Research Papers

The Working Papers Series is produced by IFMR- Graduate School of Business, Krea university . They are published to facilitate discussions and contribute to the advancement of knowledge. 
The  Research Papers section represents work from Faculty and Research Scholars across a wide range of areas, demonstrating both the depth and breadth of research being undertaken at IFMR, GSB.

© Copyright rests with the authors.

IFMR GSB Working paper no. WP 23- 003

Advertising Ethics: A Review of Literature


Although the nature and extent of advertising ethics can be complicated and vivid, researchers are conducting numerous studies concerning the underlying concepts of advertising ethics. A comprehensive understanding of the domain still finds little trace in the relevant literature. The purpose of this study is to understand and review the literature on advertising ethics and identify the research gaps in the literature that can lead to future research. Morphological Analysis (MA), a qualitative analysis framework that helps in the identification of research gaps through the distinction between explored and unexplored areas of the study is used. This study develops a comprehensive framework that includes six dimensions and twenty-seven variants within the research domain, leading to the identification of eighty-seven research gaps. This further leads to numerous future research avenues. This study is the first known MA framework in the domain of advertising ethics.

Keywords : Advertising, ethics, morphological analysis, literature review, research gaps

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IFMR GSB Working Paper WP 23- 002

Unintended effects of Alcohol Ban on Educational and Learning Outcomes of School Children

January 2023 


In this study, we examine the effects of implementing an alcohol ban in the Indian state of Bihar on educational and learning outcomes. Utilizing the difference-in-differences technique, we analyze multiple nationally representative datasets. Our findings reveal a noteworthy rise in school enrollment and improved learning abilities following the implementation of the alcohol prohibition law. These positive outcomes are particularly pronounced among secondary school children aged 11-16 years, while the impact appears to be weaker for primary school children aged 6-10 years. Through heterogeneity analysis, we observe no significant impact on educational outcomes in the border districts. We attribute these changes to increased school attendance and a higher likelihood of attending private tuition.

Keywords :

Alcohol Ban, Difference-in-Differences, Education, Human Capital, Gender

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IFMR GSB Working Paper WP 23- 001

Impact of Nutrition Supply on academic achievements of adolescent Girls?
Some Empirical Evidence

January 2023 


The Rajiv Gandhi Scheme for Empowerment of Adolescent Girls was introduced by the Indian government in the later part of 2010. This scheme targeted girls between the ages of 11 and 18, and it was implemented in phases. To assess the causal effect of this program on the education of the girls it benefited, we employed the difference-in-differences methodology. Our findings indicate that the program has a significant positive impact on enrollment rates. However, the improvement in learning outcomes is limited to basic levels. We propose that these changes can be attributed to the notable enhancement in the health status of the program’s recipients and an increase in education-related expenses specifically allocated for children. Additionally, our research suggests that early access to the program is crucial for experiencing its beneficial effects. This implies that the government should prioritize providing nutritious food during early childhood for the overall development of children, rather than at a later stage. Importantly, our results remain consistent across various datasets, withstand tests against potential confounding factors, and are robust when alternative specifications are considered.

Keywords : Education, Health, Human Capital, Difference-in-Differences

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IFMR GSB Working Paper WP 22- 006

Introduction to scientific philosophy of entrepreneurship

August 2022

Purpose: The concept of entrepreneurship has been studied and debated for long, yet there seems to be no consensus on its definition and its disposition as a discipline. It has been argued that entrepreneurship should be a subset of the discipline of Economics, since both study human behaviour for satisfaction of wants through allocation of resources, and interaction with things of value (Toma, 2014). However, Winter (2016) and Bögenhold. (2014) suggest that the essence of the concept of entrepreneurship lacks linearity and incorporates a lot of elements from other domains to fall only under the purview of Economics. It is multidimensional drawing on economic theories, growth models, industrial and management theories for reason and explanations (Lindgren and Packendorff, 2009).

The objective of this paper is to examine this trajectory in order to understand and further clarify this issue by employing insights from the Philosophy of Science, which helps transpire such inquisitiveness (Okasha 2016).

