IOSR-JBM   Volume-12 ~ Issue-6 ~ Sep-Oct-2013

Abstract: Innumerable changes have been witnessed in the Indian banking sector since last six decades. Various generations of financial sector reforms has changed the face and complexion of the Indian Banking Sector which is adopting various innovative practices with the focus on inclusive growth. Islamic banking is one such practice which is being considered in full fledged manner which otherwise has been practiced in an informal way. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The conventional banking as practiced by the Indian banking sector in its present form does stand in the way of the principles of Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Introduction of interest free banking will require a lot of changes in the Banking Regulation Act.

Key Words: Interest free banking, Financial exclusion, Inclusive growth, Islamic financial institution

[1] ‗Financial Inclusion-The Indian Experience' By Usha Thorat, RBI Monthly Bulletin July 2007
[2] ‗Islamic banking & its Operations', Institute of Islamic Banking & Insurance, ht tp://www.islamic-banking.com
[3] ‗Muslim Financial Institutions in India (MFIs):Analysis and Scope of their Islamicity Under the Current Financial Reform' A TASIS study, http://www.tasis.co.in
[4] ‗Raghuram Rajan advocates introduction of Islamic banking.', The Financial Express, September 4, 2008
[5] 2007 Review and Outlook 2008 : Islamic Finance , Moody's Investor Service
[6] A Hundred Small Steps: Report of the committee on Financial Sector Reforms., GOI, Planning commission. Sage Publication (2009) http://www.planningcommission.gov.in/reports/genrep/report_fr.htm
[7] Banking Regulation Act, 1949
[8] Directory of Islamic banks and financial institutions 2009
[9] Draft Report of the Working Group to review the Banking Regulation Act, 1949, Indian Banks' Association, May 2008 [10] G. Pavithra, (2008) Dissertation on ‗Islamic Banking in India: Status, Prospects and Recommendations

Abstract: The study is aimed at examining the Effect of Transformational Leadership on Market Orientation, Learning Orientation, Organization Innovation and Organization Performance of the Star-Rated Hotels in Central Java Province. The research samples cover 110 Marketing Managers of the Star-Rated Hotels in Central Java Province. Sample determination applies totals sampling or population sampling in which all members of the population are used as research samples and its Marketing Manager as the respondent represents every star-rated organization/hotel. In examining the established model relationship, the data are analyzed by using Structural Equation Modeling (SEM). The results reveal: Transformational Leadership does not give significant effect on Organization Performance; Transformational Leadership gives significant effect on Market Orientation; Transformational Leadership gives significant effect on Organization Innovation; Transformational Leadership gives significant effect on Learning Orientation; Market Orientation does not give significant effect on Organization Performance; Market Orientation gives significant effect on Organization Innovation; Market Orientation does not give significant effect on Learning Orientation; Learning Orientation gives significant effect on Organization Innovation; Learning Orientation does not give significant effect on Organization Performance; and Organization Innovation gives significant effect on Organization Performance..

Keywords: Transformational Leadership, Market Orientation, Learning Orientation, Organization Innovation and Organization Performance

[1] Agarwal, S., Erramilli, K., Dev. Chekitan, S., 2003, Market Oriented and Performance in Service Firms: Role of Innovation, Journal of Services Marketing, Vol. 17, No. 1, pp.68-82

[2] Akgun, A.E., Keskin, H., Byrne, J.C., Aren, S., 2007, Emotional and learning capability and their impact on product innovativeness and firm performance, Technovation 27, 501-513 [3] Amabile, T.M., 1998, How to kill creativity, Harvard Business Review, 76(9), pp. 77-87

[4] Avlonitis, G.J. and Gounaris, S., 1997, Marketing orientation and company performance, Industrial Marketing Management, Vol. 26, No. 5, pp. 385-402

[5] Avolio, BJ., and Bass, BM., 2002, Developing potential across a full range of leadership: cases on transactional and transformational leadership, Mahwah, NJ: Lawrence Erlbaum Associates, San Diego

[6] Baker, Willam. E. And Sinkula, James. M., 1999, Learning Orientation, Market Orientation, and Innovation: Integrating and Extending Models of Organizational Performance, Journal Market Focused Management, Vol. 4, No. 4, pp. 295-308

[7] Baker, W.E., Sinkula, J.M., 1999, The synergistic effect of market orientation on organizational performance, Journal of the Academy of Marketing Science, 27, 411-427

[8] Baker, W.E., Sinkula, J.M., 2002, Market orientation, learning orientation and product innovation: delving into the organization's black box, Journal of Market Focused Management, 5, 5-23.

