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Article
Publication date: 13 August 2018

Sushant Singh and Debashis Khan

As the normality concept for frictional dilatant material has a serious drawback, the key feature in this numerical study is that the material here is characterized by…

71

Abstract

Purpose

As the normality concept for frictional dilatant material has a serious drawback, the key feature in this numerical study is that the material here is characterized by elastic-viscoplastic constitutive relation with plastic non-normality effect for two different hardness functions. The paper aims to discuss this issue.

Design/methodology/approach

Quasi-static, mode I plane strain crack tip fields have been investigated for a plastically compressible isotropic hardening–softening–hardening material under small-scale yielding conditions. Finite deformation, finite element calculations are carried out in front of the crack with a blunt notch. For comparison purpose a few results of a hardening material are also provided.

Findings

The present numerical calculations show that crack tip deformation and the field quantities near the tip significantly depend on the combination of plastic compressibility and slope of the hardness function. Furthermore, the consideration of plastic non-normality flow rule makes the crack tip deformation as well as the field quantities significantly different as compared to those results when the constitutive equation exhibits plastic normality.

Originality/value

To the best of the authors’ knowledge, analyses, related to the constitutive relation exhibiting plastic non-normality in the context of plastic compressibility and softening (or softening hardening) on the near tip fields, are not explored in the literature.

Details

International Journal of Structural Integrity, vol. 9 no. 4
Type: Research Article
ISSN: 1757-9864

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Article
Publication date: 6 May 2024

Sucharita Bhattacharyya, Bibek Ray Chaudhuri, Susmita Chatterjee and Debashis Chakraborty

The Indian pharmaceutical industry currently faces multiple challenges, including rising costs and slowing export growth, which in turn have limited its ability to expand presence…

77

Abstract

Purpose

The Indian pharmaceutical industry currently faces multiple challenges, including rising costs and slowing export growth, which in turn have limited its ability to expand presence in global canvas. Given the nature of sectoral dynamics, a pharmaceutical firm must undertake huge investments in R&D to introduce product innovation, in turn enhancing market share and sustaining profit streams. The development of novel medicines, confirmed by the granting of patent rights, provides a pharma company edge over its competitors. In addition, presence of innovator firms within the industry invigorates the sectoral value chain and raises efficiency. Hence, it is important to analyze whether granting patent rights enhances the exports of pharmaceutical products in the Indian context.

Design/methodology/approach

The current study explored this question using a simultaneous-equation framework. Specifically, the authors use the methods developed by Davidson and MacKinnon (1993) and Greene (2003) to obtain heteroscedasticity-consistent estimates. The time-series properties of the data were further probed, and robust estimates were used to test the theory. Methods developed by Baltagi (1981) have been used further to refine the authors’ estimations.

Findings

After controlling for relevant variables, it is observed that granting of patents caused a significantly positive impact on pharmaceutical exports. Furthermore, the change in the patent administration regime had a significant impact on patent fillings, which further impacted their exportability. Compared to patents granted patents filed had a higher impact on pharmaceutical exports.

Originality/value

This study attempts to apply the framework developed by Goldstein and Khan (1978) with necessary modifications to suit the context of a developing country. The application of the 3SLS method to estimate the export supply equation for pharmaceutical products is a novel approach to the research question in general and to the Indian context in particular. System autocorrelation and heteroscedasticity tests were performed to refine the results further.

Details

Indian Growth and Development Review, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8254

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Article
Publication date: 8 January 2021

Kamal Sai Sadharma Erra and Debashis Acharya

This paper aims to test for spatial convergence in financial inclusion across major Indian states and union territories.

491

Abstract

Purpose

This paper aims to test for spatial convergence in financial inclusion across major Indian states and union territories.

Design/methodology/approach

After initially building an Index of Financial Inclusion (IFI) for major Indian states between 2003 and 2016, exploratory spatial data analysis (ESDA) is employed to draw inferences about mean and variance of IFI. The paper then seeks to confirm the ESDA results through spatial panel regression techniques. Finally, spatial results are correlated with results from aspatial convergence measures.

Findings

The study finds that there is no evidence of spatial convergence in financial inclusion over the study period, suggesting that those states that were relatively less financially included remained so through the study period. The study also asserts the relevance of certain important determinants, namely, per capita income, infrastructure, industrialization and gender.

Research limitations/implications

This study has two limitations. First, only banking institutions are considered in measuring financial inclusion. Second, due to lack of a consistent indicator of gender participation across states, we had to employ sex ratio as a proxy.

Practical implications

The study suggests that policies to expand financial inclusion in Indian states, especially those with low inclusion levels are likely to benefit neighbouring states also, thereby accelerating the financial inclusion drive across states.

Originality/value

The study is a first in the Indian context to estimate the spatial dependence of financial inclusion and provides relevant implications for policymakers and bankers to target financial inclusion schemes in backward states.

Details

International Journal of Social Economics, vol. 48 no. 3
Type: Research Article
ISSN: 0306-8293

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Available. Open Access. Open Access
Article
Publication date: 10 June 2020

Sajad Ahmad Bhat, Bandi Kamaiah and Debashis Acharya

Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against…

3676

Abstract

Purpose

Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India.