Keywords : Modern Entrepreneurship, Philosophy of Science, Neo-Classical Economics

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IFMR GSB Working Paper WP 22- 005


August 2022

Purpose: Pricing policies are important mechanisms used by countries to control pharmaceutical markets and ensure the accessibility and availability of essential medicines. India has regulated the ceiling prices of essential medicines since the 1970s through various DPCOs (Drug Price Control Order). The ceiling price of essential medicines was decided through a Cost-Based Pricing method (CBP) until the government introduced a Market-Based Pricing mechanism (MBP) in 2013 as a consequence of the National Pharmaceutical Pricing Policy, 2012. This study analyzes impact of this shift on essential medicine prices in India. Data was collated from state and public medicine procurement agencies and tenders. Initial results suggest that the shift in National Pricing Policy 2012 did not have a uniform impact on prices of all the essential medicine.

Keywords: Essential Medicines, Price Control, Health Policy, Health  Intervention

IFMR GSB Working Paper WP 22- 004


June 2022

Purpose: The study aims to provide research and publication trends on customer satisfaction in online shopping based on the bibliometric analysis of 184 research articles published in the field of business, management, and accounting.

Design/methodology/approach: The research articles for the study were selected using the Scopus database. The citation analysis, co-citation analysis, bibliographic coupling, and co-word analysis were performed to identify the most influential journals, authors, countries, articles, keywords, and emerging themes. Vos-viewer software was used to map and visualise the bibliometric network among the articles.

Findings: The findings indicate that the studies in the area are broadly divided into four themes: 1) Acceptance towards online shopping, 2) Purchasing behaviour, 3) Online shopping experience 4) Emotional and cognitive aspects of customers. Furthermore, the study also found that the emerging keywords in this field are service recovery, customer trust, and the effect of covid-19 on customer satisfaction.

Research Implications: The findings of this study contribute by providing a retrospective overview of the field using an objectively driven approach, which is helpful for the prospective researchers.

Originality/value: This is the first study that uses bibliometric analysis to identify and visualise key research trends in customer satisfaction in online shopping.

Paper Type: Literature review

Key Words: Customer Satisfaction, Online Shopping, Bibliometric analysis

IFMR GSB Working Paper WP 22- 003

The effect of investment inefficiency on the implied cost of equity capital: Evidence from Indian firms

June 2022

Investing in positive NPV projects is intended to increase the firm’s market value. This study investigates the effect of investment inefficiency on the implied cost of equity capital in the context of Indian firms using panel data over six years from 2016 to 2021. We adopt an implied cost of equity capital approach to measure the expected returns because studies found that it precisely captures the variations in the firm’s market value since it is the rate implied in the market value of equity and future earnings forecasts. In India, the earnings forecast of sell-side analysts to compute the implied models is not sufficiently available. Against this backdrop, our study adopts model-based earnings forecast technique, namely, the Earnings Persistence model, developed by Li and Mohanram (2014), to estimate the forecasted earnings values to compute the implied models. The period used for estimating the predicted earnings values is 2006 to 2021. The findings of our empirical investigation suggest that investment inefficiency increases the firm’s expected returns. The findings help managers make better investment decisions that keep the expected returns at lower levels.

Key Words: Cost of equity, ex-ante cost of capital, implied cost of equity capital, corporate investment, and investment inefficiency 

IFMR GSB Working Paper WP 22- 002

Fogging the firm performance: An empirical examination of annual report readability in India

June 2022

Annual reports are the primary source of information for investors. It contains all the details about the activities of the company in the preceding financial year. About 80% of an annual report is text (Cheng et al., 2018); hence proper comprehension and readability enhance the usefulness of the information. Earlier researches give evidence for the positive relationship between firm performance and annual report readability (Li 2008). Studies also find that complexity is a deliberate attempt by the companies to obfuscate earnings management and poor performance (Bloomfield 2008). Under this backdrop, we investigate the relationship between firm value, financial performance and annual report readability in the Indian context. For this purpose, we use Gunning Fog Index to measure the annual report readability of NSE 500 firms for the period 2016 to 2020. We find a positive relationship between firm performance and annual report readability. Further, this paper also finds a positive relationship between the annual report readability and firm value in the next year. The findings will be helpful for the investors as it shows how important is annual report readability in determining future firm value. It shows the readability of the narrative content as an important signal about a firm’s current performance and future prospects. This paper recommends that the management be more cautious while preparing financial disclosures because complex disclosures may send negative signals to the investors about the firm’s future prospects.

