Juliet D’Souza and Atul K. Saxena
Reviews previous research on dividend policy, most of which is US‐based, and presents a worldwide study of the relationship between dividend payout, agency costs, market risk and…
Abstract
Reviews previous research on dividend policy, most of which is US‐based, and presents a worldwide study of the relationship between dividend payout, agency costs, market risk and investment opportunities. Finds that the dividend payout ratio is significantly negatively related to institutional ownership of a firm’s shares (i.e. agency costs) and its beta value (i.e. market risk) but independent of investment decisions. Discusses consistency with other research, recognizes that other factors are also likely to influence dividend policy and calls for further research.
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Atul K. Saxena and Vijaya Subrahmanyam
Reviews the literature on economies of scale and scope in savings and loan institutions and uses 1980‐1987 US data to explore the cost effects of simultaneous production of…
Abstract
Reviews the literature on economies of scale and scope in savings and loan institutions and uses 1980‐1987 US data to explore the cost effects of simultaneous production of outputs (mortgage loans, other loans and deposits), the impact of size and product‐specific economies of scale. Includes interest as a non‐operating cost and divides the sample into four groups based on asset values. Shows that total costs rose faster than assets, deposits or loans over the period; that there are product‐specific diseconomies of scale for deposits and loans‐ and that economies of scope were made by the larger firms following deregulation.
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There is an ongoing controversy over whether or not to extend commercial banks' nonbanking powers. Although the Glass‐Steagall Act of 1933 and the McFadden‐Pepper Act of 1927…
Abstract
There is an ongoing controversy over whether or not to extend commercial banks' nonbanking powers. Although the Glass‐Steagall Act of 1933 and the McFadden‐Pepper Act of 1927 restrict commercial banks' activities, the technological and financial innovations of the last several years have raised new questions. Whether banks should be allowed to undertake nonbanking activities? How profitable are these businesses? Whether banks will gain monopolistic powers? Will they increase FDIC's liabilities? And several other related questions. This study looks at the nonbanking activities of bank holding companies using a relatively new data source, i.e. FR‐Y11AS reports for the years 1989 and 1990. The performance of nonbanking subsidiaries is then compared with that of commercial banks and bank holding companies. Some meaningful inferences are drawn on issues such as market concentration, profitability, capitalization, and level of problem‐loans of nonbanking and banking subsidiaries, as well as, consolidated bank holding companies. Results from two prior studies are further utilized to look for possible trends. Since these studies have used the same data source (FR‐Y11Q and FR‐ Yl1AS) for the years 1986 through 1988, this facilitates a trend analysis over a five year period 1986–90. The main conclusions are that the BHC's nonbanking activities are heavily concentrated among the top five or ten firms within each activity. However, both the number of firms as well as total assets held in most nonbanking subsidiaries have declined over the five year period. Activities considered traditional, e.g. commercial and consumer finance and mortgage banking have suffered significant losses in terms of total assets and number of firms. Some interesting conclusions can be drawn from these results. First, due to the growing liberalization in interstate banking laws, BHCs can now carry on these activities in their bank subsidiaries and do not have to acquire a nonbanking subsidiary in order to capture business across state lines. Second, the glass walls separating banking from commerce may be cracking. Several states have started allowing banks to carry out some of the nonbanking activities, hence, considerably neutralizing the Glass‐Steagall Act. Insurance agencies and underwriting business of BHCs show the most significant growth over the five years, 1986–1990. Securities brokerage has held constant. Another finding is that the return on equity (ROE) for nonbanking firms has been lower than both the banking firms as well as the BHCs. However, this is mainly due to the relatively low equity capital levels for banks and BHCs. The nonbanking subsidiaries show fairly stable and relatively high capital ratios. Finally, for most part, nonbanking subsidiaries have a higher rate of problem‐loans.
C. Pat Obi and Augustine Emenogu
This study provides evidence regarding the performance of bank holding companies (BHC) following a series of deregulatory measures by the United States Congress. To compare…
Abstract
This study provides evidence regarding the performance of bank holding companies (BHC) following a series of deregulatory measures by the United States Congress. To compare performance of commercial banks before and after expanding their operations to nonbank functions, a set of hypotheses addressing BHC risk and return characteristics are proposed. Empirical results are mixed. Total risk dropped after expansion. Market risk, on the other hand, rose substantially in post‐expansion time. When returns are adjusted for risk, a marginal improvement in performance is achieved.
