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Competition Impacts on the Financial Distress of Firms in the Healthcare Sector in India
Venkata Mrudula BHIMAVARAPU(Venkata Mrudula BHIMAVARAPU ),Jagjeevan KANOUJIYA(Jagjeevan KANOUJIYA ),Vikas TRIPATI(Vikas TRIPATI ),Pracheta TEJASMAYEE(Pracheta TEJASMAYEE ),Rameesha KALRA(Rameesha KALR 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2
Competition assures improved products and services to meet customers’ needs. The soundness of a firm’s financial health is crucial for the country’s economic well-being. Distressed companies cause investor panic, which has a knock-on effect on the economy and leads to a deterioration in the image and value of the companies. This paper aims to empirically investigate the influence of competition on financial distress (FD) in the healthcare industry using the Altman Zscore values as the proxy for FD. This study uses secondary data from ten healthcare companies operating in India between 2016 and 2020. The study’s findings indicate a significant negative relation with the exogenous variables of the study, implying that a higher level of competition enhances a firm’s FD or adversely affects financial health. The main implication of the study is two-pronged. Firstly, the firms’ managers and decision-makers need not worry about competition as a deterrent to stability. Secondly, the policymakers need not be concerned that high competition may lead to financial stress for the firms. Therefore, this paper concludes that competition is good for firms operating in India.
Shilpa PARKHI(Shilpa PARKHI ),Venkata Mrudula BHIMAVARAPU(Venkata Mrudula BHIMAVARAPU ),Kiran KARANDE(Kiran KARANDE ),Shailesh RASTOGI(Shailesh RASTOGI ),Aashi RAWAL(Aashi RAWAL ) 한국유통과학회 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.9
The primary objective of the current study is to ascertain the effect of transparency and disclosure (T&D) on the value of banks operating in the Indian banking sector. It also includes finding the moderating impact of financial distress (FD) and environmental, social, and governance (ESG) on the association between T&D and the valuation of banks. The study employs Panel data analysis (PDA) to analyze data and produce novel results thereafter. The authors of the study have considered using data of secondary nature which is sourced from banks operating in the Indian banking industry. Data in the current study has been considered for ten financial years, i.e., 2010 to 2019. The results reveal that T&D positively impacts a firm’s valuation. We have also found evidence that financial distress and ESG (Environmental, Social, and Governance) significantly impact the value of firms under the influence of T&D. As far as we are aware, no study of this kind has been done yet in any developing nation to determine the effect that T&D, FD, and ESG have on the value of Indian banks. This paper can help future researchers in their respective studies that will involve the study variables (FD, T&D, and ESG).
Impacts of Transparency and Disclosures on Firm Valuation of the Healthcare Sector in India
Saumya SINGH(Saumya SINGH ),Pracheta TEJASMAYEE(Pracheta TEJASMAYEE ),Venkata Mrudula BHIMAVARAPU(Venkata Mrudula BHIMAVARAPU ),Arpita SHARMA(Arpita SHARMA ),Rameesha KALRA(Rameesha KALRA ),Sanjeev KA 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.2
This study’s principal goal is to find the interrelation between transparency & disclosure (TD) and the healthcare sector’s firm valuation (FV). The paper uses the market-to-book (MTB) ratio and market capitalization as proxies, where sales measure act as a control variable. Dynamic panel data regression (PD) is the method applied for analyzing data. Data pertains to 10 healthcare companies gathered over five years (2016-2020). Results imply that TD has a negative and significant influence on the FV, where market capitalization acts as a proxy for valuation. This association indicates that a greater degree of TD diminishes FV. TD is also reported to have a negative and insignificant association with MTB. Therefore, TD does not influence FV. The findings of this paper have significant practical implications. Results can help policymakers determine mandatory disclosure levels that are not detrimental to the healthcare sector. Managers and analysts must also analyze the dimensions of disclosure that can negatively impact the firm’s valuation and make decisions regarding TD accordingly. This is the first study to assess the influence of TD on the FV of the Indian healthcare sector, which makes it unique. This study is limited to the healthcare sector, which is its shortcoming.