JEL Classification: M41; G14; G11; G34

Key Words: Annual report readability, Fog Index, Firm performance, Tobin’s Q, ROCE

IFMR GSB Working Paper WP 22- 001

Impact of WASH facilities on children schooling.

Does Household head gender matter? Some empirical evidence from India

April 2022

Access to Water, sanitation and hygiene (WASH) facilities to every household is one of the Sustainable Development Goals (SDGs). Given the paramount importance of WASH, this paper investigates the impact of household head gender and WASH provisions on children’s schooling attainment. Using nationally level representative data, our results show that children in female headed households attain more schooling as compared to male headed households given the WASH facilities. Robustness checks have been carried out using different definitions of WASH, available in the literature and results are consistent. This further shows that female household head is more concerned, compared to male, about the WASH provision in the household.

Key Words: Water, Sanitation, Hygiene, Household Head, Gender, Inequality, India, Schooling

IFMR GSB Working Paper WP21-026


November 2021

This paper examines the major determinants of m-commerce training and its adoption among the women fish vendors operating in coastal regions of Karnataka state of India. Using the cross-sectional data and employing the logistic regression, the findings suggest that in addition to access to bank accounts, factors like financial literacy, awareness, nudging from customers which incentivize them to adopt mobile banking are also important for them to use mobile banking.

Key Words: M-commerce, Women Entrepreneurs, Financial Inclusion, Financial

Literacy, Mobile Banking

IFMR GSB Working Paper WP21-025

Artificial Intelligence and the Banking Sector

October 2021

Adoption of emerging but disruptive Artificial Intelligence (AI) technologies have created opportunities yet posed challenges for the traditional banking industry.  Following a framework and case study methodology, this paper discusses how AI technologies when integrated into financial services generate competitive advantage for Indian banks. Based on the secondary published sources, we discuss opportunities created through disintermediation, banking process efficiencies and reduction in transaction costs. Next, we examine literature to discuss selected areas and services like measurement of credit risk, detection of fraud, digitalization of financial services, mobile banking, profiling of customers, and financial inclusion where AI intelligence has been integrated. Following this, we study examples of adoption of AI applications by selected Indian banks to showcase ethical and general hindrances faced by them. Although Indian banks are increasingly introducing using AI-enabled solutions, shreds of evidence indicate that their adoption of AI techniques as compared to global counterparts, is sluggish of mandated transparency challenging their privacy framework. We conclude to recommend that a standardized and updated regulatory framework on technologies would accelerate implementation of AI in Indian banks. 

Key Words: AI (Artificial Intelligence), Banking Industry, India

IFMR GSB Working Paper WP21-024

An Impact Evaluation Study of Self Help Group Program in the State of Meghalaya

October 2021

This paper looks at the effectiveness of the Self-Help Group (SHG) program to alleviate poverty in the state of Meghalaya during 2015-2019. We use a non-experimental method for impact evaluation. After four years of the program implementation, we find that SHGs have helped in bringing positive change in savings & borrowing behaviour and ownership of low consumer assets among the program beneficiaries. The SHG loan utilization goes towards medical, livestock and to some extent consumption purposes. The program helped the beneficiaries in improving livelihood diversification through support for livestock and agriculture. However the SHG program did not seem to improve the entrepreneurial outcomes, and ownership of high value consumer assets.

Key Words: Credit market, Livelihood, Impact Evaluation, Self Help Group

IFMR GSB Working Paper WP21-023

Accessibility of credit to women-owned enterprises: A literature review

October 2021

In South Asian and Southeast Asian countries, Micro, Small and Medium Enterprises (MSME) sector plays a significant role in income generation, unemployment reduction and in reducing inequality. The purpose of the study is to review the prevailing literature on the credit access of women-owned MSMEs. This study reviews credit and its importance in women-owned firms, whether the gender of the entrepreneur matter in accessing credit, how debt financing influence the performance of women-owned firms, the impacts of credit on women-empowerment and the government support schemes for women-owned firms. The study reviewed papers on three main themes; Credit access and performance, Gender and credit access and Credit access and women empowerment.

