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The study investigates public sector enterprises' corporate social responsibility expenditure (spent & unspent), firm age and debt financing using signalling theory. The study employed feasible generalized least square (FGLS) and linear regression with panel-correlated standard errors (PCSE) to analyze data from 107 public sector firms with 1060 firm-year observations from 2011 to 2020. The first findings show that corporate social responsibility expenditure (spent) causes access to debt financing. The second findings show firm age causes access to debt financing (natural logarithm of total debt and total leverage ratio). The third findings show that unspent corporate social responsibility expenditure causes negative access to debt finance. The stakeholder frown on firms that do not utilize their allotted corporate social responsibility funds for the year. Lastly, firm age and not unspent corporate social responsibility expenditure positively moderate the association between corporate social responsibility expenditure and debt financing. The study is limited to firms that are central public sector undertakings and have a majority stake by the central government. [ABSTRACT FROM AUTHOR]

Purpose: A leader who inspires, facilitates and leads people to outperform themselves and bring phenomenal changes on an individual and social canvas is recognized as a transformational leader (TL). TL focuses on innovative methods and processes to improve the efficiency of subordinates. Experts believe that transformational leadership management is more effective than pragmatic leadership. This study focuses on the traits of a TL. Mr. Dhirendra Kumar, Managing Director of Jharcraft, who set out on a mission to lead people to revive the lost art and craft in the state of Jharkhand, India. The case highlights how Kumar's leadership style aligns with the four components of transformational leadership suggested by Bass (1985), i.e. idealized influence, intellectual stimulation, inspirational motivation and individual considerations. Design/methodology/approach: The study employs a qualitative approach to comprehend the theory of transformational leadership. First of all, an in-depth analysis of transformational leadership theory was conducted using secondary data. The findings of several researchers on the basis of their contribution to the development of transformational leadership theory were analyzed. Based on this, the Bass transformational theory framework was selected. Primary data were collected by conducting interviews with Mr. Dhirendra Kumar, Managing Director of Jharcraft. Findings: Transformational leadership is a leadership style that can inspire positive changes in those who follow. TLs are generally energetic, enthusiastic and passionate. As per Bass's transformational leadership components, Kumar challenged the status quo and imbibed creativity and skill into local artisans. Artisans were imparted training by experts from the National Institute of Fashion and Technology and provided intellectual stimulation. Kumar offered support and encouragement to individual followers. In order to foster supportive relationships, Kumar articulated a clear vision to the followers. Kumar served as a role model for followers. Because followers trust and respect the leader, they emulate this individual and internalize the individual's ideals. Research limitations/implications: This study only considered the traits portrayed by Dhirendra Kumar during Kumar's tenure as the Managing Director of Warcraft, and the data were collected at one single point in time. Future research may consider Kumar's entire service journey and study factors that influenced his role as a TL. Practical implications: Students will be able to learn and understand how a TL can bring positive change at the grassroots level. Social implications: This case focuses on how a TL's efforts led to the societal upliftment of poor people and made them capable. Originality/value: Given the importance of transformational leadership in today's organizational context, this study builds a knowledge base to understand factors for transformational leadership and traits exhibited by TLs. [ABSTRACT FROM AUTHOR]

The paper adopts the conventional data envelopment analysis (DEA) and bootstrap procedure to analyze the technical efficiency, while tobit regression is applied to identify the factors affecting efficiencies of exotic fish polyculture in Jammu and Kashmir (India). According to the statistical analysis of the variables utilized, there was a lot of variability in the inputs being used by the farmers, with the most variation being in the lime input. The DEA estimated technical efficiency for the sample farms in Jammu and Kashmir is 0.9771 and 0.9741, respectively, with least technical inefficiency of 3%. The bias-corrected (bootstrapped) technical efficiencies found were slightly lower than the ones estimated by conventional DEA. Mean allocative and cost efficiencies for sample farms in the Jammu region were 92% and 75%, respectively, and 84% and 74%, respectively, for farmers in the Kashmir region. Farming experience, age, and education have favorable impacts on technical efficiency of farmers in the state, but family size showed negative impacts. Efficiency improvement will eventually lead to increase in the production providing better scope for marketed surplus. More fisheries extension is suggested for expanding the exotic fish culture in the state making the enterprise a more profitable venture. [ABSTRACT FROM AUTHOR]

