|
An
Analysis of Technical Progress and Efficiency in Malaysian
Finance Companies
-- Hazlina
Abd Kadir, Muzafar Shah Habibullah,
Alias Radam and M Azali
This study is carried out to compare the relative efficiency,
technical efficiency change, technical change, technical
progress as well as productivity of individual finance companies
in Malaysia. With 32 finance companies and using a sample
over the period of 1988 to 1996, the authors examine the
patterns of productivity and efficiency changes of the second
largest financial institution in Malaysia. Specifically,
we estimate total factor productivity and isolate technological
advances and technical efficiency changes for each of these
32 finance companies using non-parametric Data Envelopment
Analysis (DEA).
©
2005 IUP. All Rights Reserved.
Growth
Trends and Performance of Small Scale Industries in India
-- Ganesh Kawadia, Manasranjan
Dashmishra and Hitendra Bargal
In most of the developing countries including India, Small
Scale Industries (SSIs) constitute a dynamic sector. At
present, both the Industrial Sector in general and SSI sector
in particular are exposed to international competitive environment.
The interesting point about the SSIs is that the export
intensity is not helping these units in improving its employment
productivity.
©
2005 IUP. All Rights Reserved.
Linkages
Between Economic Value Added and Share Prices: An Empirical
Study of Indian Corporate Sector
--
Anil Misra and Kanwal
Indian
capital market has undergone a radical transformation, both
in terms of its behavior and rationality. Market valuation
of securities listed on the Indian Stock Exchanges is more
aligned to the intrinsic value today than it has been in
the past. The objective of this research is to study the
relationship that exists between the wealth of shareholders,
which has traditionally been recognized as the goal of business
firms, and various standard measures of firms' financial
performance. Basic thrust of the study is to establish the
supremacy of EVA as a measure of financial performance over
the traditional measures. The hypothesis of this study is
that of the nine chosen independent variables, EVA is the
single most significant explanatory variable in explaining
the variation in the Market Value Added and it finds a better
reflection in the market value of the share as compared
to the traditional measures of financial performance. The
above hypothesis is tested on the time series data of BSE-100
companies. The period of the study is five years, beginning
from the Financial Year 1998-99 and ending with Financial
Year 2002-03. Cross-sectional analysis of the sample firms
has been done for the period of study (from 1998 to 2003)
using the tool of Regression Analysis.
©
2005 IUP. All Rights Reserved.
Problems
and Prospects of Sugar Industry in India
--
B K S Prakash Rao and Bh Venkateswara Rao
Sugar
is the second largest agro-based industry in India. The
industry provides employment to about two million skilled
and semi-skilled workers besides those who are employed
in ancillary activities, mostly from rural areas. Though
the industry contributes a lot to the socioeconomic development
of the nation, it is plagued with a number of problems such
as cyclical fluctuations, high support prices payable to
farmers, lack of adequate working capital, partial decontrol
and the uncertain export outlook. Despite the problems,
the industry has good growth potential due to steady increase
in sugar consumption, retail boom and diversification into
areas such as power generation and production of ethanol.
In addition to this, strong possibilities exist for counter
trade, if the Government designs and develops sugar industry-oriented
policies. With this background, an attempt has been made
to examine the problems and prospects of sugar industry
in India.
©
2005 IUP. All Rights Reserved.
Case
Study
The
Great Divide: A Case Study on the Demerger of Reliance Group
-- Subhadip Roy and Neha Mor
Reliance Industries is one of the largest private sector
company in India. From rags to riches, its founder Dhirubhai
Ambani built it single-handedly with a vision to own the
entire chain of productionfrom raw materials to finished
goods. The Group's current activities span Exploration and
Production (E&P) of oil and gas, refining and marketing,
petrochemicals, textiles, financial services and insurance,
power and telecom initiatives. The Group exports its products
to more than 100 countries all over the world. After the
death of the great business icon, Dhirubhai Ambani in July
2002, differences began to crop up between the two brothers,
Anil and Mukesh. Anil Ambani accused Mukesh Ambani and his
aides for lack of corporate governance, unfair transfer
of funds from RIL to Reliance Infocomm, illegal re-routing
of international calls and quietly appropriating all powers
in RIL. Mukesh Ambani, with the help of his aides, denied
all allegations and sidelined his brother. Feuds continued
publicly till November 2004, when Mukesh Ambani declared
ownership issues and the battle took a new turn with both
the brothers deciding to split the empire. The finale came
on June 19, 2005, when an amicable settlement was reached
with the help of their mother Kokilaben Ambani, wife of
Dhirubhai Ambani. According to the settlement, Mukesh Ambani
will retain the ownership of RIL and IPCL, which together
account for 90% of the Group's revenues; while Anil Ambani
has to manage Reliance Infocomm, Reliance Capital and Reliance
Energy. It's a wait for the future to see which Ambani surpasses
the other. This case traces the history of one of the biggest
companies India has ever had and the origin of the feud
after the death of Dhirubhai Ambani. This case also ends
with an overview of what may be the impact of the division
of Reliance Industries on the Indian industrial sector.
©
2005 IUP. All Rights Reserved. |