Key Words: Micro and small enterprises, women enterprises, credit access.

IFMR GSB Working Paper WP21-022

Food Loss within Supply Chains

October 2021

The increase in global population and food demand poses a massive challenge for food security and sustainability. Approximately one-third of the food produced worldwide (1.3 billion tons) gets lost or wasted annually. Research indicates that saving even one-fourth of this lost or wasted food can feed 870 million people worldwide. Thus, reduction in food loss and waste can play a significant role in ensuring food security. The present study aims to identify the significant contributors to food loss and investigate the relationship between them to gain insights that can aid in reducing food loss. The supply chain locations and activities which contribute to food loss are identified and classified across crops and regions worldwide to analyse the impact of these factors on food loss. 

Key Words: Food loss, food security, post-harvest loss, supply chain

IFMR GSB Working Paper WP21-021


October 2021

Digital transformation is driving change at a fast pace in almost every section of society, businesses and government. The Indian government has launched the Digital India Mission to digitalize an array of services. In the context of digitalization, digital illiteracy can create digital inequality which further leads to social exclusion, especially in rural areas. Sensing the growing need for digital literacy to keep up with the pace of digital transformation, the government of India launched the Pradhan Mantri Grameen Digital Saksharta Abhiyan (PMGDISHA). The objective of PMGDISHA was to bridge the existing digital divide by imparting digital literacy in rural areas and helping rural people cope with technological change. I conducted a primary survey with 78 respondents using a previously validated survey questionnaire at the Dindori district of Madhya Pradesh and used Kirkpatrick’s (2009) model to measure the effectiveness of training. I also evaluated the effect of training arrangements (facility quality, instructor quality) and demographic characteristics of trainees on training effectiveness. This paper contributes to the digital literacy literature and guides facilitating the adoption of digital technologies in the last mile.

Key Words: Digital Literacy, PMGDISHA, Last Mile Delivery, Kirkpatrick Model

IFMR GSB Working Paper WP21-020

The Determinants of Export Intensity in the Indian Processed Food Sector: A Firm-Level Analysis

October 2021

Many of the world’s emerging economies are naturally endowed with agricultural and natural resources which have tremendous scope to exploit their competitive advantage in export markets for these commodities. India being an agrarian economy, has a good production base for the manufacture of food products sector, yet the industry’s export performance is lagging. There are no recent studies that analyze the firm-level export intensity and its impact on the food processing industry, a gap this study intends to fill. This study analyses the recent trends and performance of the Indian food processing industry at an aggregate level using the data from Annual Survey of Industries (ASI) and analyses the determinants of export at the firm level using a panel data of 536 firms from 1999-2019 taken from the Prowess database of Centre for Monitoring Indian Economy (CMIE). Tobit model is used in the analysis as the dependent variable; export intensity is a censored variable. Size, profits, import, and wage intensity have been found to have a significant positive impact on export of the Indian food processing sector. In the Indian context, there is not much literature that accounts for self-selection while determining the export intensity at the firm level. This study uses the Heckman selection model to address the issue of self-selection.

Key Words: Export intensity, Food processing, Fish, Meat, Tobit, Heckman Selection

IFMR GSB Working Paper WP21-019

Growth Of Indian Pharmaceutical Firms: An Empirical Analysis

October 2021

Indian pharmaceutical sector is currently in a strategically prominent position in the global pharma market. The global pandemic of COVID-19 has reaffirmed the importance of the production and exports of drugs and vaccines needed from Indian pharma industry. Despite this increased demand, industry faces several challenges in maintaining a steady growth. This paper tries to analyse the determinants of growth of the industry in light of this scenario. The data for the empirical analysis was obtained from the Prowess database provided by the CMIE. The annual firm-level data of 321 listed drugs and pharmaceutical companies from the time-period of 1999 to 2019 is used for the final analysis. The study adopts the two-step GMM estimation technique for the dynamic panel data analysis. The initial results show that lagged growth, firm size, age, and R&D intensity are significant factors determining the growth of the industry.