Financial Inclusion - An Impetus to the Digitalization of Payment Services (UPI) in India
SHARMA, Arpita,BHIMAVARAPU, Venkata Mrudula,KANOUJIYA, Jagjeevan,BARGE, Prashant,RASTOGI, Shailesh Korea Distribution Science Association 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.9
The ecosystem for digital payments in India has expanded quickly during the last decade. A synthesis of technical advancements and progressive governmental laws and regulations has fuelled this expansion. Particularly, the UPI system has assisted India in transitioning from a nation heavily reliant on cash for daily transactions to one with fewer cash transactions. The study attempted to determine how Financial Inclusion (FI) through a socio-techno-ecosystem impacts digital payment systems. FI involves ensuring financial services, products, and an adequate amount of credit without discrimination against the weaker section of society. The study has established that FI impacts the UPI. The finance infrastructure thus helps to develop an ecosystem where financial access and the awareness level help people to transit to new channels of payment. We have used secondary data of 27 banks for sixteen quarters and four years, i.e., for the financial years 2016-17 to 2019-20. It is observed from the current study that the offsite_ATM plays a significant role in the value creation of the UPI. Our study implies that it will help retailers, individuals, and business houses to use UPI platforms for swift payments without hassle. Also helpful for industries that are still not digitally disrupted and industry-specific UPI transactions.
The Impact of Competition on the Profitability and Risk-Taking of Commercial Banks in India
Shailesh RASTOGI,Jagjeevan KANOUJIYA,Venkata Mrudula BHIMAVARAPU,Rahul Singh GAUTAM 한국유통과학회 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.5
The purpose of this article is to investigate the impact of competition on the performance of Indian banks. The survey includes banks from both the public and private sectors. The study will collect data for four years, from 2015 to 2019. Dynamic and static panel data are applied to estimate the association between competition and the bank’s performance. Profitability and risk-taking are the performance measures used in the study. The study’s main findings are that competition does not impact the banks’ profitability in India. However, the findings concerning risk-taking are mixed. Therefore, it can be inferred that overall competition does not impact the banks’ performance in India. Other measures of performance of the banks could have been used in the study. It is a limitation to use data of four years. Data for a much more extended period could have also been used. This is one of the few papers on the subject. Therefore, its contribution is very significant. The gap in studies on the topic of competition versus performance of the banks is veritably filled by the current study’s findings.
Rebuilding Operational Risk Management Capabilities: Lessons Learned from COVID-19
JADWANI, Barkha,PARKHI, Shilpa,KARANDE, Kiran,BARGE, Prashant,BHIMAVARAPU, Venkata Mrudula,RASTOGI, Shailesh Korea Distribution Science Association 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.9
Globally, COVID-19 has significantly impacted many different organizations and people. From the banks' perspective, this pandemic has affected banks' corporate and retail customers. Also, banks had to adjust to distributed workforce model. This paper analyses the lessons learned from the COVID-19 pandemic, which can be effectively used to rebuild banks' Operational Risk Management capabilities. The present study used the survey research methodology, which includes structured questionnaires completed by senior banking professionals to analyze the learnings from COVID-19 and understand the distributed workforce model and remote working effectiveness. Findings: The Pandemic accelerated the pace of digital transformation. The lockdown imposed due to the pandemic led to employees working remotely, which has been effective because of enhanced digital capabilities. However, enhanced monitoring is required to prevent data-related issues, and action needs to be taken to address challenges faced in having a remote distributed workforce model, like negative impact on on-the-job learning, data-related risks, and employee wellbeing. COVID-19 is an unprecedented event that could not have been predicted in any scenario analysis. This crisis has highlighted various systemic drawbacks that need to be addressed. Banks can apply the lesson learned from this Pandemic to become more robust in the future.