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Vidya Belur Raju, Shivashankara Gejjalagere Puttaswamaiah and Atul Kumar Singh
This study explores the feasibility of substituting freshwater with alternative water sources such as potable water (PW), harvested rainwater (HRW), stormwater (SW), borewell…
Abstract
Purpose
This study explores the feasibility of substituting freshwater with alternative water sources such as potable water (PW), harvested rainwater (HRW), stormwater (SW), borewell water (BW) and seawater (Sea W) in concrete manufacturing. The aim is to evaluate the potential of these alternative sources to support sustainable development, reduce environmental impact and conserve freshwater resources in the construction industry.
Design/methodology/approach
The research followed established concrete production standards and evaluated the chemical properties of various water sources. Fresh concrete characteristics, including setting time, workability and mechanical properties (compressive, split tensile and flexural strength), were tested at 7, 28 and 90 days. Durability assessments utilized the Volhard assay for chloride content, RCPT for chloride permeability and a physical sulfate attack test. Additionally, a life cycle assessment (LCA) examined the environmental impacts, while an economic analysis assessed cost implications for each water source.
Findings
The results showed only minor differences of 2%–3% in the fresh and mechanical properties of concrete using alternative water sources, with no significant changes in compressive, tensile or flexural strength compared to potable water. The Rapid Chloride Penetration Test (RCPT) and Nord Test techniques showed that all water sources, except seawater, are suitable for concrete mixing, as they enhance concrete durability due to their very low chloride ion concentrations, which minimize the risk of steel corrosion. The sulfate attack, including mass loss and expansion measurements for various water sources, indicates low susceptibility to except seawater. SEM and EDS HRW and SW also showed denser microstructures compared to Potable Water, indicating the absence of voids or cracks and the formation of ettringite needles, while seawater posed challenges due to high chloride content and corrosion risks. The LCA indicated that SW had the lowest environmental impact, while seawater posed substantial challenges. The economic analysis confirmed SW as the most cost-effective option, with all sources meeting production standards except seawater.
Originality/value
This study provides new insights into the sustainable use of non-potable water sources in concrete manufacturing. It demonstrates the viability of using HRW, SW and BW as alternative water sources to potable water, supporting sustainability goals in construction while conserving vital freshwater resources and reducing environmental impact.
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Vimal Kumar, Pratima Verma, Sachin Kumar Mangla, Atul Mishra, Dababrata Chowdhary, Chi Hsu Sung and Kuei Kuei Lai
The paper aims to identify key human and operational focused barriers to the implementation of Total Quality Management (TQM). It develops a comprehensive structural relationship…
Abstract
Purpose
The paper aims to identify key human and operational focused barriers to the implementation of Total Quality Management (TQM). It develops a comprehensive structural relationship between various barriers to successfully implement TQM for sustainability in Indian organizations.
Design/methodology/approach
With the help of expert opinions and extant literature review, we identified the case of TQM failure companies and barriers to implement TQM effectively. Interpretive Structural Modeling (ISM) and fuzzy MICMAC techniques are employed to develop a structural model and the identified barriers are categorized based on their dependence and driving power in the various categories.
Findings
From the intensive case analysis, we identify fourteen barriers that constrain the successful implementation of TQM. The findings also provide a hierarchy of barriers in which the absence of top management involvement and ineffective leadership are the human barriers having the highest dependence.
Research limitations/implications
The critical inputs show the implementation of TQM in the firms being more proactive and well prepared in the selected five companies. The study's emphasis on barriers will help organizations in implementing TQM for better sustainability in an organizational context.
Originality/value
In the successful implementation of TQM, barriers need to be identified because failure has often eliminated the organizations from the market. Thus, TQM is the source of strength to achieve higher productivity, profitability, and sustainable business performance. The barriers must be identified to improve organizational performance to contribute to sustainable development.
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Vidhee Avashia, Sundaravalli Narayanaswami and Anurag Saxena
The subject area is operations management.
Abstract
Subject area
The subject area is operations management.