Key Words: Indian pharmaceutical industry, firm growth, dynamic panel data, system gmm

IFMR GSB Working Paper WP21-018

Fintech and financial Inclusion

October 2021

The paper presents an overview of selected literature on the association of fintech and financial inclusion using keyword analysis. Inferring from the results of the data collected from the published work in the Web-of-Science database, we identify and analyze research trends and make recommendations for further research work. 

Key Words: FinTech, Financial Inclusion, Literature Review

IFMR GSB Working Paper WP21-017

Simultaneity Between Mobile Penetration and Economic Growth: A Panel Data Analysis of Indian States

July 2021

The growth in mobile telephony has added further momentum to the process of financial inclusion, rural development, and economic growth in general. However, despite the substantial growth, there exists a disparity in mobile penetration across states. The relationship between mobile telephony diffusion and economic growth has been well documented. While earlier studies have analyzed the relationship between economic growth, mobile technology diffusion, and inequality in different contexts and times, these relationships have been analyzed in isolation. The current study has used data on the Indian States for 2002-2012. It employs the Three-Stage Least Squares (3-SLS) technique to estimate a simultaneous system of equations to analyze bi-directional causality between economic growth and mobile penetration and feedback of one variable into another. The study also extends the analysis to 2016 using an alternative measure of inequality. The results confirm the positive feedback of growth to mobile penetration and find a positive impact of urban inequality on mobile penetration.

Key Words: Telecommunication, Inequality, Economic growth, Panel Data, 3SLS

IFMR GSB Working Paper WP21-016

Credit Risk Premium of Corporate Bonds: Return vs Yield

June 2021

This paper studies credit risk premium (CRP) of corporate bonds and compares with the yield to maturity of the bond and shows that the yield of a bond is not the correct measure of its return.

Key Words: expected bond returns, corporate bonds, credit risk premium, yield to maturity

IFMR GSB Working Paper WP21-015

Digitization of Legal Services

June 2021

The Paper focuses on studying the impact of new technology development and their adoption in legal services. It examines how efficiencies are being created using new technologies, specially AI , and through digitalization of legal services.

Key Words: Digital India, LawTech, Legal Services, Empowerment

IFMR GSB Working Paper WP21-014

The Determinants of Firm’s Growth in the Telecommunication Services 

June 2021

The study of firm growth literature provides valuable insights into firm behavior, the evolution of the industry over time, and the overall growth process. The topic becomes even more relevant in the context of the high growth of this sector and the importance of ICT firms in bridging the information asymmetry and overall process of economic growth. This study investigates the factors determining the firm’s growth in the Indian telecom services sector using an unbalanced panel of 204 firms from 2000 to 2019. Dynamic Panel estimation technique System GMM is used to take care of endogeneity issues caused by the dynamic nature of firm growth models. Results indicate that the growth of firms in the Indian telecom services industry is explained by systematic factors like size, R & D intensity, asset turnover, import, and age of
the firm and is not random.

Key Words: Firm Growth, ICT, Telecommunication, System GMM, Dynamic Panel

IFMR GSB Working Paper WP20-012

Defining Dignity at Workplace

August 2020

Waldron (2012) calls dignity as ‘‘a principle of the highest importance” even though business research has paid “scant attention” to the notion of dignity. Dignity is an essential requirement for meaningful work, and contemporary society has evolved as such that work and workplace have become paramount. Focusing on dignity will allow companies to be organised more humanely and to be able to create a space where individuals flourish and will work in an intense and soulful way. Purpose of the study is to understand how managers define dignity at the workplace. The study tries to bring a conceptual framework for an otherwise vague construct of dignity at the workplace. While available literature defines dignity at the workplace as an individual phenomenon, current study approaches it as a combination of the individual and organisational phenomenon by adding a component contextual dignity.