[9] Baker, William. E. And Sinkula, James. M., 2005, Market Orientation and the New Product, Paradox, Journal Product Development and Management Association, Vol. 22, No. 6, pp. 483-502

[10] Bass B.M., and Avolio, B.J., 1993, Transformational Leadership and Organizational Culture, Public Administration Querterly, 17(1): 112-17

Abstract: This study investigates the relationship that exists between the Government Deficit Spending and selected macroeconomic variables such as Gross Domestic Product (GDP), Exchange Rate, Inflation, Money Supply and Lending Interest Rate. The period covered is 1970 (when the civil war ended) and 2011. Ordinary Least Squares (OLS) technique was adopted to analyze the relationships. The study concludes that Government Deficit Spending (GDS) has positive significant relationship with GDP. Government Deficit Spending also has positive significant relationship with Exchange Rate, Inflation, and Money Supply. Government Deficit has negative significant relationship with Lending Interest Rate and most likely crowd-out the private sector by raising the cost of funds. Deficit spending has been known to have adverse effects on the economy and government is advised to curtail excessive deficit spending. It is recommended that further research is done to establish other variables that are affected by government deficit spending. Keywords: Government Deficit Spending, Procyclical, Crowd-out, Keynesian Demand Economies, Inflationary dynamics, Seigniorage.

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Abstract: Cash is usually known as the blood of any business entity that is why it is very important policy matter in the modern corporate financial decision and policy matters. An appropriate level of cash is required within the firm for the good and smooth operations of any sort of business entity. This research report investigates the determinants of cash holding in non-financial firms of Germany across different firm sizes and industries. Furthermore the data set for the period of 2000 to 2010 for the firm size, log of total assets, EBIT, Capital expenditure percentage of sales, working capital, liquidity (current ratio), and leverage has been taken to study the impact of these on level of corporate cash holdings. It is shown that cash holdings must be analysed from a dynamic point of view: A strong empirical support was found for the hypothesis of implicit cash targets. Financial determinants influence the corporate cash holdings, but it's not clear which model, the transaction cost model or the managerial opportunism, thesis supports best the empirical findings. The findings of this study are consistent with the predictions of the trade-off theory, pecking order theory, and agency cost theory. The result gave strong evidence that firm size, working capital, and leverage significantly affect the cash holdings decisions of non-financial firms and that are in conformity with the existing literature on the determinants of corporate cash holdings.

Key words: Cash holdings, leverage, agency problems

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Abstract: Tax morale and its effect on taxpayers' compliance to the tax policies of the Nigerian government was investigated. The aim of this research is to bring to bare the reason for low tax compliance in Nigeria. Primary data via structured questionnaire was used. The data were regressed using statistical package for social sciences (SPSS16). The result showed that social norms, attitude towards government, tax evasion and tax avoidance have significant effect on tax morale. On the other hand, there is no significant effect of attitude towards legal system and traditional institutions on tax morale. We also established a significant positive effect of tax morale on tax compliance. The researcher therefore recommended that, tax payers should be educated to know their obligation as far as tax is concerned. The younger generation should also be educated on the need to pay tax correctly if the future of tax obedience is anything to go by. The Monarchs should also help in ensuring that their subjects obey the law of the land viz a viz tax compliance. Finally, tax payer's monies should be used for the right purpose.

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Abstract: This study extracts and analyse basic information from Service providers and customers reporting the performance and challenges of online marketing of financial services in Nigeria. Staff and customers of twelve (12) out of the leading financial institutions in Nigeria, with track records of online activities were purposively sampled with the aid of structured questionnaires, to elicit ex post facto facts for use in this study. The resultant data were analysed with the use of descriptive statistics and Pearson Correlation Coefficient using statistical package for social sciences (SPSS), version 16. The study reveals low impact; meaning the country has not realises her full potentials in harnessing online technology for marketing of financial services. It also reveals incidence of challenges associated with implementation and performance of online marketing of financial services in Nigeria which include fluctuation in online services due to poor infrastructure, high rate of online fraudsters, slim awareness on the part of the customers, e-payment bottleneck, among others. Finally, this study expounds a number of management options to stimulate the impacts of online technology in marketing financial services in Nigeria.