Design/methodology/approach

The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes.

Findings

The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect.

Practical implications

The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy.

Originality/value

The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macro-econometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply.

Details

Journal of Economics, Finance and Administrative Science, vol. 25 no. 50
Type: Research Article
ISSN: 2077-1886

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Publication date: 28 May 2024

Sonali Saha and Samrat Roy

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium and can be thought of as a guaranteed small loss to…

Abstract

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium and can be thought of as a guaranteed small loss to prevent a large, possibly a devastating, loss. Insurance is often challenging to quantify and count its values. A study on international insurance comparison will be more justified and result driven only when it is based on the comparable economic-adjusted insurance growth level. This motivates the study to introduce a model, Benchmark Ratio of Insurance Penetration (BRIP), for insurance growth comparison across the selected countries. This model makes an attempt to compare the relative stance between a country's Insurance Penetration (IP) and the selected countries’ average IP at an economic level which is at par with the country's gross domestic product (GDP) per capita. The study is done by selecting the G7 countries and the Brazil, Russia, India, China, South Africa (BRICS) nations to have a proper representation of the world. These two groups of countries can give a picture of developed, emerging as well as underdeveloped countries. The paper uses the data of 12 countries for the past years (2007–2020) as the sample to study the objective of insurance comparison. The implications of such an analysis will be able to serve the purpose of insurance companies for their strategic expansion planning on an international basis. The insurance companies can depend on this more economically adjusted data when the policymakers want to lay foot in newer countries or expand in the existing ones.

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Article
Publication date: 25 February 2020

Debashis Chakraborty, Julien Chaisse and Shameek Pahari

This paper aims to analyze whether the domestic policy reforms in India would suffice, or there is a need to conform to stricter international standards as well. The paper is…

4032

Abstract

Purpose

This paper aims to analyze whether the domestic policy reforms in India would suffice, or there is a need to conform to stricter international standards as well. The paper is arranged along the following lines. First, the paper offers a brief review of the cooperation in the field of harmonization of vehicle regulations which is provided by the so-called WP.29 Forum. Second, the United Nations Economic Commission for Europe (UNECE) standards and their membership along with Indian participation in the forum are presented. Third, reforms in India through the “Make in India” (MII) initiative and its trade in the auto-component segment are analyzed. Fourth, the possible non-tariff barriers (NTBs) on imports of auto-components in select partner countries is computed and presented. Fifth, the penetration pattern of partner countries in India’s automotive sector export value chain is analyzed. Finally, based on the observations, key policy conclusions are drawn both from global and Indian perspectives.

Design/methodology/approach

This paper blends expertise in law and economics and enables readers to have a finer understanding of the automotive sector which is one of the most internationalized product groups in world trade, characterized by not only cross-border movement of final products, but also of intermediate products like auto-parts and components as well as major global investment and relocation decisions. This paper focuses on India for four crucial reasons, which makes India both a key player (and potential disruptor) at global level and the rather complex approach chosen by the country vis-a-vis many regulations (including UNECE and WTO), reflecting its tendency to rely on domestic consolidation through measures such as the 2014 MII initiative.

Findings

The data analysis in the current paper indicates that after conforming to the UNECE 1998 standard, India’s relative trade with these countries has increased both in terms of auto-components and automobile products. Moreover, the value contribution from these partner countries in India’s exports is rising. On the other hand, the relative share of the UNECE 1958 countries in India’s trade basket has declined and a mixed trend is noticed for the common contracting parties (CPs). In addition, the share of the countries without accession to any of the UNECE agreements in India’s trade has shown an upward trend. The observation indicates that the divergence in automotive product standards might crucially influence India’s trade flows. It seems that in the short run, an orientation for exporting to UNECE 1998 partners and non-members emerges as a dominant strategy, underlining a specialization in medium-quality segment. Nevertheless, the long-term robustness of such a move deserves closer analysis, particularly by focusing on whether India may need to join the UNECE 1958 agreement to sustain its export growth. Before joining UNECE 1998, the sector has enjoyed protection through high tariff barriers. Given the differing perspective on opening-up, automobile sector earlier emerged as an obstacle in conclusion of EU–India Bilateral Trade and Investment Agreement (BTIA), which is being negotiated since 2007. However, after entry into an regional trade agreement (RTA), tariff preference in itself may not provide a country the requisite market access. The recent standard-setting exercises in ASEAN, a group with which India is deepening trade integration since 2010, may be considered as a case in point.

Research limitations/implications

The analysis so far indicates that absence of participation in UNECE 1958 standard may restrict future options for India. Presently, Indian vehicle exports are reaching UNECE 1998 member countries (e.g., Ford India sending Ecosport to USA). It is also directed towards African and Latin American countries, presently not part of any agreement. However, the ASEAN countries, currently partnering India through free trade agreement (FTA), are increasingly moving towards UNECE 1958 standards. India’s sectoral trade surplus with ASEAN countries over 2009-2013 to 2014-2018 has declined from US$548.44mn to US$529.53mn, respectively. The potential challenges in reaching ASEAN and other UNECE 1958 member countries, in turn, may influence the relocation decisions of global auto majors in India, defeating the core purpose of MII initiative.