IFMR GSB Working Paper WP20-010

Impact of Peers and Incentives on Lying Across Age and Gender: A School-Based Experiment from India

February 2020

We evaluate lying in school children across age groups with different gender compositions in the presence and absence of peers and incentives.

We find

(i) significant peer and incentive effects on younger children

(ii) lesser lying tendencies in an all-girl’s group at a younger age

(iii) Effect of incentives independent of gender composition

Keywords: unethical behavior, lying, incentives, gender differences, peer effects, field experiments

IFMR GSB Working Paper WP19-008

Impact of Ownership Structure and Board Characteristics on Firm Value: Evidence from China and India

November 2019

Corporate governance plays a decisive role in the financial performance of a firm. While majority of the firms in China and India are owned and managed by its promoters, the present study attempts to examine the impact of ownership structure and board characteristics on firm value for these two economies. The study employs panel data methodology with industry and time fixed effects on a sample of 1042 firms listed in NSE of India and 450 firms listed in SSE of China. We find promoter ownerships to positively impact a firm’s value creation process, while institutional investors exert a negative influence. Although CEO duality enhances firm value in China, the results show otherwise for Indian firms. Additionally, while board independence is positively correlated to firm value in India, it has a negative effect on firms in China. Lastly, we find that larger board size contributes favorably towards better decision making. 

Key Words: Corporate governance; Board characteristics; Ownership structure; Agency theory

IFMR GSB Working Paper WP19-007

Volatility Contagion and Market Integration across major Coal Markets: A Diagonal BEKK GARCH approach

November 2019

The present study attempts to meaningfully add to the existing strand of literature on coal market predictability by examining the level of market integration across three major coal export markets. Using a tri-variate diagonal BEKK GARCH framework, the study investigates the own-volatility persistence and cross-volatility contagion effects among European, Australian, and South African coal markets. The results validate the presence of strong volatility contagion among the three markets, indicating a high level of market integration. The contagion effect is observed to be heterogeneous across market pairs. Further, while the study finds convincing evidence for volatility clustering, the EGARCH results fail to affirm the presence of leverage effect among the returns series. In short, the study unveiled complex dynamics in the coal markets’ price generation mechanism that necessitates active portfolio management. As such, besides having significant policy implications, the study’s findings would be of pertinent interest to financial practitioners and investors who seek to diversify their portfolio through investments in global commodity markets.

Key Words: Coal Market; Volatility Contagion; Diagonal BEKK GARCH; Leverage Effect

IFMR GSB Working Paper WP19-006

Community as a Critical Component: People Management Model in Not-for-Profit Healthcare Organizations

October 2019

Attracting and retaining employees is crucial for success of any organization. Competitive compensation system, challenging assignments and rapid career progression are offered as carrots to retain employees in for profit corporate entities. However, small organizations working in not for profit sector lack such resources and hence would have to improvise or innovate ways of attracting and retaining employees. ASHWINI, a hospital run for and by tribal communities in a remote location in India, has tentatively but consciously embarked on a process that emphasizes more on retention of knowledge, skills and abilities than the more difficult task of retaining people. The key feature of talent management at ASHWINI includes creation of a permanent core team of people from the tribal community, who excelled in critical competencies needed to run the community health initiatives and the hospital. To support and sustain the permanent core, ASHWINI has developed a participative culture marked by democratic processes.

Key Words: HR practices, Employee retention, talent management, tribal communities, India

IFMR GSB Working Paper WP19-005

The Macro-economic impact of financial crisis on private R&D effort in Indian Manufacturing sector: a sectoral analysis

October 2019

The effect of business cycles on long run economic growth and innovative activity has been a central question in macro-economic theory and empirical research. While studies in developed country contexts show R&D to be countercyclical with economic crisis and highly responsive to subsidy programs, in India, not much research has been done to understand the nature of R&D during economic shocks. This study aims to analyze the R&D behavior of firms during economic crisis and the impact of macro-economic policy variables on R&D intensity of manufacturing firms in India during 2000-2015. Among the South East Asian economies, although India is a $trillion economy, it ranks well behind China, Brazil, South Korea in terms of per capital real GDP, R&D intensity, patent applications and high technology exports. Consequently, Indian manufacturing activity is concentrated in low value-added segment in the global production networks. Using Prowess data set on R&D expenditure the study analyzes R&D behavior in Indian firms and attempts to draw policy implications for developing incentives to encourage R&D behavior in a more effective and sustainable manner

