International Journal of Management Excellence (IJME)
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Leverage, Risk & Choice Of Capital Structure: An Empirical Case From India
Get PDFThe present empirical paper studies the leverage, risk and choice of capital structure in India through a case of MRF Ltd. from tyres & tubes industry of the Indian corporate sector which covers a time period of ten years (effective nine years) extending from the year 1982-83 to 1991-92 where the company is lying in the top of tyres & tubes industry of the Indian corporate sector on the basis of sales for the year 1991-92 for the purpose of our study. The study reveals that that debt-equity ratio2 and leverage ratio2 have been varying from 53.01 percent in the 1982-83 to 68.25 percent in the year 1985-86, each, with rising trend during the period under study, whereas, aggregate debt-equity ratio2 and leverage ratio2 of the company are worked out 63.71 percent, each, during the period under study. It is found that cost of debt on before and after tax basis (Kdbt & Kdat) has been declining over the period under study, whereas, aggregate cost of debt on before and after tax basis (Kdbt & Kdat) of the company is worked out 17.91 percent and 10.21 percent, respectively, during the period under study. It is observed that rate of return on net assets on before and after tax basis (ROIbt2 & ROIat2) and rate of return on total networth on before and after tax basis (RONbt & RONat) have been rising during the period under study. On aggregate basis, aggregate rate of return on net assets on before and after tax basis (ROIbt2 & ROIat2) is worked out 25.18 percent 14.35 percent, whereas, aggregate rate of return on total networth on before and after tax basis (RONbt & RONat) is worked out 38.42 percent and 21.90 percent, respectively, during the study period. Thus, it is concluded that the company is enjoying favourable leverage with regard to use of debt during seven out of nine years under study. Consequently, rate of return on total networth (RONbt & RONat) is higher than cost of debt (Kdbt & Kdat) and rate of return on net assets (ROIbt2 & ROIat2) on before and after tax basis in the above said seven years under study. It means that use of debt in the capital structure of the company has positive impact on the profitability of the company during seven out of nine years under study which consequently is contributing to the total networth of the company which ultimately is benefitting to the equity shareholders of the company. Leverage created through debt by the company is not generating risk for the company in the above said seven years under study because MRF Ltd. is able to cover the cost of debt (Kdbt & Kdat) on before and after tax basis from the rate of return on net assets (ROIbt2 & ROIat2) on before and after tax basis in the above said seven years under study. However, on aggregate basis, the company has also been experiencing favourable leverage with regard to use of debt on before and after tax basis during the period under study which further means that debt is behaving favourably during the period under study. It is also found that spread and net gain are positive when leverage impact is positive and vice-versa during the period under study. It is also found that effective tax rate born by the company is high, i.e. 43 percent, during the period under study
Cultural Antecedence of Knowledge Sharing and Organizational Performance
Get PDFThe central issue in this research is how voluntary solidarity and reciprocal interaction improves organizational performance through the support of knowledge sharing culture. The population in this study was private Universities’ (PTS) lecturers at Semarang which was selected as group random sample. The data was collected through the questionnaires of 241 respondents. The data was analyzed using structural equation model (SEM) with AMOS 19.00 system. The study shows that (1) the voluntary solidarity gave positive influence on knowledge sharing culture, (2) reciprocal interaction brought positive and significant effect on knowledge sharing culture, (3) voluntary solidarity brought positive and significant effect on the organizational performance, (4) reciprocal interaction dimension had positive and significant effect on organizational performance, (5) knowledge sharing culture brought positive and significant effect on the organizational performance
Evaluation on Higher Education Using Data Envelopment Analysis