Keywords: Online Technology, implementation, Marketing, financial services, performance

[1]. Abideen, Z. U. and Saleem, S. (2011). Examining Market Orientation and its Impact on New-Product Success in Pakistan. European Journal of Business and Management (Online) Vol 3, No.4, www.iiste.org.
[2]. Gronroos, C. (1982). ‗An Applied Service Marketing Theory'. European Journal of Marketing, Vol. 16, No.7.
[3]. Narver, J. C., Slater, S. F. and Mac Lachlan, D. L. (2004). Responsive and Proactive Market Orientation and New-Product Success. Journal of Product Innovation Management‖ Volume 21, pp.334–347.
[4]. Guo, C. (2002). Market Orientation and Business Performance: A Frame for Service Organisations. European Journal of Marketing‖ Volume 36, 9/10.
[5]. Harris, L. C. and Ogbonna, E. (1998). Leadership Style and Market Orientation: An Empirical Study. European Journal of Marketing‖, Volume 35, No. 5/6.
[6]. Agarwal, S. Erramilli, M. K. and Dev, C. S. (2003). Market Orientation and Performance in Service Firms: Role of Innovation. Journal of Service Marketing, Volume 17, No. 1, pp. 68-82.
[7]. Ihekweaba C. and Ihekweaba O.L. (2009). The impact of ICT on Next Generation. Conference proceedings Vol 20, Nigeria Computer Society (NCS), Lagos, Nigeria.

Abstract: The objective of current research is to study the effect of value perceptions on student loyalty and satisfaction. Methodology: Final analysis was performed on 120 valid responses. Reliability of scale was checked by using cronbach's alpha statistics. Correlation analysis was employed to study the relationship between functional value, epistemic value, social value, conditional value, emotional value, image, monetary sacrifices, non-monetary sacrifices, emotions, knowledge, satisfaction (independent variables) and intention to recommend (dependent variable).Further regression analysis was carried out in order to test the hypothesis.

Key words: Functional value, epistemic value, social value, conditional value, emotional value, image, monetary sacrifices, non-monetary sacrifices, emotions, knowledge, satisfaction, intention to recommend, university of Sargodha.

[1]. Ricardo Chiva, Joaquín Alegre, (2008) "Emotional intelligence and job satisfaction: the role of organizational learning capability", Personnel Review, Vol. 37 Iss: 6, pp.680 - 701
[2]. Luca Petruzzellis, Salvatore Romanazzi, (2010) "Educational value: how students choose university: Evidence from an Italian university", International Journal of Educational Management, Vol. 24 Iss: 2, pp.139 - 158
[3]. Shirshendu Ganguli, Sanjit Kumar Roy, (2011) "Generic technology-based service quality dimensions in banking: Impact on customer satisfaction and loyalty", International Journal of Bank Marketing, Vol. 29 Iss: 2, pp.168 - 189
[4]. Lesley Ledden, Stavros P. Kalafatis, (2010) "The impact of time on perceptions of educational value", International Journal of Public Sector Management, Vol. 23 Iss: 2, pp.141 - 157
[5]. Marianna Sigala, (2010) "Measuring customer value in online collaborative trip planning processes", Marketing Intelligence & Planning, Vol. 28 Iss: 4, pp.418 - 443
[6]. Jackie L.M. Tam, (2007) "Linking quality improvement with patient satisfaction: a study of a health service centre", Marketing Intelligence & Planning, Vol. 25 Iss: 7, pp.732 - 745
[7]. Xuemei Bian, Luiz Moutinho, (2011) "The role of brand image, product involvement, and knowledge in explaining consumer purchase behaviour of counterfeits: Direct and indirect effects", European Journal of Marketing, Vol. 45 Iss: 1/2, pp.191 - 216
[8]. Chanaka Jayawardhena, (2010) "The impact of service encounter quality in service evaluation: evidence from a business-to-business context", Journal of Business & Industrial Marketing, Vol. 25 Iss: 5, pp.338 - 348
[9]. Julian Ming-Sung Cheng and Edward Shih-Tse Wang, Julia Ying-Chao Lin, Shiri D.Vivek(2009)"why do customers utilize the Internet as a retailing platform? A view from consumer perceived value "International marketing vol.21, Iss: 2, pp.144-160