Much of the existing business and management research on how 'state capitalism' influences industry outcomes focuses on the state as 1) the owner of companies, 2) a provider of key resources, such as financial support, to favoured companies and/or 3) a unitary actor. Whilst some of this literature highlights links between politicians and officials, on the one hand, and individual companies, on the other, it downplays how other political-economic factors, such as the relative importance of existing industries in terms of employment and links between state banks and state-owned companies impact developments within those emerging sectors that the state wishes to promote. Drawing on the 'state-permeated model' of capitalism, we undertake a comparative institutional analysis of the development of the solar photovoltaic (PV) industry in China and India. Both states prioritised domestic solar PV manufacturing and innovation; however, China's industry is much stronger than India's, reflecting, we argue, 1) the greater ability of China's central state to co-ordinate other actors and 2) the greater importance of India's coal industry compared to China's. We discuss the implications of our work for policy makers and for research, highlighting the need to assess whether state-permeated capitalism is functional or dysfunctional in nuanced ways. [ABSTRACT FROM AUTHOR]

Using panel data estimation for limited dependent variables and sample selection models, we identify political, industry specific, firm specific and macroeconomic variables which influenced the decision to divest central public enterprises in India between 1991–2010. We find that higher partial privatization is driven by a more right-winged coalition, lower ideological spread in the coalition and lower ideological difference between the center and the state in which the public enterprise is located. We also find that after the government selects larger, more experienced and more profitable firms, it divests the relatively less experienced and less profitable firms to a larger extent. [ABSTRACT FROM AUTHOR]

Can governments still use trade to reward and punish partner countries? While World Trade Organization (WTO) rules and the pressures of globalization restrict states' capacity to manipulate trade policies, politicization of trade is likely to occur where governments intervene in markets. We examine state ownership of firms as one tool of government control. Taking China and India as examples, we use new data on bilateral trade disaggregated by firm ownership type as well as measures of political relations based on bilateral events and United Nations voting data to estimate the effect of political relations on import flows since the early 1990s. Our results support the hypothesis that imports controlled by state-owned enterprises are more responsive to political relations than imports controlled by private enterprises. This finding suggests that politicized import decisions will increase as countries with partially state-controlled economies gain strength in the global economy. Extending our analysis to exports for comparison, we find a similar pattern for Indian but not for Chinese exports and offer potential explanations for these differential findings. [ABSTRACT FROM AUTHOR]

Globally, social provisioning of food is recognised as an important means to reduce the prevalence of malnutrition. Government food distribution programmes have potential for impact at scale in this context. This article examines the food distribution value chain of the Supplementary Nutrition Programme (SNP) under the Integrated Child Development Services (ICDS) scheme of the Government of India, targeted at pregnant and lactating women and children below six years of age. Following the conceptual framework outlined in Maestre, Poole, and Henson (2017), the article examines two different models in operation under the SNP value chain in two states of India: Telangana, where a state enterprise is engaged in the manufacture of fortified premix for distribution, and Tamil Nadu, which follows a public-private partnership (PPP) model. The article highlights the challenges and opportunities associated with the two models and attempts to provide insights for designing better delivery under public food distribution value chains. [ABSTRACT FROM AUTHOR]

Much of the urban growth in developing countries is taking place along infrastructure corridors that connect cities. The villages along these corridors are frenzied and contested sites for the consolidation and conversion of agricultural lands for urban uses. The scale of changes along these corridors is larger than the political jurisdiction of local governments, and new regional institutions are emerging to manage land consolidations at this corridor scale. This article compares two inter-urban highways in India and the hybrid regional institutions that manage them: the Bangalore- Mysore corridor, regulated by parastatals, and the Pune-Nashik corridor, by cooperatives. It traces the emergence of parastatals and cooperatives to the turn of the twentieth century, the ways in which these old institutions are being reworked to respond to the contemporary challenges of highway urbanization, and the winners and losers under these new institutional arrangements. I use the term "negotiated decentralization" to more accurately capture the back-and-forth negotiations between local, regional and state-level actors that leads to context-specific regional institutions like the parastatals and cooperatives. [ABSTRACT FROM AUTHOR]