Study level/applicability
The case is to be used at master’s level, for example, MBA courses on operations management, operations research, logistics management and supply chain management.
Case overview
It was the morning of 20 September 2012 and the three directors of Distromed Bioclean Pvt. Ltd. were in the office discussing the developments from past night’s meeting with the Rajkot Chapter of the Indian Medical Association. They are a bio-medical waste treatment facility involved in collection, treatment and disposal services and charge yearly subscription fees. On 13 September 2012, fuel prices had gone up consecutively for the second year. Last year, the doctors resisted the fee hike and seemed reluctant this year again. In response, management of the company was looking for ways to minimize the total distance travelled by its fleet to reduce the operating cost.
Expected learning outcomes
The paper enables illustration of concepts of routing/scheduling and generation of optimal solutions in a realistic setting; and developing the understanding regarding the travelling salesman problem, Chinese postman problem and the entire family of vehicle routing problems and vehicle scheduling problems.
Supplementary materials
Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
Subject code
CSS 9: Operations and Logistics.
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Atul Babbar, Vivek Jain and Dheeraj Gupta
In present research work, the effects of rotational speed, feed rate and vibration amplitude have been investigated during novel method of ultrasonic-assisted bone grinding…
Abstract
Purpose
In present research work, the effects of rotational speed, feed rate and vibration amplitude have been investigated during novel method of ultrasonic-assisted bone grinding. During dissection of tumors, firstly a bone flap is removed near the target region to create passage for grinding burr. During abrasion, heat is produced, which sometimes increases the temperature to unsafe levels. So, efforts have been made to limit the temperature below the threshold levels of osteonecrosis during bone grinding.
Design/methodology/approach
The temperature produced during osteotomy has been measured using infrared thermography camera during the implementation of L18 Taguchi orthogonal array design. Subsequently, main effect plots and contour plots have been presented to analyze and visualize the effect of grinding parameters on temperature rise during bone grinding. Furthermore, the process parameters have been optimized for optimum results for response characteristics using Taguchi SN ratio-based optimization methodology. For multiobjective optimization, the process parameters are further optimized using grey relational analysis.
Findings
It is revealed that all three process parameters substantially affect the response characteristics. The proposed optimization methodology is successfully applied on the experimental findings and the optimum results for change in temperature are found to be rotational speed = 3,000 rpm, feed rate = 20 mm/min, amplitude = 10 µm and for standard deviation are 5,000 rpm, 60 mm/min, 10 µm.
Research limitations/implications
The present research findings cannot be generalized, and researchers are encouraged to further investigate the proposed rotary ultrasonic-assisted bone grinding at higher rotational speed up to 60k rpm on the skull bone.
Originality/value
The research on osteotomy is still at its initial phase, and continuous research is carried out for making patients’ life comfortable. In this direction, the authors have proposed a novel osteotomy method to limit the temperature below the threshold limit of osteonecrosis. The outcomes of the present study will be beneficial for the neurosurgeons working in this field.
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This paper examines India’s tryst with welfare/dis-fare with a specific focus on Modi Sarkar's (2014–2019) dirigiste style reforms. In the welfare regime research, Esping-Andersen…
Abstract
Purpose
This paper examines India’s tryst with welfare/dis-fare with a specific focus on Modi Sarkar's (2014–2019) dirigiste style reforms. In the welfare regime research, Esping-Andersen (1990) classified advanced economies into three ideal-types of liberal, conservative-corporatist and social-democratic welfare states by government-led welfare provisions and levels of decommodification. The classical typology discussions include countries such as India which is classified as informal-insecurity regime due to a large informal economy with no social security for workers. Based on theoretical standpoints of the political economy of welfare states, comparative historical institutionalism and critical junctures this article examines Modifare has expanded formal welfare to its citizens.
Design/methodology/approach
The article uses crisp-set analysis to examine the social policy developments under Modi's regime in India.
Findings
This paper examines if the centre-right Modi government did bring about a radical departure from UPA I and II lacklustre welfare approach to the more strategic use of welfare reforms as a political weapon on a national scale. It concludes that Modi-fare falls short in being transformatory.
Originality/value
The article is an original contribution to the field of comparative welfare regimes.