Key Words: R&D, Fiscal Incentives, Business cycle, Manufacturing, India

IFMR GSB Working Paper WP19-004

Investigation on factors influencing online information search: Behaviour of doctors with reference to medical equipment

October 2019

Using the first ever available information in Census of India 2011, covering 640 sub-national units (districts) in India, we analyze the correlates of modes of transport used by non-agricultural workers at the regional level covering both rural and urban areas. Providing a holistic picture from the perspective policy and academic perspective, we bring out some key stylized facts. Further, using the Seemingly Unrelated Regression (SUR) estimation, we model the transport mode choice for commuting by the workers in the context of rural and urban India, and further extend it based on distinction in motorized and non-motorized transport modes. We find that urbanization level, population size and density along with education attainment and worker’s sex ratio (gender ratio among workers), age (elderly) and land use mix play very important role in regional pattern in transport mode choice for commuting. These results highlight the dire need for proper development of transport infrastructure and understanding its various dimensions from socioeconomic, demographic and spatial point of view in the context of developing countries.

Key Words: Transportation, Commuting, Motorized, Non-Motorized Transport, India

IFMR GSB Working Paper WP19-003

Product Recalls in India and the Impact on Stock Prices

October 2019

In recent times, product recalls are receiving greater attention in India among policy makers, consumers and regulators after major recalls by firms such as Nestle (Maggi) and Johnson and Johnson. Product recalls are also crucial events for investors as they could cause unexpected changes in corresponding stock prices. This paper aims to find if product recall events have a significant impact on stock prices in the Indian context. We examine this using an event study methodology for three sectors: automobiles, food, and drugs. We also check whether the impact is different for voluntary firm led recalls as compared to involuntary government-imposed recalls. The results show that all the three sectors are impacted but differently. We observe a minimal impact on the stock prices of automobile sector while food and drugs are the most impacted sectors. Government initiated recalls show a higher impact than firm led recalls in case of both food and drug sectors.

Key Words: Product Recall, India Stock market , Event study

IFMR GSB Working Paper WP19-002

 Transport Mode Choice for Commuting: Evidence from India

October 2019

Using the first ever available information in Census of India 2011, covering 640 sub-national units (districts) in India, we analyze the correlates of modes of transport used by non-agricultural workers at the regional level covering both rural and urban areas. Providing a holistic picture from the perspective policy and academic perspective, we bring out some key stylized facts. Further, using the Seemingly Unrelated Regression (SUR) estimation, we model the transport mode choice for commuting by the workers in the context of rural and urban India, and further extend it based on distinction in motorized and non-motorized transport modes. We find that urbanization level, population size and density along with education attainment and worker’s sex ratio (gender ratio among workers), age (elderly) and land use mix play very important role in regional pattern in transport mode choice for commuting. These results highlight the dire need for proper development of transport infrastructure and understanding its various dimensions from socioeconomic, demographic and spatial point of view in the context of developing countries.

Key Words: Transportation, Commuting, Motorized, Non-Motorized Transport, India

IFMR GSB Working Paper WP19-001

HR Practices, Middle Managers and Organizational Change

October 2019

The importance of Middle Managers (MMs) to organizational change initiatives is well-entrenched in the literature. However, little is known about the contingencies, in particular the role of HR practices, which impact on MMs’ contributions to change. This study, with India as the backdrop, examines the role of HRM and its impact on MMs involved in change initiatives. Findings are based on two in-depth case studies of organizations in India. The paper concludes that importance accorded to the HR function, the coherence of HR practices with change objectives and devolution of HR responsibilities to MMs have a significant influence on MMs involved in change. In addition, the study also argues that MMs are better supported if HR practices are tempered to suit
the Indian context.

Key Words: HR practices, India, Middle Managers, Organizational Change