Economic think tanks predict India to be the world's largest economy by 2050. This would require India to accelerate its industrial and infrastructure development. Industrialization based economic development will have a negative impact on the environment and hence sustainable development. Such steps could affect the social and environmental bottom line of the national economy. In recent years, a number of regulatory measures have been proposed by the Indian government to ensure corporate support to the goals of sustainable and inclusive development. The objective of these regulations is to achieve triple bottom line based growth. Notable among them is the mandatory Corporate Social Responsibility (CSR) guidelines for public sector undertakings, first issued in April, 2010. I study the possibility and problems created by this effort by analyzing the policy documents and interviewing managers responsible for implementing CSR programmers in Indian public sector. Managers interviewed came from hydropower, coal, power distribution and shipping industries. Based on the study, four areas are identified that requires attention for effective linking between sustainable development and CSR; stakeholder engagement, institutional mechanisms, capacity building and knowledge management. Both government-public sector and public sector-community engagements have to be more streamlined. Institutional mechanisms have to be developed to see that CSR projects are effective and delivering. Importantly, managers at all levels need a better understanding of CSR and sustainable development. Since most projects are in rural areas, understanding of rural issues and sustainability is very important. Finally, such a large scale exercise in CSR should have a knowledge management mechanism to learn from the achievements and mistakes of the early years. I discuss the implication of the findings on India and other emerging economies many of which are struggling to balance growth and inclusive development. I conclude that the mandatory CSR guidelines for Indian public sector has the potential of achieving sustainable development only if early action is taken on the identified areas. [ABSTRACT FROM AUTHOR]

This article explores the process of making Bangalore, India into a ‘world city’ by focusing on specific world-city projects, the parastatal government agencies managing them, the explosive IT industry as the putative engine behind this world-city making, and the inter-urban dynamics across world cities such as Dubai and Singapore. Most of these activities are linked to the highly remunerative challenge of transforming rural economies into urban real estate. Land speculation and active dispossession of those working and living in the rural periphery, on land upon which the new world-city projects are being built, is the main business of government today in Bangalore. This article suggests that this temporary ‘state of exception’, with both its attendant suspensions of civil and human rights as well as their institutionalization into government practices, reflects a shift into new forms of ‘speculative’ government, economy, urbanism and citizenship. [ABSTRACT FROM AUTHOR]

This paper examines the disinvestment of shares of public sector enterprises (PSEs) in India since 1991. The poor performance of PSEs made reform increasingly urgent in the context of the broader strategy of the liberalization of the economy to deal with the perceived weaknesses of India's development strategy. The paper argues that the main aim of disinvestment has been to reduce the public sector borrowing requirement, at the cost of the restructuring and rationalization of PSEs in particular and the public sector in general. The process of disinvestment has been a complex one and has not been free of criticism. Alleged under-pricing of shares sold, lack of transparency, limited public support for disinvestment and the absence of a common set of objectives between the Government of India and the Disinvestment Commission have been major problems. In many respects, India provides a checklist of how not to disinvest. [ABSTRACT FROM AUTHOR]

In this paper, we apply the methods, Multifractal Detrended Fluctuation Analysis (MF-DFA) and Multifractal Detrended Cross-Correlation Analysis (MF-DXA) to study the auto correlation/cross-correlation behaviour and multifractal characteristics on twenty three stock market indices of Department of Public Enterprises (DPE), India. The auto correlation and cross-correlation have been measured from the Hurst scaling exponents and the singularity spectrum quantitatively. From the calculated power law scaling exponents we observe the volume and price-volume change time series possess strong anti-persistent behaviour. The price change of different time series shows persistent, stochastic and anti-persistent behaviour. We also observe the existence of multifractal characteristics in all price, volume and price-volume change time series. The price changes in the time series shows high complexity compared to volume and cross correlated price-volume. • We have studied the auto-correlation and cross-correlation on DPE, India. • The MF-DFA and MF-DXA methods applied on price and volume change time series. • We found the existence of multifractal behaviour in all time series. • Complexity parameters were used to find the strength of the multifractality. [ABSTRACT FROM AUTHOR]