IOSR-JEF   Volume-4 ~ Issue-6

Abstract: This paper reviewed some existing literature on balanced scorecard (BSC) as a performance tool for evaluating business organizations holistically. It makes use of four perspectives namely financial, customer, internal business process, learning and growth. Secondary sources of data were used in the review. Business managers are tasked with the responsibility of ensuring smooth operations of business activities tailored towards achieving organizational goals. The review result showed that a lot of benefits have been identified by those that adopted the model despite some limitations. The paper recommended for awareness and adoption of the model to achieve organizational goals.

Keywords: Balanced scorecard, financial measurement, organizational performance

Abstract: In every country government takes some actions in Economic field that cover the systems for setting Interest Rates & Government Budget as well as labor market, National ownership & many other areas of government interventions into the Economy. Such policies are often influenced by International Institutions like IMF or World Bank as well as political beliefs & consequent policies of parties. There are many types of Economic policy. A few examples of the kind of economic policies that exist include: Macro Economic Stabilization Policy, Individual Policy, Fiscal Policy and Monetary Policy. In this paper we will study whether the monetary policy really a helpful technique in combating Inflation in country like India or not?

Abstract: This study examines the impact of exchange rate on balance of payment in Nigeria, using annual data from 1971 to 2012. The empirical methodology employed autoregressive distributed lag (ARDL) co-integration estimation technique to detect possible long-run and short-run dynamic relationship between the variables used in the model. The study also tested the Marshall-Lerner (ML) condition to see if it is satisfied for Nigeria. The results provided evidence in favour of a positive and statistically significant relationship in the long-run and also a positive but statistically insignificant relationship in the short-run between balance of payment and exchange rate. The results further revealed that depreciation/devaluation improves balance of payment and that Marshall-Lerner (ML) condition subsists for Nigeria. The study recommends policies that will discourage excessive importation and promote incentive based export promotion programmes. It further recommends diversification of the economy and the promotion of entrepreneurial development in Nigeria.

Keywords: Exchange Rate, Autoregressive Distributed Lag Model, Balance of Payment, Marshall-Lerner Condition.

Abstract: This paper attempts to bring forward the reasons for soaring petrol prices in India. Crude oil is the most essential commodity and also the most traded product which influences an economy. Petroleum known as "liquid gold‟ and is compared to gold because it is an exhaustible resource and also of its economic value. The purpose of this study is to understand the government policies for petrol sector and identify major causes for this amplifying rise in petrol prices and its adverse effect on general public of India. The petrol prices rise mostly because of the cost of the crude oil and refined products in the international market and the government's pricing policy and absence compensation to oil companies. Thus, the government needs to extend subsidy to the targeted consumers in such a manner which does not impinge on the freedom of oil companies to set prices in the market place.

Key words: Indian Petroleum Industry, Hike in petrol prices, Government policies, Effect on general public

Abstract: In this paper, we investigate the impact of corporate governance on firm performance and valuation in India. Our study is the first to use a composite measure of corporate governance to examine the impact of corporate governance on Indian firms' performance and valuation. Because agency theory suggests that companies with better corporate governance standards perform better, we propose that better governed Indian firms should have greater performance lower cost of capital and thus, higher valuation. To achieve this objective, we use WaCC, Cost of Equity, Cost of Debt, Tobin Q, Return on Capital Employed, Return on equity, Sales growth, as the key variables that defined the cost of capital and performance of the firm respectively. On the other hand, for the measure of corporate governance, we use Board Independence, Board size, CEO Duality and ownership pattern in the company. Most importantly, we find that our composite measure of corporate governance is positively and significantly associated with firm performance and valuation. In addition, our results show that ownership concentration and board independence have a positive impact on firm performance and valuation.

Key Words: Corporate Governance; Agency Cost, Firm Valuation; Ownership; Tobin's Q; Weighted Average Cost of Capital, Spread, Emerging markets (India)

Abstract: During the last two and half decades Jammu and Kashmir has been under the political turmoil. During the turmoil hundreds and thousands of precious lives have been wasted. When we look into the circumstances in Jammu and Kashmir it is not only the precious lives that has been lost, other segments of the state also received a considerable down fall. In this study we have tried to identify the impact of this armed conflict on the economic growth in Jammu and Kashmir region with special reference to tourism sector. The specific objective of the study is to get the inferences about the impact of armed conflict on: (i) the overall Economy of Jammu and Kashmir (ii) tourism sector in Jammu and Kashmir.The study was conducted in two stages. In the first stage we have identified the relationship between the growth in the armed conflict and growth in economy of the state. Number of fatalities every year due to armed conflict has been taken as proxy for the growth in armed conflict and NSDP has been taken as the indicator of the economic growth. In the second stage the relationship between number of fatalities and tourist count has been identified. Thestudy finds a significant negative relationship between the growth in the armed conflict and economic growth of the Jammu and Kashmir. Also a significant negative relationship between the armed conflict and economy of the state was found to be occurring. Results revealed that with every unit increase in the armed conflict (which in this case is number of fatalities) decreases the NSDP by .065 units (unit is Rs in Billions). Also when we tried to identify the relationship between the armed conflict and tourism a very significant negative correlation between the two variables was found to be existing (correlation=-.65). While analyzing the impact of armed conflict on the tourist count of the state it was found to be having very high impact. The regression results imply that with every one unit increase in the armed conflict there is a decline of .232 units in the tourist count (here unit of tourist count is in thousands). Thus supports the results which were interpreted by the graphical representation. Implications of the study are also discussed.