Get PDFThe goal of higher education is to provide students an equal opportunity to access their education for success. With significant competition within the peer group, potential students look for quality, flexibility, and affordability in the educational environment. In addition, the relationship between students and the institution involves a concentrated and more specific set of expectations. In order to improve students’ academic performance and fulfill individual needs, universities aim to enhance the quality of students’ learning environment and academic achievements. The higher education system relies on efficient operation and strategic planning to fulfill students’ needs through an internal emphasis on institutional performance improvement. A study on measuring the performance of higher education is presented. The research was focused on four-year and above, public and not-for-profit private universities in the southern region (AL, AR, KY, LA, MS, OK, TN, and TX) of the United States. The data includes 270 universities which were obtained from the Institute of Education Sciences, U.S. Department of Education. This study applied the Data Envelopment Analysis (DEA) approach; the purpose is to use a linear programming model to demonstrate a novel benchmarking process of higher education institutional performance and determine an overall benchmark for institutions within each classified group. From the results, suggestions are provided for the general guidance of planners and decision makers in the higher education system
Stop Doing Stupid: An Essential Requirement For Effective Teaching, Management And Leadership
Get PDFThere is an old adage that reads “the suffering of fools”, which for this paper is the passive form of the “stop doing stupid” in the title. For either of these sayings the key concern when dealing with foolishness is not only the loss of resources, in time and money, that result from this indulgence and tolerance, but more importantly the direct impact that not objecting can have on morale and the long-term effectiveness of any decision-making process. Whether it is during the teaching of students, the management of people and business processes or more importantly the highly involved and visionary leadership process, the need to speak up and to try to mitigate stupid and wasteful interruptions has become an essential requirement if we are to continue to grow socially and economically. This paper has been prepared to make the case for taking the road less travelled, which has as a reward growing personal self-worth and enhanced social value. It also has the drawback of becoming identified as one of those few that just can’t sit quietly with their mouths shut when some act of foolishness is in motion.
Do Centers of Excellence excel in patient outcomes?: Evidence from U.S. Veterans Health Administration Centers for Epilepsy
Get PDFThe Veterans Health Administration created in 2009 several Epilepsy Centers of Excellence (ECoE) for epilepsy treatment to improve health outcomes of veterans suffering undergoing treatment for epilepsy. Our outcomes study assesses the health quality at these ECoEs in comparison to non-ECoEs over a three year time period (2009 to 2011). Data from both ECoEs and Non-ECoEs were collected on a number of health outcome measures to empirically test if ECoEs led to better health outcomes than non-ECoEs. Findings show that ECoEs, compared to non-ECoEs, led to higher emergency room visits, higher hospitalizations, but lower drug prescriptions. However, ECoEs and non-ECoEs did not have statistically significant differences in adverse effects of medications. The study concludes with the findings, implications and limitations in ways that impact the prevailing perspectives on the concept of Centers of Excellence
The Impact of key Macroeconomic factors on Economic Growth of Bangladesh: a VAR Co-integration Analysis
Get PDFThis study analyzes the impact of key macroeconomic factors on economic growth of Bangladesh from the period of 1988 to 2012.The key macroeconomic factors studied are market capitalization, foreign direct investment and real interest rate. This study also examines the long run and short run relationship between the economic growth and capital market, foreign direct investment, and real interest rate by using vector autoregressive (VAR) model. The VAR results suggest that the market capitalization, foreign direct investment and real interest rate have impact on economic growth in the long run, but in short run it does not have any predictable behavior. The variance decomposition results also conclude the same result as VAR model. All variables have the long run effects on economic growth but it does not have in short run, and the effects increases with time. Based on the finding, this study suggests that the government should come out with the appropriate macroeconomic plan and policy to draw more inward foreign direct investment, increase market capitalization and stabilize real interest rate in order to faster the economic growth in future. As finding of this study shows that these factors do not have significant impact on economic growth in Bangladesh in the short ru
Getting More Bang for Our R&D Bucks
