Indian stock markets.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Factors Affecting Adoption of M – Wallets: Moderating Role of Financial Incentives 2021-06-15T15:52:08+00:00 Sunil Kumar Abha Gupta <p>This research has investigated the factors which has affected consumers attitude towards adoption of mobile wallet and furthermore it has explored that does attitude has any impact on consumers adoption towards mobile wallet? The study has evaluated the moderating effect of financial incentives between attitude and adoption of mobile wallet. The study uses the sample of 454 college going students, professionals and non professionals. Confirmatory factor analysis was done because the measurement tools wad adapted one. Further, Structural Equation Modeling was used to validate the relationship between different variables. Moderator was assessed using PROCESS Macro where financial incentives have taken as moderator. The result of the study highlights that first, there is a significant impact between perceived ease of use, perceived usefulness, subjective norms, trust and situational factors on attitude of consumers. Second, it was evident from the result of the study that attitude has significant impact on adoption of mobile wallet. Third, it was also found that financial incentives have significant moderating effect between attitude and adoption of mobile wallet. The study is done with a sample of 454 with two types of people first, college students, professionals and non professionals from Delhi -NCR Region only. The result of the study cannot be generalized in case of users belonging to other groups and places. The findings of the research suggest that as the number of people using smart phones are increasing, people are findings it easier to make payment through various mobile applications. These mobile apps can be customized keeping in mind the nature of users. Simplification of application and some visible incentives will definitely affect the attitude of people to use mobile wallet. Uses of wallet can be popularized among people in B and C grades cities also. The current study has contributed in the domain of financial transactions. The study has added two new variables i.e. situational factors and financial incentives. The result of the study suggests that situational factors have significant impact on attitude whereas financial incentives have moderating effect between attitude and adoption of mobile wallets.</p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research Reviews Posted and Ratings given by Consumer Endorsers: Gaining Customer Value 2021-07-20T11:55:30+00:00 Pooja Sunil Kumar Kumar <p>Purpose: The purpose of this paper is to investigate the impact of attractiveness of consumer endorser, trustworthiness of consumer endorser and expertise of consumer endorser on review and rating given by consumer endorser. The source credibility model has been used for the purpose of this study. Design/Methodology/Approach: The final data of 249 samples of age group between 17 to more than 45 years of age was analysed for the purpose of this study. The data was collected through Google forms (online). The statements in questionnaire were based on source credibility model. For purpose of the study null hypothesises were formed and tested. Regression was performed to test the hypothesis of the study. SPSS and AMOS are used to test the hypothesis in the current study.<br>Findings: It is evident from the result of the study that all null hypotheses got rejected. Which reflects that attractiveness of consumer endorser, trustworthiness of consumer endorser and expertise of consumer endorser have significant impact on review and rating by consumer endorser.<br>Limitation: The source credibility model has been studied with reference to consumer endorsement creating customer value. Further researches can include purchase intention of consumer as and when affected by endorsement. Review and ratings impact on consumer’s attitude and purchasing pattern can be studied by future researchers. Different industries and sectors can also be part of study.<br>Originality/Value: The study can be used to understand what is the relevance of review and rating done by consumer endorse? It has huge managerial implication which signifies that attractiveness, trustworthiness and expertise of consumer endorser play a crucial role. The results can help many researchers of consumer behaviour; managers engaged in advertisement planning and brand management for a better way of communication of product and services as a part of usefulness and usage to end users.<br><br></p> 2021-11-30T00:00:00+00:00 Copyright (c) 2021 Ramanujan International Journal of Business and Research