Abstract: Nowadays rapid change in business process, the availability of internet facilities, and e-commerce have made supply chain management (SCM) a burning issue for a consumer product manufacturing industry. Supply Chain Management has become a solution in improving competitiveness as well as reducing uncertainties. In a complex hierarchical network, SCM links upstream to downstream firms. In this research, demand uncertainties that influence supply chain performance have been identified and effective supply chain network works in an uncertain environment has been developed. This would help an organization to face the competitive business environment offering reduced demand fluctuation rate. A survey research has been conducted in a leading conglomerate in Bangladesh. Data have been collected by formal and informal interviews & fill up survey questionnaire. It is found that there are three major factors for demand uncertainties- availability of the Product in market, affordability of the customers, seasonal Effect. These factors affect business performance significantly. These also seriously affect the successful meet to demand. The study suggests that the studied company needs to apply Sell product in due payment method, creating new volume pack with reducing price, giving discount on off peak season for reducing demand fluctuation. The new framework of business process developed by this research will be helpful for similar organization in consumer product manufacturing industry.

Keywords: Demand Uncertainty, E-Commerce, Supply Chain Management.

[1] New, R., & Westbrook, S. (2004). Understanding Supply Chains; Concepts, Critiques and Futures. Oxford University Press.
[2] Michael, Ostrovsky (2008), Stability in Supply Chain Networks, American Economic Review, 98(3), pp 897–923
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[4] Agrawal, N., Smith, S.A. & Tsay, A.A. (2002). Multi-vendor sourcing in a retail supply chain. Production and Operations Management, 11(2), 157-182.
[5] David, L., K. Philip,. and L. Edith (2001), Designing and Managing the Supply Chain: Concepts, Strategies and Case study, New York: McGraw-Hill.
[6] Chopra, Sunil & Meindl, Peter (2008). Supply Chain Management: Strategy, planning and operation. ried. Pearson Education, Inc. and Dorlink Kindersley Publications Inc., PP 380.

Abstract: The marketing mix management paradigm has dominated marketing thought , since it was introduced 40 years ago. New approaches are making their presence, thus setting an era trumpeting loudly the emergence of new stream of Marketing - Relationship Marketing calling for understanding consumers individually and their association with the Organization over a long term, thereby creating a phenomenon called Customer Life Cycle Management. In view, businesses have adopted applying Customer life Cycle Management to customers and users experience. This embodies the notion of "suspects" who potentially may benefit from acquiring a physical product, non-physical product and/or service offering but may not be aware of it, :'prospects' who may be ready, willing and able to acquire an offering and need to decide on a purchase: actual customers who were prospects who 'signed up': repeat customers who made more purchases and use more than one product or 'value proposition' Leadership comes from providing these customers, users and network 'players' with excellent appropriate experiences throughout customer life cycle.

Index Words: Customer, Consumer behavior, Intangible associations, Marketing thought, Prioritizing systems

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Abstract: This purpose of this study is to find the influence of various firm level characteristics such as, leverage, participation of equity and insider ownership on the profitability of the Pakistani and Indian listed corporations in the two major stock exchanges Karachi and Bombay stock exchanges in each country respectively and then comparison of the finding between two countries. Employing the cross-sectional data methodology, i examine the leverage, participation of equity, profitability and insider ownership of 84 companies in Pakistan and 75 companies in India from KSE 100 index and BSE 100 index respectively for the time period of 2000 – 2010 inclusive both year. Different conditional theories of capital structure are reviewed (the trade-off theory, pecking order theory, agency theory, and theory of free cash flow) in order to formulate testable propositions concerning the determinants of firms performance. Four variables multiple regression models are used to estimate the effect of firm level attributes on profitability. The results obtained from three different regression models show that profitability and long term leverage are negatively correlated in both KSE and BSE corporations. Moreover I find that insider ownership is positively related to profitability and it is significant in the KSE and it is insignificant in BSE listed corporations. Furthermore participation of equity is positively related in to profitability of both KSE and BSE listed corporations which are showing significant impact with Karachi stock exchange listed companies that are significance at the 1% significance level and in Bombay stock exchange it is insignificant. This study suggests that companies should implement effective and efficient capital structure policy which improves the performance and profitability. Practical implications – This study has laid some groundwork to explore the determinants of firm's performance of Pakistani and Indian firms upon which a more detailed evaluation could be based. Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions that will enhance the firm value and shareholders wealth.

Key words: Leverage, Agency theory, EBIT

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