Get PDFWhile some may want to argue the point, many believe it is innovation and the resulting technology that provides society with the impetus to advance and to provide the greatest value to the members of that social order. Some would also argue that advanced or advancing technologies provide the fastest way to improve the health, wealth, and well being of the individual. Independent of these arguments, it is clear that innovation, particularly the game-changers, has had an accelerating impact on the development of almost every social order on this planet. It is through the creativeness of the individual, plus the organized efforts of research and development programs that have allowed the fostering of ever-growing numbers of new innovations in every aspect of society: agriculture, medicine, transportation, communication, etc. What may be of particular note is that some of the earlier and most contributive to the innovation race are currently less than effective than they once were, or possibly others are simply out-running them. The United States, plus several others, was one of the earlier contributors to the technology revolution. By most of the standard global measures it is clear the US has not maintained the edge in technology and innovation that was, for many decades, the beacon to a large portion of the rest of the world. While the US is not the only country that has allowed the innovation gap to slip and in some cases to reverse, it may be very representative of the reason the rest have also slowed their progress. More importantly, the reasons may have very little to do with capabilities, resources, education, manpower, etc. It may simply be managed expectations, thus the purpose of this paper
The Connection between Self concept (Actual self Congruence & Ideal Self congruence) on Brand Preferences
Get PDFSelf concept has been a very important concept in consumer behavior and it gives the central idea to the Marketing people in the market place, Academician and business student to understand the bases to evaluate the self concept. The extensive previous research work gave very important conceptual answer to implement new marketing strategy. A different class of customer can be shot in the marketplace. These are the customers who buy product while evaluating the product self-image, product/brand image and their congruity and then they set their minds to buy the products in the market. The purpose of the research is to explore the self concept dimensions to examine the self congruity relationship with brand preference. Relationships between constructs (actual self congruity, ideal self congruity and brand preference) were hypothesized and data were collected through survey Method. The perceptions of 400 respondents about their self congruity with brand preference were obtained for two types of product usage (‘Mobile phone’ as conspicuous and ‘Bathing soaps’ as inconspicuous) with Seven brands in each type. The moderating role of ‘type of product usage (Conspicuous and inconspicuous)’ was examined in the relationship between actual/ideal self congruity and brand preference
Human Resource Management Practices and Firm Performance: A Study of Manufacturing Firms in Kenya
Get PDFManufacturing in Kenya account for the greatest share of industrial production output characterized by relatively low value addition of 7.5 per cent recorded in 2010 to 2.3 per cent recorded in 2011, low employment and capacity utilization and a paltry 25 percent export volumes. However, the share of Kenyan products in the regional market is only 7 percent of the US $11 billion regional market and its contribution to the GDP has remained at about 10 percent since the 1960s. This has given rise to the concern that practicing managers have put little effort to improve the situation. This study therefore sought to establish the relationship between Human Resource Practices and firm performance in the manufacturing firms in Kenya. Used a census survey of the 68 medium and large manufacturing firms whose core activities involved in production and marketing of edible oils, soaps and detergents, beverages or sugar registered in the Kenya Association of Manufacturers directory 2012. Data was collected through self administered questionnaires sent to the Production Manager, Brand Manager, Human Resource Manager, Marketing Manager, or the relevant manager dealing with innovations. The main findings of this study reveals that manufacturing firms apply human resource management practices to different extents. For instance, some models of human resource management practices such as licensing are not commonly used, while others like hiring of skilled employees and teaching company schemes are very common with average composite mean score of 4.00 and 4.08 out of the best score of 5.0 respectively
The Relationship between Entrepreneurial Orientation and Business Performance of SMEs in Malaysia
Get PDFThis paper investigates the relationship between entrepreneurial orientation and the business performance of SMEs in Malaysia. The owner/managers were sent a package of questionnaires which comprised the Entrepreneurial Orientation Questionnaire EOQ, the Business Performance BP questionnaire and the demographic questionnaire. The finding revealed that there was a significant positive relationship between entrepreneurial orientation and business performance of SMEs in Malaysia. This study also provides an opportunity to expand the research on other industries such as manufacturing, constructions, agricultures and telecommunications