Practical implications

Given the scenario, a number of policy choices for India emerge. First, joining UNECE 1958 may not be a short-run option for India, but after evaluating the evolving trade pattern, in the long run, the country may consider adopting certain core 1958 standards, in line with its economic interests. Such a move may facilitate greater export flows from India to UNECE 1958 countries. The experience of Indonesia and Vietnam, who have conformed to select UNECE 1958 standards in spite of not being formally part of any agreement, deserves mention in this regard. Second, it is observed that India’s trade balance (TB) is not improving for several Regional Comprehensive Economic Partnership (RCEP) member countries, in spite of obtaining tariff preferences through an existing trade bloc. Part of the poor performance has been explained by Indian exporters often using the most favoured nation route rather than the preferential route, to avoid the associated compliance-related complexities. The standards and mutual recognition agreements (MRAs) conformance provisions in ASEAN–India FTA are also found to be weaker vis-à-vis the comparable provisions for other ASEAN-centric bilateral RTAs with other RCEP members. This underlines the need for both rules of origin (ROO) reforms and agreement on MRAs, which may enhance the trade potential in general and in automotive sector in particular. In the short run, India should therefore attempt to enhance exports to the UNECE 1998 members and CPs, given the commonality in standards. However, in the long run, there is a need to explore harmonization with certain core 1958 standards, to promote exports in general and even within its RTAs in particular.

Originality/value

The automotive sector is one of the most internationalized product groups in world trade. It is known that harmonization of product standards with partner countries can facilitate bilateral trade flows. Presently, three agreements exist for harmonization of automotive standards relating to passenger and vehicle safety under the aegis of UNECE – UNECE 1958, UNECE 1997 and UNECE 1998. Through a series of reforms and launch of the MII initiative in 2014, India has deepened its presence in world automotive sector trade and aspires to play a bigger role in coming days. Moreover, India is a WTO member and has joined the UNECE 1998 standard in 2006, which means that several important conventions regulate and bind the country. The current paper intends to analyze whether the domestic policy reforms in India would suffice in promoting the exports from this sector, or there is a need to conform to stricter international standards. The data analysis reveals that India’s relative trade orientation is deepening towards the UNECE 1998 members and countries not part of any UNECE agreements. On the other hand, the relative trade share of the UNECE 1958 countries in India’s trade basket has declined and a mixed trend is noticed for the common CPs. The analysis indicates that the divergence in automotive product standards might crucially influence India’s trade flows in general and participation in international production networks in particular. The paper argues that in the long run, India needs to consider adherence to certain UNECE 1958 standards as well as speeding up the pending domestic reforms.

Details

Journal of International Trade Law and Policy, vol. 19 no. 1
Type: Research Article
ISSN: 1477-0024

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Article
Publication date: 11 July 2022

Parijat Lanke, Abhishek Totawar, J. Raghuraman and Palanisamy Saravanan

Mergers and acquisitions (M&As) are common in today's corporate world, yet nearly half of them fail. Among such failed M&As, hostile takeovers cover a large proportion. The…

691

Abstract

Purpose

Mergers and acquisitions (M&As) are common in today's corporate world, yet nearly half of them fail. Among such failed M&As, hostile takeovers cover a large proportion. The purpose of this paper is to understand the puzzling evidence of a successful hostile takeover amid multiple red flags, including cultural clash. Towards that end, this study explores the case of a recent successful takeover of Mindtree Ltd. by Larsen and Toubro Ltd. and proposes the role of sensemaking and sensegiving and their interaction within the framework of context, employees and leadership.

Design/methodology/approach

This paper uses a secondary data-based case methodology to develop arguments and frameworks. The case study is built on multiple data sources, including newspaper articles, published reports, company data and company reports. This paper also uses public interviews given by the company heads during the process of the takeover. This paper also uses the Corley and Gioia method of qualitative data analysis using thematic coding.

Findings

This paper reports a framework based on a real-world case study. This paper explains that a successful alignment of sensemaking and sensegiving between the acquired firm's employees and new leadership could be an ingredient in managing a hostile takeover. The analysis also revealed eight aggregate dimensions of the data structure based on thematic coding analysis.

Research limitations/implications

The proposed model can be further tested using empirical methods. This paper is limited in its access and analysis of only secondary data.

Practical implications

This paper provides novel implications in terms of sensemaking and sensegiving interaction for managers and executives.

Originality/value

This paper is the first to bring the role of sensemaking and sensegiving into the context of hostile takeovers. This paper would provide a new impetus from an interpretive perspective to research hostile takeovers and give novel insights for managers and executives.

Details

Journal of Indian Business Research, vol. 14 no. 4
Type: Research Article
ISSN: 1755-4195

Keywords

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